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1. You have formed a new sole proprietorship and your primary business is buying and selling fine art. Your business is not publicly traded so you can choose to use the cash basis method or the accrual method for your business. Which would you use and why? Since your business is not publicly traded, is it important for you to prepare journal entries and financial statements? Explain why or why not. Research computer systems methods you can use to record your transactions and create your financial statements.
2. MSN Money offers information about companies, industries, and related news items. For researching a company, the website is a good place to start gathering basic information. Go to https://moneycentral.msn.com. Pick a large company that does business in your community and view their financial results. For the most recent year list the amounts reported for sales, cost of goods sold, and total net income. Does the amount reported for revenue represent cash received from customers during the year? If not, what does it represent? What does the amount reported for cost of goods sold represent? Is your company a profitable company? How can you tell? Does your company use accrual-based or cash-based accounting? How can you tell?
The budgeted production is for 52,000 comforters in 2010. Each comforter requires 1.5 hours to cut and sew the material. If cutting and sewing labor costs $11.00 per hour, determine the direct labor budget for 2010.
Houghton company has the following items: common stock, $900,000; treasury stock, $105,000; deferred taxes, $125,000 and retained earnings, $390,000. Illustrate what total amount should Houghton Company report as stockholders' equity?
Determine the working capital for the current period? What has caused this ratio to change over the last few years?
Compute the company's predetermined overhead rate for the year and record the above transactions in journal entries.
Preparation of journal entries to record issue of shares and dividend and Prepare journal entries to record the above transactions.
What are the maturities on Intel's Long-term debt and what are Intel's projected obligations on Long-Term Debt and Payments due by period?
During the current period, Department A finished and transferred 50,000 units to Department B. Of the 50,000 units, 20,000 were 1/5 complete at the beginning of the period and 30,000 were started and completed during the period.
On Jan 1, 2010, Morgan Company acquires 300,000 of Nicklaus, Inc, 9% bonds at 278,384. the interest is payable each December 31, and the bonds mature Dec 31, 2012. the investment will provide Morgan Company a 12% yield. The bonds are classified as..
Describe key issues of the case as they relate to Mr. Friehling's actions, or inactions, in relation to the AICPA's Code of Professional Conduct. Identify as well as describe the issues and provide examples to clarify and amplify your discussion. ..
direct labor $70,000, manufacturing overhead $35,000, selling and administrative expenses $45,000; and purchase of securities $14,000. Aaron wants to maintain a balance of at least $25,000 cash at the end of each quarter. For first quarter p ..
Determine the amount of the equipment’s accumulated depreciation reported in the balance sheet dated December 31, 2011.
James owns a sole proprietorship. James pays his son Albert, age 17, $8,000 and his daughter Chloe, age 19, $11,000 for their work in the business. Both wages are reasonable for the work they perform. How much FICA tax must the sole proprietorship..
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