Business & Finance - 29 November 2007

What sort of system do they use? If anyone knows please let me know :)

2007-11-29 02:34:47 · 14 answers · asked by elehw_20 2 in Credit

2007-11-29 02:27:57 · 6 answers · asked by **missasa 2 in Renting & Real Estate

How do I find a nationwide database of recently purchased properties that lists where the property is and the purchaser's info?

2007-11-29 02:27:34 · 3 answers · asked by Scott D 1 in Renting & Real Estate

I haven't paid anything on it for about a year now. Somebody told me that the damage is done already and my credit won't get any more worse from that particular account. Is that true?

2007-11-29 02:23:19 · 7 answers · asked by Agent 47 1 in Credit

how likly is it my home will be repossed while im waiting to the usuall avrage six weeks it takes to complete a sale of house ?? and do mortgage companys have to advise u first that they are about to seek reposetion?.. and can the arears affect my sale going threw

2007-11-29 02:20:22 · 6 answers · asked by angelscandream 1 in Renting & Real Estate

im looking for a good job swebsite, i just got out the navy and loking for employemnt I went to snagajob

2007-11-29 02:18:40 · 3 answers · asked by Anonymous in Health Care

I've written a small windows application that would be very usefull to outdoor photographers, artists and film-makers.
I've put it up for sale on Ebay, but I don't feel this is likely to be the most efficient way to sell it, so I'm looking for other channels to bring the application to the market.
I'm thinking of making it available through download sites etc, but I'm wondering what other approaches there are.
The setup file is 7mb, so it's a reasonable download size, and I'm also prepared to distribute it on CD too.
Can anyone share their wisdom please?

2007-11-29 02:13:13 · 2 answers · asked by Swampy_Bogtrotter 4 in Small Business

I plan on selling in 4 years, and I have a credit score around 750. Would the closing costs outweigh the monthly mortgage savings with a lower rate? It seems I bought my house when interest rates were the highest in the last couple of years, and they look like they've gone back down for a bit (hovering around 6.0-6.25)

2007-11-29 02:09:35 · 6 answers · asked by GoTeamVenture! 2 in Personal Finance

I am selling my house to my Mom. I am selling it to her well below market value. The selling price is 50,000 but the banker would like to make the selling price 74000, and show it as me gifting her 24000 for a down payment. My question is am i then going to be stuck paying the captial gains tax on that extra money? Or well the fact that it is a gift make it not taxable as capital gains.

Thanks

2007-11-29 02:06:45 · 11 answers · asked by sgtks84 1 in United States

2007-11-29 02:05:42 · 2 answers · asked by Manik 7 in Marketing & Sales

I DO provide more than 50% of income and have for several months. It's a very confusing situation but he does live with us and I do provide more than 50% of his income. Sometimes we get 50 dollars as 'child support' but thats not much help with a 16 year old.

2007-11-29 02:05:40 · 7 answers · asked by Anonymous in United States

An Australian business purchase a product from a US business. Does the Australian business pay any US tax? What services delivered electronically?

2007-11-29 02:05:01 · 2 answers · asked by brownskinislander 2 in United States

I hear that a common way to start an interveiw is for the interviewer to ask the interveiwee to tell a joke. I would like to be prepared if this is asked of me in an upcoming interview and I can not think of any appropriate and funny jokes.

2007-11-29 02:04:07 · 5 answers · asked by Unknown 3 in Other - Careers & Employment

2007-11-29 02:03:25 · 5 answers · asked by Mark Williams 1 in Renting & Real Estate

I'm thinking about going back to my former employer to see if they have a job for me. Should I call them or go down there?

2007-11-29 02:01:41 · 14 answers · asked by LaLaLamb 2 in Other - Careers & Employment

I am part of a team who are interviewing many candidates for employment for a large government contract. We have talked to almost 100 people. One thing that stands out in the process is how many people are incredibly nervous and ill at ease while interviewing for a job. Their ability to make small talk during the early part of the interview is very shocking. Most are just terrible at exchanging pleasantries during the first few minutes of the process.

Is it the cell phone generation and a computer driven communication culture that has eliminated people's ability to speak one on one? Why are people so nervous?

2007-11-29 02:00:27 · 29 answers · asked by Anonymous in Other - Careers & Employment

Ex. 1 (16 pts.)
On October 1, Taylor Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred.

Oct. 4 Purchased 25 bicycles at a cost of $200 each from Lang Bicycle Company, terms 2/10, n/30.

6 Sold 15 bicycles to Team America for $300 each, terms 2/10, n/30.

7 Received credit from Lang Bicycle Company for the return of 2 defective bicycles.

13 Issued a credit memo to Team America for the return of a defective bicycle.

14 Paid Lang Bicycle Company in full, less discount.

Instructions
Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system.

Ex. 2 (11 pts.)
Prepare the necessary journal entries to record the following transactions, assuming Lewis Company uses a perpetual inventory system.
(a) Lewis sells $40,000 of merchandise, terms 1/10, n/30. The merchandise cost $30,000.
(b) The customer in (a) returned $4,000 of merchandise to Lewis. The merchandise returned cost $3,000.
(c) Lewis received the balance due within the discount period.

Ex. 3 (10 pts.)
The following information is available for Tolan Company:

Debit Credit
Tolan, Capital $ 50,000
Tolan, Drawing $ 42,000
Sales 510,000
Sales Returns and Allowances 20,000
Sales Discounts 7,000
Cost of Goods Sold 337,000
Freight-out 2,000
Advertising Expense 15,000
Interest Expense 19,000
Store Salaries Expense 45,000
Utilities Expense 18,000
Depreciation Expense 7,000
Interest Revenue 25,000

Instructions
Using the above information, prepare the closing entries for Tolan Company.


Ex. 4 (16 pts.)

The adjusted trial balance of Olsen Company contained the following information:
Debit Credit
Sales $580,000
Sales Returns and Allowances $ 20,000
Sales Discounts 7,000
Cost of Goods Sold 386,000
Freight-out 2,000
Advertising Expense 15,000
Interest Expense 18,000
Store Salaries Expense 50,000
Utilities Expense 28,000
Depreciation Expense 7,000
Interest Revenue 30,000

Instructions
1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2005.

Ex. 5 (6 pts)
The income statement of Miller, Inc. includes the items listed below:
Net sales $900,000
Gross profit 350,000
Beginning inventory 100,000
Purchase discounts 15,000
Purchase returns and allowances 8,000
Freight-in 10,000
Operating expenses 300,000
Purchases 540,000

Instructions
Use the appropriate items listed above as a basis for determining:
(a) Cost of goods sold.
(b) Cost of goods available for sale.
(c) Ending inventory.


Ex. 6 (6 pts)
Morton Company uses the periodic inventory method and had the following inventory information available:
Units Unit Cost Total Cost
1/1 Beginning Inventory 100 $4 $ 400
1/20 Purchase 400 $5 2,000
7/25 Purchase 200 $7 1,400
10/20 Purchase 300 $8 2,400
1,000 $6,200
A physical count of inventory on December 31 revealed that there were 350 units on hand.

Instructions
Answer the following independent questions and show computations supporting your answers.
1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $__________.
2. Assume that the company uses the Average Cost method. The value of the ending inventory on December 31 is $__________.
3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $__________.


Ex. 7 (5 pts)
Dexter Company maintains four special journals and a general journal to record its transactions. Using the code below, indicate in the space provided the appropriate journal for recording the transactions listed.

Code Journals
S Sales journal
CR Cash receipts journal
CP Cash payments journal
P Single-column purchases journal
G General Journal

1. Mr. Dexter invested cash in the business.
2. Purchased store supplies on account.
3. Sold merchandise to customer on account.
4. Purchased a 2-year fire insurance policy for cash.
5. Received a check from a customer as payment on account.
6. Paid for store supplies purchased in transaction 2.
7. Purchased merchandise on account.
8. Issued a credit memorandum to a customer who returned defective merchandise previously sold on account.
9. Purchased office equipment for cash.
10. Made an adjusting entry for store supplies used during the period.

2007-11-29 02:00:25 · 4 answers · asked by Anonymous in Other - Business & Finance

or does it have to be a special check or something??? I want to send it for my niece in Spain for X-mas and I don't want to send cash...

2007-11-29 01:57:40 · 5 answers · asked by marycotter5678 1 in Personal Finance

I have started a "handyman" buisiness and will need liability insurance. First, why are so many companys not willing to quote? Second, I have a welder, I cant find anyone willing to quote for that at all, why not? Finaly, with regards to welding, I have heard the term "insured and bonded" how do you get bonded and what is it for?

2007-11-29 01:56:13 · 2 answers · asked by foolofjoy 2 in Small Business

2007-11-29 01:48:53 · 5 answers · asked by dede d 2 in Credit

Wanted to know what is the job prospect for this two different field which is closely related. Hope to get some views from the 'insider'.

2007-11-29 01:47:57 · 3 answers · asked by n k 2 in Technology

Taxes were included with my mortgage payments. All paid on time.Penalty has now reached $3000.00 and climbing daily. Ive called them, and faxed them copies of the $5000.00 (plus 3000.00 = $8000.00 now)delinquency letters I've recieved from the Town.They don't return calls!They just say "they are working on it".Its been 2 months since I was notified that the taxes were not paid.I dont know what else to do. I was just listed in the paper for tax sale! If I contact a lawyer, can I charge them for his services? I am at my wits end.

2007-11-29 01:46:59 · 5 answers · asked by sslawlor 2 in United States

Also will my credit rating go up at all after it being satisfied? If so how much?

2007-11-29 01:46:59 · 4 answers · asked by Dresta 3 in Credit

2007-11-29 01:43:19 · 4 answers · asked by asareaning 1 in Personal Finance

I'm a 'passive' investor and own rental property A & B.

If I do a cash-out refinance on rental property A, can I write all my interests as mortgage interests to offset my rental income from propety A? Is there a limit? And if property A ends up as a loss, can I use it offset the passive income from property B? Is there a limit?

2007-11-29 01:38:23 · 1 answers · asked by d'King 2 in Renting & Real Estate

2007-11-29 01:36:54 · 3 answers · asked by Nellie 2 in Other - Advertising & Marketing

So I'm in McDonalds and I get an Egg McMuffin.... $1.99
Lady at the register says total is $2.13
and I didn't think about it until I left.
Taxing 7 cents per dollar? instead of 5?!!

Is McDonalds allowed to have a 'take out tax' or is it a scam to collect an extra few cents from the billions and billions of people served?

Doesn't anything labeled 'tax' have to go to the government? Is McDonalds keeping a portion of this so called tax?
And why is McDonalds the only place in America charging a take-out tax?

If all of this is illegal how do we start a class action lawsuit?

2007-11-29 01:26:29 · 5 answers · asked by Doubledown 2 in United States

Ex. 1 (16 pts.)
On October 1, Taylor Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred.

Oct. 4 Purchased 25 bicycles at a cost of $200 each from Lang Bicycle Company, terms 2/10, n/30.

6 Sold 15 bicycles to Team America for $300 each, terms 2/10, n/30.

7 Received credit from Lang Bicycle Company for the return of 2 defective bicycles.

13 Issued a credit memo to Team America for the return of a defective bicycle.

14 Paid Lang Bicycle Company in full, less discount.

Instructions
Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system.

Ex. 2 (11 pts.)
Prepare the necessary journal entries to record the following transactions, assuming Lewis Company uses a perpetual inventory system.
(a) Lewis sells $40,000 of merchandise, terms 1/10, n/30. The merchandise cost $30,000.
(b) The customer in (a) returned $4,000 of merchandise to Lewis. The merchandise returned cost $3,000.
(c) Lewis received the balance due within the discount period.

Ex. 3 (10 pts.)
The following information is available for Tolan Company:

Debit Credit
Tolan, Capital $ 50,000
Tolan, Drawing $ 42,000
Sales 510,000
Sales Returns and Allowances 20,000
Sales Discounts 7,000
Cost of Goods Sold 337,000
Freight-out 2,000
Advertising Expense 15,000
Interest Expense 19,000
Store Salaries Expense 45,000
Utilities Expense 18,000
Depreciation Expense 7,000
Interest Revenue 25,000

Instructions
Using the above information, prepare the closing entries for Tolan Company.


Ex. 4 (16 pts.)

The adjusted trial balance of Olsen Company contained the following information:
Debit Credit
Sales $580,000
Sales Returns and Allowances $ 20,000
Sales Discounts 7,000
Cost of Goods Sold 386,000
Freight-out 2,000
Advertising Expense 15,000
Interest Expense 18,000
Store Salaries Expense 50,000
Utilities Expense 28,000
Depreciation Expense 7,000
Interest Revenue 30,000

Instructions
1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2005.

Ex. 5 (6 pts)
The income statement of Miller, Inc. includes the items listed below:
Net sales $900,000
Gross profit 350,000
Beginning inventory 100,000
Purchase discounts 15,000
Purchase returns and allowances 8,000
Freight-in 10,000
Operating expenses 300,000
Purchases 540,000

Instructions
Use the appropriate items listed above as a basis for determining:
(a) Cost of goods sold.
(b) Cost of goods available for sale.
(c) Ending inventory.


Ex. 6 (6 pts)
Morton Company uses the periodic inventory method and had the following inventory information available:
Units Unit Cost Total Cost
1/1 Beginning Inventory 100 $4 $ 400
1/20 Purchase 400 $5 2,000
7/25 Purchase 200 $7 1,400
10/20 Purchase 300 $8 2,400
1,000 $6,200
A physical count of inventory on December 31 revealed that there were 350 units on hand.

Instructions
Answer the following independent questions and show computations supporting your answers.
1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $__________.
2. Assume that the company uses the Average Cost method. The value of the ending inventory on December 31 is $__________.
3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $__________.


Ex. 7 (5 pts)
Dexter Company maintains four special journals and a general journal to record its transactions. Using the code below, indicate in the space provided the appropriate journal for recording the transactions listed.

Code Journals
S Sales journal
CR Cash receipts journal
CP Cash payments journal
P Single-column purchases journal
G General Journal

1. Mr. Dexter invested cash in the business.
2. Purchased store supplies on account.
3. Sold merchandise to customer on account.
4. Purchased a 2-year fire insurance policy for cash.
5. Received a check from a customer as payment on account.
6. Paid for store supplies purchased in transaction 2.
7. Purchased merchandise on account.
8. Issued a credit memorandum to a customer who returned defective merchandise previously sold on account.
9. Purchased office equipment for cash.
10. Made an adjusting entry for store supplies used during the period.

2007-11-29 01:25:08 · 3 answers · asked by Anonymous in Other - Business & Finance

2007-11-29 01:16:38 · 7 answers · asked by reddbbird92 3 in United States

2007-11-29 01:14:38 · 3 answers · asked by Ankit J 1 in Small Business