During 2007 and 2008, Browser reported net income of $90,000 and $50,000 and paid dividends of $40,000 and $60,000, respectively. Fire wire reported a balance in its investment account of $230,000 on December 31, 2008. It uses the equity method in accounting for this investment. g. What is the annual amount of amortization of differential over the ten year period? h. In 2007, will Fire Wire report and increase or a decrease in the investment account balance?
• debit to Allowance for Doubtful Accounts for $3,300. Multiple Choice Question 182 The financial statements of the Melton Manufacturing Company reports net sales of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days? • 60.8 • 96.1 • 36.5 • 48.7 Find the final exam answers here ACC 291 Final Exam Answers Multiple Choice Question 119 Stine Company purchased machinery with a list price of $64,000. They were given a 10% discount by the manufacturer.
What should the employee’s wages be on the 9/30/12 payroll? The PT-salaried employee would be paid for $999.96 on the 9/30/12 pay date. (40,000/1560=$25.64*(65*60%=39) =$999.96 6*260=1,560 4. A FT-salaried employee has a termination date of 9/26/12. The employee is paid semi-monthly with an annual salary of $52,000.
(five points) Question 2: Determine the total costs of direct materials for August purchases. (five points) Problem 2 - Russell Company has the following projected account balances for June 30, 20X2: Accounts payable | $40,000 | Sales | $800,000 | Accounts receivable | 100,000 | Capital stock | 400,000 | Depreciation, factory | 24,000 | Retained earnings | ? | Inventories (5/31 & 6/30) | 180,000 | Cash | 56,000 | Direct materials used | 200,000 | Equipment, net | 240,000 | Office salaries | 80,000 | Buildings, net | 400,000 | Insurance, factory | 4,000 | Utilities, factory | 16,000 | Plant wages | 140,000 | Selling expenses | 60,000 | Bonds payable | 160,000 | Maintenance, factory | 28,000 | Question 1: Calculate the budgeted net income for June 20X2. (five points) Question 2: Calculate the budgeted total assets as of June 30, 20X2. (five points) Problem 3 - Tylon's Hardware uses a flexible budget to develop planning information for its warehouse operations.
ACCT 3001 Job Order Costing The December 31, 2009, balance sheet of Danko Corp. is presented below: Danko Corp. Balance sheet December 31, 2009 Cash $12,000 Accounts Payable $5,000 Building & Equip. 20,000 Common Stock 10,000 Accum. Deprec. (4,000) Retained Earnings 13,000 $28,000 $28,000 During 2010, the following events occurred: 1. Danko purchased, on account, raw materials for $1,600, and used $1,300 in production.
Prepare the trial balance of Gordon Construction, Inc., at June 30, 20xx. * 4. The manager asks you how much in total resources the business has to work with and, how much it owes. Case Study 1 (Part B) Requirement 1 (Learning Objectives 3, 4: Adjust the accounts; construct the financial statements) Record the following month end adjusting entries for Gordon Construction, Inc. at June 30, 20xx Month end accruals at June 30, 20xx: * a. Accrued advertising revenue at June 30, $3,100.
Explain Problem 2: Sale-Leaseback Sangamon signs a sale-leaseback with a buyer, Bismark. Under the terms of the contract, Bismark will pay $146,874 in cash to Sangamon for equipment and then immediately lease it back to Sangamon. The equipment originally cost $100,000 and had a carrying value of $80,000 on Sangamon’s books immediately prior to the transaction. In 5 years, the residual value of the leased equipment is estimated to be $20,000 when the lease terminates. The lease contract obligates Sangamon to make five equal annual payments of $30,000 to Bismark that begin immediately after the sale.
Answer: Amount of discount = 70,000 * .03 = $2100. Net amount to borrow from bank = 70,000 – 2100 = $67,900. Interest cost of borrowing money at 6.5% = 67,900 * .065 * (60-10 days)/365 day in a year = $604.59. Amount saved by borrowing money to pay within time period to take advantage of discount = $2100-$604.59 = $1495.41 2) Determine the monthly payments for a $4000 loan at 5.5% add-on interest for one year. Answer: 4000 * .055 * 1 = 220.00 in interest.
How much will she have in December of 2007? (Assume that a deposit is made in 2007. Make sure to count the years carefully.) 8. Mr. Flint retired as president of the Color Tile Company but is currently on a consulting contract for $45,000 per year for the next 10 years.
If you work 40 hours a week, you will get $306.80. That’s not including the government taking social security from it. So, you take salary $306.80 times it by 6.2% (Grace, n.d.) which is the social security tax rate and you get $19.02. After that you subtract $19.02 from $306.80 and you get $287.78. References What is Florida minimum wage history?