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  • Accounting Help

    SUMMARY OF DIVIDENDSFor the Years 2007-2012Total Preferred Dividends Common DividendsYear Dividends Total Per Share Total Per Share2007 $16,000 $16,000 $0.64 $- $-2008 48,000 48,000 1.92 - -2009 65,000 56,000 2.24 9,000 0.092010 90,000 40,000 1.60 50,000 0.502011 115,000 40,000 1.60 75,000 0.752012 140,000 40,000 1.60 100,000 1.00Total $9.60 $2.34Average annual dividend $1.60 $0.39Divided by market price per share ???? ¸ ????Average return on investment (percent) 1.25% 5.00%I cannot figure out the to blanks for "divided by market price per share. Please help.

  • Accounting Question.. Please Help!

    Under what circumstances in an Enterprise Fund required to beused? When is its use permitted but not required?

  • Unadjusted trial balance and list of needed adjustments

    Make all eight adjustments on the Adjusting Journal Entries" tab. Include description underneath.12/31/12 Adjusting Journal EntriesJE # Account Titles Debits Credits1-Jan Prepaid Insurance 18000Cash 180002 Building 1500depreciation ( Building) 15003 Cash 9000Unearned rent revenue 900045 Cash 4000Notes Payable 40006 Cost of Goods Sold 11007 Intangible Asses 2000010002100081 On March 1, ABC purchased a one-year liability insurance policy for $18,000.Upon purchase, the following journal entry was made:Dr Prepaid insurance 18,000Cr Cash 18,000The expired portion of insurance must be recorded as of 12/31/12.Notice that the expired portion from March through November has been recorded already.Make sure that the Prepaid Insurance balance after the adjusting entry is correct.2 Depreciation expense must be recorded (straight-line) for the month of December.The building was purchased on February 1, 2012 for $36,000 with a remaining useful life of 20 years and a salvage value of $6,000.The method of depreciation for the building is straight-line.The equipment was purchased on February 1, 2012 for $12,000 with a remaining useful life of 5 years and a salvage value of $500.The method of depreciation for the equipment is double-declining balance.Depreciation has been recorded for the building and equipment for months February through November.3 On December 1, XYZ Co. agreed to rent space in ABC's building for $3,000 per month,and XYZ paid ABC on December 1 in advance for the first three months' rent.The entry made on December 1 was as follows:Dr Cash 9,000Cr Unearned rent revenue 9,000The unearned revenue account must be adjusted to reflect the amount earned as of 12/31/12.4 Per timecards, from the last payroll date through December 31, 2012, ABC's employees have worked a total of 130 hours.Including payroll taxes, ABC's wage expense averages about $15 per hour. The next payroll date is January 5, 2013.The liability for wages payable must be recorded as of 12/31/12.5 On November 30, 2012, ABC borrowed $4,000 from American National Bank by issuing an interest-bearing note payable.This loan is to be repaid in three months (on February 28, 2013), along with interest computed at an annual rate of 9%.The entry made on November 30 to record the borrowing was:Dr Cash 4,000Cr Notes payable 4,000On February 28, 2013 ABC must pay the bank the amount borrowed plus interest.Interest through 12/31/12 must be accrued.6 ABC uses a periodic inventory system, and the ending inventory for each year is determined by taking a completephysical inventory at year-end. A physical count was taken on December 31, 2012, and the inventory on-hand atthat time totaled $1,100.Record the 2012 Cost of Goods Sold and the 12/31/12 Inventory adjustment. (This includes closing Purchases.)7 It would be unusual for a company to have an asset impairment in Year 1, but for the sake of this example, ABC realizedthat their intangible asset might be impaired on December 31, 2012. Record the impairment if any.The expected future net cash flows for this intangible asset totals $20,000, and the fair value of the asset is $21,000.Do this step after preparing the Income Statement except for the Income taxes line:8 Corporate taxes are due in four estimated quarterly payments on April 15, June 15, September 15, and December 15.However, for the purposes of this ABC illustration, we will assume that estimates are not paid, and that the tax is paid in fullon the return's March 15, 2013 due date.ABC's income tax rate is 35%. The entire year's income tax expense was estimated at the beginning of 2012 to be $24,000,so January through November income tax expense recognized amounts to $22,000 (11/12 months).Since we are assuming estimates are not made during the year, the balance in Income taxes payable representstax accrued for January through November. Assume no deferred tax assets or deferred tax liabilities.Based on the income before income taxes figure from the income statement, record December's income tax expenseso that the entire year's tax expense is correct.I am lost on 2, 4 and 8. Thank you

  • Please answer the following question(s)

    8-5 What types of costs should not be assigned to products in an activity-based costing system?8-6 Why are there two stages of allocation in activity-based costing?8-7 Why is the first stages of allocation process in activity-based costing often based on interviews?

  • underapplied overhead

    Larned Corporation recorded the following transactions for the just completed month.a.$71,600 in raw materials were requisitioned for use in production. Of this amount, $61,900 was for direct materials and the remainder was for indirectmaterials.b.Total labor wages of $112,800 were incurred. Of this amount, $100,900 was for direct labor and the remainder was for indirect labor.c.Additional manufacturing overhead costs of $175,200 were incurred.d.A total of $188,700 in manufacturing overhead was applied to jobs.Required:Determine the underapplied or overapplied overhead for the month

  • accounting

    Sutton company produces flash drives for computers, which it sells for $20 each. The variable cost to make each flsh drive is $13. During April, 700 drives were sold.Fixed costs for April were $2 per unit for a total of $1,400 for the month. How much is the monthly break-even level of sales in dollars for Sutton Company? 1. $8,4002. $200 3. $14,000 4. $4,000

  • test question please ignore

    hey this is a test question

  • Rate of return

    I missed this question on a quiz and was wondering if there was a way to show step by step, how to find the solution. I need to know how to do this before my nextexam.The internal rate of return method is used to analyze a $831,500 capital investment proposal with annual net cash flows of $250,000 for each of the six years of itsuseful life.(a) Determine a present value factor for an annuity of $1 which can be used in determining the internal rate of return.(b) Based on the factor determined in (a) and the portion of the present value of an annuity of $1 table presented below, determine the internal rate of return for theproposal.Year 10% 15% 20%1 0.909 0.870 0.8332 1.736 1.626 1.5283 2.487 2.283 2.1064 3.170 2.855 2.5895 3.791 3.353 2.9916 4.355 3.785 3.3267 4.868 4.160 3.605

  • Neosho River Resort Inc.

    Neosho River Resort, Inc. opened for business on June 1 with eight air-conditionedunits. Its trial balance before adjustment on August 31 is as follows.NEOSHO RIVER RESORT, INC.Trial BalanceAugust 31, 2008Account Number Debit Credit101 Cash $ 19,600126 Supplies 3,300130 Prepaid Insurance 6,000140 Land 25,000143 Cottages 125,000149 Furniture 26,000201 Accounts Payable $ 6,500208 Unearned Rent 7,400275 Mortgage Payable 80,000311 Common Stock 100,000332 Dividends 5,000429 Rent Revenue 80,000622 Repair Expense 3,600726 Salaries Expense 51,000732 Utilities Expense 9,400$273,900 $273,900Problems: Set A 129(c) Adj. trial balance $41,550Prepare adjusting entries, post,and prepare adjusted trial balance,and financial statements.(SO 5, 6, 7)In addition to those accounts listed on the trial balance, the chart of accounts for Neosho RiverResort also contains the following accounts and account numbers: No. 112 Accounts Receivable,No. 144 Accumulated Depreciation—Cottages, No. 150 Accumulated Depreciation—Furniture,No. 212 Salaries Payable,No. 230 Interest Payable,No. 320 Retained Earnings,No. 620 DepreciationExpense—Cottages, No. 621 Depreciation Expense—Furniture, No. 631 Supplies Expense,No. 718 Interest Expense, and No. 722 Insurance Expense.Other data:1. Insurance expires at the rate of $400 per month.2. A count on August 31 shows $600 of supplies on hand.3. Annual depreciation is $6,000 on cottages and $2,400 on furniture.4. Unearned rent of $4,100 was earned prior to August 31.5. Salaries of $400 were unpaid at August 31.6. Rentals of $1,000 were due from tenants at August 31. (Use Accounts Receivable.)7. The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.)(c) Prepare an adjusted trial balance on August 31

  • Intermediate accounting

    Which of the following statements is false?a A company may exclude a short-term obligation from current liabilities if the firmintent to refinance the obligation on a long-term basis and demonstrates an abilityto complete refinancing.b Cash dividends should be recorded as a liability when they are declared by theboard of directors.c Under the cash basis method , warranty costs are charged to expense as they arepaid.d FICA taxes withheld from employees' payroll checks should never be recorded asa liability since the employer will eventually remit the amounts withheld to theappropriate taxing authority

  • Accounting

    The business bought supplies for cash. To record this:A) an asset is debited and an asset is credited.B) an expense is debited and a liability is credited.C) an expense is debited and capital is credited.D) None of these are correct.The owner withdrew cash from the business. To record this:A) Withdrawals is debited and an asset is credited.B) Capital is debited and an asset is credited.C) an expense is debited and an asset is credited.D) None of these are correct.

  • Please see below

    CASE 12-28 Service Organization; Segment Reporting [L01]Music Teachers, Inc., is an educational association for music teachers that has 20,000 members. The association operates from a central headquarters but has localmembership chapters throughout the United States. Monthly meetings are held by the local chapters to discuss recent developments on topics of interest to musicteachers. The association's journal, Teachers' Forum, is issued monthly with features about recent developments in the field. The association publishes books andreports and also sponsors professional courses that qualify for continuing professional education credit. The association's statement of revenues and expenses for thecurrent year is presented below.Revenues $3,275,000Expenses:Salaries 920,000Personnel costs 230,000Occupancy costs 280,000Reimbursement of member costs to local chapters. 600,000Other membership services 500,000Printing and paper 320,000Postage and shipping 176,000Instructors' fees 80,000General and administrative 38,000Total expenses 3,144,000Excess of revenues over expenses . $ 131,000The board of directors of Music Teachers, Inc., has requested that a segmented income statement be prepared showing the contribution of each profit center to theassociation. The association has four profit centers: Membership Division. Magazine Subscriptions Division. Books and Reports Division, and Continuing EducationDivision. Mike Doyle has been assigned responsibility for preparing the segmented income statement, and he has gathered the following data prior to itspreparation.a. Membership dues are $100 per year, of which $20 is considered to cover a one-year subscription to the association's journal. Other benefits include membership inthe association and chapter affiliation. The portion of the dues covering the magazine subscription ($20) should be assigned to the Magazine SubscriptionDivision.b. One-year subscriptions to Teachers' Forum were sold to nonmembers and libraries at $30 per subscription. A total of 2,500 of these subscriptions were sold lastyear. In addition to subscriptions, the magazine generated $100,000 in advertising revenues. The costs per magazine subscription were $7 for printing and paper and $4for postage and shipping.c. A total of 28,000 technical reports and professional texts were sold by the Books and Reports Division at an average unit selling price of $25. Average costs perpublication were $4 for printing and paper and $2 for postage and shipping.d. The association offers a variety of continuing education courses to both members and nonmembers. The one-day courses had a tuition cost of $75 each and wereattended by 2,400 students. A total of 1.760 students took two-day courses at a tuition cost of $125 for each student. Outside instructors were paid to teach somecourses.e. Salary costs and space occupied by division follow:Salaries Space Occupied(square feet)Membership $210,000 2,000Magazine Subscriptions 150,000 2,000Books and Reports 300,000 3,000Continuing Education 180,000 2,000Corporate staff 80,000 1,000Total $920,000 10,000Personnel costs are 25% of salaries in the separate divisions as well as for the corporate staff. The $280,000 in occupancy costs includes $50.000 in rental cost for awarehouse used by the Books and Reports Division for storage purposes.f. Printing and paper costs other than for magazine subscriptions and for books and reports relate to the Continuing Education Division.g. General and administrative expenses include costs relating to overall administration of the association as a whole. The company's corporate staff does some mailingof materials for general administrative purposes. The expenses that can be traced or assigned to the corporate staff, as well as any other expenses that are nottraceable to the profit centers, will be treated as common costs. It is not necessary to distinguish between variable and fixed costs.Required:1. Prepare a contribution format segmented income statement for Music Teachers. Inc. This statement should show the segment margin for each division as well as resultsfor the association as a whole.2. Give arguments for and against allocating all costs of the association to the four divisions

  • variable overhead variance

    The Latham Company provides the following standard cost data per unit of product:Variable overhead (2 hours @ $2 per hour) 4.00During the period, the company produced and sold 22,000 units incurring the following costs:Variable overhead 43,500 hours @ $1.95 per hourThe total variable overhead variance was:$2,200 favorable.$3,175 unfavorable.$2,200 unfavorable.$3,175 favorable.

  • Help

  • accounting

    Question 171.Spartan Corporation was organized on January 1, 2011, with an authorization of 1,000,000 shares of $5 par value common stock. During 2011, Spartan had the followingcommon stock transactions:Jan. 4: Issued 100,000 shares @ $6 per share.Apr. 8: Issued 200,000 shares @ $7 per share.June 9: Issued 60,000 shares @ $10 per share.July 29: Purchased 40,000 shares (treasury) @ $9 per share.Dec. 31: Sold 40,000 shares held in treasury @ $12 per share.Spartan had no other transactions affecting paid-in capital. At December 31, 2011, what is the total amount of paid-in capital?AnswerA. $2,720,000B. $1,800,000C. $ 920,000D. $ 800,000E. None of the above

  • Adjustment


  • Capitalization vs. Expense. Rentals R Us incurs the following expenditures on an apartment...

    Capitalization vs. Expense. Rentals R Us incurs the following expenditures on an apartment building it ownsItem AmountReplace the roof $25,000 $25,000Repaint the exterior 7,000 7,000Install new locks 1,500 1,500Replace broken windows 1,200 1,200Replace crumbling sidewalks and stairs 7,000 7,000Discuss the proper tax treatment for these expenditures.

  • Entries for issuing par stock

    On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40,000 shares of $10 par common stock at $34, and on May 9, it issued for cash 100,000 sharesof $5 par preferred stock at $7.If an amount box does not require an entry, leave it blank.a1. Journalize the entry for February 10.Account Debit CreditCashCommon StockPaid-In Capital in Excess of Par Common Stocka2. Journalize the entry for May 9.Account Debit CreditCashPreferred StockPaid-In Capital in Excess of Par-Preferred Stockb. What is the total amount invested (total paid-in capital) by all stockholders as of May 9?

  • Effective Budget NEED HELP PLEASE

    Under what situation might a budget be most effective?a. when used to evaluate a manger's performanceb. as a tool to assess blame when costs are too highc. when it is created by top managementd. budgets are equally effective in all situations

  • accounting: trend percentage

    Phoenix Company reported sales of $450,000 for Year 1, $500,000 for Year 2, and $550,000 for Year 3. Using Year 1 as the base year, what were the trend percentage forYear 2 and Year 3?