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1. Effective January 2,2007 Kincaid Co. adopted accounting principle of expensing advertising and promotion costs as they are incurred. Previously advertising and promotion costs applicable to future periods were recorded in prepaid expenses. Kinvaid can justify change that was made for both financial statement and income tax reporting purposes kincaid's prepaid advertising and promotion costs totaled 250000 at December 31,2006 and 2007 adjustment for effect of the change in accounting principle must result in net charge against income in the 2007 income statement of...

 

2. Barker, Inc receives subscription payments for annual (one year)subscriptions to its magazine payments are recorded as revenue when received amounts received but unearned at end of each of last three years are given below.

 

  2005 2006 2007
Unearned revenues 120000 150000 176000

 

3. kopppell co. made following errors in counting its year-end physical inventories.

 

2000 60000 overstatement
2001 108000 understatement
  90000 overstatement

 

entry to correct accounts at the end of 2002 is..........

 

4. at December 31, 2006 Murdock co. had 150000 shares of common stock issued and outstanding on April 1, 2007 additional 30000 shares of common stock were issued Murdock's net income for ended december31 2007 was 517500 during 2007 murdock declared and paid 300000 in cash dividends on its nonconvertible preferred stock basic earnings per common share rounded to nearest penny for the year ended December 31, 2006 must be......

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921788

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