• Q : Compute the amount of the preferred dividends....
    Accounting Basics :

    A company had a return on common stockholders' equity of 25%. Net income equaled $200,000 and average common stockholders' equity equaled $700,000. Compute the amount of the preferred dividends decl

  • Q : Explain the lifo effect....
    Accounting Basics :

    The company's income tax amounts to 35% of income before taxes. Explain LIFO effect on it.

  • Q : Computing minimum lease payments....
    Accounting Basics :

    Minimum lease payments are payments the lessee is obligated to make or can be expected to make in connection with the leased property. In computing minimum lease payments all of the following would

  • Q : Problem on percentage of completion method....
    Accounting Basics :

    What is the revenue, cost, and gross profit recognized for each of the years 2011-2015 under (a) the percentage of completion method and (b) the completed contract method?

  • Q : Prepare appropriate journal entry to record the disposition....
    Accounting Basics :

    Accumulated Depreciation on the delivery truck to the date of disposal was $20,000. Prepare the appropriate journal entry to record the disposition of the delivery truck.

  • Q : Compute the revenue to be recognized in the fiscal year....
    Accounting Basics :

    Calculate the revenue to be recognized in fiscal year 2012 for each division of Patty Corporation in accordance with generally accepted accounting principles. Show all calculations for full credit.

  • Q : Completion revenue recognition process....
    Accounting Basics :

    The Pickle construction division was working on one project for the 2012 fiscal year. They use the percentage of completion revenue recognition method.

  • Q : How much is the budgeted balance for accounts payable....
    Accounting Basics :

    How much is the budgeted balance for Accounts Payable at October 31, 2013?

  • Q : Net change to profits....
    Accounting Basics :

    Beazer's capacity is sufficient to produce the extra 350 units. No selling expenses would be incurred on the special order. Should Beazer's management accept the offer? What will be the net change t

  • Q : Selling price per unit and variable costs....
    Accounting Basics :

    Information about the selling price per unit and variable costs per unit of each product is shown. Which products should be produced and filled first, then second, and then third? Show supporting ca

  • Q : Maximizing the profit for a period....
    Accounting Basics :

    An outside supplier has offered to sell Gargoyle the 20,000 widgets necessary to meet production needs this period for a lump-sum of $150,000. What should Gargoyle do if it wants to maximize its pro

  • Q : What amount must be remitted to the state....
    Accounting Basics :

    Morgan Company does not ring up sales taxes separately on the cash register. Total receipts for February amounted to $19,080. If the sales tax rate is 6%, what amount must be remitted to the state f

  • Q : Acquisition of long-term assets....
    Accounting Basics :

    Indicate whether each of the following actions is primarily related to (a) acquisition of long-term assets, (b) evaluating the adequacy of financing of long-term assets, or (c) applying the matching

  • Q : Break-even point in units theory....
    Accounting Basics :

    Calculate the current break-even point in units and the break-even point in units if the new production machine is purchased. Show your answers in the spaces provided and use the space below the ans

  • Q : Departmental income statements....
    Accounting Basics :

    Complete the following departmental income statements, showing projected results of operations for the three sales departments. (Round amounts to the nearest whole dollar.)

  • Q : Materials quantity variance and labor rate variance....
    Accounting Basics :

    Labor 17,000 hours at $2.50 per hour. Actual units produced 9,000. Compute the following: materials purchased price variance, labor efficiency variance, materials quantity (usage) variance and labor

  • Q : Calculate the markup and the selling price for the chairs....
    Accounting Basics :

    Sit Well Corporation manufactured and sold 25,000 chairs this year. Total cost to manufacture per unit was $180. Sit Well earned a 25% return on its investment of $6 million. Calculate the markup an

  • Q : Determine the relevant profit from the alternative....
    Accounting Basics :

    The tri-ply pans could be sold for $3,500 in total. If the pans are scrapped, they could be sold for $1,250. Which alternative should the Shallow Pan Company accept and what is the relevant profit f

  • Q : Problem on company copyright amortization....
    Accounting Basics :

    Although the company's copyright may be amortized over 40 years, management believes that the product will be viable for only 5 years. How should the costs be accounted for? At what value will the s

  • Q : Concept of partnership after the contribution....
    Accounting Basics :

    The other partners also contribute property, so A's interest in the partnership does not change. What is A's gain or loss, if any, on the contribution, and what is A's basis in the partnership after

  • Q : Concept of matching revenue and expense....
    Accounting Basics :

    The concept of matching revenue and expense refers to the fact that:

  • Q : Acceptable accounting procedure....
    Accounting Basics :

    This almost covers all of our overhead, giving us an edge in competitively pricing our 30-second TV ads, and explains why we have grown so much in this sector of our business." Is there an ethical

  • Q : Taxable income using the alternative tax method....
    Accounting Basics :

    Cason is filing as single and has 2011 taxable income of $38000 which includes $36000 of 0%/15% net long-term capital gain. What is his tax on taxable income using the alternative tax method?

  • Q : Unfinished units at the end of the month....
    Accounting Basics :

    A firm had no work in process at the beginning of a month. It transferred 4,000 units to finished goods during the month, and 500 units were still in process at the end of the month. Equivalent pro

  • Q : Accounting for investments depends....
    Accounting Basics :

    Accounting for investments depends in part to the level of influence or control. What method is generally tied to influence deemed to be insignifcant?

©TutorsGlobe All rights reserved 2022-2023.