Accounting Help

Frustrated with an accounting problem!

Sun, 24 Aug 2008 00:39:32 GMT

Hey guys,
I'm working on the last problem from a homework assignment for my Financial Statement Analysis class and am already having some trouble, haha. Here's the deal:

(Unless otherwise noted, all data are as of December 31, Year 5):
Retained Earnings, Dec. 31, Year 4: $98,000
Gross profit margin ratio: 25%
Acid-test ratio: 2.5 to 1
Noncurrent assets: $280,000
Days' sales in inventory: 45 days
Days' sales in receivables: 18 days
Shareholders' equity to total debt: 4 to 1
Sales (all on credit): $920,000
Common stock: $15 par value; 10,000 shares issued and outstanding; issued at $21 per share
Operating expenses (excluding taxes and cost of goods sold for year 5): $180,000
Tax rate: 40%
There are no cash dividends paid in either Year 4 or Year 5.
Current assets include Cash, Accounts Receivable, and Inventories.
Assume 360-day year for ratio computations.
Check figure: Total Assets: $422,500

Using this data, construct the December 31, Year 5, balance sheet.

Now, admittedly, I haven't been looking at this problem for very long, but I've been doing homework like this ALL DAY and my brain is pretty numb at this point.
I do see that I can find that current assets= $142,500. (total assets-noncurrent assets= $422,500-$280,000= $142,500.) But I'm not sure how to figure out the actualy break down of current assets...
I also see that I can get the cost of sales from the Gross Profit Margin ratio and the Sales...but that has to do with the Income Statement, not the Balance Sheet.
I would really, REALLY appreciate any help or nudges in the right direction! Please?

Solution Manuals and Test Banks

Sat, 09 Aug 2008 21:41:20 GMT

Anyone knows a way to download solution manuals or test banks for various accounting courses? Any profs on this site that'd like to share...

did not receive state tax refund yet

Mon, 16 Jun 2008 16:31:16 GMT

Hello. I did not receive state tax refund yet from the state of NY. Is it ok? If not who should I contact?

Payroll and Small Business

Wed, 28 May 2008 21:59:11 GMT

I work for a very small company based out of New Jersey, although I myself am based out of Ohio. All of the employees have been kept as 1099 Contractors, but I'm in the process of trying to work out the mechanics of getting a payroll setup.

Unfortunately I'm working around a rather lazy person in charge...

I've been pushing the Intuit Payroll option, as it's very affordable and offers direct deposit options for each employee at a fairly low fee. But they do not handle the filing of payroll taxes.

I'm trying to find out what frequency my employer would have to report these taxes manually. He has been told that he has to report them weekly; which is something he'd rather outsource (even at outrageous costs) than handle himself.

And, if you have another suggestion than Intuit I'd be more than happy to take any suggestions; we really just want a service that generates weeklly paychecks (either print or Direct Deposit), withholds and reports the appropriate federal / state employee taxes, and generates the proper forms (w2, etc).

this one too...

Thu, 15 May 2008 00:17:47 GMT

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Thu, 15 May 2008 00:09:01 GMT

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Question

Sun, 11 May 2008 03:13:27 GMT

According to the payment schedule for the economic stimulus tax rebate, I was supposed to have my money deposited yesterday, but that didn't happen. Should I be worried or just wait? And how long should I wait before I start to worry? My taxes are super simple, so I don't know why it would take longer to process than expected. I got them in on time and signed up for direct deposit.

returning loans and credit history

Mon, 21 Apr 2008 16:27:13 GMT

Hello. If I take a loan for several years and return it in a couple of months, will this help build my credit history? Or should I return exactly on time, not before the deadline? Thank you

Book about Bookkeeping

Tue, 08 Apr 2008 05:10:35 GMT

Hi everyone, I am writing a book about bookkeeping and operating your own business and am looking for people who think they know the field well!

I need experts and current practices to interview and put in the book in appropriate places. If you are interested or want to know more, please email me: jackie-son@comcast.net. I'll be happy to answer any questions.

All participants get a free copy of the book when it comes out, possibly in September. My final deadline is in May, but get back to me as soon as you can so I can put you in appropriate places!

I'd appreciate it!

Thanks,

Jackie

please help me

Sat, 05 Apr 2008 07:09:46 GMT

hello, i am a new user here..
i am currently doing my accounting assignment...
i have a problem with this question..
can someone help me to solve this question?please, i really need the answer because i have to pass up my assignment next week..
i'm weak in accounting,numbering...sorry for troubling u guys...

IN THE COURSE OF ROUTINE CHECKING OF ALL JOURNAL ENTRIES PRIOR TO PREPARING YEAR-END REPORTS, SALLY YOUNT DISCOVERED SEVERAL STRANGE ENTRIES. SHE RECALLED THAT THE PRESIDENT’S SON KEN HAD COME IN TO HELP OUT DURING AN ESPECIALLY BUSY TIME AND THAT HE HAD RECORDED SOME JOURNAL ENTRIES. SHE WAS RELIEVED THAT THERE WERE ONLY A FEW OF HIS ENTRIES, AND EVEN MORE RELIEVED THAT HE HAD INCLUDED RATHER LENGHTLY EXPLANATIONS. THE ENTRIES KEN MADE WERE :

Work In Process Inventory 25,000

Cash 25,000

(This is for materials put into process. I don’t find the record that we paid for these, so I’m crediting Cash because I know we’ll have to pay for them sooner or later. )

Manufacturing Overhead 12,000

Cash 12,000

(This is for bonuses paid to salespeople. I know they’re part of overhead, and I can’t find an account called “Non-factory Overhead” or “Other Overhead” so I’m putting it in Manufacturing Overhead. I have the check stubs, so I know we paid these. )

Wages Expenses 120,000

Cash 120,000

(This is for the factory worker’s wages. I have a note that payroll taxes are $12000. I still think that’s part of wages expenses, and that we’ll have to pay it all in cash sooner or later, so I credited Cash for the wages and the taxes. )

Work In Process Inventory 3,000

Raw Material Inventory 3,000

(This is for the glue used in the factory. I know we used this to make the products, even thought we didn’t use very much on any one of the products. I got it out of inventory, so I credited an inventory account.)

Instructions

(a) How should Ken have recorded each of the four events?

(b) If the entry was not corrected, which financial statement (income statement or balance sheet) would be affected? What balances would be overstated or understated?

tax-deductible purchase in 2006: too late?

Tue, 05 Feb 2008 03:44:23 GMT

Hello. I bought a car in 2006 but only now realized it is tax-deductible. Can it be deducted now or it'd too late?

Going Concern Assumption

Wed, 30 Jan 2008 03:36:03 GMT

I just have a small assumptions question for my accounting midterm on Thursday.
I was doing the practice quizzes and this was one of the questions:

Assume the property on which your plant is located has increased substantially in value during the last ten years. What assumption underlies it still being reported at is historical cost?

Selected Answer: stable dollar assumption
Correct Answer: Going Concern

Why is this an example of going concern?

Total Contribution Margin

Tue, 29 Jan 2008 15:10:27 GMT

Hi, I was just wondering if someone could clear this up for me.
I'm doing a fill in the blanks type homework.

I've got

(a)Selling Price per Unit
(b) Variable Cost per Unit
(c) Total Units Sold
(d) Total Contribution Margin
(e) Total Fixed Costs
(f) Net Income

And I understand most of the formulas except one thing.
I know I have to find the Unit Contribution Margin (a-b)because Total Fixed Costs is (c*Unit Contribution). But I can't seem to figure out what the formula for Total Contribution Margin is.

tax returning documents for independent contractors?

Sat, 26 Jan 2008 02:11:29 GMT

Hello. I work as a contractor, that is, I am not an employee of the organization that hired me. The salary I get is exactly what stands in my contract with nothing withheld. Should I recieve a W2 analogue or any other tax return document? Thank you

can someone help me see what I'm missing?

Mon, 17 Dec 2007 00:09:29 GMT

I don't understand this at all. I'm looking at all the bond stuff in my book and I don't see an answer that makes sense.

The question:
A company decides to issue a bond durring fy 07. Suppose that bond, with a face value of $13,000,000 is issued with a discount of $2,000,000. The discount will be amortized using the straight-line method. The bond has a 20 year maturity and an 8% coupon.

I need to calculate the interest expense for just this bond for the year 2009.

What things in my book am I looking for to solve this?

tax benefits for independent contractors

Sat, 15 Dec 2007 18:18:17 GMT

Hello. I work as a consulting contractor, i.e. I am not an employee of the university that hired me. Which tax benefits may I claim (e.g. I heard that car lease is tax deductible)? Thank you

Fri, 07 Dec 2007 16:50:01 GMT

Hi.
I'm working on my payroll accounting final project.
I'm having some trouble with one journal entry.

"Wrote a check to Virginia Russell's estate from the regular cash account for the amount withheld from her 12/14 pay for insurance."

I know that I credit cash. What account do I debit?

Big Four Question...

Fri, 30 Nov 2007 17:40:29 GMT

Hi, so this might be a silly question to some of you, but I need some soothing advice lol.

Ok so my b/f interveiwed with a big four auditing firm last monday (monday before thanksgiving) and after the interview they told him that they would get back to him within two weeks.

I immediately thought to not even consider thanksgiving week as part of that 2 week limit. But now it's the end of the real two weeks and he hasn't heard anything.

So my ? is for those that have interviewed or know anything about those firms...since they are world-wide does it normally take a while for them to let future employees know their decision or should he be expecting a negative response, or is it more likely that b/c of the holiday it has thrown them off?

I just am concerned that he hasn't gotten a response and I can't believe that they would turn him down. I mean, he graduated from college early (with honors), and immediately started working on his MBA and he can sit for the CPA this summer...and he's very charasmatic...lol I sound like his mother. But the big deal is that the college he went to doesn't have any connections with the Big Four so this is pretty much it.

I would like to have some type of idea of what the response will be b/c as positive as I'm trying to stay it's even driving me crazy. And at this point is there anything he can do?

thanks for any advice. :)

Fixed Assets

Sat, 27 Oct 2007 17:59:13 GMT

So I applied for a new job and they were asking me about managing fixed assets. I'm an Accounting major in my Junior year but we haven't covered that yet. Is this covered in Intermediate Accounting or is it part of Tax? I wonder is knowing how to set up depreciation schedules has anything to do with it................please advise anyone...........thanks

Homework assignment help, please?

Fri, 14 Sep 2007 11:38:06 GMT

I am currently doing an exercise to review the whole accounting cycle (from posting journal entries to closing entries and preparing income statements, balance sheets, and retained earnings). There are a few entries I have trouble with:

January 1: Sold store equipment for $9,000. The equipment originally cost $10,000 and and had a book value of $7,000. (Given this information, you should be able to derive the accumulated depreciation on the equipment and determine the gain or loss on the sale.)

I really have no idea where to even begin. All I know is that I would debit "Cash" and then I am not sure what from there.

March 16: Credited customer accounts for $2,300 of merchandise returned.

Would I debit "Sales Revenue" and credit "Inventory"? Would I create a new account for that merchandise returned?

New person with questions.

Sun, 09 Sep 2007 20:24:08 GMT

Hi I'm James and I am interested in maybe going for accounting
I'm interested in it because I'm into rules and law and I am a very analytical person and I have always like financial figures and the like.I have to be honest and say I like the job outlook and the idea of steady work and a stable environment to work in.I have a very verbal brain and at the same time one that is very logical and likes math. It also seems like a very international field which is appealing and from what I have heard these thing make it seem like accounting is a good fit.

Well I think I explained why I am interested in accounting well.
One other thing...I'm a heavy introvert and I don't think I'm a real people person.
Will this rule accounting out?
So....just some questions to get things going.
1.What are the main skills needed in accounting?
2. What are helpful personality traits? not so helpful ones?
3.Other interests that are helpful?
4.Any other tidbits?

Accounting homework help

Fri, 07 Sep 2007 04:11:05 GMT

Email me your assignments and I will send you back the solutions. In addition to solving problems I do projects, papers and essays.

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prashant8778@yahoo.co.in

Wed, 29 Aug 2007 11:50:55 GMT

I hate to be a bother, but I need to interview an accountant for a paper I am writing, and I would love to have some input. If anyone could oblige me I would really appreciate it! If you do not feel comfortable responding here, please feel free to e-mail me at joyinacceptance@gmail.com. Thank you so much!

<lj-cut text="Interview Questions">
Name?

Age?

Education?

What are some typical activities in a work day?

How has your education compared to your on the job training? Was it fairly adequate or did you find yourself needing much more knowledge to be successful at your job?

How many hours do you typically work per week?

What is your salary range ( under 30k, 30k-45k, 45k+) and how many years have you been working in this field?

How difficult was it for you to find a job after college?

Any other comments?

</lj-cut>

Thu, 26 Jul 2007 22:03:18 GMT

Is anyone here CPA certified. I need to do a quick interview of someone who is. The assignment is due July 31, so the sooner the better.
Thanks!

CMA experience

Tue, 03 Jul 2007 06:00:27 GMT

Hi all
I was wondering if anyone in the community has taken / is going to take the CMA exam.
How difficult is the quant sectionin Part 1? The syllabus says it tests liner programming and regression analysis -- does this mean that candidates, for instance, are supposed to be able to solve a simplex problem with pen and paper in 1.8 minutes?
Could anyone please share any typical questions from prior exams if possible? Some candidates say that questions in the test materials are much simpler than at the actual exam but I was unable to find any retired questions on the web.
Many thanks in advance!