Monthly Archives: March 2012

E10-5 Don Walls’s gross earnings for the week were $1,780, his federal income tax withholding was $301.63, and his FICA total was $135.73

E10-5 Don Walls’s gross earnings for the week were $1,780, his federal income tax withholding was $301.63, and his FICA total was $135.73. Instructions: a. What was Walls’s net pay for the week? b. Journalize the entry for the recording … Continue reading

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Banerjee Inc. uses the weighted-average method in its process costing system

Banerjee Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company’s first processing department for a recent month. Work in process, beginning: Units in process 200 Stage of completion with respect … Continue reading

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Problem 9-8 (Evaluating a Company’s Budget Procedures) Springfield Corporation operates on a calendar-year basis

Problem 9-8 (Evaluating a Company’s Budget Procedures) Springfield Corporation operates on a calendar-year basis. It begins the annual budgeting process in late August, when the president establishes targets for total sales dollars and net operating income before taxes for the … Continue reading

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P13-10A Condensed financial data of Arma Inc. follow

P13-10A Condensed financial data of Arma Inc. follow. ARMA INC. Comparative Balance Sheets December 31 Assets 2011 2010 Cash $90,800 $48,400 Accounts receivable 92,800 33,000 Inventories 112,500 102,850 Prepaid expenses 28,400 26,000 Investments 138,000 114,000 Plant assets 270,000 242,500 Accumulated … Continue reading

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P13-9A Condensed financial data of Arma Inc. follow

P13-9A Condensed financial data of Arma Inc. follow. ARMA INC. Comparative Balance Sheets December 31 Assets 2011 2010 Cash $90,800 $48,400 Accounts receivable 92,800 33,000 Inventories 112,500 102,850 Prepaid expenses 28,400 26,000 Investments 138,000 114,000 Plant assets 270,000 242,500 Accumulated … Continue reading

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P14-2A The comparative statements of Villa Tool Company are presented below

P14-2A The comparative statements of Villa Tool Company are presented below. VILLA TOOL COMPANY Income Statement For the Year Ended December 31 2012 2011 Net sales $1,818,500 $1,750,500 Cost of goods sold 1,011,500 996,000 Gross profit 807,000 754,500 Selling and … Continue reading

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E14-1 Financial information for Blevins Inc. is presented below

E14-1 Financial information for Blevins Inc. is presented below. December 31, 2012 December 31, 2011 Current assets $125,000 $100,000 Plant assets (net) 396,000 330,000 Current liabilities 91,000 70,000 Long-term liabilities 133,000 95,000 Common stock, $1 par 161,000 115,000 Retained earnings … Continue reading

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E13-8 Here are comparative balance sheets for Taguchi Company

E13-8 Here are comparative balance sheets for Taguchi Company. TAGUCHI COMPANY Comparative Balance Sheets December 31 Assets 2011 2010 Cash $73,000 $22,000 Accounts receivable 85,000 76,000 Inventories 170,000 189,000 Land 75,000 100,000 Equipment 260,000 200,000 Accumulated depreciation (66,000)(32,000) Total $597,000 … Continue reading

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E13-1 Pioneer Corporation had the transactions below during 2011

E13-1 Pioneer Corporation had the transactions below during 2011. Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities. (a) Issued $50,000 par value … Continue reading

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DO IT! 9-4 Match the statement with the term most directly associated with it

DO IT! 9-4 Match the statement with the term most directly associated with it. Goodwill Amortization Intangible assets Franchise Research and development costs 1. Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not … Continue reading

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