Accounting Help for College and University Students

Accounting Terms

Definitions of important accounting terms

Multiple choice question about balance sheet items.

Which of the following would not appear on the balance sheet? a) Wages expense b) Wages payable c) Bills receivable d) R.Jacks, capital.

Multiple choice question about expense items.

Which of the following is not an expense item? a) Replacing an asbestos roof with a new tiled roof. b) Regular servicing of motor vehicle c) Regular maintenance of equipment d) Monthly payment of electricity bill

finance

(14.) Scenario Analysis. The common stock of Leaning Tower of Pita, Inc., a restaurant chain, will generate the following payoffs to investors next year: Dividend Stock Price Boom $5.00 $195 Normal economy 2.00 100 Recession 0 0 The company goes out of business if a recession hits. Calculate the expected ...continues

Finance

Problem #3 (26.) Abandonment Option. Hit or Miss Sports is introducing a new product this year. If its see-at-night soccer balls are a hit, the firm expects to be able to sell 50,000 units a year at a price of $60 each. If the new product is a bust, only 30,000 units can be sold at a price of $55. The variable cost of each ba ...continues

Develop a function to calculate cost (y=a+bx) using a least squares regression method.

A facility manager asked for information to help in forecasting handling costs. The following printout was generated using the least squares regression method: Fixed cost: $2550 Variable cost per unit: 1.85 Activity variable: units of production volume a. Using the info from the printout, develop a cost function that ca ...continues

T-accounts - find missing data

the jones co. had the following T-account balances. RAW MATERIALS Bal. 1/1 30,000 Credits ????? Debits 420,000 Bal. 12/31 60,000 MANUF OVERHEAD Debits 385,000 Credits ????? WORK IN PROCESS Bal. 1/1 70,000 Credits 810,000 Direct Material 320 ...continues

Accumulated depreciation and trade in value

A company trades an old tractor getting $29,000 trade in allowance and paying $83,000 cash. The old tractor cost $96,000 and had a depreciation value of $52,500. It was expected it would last 8 years and have a $12,000 salvage value. What is the book value of the old tractor at time of the exchange, the loss on this similar a ...continues

Journal entries to record disposal

Jan. 2, 2002 Rit Co. disposes of a machine costing $44,000 w/ accumulated depreciation of $24,625. What is the entry if: - The machine is sold for $18,250 cash? - The machine is traded in on a similar but newer machine having a $60,200 cash price, a $25,000 trade in allowance is received, and the balance is paid in cash?

Record the year-end income tax expense adjusting entry

Co. made & recorded its quarterly income tax payments. After final review Co. ID's an additional $40,000 in income expense that should be recorded. A portion of this addtional expense, $6,000, is deferrable to future years. What is the year-end tax expense adjusting entry?