Accounting

Reducto Co. pays a weekly payroll of $100,000 that includes federal taxes withheld of $12,400 FICA ...

Reducto Co. pays a weekly payroll of $100,000 that includes federal taxes withheld of $12,400 FICA ...

Reducto Co. pays a weekly payroll of $100,000 that includes federal taxes withheld of $12,400 FICA taxes withheld of $7250, and retirement withholdings of $6,000. What is the effect of assets and liabilities from this transaction?
A) Assets decrease

2yankees2   40   2 Replies

2yankees2

Where are changes in fair value for trading securities reported?

Where are changes in fair value for trading securities reported?

Where are changes in fair value for trading securities reported?
A) as operating income or loss on the income statement
B) as income or loss from peripheral activities on the income statement
C) as a component of accumulated other comprehensive in

2yankees2   32   3 Replies

LindseyE123

For investments accounted for under the equity method, companies disclose the fair value for those ...

For investments accounted for under the equity method, companies disclose the fair value for those ...

For investments accounted for under the equity method, companies disclose the fair value for those investments.
[True or False]

2yankees2   46   1 Reply

guarnere

Gustav, Inc. uses the accrual basis to account for all sales transactions. Sales for 2015 total ...

Gustav, Inc. uses the accrual basis to account for all sales transactions. Sales for 2015 total ...

Gustav, Inc. uses the accrual basis to account for all sales transactions. Sales for 2015 total $500,000. Included in this amount is $75,000 in receivables from sales on installment. Installment sales are considered revenue for book purposes, but not

2yankees2   45   2 Replies

2yankees2

The lessee computes interest expense on the lease obligation using the effective interest rate ...

The lessee computes interest expense on the lease obligation using the effective interest rate ...

The lessee computes interest expense on the lease obligation using the effective interest rate method. The lessee allocates lease payments first to cover the interest and then to reduce the lease obligation. What is included for each period of the le

2yankees2   43   2 Replies

2yankees2

Deborah Consultants had the following accounts and account balances after adjusting entries. Assume ...

Deborah Consultants had the following accounts and account balances after adjusting entries. Assume ...

Deborah Consultants had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances. Calculate the amount of service revenue and prepare the adjusted trial balance for Deborah Consultants as of Decemb

2yankees2   35   1 Reply

StevenSpaghetti

Smith Electronics reported the following figures in its 2017 and 2016 financial statements.

Smith Electronics reported the following figures in its 2017 and 2016 financial statements.

Smith Electronics reported the following figures in its 2017 and 2016 financial statements.

20172016
Cash$38,500$25,000
Cash Equivalents     3,000    2,000
Total Current Liabilities   33,200  30,000

Compute the cash ratio for 2017 and 2016.

2yankees2   50   3 Replies

chrism004cc

Managers use assigned cost information to make decisions and implement them.

Managers use assigned cost information to make decisions and implement them.

Managers use assigned cost information to make decisions and implement them.
[True or False]

2yankees2   52   3 Replies

rwbuma

Fixed costs equal $16,000, unit contribution margin equals $35, and the number of units sold equal ...

Fixed costs equal $16,000, unit contribution margin equals $35, and the number of units sold equal ...

Fixed costs equal $16,000, unit contribution margin equals $35, and the number of units sold equal 1,300. Operating income is ________.
A) $45,500
B) $29,500
C) $16,000
D) $61,500

2yankees2   195   2 Replies

2yankees2

Charishma is a taxpayer with taxable income exceeding $500,000. She sells a stock for a $50,000 ...

Charishma is a taxpayer with taxable income exceeding $500,000. She sells a stock for a $50,000 ...

Charishma is a taxpayer with taxable income exceeding $500,000. She sells a stock for a $50,000 gain. She acquired the stock 13 months earlier. The gain will be taxed at a total tax rate of 20%.

▸ true

▸ false

3099592   28   1 Reply

rrraval3

Relevant assertions have a meaningful bearing on whether the account is fairly stated and are used ...

Relevant assertions have a meaningful bearing on whether the account is fairly stated and are used ...

Relevant assertions have a meaningful bearing on whether the account is fairly stated and are used to assess the risk of material misstatement and the design and performance of audit procedures.

▸ true

▸ false

32264   38   1 Reply

mbiij16

The predecessor auditor is required to respond to the request of the successor auditor for ...

The predecessor auditor is required to respond to the request of the successor auditor for ...

[html]The predecessor auditor is required to respond to the request of the successor auditor for information, but the response can be limited to stating that no information will be provided when

▸ the predecessor auditor has poor relations with the

32264   48   1 Reply

CrazyW27

There are several factors that affect engagement risk and, therefore, acceptable audit risk. Discuss ...

There are several factors that affect engagement risk and, therefore, acceptable audit risk. Discuss ...

There are several factors that affect engagement risk and, therefore, acceptable audit risk. Discuss three of these factors.

32264   47   1 Reply

billbye

When determining sample sizes for accounts payable tests,

When determining sample sizes for accounts payable tests,

[html]When determining sample sizes for accounts payable tests,

▸ sample sizes rarely vary from audit to audit.

▸ auditors must try to ensure that the population includes all potential payables.

▸ defining the population is a simple procedure.

▸

32264   27   1 Reply

Hello32hello3

The majority of financial instruments are valued using

The majority of financial instruments are valued using

The majority of financial instruments are valued using

▸ cost.

▸ fair value estimates.

▸ lower of cost or market.

▸ realizable value.

32264   25   1 Reply

hizzy117

The margin of safety represents the volume of sales that it takes to break even.

The margin of safety represents the volume of sales that it takes to break even.

The margin of safety represents the volume of sales that it takes to break even.

▸ true

▸ false

32264   38   1 Reply

bigmatic94

If a product's variable cost per unit increases while the selling price and fixed costs remain ...

If a product's variable cost per unit increases while the selling price and fixed costs remain ...

[html]If a product's variable cost per unit increases while the selling price and fixed costs remain constant, what will happen to the break-even point?

▸ It will decrease.

▸ It will remain the same.

▸ It will increase.

▸ It may increase or decre

32264   47   1 Reply

kidace

The flexible budget variance is influenced most heavily by actions of the

The flexible budget variance is influenced most heavily by actions of the

The flexible budget variance is influenced most heavily by actions of the

▸ sales personnel.

▸ executives of the company.

▸ budget committee.

▸ operations personnel.

32264   38   1 Reply

kuteeme

Place an "X" in the column that corresponds to the type of activity level referred to in the ...

Place an "X" in the column that corresponds to the type of activity level referred to in the ...

[html]Place an "X" in the column that corresponds to the type of activity level referred to in the following hospital setting.

32264   34   1 Reply

niecey

Benchmarking means trying to match another company's

Benchmarking means trying to match another company's

Benchmarking means trying to match another company's

▸ performance.

▸ processes.

▸ profitability.

▸ metrics.

32264   20   1 Reply

omolola69

On the cash flow statement, buying inventory on account is not a use of cash.

On the cash flow statement, buying inventory on account is not a use of cash.

On the cash flow statement, buying inventory on account is not a use of cash.

▸ true

▸ false

32264   26   1 Reply

eminemluvr87

Materials used in a factory that are not an integral part of the final product, such as cleaning ...

Materials used in a factory that are not an integral part of the final product, such as cleaning ...

Materials used in a factory that are not an integral part of the final product, such as cleaning supplies, should be classified as:

▸ direct materials.

▸ a period cost.

▸ administrative expense.

▸ manufacturing overhead.

32264   42   1 Reply

studyinnurse

Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has ...

Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has ...

[html]Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations.

32264   37   1 Reply

lingo94

Which of the following statements is true?Direct labor is an appropriate allocation base for ...

Which of the following statements is true?Direct labor is an appropriate allocation base for ...

[html]Which of the following statements is true?Direct labor is an appropriate allocation base for overhead when overhead costs and direct labor are not highly correla

32264   29   1 Reply

eeemmm

Fuller Corporation uses the weighted-average method in its process costing system. This month, the ...

Fuller Corporation uses the weighted-average method in its process costing system. This month, the ...

[html]Fuller Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 700 units. The costs and percentage completion of these units in be

32264   39   1 Reply

wordnerd

Janos Corporation, which has only one product, has provided the following data concerning its most ...

Janos Corporation, which has only one product, has provided the following data concerning its most ...

[html]Janos Corporation, which has only one product, has provided the following data concerning its most recent month of operations:

32264   53   1 Reply

crazyali16

The manufacturing overhead budget at Polich Corporation is based on budgeted direct labor-hours. The ...

The manufacturing overhead budget at Polich Corporation is based on budgeted direct labor-hours. The ...

[html]The manufacturing overhead budget at Polich Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that 8,000 direct labor-hours will be required in February. The variable overhead rate is $9.60 per direct lab

32264   87   1 Reply

choroni64

Devoto Incorporated has provided the following data concerning one of the products in its standard ...

Devoto Incorporated has provided the following data concerning one of the products in its standard ...

[html]Devoto Incorporated has provided the following data concerning one of the products in its standard cost system.

32264   35   1 Reply

schmience

Fluegge Incorporated has provided the following data concerning one of the products in its standard ...

Fluegge Incorporated has provided the following data concerning one of the products in its standard ...

[html]Fluegge Incorporated has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours.

32264   31   1 Reply

jojoliciouz

Which of the following statements is true?If activity is higher than expected, total fixed costs ...

Which of the following statements is true?If activity is higher than expected, total fixed costs ...

[html]Which of the following statements is true?If activity is higher than expected, total fixed costs should be higher than expected. If activity is lower than expected, total fixed costs should b

32264   49   1 Reply

keeton1989

The management of Wengel Corporation is considering dropping product B90D. Data from the company's ...

The management of Wengel Corporation is considering dropping product B90D. Data from the company's ...

[html]The management of Wengel Corporation is considering dropping product B90D. Data from the company's accounting system appear below:

32264   43   1 Reply

wackocrazy

The Zingstad Corporation is considering an investment with the following data (Ignore income ...

The Zingstad Corporation is considering an investment with the following data (Ignore income ...

[html]The Zingstad Corporation is considering an investment with the following data (Ignore income taxes.):

32264   60   1 Reply

krissyc39

Which of the following statements is true?An increase in the expected salvage value at the end of a ...

Which of the following statements is true?An increase in the expected salvage value at the end of a ...

[html]Which of the following statements is true?An increase in the expected salvage value at the end of a capital budgeting project will increase the internal rate of

32264   67   1 Reply

AdieMichelle

How can customer service act as a competitive weapon?

How can customer service act as a competitive weapon?

How can customer service act as a competitive weapon?

3sp   54   2 Replies

3sp

How are macroenvironmental factors causing organizations and individuals to demand higher levels of

How are macroenvironmental factors causing organizations and individuals to demand higher levels of

How are macroenvironmental factors causing organizations and individuals to demand higher levels of customer service?

3sp   54   1 Reply

sportylatina

List and discuss the three elements of the dependability dimension of customer service.

List and discuss the three elements of the dependability dimension of customer service.

List and discuss the three elements of the dependability dimension of customer service.

3sp   56   2 Replies

3sp

Direct labor efficiency variance

Direct labor efficiency variance

If Actual units produced is 5500 and actual direct cost (10000 hrs.) is $53000. Standard Cost Budgeted production is 5000 and Standard direct labor is 2 hrs./unit at $9.00/hr.?

48crystal   416   1 Reply

bio_man

For the years 2012 through 2016 (inclusive) Mary, a best-selling author, has been involved in ...

For the years 2012 through 2016 (inclusive) Mary, a best-selling author, has been involved in ...

[html]For the years 2012 through 2016 (inclusive) Mary, a best-selling author, has been involved in operating an antique store.  In 2012, 2013 and 2014 her revenue exceeded the expenses from the activity.  In 2015 and 2016, the antique store generate

54152151   22   1 Reply

Krisslsmith128

The vacation home limitations of Section 280A may also apply to boats and mobile homes.

The vacation home limitations of Section 280A may also apply to boats and mobile homes.

The vacation home limitations of Section 280A may also apply to boats and mobile homes.

▸ true

▸ false

54152151   32   1 Reply

czstone

In February of the current year (assume a non-leap year), Ken and Kelsey received their property tax ...

In February of the current year (assume a non-leap year), Ken and Kelsey received their property tax ...

[html]In February of the current year (assume a non-leap year), Ken and Kelsey received their property tax statement for last calendar-year taxes of $1,600, which they paid to the taxing authority on March 1 of the current year. They had purchased th

54152151   60   1 Reply

Chrisi9