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Accounting Student Looking for Guidance, Please Help?
Justin Huish Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 60 days after shipment. The retailer may return a maximum of 30% of an order at the retailer’s expense. Sales are made only to retailers who have good credit ratings. Past experience indicates that the normal return rate is 12%, and the average collection period is 72 days.
Instructions
a)Identify alternative revenue recognition tests that Huish could employ concerning textbook sales.
b)Briefly discuss the reasoning for your answers in (a) above.
c)In late July, Huish shipped books invoiced is $16,000,000. Prepare the journal entry to record this event that best confirms to generally accepted accounting principles and your answer to part (b).
d)In October, $2 million of the invoiced July sales were returned according to the return policy, and the remaining $14 million was paid. Prepare the entries recording the return and payment.
On June 3, David Reid Co. sold to Kim Rhode merchandise having a sale price of $5,000 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $120, terms n/30, was received by Rhode on June 8 from the Olympic Transport Service for the freight cost. Upon receipt of goods, June 5, Rhode notified Reid Co. that merchandise costing $400 contained flaws that rendered it worthless. The same day Reid Co. issued a credit memo covering the worthless merchandise and asked that it be returned at company expense. The freight on the returned merchandise was $24, paid by Reid Co. on June 7. On June 12, the company received a check for the balance due from Rhode.
Instructions
a)Prepare journal entries on Reid Co. books to record all the events noted above under each of the following bases.
1.Sales and receivables are entered at gross selling price.
2.Sales and receivables are entered net of cash discounts.
b)Prepare the journal entry under basis 2, assuming that Kim Rhode did not remit payment until August 5.
During 2007 Pierson Co. started a construction job with a contract price of $1,500,000. The job was completed in 2009. The following information is available.
2007 2008 2009
Costs incurred to date$400,000$935,000$1,070,000
Estimated costs to complete 600,000 165,000 -0-
Billings to date 300,000 900,000 1,500,000
Collections to date 270,000 810,000 1,425,000
Instructions
a)Compute the amount of gross profit to be recognized each year assuming the percentage-of-completion method is used.
b)Prepare all necessary journal entries for 2008.
c)Compute the amount of gross profit to be recognized each year assuming the completed-contract method is used.
South Carolina Corp. has one temporary difference at the end of 2007 that will reverse and cause taxable amounts of $55,000 in 2008, $60,000 in 2009, and $65,000 in 2010. South Carolina’s pretax financial income for 2007 is $300,000, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2007.
Instructions
a)Compute taxable income and income taxes payable for 2007.
b)Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2007.
c)Prepare the income tax expense section of the income statement for 2007, beginning with the line “Income before income taxes.”
The following information is available for Wenger Corp for 2006.
1.Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will revenue equally over the years 2007-2010.
2.Deferral, for book purposes, of $20,000 of rent received in advance. The rent will be earned in 2007.
3.Pretax financial income, $300,000.
4.Tax rate for all years, 40%.
Instructions
a)Compute taxable income for 2006.
b)Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2006.
c)Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2007, assuming taxable income of $325,000.
Listed below are items that are commonly accounted for differently for financial reporting purposes than they are for tax purposes.
Instructions
For each item below, indicate whether it involves:
1)A temporary difference that will result in future deductible amounts and, therefore, will usually give rise to a deferred income tax asset.
2)A temporary difference that will result in future taxable amounts and, therefore, will usually give rise to a deferred income tax liability.
3)A permanent difference.
Use the appropriate number to indicate your answers for each.
a)___ The MACRS depreciation system is used for tax purposes, and the straight-line depreciation method is used for financial reporting purposes for some plant assets.
b)___ A landlord collects some rents in advance. Rents received are taxable in
In addition, I am doing my own homework but I compare my answers with answers received and if something is not adding up on my side I go to campus and ask for guidance from head of the department. We all learn in different ways. I like to work things backwards. Gotta love that
can somebody help me with my MATH please!?
You need to purchase a textbook for nursing school. The book cost $80.00, and the sales tax where you are purchasing the book is 8.25%. You have $100. How much change will you receive back?
A. $5.20
B. $7.35
C. $13.40
D. $19.95
E. $21.25
2nd one—
You purchase a car making a down payment of $3,000 and 6 monthly payments of $225. How much have you paid so far for the car?
A. $3225
B. $4350
C. $5375
D. $6550
E. $6398
Need help with microeconomics homework!?
Lisa needs to buy a textbook for the next economics class. The price at the bookstore is $65. One online site offers the same book for $55 and another site for $57. All prices include sales tax. The following table indicates the typical shipping and handling charges for the textbook ordered online.
Delivery time = 3-7 days, S&H = $3.99
Delivery time = 2 business days, S&H = $8.98
Delivery time = 1 business day, S&H = $13.98
a. What is the opportunity cost of buying online?
b. Show all relevant choices for this student.
c. What determines which of these options the student will choose?
Spanish homework, please help me correct a few sentences?
I need to make 10 flash cards. 5 of the flash cards will have to do with verbs, the other half with nouns.
Here are the directions for the nouns: If the original noun in the textbook is singular, write the plural form. So I am asked to write a complete and descriptive sentence in spanish using the noun in a meaningful context. I am also supposed to use at least 2 adjectives to describe the noun. Keep in mind I can not use words outside of my chapter vocabulary, so spanish speakers, do not add anything I did not use, only correct and add grammar.
1. Los inodoros es de (put here any store that sales “toilets”) y es muy caro y feo.
2. Los fregaderos es de (put any store that sails “refrigerators”) y es grande y bonito.
3. Mi apartemento (I want to say “building”) tiene muchos lavadoras en (I want to say “laundromat”). (I want to say “they”) son pequena y ellas son (I want to say “loud”).
4. Yo tengo tres televisors en mi apartamento. Ellos son grande y bonito.
5. Hay dos duchas en mi apartamento, las duchas son pequena y bonita.
Here are the directions for the verbs: Write a complete and descriptive sentence in spanish that uses any conjugated form of the verb in present tense. I also have to write a complete and descriptive in spanish that uses any conjugated form of the verb in the preterite tense.
1. Present: Hoy me toca barrer el bano. Preterite: Mi hermana barrio el bano ayer.
2. Present: Yo tengo darlo de comer al perro antes de salir para escuela: Preterite: Isabella darlio de comer al perro antes de salir para escuela.
3. Present: Tengo que organizarla mi habitacion pero es feo. Preterite: Lola organizo la habitacion.
4. Present: Yo rego las plantas porque (I want to say “they are dry”). Preterite: Sofia rego las plantas (I want to say “they are dry”.
5. Present: Yo vivo en un apartamento. Preterite: Ella vivo en un apartamenta pero ahora ella vivo en una casa.
Just re-write the 10 sentences (check for grammar, spelling, accent marks (if you can), etc.) for me and if you have the time explain to me why it doesn’t go this way, etc. Thank you.
I need major help with my Algebra 2 Rubric. Please help!!?
I have 4 questions for my Algebra 2 class. I have a sprained ankle so i haven’t been in school for a while and no one brought my pack home. This is due tomorrow. Would someone be able to help me pleaseeee?
-Write the equation.
-Solve the equation.
-Find the solution.
-Answer each question.
1) In a certain math class, each student has a textbook, every 2 students share a book of times tables, every 3 students share a math problem book, and every 4 students share a mathematics dictionary. If the total number of books is 75,
a) How many students are in the class?
b) How many students share times table books?
c) How many students share a math problem book?
d) How many students share a mathematics dictionary?
2) Mr.s Walsh is seeking legal advice. A friend of hers recommended two law firms – Legal Eagles, Which charges a consultation fee of $100 plus $40 per hour and A-1 Attorneys, which charges a consultation fee of $60 per hour.
A-Write and equation for the cost (c) of Legal Eagles in terms of the length of consultation time (t). Write another equation for the cost (C) of A-1 Attorneys in terms of the length if consultation time (t).
B-Creater a table of values showing the cost of each legal firm over a 6-hour period, and graph the results.
C-At how many hours of consultation time will both legal firms cost the same?
D-Which firm gives more consultation time for $420? By how much?
E- Based on cost and consultation time, which law firm should Mrs. Walsh use? Explain.
3) A person applying for a sales position is offered an alternative salary plan.
Plan A: A base salary of $600 per month plus a commission of 4% of the gross value for the month.
Plan B: A base salary of $700 per month plus a commission of %6 of the gross sales of the month in excess of $10,000
- For each plan, formulate a function (an equation) that expresses monthly earning as a function of gross sales (x).
- For what gross sales value is Plan B preferable?
4) The base of a triangle is 9cm greater than the height. The are is 56cm². Find the height and the base.
-Draw a diagram and label.
-Translate the problem into a factorable equation (one variable).
-Solve the equation. Explain your answer.
I have never asked for help like this on Yahoo Answers. You don’t understand how desperate i am. This is due tomorrow and I just haven’t had the time and i feel horrible. If you guys could just please help me, i will forever be grateful. E-mail me if anything: joana.sd21@gmail.com Thank You soooo much!!!
Need ALOT of help with Us history??!?
Need Help With Us history please!?
PLEASE HELP ME THIS IS BY FAR THE HARDEST AND MOST CONFUSING SUBJECT EVER AND THE WORST PART IS MY ONLINE TEXTBOOK ISNT WORKING AND I DONT KNOW WHERE TO LOOK FOR THESE ON THE INTERNET PLEASE HELP ME YOU GUYS IM BEGGING YOU?????
President Theodore Roosevelt was known as a trustbuster. What was Roosevelt’s concern with large trusts and businesses?
A. They were not accountable to the government.
B. He believed that monopolizing power was hurtful to consumers and competition in the country.
C. They did not provide economic growth for the country.
D. They kept laying off workers and lowering wages.
2. How did Roosevelt establish the federal government as an honest mediator between powerful groups like unions and business in American society?
A. He forced the unions to negotiate over wages and working conditions.
B. He forced businesses to pay their workers higher wages.
C. He intervened in a mine workers strike and forced the two sides into arbitration to resolve their differences.
D. He passed a law requiring the federal government to get involved in labor disputes and help resolve major issues.
3. How did the Hepburn Act strengthen federal regulation of business?
A. The act gave the ICC more power by allowing it to set the rates that railroads charge.
B. The act created the Department of Commerce.
C. The act created the Interstate Commerce Commission.
D. The act allowed the federal government to regulate all prices that transportation companies charged customers.
4. Upton Sinclair was a muckraker who published The Jungle about the meatpacking industry. The book caused consumers to seek after change in the meatpacking industry. Soon after, Congress passed the Meat Inspection Act of 1906, which
A. prohibited the manufacture, sale, or shipment of impure or falsely labeled food and drugs.
B. required that all meat be inspected and set standards of cleanliness for the plant.
C. required all meat to go through the Food and Drug Administration’s testing and inspection process.
D. prohibited the sale of meat through any business not approved by the federal government.
5. All of the following conservation measures was passed under Roosevelt EXCEPT:
A. Newlands Reclamation Act
B. Establishment of the United States Forest Service
C. Federal regulations controlling logging on federal lands
D. Endangered Species Act
6. How did President William Taft deal with the issue of child labor?
A. He signed a law banning children under the age of 18 from working in factories.
B. He increased wages that companies had to pay child workers.
C. He fined companies that forced children to work over 20 hours per week.
D. He established the Children’s Bureau to prevent child abuse and provide foster care.
7. In the election of 1912 what was the major difference between Roosevelt’s New Nationalism and Wilson’s New Freedom?
A. Roosevelt wanted to protect children and women in the labor force and Wilson did not.
B. Wilson wanted to have free enterprise and Roosevelt did not.
C. Wilson wanted to destroy the business monopolies while Roosevelt wanted to regulate them.
D. Roosevelt was a progressive and Wilson was not.
8. To restore public confidence in the banks, Wilson signed into law the Federal Reserve Act. What was the purpose of this act?
A. Provided for national oversight of the banking system such as setting the interest rates and controlling the amount of money in circulation
B. Provided the national government the power to investigate companies and halt those companies engaged in unfair trade practices
C. Forbade businesses from price discrimination or charging different customers different prices
D. Lowered tariff rates to increase the reserves of gold in the federal treasury
9. The Clayton Antitrust Act contained all of the following clauses except:
A. Forbade businesses from price discrimination or charging different customers different prices
B. Outlawed agreements where stores who bought from one company would stop selling another company’s products
C. Denied trade unions and labor organizations a right to exist in the free enterprise system
D. Manufacturers could give discounts to some retailers who bought a large volume of goods but not to others
10. What was the most significant impact of the Progressive Era?
A. The conservation efforts under Roosevelt
B. Legal and public opinion shifted to expect the federal government to play a more active role in regulating the economy and solving social problems.
C. Public opinion began to turn against the regulations that the federal government had created and focused on developing a more efficient free enterprise system.
D. The legal system overturned most of the progressive laws that had been passed.
OK I need MAJOR help. My textbook is nowhere to be found and I have a lot of hw to do.?
If somebody, Anybody could help. I will love you forever.
1. Yu Suzuki Company has a balance in its Accounts Receivable control account of $11,000 on January 1, 2010. The subsidiary ledger contains three accounts: Smith Company, balance $4,000; Green Company, balance $2,500; and Koyan Company. During January, the following receivable-related transactions occurred.
Credit SalesCollectionsReturns
Smith Company$9,000$8,000$ -0-
Green Company 7,000 2,5003,000
Koyan Company 8,500 9,000 -0-
Instructions
What is the January 31 balance in the control account?
Compute the balances in the subsidiary accounts at the end of the month.
Smith Company $_____
Green Company $_____
Koyan Company$_____
Which January transaction would not be recorded in a special journal?
2. Nobo Uematsu Company has a balance in its Accounts Payable control account of $8,250 on January 1, 2010. The subsidiary ledger contains three accounts: Jones Company, balance $3,000; Brown Company, balance $1,875; and Aatski Company. During January, the following payable-related transactions occurred.
PurchasesPayments
Returns
Jones Company
$6,750
$6,000
$ -0-
Brown Company
5,250
1,875
2,250
Aatski Company
6,375
6,750
-0-
Instructions
What is the January 1 balance in the Aatski Company subsidiary account?
What is the January 31 balance in the control account?
Compute the balances in the subsidiary accounts at the end of the month.
Jones
$
Brown
$
Aatski
$
Which January transaction would not be recorded in a special journal?
3. Montalvo Company uses special journals and a general journal. The following transactions occurred during September 2010.
Sept 2
Sold merchandise on account to T. Hossfeld, invoice no. 101, $720, terms n/30. The cost of the merchandise sold was $420.
10
Purchased merchandise on account from L. Rincon $600, terms 2/10, n/30.
12
Purchased office equipment on account from R. Press $6,500.
21
Sold merchandise on account to P. Lowther, invoice no. 102 for $800, terms 2/10, n/30. The cost of the merchandise sold was $480.
25
Purchased merchandise on account from W. Barone $860, terms n/30.
27
Sold merchandise to S. Miller for $700 cash. The cost of the merchandise sold was $400.
Instructions
Prepare a sales journal and a single-column purchase journal. (Use page 1 for each journal.) Record the transaction(s) for September that should be journalized in the sales journal and the purchases journal. (List transactions in order of occurrence.)
4 .On April 30, the bank reconciliation of Galena Company shows three outstanding checks: no. 254, $650, no. 255, $820, and no. 257, $410. The May bank statement and the May cash payments journal show the following.
Bank Statement Cash Payments Journal
Checks Paid
Checks Issued
Date Check No. Amount Date Check No. Amount
5/4 254 650 5/2 258 159
5/2 257 410 5/5 259 275
5/17 258 159 5/10 260 890
5/12 259 275 5/15 261 500
5/20 261 500 5/22 262 750
5/29 263 480 5/24 263 480
5/30 262 750 5/29 264 560
Instructions
Using step 2 in the reconciliation procedure, list the outstanding checks at May 31. (List check numbers from smallest to largest e.g. 3, 6, 10.)
THANK YOU SO MUCH!
help me in solution of Quiz?
Choose the best option.(Marks 20)
1.Defining people by their birth date may be less effective than segmenting them by their _____ or _____.
a.income; occupation
b.lifestyle; occupation
c.lifestyle; life stage
d.occupation; life stage
e.gender; sexual preference
2.Population shifts interest marketers because people in different regions _____ differently.
a.eat
b.think
c.buy
d.act
e.all of the above
3.Despite the data glut that marketing managers receive, they frequently complain that they lack _____.
a.enough information of the right kind
b.quality information
c.timely information
d.accurate and reliable information
e.valid information
4.Which of the following was not mentioned in your textbook as a source of marketing intelligence?
a.Suppliers.
b.Resellers.
c.Key customers.
d.Your company reports.
e.Sales force.
5.Your colleague is confused about using the marketing research process. He seems to be having problems with _____, which is often the hardest step to take.
a.defining the problem
b.defining the research objectives
c.defining the problem and research objectives
d.researching a research agency to help
e.C and D
6._____ involves evaluating each market segment’s attractiveness and selecting one or more segments to enter.
a.Market segmentation
b.Product differentiation
c.Target marketing
d.A and B
e.None of the above
7.The research plan outlines sources of existing data and spells out the specific research approaches, contact methods, _____, and instruments that researchers will use to gather new data.
a.personnel
b.sampling plans
c.budget requirements
d.all of the above
e.none of the above
8.The way to begin marketing research is to gather secondary data, which consists of information _____.
a.that already exists somewhere
b.that does not currently exist in an organized form
c.that already exists somewhere, having been collected for another purpose
d.used by competition
e.that the researcher can obtain through surveys and observation
9.How would you describe the primary data being used by your firm?
a.Collected for the specific purpose at hand.
b.Original information.
c.First-time information.
d.Fresh and perhaps more reliable than secondary data.
e.All of the above.
10.Products may fail because _____.
a.the market size may have been overestimated
b.the product’s design did not meet consumer expectations
c.they were priced too high
d.they were advertised poorly
e.All of the above
11.With what groups do firms conduct concept testing for new products?
a.Suppliers.
b.Employees.
c.Target customers.
d.Focus groups.
e.Competitors.
12.During product development which group or department develops the product into a physical product?
a.Research and development.
b.Engineering.
c.Production.
d.None of the above.
e.A or B
13.Most large companies research _____ buying decisions to find out what they buy, where they buy, how and how much they buy, when they buy, and why they buy.
a.market
b.permanent
c.consumer
d.social
e.group
14.How do consumers respond to various marketing efforts the company might use? The starting point is the _____ of a buyer’s behavior.
a.belief
b.subculture
c.post-purchase feeling
d.stimulus-response
e.post-purchase dissonance
15.Which is NOT a part of the buyer’s black box?
a.Observable buyer responses.
b.Product choice.
c.Need recognition.
d.Dealer choice.
e.B and D
16.What is one way that a social class is not measured?
a.Occupation.
b.Education.
c.Income.
d.Number of children in the family.
e.House type.
17.When a company identifies the parts of the market it can serve best and most profitably, it is practicing _____.
a.concentrated marketing
b.mass marketing
c.targeted marketing
d.segmenting
e.undifferentiation
18.Through talking to numerous competitors at a regional trade show, you learn that most of them use the most popular base for segmenting markets. What is it?
a.Demographic.
b.Gender.
c.Psychographic.
d.Behavioral.
e.Geographic.
19.Adapting the firm to take advantage of opportunities in its constant changing environment is called __________.
a.long-range planning
b.short-range planning
c.annual planning
d.strategic planning
20.___________is the task of selecting an overall company strategy for long-run survival and growth.
a.Strategic market planning
b.Annual market planning
c.Short-term planning
d.Advertising
e.None of the above is correct
can anyone help me with these math problems?
!!!PLEASE help me figure out how to solve these problems!!!
Anyone who can help me with most of these problems will be chosen as the best.
3. Employees of a discount appliance store receive an additional 20% off of the lowest price on an item. If an employee purchases a dishwasher during a 15% off sale, how much will he pay if the dishwasher originally cost $450?
4. The sales price of a car is $12,590, which is 20% off the original price. What is the original price?
5. Solve the following equation for A : 2A/3 = 8 + 4A
6. If Leah is 6 years older than her sister, Sue, and John is 5 years older than Leah, and the total of their ages is 41. Then how old is Sue?
7. Alfred wants to invest $4,000 at 6% simple interest rate for 5 years. How much interest will he receive?
8. Jim is able to sell a hand-carved statue for $670 which was a 35% profit over his cost. How much did the statue originally cost him?
9. The city council has decided to add a 0.3% tax on motel and hotel rooms. If a traveler spends the night in a motel room that costs $55 before taxes, how much will the city receive in taxes from him?
10. A student receives his grade report from a local community college, but the GPA is smudged. He took the following classes: a 2 hour credit art, a 3 hour credit history, a 4 hour credit science course, a 3 hour credit mathematics course, and a 1 hour science lab. He received a “B” in the art class, an “A” in the history class, a “C” in the science class, a “B” in the mathematics class, and an “A” in the science lab. What was his GPA if the letter grades are based on a 4 point scale? (A=4, B=3, C=2, D=1, F=0)
11. Simon arrived at work at 8:15 A.M. and left work at 10: 30 P.M. If Simon gets paid by the hour at a rate of $10 and time and ½ for any hours worked over 8 in a day. How much did Simon get paid?
12. Grace has 16 jellybeans in her pocket. She has 8 red ones, 4 green ones, and 4 blue ones. What is the minimum number of jellybeans she must take out of her pocket to ensure that she has one of each color?
13. If r = 5 z then 15 z = 3 y, then r =
14. If 300 jellybeans cost you x dollars. How many jellybeans can you purchase for 50 cents at the same rate?
15. Lee worked 22 hours this week and made $132. If she works 15 hours next week at the same pay rate, how much will she make?
16. If 8x + 5x + 2x + 4x = 114, the 5x + 3 =
17. You need to purchase a textbook for nursing school. The book cost $80.00, and the sales tax where you are purchasing the book is 8.25%. You have $100. How much change will you receive back?
18. You purchase a car making a down payment of $3,000 and 6 monthly payments of $225. How much have you paid so far for the car?
19. Your supervisor instructs you to purchase 240 pens and 6 staplers for the nurse’s station. Pens are purchased in sets of 6 for $2.35 per pack. Staplers are sold in sets of 2 for 12.95. How much will purchasing these products cost?
20. If y = 3, then y3(y3-y)=
!!!i dont want the answers!!!
I need maath help. Urgent before 2:00pm pleeaasse?
Please help. Any thing will be appreciated!!!!
1. What is 4% of 400?
A. 10
B. 16
C. 100
D. 1600
2.
What is 8% of 800?
A. 6.4
B. 64
C. 128
D. 12.8
3. Estimate: 65.8% of what number is 14?
A. 15
B. 21
C. 28
D. 33
6. Find the sales tax. Round to the nearest cent.
Purchase: $70.45
Sales tax Rate: 4%
A. $2.42
B. $2.82
C. $2.80
D. $3.00
7. Tammy earned $900 a month. With her promotion, she received a 11% pay raise. What is her new monthly pay?
A. $999
B. $990
C. $811
D. $911
8. Rita paid $18.90 for a textbook on sale. The regular price was $27.00. What was the discount rate?
A. 3%
B. 3.30%
C. 30%
D. 9%
9. The regular price of a television in a store is $382.52. The Sunday paper has an ad saying that this store is having a sale on this television. The ad says that this television will be sold 11 % less than the regular price. What is the sale price? Give your answer to the nearest one hundredth of a dollar.
A. $340.00
B. $344.00
C. $340.40
D. $340.44
10. Nancy has gross earnings each week of $254.26. If she pays 18% of her check in taxes, how much is her net pay (round to the nearest tenth)?
A. $183.07
B. $20207
C. $88.49
D. $208.50
11. What percent of 130 is 91?
A. 14.28%
B. 1.42%
C. 70 %
D. 7.04%