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Get college assignment help at uniessay writers Should we or if any what should be the jounal entry Cottonwood should record for following transaction:- Cottonwood received an order from the Del Norte County Rodeo in Trinity, CA for $18,000 of resale merchandise. This is a new rodeo with no credit history. Cottonwood has requested payment in full prior to the delivery of goods. The cost of the goods ordered is $10,440.

Nye reported this audit finding to Rene Selma, the newly appointed

Nye reported this audit finding to Rene Selma, the newly appointed controller of CE. A few days later Selma called Nye for his advice on what to do. Selma started her conversation by asking, “Can”t we eliminate the negative income effect of our pension dilemma simply by terminating the employment of nonvested employees before the end of our fiscal year?” Instructions How should Nye respond to Selma”s remark about firing nonvested employees?

Research professional standards (AU 329) determine the requirement related to developing

Research professional standards (AU 329) determine the requirement related to developing an expectation and conducting analytical procedures when those procedures are intended to provide substantive evidence. What are the advantage of developing an expectation at a detailed level (i.e., using disaggregated data) rather than at an overall or aggregated level?

1. A business cannot be taxed as a corporation unless it

1. A business cannot be taxed as a corporation unless it is incorporated under local law. True/False 2. When a corporation receives property from a shareholder its basis equals that of the shareholder, increased by any gain recognized by the shareholder. True/False 3. Options to buy stock constitute stock for Code Sec. 351 purposes, but only if the stock so qualifies. True/False 4. A sale of Code Sec. 1244 stock results in ordinary income if sold at a gain. True/False 5. A corporation’s deduction for charitable contributions is limited to 50 percent of adjusted taxable income. True/False 6. Organizational expenditures must be capitalized but may be amortized over 60 months or longer. True/False 7. A brother-sister controlled group can fi le a consolidated return if all members of the group consent. True/False 8. Sandra Sherman incorporates her apartment building. It has a basis of $50,000, a value of $150,000, is subject to a mortgage of $70,000 and has a depreciation recapture potential of $12,000. If Sandra receives stock worth $80,000, she will recognize: a. No gain. b. $30,000 of gain, $12,000 of which is ordinary. c. $12,000 of ordinary income. d. $20,000 of gain, $12,000 of which is ordinary. 9. Algernon Amsley transferred the following to his controlled corporation in exchange for stock: Basis Value Building $20,000 $50,000 Cash 10,000 10,000 Mortgage on building 40,000 40,000 IBM stock 15,000 12,000 Algernon must recognize a gain of: a. $20,000 b. $0 c. $10,000 d. $27,000 10. One year Potter, Inc. had gross income from sales of $210,000, business expenses of $230,000, and dividend income from U.S. corporations of $150,000. Potter’s 80 percent dividends-received deduction was: a. $104,000 b. $120,000 c. $0 d. $150,000 11. Prior to a charitable gift to the Plato University of land with a basis of $6,000 and a value of $13,000, All-Set, Inc. had taxable income of $50,000. If the dividends-received deduction was $80,000, the charitable contribution deduction is: a. $5,000 b. $6,000 c. $2,925 d. $5,800 12. Black

15. Fulbright Corp. uses the periodic inventory system. During its first

15. Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): • 40 units at $100 • 70 units at $ 80 • 170 units at $ 60 Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending inventory using the average cost method is: (Points : 3) a $ 650. b $1,000. c $ 707. d $ 600. 16. Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): • 40 units at $100 • 70 units at $ 80 • 170 units at $ 60 Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending inventory using the FIFO method is: (Points : 3) a $ 650. b $1,000. c $ 707. d $ 600. 17. Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): • 40 units at $100 • 70 units at $ 80 • 170 units at $ 60 Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending inventory using the LIFO method is: (Points : 3) a $ 650. b $1,000. c $ 707. d $ 600.

Presented below are a number of balance sheet items for Montoya,

Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2010. Goodwill $125,000 Accumulated Depreciation – Equipment $292,000 Payroll Taxes Payable 177,591 Inventories 239,800 Bonds Payable 300,000 Rent Payable – Short-term 45,000 Discount on Bonds Payable 15,000 Taxes Payable 98,362 Cash 360,000 Long-term Rental Obligations 480,000 Land 480,000 Common Stock, $1 Par Value 200,000 Notes Receivable 445,700 Preferred Stock, $10 Par Value 150,000 Notes Payable to Banks 265,000 Prepaid Expenses 87,920 Accounts Payable 490,000 Equipment 1,470,000 Retained Earnings ? Trading Securities 121,000 Income Taxes Receivable 97,630 Accumulated Depreciation – Building 270,200 Unsecured Notes Payable (Long-term) 1,600,000 Building 1,640,000 Instructions: Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of marketable securities are the same. MONTOYA, INC. Balance Sheet December 31, 2010 Assets Current assets Cash $360,000 Trading Securities 121,000 Notes Receivable 445,700 Income Taxes Receivable 97,630 Inventories 239,800 Prepaid Expenses 87,920 Total current assets $1,352,050 Property, plant, and equipment Land 480,000 Building $1,640,000 Accumulated Depreciation – Building 270,200 1,369,800 Equipment 1,470,000 Accumulated Depreciation – Equipment 292,000 1,178,000 3,027,800 Intangible assets Goodwill 125,000 Total assets $4,504,850 Liabilities and Stockholders’ Equity Current liabilities Notes Payable to Banks $265,000 Accounts Payable 490,000 Rent Payable – Short-term 45,000 Payroll Taxes Payable 177,591 Taxes Payable 98,362 Total current liabilities $1,075,953 Long-term liabilities Long-term Rental Obligations 480,000 Bonds Payable $300,000 Discount on Bonds Payable 15,000 285,000 Unsecured Notes Payable (Long-term) 1,600,000 2,365,000 Total liabilities 3,440,953 Stockholders’ equity Paid in on capital stock Preferred Stock, $10 Par Value, 20,000 shares authorized: 200,000 Common Stock, $1 Par Value, 400,000 shares authorized: Amount Formula Account Title Amount Title Formula Total liabilities and stockholders’ equity Formula Computation of Retained earnings: Accounting Equitation Retained Earnings Amount Title Amount Title Amount Title Formula

City of Sweetwater Employees’ Retirement fund

City of Sweetwater Employees’ Retirement fund

A corporation issues for cash $15,000,000 of 8%, 30-year bonds,interest payable

A corporation issues for cash $15,000,000 of 8%, 30-year bonds,interest payable annually, at a time when the 9%. The straight-line method is adopted for the amortization of bond dicount or premium.

SE 8. Assume that the step in SE 6 is depreciated

SE 8. Assume that the step in SE 6 is depreciated using the double-declining-balance method. How much would depreciation expense be in each year?

comprehensive problem 1, accounting cycle. Bob Night’s “The General fishing Hole”.

comprehensive problem 1, accounting cycle. Bob Night’s “The General fishing Hole”.

Define the foreign exchange rate between two currencies. Explain its effects

Get college assignment help at uniessay writers Define the foreign exchange rate between two currencies. Explain its effects on business transactions conducted in a foreign currency. APA style 200-300 words.

FINANCIAL ACCOUNTING Question: Revaluation of Property, Plant and Equipment. Rosen Ltd

FINANCIAL ACCOUNTING Question: Revaluation of Property, Plant and Equipment. Rosen Ltd has a policy of revaluing its motor vehicles to fair value. The details at 30 June 20X4 relating to Rosen Ltd’s motor vehicles, which has previously been revalued upwards by $5000 are as follows: Motor Vehicles- $48,000 Less: Accum Dep- $12,000 __________ Carrying Amount $36,000 At the date of the revaluation increment (1 July 20X3) the vehicles had a zero residual value and a useful life of 4 years. Depreciation has been calculated using the straight-line method. On 31 December 20X4, Rosen Ltd was informed that the fair value for the vehicles was $23,000. The useful life has not changed. At 30 June 20X5, the carrying amounts are not materially different from fair values. Required: i) Prepare the necessary journal entries at 31 Dec 20X4 ii) Calculate the depreciation expense at 30 June 20X5 Please could you help me with this question. Thanks

while preparing bank reconcilation statement will you add or deduct the

while preparing bank reconcilation statement will you add or deduct the folloing to or form the cash book overdraft balance? (1)cheques deposited but dishonoured.

The stockholders equity accounts of Tracey Inc at January 1, 2005

The stockholders equity accounts of Tracey Inc at January 1, 2005 are as follows Preferred Stock $100 par 7% $5000,000 Current Stock $10 par $900,000 Paid-in capital in Excess of par value ( Preferred Stock ) 100,000 Paid –in capital in Excess of Par value (Common stock) 900,000 Retained Earnings 500,000 There were no dividends in arrears on preferred stock. During 2005, the company had the following transactions and events: July 1 Declared a $0.50 cash dividend on common stock. Aug 1 Discovered a $72,000 overstatement of 2004 depreciation. Ignore income taxes. Sept 1 Paid the cash dividend declared on July 1. Dec 1 Declared a 10% stock dividend on common stock when the market value of the stock was $16 per share. Dec 15 Declared a

Mathis Co. at the end of 2010, its first year of

Mathis Co. at the end of 2010, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $500,000 Estimated litigation expense 1,250,000 Installment sales (1,000,000) Taxable income $750,000 The estimated litigation expense of $1,250,000 will be deductible in 2012 when it is expected to be paid. The gross profit from the installment sales will be realized in the amount of $500,000 in each of the next two years. The estimated liability for litigation is classified as noncurrent and the installment accounts receivable are classified as $500,000 current and $500,000 noncurrent. The income tax rate is 30% for all years. The deferred tax liability—current to be recognized is

This paper should adhere to APA formatting. Prepare a 700-1,050-word paper

This paper should adhere to APA formatting. Prepare a 700-1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following: 1. Describe the elements of the Generally Accepted Auditing Standards (GAAS). 2. Describe how these standards apply to financial, operational, and compliance audits. 3. Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies. 4. Discuss the additional requirements that are placed on auditors from this Act, and the actions of the PCAOB.

what are some actions that stockholders can take to ensure that

what are some actions that stockholders can take to ensure that management’s and stockholders’ interests are aligned?

Apr. 2 Purchased merchandise from Johns Company under the following terms:

Apr. 2 Purchased merchandise from Johns Company under the following terms: $5,900 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point. 3 Paid $330 for shipping charges on the April 2 purchase. 4 Returned to Johns Company unacceptable merchandise that had an invoice price of $900. 17 Sent a check to Johns Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased merchandise from William Corp. under the following terms: $12,250 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination. 21 After negotiations, received from William a $3,250 allowance on the April 18 purchase. 28 Sent check to William paying for the April 18 purchase, net of the discount and allowance.

If a check correctly written for $43 is incorrectly recorded on

If a check correctly written for $43 is incorrectly recorded on the company’s books as $48, the bank reconciliation should show a. an addition to the bank balance of $5. b. a deduction from the bank balance of $5. c. an addition to the book balance of $5. d. a deduction from the book balance of $5. e. none of the above

How to solve the equation of a mixed cost using the

How to solve the equation of a mixed cost using the high-low method, including the slope of line(variable cost per unit)and the Y-intercept (total fixed cost). Y=a bx

Slay Company produces commercial gardening equipment. Since production is highly automated,

Slay Company produces commercial gardening equipment. Since production is highly automated, the company allocates its overhead costs to product lines using activity-based costing. The costs and cost drivers associated with the four overhead activity cost pools follow. Activities Unit-Level,Batch-Level,Product-Level,Facility-Level Cost $200,000 $80,000 $40,000 $480,000 Cost 2,000 40 setups % of use 12,000 units Driver labor hrs. ——————————————————————————– Production of 800 sets of cutting shears, one of the company’s 20 products, took 200 labor hours and 6 setups and consumed 15 percent of the product-sustaining activities. If direct product costs are $100 and the product is priced at 30 percent above cost, for what price would the product sell under each allocation system? (Round your answer to 2 decimal places. Omit the “$” sign in your response.)

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