Income Taxes Payable

$471

Short-term Investments and Marketable Securities

8,109

Cash

8,442

Other non-current Liabilities

10,449

Common Stock

1,760

Receivables

4,812

Other Current Assets

2,973

Long-term Investments

10,448

Other Non-current Assets

3,585

Property, Plant and Equipment

23,486

Trademarks

6,527

Other Intangible Assets

20,810

Allowance for Doubtful Accounts

53

Accumulated Depreciation

9,010

Accounts Payable

8,680

Short Term Notes Payable

17,874

Prepaid Expenses

2,781

Other Current Liabilities

796

Long-Term Liabilities

14,736

Paid-in-Capital in Excess of Par Value

11,379

Retained Earnings

55,038

Inventories

3,264

Treasury Stock

35,009

Sales Revenue for 2012

$48,017

Cost of Goods Sold for 2012

19,053

Net Income for 2012

9,019

Inventory Balance on 12/31/11

3,092

Net Accounts Receivable Balance on 12/31/11

4,920

Total Assets on 12/31/11

79,974

Equity Balance on 12/31/11

31,921

Accounts Payable

$38,080

Accounts Receivable

6,768

Cash

7,781

Common Stock

3,952

Cost of Goods Sold

352,488

Income Tax Expense

7,981

Interest Expenses

2,064

Membership Revenues

3,048

Net Sales

466,114

Operating, Selling and Administrative Expenses

88,873

Retained Earnings

72,978

Cash flow from operating activities

In millions

In millions

For the year ended 2012

For the year ended 2011

Net (loss) earnings

$(12,650)

$7,074

Depreciation and amortization

5,095

4,984

Impairment of goodwill and purchased intangible assets

18,035

885

Stock-based compensation expense

635

685

Provision for doubtful accounts

142

81

Provision for inventory

277

217

Restructuring charges

2,266

645

Deferred taxes on earnings

(711)

166

Excess tax benefit from stock-based competition

(12)

(163)

Other, net

265

(46)

Accounts and financing receivables

1,269

(227)

Inventory

890

(1,252)

Accounts payable

(1,414)

275

Taxes on earnings

(320)

610

Restructuring

(840)

(1,002)

Other assets and liabilities

(2,356)

(293)

Net cash provided by operating activities

10,571

12,639

Cash flows from investing activities:

Investment in property, plant, and equipment

(3,706)

(4,539)

Proceeds from sale of property, plant, and equipment

617

999

Purchases of available-for-sale securities and other investments

(972)

(96)

Maturities and sales of available-for-sale securities and other investment

662

68

Payments in connection with business acquisitions, net of cash acquired

(141)

(10,480)

Proceeds from business divestiture, net

87

89

Net cash used in investing activities

(3,453)

(13,959)

Cash flow from financing activities:

(Payments) issuance of commercial paper and notes payable, net

(2,775)

(1,270)

Issuance of debt

5,154

11,942

Payment of debt

(4,333)

(2,336)

Issuance of common stock under employee stock plans

716

896

Repurchase of common stock

(1,619)

(10,117)

Excess tax benefit from stock-based compensation

12

163

Cash dividends paid

(1,015)

(844)

Net cash used in financing activities

(3,860)

(1,566)

Increase (decrease) in cash and cash equivalents

3,258

(2,886)

Cash and cash equivalents at beginning of period

8,043

10,929

Cash and cash equivalents at end of period

$11,301

$8,043

Suppose Landon used a traditional costing system with machine hours as the cost driver. Determine the amount of overhead assigned to each
product line. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount.
Omit the “$” sign in your response.)

Calculate the production cost per unit for each of Landon’s products under a traditional costing system. (Round your
intermediate calculations and final answers to 2 decimal places. Omit the “$” sign in your response.)

Calculate Landon’s gross margin per unit for each product under the traditional costing system. (Round your intermediate
calculations and final answers to 2 decimal places. Omit the “$” sign in your response.)

Select the appropriate cost driver for each cost pool and calculate the activity rates if Landon wanted to implement an ABC system.
(Round your answers to 2 decimal places. Omit the “$” sign in your response.)

Assuming an ABC system, assign overhead costs to each product based on activity demands . (Omit the “$” sign in your
response.)

Calculate the production cost per unit for each of Landon’s products in an ABC system. (Round your intermediate
calculations and final answers to 2 decimal places. Omit the “$” sign in your response.)

Calculate Landon’s gross margin per unit for each product under an ABC system. (Round your intermediate calculations and
final answers to 2 decimal places. Omit the “$” sign in your response.)

Radar Inc. has developed a new and improved widget. The company plans to sell the product through an existing Web site.
Radars marketing department believes the product will sell for $49.5. Radars goal is a 42 percent profit margin on the widget.

Requirement 1:

If current prototypes cost $24.61 to produce, will Radar meet its profit goal?

Requirement 2:

Calculate the target cost necessary for Radar to earn 42 percent profit. (Round your answers to 2 decimal
places. Omit the “$” sign in your response.)

Target cost

$

Use the following items to determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows.
(Omit the “$” sign in your response.)

Maya does not occupy all of the space in the building it owns; it leases the excess space to other companies. On October 1, 2012, Maya received
a check in the amount of $12,800 from one of its tenants. That tenant signed a lease for eight months beginning on that date. The check
represented the full amount of the rent for the eight month period.

(Click to select)

Accumulated Depreciation

Unearned Rent Revenue

Supplies Expense

Depreciation Expense

Rent Revenue

Accounts Receivable

Accounts Payable

Cash

(Click to select)

Cash

Accounts Payable

Unearned Rent Revenue

Supplies

Accounts Receivable

Rent Revenue

Consulting Revenue

Supplies Expense

1. Elkins Company had checks outstanding totaling $5,400 on its June bank reconciliation. In July, Elkins
Company issued checks totaling $38,900. The July bank statement shows that $26,300 in checks cleared the bank in July. A check from
one of Elkins Company’s customers in the amount of $300 was also returned marked “NSF.” The amount of outstanding checks on Elkins
Company’s July bank reconciliation should be

A)$18,000.
B)$17,700.
C)$7,200.
D)$12,600.

On October 1, Natalie King organized Real Solutions, a new consulting firm. On October 31, the company’s records show the following items and
amounts.

The owner’s initial investment consists of $38,000 cash and $36,000 in land in exchange for common stock.

The accounts payable balance of $7,500 consists of the $4,250 office supplies purchase and $3,250 in employee salaries yet to be paid.

Using the above information prepare an October 31 statement of cash flows for Real Solutions.

During 2013, its first year of operations, Hollis Industries recorded sales of $10,600,000 and experienced returns of
$860,000. Cost of goods sold totaled $7,950,000 (75% of sales). The company estimates that 10% of all sales will be returned.

Prepare the year-end adjusting journal entries to account for anticipated sales returns. (If no
entry is required for a particular event, select “No journal entry required” in the first account field.)

Date of
Note

Terms

Maturity
Date

Principal

Annual
Interest Rate

Total
Interest

(a)

April 1

60 days

May 30June 31May 31

$600,000

9%

$

(b)

July 2

30 days

August 1August 2June 2June 1

90,000

%

$600

(c)

March 7

6 months

September 7September 6October 7October 6

120,000

10%

$

Compute the companys net sales for the year

An account will have a credit balance if the

A)debits exceed the credits.
B)credits exceed the debits.
C)first transaction entered was a credit.
D)last transaction entered was a credit.

Which of the following is incorrect as to category, normal balance, financial statement, to increase, to
decrease
A)Cash – asset, debit, balance sheet, credit,
debit
B)Accounts Payable – liabilities, debit, balance sheet,
credit, debit
C)Common Stock – shareholders equity, debit, balance sheet,
credit, debit
D)Service Revenue – revenue, credit, income statement, debit,
credit
E)Dividend – expense, debit, retained earning, debit,
credit
F)All of these
G)None of these

The accounting equation for Eldorado Enterprises is:Assets
$100,000 = Liabilities $40,000 + Stockholders’ equity Equity $60,000.

If Eldorado purchases equipment for $25,000 and signs a note payable for the same amount, the new accounting
equation will be:

A)Assets $75,000 = Liabilities $15,000 + Stockholders’ equity
$60,000.
B)Assets $100,000 = Liabilities $40,000 + Stockholders’
equity $60,000
C)Assets $125,000 = Liabilities $40,000 + Stockholders’
equity $85,000.
D)Assets $125,000 = Liabilities $65,000 +
Stockholders’ equity $60,000.

Thank you for helping. I really hope u can give me the right answer and explain the steps

The following information relates to the manufacturing operations of O’Shaughnessy Mfg. Co. during the month of March. The company uses job
order costing.

Purchases of direct materials during the month amount to $55,000. (All purchases were made on account.)

Materials requisitions issued by the Production Department during the month total $56,000.

Time cards of direct workers show 2,000 hours worked on various jobs during the month, for a total direct labor cost of $32,000.

Direct workers were paid $28,000 in March.

Actual overhead costs for the month amount to $36,000 (for simplicity, you may credit Accounts Payable).

Overhead is applied to jobs at a rate of $18 per direct labor hour.

Jobs with total accumulated costs of $100,000 were completed during the month.

During March, units costing $120,000 were sold for $200,000. (All sales were made on account.)

Prepare general journal entries to summarize each of these transactions in the company’s general ledger accounts.(Omit the “$” sign in your response.)

(Click to select)

Rental equipment

Direct labor

Wages expense

Rent expense

Work in process inventory

Materials inventory

Utilities expense

Accounts payable

(Click to select)

Work in process inventory

Accounts receivable

Wages expense

Office supplies

Rent expense

Salaries payable

Accounts payable

Utilities expense

(Click to select)

Depreciation expense

Direct labor

Wages expense

Rental equipment

Various accounts

Rent expense

Work in process inventory

Finished goods inventory

(Click to select)

Insurance expense

Materials inventory

Accounts payable

Depreciation expense

Various accounts

Salaries payable

Accrued wages payable

Office supplies

(Click to select)

Rent expense

Utilities expense

Various accounts

Finished goods inventory

Depreciation expense

Salaries payable

Selling and administrative expenses

Work in process inventory

(Click to select)

Utilities expense

Accounts payable

Salaries payable

Depreciation expense

Selling and administrative expenses

Direct labor

Rental equipment

Work in process inventory

(Click to select)

Rent expense

Office supplies

Selling and administrative expenses

Various accounts

Finished goods inventory

Direct labor

Salaries payable

Interest expense

(Click to select)

Wages expense

Various accounts

Accounts receivable

Salaries payable

Cash

Depreciation expense

Utilities expense

Cost of goods sold

(Click to select)

Direct labor

Utilities expense

Manufacturing overhead

Salaries payable

Depreciation expense

Cost of goods sold

Accounts payabl

Deferred revenue

(Click to select)

Direct labor

Insurance expense

Various accounts

Salaries payable

Rent expense

Finished goods inventory

Accounts payable

Utilities expense

(Click to select)

Salaries payable

Accumulated depreciation

Work in process inventory

Depreciation expense

Rental equipment

Preferred stock

Direct labor

Accounts payable

(Click to select)

Utilities expense

Cost of goods sold

Rental equipment

Various accounts

Manufacturing overhead

Depreciation expense

Salaries payable

Accounts payable

(Click to select)

Rent expense

Finished goods inventory

Work in process inventory

Deferred revenue

Utilities expense

Accounts payable

Depreciation expense

Cost of goods sold

(Click to select)

Depreciation expense

Cost of goods sold

Accounts payable

Rental equipment

Various accounts

Work in process inventory

Interest expense

Rent expense

(Click to select)

Sales tax payable

Depreciation expense

Utilities expense

Salaries payable

Cash

Accounts receivable

Direct labor

Work in process inventory

(Click to select)

Accounts payable

Wages expense

Direct labor

Accrued wages payable

Deferred revenue

Sales

Utilities expense

Work in process inventory

(Click to select)

Accounts payable

Utilities expense

Cost of goods sold

Accrued wages payable

Work in process inventory

Rental equipment

Sales tax payable

Office supplies

(Click to select)

Cost of goods sold

Depreciation expense

Accounts payable

Interest expense

Income taxes expense

Finished goods inventory

Various accounts

Rental equipment

Please explain how to do it and what i use in the journal entires I dont understand and want to

Complete the following table showing the equity account balances at each indicated date (include the balances from September 30).
(Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your response.)

Assets

Liabilities

Stockholders’ Equity

Cash

Accounts Receivable

Supplies

Office Equipment

Accounts Payable

Common Stock

Retained Earnings

Rev.

Exp.

Div.

Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under (a) FIFO, (b) LIFO,
and (c) weighted average. Assume a periodic inventory system is used.(Input all amounts as positive values. Do
not round Weighted average cost per unit. Round your final answers to the nearest dollar amount. Omit the “$” sign in your
response.)

$32,000

$40,000

$48,000

$50,000

Based on the above information, compute net cash flow from financing activities under GAAP.(Negative net cash
amount should be indicated with minus sign. Omit the “$” sign in your response.)

Riverside Engineering is a machine shop that uses job order costing. Overhead is applied to individual jobs at a predetermined rate based on
direct labor costs. The job cost sheet for job no. 321 appears below.

Chess Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold
using FIFO for comparison purposes.