• Q : Budget reports and forecast accounting....
    Accounting Basics :

    In hospitality management how much emphasis should general managers place on the following: Income statements, balance sheets, cash flow statements, budget reports and forecast accounting?

  • Q : Stock in a c-corporation....
    Accounting Basics :

    Juanita owns 45% of the stock in a C corporation that had a profit of $120,000 in 2010. Carlos owns a 45% interest in a partnership that had a profit of $120,000 during the year. The corporation dis

  • Q : Not-for-profit entities from business entities....
    Accounting Basics :

    A primary characteristic that distinguishes not-for-profit entities from business entities is :

  • Q : How much gain must peter recognize....
    Accounting Basics :

    Peter sold a painting in 2010 for $100,000. Peter bought the painting in 1999 for $60,000. Peter received $30,000 in 2010 and is to receive $15,000 per year (plus interest) for 2011 through 2014. Ho

  • Q : Shares of stock outstanding introduction....
    Accounting Basics :

    Holly's stockholders' equity was $280,000 at the beginning of the year and $320,000 at the end of the year. The company has 20,000 shares of stock outstanding at December 31, 2008.

  • Q : Make consolidation worksheet entries....
    Accounting Basics :

    Chapman uses this ewuity method for this investment. Prepare consolidation worksheet entries for December 31,2011 and December 31, 3012

  • Q : Methods available under us gapp....
    Accounting Basics :

    Inventory costing comes in many different sizes. LIFO, FIFO, weighted average, and moving average are just some of the methods under US GAAP. Why are there so many methods available under US GAPP an

  • Q : Prepare the entry to record the sale....
    Accounting Basics :

    The asset is sold on December 31, 2012, for $5,800. prepare the entry to record the sale ?

  • Q : What interest expense for 2010 is....
    Accounting Basics :

    On January 1, 2010, Huber Co. sold 12% bonds with a face value of $600,000. The bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $64

  • Q : How much will patti have in the account in 2 years....
    Accounting Basics :

    At the end of each quarter, Patti deposits $2,100 into an account that pays 12% interest compounded quarterly. How much will Patti have in the account in 2 years?

  • Q : What should the depreciation expense be....
    Accounting Basics :

    Jay corp bought a machine for $15,000. The machine is expected to produce 10,000 units. The machine has a residual value of $5,000. Assuming the machine produces 400 units during year 1, what should

  • Q : What would be the cost of retained earnings equity....
    Accounting Basics :

    what would be the cost of retained earnings equity for Tangshan Mining if the expected return on U.S. Treasury Bills is 5.00%, the market risk premium is 10.00 percent, and the firm's beta is 1.3?

  • Q : How much amortization expense was reported....
    Accounting Basics :

    Accumulated Amortization shows a begining balance of $9300 and an ending balance of $10,700. How much amortization expense was reported on the current year's income stetement?

  • Q : What is the value per share of boehm stock....
    Accounting Basics :

    Boehm Incorporated is expected to pay a $1.50 per share dividend at the end of this year (i.e., D1 = $1.50) The dividend is expected to grow at a constant rate of 7% a year. The required rate of ret

  • Q : What is the amount of the finance charge....
    Accounting Basics :

    A customer charges a treadmill at Mike's Sport Shop. The price is $2,000 and the financing charge is 9% per annum if the bill is not paid in 30 days. The customer fails to pay the bill within 30 day

  • Q : Calculate the amount of the asset and liability....
    Accounting Basics :

    Calculate the amount of the asset and liability of Lotus Company at the inception of the lease. (Round to the nearest

  • Q : Unearned rent revenue....
    Accounting Basics :

    On December 1, 2011, the company received $3,000 in cash from another company that is renting office space in Falwell's building. The payment, representing rent for December and January, was credite

  • Q : Determine the equity at the end of the year....
    Accounting Basics :

    At the beginning of the year, Addison Company's assets are $300,000 and its equity is $100,000. During the year, assets increase $80,000 and liabilities increase $50,000. What is the equity at the e

  • Q : How would lotus classify the lease....
    Accounting Basics :

    If the lease term is three years and the annual payment is $120,000, how would Lotus classify the lease under (a) U.S.GAAP and (b) IFRS?  

  • Q : How many units are budgeted for sale in october....
    Accounting Basics :

    Prepare the merchandise purchases budget for the months of July, August, and September. (2) Compute the ratio of ending inventory to the next month's sales for each budget prepared in part 1. (3) Ho

  • Q : Land must be recorded in the purchasers books....
    Accounting Basics :

    If a parcel of land that was originally acquired for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000,

  • Q : What is the net realizable value....
    Accounting Basics :

    It wrote off as uncollectible accounts receivable of $7,000. However, a $4,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accou

  • Q : What are the benefits of budgeting....
    Accounting Basics :

    Budgets are a staple in the corporate world. What are the benefits of budgeting? Who should be involved in the budget process? Are there disadvantages to budgeting?

  • Q : Prepare a budget showing the quantity of switches....
    Accounting Basics :

    Prepare a budget showing the quantity of switches to be purchased each month for January, February, and March and in total for the quarter.

  • Q : Contribution margin relate to the breakeven point....
    Accounting Basics :

    Define "breakeven point." Why is it important for a company to track the breakeven point in both units and sales? How does the concept of contribution margin relate to the breakeven point?

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