• Q : Credited to write off a customers account....
    Accounting Basics :

    If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible?

  • Q : Production and an estimated residual value....
    Accounting Basics :

    Al's Car Wash purchased a piece of equipment on October 1, 20x7, for $27,000. The equipment has an estimated life of four years or 40,000 units of production and an estimated residual value of $2,00

  • Q : What are the expected return and standard deviation....
    Accounting Basics :

    suppose Asset A has an expected return of 10% and a standard deviation of 20%. Asset B has an expected return of 16% and a standard deviation of 40%. I f the correlation between A and B is 0.35, wha

  • Q : Advantages of partnership versus limited partnership....
    Accounting Basics :

    What are the relative advantages of partnership versus limited partnership as a form of doing business?

  • Q : Calculate penguin''s cash flow from operating activities....
    Accounting Basics :

    The change in retained earnings was due to net income of $10,000 and payment of $3,000 in dividends.

  • Q : What is the company times interest earned ratio....
    Accounting Basics :

    Tree Frog Company is organized as a LLC and pays no income taxes. The company has fixed interest expense of $5,750, Sales of $253,000 and variable expenses of $189,750. What is the company's times i

  • Q : What is the company''s cost of goods sold....
    Accounting Basics :

    A company has $8,200 in net sales, $1,100 in gross profit, $2,500 in ending inventory, and $2,000 in beginning inventory. what is The company's cost of goods sold ?

  • Q : Total unamortized bond premium at the date of conversion....
    Accounting Basics :

    On that date the market price of the bonds was 105 and the market price of the common stock was $36. The total unamortized bond premium at the date of conversion was $175,000. Jenks should record, a

  • Q : What is the return on common stockholders'' equity....
    Accounting Basics :

    Consider the following data for a corporation:What is the return on common stockholders' equity?

  • Q : How should ace record the purchase....
    Accounting Basics :

    Ace Bonding Company purchased merchandise inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. How should Ace record the purchase?

  • Q : What is the variable cost per unit....
    Accounting Basics :

    Average cost per unit is $1.425 at the 16000 unit level of activity and $1.38 at the 20000 unit level of activity. What is the variable cost per unit? The total fixed cost per unit?

  • Q : Re-figure the depletion rate for year 2....
    Accounting Basics :

    Change in estimated amount of ore to be mined from year one to year 2. year 1 is 400000 and year 2 is 487500 tons. mined 50000tons in first year and mined 80,000 tons second year of which 60000 tons

  • Q : Prepare a written memo to baku and hanson....
    Accounting Basics :

    Prepare a written memo to Baku and Hanson describing the advantages and disadvantages of each organizational form. Also, from the limited information provided, recommend the organizational form you

  • Q : How much is the bond worth today....
    Accounting Basics :

    Suppose a State of New York bond will pay $1,000 10 years from now. If the going interest rate on these 10-year bonds is 5.5%, how much is the bond worth today?

  • Q : How should somerset record this transaction....
    Accounting Basics :

    Somerset Leasing received $12,000 for 24 months rent in advance. How should Somerset record this transaction?

  • Q : Investor considering to start a new business....
    Accounting Basics :

    An investor is considering starting a new business. The company would require $475,000 of assets, and it would be financed entirely with common stock.

  • Q : Net cash flow from operations....
    Accounting Basics :

    Aubey Aircraft recently announced that its net income increased sharply from the previous year, yet its net cash flow from operations declined. Which of the following could explain this performance?

  • Q : Calculate the maintenance cost....
    Accounting Basics :

    Flexible budgeting. The cost formula for the maintenance department of Rainbow, Ltd., is $12,600 per month plus $4.50 per machine hour used by the production department.

  • Q : Calculate the cash collections....
    Accounting Basics :

    Cash receipts budget. Kiel Center's sales are all made on account. The firm's collection experience has been that 35% of a month's sales are collected in the month the sale is made, 55% are collecte

  • Q : Calculate the average total cost per unit....
    Accounting Basics :

    Calculate the average total cost per unit for the 16,000 units manufactured in May. Explain why this figure would not be useful to a manager interested in predicting the cost of producing 19,200 un

  • Q : Tax consequences if an individual investor incurs a loss....
    Accounting Basics :

    What are the tax consequences if an individual investor incurs a loss on the following:

  • Q : What is the intercompany profit....
    Accounting Basics :

    Year 1 elimination of the intercompany sales transaction, the intercompany profit that must be eliminated from ending inventory is:

  • Q : How much net income must expected warrant starting business....
    Accounting Basics :

    An investor is considering starting a new business. The company would require $475,000 of assets, and it would be financed entirely with common stock. The investor will go forward only if she thinks

  • Q : What is the amount of the adjustment....
    Accounting Basics :

    the beginning merchandise inventory balance is $63,000, and the ending merchandise inventory balance is $58,000. What is the amount of the adjustment

  • Q : Preparing a bank reconciliation....
    Accounting Basics :

    The bank statement dated May 31, 2011, showed bank service charges of $38. All checks written by the company had been processed by the ank by May 31 and were listed on the bank statement except for

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