• Q : Prepare the journal entries to record these transactions on the books ....
    Accounting Basics :

    Harwick Company Exercise 5-2 1. on April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. on April 6, paid freight costs of $900 on merchandise

  • Q : Rate to represent the time value of money....
    Accounting Basics :

    Pacifica estimates a 50 percent probibilty that seguros will be successful in meeting these goals and uses a 4 percent discount rate to represent the time value of money.

  • Q : Bureau of labor statistics each month....
    Accounting Basics :

    Some Keynesian economists criticize the official unemployment statistics for understating the extent of joblessness in the United States. Which of the following statements represent shortcomings of

  • Q : Shortcoming or disadvantage of the high-low method....
    Accounting Basics :

    Which of the following is a shortcoming or disadvantage of the high-low method compared to regression analysis when estimating cost behavior?

  • Q : At what value will the equipment be recorded by raphael....
    Accounting Basics :

    Paris"s only non-current assets were land and equipment with fair values of $160,000 and $640,000, respectively. At what value will the equipment be recorded by Raphael?

  • Q : Difference and reconcile operating income....
    Accounting Basics :

    What are E's contribution margin ratio, gross profit ratio and operating (net) income ratios? Explain the difference and reconcile operating income for the two methods.

  • Q : What will the fax machines net book value....
    Accounting Basics :

    Glenmore Corp Purchasing a fax machine at the beginning of 2007. The fax machine cost of $1000 and is expected to cost five years.Its salvage value is expected to be $50.00. If Glenmore uses straigh

  • Q : Compute the approximate internal rate of return....
    Accounting Basics :

    Compute the approximate internal rate of return of each project. Which one should be adopted based on the internal rate of return approach?

  • Q : Determine the net amount to be paid the employee....
    Accounting Basics :

    hours worked, 46 federal income tax withheld, $350; cumulative earnings for year prior to current week, $99,700; social security tax rate, 6.0% on maximum of $100,000; and Medicare tax rate, 1.5% on

  • Q : Approaches for preparing income statement....
    Accounting Basics :

    The E-Company manufactures trendy, high-quality moderately priced watches that it sells on the Internet. As the company's senior financial analyst, you are asked to analyze the overall profitability

  • Q : Rental income or rental expenses....
    Accounting Basics :

    Jerry, a general contractor by trade, is a tenant of Montgomery Apartments. In exchange for four months rent ($900/month), Jerry provided the following items and services for Paul, the owner of the

  • Q : Determine the total bond interest expense....
    Accounting Basics :

    Determine the total bond interest expense to be recognized over the bonds' life.

  • Q : How much inventory was requisitioned for the use on jobs....
    Accounting Basics :

    As of December 31, 2010, Nilsen Industries had $2,000 of raw materials inventory. At the beginning of 2010, there was $1,600 of materials on hand. During the year, the company purchased $244,000 of

  • Q : Exchange for four months rent related problem....
    Accounting Basics :

    Jerry, a general contractor by trade, is a tenant of Montgomery Apartments. In exchange for four months rent ($900/month), Jerry provided the following items and services for Paul, the owner of the

  • Q : Prepare the necessary adjustment entry....
    Accounting Basics :

    On March 1, 2012, the company purchases insurance for $21,000 for a one-year policy to cover possible injury to mechanics. The entire $21,000 is debited to Prepaid Insurance at the time of the purch

  • Q : How are like-kind exchanges treated....
    Accounting Basics :

    How are like-kind exchanges treated under the federal income tax laws?

  • Q : Payment of interest and the amortization of discount....
    Accounting Basics :

    Warner Company issued $800,000 of 6%, 10-year bonds on one of its interest dates for $690,960 to yield an effective annual rate of 8%. The effective-interest method of amortization is to be used. Th

  • Q : Excessiveness of executive pay....
    Accounting Basics :

    In the current economic environment, there has been a lot of discusssion related to the excessiveness of executive pay. What other alternative may be there be to executive pay?

  • Q : Journalize the declaration-two independent assumptions....
    Accounting Basics :

    Journalize the declaration of a 15% stock dividend on December 10, 2010, for the following two independent assumptions.

  • Q : Name the pattern of return on equity implied by assumptions....
    Accounting Basics :

    I assume that sales grow at the rate of inflation, capital expenditures are equal to depreciation, and that net profit margins and working capital to sales ratios stay constant."What pattern of retu

  • Q : Generate forecasts of the outlays....
    Accounting Basics :

    What factors are likely to drive a firm's outlays for new capital (such as plant, property, and equipment) and for working capital (such as receivables and inventory)? What ratios would you use to h

  • Q : What is the random walk model....
    Accounting Basics :

    John Right, an analyst with Stock Pickers Inc., claims, "It is not worth my time to develop detailed forecasts of sales growth, profit margins, etcetera, to make earnings projections. I can be almos

  • Q : Supplies expense account problem....
    Accounting Basics :

    Indus Company has a Supplies account balance of $900 on January 1, 2009. During 2009, it purchased $4,000 of supplies. As of December 31, 2009, a supplies inventory shows $750 of supplies available.

  • Q : Discuss the feasibility of geralds compensation agreement....
    Accounting Basics :

    1. Discuss the feasibility of Gerald's compensation agreement. 2. Discuss the company obiligation to Gerald for the $12 million in stock options. What course of action should the company take? Geral

  • Q : Firm overstate or understate its income statement....
    Accounting Basics :

    Assume that an entity treated sales tax, shipping charges, and installation costs on acquired equipment as an expense rather than as part of the cost of the asset. Would the firm overstate or unders

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