Get college assignment help at uniessay writers Compare the relationship between the auditor, client, and external users. How do professional standards for CPAs govern these relationships? has to be 200-300 words
Describe the two-stage process associated with plantwide overhead rates?
Describe the two-stage process for departmental overhead rates.
Discuss the roles of monetary and nonmonetary incentives. Do you believe that nonmonetary incentives are needed? Why?
on may 1, 2010 newby corp issued 600000, 9%, 5 year bonds at face value
Barone’s Repair Inc. was started on May 1. A summary of May transactions is presented below. Stockholder’s invested $10,000 cash to start the repair company. Purchased equipment for $5,000 cash. Paid $400 cash for May office rent. Paid $500 cash for supplies. Incurred $250 of advertising costs in the Beacon News on account. Received $5,100 cash from customers for repair service. Paid dividends of $1,000 cash. Paid part-time employee salaries $2,000. Paid utility bills $140. Provided repair service on account to customers $750. Collected cash of $120 for services billed in transaction (10).
On October 1, the Mace Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $175 each. During the month of October the following transactions occurred. Assume Mace uses a perpetual inventory system.
You sold one Ultra Camera at a price of $830 to Nicholas Walker. When you asked Mr. Walker to pay with cash or a credit card, he told you that he didn’t have enough money in his checking account to pay you in full. Nor did he have sufficient credit available on his credit card. You decided to accept cash for part of the payment and a note for the remainder. He wrote you a check for $230 and signed a note payable to you (this is your note receivable) for the remaining balance. The note must be repaid in 30 days, and the annual interest rate was 8%.
The city of McNeely sold bonds in the amount of $10,000,000 to finance the construction of a public health center. The bonds are serial bonds and were sold at par on July 1, 2008 the first day of a fiscal year. Shortly thereafter a construction contract in the amount of $9,000,000 was signed and the contractor commenced work. By year-end the contractor had been paid in full for all billings to date amounting to $4,000,000. Required: Prepare in general journal form all journal entries that should have been made during the fiscal year ended June 30, 2009 to record the above information in the capital projects fund (including closing entry).
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?
Get college assignment help at uniessay writers Werth Company asks you to review its December 31, 2010, inventory values and prepare the necessary adjustments to the books. The following information is given to you. 1. Werth uses the periodic method of recording inventory. A physical count reveals $234,890 of inventory on hand at December 31, 2010. 2. Not included in the physical count of inventory is $10,420 of merchandise purchased on December 15 from Browser. This merchandise was shipped f.o.b. shipping point on December 29 and arrived in January. The invoice arrived and was recorded on December 31. 3. Included in inventory is merchandise sold to Bubbey on December 30, f.o.b. destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale on account for $12,800 on December 31. The merchandise cost $7,350, and Bubbey received it on January 3. 4. Included in inventory was merchandise received from Dudley on December 31 with an invoice price of $15,630. The merchandise was shipped f.o.b. destination. The invoice, which has not yet arrived, has not been recorded. 5. Not included in inventory is $8,540 of merchandise purchased from Minsky Industries. This merchandise was received on December 31 after the inventory had been counted. The invoice was received and recorded on December 30. 6. Included in inventory was $10,438 of inventory held by Werth on consignment from Jackel Industries. 7. Included in inventory is merchandise sold to Sims f.o.b. shipping point. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale for $18,900 on December 31. The cost of this merchandise was $11,520, and Sims received the merchandise on January 5. 8. Excluded from inventory was a carton labeled “Please accept for credit.” This carton contains merchandise costing $1,500 which had been sold to a customer for $2,600. No entry had been made to the books to reflect the return, but none of the returned merchandise seemed damaged. (a)Determine the proper inventory balance for Werth Company at December 31, 2010. (b)Prepare any correcting entries to adjust inventory to its proper amount at December 31, 2010. Assume the books have not been closed.
What do purchases equal when beginning inventory is 20,000, ending inventory is 32,000, cost of goods sold is 238,000, and purchases returns and allowances is 5,000?
Assume that Masters Enterprises uses the following headings on its balance sheet. (a) Current assets. (f) Current liabilities. (b) Investments. (g) Long-term liabilities. (c) Property, plant, and equipment. (h) Capital stock. (d) Intangible assets. (i) Paid-in capital in excess of par (e) Other assets. (j) Retained earnings. Indicate by letter how each of the following usually should be classified. If an item should appear in a note to the financial statements, use the letter “n” to indicate this fact. If an item need not be reported at all on the balance sheet, use the letter “x.” 1. Unexpired insurance. jabndhcxeifga or ec and n 2. Stock owned in affiliated companies. ancgdehfija or ec and nxb 3. Unearned subscriptions revenue. dcxna or efiegabhjc and n 4. Advances to suppliers. nghc and nxijaba or ecdef 5. Unearned rent revenue. cidxnfc and nbjhegaa or e 6. Preferred stock. aexc and na or enhcgbdfij
Turner Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2004. Expenses for 2004 were: cost of goods sold $1,250,000; administrative expenses $212,000; selling expenses $280,000; interest expense $45,000. Turner’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2004. Prepare a single-step income statement for the year ended December 31, 2004
On January 1, 2009, Boxter Inc. issued $100,000 of five-year bonds due December 31, 2013, for $103,604.79 less bond issue costs of $3,000. The bonds carry a face rate of interest of 13% payable annually on December 31 and were issued to yield 12%. The company uses the effective interest method of amortization. Required: Prepare the journal entries to record the issuance of the bonds, all the interest payments, premium amortizations, bond issue cost amortizations, and the repayment of the bonds.
On June 30, 2010, the Jacobs Company sold $800,000 of 11% face value bonds for $761,150.96. On December 31, 2010 the Jacobs Company sold $700,000 of this same bond issue for $734,645.28. The bonds were dated January 1, 2010, pay interest semiannually on each December 31 and June 30, and are due December 31, 2017. Required: Compute the effective yield rate on each issuance of the Jacobs Company 11% bonds.
Reed Insurance Co. began operations on January 1, 2001. The following information pertains to Reed’s December 31, 2001 portfolio of marketable equity securities:
Assume Simple Co. had credit sales of $250,000 and cost of goods sold of $150,000 for the period. Simple uses the percentage of credit sales method and estimates that ½ percent of credit sales would result in uncollectible accounts. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $250. What amount of Bad Debt Expense would the company record as an end-of-period adjustment?
4. A research study suggested that changes in hours worked over time are due, in part, to changes in tax rates. “If taxes and [government expenditures] are high, that may lead to less work,” said one of the researchers. Supporting this theory, since 2001, works in the United States have increased their hours worked while tax rates have dropped. What theory or theories of motivation might support such a change?
under the perpetual inventory system, all purchases of merchandise are debited to the account entitled
b. A key internal control in the sales and collection cycle is the separation of duties between cash handling and record keeping. The objective most directly associated with this control is to verify that
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