Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

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

Have any Question? 


Related Questions in Accounting Basics

- discuss the pros and cons of leasing vs purchasing a

- Discuss the pros and cons of leasing vs purchasing a fleet of business vehicles for a client's business, (assume the loan rate on purchasing the vehicles is 6% and the implicit interest rate in the lease is also 6%). - ...

Accounting questionin germany and china separate

Accounting Question: In Germany and China separate institutions established by law carry out the roles of public accounting and auditing. What is the impact of this professional practice on the usefulness of internationa ...

Case - ethics and the managergo to page 130 case 3-30

CASE - Ethics and the Manager Go to page 130, Case 3-30, Ethics and the Manager. Let's discuss the questions, make value-added comments, points, and share personal experiences of unethical situations. Cristin Madsen has ...

1 identify an industry to focus on it is suggested that you

1) Identify an industry to focus on (It is suggested that you use an industry that is expanding rather than consolidating, but the choice is yours to make). Explain why you chose this industry and its environment. 2) Ide ...

Section i multiple choicemark one box only to indicate the

Section I: Multiple Choice Mark one box only to indicate the answer you consider correct for each question 1. Which of the following is the goal of the U.S. health care system? a. Access b. Cost c. Quality d. All of the ...

Requirement 1 -it was early november 20x5 and the

REQUIREMENT 1 - It was early November 20X5, and the Hydromaint people requested a meeting with you and Tom Lockhart.  They wished to brief you on several 20X5 events and strategy changes. Nick Riley reported that the mai ...

Question 1with respect to transferability of ownership

Question 1 With respect to transferability of ownership interests, a sole proprietor may: not transfer her interests may only transfer her interest with approval of the state freely transfer her interests transfer her in ...

Assignment entries65 mackay industries limited mil is a

Assignment: Entries 65 MacKay Industries Limited (MIL) is a Canadian company that manufactures leather fur- niture. Sales in 20X3 were $265 million, with strong exports to the United States. MIL is the leading Canadian m ...

Accounting assignmentcolorado springs company csc is a

Accounting Assignment Colorado Springs Company (CSC) is a wholesaler with fiscal year ended December 31 of previous year. Since it is publicly-traded, it undergoes external audit. The most recent audit was completed in F ...

What is ubit and what are some exceptions to the rule why

What is UBIT and what are some exceptions to the rule? Why do you think these exceptions exist? What is the significance of the "regularly carried on" test as it relates to UBIT? Required: Half to one page only 2 referen ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen