• Q : Example of permanently restricted resources....
    Accounting Basics :

    Provide examples of resources that are temporarily restricted as to: (a) purpose; (b) time; and (c) the occurrence of a specific event. Provide an example of permanently restricted resources.

  • Q : Prepare a schedule analyzing the changes....
    Accounting Basics :

    Prepare a schedule analyzing the changes in each of the plant asset accounts during 2011. this schedule should include columns for beginning balance, increase, decrease and ending balance for each o

  • Q : Straight-line process of amortization of bond premium....
    Accounting Basics :

    A corporation issues $100,000, 10%, 5-year bonds on January 1, 2009, for $104,200. Interest is paid semiannually on January 1 and July 1. If the corporation uses the straight-line method of amortiza

  • Q : Types of gaap accounting methods....
    Accounting Basics :

    Fund accounting is very different from commercial accounting, but has a lot of similarities as well. Discuss the similarities and differences between these two types of GAAP accounting methods.

  • Q : Problem based on holding period of a new truck....
    Accounting Basics :

    Jim Junction purchased a truck for business on November 17, 2009, for $40,000. On July 21, 2010, he exchanged the truck for another truck in a like-kind exchange. The new truck had a fair market val

  • Q : Cash balance at the beginning of the month....
    Accounting Basics :

    Assuming that the cash balance at the beginning of the month was $7,450, prepare a statement of cash flows that displays operating, investing, and financing activities and that reconciles the beginn

  • Q : Expense election under section-179....
    Accounting Basics :

    What is the maximum depreciation in 2009 for a new computer used 80% for business that was acquired on July 2, 2009, for $3,000, assuming that an expense election under Section 179 is not made? This

  • Q : Find out the maximum depreciation....
    Accounting Basics :

    What is the maximum depreciation in 2009 for a new computer used 100% for business that was acquired on October 1, 2009, for $3,000, assuming that an expense election under Section 179 is not made a

  • Q : What net amount can be deducted for lease expense....
    Accounting Basics :

    Based on the value of the automobile, the inclusion amounts for 2008, 2009, and 2010 are $313, $590, and $602, respectively. If the taxpayer uses the car 70% for business, what net amount can be ded

  • Q : Problem based on ownership in the project....
    Accounting Basics :

    Calculate the IRR and NPV of this project utilizing a 12% discount rate and a 15% cap rate. Ms. Brown was able to secure a loan for $1,540,000, and an equity investor agreed to invest the remaining

  • Q : Elements of generally accepted auditing standards-gaas....
    Accounting Basics :

    Describe the elements of the Generally Accepted Auditing Standards (GAAS).

  • Q : What was recognized gain or loss....
    Accounting Basics :

    On November 28, 2010, she sold 48 shares, which could not be specifically identified, for $576 and on December 8, 2010, she sold another 25 shares of $188, What was her recognized gain or loss?

  • Q : What was the profit margin....
    Accounting Basics :

    For 2007 Mossland Corporation reported gross profit $100,000; net income of $24,000; sales $500,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends.

  • Q : Holding period on the new truck and its basis....
    Accounting Basics :

    Jim Junction purchased a truck fro business on November 17, 2009, for $40,000. On July 21, 2010, he exchanged the truck for another truck in a like-kind exchange. The new truck had a fair market val

  • Q : Reorting for not-for-profit and governmental entities....
    Accounting Basics :

    Write a Memo to a nonfinancial audience explaining how increasing scrutiny and demand for accountability by the public has influenced reporting for not-for-profit and governmental entities.

  • Q : Legal services incrueed during the company organization....
    Accounting Basics :

    Jan 15 Exchanged 10,000 shares of common stock for equipment with a market value of $80,000. Feb. 1 Exchanged 500 shares of common stock for $3,000 of legal services incrueed during the company's or

  • Q : Prepare a table of entities....
    Accounting Basics :

    Prepare a table of entities for the Erickson Inc. Erickson, Inc. sells pluming supplies to contractors in the northeast region of the United states.

  • Q : Wayne gross income from the partnership....
    Accounting Basics :

    He also invested an additional $20,000 in the partnership. For 2010, Wayne's gross income from the partnership is:

  • Q : Book value of the machine and obligation....
    Accounting Basics :

    Based upon GAAP state how if at all the book value of the machine and the obligation should appear on the Dec 31-2007 balance sheet of Mills inc.

  • Q : Sale of land on consolidated net income....
    Accounting Basics :

    In 2011, P Company sells land to its 80% owned subsidiary, S Company, at a gain of $50,000. What is the effect of this sale of land on consolidated net income assuming S Company still owns the land

  • Q : Upstream intercompany sale of non-depreciable assets....
    Accounting Basics :

    In years subsequent to the upstream intercompany sale of nondepreciable assets, the necessary consolidated workpaper entry under the cost method is to debit the:

  • Q : Multiplying the noncontrolling interest....
    Accounting Basics :

    In years subsequent to the year a 90% owned subsidiary sells equipment to its parent company at a gain, the noncontrolling interest in consolidated income is computed by multiplying the noncontrolli

  • Q : How should summation income statement items be adjusted....
    Accounting Basics :

    Paige, Inc. owns 80% of Sigler, Inc. During 2011, Paige sold goods with a 40% gross profit to Sigler. Sigler sold all of these goods in 2011. For 2011 consolidated financial statements, how should t

  • Q : Acquisition with an elimination entry....
    Accounting Basics :

    In preparing consolidated working papers, beginning retained earnings of the parent company will be adjusted in years subsequent to acquisition with an elimination entry whenever:

  • Q : Dividend income recognized by a parent company....
    Accounting Basics :

    In the preparation of a consolidated statements workpaper, dividend income recognized by a parent company for dividends distributed by its subsidiary is:

©TutorsGlobe All rights reserved 2022-2023.