Effective Techniques for Accounting Discussion Posts
Published: 4 months ago
30. Prepare a statement of cash flows using the indirect method for year 2011. UMLAUF COMPANY Balance Sheets December 31,2011 and 2010 2011 2010 Assets Cash $ 43,050 $ 23,925 Accounts receivable 34,125 39,825 Merchandise inventory 156,000 146,475 Prepaid expenses 3,600 1,650 Equipment 135,825 146,700 Accumdepreciation—Equipment . (61,950) (47,550) Total assets $310,650 $311,025 Liabilities and Equity Accounts payable $ 28,800 $ 33,750 Income taxes payable... Continue Reading
Efficient Strategies for Accounting Quiz Preparation
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16. Indicate the missing posting reference and amount in the control account, and the missing ending... The general ledger of Hensley Company contained the following Accounts Payable control account (in T-account form). Also shown is the related subsidiary ledger. GENERAL LEDGER Accounts Payable Feb.15 General o*rnal 1,400 Feb. 1 Balance 26,025 28 5 General journal 265 11 General journal 550 28 Purchases 13,400 Feb.28 Balance... Continue Reading
Top Tips for Financial Statement Analysis Assignments
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1. Systematic Enterprises invested its excess cash in the following Systematic Enterprises invested its excess cash in the following instruments during December 2010: Certificate of deposit, due January 31, 2013 …………………..$ 75,000 Certificate of deposit, due March 30, 2011 ……………………. 150,000 Commercial paper, original maturity date February 28, 2011 …. 125,000 Deposit into a money market fund ……………………………… 25,000 Investment in stock ……………………………………………… 65,000 90-day... Continue Reading
Winter Term Distinction: Accounting Module Mastery
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40. Sally Beauchamp, the Director of Finance of your Northern Expeditions company, has advised that... Sally Beauchamp, the Director of Finance of your Northern Expeditions company, has advised that the company will be opening an office in Nunavut this year. The office will offer guided northern trips to hunters and adventurers. It expects to mainly employ local guides (40 days over the summer period) but... Continue Reading
Fall Semester Success: Accounting Assignment Strategies
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30. Boyd Docker engaged in the following activities in establishing his photography studio,... Boyd Docker engaged in the following activities in establishing his photography studio, SnapShot!: 1. Opened a bank account in the name of SnapShot! and deposited $8,000 of his own money into this account in exchange for common stock. 2. Purchased photography supplies at a total cost of $950. The business paid $400... Continue Reading
Strategic Approaches for Excel-based Accounting Modules
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1. Prepare a balance sheet for Petrello Company immediately after the merger. Acquisition Method The balance sheets of Petrello Company and Sanchez Company as of January 1, 2011, are presented below. On that date, after an extended period of negotiation, the two companies agreed to merge. To effect the merger, Petrello Company is to exchange its unissued common stock for all the outstanding shares of... Continue Reading
Keys to Success in Accounting Quiz Preparation
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40. Conversion cost excludes a. direct material cost b. direct Labour cost c. direct expenses d. all... Conversion cost excludes a. direct material cost b. direct Labour cost c. direct expenses d. all the above 41. Problem 4-43 Multiple-Product Analysis, Changes in Sales Mix, Sales to Earn Target Operating... Problem 4-43 Multiple-Product Analysis, Changes in Sales Mix, Sales to Earn Target Operating Income Basu Company... Continue Reading
Research Paper Strategies for Accounting Students
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21. 7. Mr. Kapoor had the following bills receivable and bills payable against Mr. Ramanathan. Calculate 7.Mr. Kapoor had the following bills receivable and bills payable against Mr. Ramanathan. Calculate the average due date when the payment can be made or received without any loss of interest to either party. Gazetted holidays intervening in the period: 15th Aug 2005; 2nd October 2005 18th September 2005... Continue Reading
Advanced Accounting Topics: Navigating Complex Assignments
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1. The cost of merchandise averages 40% of its selling price. The company’s policy is to maintain an... Items 1 and 2 are based on the following information: Operational budgets are used by a retail company for planning and controlling its business activities. Data regarding the company’s monthly sales for the last 6 months of the year and its projected collection patterns are shown below.... Continue Reading
Financial Analysis Mastery: Tips for Top Grades
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43. 8-23 Variable manufacturing overhead variance analysis. The Sourdough Bread Company bakes... 8-23 Variable manufacturing overhead variance analysis. The Sourdough Bread Company bakes baguettes for distribution to upscale grocery stores. The company has two direct-cost categories: direct materials and direct manufacturing labor. Variable manufacturing overhead is allocated to products on the basis of standard direct manufacturing labor-hours. Following is some budget data for the Sourdough... Continue Reading
