• Q : Prepare income statement and balance sheet for problem....
    Accounting Basics :

    You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past.

  • Q : Journal entry to apply student scholarship....
    Accounting Basics :

    What is the journal entry to apply student scholarships, for which no services were required, amounted to $930,000. Students applied these scholarships to their tuition bills the beginning of each s

  • Q : What is nature house target full cost....
    Accounting Basics :

    Nature House's owners want to earn a 14% return on the company's assets. What is Nature House's target full cost?

  • Q : What is the ending inventory for the year....
    Accounting Basics :

    A company has sales of $2,458,422, a gross profit ratio of 23%, a days' sales in inventory ratio of 12.4, and total current assets of $539,600. What is the ending inventory for the year?

  • Q : Income statement useful in decision-making....
    Accounting Basics :

    The format of the income statement most useful in decision-making is which of the following?

  • Q : What''s barb''s taxable income....
    Accounting Basics :

    Barb (age 55) is divorced and lives with her 16-year old daughter, Katie. Barb worked as a massage therapist and earned $45,000 in 2013. Katie is in high school, and earned $5,000 babysitting in 201

  • Q : Operating income equals the operating income....
    Accounting Basics :

    If Cuyahoga Valley Bicycles buys the part, what is the most Cuyahoga Valley Bicycles can spend per unit so that operating income equals the operating income from making the part?

  • Q : Evaluating product or sales mix allocations....
    Accounting Basics :

    All of the following would be considered in evaluating product or sales mix allocations, except:

  • Q : Election to expense or take bonus depreciation....
    Accounting Basics :

    she uses the computer 80% of the time for her accounting business, 10% of the time for managing her investments, 10% of the time for personal use. calculate her maximum depreciation deduction for 20

  • Q : Depreciation on a residential rental building....
    Accounting Basics :

    the first year of depreciation on a residential rental building costing 200,000 purchased on may 2, 2012.

  • Q : Discontinuing a product or product line....
    Accounting Basics :

    All of the following are considerations for discontinuing a product or product line, except

  • Q : How much gross income must a and b each recognize....
    Accounting Basics :

    A contributes appreciated property worth $80, with an adjusted basis of $60, to newly formed X corporation and in exchange for all of the 80 outstanding shares of X, worth $80. Immediately thereafte

  • Q : Problem related to rental property....
    Accounting Basics :

    The equity in their home is $150,000; they have $80,000 in IRAs between the two of them and the basis of the rental property is $20,000. The rental property can be sold for $120,000. Mary and Bob wa

  • Q : What were sales in 2012....
    Accounting Basics :

    If sales are $1,026,000 in 2013 and this represents a 14% increase over sales in 2012, what were sales in 2012?

  • Q : Financial statement purposes....
    Accounting Basics :

    For financial statement purposes, R.E.M. will recognize the income from the tickets when it performs the concerts. For tax purposes, it uses the accrual method and would prefer to defer the income f

  • Q : What green''s break-even sales would be....
    Accounting Basics :

    Grey, Inc. sells a single product for $20. Variable costs are $8 per unit and fixed costs total $120,000 at a volume level of 5,000 units. Assuming that fixed costs do not change,

  • Q : Amount of interest which was paid on home loan....
    Accounting Basics :

    Mr. smith paid interest that accrued on the indebtedness during that year.he had no other debt secured by the residence.may he deduct the amount of interest which was paid on thew home loan?

  • Q : Compute the material purchase price variance....
    Accounting Basics :

    compute the material purchase price variance and the material quantity variance.

  • Q : Share of charlie company sell....
    Accounting Basics :

    Charlie Company is expected to grow at an annual rate of 6% indefinitely. The return on similar stocks is currently 11%. Charlie's board of directors declared a dividend of $1.85 yesterday. What sho

  • Q : Transactions related to the premium plan....
    Accounting Basics :

    Prepare the journal entries that should be made in 2012 and 2013 to record the transactions related to the premium plan of the Sycamore Candy Company.

  • Q : What is depreciation for current year using straight line....
    Accounting Basics :

    Machinery acquired on the first day of the current fiscal year for $550,000 has an estimated useful life of 5 years or 50,000 hours and a residual value of $0. What is the depreciation for the curre

  • Q : Calculate the unrestricted fund balance....
    Accounting Basics :

    Calculate the unrestricted fund balance available for the fire department as of year-end.

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

    The company paid $3,300 in interest that was the amount owed for the year, and paid $7,800 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 9

  • Q : Overhead cost as a percent of direct labor....
    Accounting Basics :

    A company incurred the following manufacturing costs this period: direct labor, $605,000; direct materials, $672,000; and factory overhead, $129,500. (1) Compute its overhead cost as a percent of di

  • Q : Prepare the income statement....
    Accounting Basics :

    post the entries to the general ledger. (if you are not using the working papers that accompany this text, you will need to enter the account titles and account number in the general ledger accounts

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