Horngren's Financial & Managerial Accounting 6th Edition

ISBN 13

978-0134486833

ISBN 10

0134486838

Authors

Brenda Mattison, Ella Mae Matsumura, Tracie Miller-Nobles

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294 documents found.

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978-0134486833 Test Bank Appendix B Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Horngren's Financial and Managerial Accounting, 6e (Miller-Nobles) Appendix B: Accounting Information Systems Learning Objective APP. B-1 Appendix B: Accounting Information Systems Learning Objective APP. B-1 Appendix B: Accounting Information Systems

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Appendix B Part 2

11 Copyright 2018 Pearson Education, Inc. 33) In an accounting information system, source documents are the documents which ________. A) are not needed if a computerized system is used B) detail the strategic planning of the business C) have complete information about the financial statements D) provide the evidence

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Appendix B Part 3

21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21) A company has four vendors and the accounts payable subsidiary ledger shows the following balances. Alpha $278,821 Beta 157,474 Gamma 83,943 Delta 44,187 Calculate the accounts payable balance

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Appendix B Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 49) Bronze Corporation had the following transactions: Jun. 6 Sold merchandise inventory for cash, $2,200. Cost of goods, $1,400. 9 Collected interest revenue of $2,350. 15 Received cash from Jim

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Appendix B Part 5

41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 29) Cash disbursement journals also are known as ________. A) sales journals B) purchases journals C) cash receipts journals D) cash payments journals Answer: D Diff: 1 LO: APP. B-3 AACSB:

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Appendix B Part 6

49 Copyright 2018 Pearson Education, Inc. 49 Copyright 2018 Pearson Education, Inc. 49 Copyright 2018 Pearson Education, Inc. 5) The ________ is a set of programs or instructions that drive the computer to perform the work desired. A) network B) hardware C) software D) router Answer: C Diff: 1

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 1 Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Horngren's Financial and Managerial Accounting, 6e (Miller-Nobles) Chapter 1 Accounting and the Business Environment 1.1 Learning Objective 1-1 1) Accounting is the information system that measures business activities, processes

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 1 Part 10

87 Copyright 2018 Pearson Education, Inc. 87 Copyright 2018 Pearson Education, Inc. 87 Copyright 2018 Pearson Education, Inc. 10) Which of the following financial statements is used to report the economic resources, debt, and overall financial position of a company? A) income statement B) balance sheet C) statement of

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 1 Part 2

11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 5) List three private groups that work with the Financial Accounting Standards Board (FASB). Answer: Private groups that work with FASB are the American Institute of CPAs (AICPA), Institute of

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 1 Part 3

21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 42) For each of the following characteristics of a business organization, state whether it applies to a sole proprietorship (SP), partnership (P) or a corporation (C). There may be more than

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 1 Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 70) International Financial Reporting Standards ________ U.S. Generally Accepted Accounting Principles. A) are the same as B) are generally less specific than C) are based less on principle than D) leave

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 1 Part 5

41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 30) Maxwell Plumbing Services earned $500 by completing a job for Smith Company. The $500 earned by Maxwell Plumbing Services is its ________. A) revenue B) equity C) gain D) debt

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 1 Part 6

51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 21) Jason Repair Corporation incurred $1,500 as advertising expense and promised to pay the advertising agency within 30 days. Which of the following will decrease as a result of this transaction?

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 1 Part 7

61 Copyright 2018 Pearson Education, Inc. Copyright 2018 Pearson Education, Inc. Copyright 2018 Pearson Education, Inc. 46) List the steps, in the correct order, that are used when analyzing transactions. Answer: Step 1: Identify the accounts and the account type. Step 2: Decide if each account increases or decreases.

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 1 Part 8

71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 14) Michael Company has just completed operations for the year ended December 31, 2018. This is the second year of operations for the company. The following data have been assembled for

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 1 Part 9

81 Copyright 2018 Pearson Education, Inc. 81 Copyright 2018 Pearson Education, Inc. 81 Copyright 2018 Pearson Education, Inc. 38) Wylie Company has just completed operations for the year ended December 31, 2018. This is the second year of operations for the company. The following data have been assembled for

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 10 Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Horngren's Financial and Managerial Accounting, 6e (Miller-Nobles) Chapter 10 Investments Learning Objective 10-1 Chapter 10 Investments Learning Objective 10-1 Chapter 10 Investments Learning Objective 10-1 1) A company's investments

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 10 Part 2

11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 38) Held-to-maturity debt investments are categorized as long-term assets on the balance sheet, regardless of the maturity date. Answer: FALSE Explanation: Held-to-maturity debt investments are categorized as current or long-term assets

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 10 Part 3

21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 3) Amex Corporation invests excess cash to purchase $25,000 in corporate bonds on March 30, 2018. In addition to the $25,000, Amex also paid a brokerage fee of $1,000. Amex

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 10 Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 7) Gardens, Inc. invests its excess cash in Innovative Technologies, Inc. and acquires 4300 shares for $28.00 per share. Garden, Inc. owns less than 3% of Innovative's voting stock and plans

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 10 Part 5

41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 30) Orbit Services, Inc. pays $700,000 to acquire 30% (200,000 shares) of the voting stock of State Investments, Inc. on January 5, 2019. State Investments, Inc. declares and pays a cash

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 10 Part 6

51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 2) The fair value of a trading debt security is the price that would be used if the company were to sell the investment on the market. Answer: TRUE Diff: 1

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 10 Part 7

61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 32) Which of the following is true of comprehensive income? A) All items included in comprehensive income enter into the determination of net income. B) Dividend payments are not included

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 11 Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Horngren's Financial and Managerial Accounting, 6e (Miller-Nobles) Chapter 11 Current Liabilities and Payroll Learning Objective 11-1 Chapter 11 Current Liabilities and Payroll Learning Objective 11-1 Chapter 11 Current Liabilities and Payroll

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 11 Part 2

11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 35) When borrowing cash from a bank, the business is required to sign a promissory note stating that the business will pay the principal plus interest at a specified maturity date.

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 11 Part 3

21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 9) There are numerous ways to label an employee's pay. Complete the table to show how each type of employee pay is generally labeled. Employee pay Generally labeled as Salary

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 11 Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 36) When using a payroll register, Salaries and Wages Expense equals the current period earnings of employees. Answer: TRUE Diff: 1 LO: 11-2 AACSB: Application of knowledge AICPA Functional: Measurement PE

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 11 Part 5

41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 70) Tan's gross pay for the week is $1500. His year-to-date pay is under the limit for OASDI. Assume that the rate for state and federal unemployment compensation taxes is 6%

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 11 Part 6

51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 14) Which of the following accounts is debited when employees take their paid vacations? A) Vacation Benefits Expense B) Vacation Benefits Payable C) Salaries Expense D) No entry is needed. Answer:

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 11 Part 7

61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 36) Fast Bikes, Inc. offers warranties on all their bikes. They estimate warranty expense at 3.5% of sales. At the beginning of 2018, the Estimated Warranty Payable account had a credit

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 11 Part 8

69 Copyright 2018 Pearson Education, Inc. 69 Copyright 2018 Pearson Education, Inc. 69 Copyright 2018 Pearson Education, Inc. 16) If the likelihood of a future event is reasonably possible, how should the company report the contingency? Answer: Describe the situation in a note to the financial statements. Diff: 1

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 12 Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Horngren's Financial and Managerial Accounting, 6e (Miller-Nobles) Chapter 12 Long-Term Liabilities Learning Objective 12-1 Chapter 12 Long-Term Liabilities Learning Objective 12-1 Chapter 12 Long-Term Liabilities Learning Objective 12-1 1)

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 12 Part 2

11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 30) On January 1, 2018, Benbrook Company purchased equipment and signed a six-year mortgage note for $160,000 at 15%. The note will be paid in equal annual installments of $42,278, beginning

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 12 Part 3

21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 20) If bonds with a face value of $209,000 are issued at 93, the amount of cash proceeds is ________. A) $208,907 B) $209,000 C) $194,370 D) $179,740 Answer: C Explanation:

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 12 Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 54) List three disadvantages of borrowing. Answer: 1. Debts must be paid during unprofitable years as well as profitable years. 2. Unlike cash dividends, which are optional payments to stockholders, the

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 12 Part 5

41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 23) Crystal Glassware Company issues $1,042,000 of its 14%, 10-year bonds at 97 on February 28, 2019. The bonds pay interest on February 28 and August 31. Assume that Crystal uses

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 12 Part 6

51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 2) When bonds are retired at maturity, assuming the last interest payment has already been recorded, the journal entry includes a debit to the Bonds Payable account and a credit to

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 12 Part 7

61 Copyright 2018 Pearson Education, Inc. Copyright 2018 Pearson Education, Inc. Copyright 2018 Pearson Education, Inc. 6) Alden Corp. has the following balances as of December 31, 2019: Total Assets $110,000 Total Liabilities 67,000 Total Equity 43,000 Calculate the debt to equity ratio. (Round your answer to

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 12 Part 8

70 Copyright 2018 Pearson Education, Inc. 70 Copyright 2018 Pearson Education, Inc. 70 Copyright 2018 Pearson Education, Inc. 16) When computing the present value of a bond, which interest rate is used? Why? Answer: The market rate of interest is used because interest expense is based on the market

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 13 Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Horngren's Financial and Managerial Accounting, 6e (Miller-Nobles) Chapter 13 Stockholders' Equity Learning Objective 13-1 Chapter 13 Stockholders' Equity Learning Objective 13-1 Chapter 13 Stockholders' Equity Learning Objective 13-1 1)

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 13 Part 10

90 Copyright 2018 Pearson Education, Inc. 90 Copyright 2018 Pearson Education, Inc. 90 Copyright 2018 Pearson Education, Inc. 7) Scotland Corporation had net income for 2018 of $80,000. Scotland had 13,000 shares of common stock outstanding at the beginning of the year and 24,000 shares of common stock outstanding

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 13 Part 2

11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 34) The retained earnings of a corporation is ________. A) internally generated equity that is earned by profitable operations that is not distributed to stockholders B) externally generated equity that is

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 13 Part 3

21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 23) All City Realty, Inc. issued 7000 shares of $9 stated value common stock for $16 per share. The journal entry to record this transaction includes a credit to ________. A)

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 13 Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 3) A company may purchase treasury stock to increase net assets by buying high and selling low. Answer: FALSE Explanation: A company may purchase treasury stock to increase net assets by

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 13 Part 5

41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 30) Corporations may not retire preferred stock in order to avoid paying the preferred dividends. Answer: FALSE Diff: 1 LO: 13-3 AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type:

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 13 Part 6

51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 33) From its inception through the year of 2017, First Mart, Inc. was profitable and made strong dividend payments each year. In the year 2018, First Mart had major losses and

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 13 Part 7

61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 58) Risingstar Corporation currently has 129,000 shares outstanding of $3 par value common stock. The stock was originally issued for $14 per share. On March 15, the board of directors declares

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 13 Part 8

71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 82) On July 31, 2018, Baldwin, Inc. reported the following information in the equity section of their balance sheet: Stockholders' Equity: Common Stock, $1.00 par, 500,000 shares authorized, 20,000 shares

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 13 Part 9

81 Copyright 2018 Pearson Education, Inc. 81 Copyright 2018 Pearson Education, Inc. 81 Copyright 2018 Pearson Education, Inc. 24) Which of the following statements regarding earnings per share (EPS) is incorrect? A) EPS for income from continuing operations must be reported on the face of the income statement. B)

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 14 Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Horngren's Financial and Managerial Accounting, 6e (Miller-Nobles) Chapter 14 The Statement of Cash Flows Learning Objective 14-1 Chapter 14 The Statement of Cash Flows Learning Objective 14-1 Chapter 14 The Statement

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 14 Part 10

91 Copyright 2018 Pearson Education, Inc. 91 Copyright 2018 Pearson Education, Inc. 91 Copyright 2018 Pearson Education, Inc. Colonial Company Statement of Retained Earnings Year Ended December 31, 2019 Retained Earnings, January 1, 2019 $78,000 Add: Net income 52,000 Less: Dividends 15,000 Retained Earnings, December 31,

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 14 Part 11

99 Copyright 2018 Pearson Education, Inc. Answer: Lone Star Hat Company Partial Statement of Cash Flows For the Year Ended December 31, 2018 Cash Flows from Operating Activities Receipts Collections from Customers $308,100 Payments To Suppliers (270,140) Total Cash Payments (270,140) Net Cash Provided by

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 14 Part 2

11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 32) The direct method starts with net income and adjusts it to net cash provided by operating activities. Answer: FALSE Explanation: The indirect method starts with net income and adjusts it

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 14 Part 3

21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21) Georgia Corp. uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative balance sheet: Georgia Corp. Comparative Balance

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 14 Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 34) Selling property, plant, and equipment for $10,000 cash is considered a cash inflow from investing activities on the statement of cash flows. Answer: TRUE Diff: 1 LO: 14-2 AACSB: Application

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 14 Part 5

41 Copyright 2018 Pearson Education, Inc. Copyright 2018 Pearson Education, Inc. Copyright 2018 Pearson Education, Inc. 56) Which of the following sections from the statement of cash flows includes borrowing cash and paying off loans? A) the investing activities section B) the operating activities section C) the financing activities

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 14 Part 6

51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 70) Kansas Company uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet: Kansas Company Comparative Balance

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 14 Part 7

61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 88) Canada Company needs to purchase a property to build their headquarters. An investor is willing to exchange land with a market value of $700,000 for shares of common stock. On

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 14 Part 8

71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 15) Arena, Inc. uses the direct method to prepare its statement of cash flows. Use the following information reported for 2019 to compute the amount of cash paid for merchandise inventory.

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 14 Part 9

81 Copyright 2018 Pearson Education, Inc. 81 Copyright 2018 Pearson Education, Inc. 81 Copyright 2018 Pearson Education, Inc. Use the direct method, to compute the net cash provided by operating activities. (Accrued Liabilities relate to other operating expense.) A) $(55,700) B) $39,700 C) $(39,700) D) $55,700 Answer: B Explanation:

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 15 Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Horngren's Financial and Managerial Accounting, 6e (Miller-Nobles) Chapter 15 Financial Statement Analysis Learning Objective 15-1 Chapter 15 Financial Statement Analysis Learning Objective 15-1 Chapter 15 Financial Statement Analysis Learning Objective

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 15 Part 2

11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 8) The following is a summary of information presented on the financial statements of a company on December 31, 2019. Account 2019 2018 Net Sales Revenue $600,000 $504,000 Cost of

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 15 Part 3

21 Copyright 2018 Pearson Education, Inc. Answer: Comparative Balance SheetHorizontal Analysis Michelle, Inc. Comparative Balance Sheet December 31, 2019 and 2018 Increase (Decrease) 2019 2018 Amount Percentage Assets Current Assets: Cash $12,000 $10,200 $1,800 17.6 Accounts Receivables, Net 16,100 16,800 (700) (4.2) Merchandise

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 15 Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 14) Shelcal, Inc. provides the following data for the year 2019: Net Sales Revenue 437,960 Cost of Goods Sold 257,000 The cost of goods sold as a percentage of

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 15 Part 5

41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 29) Data for Martin Corp. and Tante, Inc. follow: Martin Tante Net Sales $25,000 $32,500 Cost of Goods Sold 18,500 22,360 Other Expenses 2,150 5,000 Net Income $4,350

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 15 Part 6

51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 18) The financial statements for Stephens' Electric Company include the following items: 2019 2018 Cash $52,000 $51,000 Cash Equivalents 21,500 12,000 Net Accounts Receivable 24,000 35,000 Merchandise Inventory 81,000

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 15 Part 7

61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 36) Danby, Inc. provides the following data from its income statement for 2018: Net Sales $520,000 Cost of Goods Sold (190,000) Gross Profit $330,000 Calculate the gross profit percentage.

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 15 Part 8

70 Copyright 2018 Pearson Education, Inc. 70 Copyright 2018 Pearson Education, Inc. 70 Copyright 2018 Pearson Education, Inc. 55) Walton, Inc. provides the following data: 2019 2018 Cash $44,000 $25,000 Accounts Receivable, Net 101,000 62,000 Merchandise Inventory 78,000 50,000 Property, Plant, and Equipment, Net 182,000 120,000 Total

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 2 Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Horngren's Financial and Managerial Accounting, 6e (Miller-Nobles) Chapter 2 Recording Business Transactions 2.1 Learning Objective 2-1 1) An account is a detailed record of all increases and decreases that

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 2 Part 2

11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 35) Consider the following accounts and identify each as an asset (A), liability (L), or equity (E). Common Stock Accounts Receivable Dividends Service Revenue Prepaid Rent

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 2 Part 3

21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 26) An account that normally has a debit balance may occasionally have a credit balance. Answer: TRUE Diff: 1 LO: 2-2 AACSB: Application of knowledge AICPA Functional: Measurement PE Question

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 2 Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 14) When a business records an accrued utility liability, the Utilities Expense account is credited. Answer: FALSE Explanation: When a business records an accrued utility liability, the Utilities Expense account is

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 2 Part 5

41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 46) A business collects cash from a customer for services that were performed one month earlier. Which of the following accounts is credited? A) Cash B) Accounts Receivable C) Service Revenue

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 2 Part 6

51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 68) For each transaction, identify which account is debited and which account is credited. Use proper account titles. Transaction Debit Credit Received a bill for utilities to be paid next

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 2 Part 7

61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 2.4 Learning Objective 2-4 1) The trial balance is also known as the balance sheet. Answer: FALSE Explanation: The trial balance and the balance sheet are not the same. Diff:

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 2 Part 8

71 Copyright 2018 Pearson Education, Inc. Answer: The cash balance is the difference between the debit and credit columns of the Trial Balance. Cash balance = $197,000 - $109,400 = $87,600 Musical Instruments Trial Balance December 31, 2019 Account Title Debit Credit Cash $87,600

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 2 Part 9

79 Copyright 2018 Pearson Education, Inc. 79 Copyright 2018 Pearson Education, Inc. 79 Copyright 2018 Pearson Education, Inc. 31) A journal entry for a $65 payment for rent expense was posted as a debit to Salaries Expense and a credit to Cash. Which of the following statements correctly states

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 3 Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Horngren's Financial and Managerial Accounting, 6e (Miller-Nobles) Chapter 3 The Adjusting Process 3.1 Learning Objective 3-1 Chapter 3 The Adjusting Process 3.1 Learning Objective 3-1 Chapter 3 The Adjusting Process

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 3 Part 2

11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 10) Which of the following accounting terms assumes that a business's activities can be divided into small segments and that financial statements can be prepared for specific periods, such as a

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978-0134486833 Test Bank Chapter 3 Part 3

21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 9) Prepaid Rent is an expense account that appears on the income statement. Answer: FALSE Explanation: Prepaid Rent is an asset. Diff: 1 LO: 3-3 AACSB: Application of knowledge AICPA Functional:

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978-0134486833 Test Bank Chapter 3 Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 40) On September 1, 2018, Real Estate Professionals, Inc. paid $7,000 in advance for an eight-month rental space covering the period of September 1, 2018 through April 30, 2019. The deferred

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978-0134486833 Test Bank Chapter 3 Part 5

41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 67) On December 31, 2018 the balance in Energy Exploration Company's Unearned Revenue account was a credit of $10,000. In January, 2019, the company received an advance payment of $11,000 from

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978-0134486833 Test Bank Chapter 3 Part 6

51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 97) Bayside Technical Services signed a contract on a six-month job for a client, starting on March 1. Bayside will collect $24,000 from its customer when the job is finished but

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978-0134486833 Test Bank Chapter 3 Part 7

61 Copyright 2018 Pearson Education, Inc. Copyright 2018 Pearson Education, Inc. Copyright 2018 Pearson Education, Inc. 9) The unadjusted trial balance of Albert Business Consulting at December 31, 2018, and the data for the adjustments follow: Albert Business Consulting Unadjusted Trial Balance December 31, 2018

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978-0134486833 Test Bank Chapter 3 Part 8

71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 25) What is the effect of the adjusting entry for Depreciation Expense? A) It increases total liabilities and increases total expenses. B) It increases total assets and increases total expenses. C)

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978-0134486833 Test Bank Chapter 3 Part 9

78 Copyright 2018 Pearson Education, Inc. 78 Copyright 2018 Pearson Education, Inc. 78 Copyright 2018 Pearson Education, Inc. 8) The following extract was taken from the worksheet of Special Events Bakers for the year 2019. Special Events Bakers Worksheet December 31, 2019 Account Names

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 4 Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Horngren's Financial and Managerial Accounting, 6e (Miller-Nobles) Chapter 4 Completing the Accounting Cycle 4.1 Learning Objective 4-1 Chapter 4 Completing the Accounting Cycle 4.1 Learning Objective 4-1 Chapter 4 Completing the

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 4 Part 2

11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 38) Which of the following statements regarding intangible assets is incorrect? A) Intangible assets have no physical form. B) Intangible assets are valuable because of the special rights they carry.

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978-0134486833 Test Bank Chapter 4 Part 3

21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 5) Which of the following statements concerning the worksheet is correct? A) When a worksheet is used, there is no need to make journal entries. B) A worksheet consists of seven

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 4 Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 3) Permanent accounts are not closed at the end of the accounting period. Answer: TRUE Diff: 1 LO: 4-3 AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Concept H2:

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978-0134486833 Test Bank Chapter 4 Part 5

41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 42) Woods, Inc. earned revenues of $11,000 and incurred expenses of $4,000. The company declared and paid cash dividends of $3,000. What is the balance in the Income Summary account after

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 4 Part 6

51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 55) If a business has a net loss, the closing entry to close Income Summary would be a debit to Income Summary and a credit to Retained Earnings. Answer: FALSE Explanation:

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 4 Part 7

61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 3) In an accounting cycle, an analysis of transactions is performed at the end of each accounting period. Answer: FALSE Explanation: In an accounting cycle, an analysis of transactions is performed

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978-0134486833 Test Bank Chapter 4 Part 8

71 Copyright 2018 Pearson Education, Inc. Explanation: D) Cash $13,000 Accounts Receivable 8,000 Prepaid Rent 7,000 Prepaid Insurance 2,100 Office Supplies 3,300 Total current assets $33,400 Accounts Payable $5,500 Salaries Payable 4,500 Interest Payable 2,000 Total current liabilities $12,000 Current ratio = Total current assets / Total current

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978-0134486833 Test Bank Chapter 4 Part 9

77 Copyright 2018 Pearson Education, Inc. Wilson Engraving Balance Sheet December 31, 2018 Assets Cash $25,000 Accounts Receivable 16,000 Office Supplies 4,000 Prepaid Insurance 10,000 Equipment $65,000 Less: Acc. Depr. - Equipment 2,000 33,000 Total Assets $88,000 Liabilities Accounts Payable $15,000 Unearned

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 5 Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Financial & Managerial Accounting, 6e (Miller-Nobles) Chapter 5 Merchandising Operations 5.1 Learning Objective 5-1 Chapter 5 Merchandising Operations 5.1 Learning Objective 5-1 Chapter 5 Merchandising Operations 5.1 Learning Objective 5-1

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978-0134486833 Test Bank Chapter 5 Part 10

91 Copyright 2018 Pearson Education, Inc. d. Net Sales Revenue $35,000 Cost of Goods Sold 23,500 Gross Profit $11,500 Gross profit percentage = $11,500 / $35,000 = 32.9% Diff: 3 LO: 5.5, 5.6 AACSB: Application of knowledge AICPA Functional: Measurement PE Question Type: Application H2: How Do We Use

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978-0134486833 Test Bank Chapter 5 Part 11

101 Copyright 2018 Pearson Education, Inc. 101 Copyright 2018 Pearson Education, Inc. 101 Copyright 2018 Pearson Education, Inc. 19) For each of the following accounts, state type of account and the normal account balance. Assume a periodic inventory system. Account Title Type of Account Normal Account Balance Purchase Returns

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978-0134486833 Test Bank Chapter 5 Part 12

111 Copyright 2018 Pearson Education, Inc. 111 Copyright 2018 Pearson Education, Inc. 111 Copyright 2018 Pearson Education, Inc. 37) Auto Parts, Inc. uses a periodic inventory system. Use the following details to calculate net purchases. Beginning merchandise inventory $5,000 Ending merchandise inventory 2,500 Purchases 21,000 Purchase Discounts 900 Purchase

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978-0134486833 Test Bank Chapter 5 Part 13

118 Copyright 2018 Pearson Education, Inc. 118 Copyright 2018 Pearson Education, Inc. 118 Copyright 2018 Pearson Education, Inc. 10) A company sold merchandise with a cost of $207 for $370 on account. The seller uses the perpetual inventory system. The entry to record the cost of merchandise sold would include

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978-0134486833 Test Bank Chapter 5 Part 2

11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 5.2 Learning Objective 5-2 1) An invoice is a request for payment from the purchaser. Answer: FALSE Explanation: An invoice is a seller's request for payment from the purchaser. Diff: 1

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978-0134486833 Test Bank Chapter 5 Part 3

21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 34) A company using the perpetual inventory system purchased inventory worth $25,000 on account with terms of 3/10, n/30. Defective inventory of $1,000 was returned two days later, and the accounts were

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978-0134486833 Test Bank Chapter 5 Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 61) Knowing the net cost of inventory allows a business to determine the actual cost of the merchandise purchased. Answer: TRUE Diff: 2 LO: 5-2 AACSB: Application of knowledge AICPA Functional:

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978-0134486833 Test Bank Chapter 5 Part 5

41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 21) Journalize the following transactions for Park Gift Shop. Explanations are not required. Park uses a perpetual inventory system. Mar. 5: Purchased $4,400 of merchandise inventory on account, 3/10, n/EOM and

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978-0134486833 Test Bank Chapter 5 Part 6

51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 37) Journalize the following transaction for a merchandiser that uses the perpetual inventory system. Received returned goods from a customer, $1,000 (cost, $740). The goods were sold on account. Omit explanation. Answer:

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 5 Part 7

61 Copyright 2018 Pearson Education, Inc. Explanation: Calculation of Retained Earnings balance: Beginning balance, Retained Earnings $3,800 Plus: Net Income* 23,000 Dividends (1,000) Ending balance, Retained Earnings $25,800 Calculation of Net Income* Sales Revenue $86,900 Cost of Goods Sold 23,000 Salaries Expense 18,000 Rent Expense 12,000 Selling Expense 8,500

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 5 Part 8

71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 11) The following information relates to Sports Bikes, Inc. Net Sales Revenue $216,000 Cost of Goods Sold 160,000 Interest Revenue 10,000 Operating Expenses 40,000 Calculate the operating income. A) $16,000

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978-0134486833 Test Bank Chapter 5 Part 9

81 Copyright 2018 Pearson Education, Inc. 81 Copyright 2018 Pearson Education, Inc. 81 Copyright 2018 Pearson Education, Inc. 31) An adjusted trial balance of Meadows Company as of December 31, 2019 is given below. Prepare a multi-step income statement for the year for the company. Debit Credit Cash

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 6 Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Horngren's Financial and Managerial Accounting, 6e (Miller-Nobles) Chapter 6 Merchandise Inventory 6.1 Learning Objective 6-1 Chapter 6 Merchandise Inventory 6.1 Learning Objective 6-1 Chapter 6 Merchandise Inventory 6.1 Learning Objective

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978-0134486833 Test Bank Chapter 6 Part 2

11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 9) Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted-average C) last-in, first-out D) first-in, first-out

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978-0134486833 Test Bank Chapter 6 Part 3

21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 25) A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $10,000 and paid $950 for the freight-in. The company sold the whole lot to a

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978-0134486833 Test Bank Chapter 6 Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 45) Jameson, Inc. had the following balances and transactions during 2019: Beginning Merchandise Inventory as of January 1, 2019 240 units at $72 March 10 Sold 60 units June 10

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978-0134486833 Test Bank Chapter 6 Part 5

41 Copyright 2018 Pearson Education, Inc. 6.3 Learning Objective 6-3 1) In a period of rising costs, the first-in, first-out (FIFO) method results in a lower cost of goods sold and a higher gross profit than the last-in, first-out (LIFO) method. Answer: TRUE Diff: 2 LO: 6-3 AACSB:

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978-0134486833 Test Bank Chapter 6 Part 6

51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 12) Martha, Inc. had 21,000 units of ending inventory that were recorded at the cost of $8.00 per unit using the FIFO method. The current replacement cost is $4.25 per unit.

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978-0134486833 Test Bank Chapter 6 Part 7

61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 8) The ending Merchandise Inventory for the current accounting period is understated by $2,700. What effect will this error have on Cost of Goods Sold and Net Income for the current

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978-0134486833 Test Bank Chapter 6 Part 8

71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 21) Eagle Auto Supplies reported the following income statement for the year ended December 31,2018. Eagle Auto Supplies Income Statement Year Ended December 31, 2018 Sales Revenue

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978-0134486833 Test Bank Chapter 6 Part 9

78 Copyright 2018 Pearson Education, Inc. 78 Copyright 2018 Pearson Education, Inc. 78 Copyright 2018 Pearson Education, Inc. 15) Assuming that costs are changing during the accounting period, under the last-in, first-out inventory costing method, the amount of cost of goods sold calculated using the perpetual inventory system will

Horngren's Financial & Managerial Accounting 6th Edition

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978-0134486833 Test Bank Chapter 7 Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Horngren's Financial and Managerial Accounting, 6e (Miller-Nobles) Chapter 7 Internal Control and Cash 7.1 Learning Objective 7-1 Chapter 7 Internal Control and Cash 7.1 Learning Objective 7-1 Chapter 7 Internal Control

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978-0134486833 Test Bank Chapter 7 Part 2

11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 41) Which of the following is an attribute of the internal control procedurecompetent, reliable, and ethical personnel? A) providing cross training to allow sales personnel to record revenue transactions B)

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978-0134486833 Test Bank Chapter 7 Part 3

21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 13) As a part of the internal control over cash receipts by mail, the mailroom sends both the customer checks and the remittance advices to the accounting department. Answer: FALSE Explanation:

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978-0134486833 Test Bank Chapter 7 Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 18) Regarding Electronic Data Interchange (EDI), which of the following statements is incorrect? A) A manager approves the invoice, and then an electronic fund transfer sends the retailer's payment to the

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978-0134486833 Test Bank Chapter 7 Part 5

41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 24) A petty cash fund was established with a $200 balance. It currently has cash of $35 and petty cash tickets as follows: Office expense $130 and Entertainment Expense $50. Which

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978-0134486833 Test Bank Chapter 7 Part 6

51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 16) The bank statement reports the activity in the customer's account and is issued on an annual basis. Answer: FALSE Diff: 1 LO: 7-6 AACSB: Application of knowledge AICPA Functional: Measurement

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978-0134486833 Test Bank Chapter 7 Part 7

61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 49) The following information is available for Juno Company for the month ending June 30, 2019. Balance as per the bank statement is $12,000. Balance as per books

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978-0134486833 Test Bank Chapter 7 Part 8

71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 75) Refer to the following bank reconciliation: Bank Book Balance, June 30, 2019 $11,240 Balance, June 30, 2019 $10,200 Add: Add: Deposit in transit 3,110 Note collected by bank

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978-0134486833 Test Bank Chapter 7 Part 9

77 Copyright 2018 Pearson Education, Inc. 77 Copyright 2018 Pearson Education, Inc. 77 Copyright 2018 Pearson Education, Inc. 10) Phillips, Inc. had the following financial data for the year ended December 31, 2019. Cash $44,000 Cash equivalents 79,000 Long term investments 55,000 Total current liabilities 145,000 What

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978-0134486833 Test Bank Chapter 8 Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Horngren's Financial and Managerial Accounting, 6e (Miller-Nobles) Chapter 8 Receivables 8.1 Learning Objective 8-1 Chapter 8 Receivables 8.1 Learning Objective 8-1 Chapter 8 Receivables 8.1 Learning Objective 8-1 1)

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978-0134486833 Test Bank Chapter 8 Part 2

11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 35) A business maintains subsidiary accounts for each of its customers. On April 7, the business provides $2,500 in services to Anne Hill on account. The business sells $4,000 (sales price)

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978-0134486833 Test Bank Chapter 8 Part 3

21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 13) A company with significant amounts of accounts receivable experiences uncollectible accounts from time to time. If the company uses the direct write-off method, the effect of writing off an uncollectible

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978-0134486833 Test Bank Chapter 8 Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 21) When using the allowance method, Allowance for Bad Debts is debited when an account receivable is written off. Answer: TRUE Diff: 1 LO: 8-3 AACSB: Application of knowledge AICPA Functional:

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978-0134486833 Test Bank Chapter 8 Part 5

41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 48) The following information is from the 2020 records of R & S Commercial Plumbing Company: Accounts receivable, December 31, 2020 $45,000 (debit) Allowance for Bad Debts, December 31,

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978-0134486833 Test Bank Chapter 8 Part 6

51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 64) Trendy Calendars is a new business. During its first year of operations, credit sales were $40,000, and collections of credit sales were $36,000. One account, $650, was written off. Using

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978-0134486833 Test Bank Chapter 8 Part 7

61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 61 Copyright 2018 Pearson Education, Inc. 18) Interest rates are stated on an annual basis, therefore the time in the interest formula is always stated as one year. Answer: FALSE Explanation: Interest rates are stated on an

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978-0134486833 Test Bank Chapter 8 Part 8

71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 71 Copyright 2018 Pearson Education, Inc. 49) Which of the following is the result of the maker of a promissory note failing to pay the note on the due date? A) a discounted note B) a depreciated

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978-0134486833 Test Bank Chapter 8 Part 9

78 Copyright 2018 Pearson Education, Inc. 78 Copyright 2018 Pearson Education, Inc. 78 Copyright 2018 Pearson Education, Inc. 19) The accounts receivable turnover ratio measures ________. A) a company's ability to pay its current liabilities with its current assets B) how many days it takes, on average, to collect

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978-0134486833 Test Bank Chapter 9 Part 1

1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. 1 Copyright 2018 Pearson Education, Inc. Horngren's Financial and Managerial Accounting, 6e (Miller-Nobles) Chapter 9 Plant Assets, Natural Resources, and Intangibles Learning Objective 9-1 Chapter 9 Plant Assets, Natural Resources, and Intangibles Learning Objective 9-1 Chapter 9

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978-0134486833 Test Bank Chapter 9 Part 2

11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 11 Copyright 2018 Pearson Education, Inc. 33) Anderson Corporation has purchased a group of assets for $20,300. The assets and their relative market values are listed below. Land $6800 Equipment 2300 Building 3600 Which of

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978-0134486833 Test Bank Chapter 9 Part 3

21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 21 Copyright 2018 Pearson Education, Inc. 12) The book value of a plant asset is reported on the balance sheet as the cost of the asset minus accumulated depreciation. Answer: TRUE Diff: 1 LO: 9-2 AACSB: Application

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978-0134486833 Test Bank Chapter 9 Part 4

31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 31 Copyright 2018 Pearson Education, Inc. 37) On January 1, 2018, Sport Planes Manufacturing Corporation purchased a machine for $40,000,000. The corporation expects to use the machine for 24,000 hours over the next six years. The estimated

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978-0134486833 Test Bank Chapter 9 Part 5

41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 41 Copyright 2018 Pearson Education, Inc. 14) When a business sells a plant asset for book value, a gain or loss should be recorded. Answer: FALSE Explanation: When a business sells a plant asset for book value,

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978-0134486833 Test Bank Chapter 9 Part 6

51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 51 Copyright 2018 Pearson Education, Inc. 9) A coal mine cost $1,003,000 and is estimated to hold 54,000 tons of coal. There is no residual value. During the first year of operations, 11,000 tons are extracted and

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978-0134486833 Test Bank Chapter 9 Part 7

61 Copyright 2018 Pearson Education, Inc. 28) Which of the following is the correct accounting treatment for a patent? A) A patent must be shown as a current asset on the balance sheet. B) A patent must be depreciated or impaired, but not amortized. C) A patent must

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978-0134486833 Test Bank Chapter 9 Part 8

69 Copyright 2018 Pearson Education, Inc. 69 Copyright 2018 Pearson Education, Inc. 69 Copyright 2018 Pearson Education, Inc. 9) Blueribbon Gallery reported the following assets on its December 31, 2019 balance sheet: Dec. 31, 2018 Dec. 31, 2019 Cash $35,000 $28,000 Accounts Receivable 97,000 85,000 Merchandise Inventory

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Accounting Appendix B Homework Accounts Payable Silly Co Post The Transactions The Accounts

SB6, cont. SOLUTION Requirement 1 Note: This journal shows totals and posting references that are required in Short Exercise SB7. Cash Receipts Journal Page 3Date Account CreditedPost.Ref.CashDRAccountsReceivableCRSalesRevenueCRSalesDiscountsForfeitedCROtherAccountsCRCost ofGoods SoldDRMerchandiseInventoryCR2018Jul. 5 1,700 1,700 1,40012 Interest Revenue 419 2,050 2,05018 Heidi Next 1,200 1,20029 Mitch Dylan 5,300 5,280 2031 Totals 10,250 6,480 1,700 20 2,050 1,400(111)

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Accounting Appendix B Homework Canyon Company Called The Supplier From The January

Continuing Problem PB30 Using all journals This problem continues the Canyon Canoe Company situation from Chapter 4. At the beginning of the new year, Canyon Canoe Company decided to carry and sell T-shirts with its logo printed on them. Canyon Canoe Company uses the perpetual inventory system to account for the inventory. During January 2019,

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Accounting Appendix B Homework Depreciation Expense Furniture Accumulated Depreciation Furniture

Comprehensive Problem, cont. Requirements 2 and 3 Sales Journal Page 4 DateNo.Account DebitedRef.CRCRAug. 2 503 R. T. Loeb 700 2107 504 K. D. Sanders 2,100 63023 505 Friend Co. 9,000 2,70031 Totals 11,800 3,540(102/401) (501/105)Debits: Accounts Receivable + Cost of Goods Sold$11,800 + $3,540 = $15,340Credits: Sales Revenue + Merchandise Inventory$11,800 +

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Accounting Appendix B Homework How Would Business Record Sale Services Account

Appendix B Accounting Information Systems Review Questions 1. What is an accounting information system (AIS)? An accounting information system (AIS) is a system that collects, records, stores, and processes accounting data to produce information that is useful for decision makers. processes accounting data to produce information that is useful for decision makers. processes accounting data to

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Accounting Appendix B Homework If A Transaction Should Not Be Recorded In The General Journal

SB11, cont. Requirement 3, cont. Utilities Expense No. 541DatePost.Ref. Debit CreditBalanceDebit CreditJan. 28 CP.8 260 260Requirement 4Vendor BalanceKat Co. $ 1,125Total $ 1,125The total of the vendor balances in the accounts payable subsidiary ledger agrees with the balance in Accounts Payable in the general ledger: $1,125. Utilities Expense No. 541DatePost.Ref. Debit CreditBalanceDebit CreditJan.

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Accounting Appendix B Homework Incorporated Minimize The Risks Associated With Data Breaches

Comprehensive Problem, cont. Requirement 7, cont. AMHERST NETWORKING SYSTEMS Balance Sheet August 31 Assets Current Assets: Cash $ 3,779 Accounts Receivable 26,795 Merchandise Inventory 47,035 Office Supplies 1,000Prepaid Insurance 2,250 Total Current Assets $80,859Property, Plant, and Equipment: Furniture 37,510 Less: Accumulated Depreciation 10,250 Total Property, Plant, and Equipment 27,260Total Assets $ 108,119 Office Supplies 1,000Prepaid Insurance 2,250 Total Current

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Accounting Appendix B Homework Purchased Merchandise Inventory On Credit Terms Of 1/15

PB31, cont. Requirements 1 and 2, cont. Cash Payments Journal Page 1 DateCk.No. Account DebitedPost.Ref.AccountsDRPayableDRInventoryCRCashCR2018Dec. 9 Borax16,000 228 5,77212 Sparkle22,800 140 2,66029 Utilities Expense 550 55030 Sales Commission Expense 214 21431 Totals 764 8,800 368 9,1961($6,000 $300) = $5,700 4% = $228; $6,000 $228 = $5,7722($4,000 $1,200) = $2,800 5% = $140; $2,800

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Accounting Appendix B Homework Received Cash From West And Michael For Its Account Receivable

PB26A, cont. Requirements 1 and 5, cont. Interest Revenue No. 419DatePost.Ref. Debit CreditBalanceDebit CreditBal. 1,300May 8 CR.5 1,350 2,650Cost of Goods Sold No. 511DatePost.Ref. Debit CreditBalanceDebit CreditBal. 2,800May 31 S.7 5,450 8,25031 CR.5 350 8,600Salaries Expense No. 531DatePost.Ref. Debit CreditBalanceDebit CreditBal. 1,900May 31 CP.8 2,250 4,150Utilities Expense No. 541DatePost.Ref. Debit CreditBalanceDebit CreditBal.

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Accounting Appendix B Homework Show How Postings Would Be Made By Writing The Account Numbers

EB19, cont. SOLUTION Requirements 1 and 2Purchases Journal Page 1DateVendorAccount Credited TermsPost.Ref.AccountsPayableCRMerchandiseInventoryDROfficeSuppliesDROther Accounts DRAccountTitlePost.Ref. AmountApr. 2 Vanderbilt Co. 3/10, n/60 2,400 2,40019 Downing Supplies n/EOM 500 50024 Wilmington Sales n/30 1,900 1,90030 Totals 4,800 4,300 500 Requirements 1 and 2Purchases Journal Page 1DateVendorAccount Credited TermsPost.Ref.AccountsPayableCRMerchandiseInventoryDROfficeSuppliesDROther Accounts DRAccountTitlePost.Ref. AmountApr. 2 Vanderbilt Co. 3/10, n/60

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Accounting Appendix B Homework Show How Postings Would Be Made From The Journals By Writing

PB24A, cont. Requirements 1, 2, and 3, cont. Cash Receipts Journal Page 1DateAccountCreditedPost.Ref.CashDRAccountsReceivableCRSalesRevenueCROtherAccountsCRCost ofGoods SoldDRMerchandiseInventoryCRJul. 3 Office Supplies 16 80 807 2,300 2,300 1,50010 Land 19 10,000 10,00012 Intel, Inc. 1,500 1,50014 2,600 2,600 1,70021 980 980 64022 A. B. Miller 4,000 4,00025 William & Bill 3,400 3,40027 Notes Receivable13 5,000 5,00028

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Accounting Appendix B Homework The Balance In Accounts Payable In The General Ledger

PB29B, cont. Requirements 1 and 5, cont. Retained Earnings No. 314 Date Post. Ref. Debit Credit Balance Debit Credit Bal. 6,600 Sales Revenue No. 411DatePost.Ref. Debit CreditBalanceDebit CreditBal. 7,600Mar. 31 S.8 12,600 20,20031 CR.3 1,100 21,300Interest Revenue No. 419DatePost.Ref. Debit CreditBalanceDebit CreditBal. 1,400Mar. 8 CR.3 1,150 2,550 Sales Revenue No. 411DatePost.Ref. Debit CreditBalanceDebit CreditBal. 7,600Mar. 31 S.8 12,600 20,20031 CR.3

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Accounting Appendix B Homework The Net Amount Owed From December 21 Less The Return

PB27B, cont. Requirements 1. Use the appropriate journal to record the preceding transactions in a sales journal (omit the Invoice No. column) and a cash receipts journal (omit the Sales Discounts Forfeited column). 2. Total each column of the sales journal and the cash receipts journal. Determine that total debits equal total credits. 3.

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Accounting Chapter 1 Homework Analyze The Effects Of The Transactions On The Accounting Equation

P1-46A, cont. Requirement 2d ANNETTE PACHELO, ATTORNEY Statement of Cash FlowsMonth Ended March 31, 2018Cash flows from operating activities:Receipts: Collections from customers $ 6,100Payments: To suppliers (2,300) Net cash provided by operating activities 3,800 Cash flows from investing activities: 0Cash flows from financing activities Issued common stock $ 73,000 Payment of

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Accounting Chapter 1 Homework CPA Prepare Financial Statements For The Bank Name

Chapter 1 Accounting and the Business Environment Review Questions 1. What is accounting? Accounting is the information system that measures business activities, processes the information into reports, and communicates the results to decision makers. Accounting is the language of business. Accounting is the information system that measures business activities, processes the information into reports,

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Accounting Chapter 1 Homework Exhibit Prepare The Following Financial Statements A Income

P1-43A Preparing financial statements Learning Objective 5 b. Ending Retained Earnings $48,000 Picture Perfect Photography works weddings and prom-type parties. The balance of retained earnings was $16,000 at December 31, 2017. At December 31, 2018, the businesss accounting records show these balances: Insurance Expense $ 6,000 Accounts Receivable $ 13,000 Cash 42,000 Notes Payable 14,000 Accounts

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Accounting Chapter 1 Homework Net Income Average Total Asset

E1-35 Preparing the statement of retained earnings Learning Objective 5 Ending Retained Earnings $35,400 Prepare the statement of retained earnings for Damon Design Studio for the year ending December 31, 2018. SOLUTIONDAMON DESIGN STUDIOStatement of Retained EarningsYear Ended December 31, 2018Retained Earnings, January 1, 2018 $ 39,000Net income for the year 53,400 92,400Dividends (57,000)Retained

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Accounting Chapter 1 Homework Paid Full Amount Of Accounts Payable Created On October

P1-52B Using the accounting equation for transaction analysis and preparing financial statements Learning Objective 5 2c. Total Assets $58,360 Amos Sharp recently opened his own accounting firm on October 1, which he operates as a corporation. The name of the new entity is Amos Sharp, CPA. Sharp experienced the following events during the

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Accounting Chapter 1 Homework Suppose You Are The Chief Financial Officer

P1-55, cont. Requirement 2CANYON CANOE COMPANYIncome StatementMonth Ended November 30, 2018Revenue:Canoe Rental Revenue $ 4,400Expenses:Wages Expense $ 1,500Rent Expense 1,200Telephone Expense 175Utilities Expense 150 Total Expense 3,025Net Income $ 1,375 Requirement 2CANYON CANOE COMPANYIncome StatementMonth Ended November 30, 2018Revenue:Canoe Rental Revenue $ 4,400Expenses:Wages Expense $ 1,500Rent Expense 1,200Telephone Expense 175Utilities Expense 150

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Accounting Chapter 1 Homework The Company Issued Common Stock Paid Cash

S1-12 Preparing the income statement Learning Objective 5 Prepare the income statement of Centerpiece Arrangements for the year ended December 31, 2018. SOLUTION CENTERPIECE ARRANGEMENTS Income StatementYear Ended December 31, 2018Revenue:Service Revenue $ 70,000Expenses:Salaries Expense $ 46,000Rent Expense 16,000Insurance Expense 4,500Utilities Expense 1,400 Total Expenses 67,900Net Income $ 2,100 CENTERPIECE ARRANGEMENTS Income StatementYear Ended December

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Accounting Chapter 1 Homework The Dividends Are Subtracted From Retained Earnings

SOLUTION a. Increase asset (Cash); Increase equity (Common Stock)b. Increase asset (Land); Decrease asset (Cash)c. Decrease asset (Cash); Decrease liability (Accounts Payable)d. Increase asset (Equipment); Increase liability (Notes Payable)e. Increase asset (Accounts Receivable); Increase equity (Service Revenue)f. Increase liability (Salaries Payable); Decrease equity (Salaries Expense)g. Increase asset (Cash); Decrease asset (Accounts

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Accounting Chapter 10 Homework Evan Stock 20 Ownership Waterfall Has Significant Influence

Problems (Group A) P10-18A Accounting for debt investments Learning Objective 2 1. Dec. 31 Int. Rev. CR $15,00 Suppose Solomon Brothers purchases $500,000 of 6% annual bonds of Morin Corporation at face value on January 1, 2018. These bonds pay interest on June 30 and December 31 each year. They mature on December 31, 2022.

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Accounting Chapter 10 Homework Journalize The 2018 Transactions Related To Griffin’s Bond

S10-6 Accounting for debt investments Learning Objectives 3, 4 On June 1, 2018, Joshs Restaurant decides to invest excess cash of $54,400 from the tourist season by purchasing a Jackrabbit, Inc. bond at face value. At year-end, December 31, 2018, Jackrabbits bond had a market value of $51,200. The investment is categorized as

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Accounting Chapter 10 Homework Requirement 2 The Company Held Investments In Equity Securities

P10-22B Classifying and accounting for debt and equity investments Learning Objectives 1, 2, 3, 4 2. Sep. 16 Gain on Disposal CR $2,940 Captain Transfer Corporation generated excess cash and invested in securities as follows: 2018 Jul. 2 Purchased 4,200 shares of Naradon, Inc. common stock at $13.00 per share. Captain Transfer plans to sell

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Accounting Chapter 10 Homework The Misstatement Of Financial Results And Position Would

P10-25, cont. SOLUTION Requirement 1 Date Accounts and Explanation Debit Credit2019Jul. 1 Equity Investments 24,000Cash 24,000Purchased investment in stock.7 Equity InvestmentsBison 218,750Cash 218,750Purchased investment in stock (equity method).10 Held-to-Maturity Debt Investment 80,000Cash 80,000Purchased investment in bonds.Sep. 30 Cash 1,200Dividend Revenue 1,200Received cash dividends.Nov. 1 Cash 13,125Equity InvestmentsBison 13,125Received cash dividends (equity method).Dec. 31

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Accounting Chapter 10 Homework What Does The Rate Return Total Assets

Chapter 10 Investments Review Questions 1. What is a debt security? A debt security is an investment in notes or bonds payable issued by another company. Debt securities represents a credit relationship with another company or governmental entity that typically pays interest for a fixed period and a final payment of face value

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Accounting Chapter 10 Homework What Method Should East Cost Motors Use To Account

E10-13 Accounting for equity investments Learning Objectives 3, 4 Captain Investments completed the following investment transactions during 2018: Jan. 14 Purchased 200 shares of Velcon stock, paying $53 per share. The investment represents 4% ownership in Velcons voting stock. Captain does not have significant influence over Velcon. Captain intends to hold the investment

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Accounting Chapter 11 Homework Beavers Can Ask Other Workers The Absent Person

Excel Skill Problem P11-35 Using Excel for Payroll Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.com/Horngren. Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.com/Horngren. Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.com/Horngren. Ankel Footwear employees three salespeople, and pays time-and-a-half

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Accounting Chapter 11 Homework Determining Current Versus Long Term Liabilities Learning Objective

Chapter 11 Current Liabilities and Payroll Review Questions 1. What are the three main characteristics of liabilities? The three main characteristics of liabilities are: They occur because of a past transaction or event.They create a present obligation for future payment of cash or services.They are an unavoidable obligation. They occur because of a past transaction

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Accounting Chapter 11 Homework Gulf Believes Likely That It Will Have Pay

E11-20 Recording employee and employer payroll taxes Learning Objective 2 2. Salaries & Wages Payable $15,923.20 County Company had the following partially completed payroll register: 2018 Pearson Education, Inc. 11-1 2018 Pearson Education, Inc. 11-1 2018 Pearson Education, Inc. 11-1 Earnings Withholdings Net Pay Check No. Salaries and Wages Expense Beginning Cumulative Earnings Current Period Earnings Ending Cumulative Earnings OASD I Medicare Income

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Accounting Chapter 11 Homework Reefs Attorney Advises That Probable Reef Will Lose

P11-26A Computing and journalizing payroll amounts Learning Objective 2 1. Net Pay $152,199 Logan White is general manager of Valuepoint Salons. During 2018, White worked for the company all year at a $13,600 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary. Whites federal income tax withheld during

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Accounting Chapter 11 Homework The Bonus Will Be Paid On January 15 Of The Next Year

S11-9 Computing bonus payable Learning Objective 3 On December 31, Weston Company estimates that it will pay its employees a 5% bonus on net income after deducting the bonus. The company reports net income of $64,000 before the calculation of the bonus. The bonus will be paid on January 15 of the

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Accounting Chapter 11 Homework The Company Uses Perpetual Inventory System Dec Accrued Warranty

P11-31B Computing and journalizing payroll amounts Learning Objective 2 1. Net Pay $128,360 Liam Wallace is general manager of Moonwalk Salons. During 2018, Wallace worked for the company all year at a $13,400 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary. Wallaces federal income tax withheld during

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Accounting Chapter 12 Homework Anderson Company’s Issuance The Bonds And First

E12-19 Preparing an amortization schedule and recording mortgages payable entries Learning Objective 1 3. Interest Expense $2,750.00 Kellerman Company purchased a building and land with a fair market value of $550,000 (building, $425,000, and land, $125,000) on January 1, 2018. Kellerman signed a 20-year, 6% mortgage payable. Kellerman will make monthly payments of

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Accounting Chapter 12 Homework Compute Pack Leader Wireless’s Debt Equity Ratio

P12-34A Analyzing and journalizing bond transactions Learning Objectives 2, 3, 4 3. June 30, 2018, Interest Expense $25,200 On January 1, 2018, Nurses Credit Union (NCU) issued 8%, 20-year bonds payable with face value of $600,000. The bonds pay interest on June 30 and December 31. Requirements 1. If the market interest rate is 7%

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Accounting Chapter 12 Homework Determining Future Value Learning Objective Appendix A David

S12-10 Retiring bonds payable before maturity Learning Objectives 3, 4 On January 1, 2018, Powell Company issued $350,000 of 10%, five-year bonds payable at 102. Powell Company has extra cash and wishes to retire the bonds payable on January 1, 2019, immediately after making the second semiannual interest payment. To retire the

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Accounting Chapter 12 Homework Journalizing Liability Transactions And Reporting Them

E12-29 Computing the debt to equity ratio Learning Objective 6 Ludwig Corporation has the following data as of December 31, 2018: Total Current Liabilities $ 36,210 Total Stockholders Equity $ ? Total Current Assets 58,200 Other Assets 36,800 Long-term Liabilities 139,630 Property, Plant, and Equipment, Net 206,440 Compute the debt to equity ratio at December 31, 2018. Assets: Liabilities: Current assets $

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Accounting Chapter 12 Homework June And December Requirements The Market Interest

Problems (Group B) P12-39B Journalizing liability transactions and reporting them on the balance sheet Learning Objectives 1, 5 2. Total Liabilities $661,776 The following transactions of Great Value Pharmacies occurred during 2018 and 2019: 2018 Mar. 1 Borrowed $390,000 from Bartow Bank. The six-year, 13% note requires payments due annually, on March 1. Each payment consists

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Accounting Chapter 12 Homework The Interest Rate It He Percentage Earned The

Chapter 12 Long-Term Liabilities Review Questions 1. Where is the current portion of notes payable reported on the balance sheet? The current portion of notes payable is reported in the current liability section of the balance sheet. 2. What is an amortization schedule? An amortization schedule details each loan payments allocation between principal and interest

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Accounting Chapter 12 Homework Walt Disney Company’s Us Medium Term Notes Solution

P12AB-44B Determining the present value of bonds payable and journalizing using the effective-interest amortization method Learning Objectives 7, 8 Appendixes 12A, 12B 3. Jan. 1, 2018, Cash $311,613 Ari Goldstein issued $300,000 of 11%, five-year bonds payable on January 1, 2018. The market interest rate at the date of issuance was 10%, and the

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Accounting Chapter 13 Homework Corporation Began Operations January 2018 And Had

P13-50B Preparing an income statement Learning Objective 5 Net Income $37,840 The following information was taken from the records of Arizona Motorsports, Inc. at November 30, 2018: Selling Expenses Administrative Expenses Income from Discontinued Operations Cost of Goods Sold Treasury StockCommon (1,500 shares) Net Sales Revenue $ 95,000 150,000 2,400 470,000 19,500 801,400 Common Stock, $11 Par Value, 13,500 shares authorized and issued $ 148,500 Preferred Stock, $2 No-Par

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Accounting Chapter 13 Homework Declared 020 Per Share Dividend The 100000

P13-40A Identifying sources of equity, stock issuance, and dividends Learning Objectives 1, 2, 4 4. Common stock dividends $402,000 Voyage Comfort Specialists, Inc. reported the following stockholders equity on its balance sheet at June 30, 2018: Requirements 1. Identify the different classes of stock that Voyage Comfort Specialists has outstanding. 2. What is the par value

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Accounting Chapter 13 Homework Futa 06 First 7000 Earned Record The

Comprehensive Problem for Chapters 11, 12, and 13 The Tusquittee Company is a retail company that began operations on October 1, 2018, when it incorporated in the state of North Carolina. The Tusquittee Company is authorized to issue 100,000 shares of $1 par value common stock and 50,000 shares of 5%,

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Accounting Chapter 13 Homework How Does The Statement Of Stockholders Equity Differ

Chapter 13 Stockholders Equity Review Questions 1. What is a corporation? A corporation is a business organized under state law that is a separate legal entity. A corporation is a business organized under state law that is a separate legal entity. A corporation is a business organized under state law that is a separate legal

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Accounting Chapter 13 Homework July 20 2018 Use Separate Dividends Payable Accounts

P13-44A Journalizing dividend and treasury stock transactions, preparing a statement of retained earnings, and preparing stockholders equity Learning Objectives 3, 4, 6 2. Retained Earnings Dec. 31, 2018 $126,550 The balance sheet of Goldstein Management Consulting, Inc. at December 31, 2017, reported the following stockholders equity: During 2018, Goldstein completed the following selected transactions: Feb. 6

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Accounting Chapter 13 Homework Prepare The Stockholders’ Equity Section Of The ASAP-TV

E13-21 Journalizing issuance of stock Learning Objective 2 Steller Systems completed the following stock issuance transactions: May 19 Issued 1,700 shares of $3 par value common stock for cash of $10.50 per share. Jun. 3 Issued 300 shares of $9, no-par preferred stock for $15,000 cash. 11 Received equipment with a market value of $68,000

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Accounting Chapter 13 Homework Sales Cost Goods Sold Gross Profit Operating Expenses Operating

S13-8 Dividing cash dividends between preferred and common stock Learning Objective 4 Copperhead Trust has the following classes of stock: Preferred Stock6%, $12 par value; 8,500 shares authorized, 7,000 shares issued and outstanding Common Stock$0.10 par value; 2,100,000 shares authorized, 1,400,000 shares issued and outstanding Requirements 1. Copperhead declares cash dividends of $44,000 for 2018. How much

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Accounting Chapter 13 Homework Taxes Payable Federal Unemployment Taxes Payable Income

Comprehensive Problem, cont. Requirement 2, cont. Date Accounts Debit Credit Dec. 10 Accounts Payable 150,000 Cash 150,000 12 Estimated Warranty Payable 7,500Cash 7,50015 Cash (300 shares $20 per share) 6,000Treasury StockCommon (300 shares $15 per share) 4,500Paid-in Capital from Treasury Stock Transactions 1,500 12 Estimated Warranty Payable 7,500Cash 7,50015 Cash (300 shares $20 per share) 6,000Treasury

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Accounting Chapter 13 Homework The Company States That They Intend To Retain Any Future Earnings

Comprehensive Problem, cont. Requirement 6, cont. THE TUSQUITTEE COMPANY Balance Sheet December 31, 2018 Liabilities Current Liabilities: Accounts Payable $ 90,000 Employee Income Taxes Payable 3,250 FICAOASDI Taxes Payable 1,736 FICAMedicare Taxes Payable 406 Employee Health Insurance Payable 900 State Unemployment Taxes Payable 54 Federal Unemployment Taxes Payable 6 Income Tax Payable 36,000 Accounts Payable $

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Accounting Chapter 13 Homework When The Market Price Of Common Stock Was $7per Share

E13-29 Journalizing a stock dividend and reporting stockholders equity Learning Objective 4 2. Total Stockholders Equity $122,000 The stockholders equity of Lakeside Occupational Therapy, Inc. on December 31, 2017, follows: On April 30, 2018, the market price of Lakesides common stock was $16 per share and the company declared a 13% stock dividend. The

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Accounting Chapter 14 Homework Case Theater Design And Show Cinemas Are

Continuing Problem P14-47 Preparing the statement of cash flowsindirect method This problem continues the Canyon Canoe Company situation from Chapter 13. Canyon Canoe Companys comparative balance sheet is shown below. 2019 amounts are assumed, but include several transactions from prior chapters. Additional data follow: 2018 Pearson Education, Inc. 14-1 2018 Pearson Education, Inc.

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Accounting Chapter 14 Homework Evaluate Jacksons Cash Flows For The Year

P14-33A Preparing the statement of cash flowsindirect method Learning Objective 2 Net Cash Used for Inv. Act. $(15,500) Accountants for Morganson, Inc. have assembled the following data for the year ended December 31, 2018: 2018 2017 Current Assets: Cash$ 99,400 $ 25,000 Accounts Receivable64,100 69,700 Merchandise Inventory 83,000 75,000 Current Liabilities: Accounts Payable57,600 55,200 Income Tax Payable14,800 16,800 Transaction Data for 2018: Issuance of

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Accounting Chapter 14 Homework Evaluate Robe Sons Cash Flows For The Year

P14-40B Preparing the statement of cash flowsindirect method Learning Objective 2 Net Cash Prov. by Op. Act. $85,700 Accountants for Benson, Inc. have assembled the following data for the year ended December 31, 2018: 2018 2017 Current Assets: Cash$ 105,100 $ 18,000 Accounts Receivable64,400 68,900 Merchandise Inventory86,000 82,000 Current Liabilities: Accounts Payable58,000 56,100 Income Tax Payable14,700 16,900 Transaction Data for 2018: Issuance of

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Accounting Chapter 14 Homework Financing Activities Net Increase Decrease Cash Cash Balance June

S14-9 Computing the change in cash; identifying non-cash transactions Learning Objective 2 Jennifers Wedding Shops earned net income of $27,000, which included depreciation of $16,000. Jennifers acquired a $119,000 building by borrowing $119,000 on a long-term note payable. Requirements 1. How much did Jennifers cash balance increase or decrease during the year? 2. Were there

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Accounting Chapter 14 Homework Receipt From Issuance Common Stock Cash Payment Dividends Net

P14A-37A Preparing the statement of cash flowsdirect method Learning Objective 4 Appendix 14A 1. Net Cash Prov. by Op. Act. $125,100 Collections from Cust. $438,900 Use the Rolling Hills, Inc. data from Problem P14-34A. Requirements 1. Prepare the 2018 statement of cash flows by the direct method. 2. How will what you learned in this problem help you

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Accounting Chapter 14 Homework Rouse Plans To Purchase A Truck For $23,000 And A Forklift

E14-26 Analyzing free cash flow Learning Objective 3 Use the Rouse Exercise Equipment data in Exercises E14-23 and E14-24. Rouse plans to purchase a truck for $23,000 and a forklift for $125,000 next year. In addition, it plans to pay cash dividends of $3,500. Assuming Rouse plans similar activity for 2019, what

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Accounting Chapter 14 Homework Separate Section For Non-cash Investing And Financing Activities

E14-20 Computing operating activities cash flowindirect method Learning Objective 2 Net Cash Prov. by Op. Act. $49,500 The accounting records of CD Sales, Inc. include the following accounts: Account Beginning Balance Ending Balance Cash $ 7,500$ 6,500 Accounts Receivable 21,000 17,500 Merchandise Inventory 20,000 30,000 Accounts Payable 15,000 19,000 Compute CDs net cash provided by (used for) operating activities

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Accounting Chapter 14 Homework The Cost And Accumulated Depreciation The Disposed Asset

P14A-44B Preparing the statement of cash flowsdirect method Learning Objective 4 Appendix 14A 1. Net Cash Prov. by Op. Act. $136,300 Collections from Cust. $443,700 Use the Sweet Valley data from Problem P14-41B. Requirements 1. Prepare the 2018 statement of cash flows by the direct method. 2. How will what you learned in this problem help you evaluate

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Accounting Chapter 14 Homework Why Might Spreadsheet Helpful When Completing The

Chapter 14 The Statement of Cash Flows Review Questions 1. What does the statement of cash flows report? The statement of cash flows reports on a businesss cash receipts and cash payments for a specific period. The statement of cash flows reports on a businesss cash receipts and cash payments for a specific period. The

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Accounting Chapter 15 Homework All Other Measures Have Held Steady Improved

P15-29A Completing a comprehensive financial statement analysis Learning Objectives 2, 4 3. 2018: Inventory turnover 8.04 In its annual report, ABC Athletic Supply, Inc. includes the following five-year financial summary: ABC ATHLETIC SUPPLY, INC. Five-Year Financial Summary (Partial; adapted) (Dollar amounts in thousands except per share data) 2018 2017 2016 2015 2014 2013 Net Sales Revenue $ 250,000

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Accounting Chapter 15 Homework Canyons Primary Return Critical Thinking Decision Case

Continuing Problem P15-38 Using ratios to evaluate a stock investment This problem continues the Canyon Canoe Company situation from Chapter 14. The company wants to invest some of its excess cash in trading securities and is considering two investments, The Paddle Company (PC) and Recreational Life Vests (RLV). The income statement, balance

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Accounting Chapter 15 Homework Cash Equivalents Short Term Investments Net Current Receivables

P15-36B Completing a comprehensive financial statement analysis Learning Objectives 2, 4 3. 2018: Inventory turnover 8.86 In its annual report, XYZ Athletic Supply, Inc. includes the following five-year financial summary: XYZ ATHLETIC SUPPLY, INC. Five-Year Financial Summary (Partial; adapted) (Dollar amounts in thousands except per share data) 2018 2017 2016 2015 2014 2013 Net Sales Revenue $ 275,000

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Accounting Chapter 15 Homework Earnings Per Share Measures The Amount Company’s Net

Chapter 15 Financial Statement Analysis Review Questions 1. What are the three main ways to analyze financial statements? The three main ways to analyze financial statements are horizontal analysis, vertical analysis,and ratio analysis. The three main ways to analyze financial statements are horizontal analysis, vertical analysis,and ratio analysis. The three main ways to analyze financial

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Accounting Chapter 15 Homework Garfield Better Position Pay Debt 2018 Than

P15-33B Determining the effects of business transactions on selected ratios Learning Objective 4 1. Earnings per Share $1.38 Financial statement data of Modern Travelers Magazine include the following items: Cash $ 19,00 0 Accounts Receivable, Net 82,000 Merchandise Inventory 183,000 Total Assets 638,000 Accounts Payable 102,000 Accrued Liabilities 35,000 Short-term Notes Payable 50,000 Long-term Liabilities 221,000 Net Income 69,000 Common Shares Outstanding 50,000 shares Requirements 1. Compute Modern

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Accounting Chapter 15 Homework Make The Company A Good Investment Opportunity As The Market Values

S15-8 Measuring ability to pay liabilities Learning Objective 4 Requirements 1. Compute the debt ratio and the debt to equity ratio at May 31, 2018, for Accels Companies. 2. Is Accels ability to pay its liabilities strong or weak? Explain your reasoning. SOLUTION Requirement 1Debt ratio = Total liabilitiesTotal assets2018: $41,900 = 0.506 = 50.6%$82,800Debt to

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Accounting Chapter 15 Homework Photo Shop Has Asked You To Determine Whether The Company’s Ability

E15-17 Computing working capital changes Learning Objective 4 2019 Working Capital $255,000 Data for Research Enterprises follows: 2019 2018 2017 Total Current Assets $ 490,000 $ 320,000 $ 230,000 Total Current Liabilities 235,000 160,000 115,000 Compute the dollar amount of change and the percentage of change in Research Enterprisess working capital each year during 2019 and 2018.

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Accounting Chapter 15 Homework Using Ratios Evaluate Stock Investment Learning Objective 41

Note: Problem P15-24A must be completed before attempting Problem P15-25A. P15-24A Performing vertical analysis Learning Objective 3 1. Net Income 11.3% The Klein Department Stores, Inc. chief executive officer (CEO) has asked you to compare the companys profit performance and financial position with the averages for the industry. The CEO has given you the companys

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Accounting Chapter 2 Homework Accounts Payable Utilities Payable Notes Payable Common Stock

P2-36B, cont. Nov. 30 Utilities Expense 650Utilities Payable 650 30 Dividends 2,800Cash 2,800 Requirements 2 and 3Cash Accounts PayableNov. 1 41,000 27,000 Nov. 7 Nov. 14 2,300 3,500 Nov. 4Nov. 6 2,100 2,300 Nov. 14 1,200 Bal. Nov. 17 500 1,470 Nov. 15 Nov. 25 1,900 840 Nov. 29Nov. 28 3,100

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Accounting Chapter 2 Homework Cash To Begin The Company And Issued Common Stock

Using Excel P2-41 Using Excel to journalize and post transactions, and to create financial statements Redmond Corporation started operations on April 1, 2018. Seventeen transactions occurred during April. Financial statements are prepared at the end of the month. Requirements 1. Use Excel to record the transactions for April. Use the blue shaded areas for

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Accounting Chapter 2 Homework Debit Equipment And Credit Cash Debit Dividends

Exercises E2-10 Using accounting vocabulary Learning Objectives 1, 2, 3, 4 Match the accounting terms with the corresponding definitions. 1. Posting 2. Account 3. Debit 4. Journal 5. Chart of accounts 6. rial balance 7. Normal balance 8. Ledger 9. Credit 10. Compound journal entry a. A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity

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Accounting Chapter 2 Homework For Each Of These Errors, State Whether Total Debits Equal Total

SOLUTION Requirement 2 Date Accounts and ExplanationPostRef. Debit CreditJune 1 Cash 110 13,200 Office Furniture 140 5,300 Common Stock 310 18,5005 Rent Expense 520 1,300 Cash 110 1,300 9 Office Supplies 130 600 Accounts Payable 210 600 Date Accounts and ExplanationPostRef. Debit CreditJune 1 Cash 110 13,200 Office Furniture 140 5,300 Common Stock

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Accounting Chapter 2 Homework Open The Following T Accounts Cash Accounts Receivable

Practice Set P2-43 Journalizing transactions, posting to T-accounts, and preparing a trial balance Consider the following transactional data for the first month of operations for Crystal Clear Cleaning. Nov. 1 Stockholders contributed $15,000 and a truck, with a market value of $3,000, to the business in exchange for common stock. 2 The business paid

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Accounting Chapter 2 Homework Posting Journal Entries To Four-column Accounts

P2-38B Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance Learning Objectives 3, 4 3. Cash Balance $20,250 The trial balance of John Menning, CPA, is dated March 31, 2018: During April, the business completed the following transactions: Apr. 4 Collected $6,000 cash from a client on account. 8 Performed tax services

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Accounting Chapter 2 Homework Purchased Office Supplies Account 15005 Paid 1200

E2-18 Analyzing and journalizing transactions Learning Objective 3 Journalize the transactions of Wilke Technology Solutions. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Advertising; Land; Building; Accounts Payable; Unearned Revenue; Common Stock; Service Revenue; Rent Expense; and Salaries Expense. SOLUTION Date Accounts and ExplanationPost.Ref. Debit

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Accounting Chapter 2 Homework Record The April Transactions In The Journal

P2-31A, cont. PREPAID INSURANCE Account No. 131Date Item Post Ref. Debit CreditBalanceDebit CreditJan. 30 J1 1,200 1,200LAND Account No. 141Date Item Post Ref. Debit CreditBalanceDebit CreditJan. 7 J1 25,000 25,000BUILDING Account No. 151Date Item Post Ref. Debit CreditBalanceDebit CreditJan. 7 J1 130,000 130,000FURNITURE Account No. 161Date Item Post Ref. Debit CreditBalanceDebit

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Accounting Chapter 2 Homework Services For A Hotel And Received Its Promise To Pay

SOLUTION Requirement 1 Date Accounts and ExplanationPostRef. Debit CreditJuly 1 Cash 63,000 Common Stock 63,000 5 Rent Expense 510 Cash 510 9 Land 23,000 Cash 23,000 10 Office Supplies 1,600 Accounts Payable 1,600 19 Cash 22,000 Notes Payable 22,000 22 Accounts Payable 1,100 Cash 1,100 28 Advertising Expense 240 Advertising Payable 240

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Accounting Chapter 2 Homework The Business Received A Bill For Advertising In The Daily

P2-34A Preparing financial statements from the trial balance and calculating the debt ratio Learning Objectives 4, 5 2. Ending Retained Earnings $11,788 The trial balance as of July 31, 2018, for Sara Simon, Registered Dietician, is presented below: Requirements 1. Prepare the income statement for the month ended July 31, 2018. 2. Prepare the statement of

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Accounting Chapter 2 Homework What The Calculation For The Debt Ratio

Chapter 2 Recording Business Transactions Review Questions 1. Identify the three categories of the accounting equation, and list at least four accounts associated with each category. The three categories of the accounting equation are assets, liabilities, and equity. Assets include Cash, Accounts Receivable, Notes Receivable, Prepaid Expenses, Land, Building, Equipment, Furniture, and Fixtures. Liabilities

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Accounting Chapter 3 Homework An Adjusting Entry Could Have Been Recorded For The Incorrect Amount

P3-36A Journalizing and posting adjustments to the four-column accounts and preparing an adjusted trial balance Learning Objectives 3, 4 3. Adjusted trial balance $572,040 total The unadjusted trial balance of Guthrie Inn Company at December 31, 2018, and the data needed for the adjustments follow. Adjustment data at December 31 follow: a. As of December 31,

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Accounting Chapter 3 Homework Assume All Accounts Have Normal Balances Prepare The Adjusted

S3-9 Journalizing and posting an adjusting entry for unearned revenue Learning Objective 3 Eastside Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period. Requirements 1. Record the journal entry to record the original receipt of $180,000 cash. 2. Record the adjusting entry that Eastside Magazine makes

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Accounting Chapter 3 Homework December 31 20183 Post The Journal And Adjusting

P3-42B, cont. OFFICE SUPPLIES Account No. Date Item Post Ref. Debit CreditBalanceDebit Credit2018Dec. 31 Balance 700Dec. 31 b. 200 500BUILDING Account No.Date Item Post Ref. Debit CreditBalanceDebit Credit2018Dec. 31 Balance 518,000ACCUMULATED DEPRECIATIONBUILDING Account No. Date Item Post Ref. Debit CreditBalanceDebit Credit2018Dec. 31 Balance 310,000Dec. 31 c. 2,100 312,100ACCOUNTS PAYABLE Account No.Date

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Accounting Chapter 3 Homework December Using Straight Line Depreciation Assume The Useful Life

P3-44B, cont. Adjusting Journal Entry Three: $12,000 Collected in advance on December 1 for 5 months(2,400) Revenue earned during December $9,600 Revenue still unearned on December 31Adjusting Journal Entry Four: $7,500 Collected in advance on December 1 for 5 months(1,500) Revenue earned during December $6,000 Revenue still unearned on December 31Prepaid

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Accounting Chapter 3 Homework Did The Recognition Occur On The Same Date Cash Was Received

Exercises E3-18 Comparing cash and accrual basis accounting and applying the revenue recognition principle Learning Objectives 1, 2 Momentous Occasions is a photography business that shoots videos at college parties. The freshman class pays $1,000 in advance on March 3 to guarantee services for its party to be held on April 2. The

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Accounting Chapter 3 Homework Griffin Fishing Charters Has Collected The Following Data For

SOLUTION Requirement 1 Date Accounts and Explanation Debit Credita. Dec. 31 Salaries Expense 3,200*Salaries Payable 3,200*To accrue salaries expense.b. Dec. 31 Insurance Expense 4,000*Prepaid Insurance 4,000*To record insurance expense.c. Dec. 31 Supplies Expense 8,400*Office Supplies 8,400*To record office supplies used.d. Dec. 31 Unearned Revenue 2,600*Service Revenue 2,600*To record service revenue earned that

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Accounting Chapter 3 Homework If Harrison Had Not Recorded The Adjusting Entries

P3-40B Journalizing adjusting entries and identifying the impact on financial statements Learning Objectives 3, 5 Harrison Fishing Charters has collected the following data for the December 31 adjusting entries: a. The company received its electric bill on December 31 for $375 but will not pay it until January 5. (Use the Utilities Payable

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Accounting Chapter 3 Homework Journalize The Subsequent Journal Entries For Adjusting Entries

SOLUTION Requirement 1 Date Accounts and Explanation Debit Credita. Jul. 31 Depreciation Expense 600Accumulated Depreciation 600To record depreciation.b. Jul. 31 Rent Expense 200Prepaid Rent 200To record rent expense.c. Jul. 31 Interest Expense 700Interest Payable 700To accrue interest expense.d. Jul. 31 Salaries Expense 6,400*Salaries Payable 6,400*To accrue salaries expense.e. Jul. 31 Unearned Revenue

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Accounting Chapter 3 Homework Journalizing Adjusting Entries And Subsequent Journal

P3A-38A Understanding the alternative treatment of prepaid expenses and unearned revenues Learning Objectives 3, 7 Appendix 3A Rapid Way Packn Mail completed the following transactions during 2018: Requirements 1. Journalize the transactions assuming that Rapid Way debits an asset account for prepaid expenses and credits a liability account for unearned revenues. 2. Journalize the related

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Accounting Chapter 3 Homework Open A T-account For Each Account Using The Unadjusted

SOLUTION Requirement 1 2018 Pearson Education, Inc. 3-1 2018 Pearson Education, Inc. 3-1 2018 Pearson Education, Inc. 3-1 Accounts Receivable Salaries Payable Service RevenueBal. 1,500 0 Bal. 4,100 Bal.Office Supplies Unearned Revenue Salaries ExpenseBal. 700 900 Bal. Bal. 800Prepaid Rent Supplies ExpenseBal. 2,240 Bal. 0Equipment Rent ExpenseBal. 8,000 Bal. 0Accumulated DepreciationEquipmentDepreciation ExpenseEquipment0

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Accounting Chapter 3 Homework The Adjusting Process Review Questions What The

Chapter 3 The Adjusting Process Review Questions 1. What is the difference between cash basis accounting and accrual basis accounting? Cash basis accounting records revenues only when cash is received and expenses only when cash is paid. Accrual basis accounting records revenues when earned and expenses when incurred. Cash basis accounting records revenues only when

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Accounting Chapter 4 Homework And Insert Its Adjusted Balance As Given denote As Adj. Bal

S4-11 Posting closing entries directly to T-accounts Learning Objective 3 The following balances appear on the books of Sarah Simmons Enterprises: Retained Earnings, $29,600; Dividends, $10,500; Income Summary, $0; Service Revenue, $24,500; Salaries Expense, $6,200; Rent Expense, $3,500; and Advertising Expense, $2,000. All accounts have normal balances. Requirements 1. Open a T-account for each account,

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Accounting Chapter 4 Homework Common Stock And Retained Earnings Accounts Permanent Accounts

Chapter 4 Completing the Accounting Cycle Review Questions 1.What document are financial statements prepared from? The financial statements are prepared from the adjusted trial balance or worksheet. 2. What does the income statement report The income statement reports revenues and expenses and calculates net income or net loss for the time period. The income statement reports

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Accounting Chapter 4 Homework Complete The Post Closing Trial Balance Using Formulas

P4-39B, cont. Requirement 8 WILSONS QUALITY AUTOMOTIVEPost-Closing Trial BalanceDecember 31, 2018 Account Title Balance Debit CreditCash $ 61,180 Accounts Receivable 3,800 Office Supplies 1,600 Prepaid Insurance 3,300 Land 15,000Equipment 14,400 Accumulated DepreciationEquipment $ 240Accounts Payable 1,200Utilities Payable 260Interest Payable 120Unearned Revenue 1,380Notes Payable 24,000Common Stock 63,000Retained Earnings 9,080Total $ 99,280 $ 99,280

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Accounting Chapter 4 Homework Did The Company’s Ability To Pay Current Debts Improve Or Deteriorate

P4-36B Preparing financial statements including a classified balance sheet in report form, preparing closing entries, and using the current ratio to evaluate a company Learning Objectives 1, 3, 6 2. Ending Retained Earnings $60,200 The adjusted trial balance of Bradley Irrigation System at December 31, 2018, follows: Requirements 1. Prepare the companys income statement for

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Accounting Chapter 4 Homework Expansion Costs Have Brought The Current Ratio Down To

Critical Thinking Tying It All Together Case 4-1 Before you begin this assignment, review the Tying It All Together feature in the chapter. It will also be helpful if you review Hyatt Hotels Corporations 2015 annual report ( https://www.sec.gov/Archives/edgar/data/1468174/000146817416000152/h10-k123115.htm ). Hyatt Hotels Corporation is headquartered in Chicago and is a leading global hospitality company. The

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Accounting Chapter 4 Homework For Auto Screening Services To Be Performed Next Month

P4-39B Completing the accounting cycle from journal entries to post-closing trial balance with an optional worksheet Learning Objectives 1, 2, 3, 4, 5 6. Ending Retained Earnings $9,080 On December 1, Curt Wilson began an auto repair shop, Wilsons Quality Automotive. The following transactions occurred during December: Dec. 1 Wilson contributed $63,000 cash to

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Accounting Chapter 4 Homework Insurance Land Equipment Accumulated Depreciation

P4-33A, cont. Requirement 2 WALDOS QUALITY AUTOMOTIVEUnadjusted Trial BalanceDecember 31, 2018Account Title BalanceDebit CreditCash $ 55,990Accounts Receivable 3,600Office Supplies 2,800Prepaid Insurance 1,750Land 20,000Equipment 12,000Accounts Payable $ 1,900Utilities Payable 280Unearned Revenue 1,440Notes Payable 15,000Common Stock 70,000Dividends 5,500Service Revenue 19,600Salaries Expense 3,800Rent Expense 1,200Utilities Expense 280Advertising Expense 1,300Total $ 108,220 $ 108,220 WALDOS QUALITY AUTOMOTIVEUnadjusted

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Accounting Chapter 4 Homework Murphy Delivery Service Began Operations By Receiving $13,000 Cash

Comprehensive Problem 1 for Chapters 1-4: Murphy Delivery Service completed the following transactions during December 2018: Dec. 1 Murphy Delivery Service began operations by receiving $13,000 cash and a truck with a fair value of $9,000 from Russ Murphy. The business issued Murphy shares of common stock in exchange for this contribution. 1 Paid

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Accounting Chapter 4 Homework Prepare A Worksheet For Farish Investment Advisers

P4-30A, cont. Requirement 4 Date Accounts and Explanation Debit CreditDec. 31 Service Revenue 74,500Income Summary 74,500To close revenue.31 Income Summary 25,100Insurance Expense 1,100Salaries Expense 16,400Supplies Expense 1,100Interest Expense 2,200Depreciation ExpenseBuilding 1,800Depreciation ExpenseEquipment 2,500 To close expenses.31 Income Summary 49,400Retained Earnings 49,400To close Income Summary.31 Retained Earnings 2,200Dividends 2,200To close dividends. Date Accounts and

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Accounting Chapter 4 Homework Prepare Murphy Delivery Service’s Income Statement And Statement

Comprehensive Problem 2 for Chapters 1-4: This comprehensive problem is a continuation of Comprehensive Problem 1. Murphy Delivery Service has completed closing entries and the accounting cycle for 2018. The business is now ready to record January 2019 transactions. Jan. 3 Collected $200 cash from customer on account. 5 Purchased office supplies on

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Accounting Chapter 4 Homework Prepare The Company’s Statement Retained Earnings For

P4A-34A Preparing adjusting entries and reversing entries Learning Objective 7 Appendix 4A The unadjusted trial balance and adjustment data of Marthas Motors at December 31, 2018, follow: Adjustment data at December 31, 2018: a. Depreciation on equipment, $2,100. b. Accrued Wages Expense, $1,100. c. Office Supplies on hand, $500. d. Prepaid Insurance expired during December, $600. e. Unearned

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Accounting Chapter 4 Homework Preparing Closing Entries From An Adjusted Trial Balance

E4-25 Preparing closing entries from an adjusted trial balance; preparing a post-closing trial balance; and calculating the current ratio Learning Objectives 3, 4, 6 Marks Bowling Alleys adjusted trial balance as of December 31, 2018, is presented below: Requirements 1. Prepare the closing entries for Marks Bowling Alley. 2. Prepare a post-closing trial balance. 3. Compute

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Accounting Chapter 4 Homework Provided In Chapters 2 And 3 For Crystal Clear Cleaning

P4-42, cont., Requirement 5, cont. Cash Accounts PayableNov. 1 16,000 1,200 Nov. 2 Nov. 26 1,000 4,800 Nov. 3Nov. 7 1,400 1,500 Nov. 13 Dec. 19 2,000 750 Nov. 4Nov. 28 750 50 Nov. 15 500 Dec. 4Dec. 9 4,500 1,000 Nov. 26 3,050 BalanceDec. 16 750 100 Nov. 303,000 Dec.

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Accounting Chapter 4 Homework Summary To Close Revenue Income Summary 2018 Pearson

E4-19 Preparing a worksheet Learning Objective 2 The unadjusted trial balance of Data Solution at November 30, 2018, follows: Additional information at November 30, 2018: a. Accrued Service Revenue, $800. b. Depreciation, $350. c. Accrued Salaries Expense, $650. d. Prepaid Rent expired, $700. e. Office Supplies used, $550. Requirements 1. Complete Data Solutions worksheet for the month ended November 30,

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Accounting Chapter 4 Homework The Adjusted Trial Balance Of Erickson Real Estate Appraisal

Problems (Group A) P4-29A Preparing financial statements including a classified balance sheet in report form, preparing and posting closing entries, and preparing a post-closing trial balance Learning Objectives 1, 3, 4 1. Net Loss $(9,500) The adjusted trial balance of Erickson Real Estate Appraisal at June 30, 2018, follows: Requirements 1. Prepare the companys income statement

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Accounting Chapter 4 Homework The Business Received A Bill For Utilities To Be Paid In January

P4-32A, cont. Requirement 3 Date Accounts and Explanation Debit CreditDec. 31 Unearned Revenue 4,200Service Revenue 4,200To adjust revenue earned.31 Rent Expense 220Prepaid Rent 220To adjust rent expense31 Supplies Expense 1,500Office Supplies 1,500 To adjust office supplies.31 Depreciation ExpenseEquipment 390Accumulated DepreciationEquipment 390To adjust depreciation31 Salaries Expense 200Salaries Payable 200To adjust accrued salaries Date Accounts

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Accounting Chapter 4 Homework The Unadjusted Trial Balance Of Watson Anvils At December 31

P4-38B Completing the accounting cycle from adjusting entries to post-closing trial balance with an optional worksheet Learning Objectives 1, 2, 3, 4, 5, 6 5. Net Income $17,380 The unadjusted trial balance of Watson Anvils at December 31, 2018, and the data for the adjustments follow: Adjustment data: a. Unearned Revenue still unearned at December

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Accounting Chapter 5 Homework Appendix A Journalize The Following Sales Transactions For

S5-7 Journalizing purchase and sales transactions Learning Objectives 2, 3 On November 4, 2018, Cain Company sold merchandise inventory on account to Tarin Wholesalers, $12,000, that cost $4,800. Terms 3/10, n/30. On November 5, 2018, Tarin Wholesalers paid shipping of $30. Tarin Wholesalers paid the balance to Cain Company on November 13,

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Accounting Chapter 5 Homework Balance Sheet 23 What Does The Gross Profit

Chapter 5 Merchandising Operations Review Questions 1.What is a merchandiser, and what is the name of the merchandise that it sells? A merchandiser is a business that sells merchandise, or goods, to customers. The merchandise that these types of businesses sell is called merchandise inventory. merchandise that these types of businesses sell is called merchandise

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Accounting Chapter 5 Homework January For Canyon Canoe Company Solution Requirements

Continuing Problem Part 2 P5-50 Making adjusting and closing entries, preparing financial statements, and computing the gross profit percentage This problem continues the Canyon Canoe Company situation and focuses on nonmerchandising transactions, adjusting and closing entries, and preparing financial statements. Canyon Canoe Company does not typically prepare adjusting and closing entries each month,

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Accounting Chapter 5 Homework Journalizing Purchase And Sale Transactions Learning Objectives

E5B-29 Journalizing purchase transactionsperiodic inventory system Learning Objective 8 Appendix 5B Lawrence Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required. Sep. 4 Purchased inventory of $6,900 on account from Max Appliance Wholesale, an appliance wholesaler. Terms were 3/15, n/30, FOB shipping point. 4

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Accounting Chapter 5 Homework Journalizing Purchase And Sale Transactions—periodic Inventory

P5B-39A Journalizing purchase and sale transactionsperiodic inventory system Learning Objective 8 Appendix 5B Journalize the following transactions that occurred in March 2018 for Double Company. Assume Double uses the periodic inventory system. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Double estimates sales

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Accounting Chapter 5 Homework M. Doherty, Manager Of The Company, Strives To Earn A Gross

P5-36A Preparing a multi-step income statement, journalizing closing entries, and preparing a post-closing trial balance Learning Objectives 4, 5 1. Operating Income $67,900 The adjusted trial balance of Rachael Rey Music Company at June 30, 2018, follows: Requirements 1. Prepare Rachael Reys multi-step income statement for the year ended June 30, 2018. 2. Journalize Rachael Reys

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Accounting Chapter 5 Homework Sold Merchandise Inventory To Smith For $700 On Account

P5B-46B Journalizing purchase and sale transactionsperiodic inventory system Learning Objective 8 Appendix 5B Journalize the following transactions that occurred in June 2018 for Daley Company. Assume Daley uses the periodic inventory system. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Daley estimates sales

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Accounting Chapter 5 Homework This Problem Continues The Crystal Clear Cleaning Practice

Practice Set P5-51 Journalizing purchase and sale transactions, making closing entries, preparing financial statements, and computing the gross profit percentage This problem continues the Crystal Clear Cleaning practice set begun in Chapter 2 and continued through Chapters 3 and 4. Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will

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Accounting Chapter 5 Homework Tuttle Estimates That Approximately $6,200 Of Merchandise Sold

P5-43B Preparing a multi-step income statement, journalizing closing entries, and preparing a post-closing trial balance Learning Objectives 4, 5 1. Operating Income $59,800 The adjusted trial balance of Rockin Robbin Dance Company at April 30, 2018, follows: Requirements 1. Prepare Rockin Robbins multi-step income statement for the year ended April 30, 2018. 2. Journalize Rockin Robbins

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Accounting Chapter 5 Homework What Is One Benefit Of Preparing A Multi-step Income Statement

Critical Thinking Tying It All Together Case 5-1 Before you begin this assignment, review the Tying It All Together feature in the chapter. It will also be helpful if you review Macys, Inc. 2015 annual report ( https://www.sec.gov/Archives/edgar/data/794367/000079436716000221/m-0130201610k.htm ). Before you begin this assignment, review the Tying It All Together feature in

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Accounting Chapter 5 Kingston Tires Uses A Perpetual Inventory System

Exercises For all exercises, assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. E5-18 Using accounting vocabulary Learning Objectives 1, 2, 3 Match the accounting terms with the corresponding definitions. 1. Credit Terms 2. FOB Destination 3. Invoice 4. Cost of Goods Sold 5. Purchase Allowance 6. FOB

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Accounting Chapter 6 Homework Assume Canton Canoe Company Began February With

P6A-37B Accounting for inventory using the periodic inventory systemFIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted-average Learning Objectives 2, 3, 7 Appendix 6A 1. LIFO Ending Merch. Inv., $9,460 Right Now Electronic Center began October with 100 units of merchandise inventory that cost $70 each. During October, the store made the following

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Accounting Chapter 6 Homework Comparing Cost Goods Sold And Gross Profit FIFO

E6-18 Measuring ending inventory and cost of goods sold in a perpetual inventory systemWeighted-average Learning Objective 2 1. COGS $3,236 Requirements 1. Prepare Golf Unlimiteds perpetual inventory record for the putters assuming Golf Unlimited uses the weighted-average inventory costing method. Round weighted-average cost per unit to the nearest cent and all other amounts to the

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Accounting Chapter 6 Homework Compute Calm Day’s Inventory Turnover Rate For The Year

E6-21 Applying the lower-of-cost-or-market rule to merchandise inventories Learning Objective 4 Clarmont Resources, which uses the FIFO inventory costing method, has the following account balances at May 31, 2019, prior to releasing the financial statements for the year: Merchandise Inventory, ending $ 13,500 Cost of Goods Sold 68,000 Net Sales Revenue 123,000 Clarmont has determined that the

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Accounting Chapter 6 Homework Electronic Merchandise Gathering Dust Now December 31

P6-29A Accounting for inventory using the perpetual inventory systemFIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted-average Learning Objectives 2, 3 5. FIFO GP $5,235 Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sales

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Accounting Chapter 6 Homework Fit Gym Began January With Merchandise Inventory Of 78 Crates

E6A-27 Computing periodic inventory amounts Learning Objective 7 Appendix 6A Consider the data of the following companies which use the periodic inventory system: Company Net Sales Revenue Beginning Merchandis e Inventory Net Cost of Purchases Ending Merchandise Inventory Cost of Goods Sold Gross Profit Large $ 105,000 $ 23,000 $ 59,000 $ 22,000 $(a) $ 45,000 Small (b) 27,000 94,000 (c) 99,000

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Accounting Chapter 6 Homework How Inventory Turn Over Calculated And What Does

Chapter 6 Merchandise Inventory Review Questions 1. Which principle states that businesses should use the same accounting methods and procedures from period to period? The consistency principle states that businesses should use the same accounting methods and procedures from period to period. The consistency principle states that businesses should use the same accounting methods

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Accounting Chapter 6 Homework Lamps Table Lamps Floor Supplies Warehouse

Comprehensive Problem, cont. Requirements 2 and 5, cont. TABLE LAMPSPurchases Cost of Goods Sold Inventory on HandDate Quantity UnitCostTotalCost Quantity UnitCost Total Cost Quantity UnitCost Total CostSep. 30 3,000 units $18 = $54,000 $54,000Oct. 1 7,500 units $19 = $142,500 3,000 units $18 = $54,000 $196,5007,500 units $19 = $142,50012 3,000 units

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Accounting Chapter 6 Homework Merchandise Inventory Would Be Reported On The Balance

S6-6 Preparing a perpetual inventory record and journal entriesWeighted-average Learning Objective 2 Requirements 1. Prepare Boston Cycles perpetual inventory record assuming the company uses the weighted-average inventory costing method. 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account. SOLUTION Requirement 1 Perpetual Inventory Record: Weighted-AveragePurchases

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Accounting Chapter 6 Homework Open General Ledger Taccounts And Enter Opening

Comprehensive Problem for Chapters 5 and 6 The Davis Lamp Company (DLC) is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three inventory items: desk lamps, table lamps, and floor lamps. DLC uses a perpetual inventory system, FIFO method. DCL owns land

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Accounting Chapter 6 Homework Prepare Perpetual Inventory Record Using The FIFO

P6A-32A Accounting for inventory using the periodic inventory systemFIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted-average Learning Objectives 2, 3, 7 Appendix 6A 1. LIFO Ending Merch. Inv., $6,680 Futuristic Electronic Center began October with 65 units of merchandise inventory that cost $82 each. During October, the store made the following

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Accounting Chapter 6 Homework Then Identify The Cost Of Ending Inventory And Cost Of Goods

Exercises For all exercises, assume the perpetual inventory system is used unless stated otherwise. E6-14 Using accounting vocabulary Learning Objectives 1, 2 Match the accounting terms with the corresponding definitions. 1. Specific identification 2. Materiality concept 3. Last-in, first-out (LIFO) 4. Conservatism 5. Consistency principle 6. Weighted-average 7. Disclosure principle 8. First-in, first-out (FIFO) a. Treats the oldest inventory purchases as the first

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Accounting Chapter 6 Homework This Would Include Reducing Costs By Eliminating Non Value Added

Comprehensive Problem, cont. Requirement 8 DAVIS LAMP COMPANYIncome StatementFor Year Ended December 31, 2018Net Sales Revenue $ 3,725,350Cost of Goods Sold 1,526,655Gross Profit 2,198,695Operating Expenses:Selling Expenses:Salaries Expense $ 360,000Utilities Expense 37,022Supplies Expense 375Depreciation Expense 36,375Total Selling Expenses $ 433,772Administrative Expenses:Salaries Expense 120,000Utilities Expense 28,348Supplies Expense 400Depreciation Expense 12,125Total Administrative Expenses 160,873Total Operating

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Accounting Chapter 6 Homework Which Accounting Principle Or Concept Is Most Relevant To This Situation

P6-34B Accounting for inventory using the perpetual inventory systemFIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted-average Learning Objectives 2, 3 5. FIFO GP $4,640 Accounting for inventory using the perpetual inventory systemFIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted-average Steel It began January with 55 units of iron inventory that

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Accounting Chapter 7 Homework Correcting Internal Control Weaknesses Learning Objectives 3each The

P7-27A Preparing a bank reconciliation and journal entries Learning Objective 6 1. Adjusted Balance $18,025 The December cash records of Davidson Insurance follow: Cash Receipts Cash Payments Date Cash Debit Check No. Cash Credit Dec. 4 $ 4,240 1416 $ 810 9 550 1417 180 14 600 1418 630 17 1,900 1419 1,390 31 1,860 1420 1,490 1421 700 1422 600 Davidsons Cash

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Accounting Chapter 7 Homework Should Prenumbered Prevent Theft And In Efficiency E Limits Access

Exercises E7-12 Understanding the Sarbanes-Oxley Act and identifying internal control strengths and weaknesses Learning Objective 1 The following situations suggest a strength or a weakness in internal control. a. Top managers delegate all internal control procedures to the accounting department. b. Accounting department staff (or the bookkeeper) orders merchandise and approves invoices for payment. c. Cash

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Accounting Chapter 7 Homework Then Match The Names Workers Duty The

Practice Set P7-37 Preparing a bank reconciliation and journal entries This problem continues the Crystal Clear Cleaning problem begun in Chapter 2 and continued through Chapter 6. In March 2019, Crystal Clear Cleaning opened a new checking account at First Regional Bank. The bank statement dated March 31, 2019, for Crystal Clear Cleaning

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Accounting Chapter 7 Homework This Also Updates The Cash Account For

Chapter 7 Internal Control and Cash Review Questions 1.What is internal control? Internal control is the organizational plan and all the related measures adopted by an entity to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate and reliable accounting records. safeguard assets, encourage employees to follow company policies, promote operational

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Accounting Chapter 7 Homework Tuesdays When Joann Working Requirements Identify The Missing

E7-22 Preparing a bank reconciliation Learning Objective 6 1. Book Deductions $314 Jim Root Corporation operates four bowling alleys. The business just received the October 31, 2018, bank statement from City National Bank, and the statement shows an ending balance of $910. Listed on the statement are an EFT rent collection of $440,

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Accounting Chapter 7 Homework Wyndhams Cash Account Shows Balance 3200 October

P7-32B Accounting for petty cash transactions Learning Objective 4 2. Sep. 30, Cash CR $140 Suppose that on September 1, Cool Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $350. During September, Ruth Mangan, fund custodian, signs the following petty cash tickets: Petty Cash Ticket Number Item Amount 1

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Accounting Chapter 8 Homework Case 82paulines Pottery Has Always Used The

Practice Seta P8-44 Accounting for uncollectible accounts using the allowance method and reporting net accounts receivable on the balance sheet This problem continues the Crystal Clear Cleaning problem begun in Chapter 2 and continued through Chapter 7. Crystal Clear Cleaning uses the allowance method to estimate bad debts. Consider the following April 2019

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Accounting Chapter 8 Homework How The Acid Test Ratio Calculated And What

Chapter 8 Receivables Review Questions 1. What is the difference between accounts receivable and notes receivable? Accounts receivable represent the right to receive cash in the future from customers for goods sold or for services performed. Accounts receivable are usually collected within a shortperiod of time such as 30 or 60 days. Notes

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Accounting Chapter 8 Homework Notes Receivable—Shyne Cash Recorded Loan To Bud Shyne

E8-24 Journalizing note receivable transactions Learning Objective 4 Jul. 1, 2019 Cash DR $17,280 The following selected transactions occurred during 2018 and 2019 for Baltic Importers. The company ends its accounting year on September 30. 2018 Jul. 1 Loaned $16,000 cash to Bud Shyne on a one-year, 8% note. Sep. 6 Sold goods to Lawn Pro, receiving

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Accounting Chapter 8 Homework Regal Proposes The Following Procedures For Credit Checks

S8-8 Applying the allowance method (aging-of-receivables) to account for uncollectibles Learning Objective 3 Surf and Sun had the following balances at December 31, 2018, before the year-end adjustments: The aging of accounts receivable yields the following data: Requirements 1. Journalize Surf and Suns entry to record bad debts expense for 2018 using the aging-of-receivables method. 2.

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Accounting Chapter 8 Homework Show The T-account For The Allowance For Bad Debts At

E8-18 Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet Learning Objectives 1, 3 2. AR, Dec. 31 $54,700 Requirements 1. Journalize Hilltops transactions that occurred during 2018. The company uses the allowance method. 2. Post Hilltops transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. 3.

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Accounting Chapter 8 Homework The Accounts Receivable Turnover Improved From

P8-30A Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet Learning Objectives 1, 3 2. Net AR $119,800 Delta Watches completed the following selected transactions during 2018 and 2019: 2018 Dec. 31 Estimated that bad debts expense for the year was 2% of credit sales of $450,000 and

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Accounting Chapter 8 Homework This Trend Favorable The Company The Accounts Receivable

P8-39B Accounting for notes receivable and accruing interest Learning Objective 4 1. Note 2 Maturity Value $20,430 Logan Realty loaned money and received the following notes during 2018. Note Date Principal Amount Interest Rate Term (1) Oct. 1 $ 16,000 7% 1 year (2) Jun. 30 18,000 18% 9 months (3) Sep. 19 12,000 8% 90 days Requirements 1.

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Accounting Chapter 8 Homework What Amount Of Net Accounts Receivable Would Forget-Me-Not Report

Problems (Group B) P8-35B Accounting for uncollectible accounts using the allowance (percent-of-sales) and direct write-off methods and reporting receivables on the balance sheet Learning Objectives 1, 2, 3 1. Sep. 30 Bal. Accounts Receivable $91,000 On August 31, 2018, Forget-Me-Not Floral Supply had a $140,000 debit balance in Accounts Receivable and a $5,600 credit

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Accounting Chapter 9 Homework Accumulated Depreciation Total Property, Plant

Comprehensive Problem, cont.Requirements 2, 3, and 7, cont.Sales Revenue 215,000 j. 150,000 k. 80,000 l. 350,000 p. 265,000 r. 985,000 t.2,045,000 Bal.Interest Revenue 6,000 q. 1,565 z. 7,565 Bal. 3,533 Adj. d. Comprehensive Problem, cont.Requirements 2, 3, and 7, cont.Sales Revenue 215,000 j. 150,000 k. 80,000 l. 350,000 p. 265,000 r.

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Accounting Chapter 9 Homework But Good Wills Value Has Decreased Then The

Chapter 9 Plant Assets, Natural Resources, and Intangibles Review Questions 1. Define property, plant, and equipment. Provide some examples. Property, plant, and equipment are long-lived, tangible assets used in the operation of a business. Examples include land, buildings, equipment, furniture, and automobiles. business. Examples include land, buildings, equipment, furniture, and automobiles. business. Examples include land, buildings,

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Accounting Chapter 9 Homework Crispy’s Estimates That Its Residual Value Will Be

E9-20 Computing depreciationthree methods Learning Objective 2 1. Double-declining-balance, 12/31/19, Exp. $8,250 Crispy Fried Chicken bought equipment on January 2, 2018, for $33,000. The equipment was expected to remain in service for four years and to operate for 6,750 hours. At the end of the equipments useful life, Crispys estimates that its residual

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Accounting Chapter 9 Homework May 31 2018 Its Beginning And Ending Total

S9-8 Discarding an asset Learning Objective 3 On October 31, 2018, Alternative Landscapes discarded equipment that had a cost of $26,920. Accumulated Depreciation as of December 31, 2017, was $25,000. Assume annual depreciation on the equipment is $1,920. Journalize the partial-year depreciation expense and disposal of the equipment. SOLUTION Partial year depreciation = $1,920

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Accounting Chapter 9 Homework Post The General Ledger Common Business Practice

Comprehensive Problem for Chapters 7-9 Top Quality ApplianceLong Beach has just purchased a franchise from Top Quality Appliance (TQA). TQA is a manufacturer of kitchen appliances. TQA markets its products via retail stores that are operated as franchises. As a TQA franchisee, Top Quality ApplianceLong Beach will receive many benefits, including

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Accounting Chapter 9 Homework Recording Lump-sum Asset Purchases, Depreciation, And Disposal

P9-32A Recording lump-sum asset purchases, depreciation, and disposals Learning Objectives 1, 2, 3 Sep. 1 Gain $193,250 Ellie Johnson Associates surveys American eating habits. The companys accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset. During 2018, Ellie Johnson Associates completed the following transactions: Jan.

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Accounting Chapter 9 Homework Signs Near The Front The Property 9300i Materials

E9A-28 Exchanging assetstwo situations Learning Objective 7 Appendix 9A 2. Loss $(7,000) Partner Bank recently traded in office fixtures. Here are the facts: Old fixtures: New fixtures: Cost, $91,000 Cash paid, $110,000 Accumulated depreciation, $68,000 Market value, $133,000 Requirements 1. Record Partner Banks trade-in of old fixtures for new ones. Assume the exchange had commercial substance. 2. Now lets change

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Accounting Chapter 9 Homework What Does McDonald’s Goodwill Primarily Result From

Comprehensive Problem, cont. Requirement 8 Liquidity Ratios: Current ratio = Total current assets / Total current liabilities = $1,255,355 / $295,000 = 4.26 Acid-test ratio = Cash and cash equivalents + Short-term investments + Net current receivablesCurrent Liabilities= ($539,162 + $150 + $256,500 + 3,533 + 265,000) / $295,000= 3.61Cash ratio = Cash and cash equivalents

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