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1. A truck with a cost of $25,000 and accumulated depreciation of $ 5,000 is sold for $ 17,000 Record the journal entry
2. During 2012 Daveo sells inventory costing $200,000 to BUA301co for 400,000 on credit. Daveo is concerned about collectability of the receivable so accounts for the transaction under the installment Sales method. Before the end of the year BUA301co pays $ 100,000 of the receivable in cash. Record all the entries necessary for this transaction during 2012.
3.Conceptual FrameworkA) For whom should financial statement be " understandable"
B) In 2 sentences or fewer, define the going concern assumption
C) As of December 18, 2012, Apple's Market Cap was about $491B. Its Net Book Value was about $118M. Provide, in bullet point format, 3legitmate reasons for this difference.
Prepare a classified year-end balance sheet. (Note: A $22,000 installment on the long-term note payable is due within one year.)
Allocation and proration of overhead. Tamden, Inc., prints custom marketing materials. The business was started January 1, 2010. The company uses a normal-costing system. It has two direct cost pools, materials and labor and one indirect cost pool..
What amount of dividends must the company pay the preferred shareholders in 2009 if they wish to pay the common stockholders a dividend?
Using Excel show all formulas for following: Firm has current assets of 100 million and current liabilities of 50 million and goes belly-up.
Review an annual report of a popular company ie. Target, Kohl's Bass Pro shops, and answer the following questions with references:
During the last month of 2009, the first month of the offer, Funzy sold 12 million boxes of Wheatos and 2.4 million of the coupons were redeemed.
What does the accounting model of business valuation focus on?
What would be the flexible budget amounts at an activity level of 12,000 machine hours if indirect materials is a variable cost and factory rent was a fixed cost?
On October 1, 2011, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and custom program development. Rey adopts the calenda..
Distinguish between liquidity and profitability.
If the standards are set in a process that often results in compromise between different parties, do the qualities of accounting information provide much value? How?
Ethical Code in cost & Management Accounting, CIMA has provided the following as elements of code of conduct to be followed by cost and management accounts. Define and explain them in relation to cost and Management Accounting.
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