• Q : Determine the amount of interest to be capitalized....
    Accounting Basics :

    Determine the amount of interest to be capitalized in 2010 in relation to the construction of the building.

  • Q : What will be the amount of allowance....
    Accounting Basics :

    The allowance for uncollectible accounts currently has a credit balance of $200. The company's management estimates that 2.5% of net credit sales will be uncollectible. Net credit sales are $115,000

  • Q : Revenue recognition principle from the procedure....
    Accounting Basics :

    What would be the effect of removing either the Matching Principle or the Revenue Recognition Principle from the process? Use a concrete example of how doing so might affect accounting in a given pe

  • Q : Compute the predetermined overhead rates....
    Accounting Basics :

    Compute the predetermined overhead rates for Bill and Ted

  • Q : What may have caused the efficiency variances....
    Accounting Basics :

    During February the Lungren Manufacturing Company's costing system reported several variances that the production manager was surprised to see.

  • Q : Determine the direct materials price variance....
    Accounting Basics :

    Currently, the standard cost of material Y is $2.00 per gram. During February, 22,000 grams were purchased for $2.10 per gram, while only 20,000 grams were used in production. There was no beginning

  • Q : District manager for a restaurant chain....
    Accounting Basics :

    I'm a district manager for a restaurant chain in which I'm responsible for 10 units that are consistently over budget. What specific suggestions can I give the General managers for improvement and w

  • Q : What is the materials price variance for july....
    Accounting Basics :

    The Porter Company has a standard cost system. In July the company purchased and used 22,500 pounds of direct material at an actual cost of $53,000; the materials quantity variance was $1,875 Unfavo

  • Q : What entry would you make on december 31....
    Accounting Basics :

    at an agreed price of $400,000. Under the long-term purchase commitment, all supplies are planned after December 31, 2011. At December 31, 2011, the raw material had declined in price to $375,000.

  • Q : Prepare the journal entries for the first year....
    Accounting Basics :

    Prepare the Journal Entries for the first year of the bonds (2004). Also include the journal entry for the second interest payment (on Jan. 1, 2005).

  • Q : What is the entry to record stock rights....
    Accounting Basics :

    How many stock rights will the investor receive? what is the cost of the stock rights? what is the entry to record stock rights?

  • Q : How much would her employer take from her pay....
    Accounting Basics :

    Karen Most has federal tax levy of $2,100.50 against her. If Most is single with two personal exemptions and a take home pay of $499.00 this week, how much would her employer take from her pay to sa

  • Q : Budgeted and actual manufacturing overhead figures....
    Accounting Basics :

    Budgeted and actual manufacturing overhead figures for the year were $4,800,000 and $4,180,000, respectively. On the basis of this information, the company's year-end overhead was:

  • Q : What will bethe employer''s total fica tax....
    Accounting Basics :

    Assuming that the payrolll will be paid on December 29, what will bethe employer's total FICA tax for this payroll period on the two salary amounts of $850 each?

  • Q : What elements would affect your decision....
    Accounting Basics :

    From an accounting standpoint, how does leasing differ from buying property? What factors discussed in the leasing chapter affect the accounting? As a business owner, what elements would affect your

  • Q : Second mortgage on the land to secure....
    Accounting Basics :

    Gene had placed the second mortgage on the land to secure the purchase of some equipment that he used in this business. What are the tax issues?

  • Q : What is the amount of gain or loss on redemption....
    Accounting Basics :

    Bonds Payable has a balance of $1,000,000 and Discount on Bonds Payable has a balance of $15,000. If the issuing corporation redeems the bonds at 97.5, what is the amount of gain or loss on redempti

  • Q : Utilize the resulting tax losses....
    Accounting Basics :

    It has been barely breaking even, and its investments of its previous profits have substantial built-in capital losses. It has not sold theses investment assets because it cannot utilize the resulti

  • Q : How much is the contribution margin ratio....
    Accounting Basics :

    During April, 1,000 drives were sold. Fixed costs for March were $2 per unit for a total of $1,000 for the month. How much is the contribution margin ratio?

  • Q : Compute the issue (sale) price on july 1, 2008....
    Accounting Basics :

    All of the bonds will be sold on July 1, 2008; they mature on June 30, 2013. Compute the issue (sale) price on July 1, 2008, if the yield is: (a) 8 percent, (b) 7.5 percent, and (c) 8.5 percent.

  • Q : Record the journal entry for interest expense on this note....
    Accounting Basics :

    On December 31, 2010, the Notes Payable account at Beth's Boutique Shop had a balance of $42,000. This amount represented funds borrowed on a six-month, 10 percent note from the firm's bank on Decem

  • Q : Compute the gain or loss on the intercompany sale of land....
    Accounting Basics :

    Stiller Company, an 80% owned subsidiary of Leo Company, purchased land from Leo on March 1, 2009, for $75,000. The land originally cost Leo $60,000. Stiller reported net income of $125,000 and $140

  • Q : What adjustment would be made for 2010....
    Accounting Basics :

    Leo uses the equity method to account for its investment. On a consolidation worksheet, having used the equity method, what adjustment would be made for 2010 regarding the land transfer?

  • Q : What was the amount of the projected benefit obligation....
    Accounting Basics :

    Book Nook's defined benefit pension plan had a PBO of $265,000 on January 1, 2009. During 2009, pension benefits paid were $40,000. The discount rate for the plan for this year was 10%. Service cost

  • Q : Additional capital stock was issued....
    Accounting Basics :

    Net income (or net loss) during 2011, assuming that as of December 31, 2011, assets were $960,000, liabilities were $156,000, and there were no dividends and no additional capital stock was issued a

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