Accounting 101 - 1458 Words

EXAM3 EXTRA CREDIT 1. Ultimate Butter Popcorn issues 6%, 6-year bonds with a face amount of $47,000. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually. At what price will the bonds issue? (Do not round PV factors. Round your answer to the nearest dollar amount. Omit the $ sign in your response.) Issue price $ 47,000 2. Ultimate Butter Popcorn issues 7%, 6-year bonds with a face amount of $49,000. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid semiannually. At what price will the bonds issue? (Do not round PV factors. Round your answer to the nearest dollar amount. Omit the $ sign in your†¦show more content†¦Equinox Outdoor Wear issues 1,700 shares of its $.03 par value preferred stock for cash at $29 per share. Record the issuance of the preferred shares. (Omit the $ sign in your response.) General Journal Debit Credit Cash 49,300 Preferred stock Additional paid-in capital 11. California Surf Clothing Company issues 1,300 shares of $7 par value common stock at $22 per share. Later in the year, the company decides to repurchase 130 shares at a cost of $35 per share. Record the purchase of treasury stock. (Omit the $ sign in your response.) General Journal Debit Credit Treasury stock 4,550 Cash 4,550 12. Divine Apparel has 3,100 shares of common stock outstanding. On October 1, the company declares a $4.10 per share dividend to stockholders of record on October 15. The dividend is paid on October 31. Record all transactions on the appropriate dates for cash dividends. (If no entry is required, select No journal entry required in the account field and enter zero (0) in the amount field. Leave no cells blank - be certain to enter 0 wherever required. Omit the $ sign in your response.) Date General Journal Debit Credit October 1 Dividends 12,710 Dividends payable 12,710 October 15 No journal entry requiredShow MoreRelatedAccounting 1012954 Words   |  12 PagesPrinciples of Accounting II Exam 1 -2010 Version 1-16.  Decentralization refers to:   A.  reporting for the company as a whole. B.  focusing reporting on parts of the company. C.  the delegation of decision-making authority throughout an organization. D.  differences in organizations. 2-21.  Dorra Corporation manufactures lawnmowers in five work stations. Dorra s weekly demand is 5,000 mowers but Dorra can only produce 4,200. According to the theory of constraints, to increase production outputRead MoreAccounting 101 ECC1678 Words   |  7 Pagesmanagement of Zorrilla Corporation is considering dropping product R10C. Data relating to Product R10C from the company s accounting system appear below: Sales $272,000 Variable expenses $131,000 Fixed manufacturing expenses $94,000 Fixed selling and administrative expenses $81,000 All fixed expenses of the company are fully allocated to products in the company s accounting system. Further investigation has revealed that $48,000 of the fixed manufacturing expenses and $54,000 of the fixedRead MoreAccounting 101: Assignment1126 Words   |  5 PagesACCTG 101 Assignment 01 Due 08 April 2013, 4 p.m. Assignment 01 will be marked out of 40 marks and is worth 4% of your final grade. Overall Presentation Communication: A high standard of written expression and presentation is expected of your assignment. Correct spelling and grammar are essential. Discussions should be concise, structured in a logical order, and relevant to the question. Refer to The Business of Writing: Written Communication Skills for Commerce Students by E. Manalo, G. Wong-ToiRead MoreSuperior Manufacturing Essay1618 Words   |  7 Pagesthan the existing loss of 2,209,000yen with Product 103. Hence, Superior Manufacturing should continue to manufacture Product 103 to generate income in order to narrow its losses. Q2. Should Superior lower as January 1, 2006 its price of product 101? To what priceï ¼Å¸ The objective of this question is to explore if there is a suitable price that generates a positive net profit to the company. In order to find a net profit, the figures of Sales, Variable Costs, and Fixed Costs are required for aRead MoreChapter 2 Solutions.1459 Words   |  6 Pagesper ton Fixed costs per month 0 to 100 tons of capacity per day = $150,000 101 to 200 tons of capacity per day = $300,000 201 to 300 tons of capacity per day = $450,000 2. [pic] The concept of relevant range is potentially relevant for both graphs. However, the question does not place restrictions on the unit variable costs. The relevant range for the total fixed costs is from 0 to 100 tons; 101 to 200 tons; 201 to 300 tons, and so on. Within these ranges, the total fixed costsRead MoreSuperior Manufacturing Company722 Words   |  3 PagesOperating Loss -2262 -7195 -4933 According to above, Superior will suffer operating more loss of $4,933,000 if it drop project 103.Therefore, the company should keep Product 103. Q.2 Should Superior lowers as January 1, 2005 its price of product 101? To what priceï ¼Å¸ Variable Cost (VC) Fixed Cost (FC) Compensation Insurance 0.39 Rent 0.88 Direct Labour 6.06 Property Taxes 0.29 Materials 3.59 Property Insurance 0.25 Supplies 0.25 Indirect Labour 2.07 Power 0.11 Light Heat 0.07 RepairsRead MoreStandard Issues: Aicpa993 Words   |  4 Pagesworking in the accounting industry. The AICPA offers an ethics course for accountants to refresh their understanding of accounting ethics. The AICPA professional code of conduct is designed to protect the individual and users of the company’s financial information. The accounting scandals of Enron, WorldCom and Sunbeam during the early 2000s highlighted some significant deficiencies regarding individual accounting ethics. In order to combat the negative perceptions of the accounting industry arisingRead MoreEthical Codes For Professional Accountants1470 Words   |  6 Pagesand commercial pressure. In the past, some companies had committed accounting fraud that brought severely loss to the society. Today, the general public’s trust in many institutions is decline. Therefore, restoring public trust in the accounting profession is one of the major issues. This report is going to analyze the development of the problems, and its impact on the businesses, consumers, and investors. Development The accounting and assurance industry is undergoing a wide range of dramatic changesRead MoreHilton Manufacturing Company2447 Words   |  10 Pagesof product 101 from 9.41 to 8.64?†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦6 1.4.3 What is Hilton’s most profitable product?†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..7 1.4.4 What appears to have caused the return to profitable operations in the first six months of 2004?†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..8 1.5 Generating Activities†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦8 1.6 Recommendations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.9 Exhibit 1.4.1.1 Should product 103 be dropped? (3 ways to see)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦....10 Exhibit 1.4.2.1 Should price of 101 be droppedRead MoreEvolution of Performance Measurement Models in Management Accounting1594 Words   |  7 PagesManagement Accounting Name Grade course Tutor’s name 2nd October 2010 Abstract Changes in management accounting have gone by unnoticed in the recent years. This article tries to explain by how much management accounting has altered through the years, since the 1950s to date, and the reasons that led to the changes. This work also focuses on various performance evaluation models, their applications and their effectiveness. Introduction There was little advancement in accounting in the