• Q : Equivalent units for materials if fifo method is used....
    Accounting Basics :

    The beginning and ending inventory is fully complete as to materials costs. How much are equivalent units for materials if the FIFO method is used?

  • Q : What are the income tax consequences to each party....
    Accounting Basics :

    Victor sold his personal residence to Colleen and paid real estate taxes of $9,450 for the year, $3,250 of which was apportioned to Colleen based on the period she owned the property during the year

  • Q : What was the depreciation for the first year....
    Accounting Basics :

    Equipment was acquired at the beginning of the year at a cost of $75,000. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimate

  • Q : Misstate assertions in the expenditure cycle....
    Accounting Basics :

    a) Identify several pervasive factors that might motivate management to misstate assertions in the expenditure cycle.

  • Q : Individual income tax forms....
    Accounting Basics :

    Which of the following forms is typically given to employees at the end of the calendar year so that employees can file their individual income tax forms?

  • Q : Overhead applied to standard using activity-based costing....
    Accounting Basics :

    Donkey Company manufactures two products, Standard and DeLuxe. Donkey's overhead costs consist of machining, $2,000,000; and assembling, $1,000,000. Information on the two products is: Overhead appl

  • Q : Overhead rate based on labor hours....
    Accounting Basics :

    R-Ball is considering switching from one overhead rate based on labor hours to activity-based costing. Using activity-based costing, how much assembly cost is assigned to deluxe racquets?

  • Q : How much should alice be willing to pay for investment....
    Accounting Basics :

    If Alice decides to buy the investment, she would receive the first $250 payment one year from today. How much should Alice be willing to pay for this investment?

  • Q : Gonzalez report from lease transaction....
    Accounting Basics :

    In its 2004 income statement, what amount of interest expense should Gonzalez report from this lease transaction?

  • Q : Statements regarding the contribution margin ratio....
    Accounting Basics :

    Which of the following statements regarding the contribution margin ratio is not true?

  • Q : Determine the carrying value-book value....
    Accounting Basics :

    Using this information, with all other information the same, determine the carrying value [book value] of the bonds at June 30 of the current year?

  • Q : Calculate taxable income for a firm....
    Accounting Basics :

    I have to calculate taxable income for a firm with the following items as profit for 2011: Profit before Tax = 414000, Doubtful Debt expenses 33000, Amortisation of research and development costs 29

  • Q : Material misstatement in the expenditure cycle....
    Accounting Basics :

    a) What other factor might influence the risk of material misstatement in the expenditure cycle?

  • Q : How much long-term debt does the firm have....
    Accounting Basics :

    For the year ending June 30, 2008, the Austin Corporation has current assets of $ 275,000 and total assets of $ 900,000. It also has current liabilities of $ 150,000, equity of $ 200,000, and retain

  • Q : Prepare the entry to reclassify the remaining shares....
    Accounting Basics :

    Prepare the entry to reclassify the remaining 600 shares of Champion Corp. common stock from available-for-sale securities to trading securities on January 31, 2012. The stock was selling at $67 per

  • Q : Compute the items at the end of the first year....
    Accounting Basics :

    During the year, dividends of $36,000 were paid to stockholders. At the end of the year, total liabilities were $82,000. Use the given data to compute the following items at the end of the first yea

  • Q : Activity-based cost management....
    Accounting Basics :

    Activity-based cost management (ABM) can best be defined as:

  • Q : Journal entry did pelican record....
    Accounting Basics :

    What journal entry did Pelican record on February 1, 20X6 if the purchase was made?

  • Q : Investment in littletick....
    Accounting Basics :

    LittleTick recognized a total of $20,000 of net income for 2011, and paid a total of $10,000 of dividends to shareholders. BigBen's investment in LittleTick will affect BigBen's 2011 net income by:

  • Q : Sells securities classifies as available for sale....
    Accounting Basics :

    Smith buys and sells securities which it typically classifies as available for sale. On December 15, 2011, Smith purchased $500,000 of Jones shares, and elected the fair value option to account for

  • Q : Stockholders equity at the beginning and end....
    Accounting Basics :

    Farley Corporation had net income of $160,000 and paid dividends of $40,000 to common stockholders and $20,000 to preferred stockholders in 2007. Farley Corporation's common stockholders' equity at

  • Q : Baics of daily compounding....
    Accounting Basics :

    Suppose you deposited $5,000 in a bank account that pays 6% with daily compounding and a 360-day year. How much could you withdraw after 7 months, assuming each month has 30 days?

  • Q : Problem based on total cash receipts....
    Accounting Basics :

    The remainder is uncollectible. The following are budgeted sales data: January $60,000-February $70,000-March 50,000-April 30,000 - What would April's total cash receipts be ??

  • Q : Formulate a lp model for the problem....
    Accounting Basics :

    An ounce of oats contributes 8 milligrams of vitamin A and 1 milligram of vitamin B, whereas an ounce of rice contributes 6 milligrams of A and 2 milligrams of B. An ounce of oats costs $0.05, and a

  • Q : What is the effective tax rate....
    Accounting Basics :

    The kammerling Corporation has $250,000 of taxable income.it distributes $100,000 of that income as dividen to ist sole shareholders whoseother income puts him in the 35 percent marginal tax bracket

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