Accounting

Hazel Corporation reported the following results for the current year:Taxable income before the ...

Hazel Corporation reported the following results for the current year:Taxable income before the ...

Hazel Corporation reported the following results for the current year:

Taxable income before the dividends-received deduction
and before the charitable contributions deduction   $140,000
Charitable contributions   18,000
Dividen

Sheena Maskell   118   2 Replies

Sheena Maskell

The Current Model most closely describes a flow-through entity while a variation of the Deferred ...

The Current Model most closely describes a flow-through entity while a variation of the Deferred ...

The Current Model most closely describes a flow-through entity while a variation of the Deferred Model describes a C corporation.

Sheena Maskell   118   2 Replies

Sheena Maskell

Courtney Corporation had the following income and expenses for the tax year:Gross profit on ...

Courtney Corporation had the following income and expenses for the tax year:Gross profit on ...

Courtney Corporation had the following income and expenses for the tax year:

Gross profit on sales   $300,000
Expenses   $600,000
Dividends received from less-than-20%-
   owned domestic corporations   $ 20,000

Courtney h

Mandarini   118   2 Replies

Mandarini

Which of the following statements is not true about redemptions?

Which of the following statements is not true about redemptions?

Which of the following statements is not true about redemptions?
A) Redemptions of Sec. 306 stock are generally treated as dividends to the shareholder.
B) A sale of stock from one controlled corporation to another controlled corporation is

Mandarini   118   3 Replies

Dea1l

Becky places five-year property in service during June 2014 using the half-year convention. ...

Becky places five-year property in service during June 2014 using the half-year convention. ...

Becky places five-year property in service during June 2014 using the half-year convention. Depreciation is $1,500 under the 150% declining balance method and $2,000 under 200% declining balance. Becky uses the 200% declining balance method for regul

safezone   118   1 Reply

strwbrry

Jerry has a 10% interest in the EKG Partnership capital, profits, and losses. He is a limited ...

Jerry has a 10% interest in the EKG Partnership capital, profits, and losses. He is a limited ...

Jerry has a 10% interest in the EKG Partnership capital, profits, and losses. He is a limited partner. At the beginning of the current year, his basis in his partnership interest is $10,000. The partnership earned $20,000 of ordinary income this year

Mandarini   118   1 Reply

genflynn

Kenya sells her 20% partnership interest having a $28,000 basis to Ebony for $40,000 cash. At the ...

Kenya sells her 20% partnership interest having a $28,000 basis to Ebony for $40,000 cash. At the ...

Kenya sells her 20% partnership interest having a $28,000 basis to Ebony for $40,000 cash. At the time of the sale, the partnership has no liabilities and its assets are as follows:

   Basis   FMV
Cash   $20,000   $20,000
Unrealized rece

safezone   118   1 Reply

Rimoun

Greg transfers property on August 8 of the current year with an adjusted basis of $40,000 and an FMV ...

Greg transfers property on August 8 of the current year with an adjusted basis of $40,000 and an FMV ...

Greg transfers property on August 8 of the current year with an adjusted basis of $40,000 and an FMV of $90,000 to his ex-wife as a property settlement that is part of their divorce agreement. The property settlement agreement and the divorce were bo

Mandarini   118   2 Replies

Mandarini

Martha died and by her will, specifically bequeathed, and the executor distributed, $20,000 cash and ...

Martha died and by her will, specifically bequeathed, and the executor distributed, $20,000 cash and ...

Martha died and by her will, specifically bequeathed, and the executor distributed, $20,000 cash and a $70,000 house to Harold. The distributions were made in a year in which the estate had $65,000 of DNI, all from taxable sources. The maximum Harold

Mandarini   118   1 Reply

genflynn

Ed Camby sold an apartment building in May 2008 for a small amount of cash and a note payable over ...

Ed Camby sold an apartment building in May 2008 for a small amount of cash and a note payable over ...

Ed Camby sold an apartment building in May 2008 for a small amount of cash and a note payable over five years. Principal and interest payments are due annually on the note in April of 2009 through 2013. Ed died in August 2008. He willed all his asset

Mandarini   118   1 Reply

strwbrry

Identify which of the following statements is false.

Identify which of the following statements is false.

Identify which of the following statements is false.
A) So-called private letter rulings are made public after confidential information is eliminated.
B) A letter ruling is a written statement issued to a taxpayer by the IRS that interprets

Mandarini   118   1 Reply

genflynn

A company has a ten million dollar credit balance in the payable accounts. Given this information, ...

A company has a ten million dollar credit balance in the payable accounts. Given this information, ...

A company has a ten million dollar credit balance in the payable accounts. Given this information, which of the following is a TRUE statement?
A) It is NOT normal for payable accounts to have a credit balance.
B) Not enough information prov

bravata   118   2 Replies

bravata

The adjusted trial balance is prepared before the adjusting entries are completed and posted.Is this ...

The adjusted trial balance is prepared before the adjusting entries are completed and posted.Is this ...

The adjusted trial balance is prepared before the adjusting entries are completed and posted.
Is this statement one that's true or false?

tivo   118   2 Replies

tivo

Under the perpetual inventory system, purchases are entered into the asset account, Inventory, at ...

Under the perpetual inventory system, purchases are entered into the asset account, Inventory, at ...

Under the perpetual inventory system, purchases are entered into the asset account, Inventory, at the:
A) time of purchase.
B) time of sale to consumers.
C) time of the inventory count.
D) end of the accounting period.

tivo   118   2 Replies

tivo

Lionworks Enterprises had the following inventory data:DateQuantityUnit costJuly 1Beginning ...

Lionworks Enterprises had the following inventory data:DateQuantityUnit costJuly 1Beginning ...

Lionworks Enterprises had the following inventory data:

Date      Quantity   Unit cost
July 1   Beginning inventory   5   $52
July 4   Purchase   10   $55
July 7   Sale   12   
July 11   Purchase   9   $58
July 14   Sale   8   

Assuming av

bravata   118   2 Replies

xaac

If the inventory shows an actual count of $350 and the perpetual inventory according to the records ...

If the inventory shows an actual count of $350 and the perpetual inventory according to the records ...

If the inventory shows an actual count of $350 and the perpetual inventory according to the records shows $339, the adjusting entry for the $11 would:
A) debit Cost of Goods Sold; debit Purchase Returns and Allowances.
B) debit Cost of Good

tivo   118   4 Replies

Juvani

A qualified opinion is issued when which of the following occurs?

A qualified opinion is issued when which of the following occurs?

A qualified opinion is issued when which of the following occurs?
A) The auditors have taken exception to an accounting application.
B) The auditors find the financial statements to be fairly presented in accordance with GAAP.
C) The a

tivo   118   2 Replies

tivo

The costs associated with clearing land and removing buildings are considered land improvements.Is ...

The costs associated with clearing land and removing buildings are considered land improvements.Is ...

The costs associated with clearing land and removing buildings are considered land improvements.
Is this statement one that's true or false?

tivo   118   2 Replies

tivo

Which of the following is NOT a part of operating activities?

Which of the following is NOT a part of operating activities?

Which of the following is NOT a part of operating activities?
A) Paying dividends
B) Paying payables
C) Earnings revenue
D) Paying utilities

tivo   118   2 Replies

tivo

Common-size statements should NOT be used to compare a company's performance against a company of a ...

Common-size statements should NOT be used to compare a company's performance against a company of a ...

Common-size statements should NOT be used to compare a company's performance against a company of a different size.
Is this statement one that's true or false?

tivo   118   2 Replies

tivo

The following is a common-sized Income Statement for Sigma and Chi Companies. (in thousands)Sigma ...

The following is a common-sized Income Statement for Sigma and Chi Companies. (in thousands)Sigma ...

The following is a common-sized Income Statement for Sigma and Chi Companies.

(in thousands)   Sigma %   Chi %
Net Sales   100.0%   100.0%
Cost of Goods Sold   64.6%   60.8%
Gross Profit   35.4%   39.2%
Operating Expenses      
 Sell

bravata   118   1 Reply

antonio_john

The first two numbers of the ABA code listed on the check represent:

The first two numbers of the ABA code listed on the check represent:

The first two numbers of the ABA code listed on the check represent:
A) the code indicating business or personal account.
B) the Federal Reserve District.
C) the account number.
D) the routing number.

Fast2F   118   1 Reply

Laffio

A summary record of each person's earnings, deductions, and net pay is called a(n):

A summary record of each person's earnings, deductions, and net pay is called a(n):

A summary record of each person's earnings, deductions, and net pay is called a(n):
A) general journal.
B) payroll register.
C) employee individual earnings record.
D) W-4.

Fast2F   118   4 Replies

Maxwell Zimmer

Wages and Salaries Expense is:

Wages and Salaries Expense is:

Wages and Salaries Expense is:
A) equal to gross pay.
B) equal to the employer's taxes.
C) equal to net pay.
D) equal to wages and Salaries paid in cash.

upton   118   1 Reply

Ompa

In a perpetual inventory system, the Merchandise Inventory account is updated:

In a perpetual inventory system, the Merchandise Inventory account is updated:

In a perpetual inventory system, the Merchandise Inventory account is updated:
A) when merchandise is purchased.
B) when merchandise is sold.
C) at the end of the period.
D) All of the above are correct

upton   118   1 Reply

Laffio

After several years of business, Abel, Barney, and Cole are liquidating. The following are ...

After several years of business, Abel, Barney, and Cole are liquidating. The following are ...

After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances.

Cash   18,000
Inventory   73,000
Other assets   157,000
   Accounts Payable   61,000
   Abel, Capital   50,000

Fast2F   118   2 Replies

Fast2F

A company has cash of $215,000; short-term investments of $45,000; net receivables of $75,000; and ...

A company has cash of $215,000; short-term investments of $45,000; net receivables of $75,000; and ...

A company has cash of $215,000; short-term investments of $45,000; net receivables of $75,000; and inventory of $100,000. Current liabilities total $80,000. The current ratio is:
A) 4.89:1.
B) 5.28:1.
C) 4.44:1.
D) 5.44:1.

upton   118   1 Reply

keytwo

Double dating a report is done when

Double dating a report is done when

Double dating a report is done when
A) the parent company and their subsidiaries have different year ends.
B) the auditor finishes his work later than planned.
C) a material event occurs after the date of the auditor's report and

Cadish   118   1 Reply

inthe80s

The debt ratio is computed by:

The debt ratio is computed by:

The debt ratio is computed by:
A) dividing owner's equity by total liabilities.
B) dividing current liabilities by total assets.
C) dividing total assets by total liabilities.
D) dividing total liabilities by total assets.

harra   118   2 Replies

jing yuan

Using a perpetual inventory system, the entry to record the purchase of merchandise on account ...

Using a perpetual inventory system, the entry to record the purchase of merchandise on account ...

Using a perpetual inventory system, the entry to record the purchase of merchandise on account involves a:
A) debit to Inventory.
B) debit to Accounts Payable.
C) credit to Inventory.
D) credit to Cash.

harra   118   2 Replies

harra

Given the following data, what is the gross margin if cost of goods sold is determined using the ...

Given the following data, what is the gross margin if cost of goods sold is determined using the ...

Given the following data, what is the gross margin if cost of goods sold is determined using the FIFO periodic method?

Sales revenue   200 units at $20 per unit
Beginning inventory   60 units at $12 per unit
Purchases   210 units at $1

harra   118   2 Replies

harra

The shorter the time horizon, the lower the percentage of total costs considered fixed.

The shorter the time horizon, the lower the percentage of total costs considered fixed.

The shorter the time horizon, the lower the percentage of total costs considered fixed.
[True or False]

applesauce234   118   1 Reply

cgray16

Freetown Corporation incurred fixed manufacturing costs of $34,000 during 2017. Other information ...

Freetown Corporation incurred fixed manufacturing costs of $34,000 during 2017. Other information ...

Freetown Corporation incurred fixed manufacturing costs of $34,000 during 2017. Other information for 2017 includes:
The budgeted denominator level is 2,000 units.
Units produced total 1,800 units.
Units sold total 1,300 units.
Beginning inventor

mkama   118   1 Reply

Tabitha.davis

Which of the following focuses on these five factors: competitors, potential entrants to the market, ...

Which of the following focuses on these five factors: competitors, potential entrants to the market, ...

Which of the following focuses on these five factors: competitors, potential entrants to the market, equivalent products, bargaining power of customers, and bargaining power of suppliers?
A) balanced scorecard
B) product differentiation analysis
C

KatharinaR   118   3 Replies

askhat9

Silo Corp. granted to Donna, its superstar accountant, the option to purchase Silo common shares

Silo Corp. granted to Donna, its superstar accountant, the option to purchase Silo common shares

Silo Corp. granted to Donna, its superstar accountant, the option to purchase Silo common shares
for $10, on Jan. 1, 20x1. The market price of the shares on that date was $20. The options can be
exercised during the period Jan. 1, 20x4 through Jan.

sholey   118   2 Replies

sholey

What is a turnaround document? Provide at least one example of a turnaround document.

What is a turnaround document? Provide at least one example of a turnaround document.

What is a turnaround document? Provide at least one example of a turnaround document.

dwilliams11   118   2 Replies

dwilliams11

Encryption is a necessary part of which information security approach?

Encryption is a necessary part of which information security approach?

Encryption is a necessary part of which information security approach?

• Defense in depth.

• Time based defense.

• Continuous monitoring.

• Synthetic based defense.

asprague24   118   1 Reply

NicoleLove

What role should an auditor play in system development?

What role should an auditor play in system development?

[html]What role should an auditor play in system development?

• an independent reviewer only

• a developer of internal controls

• an advisor and developer of internal control specifications

• an independent reviewer only and a developer of intern

malabranche13   118   2 Replies

malabranche13

The primary purpose of a management consulting engagement is to generate a recommendation to management.

The primary purpose of a management consulting engagement is to generate a recommendation to management.

The primary purpose of a management consulting engagement is to generate a recommendation to management.

▸ true

▸ false

jenny yehudai   118   1 Reply

patriciakim08

Which of the following isnotan underlying principle related to risk assessment?

Which of the following isnotan underlying principle related to risk assessment?

[html]Which of the following is not an underlying principle related to risk assessment?

▸ The organization should have clear objectives in order to be able to identify and assess the risks relating to the obje

dalvirb   118   1 Reply

isaw09