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For the year ending June 30, 2008, the Austin Corporation has current assets of $ 275,000 and total assets of $ 900,000. It also has current liabilities of $ 150,000, equity of $ 200,000, and retain
Prepare the entry to reclassify the remaining 600 shares of Champion Corp. common stock from available-for-sale securities to trading securities on January 31, 2012. The stock was selling at $67 per
During the year, dividends of $36,000 were paid to stockholders. At the end of the year, total liabilities were $82,000. Use the given data to compute the following items at the end of the first yea
Activity-based cost management (ABM) can best be defined as:
What journal entry did Pelican record on February 1, 20X6 if the purchase was made?
LittleTick recognized a total of $20,000 of net income for 2011, and paid a total of $10,000 of dividends to shareholders. BigBen's investment in LittleTick will affect BigBen's 2011 net income by:
Smith buys and sells securities which it typically classifies as available for sale. On December 15, 2011, Smith purchased $500,000 of Jones shares, and elected the fair value option to account for
Farley Corporation had net income of $160,000 and paid dividends of $40,000 to common stockholders and $20,000 to preferred stockholders in 2007. Farley Corporation's common stockholders' equity at
Suppose you deposited $5,000 in a bank account that pays 6% with daily compounding and a 360-day year. How much could you withdraw after 7 months, assuming each month has 30 days?
The remainder is uncollectible. The following are budgeted sales data: January $60,000-February $70,000-March 50,000-April 30,000 - What would April's total cash receipts be ??
An ounce of oats contributes 8 milligrams of vitamin A and 1 milligram of vitamin B, whereas an ounce of rice contributes 6 milligrams of A and 2 milligrams of B. An ounce of oats costs $0.05, and a
The kammerling Corporation has $250,000 of taxable income.it distributes $100,000 of that income as dividen to ist sole shareholders whoseother income puts him in the 35 percent marginal tax bracket
Prepare a 350-word memo discussing the factors to consider when choosing accounting software. Analyze why each factor is important and the risks of not considering each factor.
Hornbeck Company issued 100,000 bonds payable with a 7% interest rate at a price of 97. The journal entry to record the issue of the bond includes what?
Make the adjusting entry to shift the current installment of the long-term note payable to a current liability. Also accrue interest expense at year end.
A company has installed a piece of machinery for a total of $76,000. In its third month of operation, repairs of $1,300 had to be made on the machine. This $1,300 would be:
On a statement of cash flows that uses the indirect approach, calculation of cash flow from operations treats depreciation as an adjustment to reported net income because:
Identify the limitation of the internal control system. Provide at least 3 limitations
What was the company's dividend per share of common stock?
Provide the journal entry to record the conversion of the bonds assuming Picard considers the conversion
Design a system flowchart that documents the accounting data processing described here. Also, draw a data flow diagram showing a logical view of the system.
What form of business organization- proprietorship,partnership or corporation you recommend that natalie, partnership, or corporation- do recommend that natalie use for her business? Discuss the ben
In light of the differences identified above, would Kyowa"s income and equity be higher or lower under U.S. GAAP compared to Japanese standards?
Compute depreciation expense on the machine for the year ending December 31, 2010, and the year ending December 31, 2011, using the following methods. (Round all answers to 0 decimal places, i.e. 10
Overhead applied to consulting services using activity-based costing is ??