• Q : Material misstatement for a particular client....
    Accounting Basics :

    Explain how an auditor defines or describes what a material misstatement would be for a particular client from both a qualitative and quantitative perspective.What is the audit risk model discuss ea

  • Q : Amount of gross profit recognized in each year....
    Accounting Basics :

    Schuss Corporation sold equipment to Potsdam Company for $20,000. The equipment is on Schuss's books at a net amount of $13,000. Schuss collected $10,000 in 2012, $5,000 in 2013, and $5,000 in 2014.

  • Q : Determine the monthly break even....
    Accounting Basics :

    Mader company produces and sells a single product whose selling price is $240 per unit and whose variable expense is $86.40 per unit. The company's fixed expense is $720,384 per month. Required: De

  • Q : Preparing the journal entry to record the sale....
    Accounting Basics :

    (a) Prepare the journal entry (if any) to record the sale on January 2, 2012. (b) Shaw prepares an income statement for the first quarter of 2012, ending on March 31, 2012. How much revenue should S

  • Q : Production for the conversion costs for the period....
    Accounting Basics :

    The first-in, first-out method is used to cost inventories. The number of equivalent units of production for conversion costs for the period was:

  • Q : Cost of direct labor problem....
    Accounting Basics :

    Factory Overhead is 75% of the cost of direct labor. work in process inventory on Dec 31 2012 is?

  • Q : How much should be reported as taxes receivable....
    Accounting Basics :

    How much should be reported as Taxes Receivable after the new levy has been recorded?

  • Q : Paid for a parking lot and walkways and driveways....
    Accounting Basics :

    Quinn's new office building $20,000 was paid for excavation for the basement of the new building. $1,400,000 was paid for construction of the new building, and $75,000 was paid for a parking lot and

  • Q : What amount of property tax revenues should the city report....
    Accounting Basics :

    What amount of property tax revenues should the city report in the General Fund financial statements for the current fiscal year?

  • Q : Results of the premium plan for the years....
    Accounting Basics :

    Sycamore Candy Company offers a CD single as a premium for every five candy bar wrappers presented by customers together with $2.50. The candy bars are sold by the company to distributors for 30 cen

  • Q : What would deferred revenue be as of the end of year 3....
    Accounting Basics :

    what would deferred revenue be as of the end of Year 3?

  • Q : Discuss the tax aspects of arrangements....
    Accounting Basics :

    Beige Company has approximately $200,000 in net income in 2008 before deducting any compensation or other payment to its sole owner, Janet (who is single). Assume that Janet is in the 35% marginal t

  • Q : What is the amount of pension expense reported for 2013....
    Accounting Basics :

    The expected return on plan assets and the settlement rate were both 10%. what is the amount  of pension expense reported for 2013 ?  

  • Q : Taxable income subject to us income tax....
    Accounting Basics :

    Small does not make any dividend distributions. How much of Small Corporation's taxable income will be subject to U.S. income tax this year?

  • Q : Results of the premium plan problem....
    Accounting Basics :

    The purchase price of each CD to the company is $2.25; in addition it costs 50 cents to mail each CD. The results of the premium plan for the years 2010 and 2011 are as follows. (All purchases and s

  • Q : How much should be charged to interest expense in 2012....
    Accounting Basics :

    Using the effective- interest method of computing interest, how much should be charged to interest expense in 2012?

  • Q : Discuss the tax aspects problem....
    Accounting Basics :

    Beige Company has approximately $200,000 in net income in 2008 before deducting any compensation or other payment to its sole owner, Janet (who is single). Assume that Janet is in the 35% marginal t

  • Q : Information skewed toward a particular belief....
    Accounting Basics :

    The term that means information skewed toward a particular belief with a tendency to have little or no factual basis is

  • Q : What are the proceeds from the bond issue....
    Accounting Basics :

    Downing Company issues $3,000,000, 6%, 5-year bonds dated January 1, 2012 on  January 1, 2012. The bonds pay interest semiannually on June 30 and December 31. The  bonds are issued to yiel

  • Q : What was the beginning pbo....
    Accounting Basics :

    Mars Inc. has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company received the PBO report from the actuary. The following information was included in the report:

  • Q : Concept of contribution costs....
    Accounting Basics :

    Sarah contributes $25,000 to a church. Sarah's marginal tax rate is 35% while her average tax rate is 25%. After considering her tax savings, Sarah's contribution costs :

  • Q : Amount of amortization expenditure....
    Accounting Basics :

    Day Company purchased a patent on January 1, 2010 for $360,000. The patent had a remaining useful life of 10 years at that date. In January of 2011, Day successfully defends the patent at a cost of

  • Q : Compute the cash payback period....
    Accounting Basics :

    Morgan Company is considering a capital investment of $180,000 in additional productive facilities. The new machinery is expected to have a useful life of 6 years with no salvage value.

  • Q : Leverage policy on andrews roe....
    Accounting Basics :

    This year Andrews achieved an ROE of 18.2%. Suppose the Board of Directors of Andrews mandates that management take measures to increase financial Leverage (=Assets/Equity) next year. Assuming Sales

  • Q : What is the company days sales in inventory....
    Accounting Basics :

    How Bout Now, a clothing retailer, had cost of goods sold of $525,000 last year. The beginning inventory balance was $32,500 and the ending inventory balance was $35,000. What is the company's Days'

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