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On May 1, 2010, Ziek Corp. declared and issued a 10% common stock dividend. Prior to this dividend, Ziek had 100,000 shares of $1 par value common stock issued and outstanding. The fair value of Zie
In early July, Mike Gottfried purchased a $70 ticket to the December 15 game of the Chicago Titans. (The Titans belong to the Midwest Football League and play their games outdoors on the shore of La
Sammy's Shovels had sales of $84,108 in 2010. The cost of goods sold was $22,205, operating expenses (excluding depreciation) were $16,559, interest expenses were $1,534, depreciation expense was $9
The Diamond Glitter Company is in the process of preparing its financial statements for 2012. Assume that no entries for depreciation have been recorded in 2012. The following information related to
At the beginning of the year, Keller Company's liabilities equal $60,000. During the year, assets increase by $80,000, and at year-end assets equal $180,000.
Assume the various LLAs are completely accurate. Determine the income and ending finished goods inventory for each period, using normal, full costing and using normal, variable costing. Assume a nor
How did Mr. Mandoff keep his new investments at such a high rate of return and keep paying off investors and giving to charities? Explain how he was able to do what he did financially so long.
The Express Banquet has two restraunts that are open 24 hrs a day. Fixed costs for the two restraunts together total $459,000 pr year. Service varies from a cup of coffee to a full meal.
Select three ratios, one from each category - liquidity, profitability, and solvency - you think are the most important. Post your response to the following: Why do you consider these ratios importa
A company's sales are 50% in cah and 50% on credit. 70% of the credit sales are colected in the month of the sale, 20% in the month following the sale, and 5% in the second month following the sale.
Risk affects all long term projects. The longer the lead time on a project, the greater the risk. The price of a barrel of oil has increased from $22.81 to $90.30 between 2002 and 2012 (Historical C
Alameda Service center just purchased an automobile hoist for $ 14000. The hoist has a 6 year lifeand an estimated salvage value of $1481. Installation costs were $3020, and freight charges were $83
Kenneth Washington's weekly gross earnings for the week ending December 18 were $1,230, and his federal income tax withholding was $270.60. Prior to this week.
Hands Up uses the straight-line method for depreciation of machinery. It is company policy to prepare adjusting entries only at the end of the fiscal year, which is December 31.
An employee earns $40 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week, and that the gross payprior to the curr
What is the journal entry to record income taxes, income taxes payable and deferred taxes on December 31, 2010 if the pre-tax financial statement income for December 31, 2010 is $325,000.
Research the doctrine of promissory estoppel online. Use an actual case to help you discuss the following questions:
Toggle's Fishing Fleet had 20,000 shares of 5%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2012. These data apply to each of the independent
Wise Company is considering an investment that requires an outlay of $600,000 and promises an after-tax cash inflow 1 year from now of $689,500. The company's cost of capital is 8%.
Harper Co. provided the following information concerning two products: contribution margin per unit- product 12 $46 Contribution margin per unit-product 43 $30.
Vandross Company has recorded bad debt expense in the past at a rate of 1.5% of net sales. In 2012, Vandross decides to increase its estimate to 2%.
Here is the income statement for Belding, Inc. BELDING Inc. Income statement for the year ended December 31, 2012 Sales $400,000 costs of goods sold 250,000 gross profit 150,000 expenses.
Unified Path transfers cash to the MFS bank account for $50,000 for the MFS family counseling program. This is a direct subsidy to MFS. No repayment is required.
A company is considering the following alternatives: Alternative 1 Alternative 2 Revenues $240,000 240,000 Variable costs 120,000 140,000 Fixed costs 70,000 70,000.
During its tax year, Kantz Inc. receives a loan for $100,000 and sells for $70,000 equipment with an adjusted basis of $60,000. Based on these facts what is the company's gross income for the year?