Accounting Question

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,090...

A: Total units available for sale = 1090+1410+1695+1145 = 5,340 units Total cost of goods available for...

Q: Define the following terms with example. RELEVANT COSTSUNK COSTOPPORTUNITY COSTAVOIDABLE AND UNAVOID...

A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...

Q: On February 1, 2017, Buffalo Corporation issued 3,000 shares of its $5 par value common stock for la...

A: The common stock of $15,000 is obtained by multiplying the number of shares of 3,000 shares with the...

Q: For depreciation purposes, what would be the first cost of the new machine(depreciation base)?

A: Depreciation is the charge or expense to be accounted in the books against an asset of the organizat...

Q: Davis Machine Works purchased a stamping machine for $135,000 on February 1, 2012. The machine is ex...

A:

Q: You need to record the  accounting entries according to US GAAP for the follwoing transactions:   Pe...

A: Accounts title and explanation Debit ($) Credit ($) Patents (5,000 x $2.5) $12,500          Cash...

Q: Distinguish between Cash flow versus Net Income?

A:  

Q: Bedard Corporation reported net income of $300,000 in 2017 and had 200,000 shares of common stock ou...

A: Formula to calculate diluted earnings per share (DEPS): DEPS = Net income attributable to common sto...

Q: Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished good...

A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a pr...

Q: (Conversion of Bonds) Aubrey Inc. issued $4,000,000 of 10%, 10-year convertible bonds on June 1, 201...

A: Assume that accrued interest payable was credited when the bonds were issued.  Par value of bonds = ...

Q: There is often more than one way to improve a performance measure. Unfortunately, some of the action...

A:

Q: What are the rights and duties of the CPA?  What obligation does the CPA have to a user of the docum...

A: Duties of CPA: Auditing and maintaining the financial records of the company Creating and Analyzing...

Q: Juniper Design Ltd. of Manchester, England, is a company specializing in providing design services t...

A: Residual income: Residulal income means excess of income earned over the desired income. Desired inc...

Q: Instructions: (1) Prepare the bank reconciliation at September 30. (ii) Prepare the adjusting entrie...

A: (i) Prepare reconciliation statement at September 30:    

Q: Classified Elec. has an unfunded retiree health care plan. Each of the company's three employees has...

A: Expected postretirement benefit obligation at the end of 1998:    

Q: (Accounting for Restricted Stock) Tweedie Company issues 10,000 shares of restricted stock to its CF...

A: a.

Q: 6. During 2020, Mannix Company determined that machinery being depreciated by the straight-line meth...

A: Depreciation records the usage of a fixed asset over a period of time and allocates its cost to the ...

Q: Adjusting Net Income for Changes in Current Assets and Current Liabilities Roberts Company reported ...

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for ...

Q: Days' cash on hand Financial statement data for years ending December 31 for Newton Company follow: ...

A: Formulas: Daily cash operating expenses = (Operating expenses - depreciation)/365   Days cash on han...

Q: Equivalent Units of Production Kellogg Company manufactures cold cereal products, such as Frosted Fl...

A:

Q: Taylor Swift Corporation purchases a patent from Salmon Company on January 1, 2017, for $54,000. The...

A: Workings: Purchased patent on January 01, 2017 for $ 54000 useful life = 10 years.

Q: In the coming year, Swifty, Inc. will be introducing its first product, a wrist brace that protects ...

A: Formulas:

Q: Accounting Question

A: Income statement: The financial statement which reports revenues and expenses from business operatio...

Q: At January 1, 2018, Café Med leased restaurant equipment from Crescent Corporation under a nine-year...

A: Requirement 1:

Q: (Worksheet) Presented below are selected accounts for Alvarez Company as reported in the worksheet a...

A: Workings: Cash is an Current asset falls under Balance sheet.

Q: McWherter Instruments sold $400 million of 8% bonds, dated January 1, on January 1, 2018. The bonds ...

A: Since the student has posted multiple requirements, only the first three questions are answerable. T...

Q: Schedule for Calculation of Cash Generated From Operating Activities Zowine Company's condensed inco...

A: Operating cash flows:  Cash flows which are generated by the using company normal production activit...

Q: Compute predeterminedoverhead rates and explainwhy estimated overhead costs(r ather than actual over...

A: Cost:   It is the economic value incurred by the business to manufacture a product or to render a se...

Q: Problem 3-25Hobby Losses (LO 3.12) Lew is a practicing CPA who decides to raise bonsai as a business...

A: Hobby losses are limited to Hobby income. There can be no losses which can be claimed if the activit...