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Latest Homework Solution

1
Question: Henson Company incurred $300,000 of research and development costs in its laboratory to develop a new product. It spent $40,000 in legal fees for a patent granted on January 2, 2010. On July 31, 2010, Henson paid $30,000 for legal fees in a successful defense of the patent. What is the total amount that should be debited to Patents through July 31, 2010?

A $300,000

B $70,000

C $370,000

D Some other amount

2
Question: Drago Company purchased equipment on January 1, 2010, at a total invoice cost of $600,000. The equipment has an estimated salvage value of $15,000 and an estimated useful life of 5 years. What is the amount of accumulated depreciation at December 31, 2011, if the straight-line method of depreciation is used?

A $120,000

B $240,000

C $117,000

D $234,000

3
Question: Farr Company purchased a new van for floral deliveries on January 1, 2010. The van cost $36,000 with an estimated life of five years and $9,000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the depreciation expense for 2010?

A $7,200

B $5,400

C $10,800

D $14,400

4
Question: Presto Company purchased equipment and these costs were incurred:

Presto will record the acquisition cost of the equipment as

A $22,500

B $24,300

C $24,620

D $25,050

5
Question: An asset that cannot be sold individually in the market place is

A A patent

B Goodwill

C A copyright

D A trade name

6
Question: Cost allocation of an intangible asset is referred to as

A Amortization

B Depletion

C Accretion

D Capitalization

7
Question: On July 1, 2010, Jenks Company purchased the copyright to Jackson Computer tutorials for $162,000. It is estimated that the copyright will have a useful life of five years with an estimated salvage value of $12,000. The amount of Amortization Expense recognized for the year 2010 would be

A $32,400

B $15,000

C $30,000

D $16,200

8
Question: Santayana Company purchased a machine on January 1, 2008, for $12,000 with an estimated salvage value of $3,000 and an estimated useful life of eight years. On January 1, 2010, Santayana decides the machine will last 12 years from the date of purchase. The salvage value is still estimated at $3,000. Using the straight-line method, the new annual depreciation will be

A $675

B $750

C $900

D $1,000

9
Question: Improvements are

A Revenue expenditures

B Debited to an appropriate asset account when they increase useful life

C Debited to accumulated depreciation when they do not increase useful life

D Debited to an appropriate asset account when they do not increase useful life

10
Question: Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as

A Capital expenditures

B Expense expenditures

C Improvements

D Revenue expenditures

11
Question: On October 1, 2010, Holt Company places a new asset into service. The cost of the asset is $60,000 with an estimated five-year life and $15,000 salvage value at the end of its useful life. What is the depreciation expense for 2010 if Holt Company uses the straight-line method of depreciation?

A $2,250

B $12,000

C $3,000

D $6,000

12
Question: A company purchased office equipment for $40,000 and estimated a salvage value of $8,000 at the end of its five-year useful life. The constant percentage to be applied against book value each year if the double-declining-balance method is used is

A 20%

B 25%

C 40%

D 4%

13
Question: The cost of land does not include

A Real estate brokers' commission

B Annual property taxes

C Accrued property taxes assumed by the purchaser

D Title fees

14
Question: Natural resources are generally shown on the balance sheet under

A Intangibles

B Investments

C Property, Plant, and Equipment

D Owner's Equity

15
Question: A gain or loss on disposal of a plant asset is determined by comparing the

A Replacement cost of the asset with the asset's original cost

B Book value of the asset with the asset's original cost

C Original cost of the asset with the proceeds received from its sale

D Book value of the asset with the proceeds received from its sale

16
Question: If a plant asset is retired before it is fully depreciated, and no salvage or scrap value is received

A A gain on disposal will be recorded

B Phantom depreciation must be taken as though the asset were still on the books

C A loss on disposal will be recorded

D No gain or loss on disposal will be recorded

17
Question: Additions and improvements

A Occur frequently during the ownership of a plant asset

B Normally involve immaterial expenditures

C Increase the book value of plant assets when incurred.

D Typically only benefit the current accounting period

18
Question: A factory machine was purchased for $75,000 on January 1, 2010. It was estimated that it would have a $15,000 salvage value at the end of its five-year useful life. It was also estimated that the machine would be run 40,000 hours in the five years. The company ran the machine for 4,000 actual hours in 2010. If the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2010 would be

A $7,500

B $12,000

C $15,000

D $6,000

19
Question: A gain on sale of a plant asset occurs when the proceeds of the sale are greater than the

A Salvage value of the asset sold

B Market value of the asset sold

C Book value of the asset sold

D Accumulated depreciation on the asset sold

20
Question: The entry to record depletion expense

A Decreases owner's equity and assets

B Decreases net income and increases liabilities

C Decreases assets and liabilities

D Decreases assets and increases liabilities

21
Question: During 2010, Rathke Corporation reported net sales of $2,000,000, net income of $1,200,000, and depreciation expense of $100,000. Rathke also reported beginning total assets of $1,000,000, ending total assets of $1,500,000, plant assets of $800,000, and accumulated depreciation of $500,000. Rathke’s asset turnover ratio is

A 2 times

B 1.6 times

C 1.3 times

D .96 times

22
Question: If a fully depreciated plant asset is still used by a company, the

A Estimated remaining useful life must be revised to calculate the correct revised depreciation

B Asset is removed from the books

C Accumulated depreciation account is removed from the books but the asset account remains

D Asset and the accumulated depreciation continue to be reported on the balance sheet without adjustment until the asset is retired

23
Question: The entry to record patent amortization usually includes a credit to

A Amortization Expense

B Accumulated Amortization

C Accumulated Depreciation

D Patents

24
Question: Accountants do not attempt to measure the change in a plant asset's market value during ownership because

A The assets are not held for resale

B Plant assets cannot be sold

C Losses would have to be recognized

D It is management's responsibility to determine fair values

25
Question: A plant asset was purchased on January 1 for $40,000 with an estimated salvage value of $8,000 at the end of its useful life. The current year's Depreciation Expense is $4,000 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is $20,000. The remaining useful life of the plant asset is

A 10 years

B 8 years

C 5 years

D 3 years

26
Question: Yanik Company's delivery truck, which originally cost $70,000, was destroyed by fire. At the time of the fire, the balance of the Accumulated Depreciation account amounted to $47,500. The company received $40,000 reimbursement from its insurance company. The gain or loss as a result of the fire was

A $30,000 loss

B $17,500 loss

C $30,000 gain

D $17,500 gain

27
Question: Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as

A Capital expenditures

B Expense expenditures

C Ordinary repairs

D Revenue expenditures

28
Question: Farr Company purchased a new van for floral deliveries on January 1, 2010. The van cost $36,000 with an estimated life of five years and $9,000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the balance of the Accumulated Depreciation account at the end of 2011?

A 5,760

B $17,280

C $23,040

D $8,640

29
: Equipment was purchased for $75,000. Freight charges amounted to $3,500 and there was a cost of $10,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $15,000 salvage value at the end of its five-year useful life. Depreciation expense each year using the straight-line method will be

A $17,700

B $14,700

C $12,300

D $12,000

30
Question: Carey Company buys land for $50,000 on 12/31/09. As of 3/31/10, the land has appreciated in value to $50,700. On 12/31/10, the land has an appraised value of $51,800. By what amount should the Land account be increased in 2010?

A $0

B $700

C $1,100

D $1,800

Design a simple grade management system (GMS). Each course is defined by a file. The GMS will permit the instructor to create course files, to update the files with final marks, and to calculate the final letter grades based on the statistical distribution of the final marks in the course. The GMS will employ two forms, as follows:

The initial form (main menu) will be used to determine which activity the user is to perform and will require the user to specify a class.

? The main menu should provide the following activities:

? Create a new course file. The filename will be the course name and number. A textbox will be used to enter the name of the new course. The names of all course files will be maintained in a file called “courses.txt”.

? Edit an existing course file. A ListBox will display the available course files. The highlighted course name in the list box will be the file selected for editing.

? Calculate letter grades for all students in a course. See below.

? Once a file has been identified, entries to that course file will be performed using a second form, the “data entry” form.

The “data entry” form will be used to add entries to a course file, to edit existing entries, and to delete entries. Each line of the file contains a student number, a final mark (out of 100), and a letter grade (initially “N”). Each value is separated from the next by a comma. The course file should be displayed in a ListBox. By selecting a line of the ListBox, the corresponding line can be edited as follows:

? Three TextBoxes display the student number, score, and present letter grade.

? Four Buttons provide the functions:

? “Add” adds a new line to the ListBox (and file) constructed from the values provided in the three TextBoxes.

? “Delete” removes the highlighted line from the ListBox (and file).

? “Change” constructs a new line from the existing one by replacing any values that have corresponding new entries in the TextBoxes. If a TextBox is empty, then the corresponding value is not replaced.

? “Exit” updates the file with the changes, closes the file, and closes the “Data entry” window.

When the “calculate letter grade” activity is selected, letter grades will be assigned to all students by calculating the mean and standard deviation. The variables “m” and “s” denote the mean and standard deviation of the students’ scores and can be computed using their formulae. The “Edit” activity can subsequently be used to view the grades.

Design a SavingsAccount class class that stores a savings account's annual interest rate and balance. The class constructor should accept the amount of the savings account's starting balance. The class should also have methods for subtracting the amount of a withdrawal, adding the amount of a deposit, and adding the amount of monthly interest to the balance. The monthly interest rate is the annual interest rate divided by twelve. To add the monthly interest to the balance, multiply the monthly interest rate by the balance, and add the result to the balance.

Test the class in a program that calculates the balance of a savings account at the end of a period of time. It should ask the user for the annual interest rate, the starting balance, and the number of months, that have passed since the account was established. A loop should then iterate once for every month, performing the following:

a. Ask the user for the amount deposited into the account during the month. Use the class method to add this amount to the account balance.

b. Ask the user for the amount withdrawn from the account during the month. Use the class method to subtract this amount from the account balance.

c. Use the class method to calculate the monthly

After the last iteration, the program should display the ending balance, the total amount of deposits, the total amount of withdrawals, and the total interest earned.

(Use JScrollBar) Write a program that uses scroll bars to select the fore- ground color for a label, as shown in Figure 17.29. Three horizontal scroll bars are used for selecting the color’s red, green, and blue components. Use a title border on the panel that holds the scroll bars.

MONARCH CORPORATION IS GOING TO START A NEW PRODUCT LINE OF PRODUCTS IN A WHOLE NEW MARKET.
THE DATA FOR ANALYSIS IS PRESENTED BELOW:

COST OF THE EQUIPMENT NEEDED $300,000 FIVE YEAR PROPERTY LIFE FOR TAX DEPRECIATION
NEW WORKING CAPITAL NEEDS $75,000 WILL BE RECOVERED AT THE END OF THE THIRD YEAR
PROJECTED NEW REVENUES:
SALES PROBABILITY
$275,000 30%
$375,000 50%
$475,000 20%
COST OF GOOD SOLD 30% OF SALES
VARIABLE CASH COSTS 10% OF SALES
ANNUAL FIXED CASH COSTS:
RENT $50,000
CLEANING $15,000
MAINTENANCE & OTHER $15,000
TOTAL FIXED COSTS $80,000
EQUIPMENT DISPOSAL PROCEEDS $30,000 SALVAGE VALUE AT THE END OF YEAR 6
FIRM'S COST OF CAPITAL 9.00%
TAX RATE 35%
NOTE - WHEN COMPUTING TAX A NET LOSS FOR THE YEAR A POSITIVE TAX SAVINGS IS CREATED
SINCE THERE IS OTHER INCOME TAX ON OTHER INCOME TO OFFSET
DEPRECIATION RATES FOR TAX PURPOSES:
YEAR ONE 20.00%
YEAR TWO 32.00%
YEAR THREE 19.20%
YEAR FOUR 11.50%
YEAR FIVE 11.50%
YEAR SIX 5.80%
ASSUMPTIONS:
ALL CASH FLOWS IN YEARS 1-6 OCCUR AT THE END OF THE YEAR. ALL INITIAL CASH INFLOWS OR
OUTFLOWS OCCUR TODAY.
REQUIRED:
A. ASSUMING SALES ARE $275,000 COMPUTE THE PAYBACK, IRR AND NPV. FOR THE NPV COMPUTE
AT BOTH THE FIRM'S DISCOUNT RATE AND 11%, WHICH IS A 2% PREMIUM ADDED TO THE RATE.
B. COPY THE WHOLE WORKSHEET AND SOLUTIONS FOR PART A TO THE WORSHEET NAMED PART B, AND REDO THE COMPUTATIONS BY CHANGING THE ANNUAL SALES TO $375,000.
C. COPY THE WHOLE WORKSHEET AND SOLUTIONS FOR PART A TO THE WORSHEET NAMED PART C, AND REDO THE COMPUTATIONS BY CHANGING THE ANNUAL SALES TO $475,000.

Fill in all of the Cells below in Blue using the information given above.

PART A
YEARS 0 1 2 3 4 5 6
INITIAL INVESTMENT (NO INCOME TAX AFFECTS)
COST OF THE EQUIPMENT NEEDED
WORKING CAPITAL NEEDS
TOTAL INITIAL INVESTMENT

ANNUAL OPERATING RECEIPTS
SALES
LESS COST OF GOODS SOLD
GROSS PROFIT
LESS VARIABLE COSTS
LESS FIXED COSTS
LESS DEPRECIATION
PROFIT BEFORE TAX
LESS INCOME TAX
PROFIT AFTER TAX
PLUS DEPRECIATION
TOTAL OPERATING CASH FLOWS

SALVAGE VALUE ON EQUIPMENT
PROCEEDS
LESS TAX BASIS OF EQUIPMENT:
COST
ACCUMULATED DEPRECIATION
TAX BASIS
GAIN ON SALVAGE
LESS TAX ON SALVAGE GAIN
NET PROCEEDS ON SALVAGE

RELEASE OF WORKING CAPITAL (NO TAX AFFECT)

TOTAL CASH FLOWS - - - - - - -
CUMULATIVE CASH FLOWS - - - - - -

THREE METHODS OF EVALUATION
PAYBACK YEARS
INTERNAL RATE OF RETURN
NET PRESENT VALUE AT 9.00%
NET PRESENT VALUE AT 11.00%

Bonnie has determined the following labor costs associated with her business, Bonnie Manufacturing, Inc:
Sales commissions $5 per container
Administration $10,000 per month
Indirect factory labor $3 per container
Direct factory labor $5 per container

The following information applies to the upcoming month of April:

Budgeted production 1,200 containers
Budget sales 1,000 containers

a) What amount of budgeted labor cost would appear in the April selling, general, and administrative expense budget?
b) What would be Bonnie's budgeted factory labor cost for April?

2. Furthermore, Bonnie has the following budget information for April:

Cash collections $876,000
April 1 cash balance 23,000
Cash disbursements 978,600

Bonnie has a policy of maintaining a minimum cash balance of $20,000 and borrows only in $1,000 increments. How much will Bonnie borrow in April?

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