Monthly Archives: August 2014

BYP1-7 Wayne Terrago, controller for Robbin Industries, was reviewing production cost reports for the year

ACCOUNTING Ethics Case BYP1-7 Wayne Terrago, controller for Robbin Industries, was reviewing production cost reports for the year. One amount in these reports continued to bother him—advertising. During the year, the company had instituted an expensive advertising campaign to sell … Continue reading

Posted in Homework Help | Comments Off

Piedmont Fasteners Corporation: The president wanted to know the break-even point for each of the company’s products

ACCOUNTING The president wanted to know the break-even point for each of the company’s products. Piedmont Fasteners Corporation makes three different clothing fasteners in its manufacturing facility in North Carolina. Data concerning these products appear below: VELCRO METAL NYLON Normal … Continue reading

Posted in Homework Help | Comments Off

Vargas Corporation is authorized to issue 20,000 shares of $50 par value, 10% Preferred stock and 125,000 shares of $3 par value common stock

ACCOUNTING Vargas Corporation is authorized to issue 20,000 shares of $50 par value, 10% Preferred stock and 125,000 shares of $3 par value common stock. On January 1, 2010, the ledger contained the following stockholders’ equity balances. Preferred Stock (10,000 … Continue reading

Posted in Homework Help | Comments Off

The stockholders’ equity section of Jarvis Corporation at December 31 is as follows

ACCOUNTING The stockholders’ equity section of Jarvis Corporation at December 31 is as follows. JARVIS CORPORATION Balance Sheet (partial) Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued $ 300,000 and outstanding Common stock, no par, 750,000 shares … Continue reading

Posted in Homework Help | Comments Off

The balance in retained earnings on January 1, 2010, for Persinger Inc, was $800,000

ACCOUNTING The balance in retained earnings on January 1, 2010, for Persinger Inc, was $800,000. During the year, the corporation paid cash dividends of $90,000 and distributed a stock dividend of $8,000. In addition, the company determined that it had … Continue reading

Posted in Homework Help | Comments Off

Courtside Concepts Co. began business on January 2, 2011

ACCOUNTING 24th Edition Courtside Concepts Co. began business on January 2, 2011. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. … Continue reading

Posted in Homework Help | Comments Off

Monat Construction Company, Inc., entered into a firm fixed price contract with Hyatt Clinic on July 1, 2010 to construct a four-story office building

ACCOUNTING Monat Construction Company, Inc., entered into a firm fixed price contract with Hyatt Clinic on July 1, 2010, to construct a four-story office building. At that time, Monat estimated that it would take between 2 and 3 years to … Continue reading

Posted in Homework Help | Comments Off

F. Calvert and G. Powers have capital balances on January 1 of $50,000 and $40,000, respectively

ACCOUNTING E12-4 F. Calvert and G. Powers have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $20,000 for Calvert and $12,000 for Powers, (2) interest at 10% on … Continue reading

Posted in Homework Help | Comments Off

The stockholders’ equity accounts of Hashmi Company at January 1, 2010, are as follows

ACCOUNTING P14-2A The stockholders’ equity accounts of Hashmi Company at January 1, 2010, are as follows. Preferred Stock, 6%, $50 par : $600,000 Common Stock, $5 par: 800,000 Paid-in Capital in Excess of Par Value-Preferred Stock: 200,000 Paid-in Capital in … Continue reading

Posted in Homework Help | Comments Off

The comparative balance sheets for Redwood Corporation for 2011 and 2012 follow

ACCOUNTING The comparative balance sheets for Redwood Corporation for 2011 and 2012 follow: Balance Sheets As of December 31 2011 Assets Cash 40,600 Accounts Receivable 22,000 Merchandise Inventory 176,000 Prepaid Rent 4,800 Equipment 288,000 Accumulated Depreciation (236,000) Land 80,000 Total … Continue reading

Posted in Homework Help | Comments Off