Match the accounting terms with the corresponding definitions.
Accounting term
1. Specific identification
2. Materiality concept
3. Last-in, first-out (LIFO)
4. Conservatism
5. Consistency principle
6. Weighted-average
7. Disclosure principle
8. First-in, first-out (FIFO)
Definitions
A. Treats the oldest inventory purchases as the first units sold.
B. Requires that a company report enough information for outsiders to make knowledgeable decisions.
C. Identifies exactly which inventory item was sold. Usually used for higher cost inventory.
D. Calculates a weighted-average cost based on the cost of goods available for sale and the number of units available.
E. Principle whose foundation is to exercise caution in reporting financial statement items.
F. Treats the most recent/newest purchases as the first units sold.
G. Businesses should use the same accounting methods from period to period.
H. Principle that states significant items must conform to GAAP.

Answer:

Matching Accounting Terms with Corresponding Definitions:

Accounting Terms                       Definitions:

1. Specific identification               C.  

2. Materiality concept                  H.

3. Last-in, first-out (LIFO)             F.

4. Conservatism                           E.

5. Consistency principle              G.

6. Weighted-average                   D.

7. Disclosure principle                 B.

8. First-in, first-out (FIFO)            A.

Explanation:

Definitions

A. FIFO: Treats the oldest inventory purchases as the first units sold.

B. Disclosure principle: Requires that a company report enough information for outsiders to make knowledgeable decisions.

C. Specific identification: Identifies exactly which inventory item was sold. Usually used for higher cost inventory.

D. Weighted-average: Calculates a weighted-average cost based on the cost of goods available for sale and the number of units available.

E. Conservatism: Principle whose foundation is to exercise caution in reporting financial statement items.

F. LIFO: Treats the most recent/newest purchases as the first units sold.

G. Consistency Principle: Businesses should use the same accounting methods from period to period.

H. Materiality Concept: Principle that states significant items must conform to GAAP.

Paul had a great job as a bank executive. Unfortunately, his bank came under scrutiny by federal regulators, and although Paul had done nothing illegal, he ended up being fired. Unfortunately for Paul, he had a number of debts. Among his assets were a house worth $250,000 on which he owed $150,000 to a bank that held a security interest; three vehicles; an expensive watch worth $5,000; and $120,000 in an Individual Retirement Account (IRA). He owed $900 per month in child support to his ex-wife Suzy and was behind on payments in the amount of $1,800. He also owed $2,000 in wages consisting of four months of back pay to Bob who took care of Paul's landscaping needs and swimming pool care. All creditors angrily demanded payment from liquidation of Paul's assets. Paul, on the other hand, claims that he needs all the above-mentioned assets and that he should not have to give up anything. Only federal bankruptcy exemptions apply to Paul's case. Which of the following is true regarding Paul's claim to his Individual Retirement Account (IRA)?

a. The IRA is entirely exempt from the claims of creditors.
b. The IRA is entirely subject to the claims of creditors.
c. The IRA is exempt up to $1,000.
d. The IRA is exempt up to $10,000.
e. The IRA is exempt up to $100,000.

On February 28, 2009, $5,000,000 of 6%, 10-year bonds payable, dated December 31, 2008, are issued. Interest on the bonds is payable semiannually each June 30 and December 31. If the total amount received (including accrued interest) by the issuing corporation is $5,060,000, which of the following is correct?
a) The bonds were issued at a premium.
b) The amount of cash paid to bondholders on the next interest date, June 30, 2009, is $300,000.
c) The amount of cash paid to bondholders on the next interest date, June 30, 2009, is $50,000.
d) The bonds were issued at a discount.

Santoyo Corporation keeps careful track of the time required to fill orders. Data concerning a particular order appear below: Hours Wait time 28.0 Process time 1.0 Inspection time 0.4 Move time 3.2 Queue time 5.1 The delivery cycle time was: (Round your intermediate calculations to 1 decimal place.) Multiple Choice 36.3 hours 8.3 hours 37.7 hours 3.2 hours

The price of gasoline is $1 per gallon and the price of a hamburger is $4. If you currently receive marginal utility of 5 from gasoline and marginal utility of 8 from a hamburger, you should buy less gasoline and more hamburgers.

a. True
b. False

3. Combine terms: 12a + 26b -4b - 16a. (a) 4a + 22b, (b) -28a + 30b, (c)-4a + 22b, (d) 28a + 30b. Solution: 12a + 265 AL​

Patriot Company produces flak jackets for military use. The company recently adopted a standard costing system and set the following standards for materials per unit of product:
Materials (Ballistic Nylon): 8 yards
$4 per yard During the most recent month, Patriot produced 5,500 units of flak jackets. Actual materials purchased and used were 40,000 yards at the price of $4.20 per yard. Based on the information above, answer the following questions: L 5 points]
(1) What was the total material costs incurred by the company during the month (i.e, actual costs of materials)?
(2) What should be the total material costs allowed for the production during the month (i.e., standard costs of materials)?
(3) What is the total variance for materials to be reported during the month? Is it favorable (F) or unfavorable (U)? materials price and quantity (usage) variances below. Indicate whether each variance is favorable (F or unfavorable (U
(4) Using either the template (columnar) approach or the formula approach, compute direct

According to Orlando:_____.
(a) workers have obligations to, but are owed consideration by, their employers.
(b) workers are subject to the legitimate expectations of their employers but employers are not subject to any legitimate expectations of workers.
(c) all of the above.
(d) none of the above.

Using Present Value Concepts for Decision Making
You have just won the state lottery and have two choices for collecting your winnings. You can collect $105,000 today or receive $20,700 at the end of each year for the next seven years. A financial analyst has told you that you can earn 9% on your investments.
Required:
1. Calculate the present value of both the options (FV of $1, PV of $1, FVA of $1, and PVA of $1).
2. Which alternative should you select?

which research aims at finding a solution for an immediate problem facing a society or an industry/business organisation

​

During January, Deluxe Printing pays employee salaries of $0.83 million. Withholdings in January are $76,000 for the employee portion of FICA, $210,000 for federal and state income tax, and $40,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $48,000 for federal and state unemployment tax, and $20,000 for the employer portion of health insurance.
The journal entry to record employer-provided fringe benefits includes:______.

On October 1, 2021, Sonoma Company leased equipment from Napa Inc. in lease payable in five equal annual payments of $540,000, beginning Oct 1, 2022. Similar transactions have carried an 11% interest rate. The right-of-use asset would be recorded at:________ (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Albert owns 100 acres of land on which he grows spruce trees. His adjusted basis for the land is $89,600. He receives condemnation proceeds of $8,960 when the city's new beltway takes 5 acres along the eastern boundary of his property. He also receives a severance award of $5,376 associated with the possible harmful effects of exhaust fumes on his trees. Albert invests the $14,336 in a growth mutual fund.

Required:
a. Determine the tax consequences to Albert of the condemnation proceeds.
b. Determine the tax consequences to Albert of the severance award.

Purchasing power parity does not hold in the short to medium run because:____.

Tickets Today contracts with the producer of Riverdance to sell tickets online. Tickets Today charges each customer a fee of $6 per ticket and receives $15 per ticket from the producer. Tickets Today does not take control of the ticket inventory. Average ticket price for the event is $150. How much revenue should Tickets Today recognize for each Riverdance ticket sold?

a. $6 because the $15 from the producer is similar to a negative cost of goods sold
b. $150 because the $135 is cost of goods sold paid to the Riverdance producer
c. $21 because both the fee from the customer and the producer are earned
d. $156 because the $135 is cost of goods sold paid to the Riverdance producer
e. None of the above

Based on the following petty cash information, prepare

a. the journal entry to establish a petty cash fund
b. the journal entry to replenish the petty cash fund.

On January 1, 2021, a check was written in the amount of $200 to establish a petty cash fund. During January, the following vouchers were written for cash removed from the petty cash drawer:

Voucher No. Account Debited Amount
1 Phone Expense $17.50
2 Automobile Expense 33.00
3 Joseph Levine, Drawing 54.00
4 Postage Expense 12.50
5 Charitable Contributions Expense 15.00
6 Miscellaneous Expense 49.00

Heidebrecht Design acquired 25% of the outstanding common stock of Cullumber Company on January 1, 2020, by paying $802,000 for the 40,100 shares. Cullumber declared and paid $0.20 per share cash dividends on March 15, June 15, September 15, and December 15, 2020. Cullumber reported net income of $344,500 for the year. At December 31, 2020, the market price of Cullumber common stock was $26 per share.
Prepare the journal entries for Heidebrecht Design for 2020, assuming Heidebrecht Design can exercise significant influence over Cullumber. Use the equity method. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

In current business publications, find examples of firms whose strategies to increase profits focus primarily on generating more revenue. Compare these cases with firms that are trying to cut costs to increase profits. In your initial post, include a summary of these firms and how the different strategies have been successful or unsuccessful.
Having a nice size profit margin is the goal for most companies. In order to make this happen there has to be a plan/strategy that is carefully thought out and implemented. You want to take your time and make sure things are done correctly and in a way that it is profitable and not detrimental to your company at the same time. One good example of this act comes from McDonalds. One McDonalds franchise in New York increased the price of their Big Mac from $5.98 to $6.28 currently to increase revenue. Prior to this there was an anual increase that took place. "The Golden Arches' pricing in the U.S. Rose 2% year over year in the first quarter, which was still less than the consumer Price Index's overall".
On the other end of the spectrum we have companies like Apple. Apple fired 1,600 full time employees from retail stores to increase their profit margin. "The retail segment reported operating income of $308 million during the second quarter of 2009 down from #334 million....". In cutting down on those full time positions they were able to increase their profits by paying less full time salaries to employees. "Revenue increase 8.7% to 8.16 Billion, which is more than 7.96 billion expected...". I do not feel that this is the best way to go about getting results. A merger of the two would be effective. Gradually increasing sales prices and not eliminating so many positions at once or merging positions even would be effective. You have to take into account that less employees mean more work for the workers that are left, which could leave them in a stressful work environment. In turn could mean customer service quality decreases drastically. Things have to be looked at on both sides of the spectrum.

The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year:

2016:
July 1 Issued $75,100,000 of 20-year, 8% callable bonds dated July 1, 2016, at a market (effective) rate of 10%, receiving cash of $62,213,861. Interest is payable semiannually on December 31 and June 30.
Oct. 1 Borrowed $440,000 by issuing a six-year, 7% installment note to Nicks Bank. The note requires annual payments of $92,310, with the first payment occurring on September 30, 2017.
Dec. 31 Accrued $7,700 of interest on the installment note. The interest is payable on the date of the next installment note payment.
31 Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment.
31 Closed the interest expense account.

2017:
June 30 Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment.
Sept. 30 Paid the annual payment on the note, which consisted of interest of $30,800 and principal of $61,510.
Dec. 31 Accrued $6,624 of interest on the installment note. The interest is payable on the date of the next installment note payment.
31 Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment.
31 Closed the interest expense account.

2018:
June 30 Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $11,597,527 after payment of interest and amortization of discount have been recorded. (Record the redemption only.)
Sept. 30 Paid the second annual payment on the note, which consisted of interest of $26,494 and principal of $65,816.

Required:
a. Journalize the entries to record the foregoing transactions. Round all amounts to the nearest dollar. Be sure to include the year in the date for the entries. Refer to the Chart of Accounts for exact wording of account titles.
b. Indicate the amount of the interest expense in (a) 2016 and (b) 2017.
c. Determine the carrying amount of the bonds as of December 31, 2017.

Steve and Stephanie Pratt purchased a home in Spokane, Washington, for $575,000. They moved into the home on February 1 of year 1. They lived in the home as their primary residence until June 30 of year 5, when they sold the home for $927,500. (Leave no answer blank. Enter zero if applicable.)
a. What amount of gain on the sale of the home are the Pratts required to include in taxable income?
Recognized gain
b. Assume the original facts, except that Steve and Stephanie lived in the home until January 1 of year 3 when they purchased a new home and rented out the original home. They finally sell the original home on June 30 of year 5 for $927,500. Ignoring any issues relating to depreciation taken on the home while it was being rented, what amount of realized gain on the sale of the home are the Pratts required to include in taxable income?
Recognized gain
c. Assume the same facts as in part (b), except that the Pratts lived in the home until January of year 4 when they purchased a new home and rented out the first home. What amount of realized gain on the sale of the home will the Pratts include in taxable income if they sell the first home on June 30 of year 5 for $927,500?
Recognized gain
d. Assume the original facts, except that Stephanie moved in with Steve on March 1 of year 3 and the couple was married on March 1 of year 4. Under state law, the couple jointly owned Steve’s home beginning on the date they were married. On December 1 of year 3, Stephanie sold her home that she lived in before she moved in with Steve. She excluded the entire $102,500 gain on the sale on her individual year 3 tax return. What amount of gain must the couple recognize on the sale in June of year 5?
Recognized gain

Your boss is considering a 5-year investment project. If the project is accepted, it would require an immediate spending of $678 to buy all necessary production equipment. This equipment would be sold at the end of the project and bring your company estimated $144 in sale proceeds after taxes (or after-tax salvage value). Your boss's consulting team estimated that the annual after-tax profits (or operating cash flows) would equal $173. The team also recommends immediately setting aside $58 in cash to cover any unforeseen expenses. The required annual rate of return is 8.1%.
Calculate the Net Present Value of this proposed investment project. (Do NOT use "S" in your answer. Increase decimal places for any intermediate calculations, from the default 2 to 6 or higher. Only round your answer to TWO decimal places. For example, 1,000,23 or -1,000.23) Focus E- 17 786 words English (United States)

Raposa, Inc., produces a special line of plastic toy racing cars. Raposa, Inc., produces the cars in batches. To manufacture a batch of the cars, Raposa, Inc., must set up the machines and molds. Setup costs are batch-level costs because they are associated with batches rather than individual units of products. A separate Setup Department is responsible for setting up machines and molds for different styles of car.

Setup overhead costs consist of some costs that are variable and some costs that are fixed with respect to the number of setup-hours. The following information pertains to June 2015:

Actual amount Static-budget Amounts
Amounts Units produced and sold 15,700 11,950
Batch size (number of units per batch) 325 265
Setup-hours per batch 3 4.25
Variable overhead cost per setup-hour $48 $45
Total fixed setup overhead costs $11,310 $9,010

Calculate the efficiency variance for variable overhead setup costs. (Round all intermediary calculations two decimal places and your final answer to the nearest whole number.)

a. $435 unfavorable
b. $4,810 favorable
c. $4,810 unfavorable
d. $435 favorable

A difference between periodic review and continuous review inventory systems is:________
a. Periodic review is more expensive than continuous review
b. Continuous review usually required more safety stock than periodic review
c. In one system, time triggers orders, in the other, quantity triggers orders
d. Periodic review requires real-time monitoring systems

The Consumer Division lost $28,000 and the Industrial Division had operating income of $58,000. Management has analyzed the situation and wants you to do a differential analysis to determine the increase or decrease in overall operating income based on the following:

Expected decrease in revenues $280,000
Expected decrease in total variable costs $200,000
Expected decrease in fixed costs $102,000

a. $2,000 increase in operating income
b. $80,000 decrease in operating income
c. $22,000 increase in operating income
d. $80,000 decrease in operating income

Presente perOW IS INTormation rerarea Orrounder company.
Retail
Cost
$148,740
1,359,000
Beginning inventory
Purchases
Markups
Markup cancellations
Markdowns
Markdown cancellations
Sales revenue
$285,000
2,148.000
96.200
16,300
31,800
4,700
2,209,000
Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, eg.
78% and final answer to O decimal places, eg. 28,987.)
Ending inventory using conventional retail inventory method
$

The Jessica Co. has the following errors on its books as of December 31, 2018. The books for 2018 have not yet been closed.
a. On January 1, 2016, a machine had been purchased for $6,500. The machine had an estimated life of five years, but it was expensed in error. Straight-line depreciation with no salvage value should have been used.
b. On January 1, 2017, the company bought a four-year insurance policy for $800 and immediately charged the full premium to expense.
Required:
Prepare journal entries to correct these errors on December 31, 2018. Ignore income taxes.

Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year. Rental income from the property was $4,800. Expenses associated with use of the home for the entire year were as follows:_______.
Real property taxes $ 3,050
Mortgage interest 12,125
Repairs 1,325
Insurance 1,510
Utilities 5,040
Depreciation 12,400
a. What effect does the rental have on Dillon’s AGI
Effect of rental activity on Dillon's AGI
b. What effect does the rental have on Dillon’s itemized deductions?
Itemizable real property taxes
Itemizable mortgage interest

In sampling for attributes (i.e. test of controls) the determination of sample size is a function of:___________

a. risk of assessing control risk too low
b. tolerable rate
c. estimated population deviation rate.

How do family environment influence moral development during adolescence?

On December 31, 2020, Ayayai Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Ayayai Co. agreed to accept a $296,600 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 12%. Ayayai is much more creditworthy and has various lines of credit at 6%.
1.) Prepare the journal entry to record the transaction of December 31, 2020, for the Ed Abbey Co.
2.) Assuming Ed Abbey Co.’s fiscal year-end is December 31, prepare the journal entry for December 31, 2021.
3.) Assuming Ed Abbey Co.’s fiscal year-end is December 31, prepare the journal entry for December 31, 2022.

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