• Q : Work in process account debited-factory overhead credited....
    Accounting Basics :

    Poobah Manufacturers Inc. has estimated total factory overhead costs of $95,000 and 10,000 direct labor hours for the current fiscal year. If job number 117 incurred 1,600 direct labor hours, the wo

  • Q : What is the effect of the intercompany sale....
    Accounting Basics :

    On April 1, 2003, Penny Corporation sells land to its 60%-owned subsidiary, Sahl  Corporation, at a $15,000 gain. The land is still held by Sahl on December 31, 2003. What is the effect of the

  • Q : Applied overhead into cost of goods sold problem....
    Accounting Basics :

    At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,200,000. Closing over/under applied overhead into cost of goods sold would cause net income to increase/decrease by?

  • Q : What is zanny''s labor rate variance for the month of august....
    Accounting Basics :

    During the month of August, Zanny's water ski radio production used 6,600 direct labor-hours at a total direct labor cost of $48,708. This resulted in production of 6,900 water ski radios for August

  • Q : Machine hours for applying overhead problem....
    Accounting Basics :

    If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date) the overhead is over/under applied by?

  • Q : Journalize the entry to record the cash receipts....
    Accounting Basics :

    The actual cash received during the week ended June 7 for cash sales was $18,632.00, and the amount indicated by the cash register total was $18,628.00. Journalize the entry to record the cash rece

  • Q : What is the maturity value of the note....
    Accounting Basics :

    Miller Co. issued a $35,000, 60-day, discounted note to River City Bank. The discount rate is 6%. What is the maturity value of the note?

  • Q : Machine hours for applying overhead rate....
    Accounting Basics :

    Year to date, the actual overhead is $15,500,000 and the actual machine hours are 220,000 hours. If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhea

  • Q : Compute the sale-mix variance....
    Accounting Basics :

    The Chair Company manufactures two modular types of chairs; one for the residential (home) market, and the other for the office market. Budgeted and actual operating data for the year 2001 are:

  • Q : Investing section of the statement of cash flows problem....
    Accounting Basics :

    Discount Sales sells some used store fixtures. The acquisition cost of the fixtures is $12,500, the accumulated depreciation on these fixtures is $9,750 at the time of sale. The fixtures are sold fo

  • Q : What would the loss have been....
    Accounting Basics :

    Compare your estimates of income for Fiscal Year 2008 in question 4 to the net loss actually reported after the impairments and reorganization charges taken in FY 2008. Are the differences significa

  • Q : What amount should blue report as gain....
    Accounting Basics :

    Immediately after the declaration, the market price of Red's stock was $2.50 per share. In its income statement for the year ended June 30, 2009, what amount should Blue report as gain before income

  • Q : What ivory''s domestic production activities deduction is....
    Accounting Basics :

    Ivory, Inc., has taxable income of $600,000 and qualified production activities income (QPAI) of $400,000 in 2010. what Ivory's domestic production activities deduction is ?

  • Q : How much does he have in each account....
    Accounting Basics :

    Mr. Wilson invested money in two accounts. His total investment was $30,000. If one account pays 5% in interest and the other pays 3% in interest, how much does he have in each account if he earned

  • Q : What is the maturity value of the note as of march 1....
    Accounting Basics :

    On November 1, Carter Company signed a $9,000 4-month 10% note payable, with the principle plus interest due on March 1 of the following year. What is the maturity value of the note as of March 1?

  • Q : What tax years are available to corporations....
    Accounting Basics :

    What tax years are available to corporations? How do the options differ from other forms of business organizations?

  • Q : Corporation reported the transaction properly....
    Accounting Basics :

    Fox Corporation reported dividend income of $4,000 and took a 70% dividends recieved deduction. Have Coyote Corporation and Fox Corporation reported these transaction properly?

  • Q : What is the non-controlling interest expense....
    Accounting Basics :

    what is the non-controlling interest expense that will appear in the consolited income statement for 2009 ?

  • Q : Adjustment to record the accrued fees....
    Accounting Basics :

    What is the adjustment to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.

  • Q : What is 2008 depreciation expense....
    Accounting Basics :

    Garrison changed its estimates to a useful life of 5 years (from the original acquisition) with a salvage value of $70,000. What is 2008 depreciation expense?

  • Q : Prepare the journal entries to correct the errors....
    Accounting Basics :

    1. Prepare the journal entries to correct the errors (ignore income taxes). 2. Prepare the journal entries to record 2009 depreciation for any assets record in requirement.

  • Q : What is the cost recovery deduction....
    Accounting Basics :

    Cora purchased a hotel building on may 17, 2010 for $6,000,000.00. what is the cost recovery deduction she is allowed on her 2011 income tax return?

  • Q : Was the amount of net income or net loss....
    Accounting Basics :

    If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000,what was the amount of net income or net loss for the period ?

  • Q : Prepare the adjusting entry for vizarro....
    Accounting Basics :

    Prepare the adjusting entry for Vizarro Co. to recognize bad debts under each of the following independent assumptions.

  • Q : What is the non-controlling interest''s share....
    Accounting Basics :

    Norek Corp. owned 70% of the voting common stock of Thelma Co. On January 2, 2009, Thelma sold a parcel of land to Norek. The land had a book value of $32,000 and was sold to Norek for $45,000. Thel

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