Practice Problems 1

statements are for the fiscal year ended February 3, 2013.) The problem contains three major

each element in your Question 1 pro forma profit and loss statement. Are there any items that

$175,000 in Equipment was purchased on credit ($100 was due on delivery and was paid in cash).

|1. |An insurance representative wants to determine if the proportions of women and men who buy the different policy types are the |

Challenge Problems 7-49 I. Given a) Honda Insight Original Price $17,995.00 b) Honda Insight Dealer Price $16,495.00 c) Terms: 1/15 n/30 II. Unknown a. How much is the rebate? b. What percent is the rebate? c. What is the amount of the discount if the dealer pays within 15 days?

1. For the year-end December 31, 2007, financial statements, what amount should M record as a liability?

7.    Prepare the 3 financial statements for the year ended June 30, 2013 (multi step income statement, classified balance sheet, and statement of retained earnings). Even though you are preparing a multi-step income statement, you still need to list the various expenses individually on the income statement for consideration of full credit. These 3 statements must be typed. Also you must include appropriate dollar signs and appropriate underlines and correct formatting for the statements to receive full credit.

1. Country A is extremely efficient in the mining of tin. However, its climate and terrain makes it difficult to produce corn. According to the theory of comparative advantage, Country A should:

45. (LO1) ATW corporation currently uses the FIFO method of accounting for its inventory for book and tax

Smith, CPA, is a partner of Johnson Accounting Firm. Johnson audited the books of Hometown Bank. Smith’s independence would be impaired under which of the following circumstances?

The standard costs and variances for direct materials, direct labor, and factory overhead for the month of May are as follows:

You have a choice of five appetizers, ten entrees, three beverages, and six desserts. How many possible complete dinners are possible? Place your answer, as a whole number—no decimal places—in the blank. For example 176 would be a legitimate entry 900

The following additional facts are collected for use in making adjusting entries on December 31 prior to preparing financial statements for the company’s first three months. Journalize the following adjusting journal entries in the General Journal on page 6 and then post them to

The semi-annual compounded interest rate is 5.2% (a six-month discount rate of 5.2/2 = 2.6%). (15 points)

13. Janfer Book Store purchased a new automobile that cost $10,000, made a down payment of $3,000, and signed a note payable for the balance. The entry to record this transaction is: