Monthly Archives: January 2012

The management of Coker Corp. is doing a quick forecast of 20X9 using the modified percentage of sales method in preparation for a more detailed

The management of Coker Corp. is doing a quick forecast of 20X9 using the modified percentage of sales method in preparation for a more detailed planning exercise later in the month. The estimate is to assume a 10% growth in … Continue reading

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The Owl Corporation is planning for 20X2

The Owl Corporation is planning for 20X2. The firm expects to have the following financial result in 20X1 ($000). INCOME STATEMENT $ % Revenue $37,483 100.0 COGS 14,807 39.5 Gross margin $22,676 60.5 Expense 17,721 47.3 EBIT $4,955 13.2 Interest … Continue reading

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Record the following transactions in the general ledger account of the Coleman County General Fund

Property Tax- Record the following transactions in the general ledger account of the Coleman County General Fund. 1. Coleman County levied its 20×7 property tax on Jan 1, 20×7. The total tax levy was 80,000,000; 2% is expected to be … Continue reading

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The Winthrop Company is constructing a five-year plan

The Winthrop Company is constructing a five-year plan. The firm’s ACP is currently 90 days, while its inventory turnover ratio is 3 X based on COGS. The company has forecast aggressive revenue growth along with efficiency improvements in manufacturing and … Continue reading

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E12-1 Tanner-UNF Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on July 1, 2011

E 12-1 Securities held-to-maturity; bond investment; effective interest Tanner-UNF Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on July 1, 2011. Company management has the positive intent and ability to hold the bonds until … Continue reading

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P11-1A On January 1, 2006, the ledger of Shumway Software Company contains the following liability accounts

P11-1A On January 1, 2006, the ledger of Shumway Software Company contains the following liability accounts. Accounts payable $42,500 Sales Taxes payable 5,800 Unearned service revenue 15,000 During January the following selected transactions occurred. Jan. 1: Borrowed $15,000 in cash … Continue reading

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BE11-1 Cardinal Company has the following obligations at December 31

BE11-1 Cardinal Company has the following obligations at December 31: (a) a note payable for $100,000 due in 2 years, (b) a 10-year mortgage payable of $300,000 payable in ten $30,000 annual payments, (c) interest payable of $15,000 on the … Continue reading

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C:2-44. Jerry transfers property having a $32,000 adjusted basis and a $50,000 FMV to Emerald Corporation in exchange for all of Emerald’s stock worth

C:2-44. Jerry transfers property having a $32,000 adjusted basis and a $50,000 FMV to Emerald Corporation in exchange for all of Emerald’s stock worth $15,000 and Emerald’s assumption of a $35,000 mortgage on the property. a. What is the amount … Continue reading

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P11-2 (Comprehensive problem; Chapters 10 and 11) At December 31, 2010, Cord Company’s plant asset and accumulated depreciation and amortization

P11-2 Comprehensive problem; Chapters 10 and 11 At December 31, 2010, Cord Company’s plant asset and accumulated depreciation and amortization accounts had balances as follows: Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2011 … Continue reading

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P11-10 (Accounting changes; three accounting situations) Described below are three independent and unrelated situations involving accounting changes

P11-10 Accounting changes; three accounting situations Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2011 before any adjusting entries or closing entries are prepared. a. On December 30, 2007, Rival Industries acquired its … Continue reading

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