• Q : First semiannual interest concept....
    Accounting Basics :

    On May 1, 2010, Stanton Company purchased $50,000 of Harris Company's 12% bonds at 100 plus accrued interest of $2,000. On June 30, 2010, Stanton received its first semiannual interest. On February

  • Q : Deferred income tax liability problem....
    Accounting Basics :

    Cohen's enacted income tax rates are 35% for 2010, 30% for 2011, and 25% for 2012 and 2013. What amount should be included in the deferred income tax liability in Hertz's December 31, 2010 balance s

  • Q : Fifo method in process costing system....
    Accounting Basics :

    MediSecure uses the FIFO method in its process costing system. Compute the equivalent units of production for the period for the Molding Department.

  • Q : Equivalent units for conversion costs basics....
    Accounting Basics :

    The ending inventorty was 75% complete with respect to materials and 20% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first proc

  • Q : How much of the net income....
    Accounting Basics :

    salary allowances of $34,000 and $26,000 respectively, and the remainder equally. How much of the net income of $100,000 is allocated to Yolanda?

  • Q : What amount should robert''s capital account be recorded....
    Accounting Basics :

    The partnership also assumed a $12,000 note payable owed by Robert that was originally used to purchase the equipment. What amount should Robert's capital account be recorded?  

  • Q : What is eliza''s capital account balance at the end....
    Accounting Basics :

    At the beginning of the year, the capital account balances were: Carla capital, $42,000; Eliza capital, $55,000. what is Eliza's capital account balance at the end of the year ?

  • Q : Show how any deferred tax amounts should be classified....
    Accounting Basics :

    Show how any deferred tax amounts should be classified and reported on the 2006 balance sheet. The tax rate is 40%.

  • Q : What is saturn''s capital balance after closing income....
    Accounting Basics :

    Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000 respectively. Income Summary has a credit balance of $30,000. What is Saturn's cap

  • Q : What will mcmann‘s share of the income be....
    Accounting Basics :

    If they agree to share remaining profits and losses on a 3:2 ratio, what will McMann‘s share of the income be if the income for the year was $30,000?

  • Q : How much interest for the third year is capitalized....
    Accounting Basics :

    The company has had over $300,000 in interest-bearing debt outstanding the third year, at a weighted average rate of 9 percent. How much interest for the third year is capitalized?

  • Q : How will compton and danson share in the division of income....
    Accounting Basics :

    Compton and Danson form a partnership in which Compton contributes $50,000 in assets and agrees to devote half time to the partnership. Danson contributed $40,000 in assets and agrees to devote full

  • Q : Share of the partnership loss....
    Accounting Basics :

    In 2010, Emily invests $100,000 in a limited partnership that is not a passive activity. During 2010, her share of the partnership loss is $70,000. In 2011, her share of the partnership loss is $50,

  • Q : What is tomas'' capital balance after closing income....
    Accounting Basics :

    Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000 respectively. Income Summary has a credit balance of $30,000. What is Tomas' capit

  • Q : How do you compute total cost of goods in proces....
    Accounting Basics :

    How do you compute total cost of goods in process/finish goods inventory?

  • Q : What is orton''s capital balance after admitting ramsey....
    Accounting Basics :

    Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $30,000 and $50,000 respectively. Ramsey is admitted to the partnership and is given a 10% interest by

  • Q : How much cash should be distributed to everett....
    Accounting Basics :

    the balances in the capital accounts are as follows: Everett, $50,000 Cr.; Miguel, $40,000 Dr.; and Ramona, $30,000 Cr. How much cash should be distributed to Everett assuming that Miguel pays the d

  • Q : Withdrawal from the partnership....
    Accounting Basics :

    Jacob has decided to leave the firm. Which of the following would be included in the entry to record the transaction if the partnership pays Jacob $50,000 in cash and a promissory note for $20,000 f

  • Q : What annual interest rate must she earn....
    Accounting Basics :

    candice willis will invest $30000 today. she needs $150000 in 21 years. what annual interest rate must she earn?

  • Q : Equal total payments of accrued interest....
    Accounting Basics :

    American Eagle borrows $90,000 cash by signing a four-year, 5% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2009.

  • Q : What is the ratio of cash to monthly cash expenses....
    Accounting Basics :

    During 2009, Tempo Inc has monthly cash expenses of $120,000. On December 31, 2009, their cash balance is $1,860,000. what is the ratio of cash to monthly cash expenses ?

  • Q : Should they pursue the credit check....
    Accounting Basics :

    These checks will cost them $7 on each of the 1,000 customers. The opportunity cost is 1.5% for the credit period. Should they pursue the credit check?

  • Q : What is the cost of machining per ceiling fan....
    Accounting Basics :

    brannon company manufactures ceiling fans and uses an activity-based costing system. Each ceiling fan consists of 20 separate parts totaling $95 in direct materials, and requires 2.5 hours of machin

  • Q : What amount of cost of goods sold did abc record in 2008....
    Accounting Basics :

    December 31, 2008, and sold the remainder in early 2009 for $130 each. Both companies use perpetual inventory systems.

  • Q : Planning its annual dinner-dance....
    Accounting Basics :

    The Hartford Symphony Guild is planning its annual dinner-dance. The dinner-dance committee has assembled the following expected costs for the event:

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