a. Which of the following items would be classified as operating

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Get college assignment help at uniessay writers a. Which of the following items would be classified as operating revenue or expense on an income statement of a manufacturing firm? 1. Interest expense 2. Advertising expense 3. Equity income 4. Dividend income 5. Cumulative effect of change in accounting principle

Fouch Company makes 30,000 units per year of a part it

Fouch Company makes 30,000 units per year of a part it uses in the products it manufactures. The unit product cost of this part is computed as follows:

Lisali Company gathered the following information related to inventory that it

Lisali Company gathered the following information related to inventory that it owned on December 31, 2011: Historical cost $ 100,000 Replacement cost 95,000 Net realizable value 98,000 Normal profit margin 20 % ——————————————————————————– (a) Determine the amount at which Lisali should carry inventory on the December 31, 2011, balance sheet and the amount, if any, that should be reported in net income related to this inventory using U.S. GAAP. (Loss amounts should be indicated with a minus sign. Omit the “$” sign in your response.) U.S. GAAP IFRS Inventory ? ? Net income (loss) ? ?

. Last year, Twins Company reported $750,000 in sales (25,000 units)

. Last year, Twins Company reported $750,000 in sales (25,000 units) and a net operating income of $25,000. At the break-even point, the company’s total contribution margin equals $500,000. Based on this information, the company’s: A. contribution margin ratio is 40%. B. break-even point is 24,000 units. C. variable expense per unit is $9. D. variable expenses are 60% of sales.

The National Litigation Support Services Association (NLSSA) allows only one CPA

The National Litigation Support Services Association (NLSSA) allows only one CPA firm into its membership

the mechanisms that WorldCom’s management used to transfer profit from other

the mechanisms that WorldCom’s management used to transfer profit from other time periods to inflate the current period.

frederick Mayer and jan perry mayer, 67 tcm 2949

frederick Mayer and jan perry mayer, 67 tcm 2949

Accepted a $12,000, 60-day, 8% note dated December 13 in granting

Accepted a $12,000, 60-day, 8% note dated December 13 in granting Allie Sumera a time extension on her past-due account receivable. What is the interest receivable and interest revenue?

Lee Co. sold a copier costing $6,500 with a two-year parts

Lee Co. sold a copier costing $6,500 with a two-year parts warranty to a customer on August 16, 2009, for $9,400 cash. Lee uses the perpetual inventory system. On November 22, 2010, the copier requires on-site repairs that are completed the same day. The repairs cost $125 for materials taken from the Repair Parts Inventory. These are the only repairs required in 2010 for this copier. Based on experience, Lee expects to incur warranty costs equal to 3% of dollar sales. It records warranty expense with an adjusting entry at the end of each year

Kim Co. purchased goods with a list price of $195,000, subject

Kim Co. purchased goods with a list price of $195,000, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Kim Co. record as the cost of these goods?

The assignment is atached.

Get college assignment help at uniessay writers The assignment is atached.

Unbilled sales as of the balance sheet date The unadjusted trial

Unbilled sales as of the balance sheet date The unadjusted trial balance for Johnson Wholesale, Inc for the YEAR ended March 31 is shown below, followed by a series of “facts” requiring adjusting journal entries. See the “Requirement” below the facts. Johnson Wholesale, Inc Trial Balance for the Year Ended March 31, 2010 Unadjusted Dr Cr Accounts payable 4,500 Accounts receivable 5,000 Accumulated depreciation – building 2,000 Accumulated depreciation – equipment 3,000 Advertising expense 3,000 Building 25,000 Cash 1,500 Commission expense 3,000 Common stock 7,000 Cost of goods sold 70,000 Depreciation expense – building Depreciation expense – equipment Dividends 5,500 Equipment 10,000 Income tax expense Insurance expense 3,000 Inventory 4,000 Mortgage payable (due in 15 years) – 12,000 Officers salaries 3,000 Prepaid insurance expense 1,000 Retained earnings at beginning of year 10,000 Telephone expense 1,500 Sales 107,000 Unearned revenue 1,000 Wages expense 11,000 Wages payable 146,500 146,500 Facts: 1 The building is estimated to have a 25-year useful life. The straight-line method of depreciation is used. 2 The equipment is estimated to have a 5-year useful life. The straight-line method of depreciation is used. No depreciation expense has been recorded yet this year. 3 $500 that was recorded as a sale was actually a deposit by a customer for a future delivery of merchandise. 4 Inventory was counted on the balance sheet date and determined to have an actual cost of $3,000 5 Prepaid insurance was calculated to be $400 6 Unpaid wages amounted to $500 7 $500 advertising bill for the month received but not yet entered 8 Unbilled sales as of the balance sheet date amounted to $2,500 Requirement Enter the adjusting entries on the attached General Journal form: Enter the “Fact no.” in the “Date or Ref. column. Enter the debit side of the adjusting entry first, then the credit side. In the Account Title column, indent the title of the credit entries to the right a few spaces. In the Category column, enter the appropriate category of the account (A for Asset, L for Liability, etc.) For those AJEs that are accruals to be reversed next period, write REV below the Fact No. Skip a line between each of the numbered adjusting entries so that they don’t run together.

5. SFAS 141R requires that all business combinations be accounted for

5. SFAS 141R requires that all business combinations be accounted for using (Points : 8) the pooling of interests method. the acquisition method. either the acquisition or the pooling of interests methods. neither the acquisition nor the pooling of interests methods. 6. Under the acquisition method, if the fair values of identifiable net assets exceed the value implied by the purchase Pratt of the acquired company, the excess should be (Points : 8) accounted for as goodwill. allocated to reduce current and long-lived assets. allocated to reduce current assets and classify any remainder as an extraordinary gain. allocated to reduce any previously recorded goodwill and classify any remainder as an ordinary gain. 7. In a business combination accounted for as an acquisition, how should the excess of fair value of net assets acquired over the consideration paid be treated? (Points : 8) Amortized as a credit to income over a period not to exceed forty years. Amortized as a charge to expense over a period not to exceed forty years. Amortized directly to retained earnings over a period not to exceed forty years. Recorded as an ordinary gain. 9. If the value implied by the purchase price of an acquired company exceeds the fair values of identifiable net assets, the excess should be (Points : 8) allocated to reduce any previously recorded goodwill and classify any remainder as an ordinary gain. allocated to reduce current and long-lived assets. allocated to reduce long-lived assets. accounted for as goodwill. 14. An investor adjusts the investment account for the amortization of any difference between cost and book value under the (Points : 8) cost method. complete equity method. partial equity method. complete and partial equity methods. 17. P Company purchased 80% of the outstanding common stock of S Company on May 1, 2011, for a cash payment of $1,272,000. S Company’s December 31, 2010 balance sheet reported common stock of $800,000 and retained earnings of $540,000. During the calendar year 2011, S Company earned $840,000 evenly throughout the year and declared a dividend of $300,000 on November 1. What is the amount needed to establish reciprocity under the cost method in the preparation of a consolidated workpaper on December 31, 2011? (Points : 8) $208,000 $260,000 $248,000 $432,000 18. The parent company records its share of a subsidiary’s income by (Points : 8) crediting Investment in S Company under the partial equity method. crediting Equity in Subsidiary Income under both the cost and partial equity methods. debiting Equity in Subsidiary Income under the cost method. none of these. 19. Scooter Company, a 70%-owned subsidiary of Pusher Corporation, reported net income of $240,000 and paid dividends totaling $90,000 during Year 3. Year 3 amortization of differences between current fair values and carrying amounts of Scooter’s identifiable net assets at the date of the business combination was $45,000. The noncontrolling interest in net income of Scooter for Year 3 was (Points : 8) $58,500. $13,500. $27,000. $72,000. 20. In a business combination accounted for as an acquisition, how should the excess of fair value of identifiable net assets acquired over implied value be treated? (Points : 8) Amortized as a credit to income over a period not to exceed forty years. Amortized as a charge to expense over a period not to exceed forty years. Amortized directly to retained earnings over a period not to exceed forty years. Recognized as an ordinary gain in the year of acquisition. 22. Primer Company acquired an 80% interest in SealCoat Company on January 1, 2010, for $450,000 cash when SealCoat Company had common stock of $250,000 and retained earnings of $250,000. All excess was attributable to plant assets with a 10-year life. SealCoat Company made $50,000 in 2010 and paid no dividends. Primer Company’s separate income in 2010 was $625,000. The controlling interest in consolidated net income for 2010 is: (Points : 8) $675,000. $665,000. $660,000. $625,000. 23. The noncontrolling interest’s share of the selling affiliate’s profit on intercompany sales is considered to be realized under (Points : 8) partial elimination. total elimination. 100% elimination. both total and 100% elimination. 24. In determining controlling interest in consolidated income in the consolidated financial statements, unrealized intercompany profit on inventory acquired by a parent from its subsidiary should: (Points : 8) not be eliminated. be eliminated in full. be eliminated to the extent of the parent company’s controlling interest in the subsidiary. be eliminated to the extent of the noncontrolling interest in the subsidiary. 25. P Corporation acquired a 60% interest in S Corporation on January 1, 2011, at book value equal to fair value. During 2011, P sold merchandise that cost $135,000 to S for $189,000. One-third of this merchandise remained in S’s inventory at December 31, 2011. S reported net income of $120,000 for 2011. P’s income from S for 2011 is: (Points : 8) $36,000. $50,400. $54,000. $61,200. 28. In January 2008, S Company, an 80% owned subsidiary of P Company, sold equipment to P Company for $1,980,000. S Company’s original cost for this equipment was $2,000,000 and had accumulated depreciation of $200,000. P Company continued to depreciate the equipment over its 9 year remaining life using the straight-line method. This equipment was sold to a third party on January 1, 2011 for $1,440,000. What amount of gain should P Company record on its books in 2011? (Points : 8) $60,000. $120,000. $240,000. $360,000. 29. In years subsequent to the upstream intercompany sale of nondepreciable assets, the necessary consolidated workpaper entry under the cost method is to debit the (Points : 8) Noncontrolling interest and Retained Earnings (Parent) accounts, and credit the nondepreciable asset. Retained Earnings (Parent) account and credit the nondepreciable asset. Nondepreciable asset, and credit the Noncontrolling interest and Investment in Subsidiary accounts. No entries are necessary. 30. In the year an 80% owned subsidiary sells equipment to its parent company at a gain, the noncontrolling interest in consolidated income is calculated by multiplying the noncontrolling interest percentage by the subsidiary’s reported net income (Points : 8) plus the intercompany gain considered realized in the current period. plus the net amount of unrealized gain on the intercompany sale. minus the net amount of unrealized gain on the intercompany sale. minus the intercompany gain considered realized in the current period.

9. In a business combination in which the total fair value

9. In a business combination in which the total fair value of the identifiable assets acquired over liabilities assumed is greater than the consideration paid, the excess fair value is: (Points : 8) classified as an extraordinary gain. allocated first to eliminate any previously recorded goodwill, and any remaining excess over the consideration paid is classified as an ordinary gain. allocated first to reduce proportionately non-current assets then to non-monetary current assets, and any remaining excess over cost is classified as a deferred credit. allocated first to reduce proportionately non-current, depreciable assets to zero, and any remaining excess over cost is classified as a deferred credit. 15. Under the cost method, the investment account is reduced when (Points : 8) there is a liquidating dividend. the subsidiary declares a cash dividend. the subsidiary incurs a net loss. none of these. 17. In the preparation of a consolidated statement of cash flows using the indirect method of presenting cash flows from operating activities, the amount of the noncontrolling interest in consolidated income is (Points : 8) combined with the controlling interest in consolidated net income. deducted from the controlling interest in consolidated net income. reported as a significant noncash investing and financing activity in the notes. reported as a component of cash flows from financing activities. 18. In the preparation of a consolidated statements workpaper, dividend income recognized by a parent company for dividends distributed by its subsidiary is (Points : 8) included with parent company income from other sources to constitute consolidated net income. assigned as a component of the noncontrolling interest. allocated proportionately to consolidated net income and the noncontrolling interest. eliminated. 19. Goodwill represents the excess of the implied value of an acquired company over the (Points : 8) aggregate fair values of identifiable assets less liabilities assumed. aggregate fair values of tangible assets less liabilities assumed. aggregate fair values of intangible assets less liabilities assumed. book value of an acquired company. 20. Primer Company acquired an 80% interest in SealCoat Company on January 1, 2010, for $450,000 cash when SealCoat Company had common stock of $250,000 and retained earnings of $250,000. All excess was attributable to plant assets with a 10-year life. SealCoat Company made $50,000 in 2010 and paid no dividends. Primer Company’s separate income in 2010 was $625,000. The controlling interest in consolidated net income for 2010 is: (Points : 8) $675,000. $665,000. $660,000. $625,000. 21. When the implied value exceeds the aggregate fair values of identifiable net assets, the residual difference is accounted for as (Points : 8) excess of implied over fair value. a deferred credit. difference between implied and fair value. goodwill. 22. On November 30, 2010, Pulse Incorporated purchased for cash of $25 per share all 400,000 shares of the outstanding common stock of Surge Company. Surge ‘s balance sheet at November 30, 2010, showed a book value of $8,000,000. Additionally, the fair value of Surge’s property, plant, and equipment on November 30, 2010, was $1,200,000 in excess of its book value. What amount, if any, will be shown in the balance sheet caption “Goodwill” in the November 30, 2010, consolidated balance sheet of Pulse Incorporated, and its wholly owned subsidiary, Surge Company? (Points : 8) $0. $800,000. $1,200,000. $2,000,000. 23. A parent company regularly sells merchandise to its 80%-owned subsidiary. Which of the following statements describes the computation of noncontrolling interest income? (Points : 8) the subsidiary’s net income times 20%. (the subsidiary’s net income x 20%) unrealized profits in the beginning inventory – unrealized profits in the ending inventory. (the subsidiary’s net income unrealized profits in the beginning inventory – unrealized profits in the ending inventory) × 20%. (the subsidiary’s net income unrealized profits in the ending inventory – unrealized profits in the beginning inventory) × 20%. 25. P Corporation acquired a 60% interest in S Corporation on January 1, 2011, at book value equal to fair value. During 2011, P sold merchandise that cost $135,000 to S for $189,000. One-third of this merchandise remained in S’s inventory at December 31, 2011. S reported net income of $120,000 for 2011. P’s income from S for 2011 is: (Points : 8) $36,000. $50,400. $54,000. $61,200. 26. The noncontrolling interest in consolidated income when the selling affiliate is an 80% owned subsidiary is calculated by multiplying the noncontrolling minority ownership percentage by the subsidiary’s reported net income (Points : 8) plus unrealized profit in ending inventory less unrealized profit in beginning inventory. plus realized profit in ending inventory less realized profit in beginning inventory. less unrealized profit in ending inventory plus realized profit in beginning inventory. less realized profit in ending inventory plus realized profit in beginning inventory. 28. Several years ago, P Company bought land from S Company, its 80% owned subsidiary, at a gain of $50,000 to S Company. The land is still owned by P Company. The consolidated working papers for this year will require: (Points : 8) no entry because the gain happened prior to this year. a credit to land for $50,000. a debit to P’s retained earnings for $50,000. a debit to Noncontrolling interest for $50,000. 29. Company S sells equipment to its parent company (P) at a gain. In years subsequent to the year of the intercompany sale, a workpaper entry is made under the cost method debiting (Points : 8) Retained Earnings – P. Noncontrolling interest. Equipment. all of these. 30. In years subsequent to the year a 90% owned subsidiary sells equipment to its parent company at a gain, the noncontrolling interest in consolidated income is computed by multiplying the noncontrolling interest percentage by the subsidiary’s reported net income (Points : 8) minus the net amount of unrealized gain on the intercompany sale. plus the net amount of unrealized gain on the intercompany sale. minus intercompany gain considered realized in the current period. plus intercompany gain considered realized in the current period.

How are the income statement and statement of cash flows used

How are the income statement and statement of cash flows used to make business decisions? What are the advantages and limitations of using them to make decisions affecting the future of a business?

These questions need to be entered as debits/credits on a general

These questions need to be entered as debits/credits on a general journal ledger. How long do you need to get it done? 1 The building is estimated to have a 25-year useful life. The straight-line method of depreciation is used. 2 The equipment is estimated to have a 5-year useful life. The straight-line method of depreciation is used. No depreciation expense has been recorded yet this year. 3 $500 that was recorded as a sale was actually a deposit by a customer for a future delivery of merchandise. 4 Inventory was counted on the balance sheet date and determined to have an actual cost of $3,000 5 Prepaid insurance was calculated to be $400 6 Unpaid wages amounted to $500 7 $500 advertising bill for the month received but not yet entered 8 Unbilled sales as of the balance sheet date amounted to $2,500

Here is the assignment. Facts 1-8 have to be entered on

Here is the assignment. Facts 1-8 have to be entered on the attached spreadsheet as debits and credits set up as the requirements indicate below. Thank you. “Unbilled sales as of the balance sheet date The unadjusted trial balance for Johnson Wholesale, Inc for the YEAR ended March 31 is shown below, followed by a series of “facts” requiring adjusting journal entries. See the “Requirement” below the facts. Johnson Wholesale, Inc Trial Balance for the Year Ended March 31, 2010 Unadjusted Accounts payable 4,500 Credit Accounts receivable 5,000 Debit Accumulated depreciation – building 2,000 Credit Accumulated depreciation – equipment 3,000 Credit Advertising expense 3,000 Debit Building 25,000 Debit Cash 1,500 Debit Commission expense 3,000 Debit Common stock 7,000 Credit Cost of goods sold 70,000 Debit Depreciation expense – building 0 Depreciation expense – equipment 0 Dividends 5,500 Debit Equipment 10,000 Debit Income tax expense 0 Insurance expense 3,000 Debit Inventory 4,000 Debit Mortgage payable (due in 15 years) – 12,000 Credit Officers salaries 3,000 Debit Prepaid insurance expense 1,000 Debit Retained earnings at beginning of year 10,000 Credit Telephone expense 1,500 Debit Sales 107,000 Credit Unearned revenue 1,000 Credit Wages expense 11,000 Debit Wages payable 0 Total debits = total credits 146,500 146,500 Facts: 1 The building is estimated to have a 25-year useful life. The straight-line method of depreciation is used. 2 The equipment is estimated to have a 5-year useful life. The straight-line method of depreciation is used. No depreciation expense has been recorded yet this year. 3 $500 that was recorded as a sale was actually a deposit by a customer for a future delivery of merchandise. 4 Inventory was counted on the balance sheet date and determined to have an actual cost of $3,000 5 Prepaid insurance was calculated to be $400 6 Unpaid wages amounted to $500 7 $500 advertising bill for the month received but not yet entered 8 Unbilled sales as of the balance sheet date amounted to $2,500 Requirement Enter the adjusting entries on the attached General Journal form: Enter the “Fact no.” in the “Date or Ref. column. Enter the debit side of the adjusting entry first, then the credit side. In the Account Title column, indent the title of the credit entries to the right a few spaces. In the Category column, enter the appropriate category of the account (A for Asset, L for Liability, etc.) For those AJEs that are accruals to be reversed next period, write REV below the Fact No. Skip a line between each of the numbered adjusting entries so that they don’t run together.

flying gator corporation consolidated tax return

flying gator corporation consolidated tax return

a company acquired land in exchange for 5000 shares of its

a company acquired land in exchange for 5000 shares of its 100 par common stock. the fair market value of the land is 750000 when exchanged for the stock at what amount should the land be recorded by the company

Anchor Company has 1,000,000 shares of common stock with a par

Anchor Company has 1,000,000 shares of common stock with a par value of $5. Additional paid-in capital totals $5,000,000 and retained earnings are $8,000,000. The directors declare a 10% stock dividend when the market value is $15. The reduction of retained earnings as a result of the declaration will be:

Control Furniture Company Annual Report Excerpts (Figures in thousands of dollars)

Control Furniture Company Annual Report Excerpts (Figures in thousands of dollars) December 31 2015 2016 Inventories at FIFO Cost 846.3 852.6 Excess of FIFO Cost over LIFO Cost (231.4) (257.2) Inventories at LIFO Cost 614.9 595.4 Income Tax rate is 34% Answers are rounded to the nearest decimal point. 31. Given the financial information presented above what would be the effect on cash in 2015 of converting the company from LIFO to FIFO: A) Increase of 78.7 B) Decrease of 78.7 C) Decrease of 152.7 D) Increase of 152.7

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