ms44 Attempt All the Questions. Ques.1 Explain the following accounting concept

55.0 calories of heat are added to a small lead block.

June 26, 2019

Describe a problem. This can be a personal or societal problem.

June 26, 2019

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10) Charrd Corporation manufactures a gas operated barbecue grill. The following

10) Charrd Corporation manufactures a gas operated barbecue grill. The following information relates to Charrd’s operations for last year: What is Charrd’s variable costing unit product cost? a. $29 b. $34 c. $58 d. $63 Save Answer

Schirtzinger Shoes, Inc. owns 25% of the stock of Marinero Shoes,

Schirtzinger Shoes, Inc. owns 25% of the stock of Marinero Shoes, Inc., a U.S. corporation. During the year, its sales were $250,000, and its cost of goods sold and other business expenses were $300,000. It received an $80,000 dividend from Marinero Shoes. How much is its dividends received deduction? What if its business expenses total $265,000?

“At December 31, 2010, Sager Co. had 1,200,000 shares of common

“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.

Erica Garcia and Lance Trout are regularly employed by a company

Erica Garcia and Lance Trout are regularly employed by a company in Phoenix. During 2010, both accepted work for the company in another city located 250 miles from Phoenix. Erica realistically expected her work to last about 18 months. However, the work was completed in 10 months and she returned to Phoenix. Lance, on the other hand, realistically expected his work in the other city to be completed in nine months when he took the job. However, after eight months, he was asked to remain for seven more months. His total work assignment lasted 15 months. (a.) Are Erica’s travel expenses deductible? Explain your answer. (b.) Are Lance’s travel expenses deductible? Explain your answer.

Austin Company began year 2011 with 40,000 units of product in

Austin Company began year 2011 with 40,000 units of product in its January 1 inventory costing $18 each. It made successive purchases of its product in year 2011 as follows. The company uses a periodic inventory system. On December 31, 2011, a physical count reveals that 40,000 units of its product remain in inventory. Mar. 7 38,000 units @ $19 each May 25 38,000 units @ $20 each Aug. 1 28,000 units @ $21 each Nov. 10 30,000 units @ $23 each

# 1 chart unit product cost under absorption costing…..$46 per unit

# 1 chart unit product cost under absorption costing…..$46 per unit Fixed manufactoring overhead cost for the year….$300,000 Fixed selling and adminstration cost for the year…$125,00 Units (grills) produced and sold…25,000 CHART FOR # 2-5 Sellimg price….$132 Units in begining invetory…600 Units produced…1,300 units sold…1,500 units in ending inventory…400 Variable cost per unit: direct materials…$45 direct labor…..$27 Variable manfactoring overhead…$1 Variable selling and administrative…$5 Fixed Cost: fixed manfactoring overhead….$41,600 fixed selling and adminstrative….$28,500 CHART FOR # 6-9 SELLING PRICE…..$110 UNITS IN BEGINING INVENTORY….0 UNITS PRODUCED….4,800 UNITS SOLD….4,700 UNITS IN ENDING INVETORY…100 VARIABLE COST PER UNIT: DIRECT MATERIALS….$30 DIRECT LABOR…..$52 VARIABLE MANFACTORING OVERHEAD….$3 VARUABLE SELLING AND ADMINSTRATIVE…$7 FIXED COSTS: FIXED MANFACTORING OVERHEAD….$72,000 FIXED SELLING AND ADMINISTRATIVE$9,400

1. Notes or accounts receivables that result from sales transactions are

1. Notes or accounts receivables that result from sales transactions are often called a. sales receivables. b. non-trade receivables. c. trade receivables. d. merchandise receivables. 2. The term “receivables” refers to a. amounts due from individuals or companies. b. merchandise to be collected from individuals or companies. c. cash to be paid to creditors. d. cash to be paid to debtors. 3. Receivables are a. One of the most liquid assets and thus are always considered current assets. b. Claims that are expected to be collected in cash. c. Shown on the Income Statement at cash realizable value. d. Always the result of revenue recognition. 4. Accounts receivable are valued and reported on the balance sheet a. in the investment section. b. at gross amounts less sales returns and allowances. c. at cash realizable value. d. only if they are not past due. 5. The Allowance for Doubtful Accounts is necessary because a. when recording uncollectible accounts expense, it is not possible to know which specific accounts will not pay. b. uncollectible accounts that are written off must be accumulated in a separate account. c. a liability results when a credit sale is made. d. management needs to accumulate all the credit losses over the years. 6. The account Allowance for Doubtful Accounts is classified as a(n) a. liability. b. contra account of Bad Debt Expense. c. expense. d. contra account to Accounts Receivable. 7. Under the allowance method, Bad Debt Expense is recorded a. when an individual account is written off. b. when the loss amount is known. c. for an amount that the company estimates it will not collect. d. several times during the accounting period. 8. The matching principle a. requires that all credit losses be recorded when an individual customer cannot pay. b. necessitates the recording of an estimated amount for bad debts. c. results in the recording of a known amount for bad debt losses. d. is not involved in the decision of when to expense a credit loss. 9. Under the allowance method, writing off an uncollectible account a. affects only balance sheet accounts. b. affects both balance sheet and income statement accounts. c. affects only income statement accounts. d. is not acceptable practice. 10. An aging of a company’s accounts receivable indicates that $4,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a a. debit to Bad Debts Expense for $4,000. b. debit to Allowance for Doubtful Accounts for $2,800. c. debit to Bad Debts Expense for $2,800. d. credit to Allowance for Doubtful Accounts for $4,000. 11. Under the direct write-off method of accounting for uncollectible accounts, Bad Debts Expense is debited a. when a credit sale is past due. b. at the end of each accounting period. c. whenever a pre-determined amount of credit sales have been made. d. when an account is determined to be uncollectible. 12. Two methods of accounting for uncollectible accounts are the a. allowance method and the accrual method. b. allowance method and the net realizable method. c. direct write-off method and the accrual method. d. direct write-off method and the allowance method. 13. Allowance for Doubtful Accounts on the balance sheet a. is offset against total current assets. b. increases the cash realizable value of accounts receivable. c. appears under the heading “Other Assets.” d. is deducted from accounts receivable. 14. Papa Bear Corporation’s unadjusted trial balance includes the following balances (assume normal balances): • Accounts Receivable $1,119,000 • Allowances for Doubtful Accounts $ 21,300 Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debts expense will the company record? a. $67,140 b. $45,840 c. $44,562 d. $68,418 15. The interest on a $3,000, 9%, 90-day note receivable is a. $67.50. b. $270.00. c. $22.50. d. $45.00. 16. The financial statements of the Bolton Manufacturing Company reports net sales of $500,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the receivables turnover ratio for Bolton? a. 7 times b. 10 times c. 16.7 times d. 12.5 times 17. The financial statements of the Bolton Manufacturing Company reports net sales of $500,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days? a. 52.1 b. 29.2 c. 21.9 d. 36.5 18. Which of the following would not be included in the Equipment account? a. Installation costs b. Freight costs c. Cost of trial runs d. Electricity used by the machine 19. The four subdivisions for plant assets are a. land, land improvements, buildings, and equipment. b. intangibles, land, buildings, and equipment. c. furnishings and fixtures, land, buildings, and equipment. d. property, plant, equipment, and land. 20. Sanchez Company acquires land for $65,000 cash. Additional costs are as follows: Removal of shed $ 500 Filling and grading 1,500 Salvage value of lumber of shed 320 Broker commission 1,130 Paving of parking lot 10,000 Closing costs 850 Sanchez will record the acquisition cost of the land as a. $68,660. b. $69,300. c. $68,980. d. $65,000. 21. Land improvements should be depreciated over the useful life of the a. land. b. buildings on the land. c. land or land improvements, whichever is longer. d. land improvements. 22. Stories Company purchased equipment and these costs were incurred: Cash price $22,500 Sales taxes 1,800 Insurance during transit 320 Installation and testing 430 Total costs $25,050 Stories will record the acquisition cost of the equipment as a. $22,500. b. $24,300. c. $24,620. d. $25,050. 23. Upton Company purchased equipment on January 1 at a list price of $50,000, with credit terms 2/10, n/30. Payment was made within the discount period. Upton paid $2,500 sales tax on the equipment, and paid installation charges of $880. Prior to installation, Upton paid $2,000 to pour a concrete slab on which to place the equipment. What is the total cost of the new equipment? a. $52,380 b. $54,380 c. $55,380 d. $50,500 24. The balance in the Accumulated Depreciation account represents the a. cash fund to be used to replace plant assets. b. amount to be deducted from the cost of the plant asset to arrive at its fair market value. c. amount charged to expense in the current period. d. amount charged to expense since the acquisition of the plant asset. 25. Depreciation is the process of allocating the cost of a plant asset over its useful life in a(n) a. equal and equitable manner. b. accelerated and accurate manner. c. systematic and rational manner. d. conservative market-based manner. 26. Recording depreciation each period is necessary in accordance with the a. going concern principle. b. cost principle. c. matching principle. d. asset valuation principle. 27. Equipment was purchased for $17,000 on January 1, 2006. Freight charges amounted to $700 and there was a cost of $2,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $3,000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2007, if the straight-line method of depreciation is used? a. $6,680. b. $3,340. c. $2,860. d. $5,720. 28. Which of the following methods of computing depreciation is production based? a. Straight-line b. Declining-balance c. Units-of-activity d. None of these Use the following information for questions 29-31. Brinkman Corporation bought equipment on January 1, 2007 .The equipment cost $90,000 and had an expected salvage value of $15,000. The life of the equipment was estimated to be 6 years. 29. The depreciable cost of the equipment is a. $90,000 b. $75,000 c. $50,000 d. $12,500 30. The depreciation expense using the straight-line method of depreciation is a. $17,500 b. $18,000 c. $12,500 d. none of the above 31. The book value of the equipment at the beginning of the third year would be a. $90,000 b. $75,000 c. $65,000 d. $25,000 32. Ace Corporation sold equipment for $12,000. The equipment had an original cost of $36,000 and accumulated depreciation of $18,000. As a result of the sale, a. net income will increase $12,000. b. net income will increase $6,000. c. net income will decrease $6,000. d. net income will decrease $12,000. 33. Using the following data for Happy Home Industries, compute the return on assets ratio. Net Income $ 100,000 Total Assets 12/31/07 2,410,000 Total Assets 12/31/06 1,980,000 Net Sales 250,000 a. 4.1% b. 10.4% c. 4.6% d. 11.4% 34. During 2007, Sitter Corporation reported net sales of $2,000,000, net income of $1,200,000, and depreciation expense of $100,000. Sitter also reported beginning total assets of $1,000,000, ending total assets of $1,500,000, plant assets of $800,000, and accumulated depreciation of $500,000. Sitter’s asset turnover ratio is a. 2 times. b. 1.6 times. c. 1.3 times. d. .96 times. 35. Current liabilities are due a. but not receivable for more than one year. b. but not payable for more than one year. c. and receivable within one year. d. and payable within one year. 36. The interest charged on a $100,000 note payable, at the rate of 6%, on a 90-day note would be a. $6,000. b. $3,333. c. $1,500. d. $500. 37. The interest charged on a $50,000 note payable, at the rate of 6%, on a 60-day note would be a. $3,000. b. $1,500. c. $750. d. $500. 38. Interest expense on an interest-bearing note is a. always equal to zero. b. accrued over the life of the note. c. only recorded at the time the note is issued. d. only recorded at maturity when the note is paid. 39. On January 1, 2007, Brunson Company, a calendar-year company, issued $400,000 of notes payable, of which $100,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2007, is a. Current Liabilities, $400,000. b. Long-term Debt , $400,000. c. Current Liabilities, $100,000; Long-term Debt, $300,000. d. Current Liabilities, $300,000; Long-term Debt, $100,000. 40. Two sisters operate a bed and breakfast on the coast of Maine. As customers make reservations they are required to pay cash in advance equal to one-half of the rate for their stay. How should the sisters account for the cash received as reservations are made? a. Cash Unearned Revenue b. Cash Earned Revenue c. Unearned Revenue Earned Revenue d. Cash Sales 41 Secured bonds are bonds that a. are in the possession of a bank. b. can be converted into common stock. c. have specific assets of the issuer pledged as collateral. d. mature in installments. 42. A legal document that indicates the name of the issuer, the face value of the bond and such other data is called a. a bond certificate. b. a bond debenture. c. trading on the equity. d. a convertible bond. 43. The present value of a bond is also known as its a. face value. b. market price. c. future value. d. deferred value. 44. If the market rate of interest is greater than the contractual rate of interest, bonds will sell a. at a premium. b. at face value. c. at a discount. d. only after the stated rate of interest is increased. 45. On January 1, 2007, $1,000,000, 5-year, 10% bonds, were issued for $1,060,000. Interest is paid annually on January 1. If the issuing corporation uses the straight-line method to amortize premium on bonds payable, the monthly amortization amount is a. $8,833. b. $12,000. c. $1,200. d. $1,000. 46. Two thousand bonds with a face value of $1,000 each, are sold at 102. The entry to record the issuance is a. Cash 2,040,000 Bonds Payable 2,040,000 b. Cash 2,000,000 Premium on Bonds Payable 40,000 Bonds Payable 2,040,000 c. Cash 2,040,000 Premium on Bonds Payable 40,000 Bonds Payable 2,000,000 d. Cash 2,040,000 Discount on Bonds Payable 40,000 Bonds Payable 2,000,000 47. The adjusted trial balance for Lifesaver Corp. at the end of the current year, 2007, contained the following accounts. 5-year Bonds Payable 8% $1,000,000 Bond Interest Payable 50,000 Premium on Bonds Payable 100,000 Notes Payable (3 mo.) 40,000 Notes Payable (5 yr.) 165,000 Mortgage Payable ($15,000 due currently) 200,000 Salaries Payable 18,000 Taxes Payable (due 3/15 of next yr) 25,000 The total long-term liabilities reported on the balance sheet are a. $1,365,000 b. $1,350,000 c. $1,465,000 d. $1,450,000 48. The 2007 financial statements of Shadow Co. contain the following selected data (in millions). Current Assets $ 75 Total Assets 120 Current Liabilities 40 Total Liabilities 85 Cash 8 Interest Expense 5 Income Taxes 10 Net Income 16 The debt to total assets ratio is a. 70.8% b. 53.3% c. 1.41% d. 6.2 times 49. Sunwood Company issued $500,000 of 6%, 5-year bonds at 98, which pays interest annually. Assuming straight-line amortization, what is the carrying value of the bonds after one year? a. $490,000 b. $491,000 c. $492,000 d. $494,000 50. When the effective-interest method of amortization is used for a bond premium, the amount of interest expense for an interest period is calculated multiplying the a. face value of the bonds at the beginning of the period by the contractual interest rate. b. face value of the bonds at the beginning of the period by the effective interest rate. c. carrying value of the bonds at the beginning of the period by the contractual interest rate. d. carrying value of the bonds at the beginning of the period by the effective interest rate.

1. On October 1, 2011, Microchip lent $95,500 to another company.

1. On October 1, 2011, Microchip lent $95,500 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2012.

Your Fixed Costs (FC) for running your plant are $250,000 a

Your Fixed Costs (FC) for running your plant are $250,000 a month. This includes salaries, insurance, rent, amortized capitalization of equipment, etc. Your Variable Costs (VC) per unit will, of course, vary. You have looked at your hourly salaries, your utilities usage, your raw materials used to make your widget, shipping, promotional programs, and other variable costs. These Variable Costs (VC) average $138,000 per month. You production run of widgets averages 10,000 widgets in any given 30-day month. Your selling price for the widget is $79.95 and you sell direct via the Internet. What is your Unit FC per widget?

Ranch Corporation sells five acres of land in 2010 for a

Get college assignment help at uniessay writers Ranch Corporation sells five acres of land in 2010 for a total contract price of $125,000. The company received a down payment of $25,000 and is to receive $20,000 in each of the following five years. Ranch’s gross profit from the sale is $80,000. What are the tax consequences if: (a.) Ranch reports its gain on the installment method? (b.) Ranch elects out of the installment method?

4) Barr Company’s salaried employees are paid biweekly. Occasionally, advances made

4) Barr Company’s salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2007 is as follows: 12/31/06 12/31/07 Employee advances $12,000 $ 18,000 Accrued salaries payable 65,000 ? Salaries expense during the year 650,000 Salaries paid during the year (gross) 625,000 At December 31, 2007, what amount should Barr report for accrued salaries payable? a. $90,000. b. $84,000. c. $72,000. d. $25,000.

Present the entries to record the following selected transactions completed during

Present the entries to record the following selected transactions completed during the current fiscal year. Feb. 1 The board of directors reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000. May 11 Declared a 2% stock dividend on the common stock outstanding. The fair market value of the stock to be issued is $40 per share. May 31 Issued certificates for the common stock dividend declared on May 11. Oct 1 Declared a $1 per share cash dividend on the outstanding shares of common stock Oct 24 Paid the dividend declared on Oct 1

Question 1) Present the journal entries to record the following selected

Question 1) Present the journal entries to record the following selected transactions completed during the current fiscal year. Feb1 The board of directors rediced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000 May 11 Declared a 2% stock dividend on the common stock outstanding. The fair market value of the stock to be issued is $40 per share May31 Issued the certificates for the common stock dividend declared on May 11 Oct1 Declared a $1 per share cash dividend on the outstanding shares of common stock Oct 24 Paid the dividend declared on October 1.

Queation 2) Jounalize the following transactions of the Grinch Corp an

Queation 2) Jounalize the following transactions of the Grinch Corp an international christmas decorations manufacturer Jan 1 Issued 10,000 share os no-par common stock at $15 per share. Mar 1 Purchased 900 shares of treasury stock at $14 per share (Treasury stock is recorded at cost) Jun 1 Sold 200 shares of treasury stock at $16 per share Oct 1 Sold 300 shares of treasury stock at $12 per share

Question 3) Abner and Daisy had capital balances of $120,000 and

Question 3) Abner and Daisy had capital balances of $120,000 and $180,000 respectively at the beginning of the fiscal year. The articles of partnership provide for salary allowances of $18,000 and 20,000 respectively, an allowance of interest at 12% on the capital balances at the beggining of the year, with the remaining net income divided equally. Net income for the current year was $50,000 Present the income division section of the income statement for the current year.

Question 4) Canyon Corp manufactures mountain bikes and distributes then through

Question 4) Canyon Corp manufactures mountain bikes and distributes then through retail outlets in Colorado and Utah. Canyon Corp. has declare the following annual dividends over a six year period: 1993, $30,000; 1994, $15,000; 1995, $10,000; 1996, $4,000; 1997, $50,000; and 1998, $75,000. During the entire period, the outstanding stock of the company was composed of 10,000 shares of cumulative, non-participating, $2 preferred stock, $50 par, and 25,000 share of common stock, $10 par. Instructions: Calculate the total dividends and the per share dividends declared on each class of stock for each of the six years. There were no dividends in arrears on january 1, 1993. Summarize the data in tabular form, using the following column headings

Question 5) After discontinuing the ordinary business operations and closing the

Question 5) After discontinuing the ordinary business operations and closing the accounts, the ledger of the partnership of Ichabod, Jezebel, and Shadrack indicated the following: Cash……………….$25,000 Noncash assets………$74,000 Liabilities……………………………….$50,000 Ichabod, Capital……………………..$17,500 Jezebel, Capital………………………$15,500 Shadrack, Captital…………………..$16,000 $99,000 $99,000 The partners share net income in the ratio of 2:1:1. Between May 7-30, the noncash assets were sold for $14,000, the liabilities were paid and the remaining cash was distributed to the partners. All partners in a deficit position were able to find enough cash to cover their shortages.

Solve the following problems. When appropriate, show your calculations in good

Solve the following problems. When appropriate, show your calculations in good form. Unless specifically required, omit explanations for journal entries. Point allocations shown for each problem. Wolfe Corporation made the following sock issuance transactions Jan3 Issued 1,000 shares of $5 par value common stock for $25 per share Jan8 Issued 120 shares of $5 par common stock to the company’s lawyer, John Barleycorn, for his work on the establishment of the corporation. His bill, for which he accepted the stock was $3,000 Feb4 Issued 6,200 shares of $5 par common stock for land, a building, and equipment received from the investor. The property had a fair market value of $40,000, $90,000, and $25,000 respectively Mar 28 Issued 1,000 shares of $50 par preferred stock for $60,000 cash Journalize the transactions. Omit explanations

What is the probability door number 3 contains a prize after

What is the probability door number 3 contains a prize after to the host opening door number 5?

When replenishing the petty cash fund, which of the following accounts

When replenishing the petty cash fund, which of the following accounts would not be involved in the accounting entry? A. Petty Cash. B. Cash. C. Various expense and asset accounts. D. All of the above would be involved. Thank you!!!

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