Accounting

James Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs. Th

James Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs. Th

James Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs. The company has two departments: Assembly and Sanding. The Assembly Department uses a departmental overhead rate of $35 per machine hour, while the Sand

bernie2981   771   3 Replies

Leonardo Placucci Neto

James opens his business by investing $12,000. How does this affect the accounting equation?

James opens his business by investing $12,000. How does this affect the accounting equation?

James opens his business by investing $12,000. How does this affect the accounting equation?
A) Increase in Assets; increase in Stockholders' Equity.
B) Increase in Liabilities; increase in Stockholders' Equity.
C) Decrease i

tivo   74   2 Replies

tivo

James Service Company earned revenues of $100,000 and incurred expenses of $107,000. Prepare the ...

James Service Company earned revenues of $100,000 and incurred expenses of $107,000. Prepare the ...

James Service Company earned revenues of $100,000 and incurred expenses of $107,000.  Prepare the entry to close the Income Summary account.

H3Ko   790   4 Replies

Adham El-sayed

James wants to invest cash so that he will have a one-third interest in Thomas and Stanley's ...

James wants to invest cash so that he will have a one-third interest in Thomas and Stanley's ...

James wants to invest cash so that he will have a one-third interest in Thomas and Stanley's company. The capital balances are $6,000 Thomas, $9,000 Stanley. The admission of James would be to:
A) debit Cash $4,500; credit James, Capital $4

Fast2F   52   1 Reply

Augustis

James Worman is preparing a direct labor budget. His sales budget shows total sales units of 15,000 ...

James Worman is preparing a direct labor budget. His sales budget shows total sales units of 15,000 ...

[html]James Worman is preparing a direct labor budget. His sales budget shows total sales units of 15,000 and sales dollars of $18,750. The direct materials purchases budget shows materials to be purchased of 15,000 units and budgeted purchases cost

partygirl4u59   21   1 Reply

Kocojda

James, a customer, purchased $500 of merchandise from Haskins, Inc. Under the perpetual inventory ...

James, a customer, purchased $500 of merchandise from Haskins, Inc. Under the perpetual inventory ...

James, a customer, purchased $500 of merchandise from Haskins, Inc. Under the perpetual inventory system, Haskins, Inc. will record a:
A) debit to Accounts Receivable or to Cash for $500.
B) credit to Accounts Receivable or to Cash for $500

bravata   112   1 Reply

largerthanlife

Jamestown has decided to enter into a capital lease for the purchase of its new

Jamestown has decided to enter into a capital lease for the purchase of its new

Jamestown has decided to enter into a capital lease for the purchase of its new recycling truck. The capitalizable cost of the capital asset is $175,000 and Jamestown made a $30,000 down payment at the inception of the lease agreement. The estimated

goji.go   366   4 Replies

Emily Tanner

Jamie sells investment real estate for $80,000, resulting in a $15,000 loss. Jamie's loss is

Jamie sells investment real estate for $80,000, resulting in a $15,000 loss. Jamie's loss is

Jamie sells investment real estate for $80,000, resulting in a $15,000 loss. Jamie's loss is
A) an ordinary loss.
B) a capital loss.
C) a Sec. 1231 loss.
D) a Sec. 1244 loss.

Augustus1   159   2 Replies

Augustus1

Jamison Company sells goods to Matthews Company. When Jamison ships goods to Matthews with terms ...

Jamison Company sells goods to Matthews Company. When Jamison ships goods to Matthews with terms ...

Jamison Company sells goods to Matthews Company. When Jamison ships goods to Matthews with terms f.o.b. shipping point, ________.
A) Jamison Company reports the goods in its inventory when the goods are in transit to Matthews Company
B) the title p

matarata   65   2 Replies

matarata

Jan can invest $4,000 of after-tax dollars (AT$) directly in a taxable bond outside an IRA, or she ...

Jan can invest $4,000 of after-tax dollars (AT$) directly in a taxable bond outside an IRA, or she ...

Jan can invest $4,000 of after-tax dollars (AT$) directly in a taxable bond outside an IRA, or she can contribute the $4,000 to a nondeductible IRA and invest in the same bond through the IRA vehicle. In either case the bond yields an annual 4% befor

Augustus1   60   2 Replies

Augustus1

Jan has been assigned to the Rome office of ABC Corporation. She arrives in Rome on November 1, 2008 ...

Jan has been assigned to the Rome office of ABC Corporation. She arrives in Rome on November 1, 2008 ...

Jan has been assigned to the Rome office of ABC Corporation. She arrives in Rome on November 1, 2008 and does not return to the U.S. until March 5, 2011. During her stay in Rome, Jan earned $102,000 in 2010.  Jan may exclude
A) $0.
B)

Sheena Maskell   174   2 Replies

Sheena Maskell

Jan purchased an antique desk at auction. For two years, the desk sat in Jan's garage until she ...

Jan purchased an antique desk at auction. For two years, the desk sat in Jan's garage until she ...

Jan purchased an antique desk at auction. For two years, the desk sat in Jan's garage until she decided to restore it. This year, while cleaning and restoring the desk, Jan discovered $1,500 in a hidden compartment inside one drawer. With respec

Sheena Maskell   248   2 Replies

Sheena Maskell

Jan, who is an employee, drove her automobile a total of 40,000 business miles in 2010. She also has ...

Jan, who is an employee, drove her automobile a total of 40,000 business miles in 2010. She also has ...

Jan, who is an employee, drove her automobile a total of 40,000 business miles in 2010. She also has receipts for business-related use as follows:

Parking   $500
Fuel   900
Tolls   200

Jan receives no reimbursement from her

Augustus1   72   2 Replies

Augustus1

Jan-Con Company provides the following information for the month of August. DateUnits$/UnitTotalAug ...

Jan-Con Company provides the following information for the month of August. DateUnits$/UnitTotalAug ...

Jan-Con Company provides the following information for the month of August. 

Date      Units   $/Unit   Total
Aug   1   Opening inventory   40   $ 30   $ 1,200
Aug   3   Purchase   60   $ 35   $ 2,100
Aug 10   Sale   100   $ 60   $ 6,000

gOOvER   44   1 Reply

raovatallpy

Jan-Con Company provides the following information for the month of August. DateUnits$/UnitTotalAug ...

Jan-Con Company provides the following information for the month of August. DateUnits$/UnitTotalAug ...

Jan-Con Company provides the following information for the month of August. 

Date      Units   $/Unit   Total
Aug   1   Opening inventory   40   $ 30   $ 1,200
Aug   3   Purchase   60   $ 35   $ 2,100
Aug 10   Sale   100   $ 60   $ 6,000

harra   50   2 Replies

harra

Jane and Joe plan to go into business together. They plan to incorporate the business. What tax ...

Jane and Joe plan to go into business together. They plan to incorporate the business. What tax ...

Jane and Joe plan to go into business together. They plan to incorporate the business. What tax issues should they consider when deciding whether or not to elect S corporation status?

•   Are their individual marginal tax rates lower or high

safezone   146   1 Reply

genflynn

Jane borrowed $1,000 from West Bank and signed a promissory note. West Bank is:

Jane borrowed $1,000 from West Bank and signed a promissory note. West Bank is:

Jane borrowed $1,000 from West Bank and signed a promissory note. West Bank is:
A) the maker.
B) the payee.
C) the drawee.
D) the drawer.

Fast2F   243   1 Reply

Ompa

Jane contributes land with an FMV of $100,000 and a basis of $40,000 to the Green Partnership in ...

Jane contributes land with an FMV of $100,000 and a basis of $40,000 to the Green Partnership in ...

Jane contributes land with an FMV of $100,000 and a basis of $40,000 to the Green Partnership in exchange for a 25% partnership interest. The partnership assumes the $80,000 mortgage on the land. Mary has a 25% share of partnership liabilities. The G

safezone   235   1 Reply

Rimoun

Jane contributes land with an FMV of $100,000 and a basis of $80,000 to the Green Partnership in ...

Jane contributes land with an FMV of $100,000 and a basis of $80,000 to the Green Partnership in ...

Jane contributes land with an FMV of $100,000 and a basis of $80,000 to the Green Partnership in exchange for a 25% partnership interest. The partnership assumes the $40,000 mortgage on the land. Mary has a 25% share of partnership liabilities. The G

Mandarini   175   1 Reply

Rimoun

Jane is a sole practitioner operating out of a local office. She is part of a regional group of ...

Jane is a sole practitioner operating out of a local office. She is part of a regional group of ...

Jane is a sole practitioner operating out of a local office. She is part of a regional group of firms, and occasionally does a small audit, with the assistance of one staff person. Using automated working paper software, she runs a standard set of an

eFishie   55   2 Replies

eFishie

Jane Kathryn has 15,000 shares outstanding of $15 par value, 5% preferred stock and 100,000 shares ...

Jane Kathryn has 15,000 shares outstanding of $15 par value, 5% preferred stock and 100,000 shares ...

Jane Kathryn has 15,000 shares outstanding of $15 par value, 5% preferred stock and 100,000 shares outstanding $10 par value common stock. In the first 3 years of operations, the company paid dividends in Year 1, $0; Year 2, $10,000; Year 3, $20,000.

Fast2F   87   2 Replies

Fast2F

Jane Kathryn has 30,000 shares outstanding of $10 par value, 10% preferred stock and 100,000 shares ...

Jane Kathryn has 30,000 shares outstanding of $10 par value, 10% preferred stock and 100,000 shares ...

Jane Kathryn has 30,000 shares outstanding of $10 par value, 10% preferred stock and 100,000 shares outstanding $5 par value common stock. In the first 3 years of operations, the company paid dividends in Year 1, $0; Year 2, $40,000; Year 3, $100,000

Fast2F   88   2 Replies

Fast2F

Jane works 43 hours at a rate of pay of $20 per hour. She receives double pay over 40 hours. What is ...

Jane works 43 hours at a rate of pay of $20 per hour. She receives double pay over 40 hours. What is ...

Jane works 43 hours at a rate of pay of $20 per hour. She receives double pay over 40 hours. What is her gross pay?
A) $860
B) $780
C) $720
D) $920

upton   68   1 Reply

keytwo

Jane works for Middle Co. She is responsible for opening the mail, and preparing the bank deposit ...

Jane works for Middle Co. She is responsible for opening the mail, and preparing the bank deposit ...

Jane works for Middle Co. She is responsible for opening the mail, and preparing the bank deposit for cheques received, which she then gives to the owner. After the owner has deposited the cash, he gives Jane the stamped bank deposit slip, which she

npeelman   56   2 Replies

npeelman

Jane's employer purchased a new calculator this month. When Jane added up the sales for the day, ...

Jane's employer purchased a new calculator this month. When Jane added up the sales for the day, ...

Jane's employer purchased a new calculator this month. When Jane added up the sales for the day, she was a bit confused with the new calculator and made numerous adding errors. The daily sales total for the next week was incorrectly posted to th

Cadish   57   2 Replies

Cadish

Janeiro Skate, Incorporated currently manufactures the wheels that it uses for its in-line skates. ...

Janeiro Skate, Incorporated currently manufactures the wheels that it uses for its in-line skates. ...

[html]Janeiro Skate, Incorporated currently manufactures the wheels that it uses for its in-line skates. The annual costs to manufacture the 150,000 wheels needed each year are as follows:

cacerami   35   1 Reply

nilabmirzada

Janet Lee Music created a petty cash fund on July 1, 2014 with an imprest balance of $200. During ...

Janet Lee Music created a petty cash fund on July 1, 2014 with an imprest balance of $200. During ...

Janet Lee Music created a petty cash fund on July 1, 2014 with an imprest balance of $200. During July, Gerry Lynn, the fund custodian, signed the following petty cash tickets:

Ticket #   Item   Amount
   1   Office supplies   $19.42
   2   Po

harra   59   2 Replies

harra

Janet Smythe started her personal coaching business, Smythe Personal Coaching, on November 1, 2014. ...

Janet Smythe started her personal coaching business, Smythe Personal Coaching, on November 1, 2014. ...

Janet Smythe started her personal coaching business, Smythe Personal Coaching, on November 1, 2014. Janet records purchasing supplies as assets and cash received from clients on deposit as unearned revenue. The following transactions occurred during

harra   101   2 Replies

harra

Janeway Corporation uses a job-order costing system and has provided the following partially ...

Janeway Corporation uses a job-order costing system and has provided the following partially ...

[html]Janeway Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year.

marcsleiman   32   1 Reply

rl679

Janeway, Inc. has a cash balance of $22,000 on April 1. The company is now preparing the cash budget ...

Janeway, Inc. has a cash balance of $22,000 on April 1. The company is now preparing the cash budget ...

Janeway, Inc. has a cash balance of $22,000 on April 1. The company is now preparing the cash budget for the second quarter. Budgeted cash collections and payments are as follows:

AprMayJun
Cash collections$26,000$26,000$24,000
Cash payments:
P

lanachase   52   3 Replies

jmendoza

Janeway, Inc. has a cash balance of $24,000 on April 1. The company is now preparing the cash budget ...

Janeway, Inc. has a cash balance of $24,000 on April 1. The company is now preparing the cash budget ...

Janeway, Inc. has a cash balance of $24,000 on April 1. The company is now preparing the cash budget for the second quarter. Budgeted cash collections and payments are as follows:

   Apr   May   Jun
Cash collections   $24,000   $22,000   $24,000

Deprecated   310   2 Replies

Deprecated

Jangyoun sells investment land having a $30,000 basis to a partnership in which he has a 60% ...

Jangyoun sells investment land having a $30,000 basis to a partnership in which he has a 60% ...

Jangyoun sells investment land having a $30,000 basis to a partnership in which he has a 60% partnership interest. The partnership pays $26,000 (FMV) for the land. Later, the partnership sells the investment land to a nonpartner for $31,000. On the s

Mandarini   266   2 Replies

Mandarini

Janice has a 30% interest in the Jansen Partnership. She is to receive a guaranteed payment for ...

Janice has a 30% interest in the Jansen Partnership. She is to receive a guaranteed payment for ...

Janice has a 30% interest in the Jansen Partnership. She is to receive a guaranteed payment for deductible services of $50,000. The partnership reports $30,000 of ordinary income and a $100,000 long-term capital gain before deducting the guaranteed p

Mandarini   70   2 Replies

Mandarini

Janice transfers land and a building with a $180,000 adjusted basis and a $200,000 FMV to Optimum ...

Janice transfers land and a building with a $180,000 adjusted basis and a $200,000 FMV to Optimum ...

Janice transfers land and a building with a $180,000 adjusted basis and a $200,000 FMV to Optimum Corporation in exchange for 100% of its stock in a transaction qualifying under Sec. 351. Shortly before the transfer, Janice obtains a $140,000 mortgag

Sheena Maskell   137   2 Replies

Sheena Maskell

Janicki Corporation has two manufacturing departments--Machining and Customizing. The company used ...

Janicki Corporation has two manufacturing departments--Machining and Customizing. The company used ...

[html]Janicki Corporation has two manufacturing departments--Machining and Customizing. The company used the following data at the beginning of the year to calculate predetermined overhead rates:

Befuddled   31   1 Reply

ryan_navarro5

Janicki Corporation has two manufacturing departments--Machining and Customizing. The company used ...

Janicki Corporation has two manufacturing departments--Machining and Customizing. The company used ...

[html]Janicki Corporation has two manufacturing departments--Machining and Customizing. The company used the following data at the beginning of the year to calculate predetermined overhead rates:

simmiie259   34   1 Reply

bizmailova

Janicki Corporation has two manufacturing departments--Machining and Customizing. The company used ...

Janicki Corporation has two manufacturing departments--Machining and Customizing. The company used ...

[html]Janicki Corporation has two manufacturing departments--Machining and Customizing. The company used the following data at the beginning of the year to calculate predetermined overhead rates:

Rosa   28   1 Reply

armywahine

Janicki Corporation has two manufacturing departments--Machining and Customizing. The company used ...

Janicki Corporation has two manufacturing departments--Machining and Customizing. The company used ...

[html]Janicki Corporation has two manufacturing departments--Machining and Customizing. The company used the following data at the beginning of the year to calculate predetermined overhead rates:

ogf78   35   1 Reply

traumajeff

Janie and Larry are partners, with beginning capital balances of $67,000 and $55,000 respectively. ...

Janie and Larry are partners, with beginning capital balances of $67,000 and $55,000 respectively. ...

Janie and Larry are partners, with beginning capital balances of $67,000 and $55,000 respectively. During the year, Janie withdrew $12,000 and Larry withdrew $18,000. The year's net income of $42,000 was distributed $15,000 to Janie and $27,000

Fast2F   67   1 Reply

keytwo

Janie and Larry are partners, with beginning capital balances of $90,000 and $60,000 respectively. ...

Janie and Larry are partners, with beginning capital balances of $90,000 and $60,000 respectively. ...

Janie and Larry are partners, with beginning capital balances of $90,000 and $60,000 respectively. During the year, Janie withdrew $20,000 and Larry withdrew $15,000. The year's net income of $40,000 was distributed $15,000 to Janie and $25,000

majestico   63   1 Reply

keytwo