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Stockholders of a corporation directly elect 1. Which one of the following is a privately held corporation? a. Intel b. General Electric c. Caterpillar Inc. d. Cargill Inc. 2. The dominant form of business organization in the United States in terms of dollar sales volume, earnings, and employees is a. the sole proprietorship. b. the partnership. c. the corporation. d. not known. 3. Under the corporate form of business organizatio ...

Other / Other 05 Apr 2016

Muggs Co. includes one coupon in each bag of dog food 1. During 2013, Salton Co. introduced a new line of machines that carry a three-year warranty against manufacturer’s defects. Based on industry experience, warranty costs are estimated at 1% of sales in the year of sale, 3% in the year after sale, and 4% in the second year after sale. Sales and actual warranty expenditures for the first three-year period were as follows: (assume t ...

Other / Other 04 Apr 2016

Eaton Co. introduced a new product carrying a two-year warranty 1. Roasten Corp.'s payroll for the pay period ended October 31, 2014 is summarized as follows: Federal Amount of Wages Subject Department Total Income Tax to Payroll Taxes Payroll Wages Withheld F.I.C.A. Unemployment Factory $ 75,000 $ 9,000 $70,000 $32,000 Sales 22,000 3,000 16,000 2,000 Office 18,000 2,000 8,000 — ...

Other / Other 04 Apr 2016

A suit for breach of contract seeking damages 1 Snow Co. began operations on January 2, 2014. It employs 15 people who work 8-hour days. Each employee earns 10 paid vacation days annually. Vacation days may be taken after January 10 of the year following the year in which they are earned. The average hourly wage rate was $20.00 in 2014 and $21.25 in 2015. The average vacation days used by each employee in 2015 was 9. Snow Co. accrues th ...

Other / Other 04 Apr 2016

Excom manufactures high-end whole home electronic 1. Xtra Processes is involved with innovative approaches to finding energy reserves. Xtra recently built a facility to extract natural gas at a cost of $15 million. However, Xtra is also legally responsible to remove the facility at the end of its useful life of twenty years. This cost is estimated to be $21 million (the present value of which is $8 million). What is the journal entry requ ...

Other / Other 04 Apr 2016

Rao Co. introduced a new line of machines 1. Sawyer Company self-insures its property for fire and storm damage. If the company were to obtain insurance on the property, it would cost them $1,500,000 per year. The company estimates that on average it will incur losses of $1,200,000 per year. During 2014, $525,000 worth of losses were sustained. How much total expense and/or loss should be recognized by Sawyer Company for 2014? a. $5 ...

Other / Other 04 Apr 2016

Contingent assets need not be disclosed in the financial statements 1. Under IFRS, which of the following is used to measure a liability, if a range of estimates is predicted and no amount in the range is more likely than any other amount in the range? a. Minimum of the range b. Maximum of the range c. Mid-point of the range d. Average of the range Correct Answer: C Explanation: Under IFRS, if a range of estimates is predicte ...

Other / Other 04 Apr 2016

Current Liabilities section of Lamar Company's 1 Described below are certain transactions of Lamar Company for 2014: 1. On May 10, the company purchased goods from Fox Company for $75,000, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18. 2. On June 1, the company purchased equipment for $90,000 from Rao Company, paying $30,000 in cash and giving a one-year, 9% note for the b ...

Other / Other 04 Apr 2016

Ebbert Company’s salaried employees 1. Which of the following is generally associated with payables classified as accounts payable? Periodic Payment Secured of Interest by Collateral a. No No b. No Yes c. Yes No d. Yes Yes 2. On January 1, 2012, Bacon Co. leased a building to Horner Corp. for a ten-year term at an annual rental of $140,000. At inception of the lease, Bacon received $560,000 covering the first two ...

Other / Other 04 Apr 2016

Similarities and differences between U.S. GAAP and IFRS Ques. 1. Briefly describe some of the similarities and differences between U.S. GAAP and IFRS with respect to the accounting for liabilities. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help ...

Other / Other 04 Apr 2016