during October: 1. Received cash from owner in exchange for capital stock‚ $20‚000. 2. Purchased supplies for cash‚ $900. 3. Paid rent for October‚ $3‚000. 4. Paid advertising expense‚ $2‚500. 5. Received cash for providing delivery services‚ $23‚100. 6. Billed customers for delivery services on account‚ $41‚750. 7. Paid creditors on account‚ $4‚500. 8. Received cash from customers on account‚ $36‚200. 9. Determined that the cost of supplies on hand was $175 and $725 of supplies had been used during
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Homework Assignment #1 3-31 Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of $11‚950 and four exemptions. Assuming an adjusted gross income of $40‚000.00 what is their taxable income for 2012? Adjusted Gross Income = $40‚000.00 Less: Itemized Deductions of $12‚250.00 Less: Personal Exemptions of $ 4($3‚700.00) =$14‚800.00 Taxable Income = $12‚950.00 3-32 Compute Marie’s taxable income for 2012‚ assuming she is single and claims two dependent
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to price Ka slightly lower than Twingo to give us price advantage (Kaprice=95%*Twingo price [$67‚300] = KaPrice is $63‚900). Optimistic Scenario: Total car sales grow at 8%. Percentage of total car sales captured by A and B categories grows at 6% but stays BELOW 50%. When the KA is launched in 1997‚ it is able to capture same market share as the Twingo when it was released‚ 9.1%. Units sold are 99‚023. Neutral Scenario: Total car sales grow at 4.3%. Percentage of market captured by A and
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sister’s wedding. She has set goals to lose at least 2 percent body fat and 10 pounds in the next 6 weeks. Diana does not have any injuries‚ but has not exercised regularly for ten years. She does not have a job‚ but works to raise her 4 children‚ ages 8‚ 10‚ 14‚ and 15. She just recently joined LA fitness‚ which is one mile away‚ and does not have any exercise equipment. The goal for Diana for her first week is to build up her cardio and increase muscular strength. The muscles that are being targeted
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1. (TCO C) Which of the following should not be reported in the income statement? (Points : 5) Goodwill amortization Trade name amortization expense Patent impairment losses All of the above Question 2. 2. (TCO C) Which of the following costs incurred with developing computer software for internal use should be capitalized? (Points : 5) Evaluation of alternatives Coding Training Maintenance Question 3. 3. (TCO C) Mini Corp.
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Chapter 12 Homework Questions Q1. What are the two main characteristics of intangible assets? The two main characteristics of intangible assets are: (a) they lack physical substance. (b) they are not a financial instrument. Q4. Why does the accounting profession make a distinction between internally created intangibles and purchased intangibles? When intangibles are created internally‚ it is often difficult to determine the validity of any future service potential. To permit
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CA 1-3 GAAP stands for: d) Generally accepted accounting principles E 2-5 (a) Arises from peripheral or incidental transactions. Gains‚ Losses (b) Obligation to transfer resources arising from a past transaction. Liabilities (c) Increases ownership interest. Investment by owners‚ comprehensive Income (d) Declares and pays cash dividends to owners. Distribution to owners (e) Increases in net assets in a period from non-owner sources. Comprehensive Income (f) Items characterized by service potential
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Week 5: Case Study 2 - Internal Control Acct Fin: Managerial Use‚Anlys 1. Inform the President of any new internal control requirements if the company decides to go public. (7 points) Answer – Based on facts given in the case‚ new internal control requirements that are needed for the company to go public are listed below a. Compliance with Sarbanes-Oxley Act Regulations b. Compliance with SEC‚ GAAP and IFRS procedures to record all transactions c. Internal audit on company financial
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Week 6 - DQ 1 Do social inequities (for example‚ certain individuals preferred over others for jobs‚ housing financing‚ and so on) based on race still occur? If so‚ what are some examples that you have seen? I have not seen social inequities based on race‚ but I have heard about it still going on. I have heard that the African Americans get more food stamps than white people. I do not know if it is true or not. I know many black people that do not want any financial help‚ and I know plenty
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MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY SUNDAY WEEK 1 1.5 Mile Run Circuit training 1 hour Hike – 3 hours WEEK 2 1.5 Mile Run Circuit training 1 hour Hike – 3 hours WEEK 3 1.5 Mile Run Circuit training 45 mins Hike – 3 hours WEEK 4 1.5 Mile Run Circuit training 45 mins Hike – 3 hours WEEK 5 1.5 Mile Run Circuit training 30 mins Hike – 3 hours WEEK 6 1.5 Mile Run Circuit training 30 mins Hike – 3 hours
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