Accounting and Finance

[The following information applies to the questions displayed below] The cash records and bank statement for the month of May for Diaz Entertainment are shown below. DIAZ ENTERTAINMENT Cash Account Records May 1, 2018, to May 31, 2018 Cash Balance Cash Balance May 1, 2018 Deposits Checks May 31, 2018 + $5,390 $11.,490 $11,560 $5,320 […]

Grayson is in the 24 percent tax rate bracket and has sold the following stocks in 2018: (Loss amounts should be indicated by a minus sign.) Description Date Purchased Basis Date Sold Amount Realized Stock A 1/23/1994 $ 7,950 7/22/2018 $ 5,060 Stock B 4/10/2018 15,400 9/13/2018 19,210 Stock C 8/23/2016 12,500 10/12/2018 17,680 Stock D […]

Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric g department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2017 Acoustic Electric $85,000 47,650 37,350 Sales $101,600 Cost of goods […]

Some recent financial statements for Smolira Golf, Inc., follow. SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 2016 Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 3,061 $ 3,057 Accounts payable $ 2,178 $ 2,650 Accounts receivable 4,742 5,731 Notes payable 1,775 2,166 Inventory 12,578 […]

a. Assuming no bonus or §179 expense, what is Burbank’s maximum cost recovery deduction for this year? b.Assuming Burbank would like to maximize its cost recovery deductions by claiming the bonus and §179 expense, which assets should Burbank immediately expense? (You may select more than one answer). c. What is Burbank’s maximum cost recovery deduction this year […]

3. Convertible bonds, warrants, and other exotic bond features Aa Aa E As the name suggests, convertible bonds allow the owner the option to convert the bonds into a fixed number of shares of common stock. Innovative Energy LLC is a start-up company that just raised $100,000 to conduct a third-party feasibility study on its […]

сар тортолст с True or False: The following statement accurately describes how firms make decisions related to issuing new common stock. The cost of issuing new common stock is calculated the same way as the cost of raising equity capital from retained earnings. True: The cost of retained earnings and the cost of new common […]

The ledger of Custer Company has the following work in process account. Work in Process—Painting 5/1 Balance 4,620 5/31 Transferred out ? 5/31 Materials 6,430 5/31 Labor 3,900 5/31 Overhead 2,310 5/31 Balance ? Production records show that there were 430 units in the beginning inventory, 30% complete, 1,400 units started, and 1,580 units transferred […]

Druganaut Company buys a $21,000 van on credit. The transaction will affect the a. income statement only. b. balance sheet only. c. income statement and retained earnings statement only. d. income statement, retained earnings statement, and balance sheet.

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