• Q : Manufacturing overhead for the last period....
    Accounting Basics :

    Williams Company's direct labor cost is 25% of its total conversion costs. If the manufacturing overhead for the last period was $45,000 and the direct materials cost was $25,000, the direct labor c

  • Q : What is the correct entry to record the note....
    Accounting Basics :

    Plunder Inc. accepted a six-month noninterest-bearing note for $2,800 on January 1, 2011. The note was accepted as payment of a delinquent receivable of $2,500. What is the correct entry to record

  • Q : Prepare an income statement for this subsidiary in stickles....
    Accounting Basics :

    A cash dividend of §6,000 was transferred back to Ginvold on December 31, 2011. The functional currency for the subsidiary was the stickle. Currency exchange rates were as follows:

  • Q : What is the journal entry....
    Accounting Basics :

    The store determined it will cost $100,000 to restore the area surrounding one of its store parking lots, when the store is closed in 2 years. Bryant estimates the fair value of the obligation at De

  • Q : Prepare the journal entries relating to the firm....
    Accounting Basics :

    Assuming that King Co. entered into the forward contract as a fair value hedge of a firm commitment related to a 96,000 LCU sale that will be made on February 1, 2012, prepare the journal entries re

  • Q : The manufacturing overhead for the year....
    Accounting Basics :

    The actual overhead cost incurred during the year was $350,000 and the actual direct labor-hours incurred on jobs during the year was 90,000 hours. The manufacturing overhead for the year would be:

  • Q : What was the balance in the cash account....
    Accounting Basics :

    On October 31, a company's Cash account had a normal balance of $7,000. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. What was the balance in the

  • Q : Dates of the debt reduction....
    Accounting Basics :

    The value of the personal residence was $80,000 and the value of the vacation home was $45,000 at the dates of the debt reduction.

  • Q : Cumulative effect of the ccounting change....
    Accounting Basics :

    At the beginning of 2007, a decision was made to change to the straight-line method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this accounting change, net of

  • Q : What was the balance in eve''s prepaid insurance....
    Accounting Basics :

    Eve's Apples opened business on January 1, 2009, and paid for two insurance policies effective that date. The liability policy was $36,000 for eighteen-months, and the crop damage policy was $12,000

  • Q : Inventory and cost of goods sold by a pharmacy....
    Accounting Basics :

    What is the relationship between inventory and cost of goods sold by a pharmacy or medical supply business? Explain the depreciation concept. What items in a physician practice can be depreciated? W

  • Q : Compute the estimated break-even point in sales....
    Accounting Basics :

    Compute the estimated break-even point in sales dollars for the year ending December 31, 20x4, if the company employs its own sales personnel.

  • Q : Record the detachable warrants issued....
    Accounting Basics :

    Select the total value that Chase Corp should use to record the detachable warrants issued on March 1, 2006.

  • Q : How do you find the selling expense....
    Accounting Basics :

    The remaining selling expenses are fixed. The administrative expenses are 26% variable and 74% fixed. The company does not manufacture its own skis; it purchases them from a supplier for $158 per pa

  • Q : How much is the ending inventory of plastic to be reported....
    Accounting Basics :

    On August 31st, 195,000 ounces of plastic were on hand. The cost of plastic is $0.03 per ounce. How much is the ending inventory of plastic to be reported on the company's balance sheet at September

  • Q : What is their current yield....
    Accounting Basics :

    Garvin Enterprises' bonds currently sell for $1,150. They have a 6-year maturity, an annual coupon of $85, and a par value of $1,000. What is their current yield?

  • Q : Blance of irvings capital account....
    Accounting Basics :

    The partnership pays Gast $100,000 cash for her partnership interst. After Gast's retirement,what is the balance of Irving's capital account ?

  • Q : Partnership with income-sharing ratios....
    Accounting Basics :

    Mary ,Ann,and Tina formed a partnership with income-sharing ratios of 50%,30%,and 20%, respectinely. Cash of $300,000 was available after the partnership's assets were liquidated.

  • Q : What would be the amount to be capitalized....
    Accounting Basics :

    Storm paid no installation charges under the monthly payment plan but a $200 installation charge would have been incurred with a cash purchase. what would be the amount to be capitalized as the cos

  • Q : At what total amount should the net assets acquired....
    Accounting Basics :

    Included in that amount were stock issue costs of $8,000, legal fees of $52,000, and secretarial costs of $3,000. At what total amount should the net assets acquired be recorded by Diamond?

  • Q : Calculate the break-even point....
    Accounting Basics :

    If Cesar's Bottlers can sell all the units it can produce, shoud it operate ar one, two, or three shifts? Support your answer.

  • Q : Balance of nance capital at the end of the year....
    Accounting Basics :

    What is the balance of Nance's capital at the end of the year after net income has been distributed ?

  • Q : Diluted earnings per share for the year ended....
    Accounting Basics :

    The net income for the year ended December 31, 2007, was $3,000,000. Assuming the income tax rate was 30%, the diluted earnings per share for the year ended December 31, 2007, should be (rounded to

  • Q : Calculate the cost of the ending inventory....
    Accounting Basics :

    Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 430 units occurred on June 15 for a selling

  • Q : Incentive compensation plan....
    Accounting Basics :

    Wright inc has an incentive compensation plan under which the sales manager receives a bonus equal to 10% of the companies income after deductions for bonus and income taxes.

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