Get college assignment help at uniessay writers Accounting Information System
11) A firm had year end 2007 and 2008 retained earnings balances of $670,000 and $560,000, respectively. The firm paid $10,000 in dividends in 2008. The firm’s net profit after taxes in 2007 was _
The records of Mandy’s Boutique report the following data for the month of April. Sales $110,200 Purchases (at cost) $63,800 Sales returns 2,320 Purchases (at sales price) 102,080 Markups 11,600 Purchase returns (at cost) 2,320 Markup cancellations 1,740 Purchase returns (at sales price) 3,480 Markdowns 10,788 Beginning inventory (at cost) 34,800 Markdown cancellations 3,248 Beginning inventory (at sales price) 53,940 Freight on purchases 2,784 Compute the ending inventory by the conventional retail inventory method. (Round answer to 0 decimal places, e.g. 12,510.) Inventory $
(Gross Profit Method) Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $206,400 Purchases (gross) 825,600 Freight-in 38,700 Sales 1,290,000 Sales returns 90,300 Purchase discounts 15,480 (a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. Inventory $ (b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. Inventory $
What is the importance of these estimates? How do ethics play into the decision making process? Which financial statements include significant accounting estimates
On May 1, 2010, Kirmer Corp. purchased $450,000 of 12% bonds, interest payable on January 1 and July 1, for $422,800 plus accrued interest. The bonds mature on January 1, 2016. Amortization is recorded when interest is received by the straight-line method (by months and round to the nearest dollar). (Assume bonds are available for sale.) Instructions (a) Prepare the entry for May 1, 2010. (b) The bonds are sold on August 1, 2011 for $425,000 plus accrued interest. Prepare all entries required to properly record the sale.
At December 31, 2010, Sager Co. had 1,200,000 shares of common stock outstanding. In addition, Sager had 450,000 shares of preferred stock which were convertible into 750,000 shares of common stock. During 2011, Sager paid $600,000 cash dividends on the common stock and $400,000 cash dividends on the preferred stock. Net income for 2011 was $3,400,000 and the income tax rate was 40%. What would be the diluted earnings per share for 2011 (rounded to the nearest penny)? Please show all computations.
Hazardous Toys Company produces boomerangs that sell for $8 each and have a variable cost of $7.50. Fixed costs are $15,000. a. Compute the break-even point in units. b. Find the sales (in units) needed to earn a profit of $25,000 Hazardous Toys Company produces boomerangs that sell for $8 each and have a variable cost of $7.50. Fixed costs are $15,000. a. Compute the break-even point in units. b. Find the sales (in units) needed to earn a profit of $25,000
“What does a statement of cash flows tell us about the short and long term prospects of the firm? no word limit
This question has to do with the analysis of subsequent expenditures. Thank you for your help.
Get college assignment help at uniessay writers This question has to do with entries for disposition of assets. Thank you for your help.
This question has to do with the classification of land and building costs.
under a plan of complete liquidation, jayhawk corporation distributed land, having an adjusted base of $26,000 to its sole shareholder. the land was subject to a liability of $38,000 which the shareholder assumed for legitimate purposes. the fair market value of the land was $35,000. what is the amount of jayhawks recognized gain or loss.
ship to shore had earnings after taxes (EAT) of 280,000 last year. Its expenses included depreciation of 55,000, interest of 40,000. it sold new stock for which it received 20,000. the company also purchased a new commercial fishing boat for 40,000. what is ship-to-shore net cash flow for last year?
Rockland Corporation earned net income of $363,300 in 2010 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $968,800 of 10% bonds, which are convertible into 19,376 shares of common. Rockland’s tax rate is 40 percent. Compute Rockland’s 2010 diluted earnings per share.
Muggles Manufacturing has asked you to calculate the company’s current ratio. All you have is the partial balance sheet below, the year’s sales revenue, and two ratios also shown below. Using that information, calculate Muggles’ current ratio.
Baden Company had $375,000 of current assets and $150,000 of current liabilities before borrowing $75,000 from the bank with a 3-month note payable. What effect did the borrowing transaction have on the amount of Baden Company’s working capital?
Use the following information in the adjusted trial balance for Stockton Company to answer the following questions. Stockton Company Adjusted Trial Balance For the Year ended December 31, 2010 Cash $ 6,030 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated Depreciation $ 1,100 Accounts Payable 1,900 Notes Payable 4,200 Bob Steely, Capital 12,940 Bob Steely, Withdrawals 790 Fees Earned 8,750 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 85 Totals $28,890 $28,890 Determine the current assets.
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A review of the ledger of Oklahoma Company at December 31, 2007,poduces the following data pertaining to the preparation of annual adjusting entries.
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