Get college assignment help at uniessay writers The Ryans has a tax liability of $22,309 on their 2008 Federal Income Tax return. They received a check in the amount of $3,700 from the US treasury as a refund on thier 2008 Federal Tax return on July 17, 2009. The Ryans reported a tax liability of $4,400 on their 2008 Kansas income tax return. They paid an income tax deficiency of $535 to the Kansas Department of Revenue when they filed their return. The Ryans did deduct all Kansas income taxes on Schedule A on their 2008 Federal income tax return. The Ryans reported no carryforward on their 2008 Federal income tax return. What is the amount of income tax refund to be included in their 2009 income tax return? How should they report the $535 tax deificiency they paid to the Kansas Department of revenue?
Yoni Corporation manufactures skateboards and is in the process of preparing
Yoni Corporation manufactures skateboards and is in the process of preparing next year’s budget. The pro forma income statement for the current year is presented below: Sales (60,000 units) $1,800,000 Cost of Sales: Direct Materials $300,000 Direct Labor $180,000 Variable Overhead $ 90,000 Fixed Overhead $100,000 Gross Profit $ 1,130,000 Selling G
Spears Music, Inc. produces a hip-hop CD that is sold for
Spears Music, Inc. produces a hip-hop CD that is sold for $15. The contribution margin ratio is 40%. Fixed expenses total $6,750. Instructions (a) Compute the variable cost per unit. (b) Compute how many CDs Spears Music will have to sell in order to break even. (c ) Compute how many CDs Spears Music will have to sell in order to make a target net income of $16,200.
Your uncle runs a motorcyle body shop. He has decided to
Your uncle runs a motorcyle body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software. •Explain to him the rules of debits and credits for the balance sheet and income statement. •Provide examples from the manufacturing industry of: ◦a journal entry that would be recorded that impacts the balance sheet. ◦a journal entry that would be recorded affecting the income statement. •Please provide the assumptions behind the transactions and the full journal entries
” On January 1, 2011, Riney Co. owned 80% of the
” On January 1, 2011, Riney Co. owned 80% of the common stock of Garvin Co. On that date, Garvin’s stockholders’ equity accounts had the following balances: (it is attached) The balance in Riney’s Investment in Garvin Co. account was $552,000, and the noncontrolling interest was $138,000. On January 1, 2011, Garvin Co. sold 10,000 shares of previously unissued common stock for $15 per share. Riney did not acquire any of these shares. 9.value: 5 points What is the balance in Investment in Garvin Co. after the sale of the 10,000 shares of common stock? $672,000. $460,000. $404,000. $560,000. $552,000. 10.value: 5 points What is the balance in Noncontrolling Interest in Garvin Co. after the sale of the 10,000 shares of common stock? $230,000. $138,000. $280,000. $168,000. $101,000. 18.value: 3 points Kaycee Corporation’s revenues for the year ended December 31, 2010, were as follows: Consolidated Revenue per the Income Statement: $1,200,000 Upstream Intersegment Sales: $180,000 Downstream Intersegment Sales: $60,000 For purposes of the Revenue Test, what amount will be used as the benchmark for determining whether a segment is reportable? $120,000. $144,000. $24,000. $138,000. $0 ”
A company acquired a new piece of equipment on January 1,
A company acquired a new piece of equipment on January 1, 2009 at a cost of $200,000. The equipment is expected to have a useful life of 10 years, a residual value of $20,000 and is depreciated on a straight-line basis. On January 1, 2011, the equipment was appraised and determined to have a fair value of $190,000 and a residual value of $25,000 and a remaining useful life of 10 years. 24.value: 3 points At what amount should the equipment be reported on the December 31, 2011 balance sheet under U.S. GAAP? $116,000 $146,000 $150,000 $160,000 $140,000 25.value: 3 points At what amount should the equipment be reported on the December 31, 2011 balance sheet under the IFRS revaluation model? $190,000 $110,000 $136,000 $165,000 $173,500 —————————————- A company incurs research and development costs of $200,000 in 2011 of which $50,000 of these costs relate to development activities because certain criteria have been met which suggest that an intangible asset has been created. 26.value: 3 points What amount should be recognized as research and development expense in 2011 using U.S. GAAP? $0. $250,000. $200,000. $50,000. $150,000. References Multiple Choice Difficulty: Easy Learning Objective: 11-06 Recognize acceptable accounting treatments under IFRS and identify key differences between IFRS and U.S. GAAP. 27.value: 3 points What amount should be recognized as research and development expense in 2011 using IFRS? $0. $50,000. $250,000. $150,000. $200,000. 28.value: 3 points As a result of research and development costs, what is the difference in income between reporting using U.S. GAAP and IFRS in 2011? IFRS income is $150,000 higher. IFRS income is $150,000 lower. U.S. GAAP income is $50,000 higher. U.S. GAAP income is $50,000 lower. IFRS income is $50,000 lower. ——————- A company sells a building to a bank in 2011 at a gain of $100,000 and immediately leases the building back for period of five years. The lease is accounted for as an operating lease. The building was originally purchased for $200,000 and currently had a book value of $50,000 at the date of the sale. 29.value: 3 points What amount should be recognized in 2011 as a gain on the sale using U.S. GAAP? $200,000. $150,000. $50,000. $100,000. $20,000. 30.value: 3 points What amount should be recognized as a gain in 2011 using IFRS? $100,000. $20,000. $50,000. $200,000. $150,000. 31.value: 3 points As a result of the sale and leaseback transaction in 2011, what is the difference between income using U.S. GAAP and IFRS in 2011? IFRS income is $80,000 higher. U.S. GAAP income is $80,000 higher. IFRS income is $50,000 lower. U.S. GAAP income is $100,000 higher. IFRS income is $100,000 lower.
Prince Insurance Company is reviewing complaints from customers that the processing
Prince Insurance Company is reviewing complaints from customers that the processing of insurance claims for glass damage in automobile accidents is taking an excessive amount of time. Customers complain of calls not being returned, delayed processing of insurance checks, talking to multiple people in the claims process and general confusion. It is taking customers up to one month to receive checks for damage claims. The current process can be summarized as follows: (1) Customer calls local agent to report a claim (2) Local agent provides instructions to customer to request a repair quote from a vendor. (3) The local vendor receives the request and provides the quote (4) Customer receives the quote and files the claim with the quote (5) Local agent receives the claim and forwards it to claims processor (6) Claims processor logs in the claim (7) Claims processor waits for approval from supervisor and division manager (8) Claims processor receives approval (9) Claims processor cuts check to customer Required: (a) Discuss which of the above activities would be viewed as value-added in the eyes of Prince Insurance’s Customers. Give reasons for your answer. (b) What non-value added activities and suggestions could be made at Prince Insurance to improve the claims processing process?
Florida Orange Country Club adjusts its accounts monthly and closes its
Florida Orange Country Club adjusts its accounts monthly and closes its accounts annually. Club members pay their annual dues in advance by January 4. The entire amount is initially credited to Unearned Membership Dues. At the end of each month, an appropriate portion of this amount is credited to Membership Dues Earned. Guests of the Club normally pay green fees before being allowed on the course. The amounts collected are credited to Green Fee Revenue at the time of receipt. Certain guests, however, are billed for green fees at the end of the month. The following information is available as a source for preparing adjusting entries at December 31: 1. Salaries earned by golf course employees that have not yet been recorded or paid amount to $14,200. 2. The Orlando University golf team used Florida Orange for a tournament played on December 30 of the current year. At December 31, the $2,000 owed by the team for green fees had not yet been recorded or billed. 3. Membership dues earned in December, for collections received in January, amount to $120, 000. 4. Depreciation of the country club’s golf carts is based on an estimated life of 10 years. The carts had originally been purchased for $160,000. The straight-line method is used. (Note: The clubhouse building was constructed in 1866 and is fully depreciated.) 5. A 12-month bank loan in the amount of $50,000 had been obtained by the country club on October 4. Interest is computed at an annual rate of 12%. The entire $50,000, plus all of the interest accrued over the 12-month life of the loan, is due in full on September 30 of the upcoming year. The necessary adjusting entry was made on November 30 to record the first two months of accrued interest expense. However, no adjustment has been made to record interest expense accrued in December. 6. A one-year property insurance policy had been purchased on March 31. The entire premium of $9,600 was initially recorded as Unexpired Insurance. 7. In December, Florida Orange Country Club entered into an agreement to host the annual tournament of the Florida Juniors Golf Association. The country club expects to generate green fees of $6,000 from this event. 8. Unrecorded Income Taxes Expense accrued in December amounts to $14,000. This amount will not be paid until January 15. Instructions a. For each of the above numbered paragraphs, prepare the necessary adjusting entry (including an explanation). If no adjusting entry is required, explain why. * 2 years ago
see the attached document thanks for your help in this matter.
see the attached document thanks for your help in this matter. having just a little bit of trouble. it comes from non-profit and municipal accounting chapter 4 problem 4-4
The general ledger of the DJ Builders Manufacturing Company showed these
The general ledger of the DJ Builders Manufacturing Company showed these balances at the end of July; Factory labor of P354,000 which includes P 66,000 indirect labor; sales salaries of P72,000; and office salaries of P54,000. The following rates are available by payroll distribution: SSS Contributions 10% (40% employee and 60% employer) Employees’ Compensation Contributions 2% (employer only) Philhealth Contributions 2% (50% employee and 50% employer) Pag-ibig Contributions 3% (50% employee and 50% employer)
Gorham Manufacturing’s sales slumped badly in 2008. For the first time
Get college assignment help at uniessay writers Gorham Manufacturing’s sales slumped badly in 2008. For the first time in its history, it operated at a loss. The company’s income statement showed the following results from selling 600,000 units of product: Net sales $2,400,000; total costs and expenses $2,540,000; and net loss $140,000. Costs and expenses consisted of the amounts shown below. Total Variable Fixed Cost of goods sold $2,100,000 $1,440,000 $660,000 Selling expenses 240,000 72,000 168,000 Administrative expenses 200,000 48,000 152,000 $2,540,000 $1,560,000 $980,000 Management is considering the following independent alternatives for 2009. 1. Increase unit selling price 20% with no change in costs, expenses, and sales volume. 2. Change the compensation of salespersons from fixed annual salaries totaling $210,000 to total salaries of $60,000 plus a 5% commission on net sales. Hint: Compute break-even point under alternative courses of action. Instructions (a) Compute the break-even point in dollars for 2008. (b) Compute the break-even point in dollars under each of the alternative courses of action. (Round all ratios to nearest full percent.) Which course of action do you recommend?
Matt Reiss owns the Fredonia Barber Shop. He employs 5 barbers
Matt Reiss owns the Fredonia Barber Shop. He employs 5 barbers and pays each a base rate of $1,000 per month. One of the barbers serves as the manager and receives an extra $500 per month. In addition to the base rate, each barber also receives a commission of $5.50 per haircut. Other costs are as follows. Advertising $200 per month Rent $900 per month Barber supplies $0.30 per haircut Utilities $175 per month plus $0.20 per haircut Magazines $25 per month Matt currently charges $10.00 per haircut. (a) Determine the variable cost per haircut and the total monthly fixed costs. (b)Compute the break-even point in units and dollars. (d)Determine net income, assuming 1,900 haircuts are given in a month.
Manning Industries manufactures and sells three different models of wet-dry shop
Manning Industries manufactures and sells three different models of wet-dry shop vacuum cleaners. Although the shop vacs vary in terms of quality and features, all are good sellers. Manning is currently operating at full capacity with limited machine time. Sales and production information relevant to each model follows. Product Economy Standard Deluxe Selling price $30 $50 $100 Variable costs and expenses $12 $18 $42 Machine hours required .5 .8 1.6 Instructions (a) Ignoring the machine time constraint, which single product should Manning Industries produce? (b) What is the contribution margin per unit of limited resource for each product? (c) If additional machine time could be obtained, how should the additional time be used?
n the Current Assets section of the balance sheet, Terri reported
n the Current Assets section of the balance sheet, Terri reported a $100,000 receivable from Kent Miles,the president of Fantasy Graphics, as a trade account receivable. Kent borrowed the money from Fantasy Graphics in November 2006 for a down payment on a new home. He has orally assured Terri that he will pay off the account receivable within the next year. Terri reported the $100,000 in the same manner on the preceding year’s balance sheet. Do you feel that Terri reported this receivable correctly? If not, where should it be classified? Does it make any difference that the receivable is due from a closely related party?
Which of the following would be included as a cost of
Which of the following would be included as a cost of an asset? a. mistakes in instillation, b. vandalism, c. delinquent property taxes, d.uninsured theft loss.
Ashland Burglar Alarms Inc. sells a single product. The product has
Ashland Burglar Alarms Inc. sells a single product. The product has a selling price of $50 per unit and variable expenses of 80% of sales. If the company’s fixed expenses total $150,000 per year, then it will have a break-even point in sales dollars of: A) $750,000 B) $187,500 C) $15,000 D) $3,750
2. Prepare the necessary journal entries on the books of Jayhawk
2. Prepare the necessary journal entries on the books of Jayhawk Carpet Company to record the following transactions, assuming a perpetual inventory system (you may omit explanations): (a) Jayhawk purchased $40,000 of merchandise on account, terms 2/10, n/30. (b) Returned $4,000 of damaged merchandise for credit. (c) Paid for the merchandise purchased within 10 days. 3. Richter Company sells merchandise on account for $2,000 to Lynch Company with credit terms of 3/10, n/60. Lynch Company returns $200 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Richter Company make upon receipt of the check and the damaged merchandise?
High Fidelity Audio Inc. reported sales of $8,000,000 for the month
High Fidelity Audio Inc. reported sales of $8,000,000 for the month and incurred variable expenses totaling $5,600,000 and fixed expenses totaling $1,440,000. The company has no beginning or ending inventories. A total of 80,000 units were produced and sold last month. If sales increase by 200 units, how much should net income increase? A) $1,600 B) $6,000 C) $10,000 D) $19,200
Record the following transactions on the books of Keyser Co. (For
Record the following transactions on the books of Keyser Co. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.Round answers to 0 decimal places, e.g. 125.) On July 1, Keyser Co. sold merchandise on account to Maxfield Inc. for $16,653, terms 2/10, n/30. On July 8, Maxfield Inc. returned merchandise worth $4,147 to Keyser Co. On July 11, Maxfield Inc. paid for the merchandise.
hitchcock, inc. uses the high-low method to analyze cost behavior. The
hitchcock, inc. uses the high-low method to analyze cost behavior. The company observed that at 12,000 machine hours of activity, total maintenance costs averaged $7.00 per hour. When activity jumped to 15,000 machine hours, which was still within the relevant range, the average cost per machine hour totaled $6.40. On the basis of this information, the variable cost per machine hour was: a. $4.00 b. $6.40 c. $6.70 d. $7.00 e. an amount other than listed Northridge, Inc., uses the high-low method to analyze cost behavior. The company observed that at 20,000 machine hours of activity, total maintenance costs averaged $10.50 per hour. When activity jumped to 24,000 machine hours, which was still within the relevant range, the average cost per machine hour totaled $9.75. On the basis of this information, the company’s fixed maintenance costs were: a. $24,000 b. $90,000 c. $210,000 d. $234,000 e. an amount other than listed
Can you show me in notes on how you got the
Can you show me in notes on how you got the answer
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