• Q : Prepare stockholders'' equity section of the balance sheet....
    Accounting Basics :

    Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2012. (Amounts to be deducted should be indicated with a minus sign. Omit the "tiny_mce_markerq

  • Q : Cost recovery deduction for the year of the sales....
    Accounting Basics :

    Doug purchased a new factory building on January 15, 1988, for $400,000. On March 1, 2013, the building was sold. Determine the cost recovery deduction for the year of the sales assuming he did not

  • Q : Normal cost data excluding stamping....
    Accounting Basics :

    A company received a special one-time order for 1000 units. Producing the order will have no effect on the production and sales of other units. The buyers name will stamped on each unit, at cost of

  • Q : What materials quantity variance is....
    Accounting Basics :

    James Inc.'s flexible budget for June, based upon actual output, called for the use of 10,500 pounds of materials at a standard cost of $7.40 per pound. The Production Department actually used 10,7

  • Q : Performance bonus in compensation plan....
    Accounting Basics :

    Next year Baldwin plans to include an additional performance bonus of 0.25% in its compensation plan. This incentive will be provided in addition to the annual raise, if productivity goals are reach

  • Q : Journal entry to record the sales portion of the transaction....
    Accounting Basics :

    Paoli Pizza bought $10,800 worth of merchandise from TechCom and signed a 60-day, 7% promissory note for the $10,800. TechCom's journal entry to record the sales portion of the transaction is (Use 3

  • Q : Receivable at the end of present year....
    Accounting Basics :

    What amount should be debited to Bad Debts Expense, assuming 6% of outstanding accounts receivable at the end of the current year will be uncollectible?

  • Q : Error treatment on the bank reconciliation....
    Accounting Basics :

    If a check correctly written and paid by the bank for $585 is incorrectly recorded in the company's books for $558, how should this error be treated on the bank reconciliation?

  • Q : What is the maturity value of the note....
    Accounting Basics :

    On November 1, Carter Company signed a 120-day, 12% note payable, with a face value of $10,800. What is the maturity value of the note on March 1? (Use 360 days a year.)

  • Q : Depreciation expense in specific year....
    Accounting Basics :

    Lomax Enterprises purchased a depreciable asset for $27,500 on March 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salv

  • Q : Entry to record the deposit....
    Accounting Basics :

    Hankco accepts all major bank credit cards, including Omni Bank's, which assesses a 4% charge on sales for using its card. On June 28, Hankco had $3,300 in Omni Card credit sales. What entry should

  • Q : Depletion cost per board foot for the timber harvested....
    Accounting Basics :

    Determine the depletion cost per board foot for the timber harvested prior to the eruption of Mount Leno.

  • Q : Various elements of the promotion mix....
    Accounting Basics :

    Take a look at the company Learn about their product offering. Most importantly, learn and discuss how they employ the various elements of the promotion mix.

  • Q : What should the total costs assigned to the june....
    Accounting Basics :

    Materials are introduced at the end of the process in Department B. There were 4,000 units (60 % complete as to conversion costs) in work in process at June 30. The total costs assigned to the June

  • Q : What are the equivalent units for materials conversion costs....
    Accounting Basics :

    Van Pelt Company uses the average cost method of process costing. The production report for the Mixing department follows: What are the equivalent units for Materials Conversion Costs

  • Q : What is the most likely system acquisition method....
    Accounting Basics :

    What is the most likely system acquisition method: Commercial Software, Custom Software, ERP, for each of the following situations? A plumbing supply company with 12 employees that sells standard pr

  • Q : What are the equivalent units of production for the april....
    Accounting Basics :

    Materials are added in the beginning of the process in the First department. Using the first-in, first-out method, what are the equivalent units of production for the month of April?  

  • Q : Journal entry needed to record the payment....
    Accounting Basics :

    On March 17, Grady Company agrees to accept a 60-day, 9%, $7,200 note from Alert Company to extend the due date on an overdue account. What is the journal entry needed to record the payment of the n

  • Q : How much of the joint cost should be allocated to gorp....
    Accounting Basics :

    Anderson Compounds produces two industrial chemical compounds, Gorp and Gumm, from the same process, which last year, cost $240,000. Anderson produced 20,000 pounds of Gorp, which sells for $60 per

  • Q : Warranty liability account....
    Accounting Basics :

    The warranty liability account has a balance of $11,700 before adjustment. Customers returned product for warranty repairs during the month that used $8,300 in parts for repairs. The entry to record

  • Q : Prepare the journal entry if any to record impairment loss....
    Accounting Basics :

    The fair value of the equipment is $830,000. Prepare the journal entry, if any, to record the impairment loss.

  • Q : What the total costs assigned to the june....
    Accounting Basics :

    Materials are introduced at the end of the process in Department B. There were 4,000 units (60 % complete as to conversion costs) in work in process at June 30. The total costs assigned to the June

  • Q : What is the materials cost of the work in process....
    Accounting Basics :

    Using the FIFO method, what is the materials cost of the work in process at August 31 (rounded to nearest dollar)?

  • Q : Problem related to warranty expense for a month....
    Accounting Basics :

    The warranty liability account has a balance of $11,700 before adjustment. Customers returned product for warranty repairs during the month that used $8,300 in parts for repairs. The entry to record

  • Q : What are the equivalent units of production for materials....
    Accounting Basics :

    Materials are added at the end of the process in the Second department. Using the first-in, first-out method, what are the equivalent units of production for materials and conversion costs for the m

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