Financial Accounting 9th Edition

ISBN 13

978-1118334324

ISBN 10

1118334329

Authors

Donald E. Kieso, Jerry J. Weygandt, Paul D. Kimmel

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554 documents found.

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978-1118334324 Appendix G Lecture Note Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) G-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) G-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual

Financial Accounting 9th Edition

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978-1118334324 Appendix G Lecture Note Part 2

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) G-7 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) G-7 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual

Financial Accounting 9th Edition

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978-1118334324 Appendix G Solution Manual Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) G-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) G-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual

Financial Accounting 9th Edition

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978-1118334324 Appendix G Solution Manual Part 2

G-8 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) G-8 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) G-8 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Appendix H Lecture Note

APPENDIX H Payroll Accounting LEARNING OBJECTIVES 1. COMPUTE AND RECORD THE PAYROLL FOR A PAY 1. COMPUTE AND RECORD THE PAYROLL FOR A PAY 1. COMPUTE AND RECORD THE PAYROLL FOR A PAY PERIOD. 2. DESCRIBE AND RECORD EMPLOYER PAYROLL TAXES.

Financial Accounting 9th Edition

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978-1118334324 Appendix H Solution Manual Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) H-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) H-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual

Financial Accounting 9th Edition

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978-1118334324 Appendix H Solution Manual Part 2

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) H-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) H-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Appendix H Solution Manual Part 3

H-20 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) H-20 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) H-20 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial

Financial Accounting 9th Edition

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978-1118334324 Appendix I Lecture Note

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) I-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) I-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors

Financial Accounting 9th Edition

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978-1118334324 Appendix I Solution Manual Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual

Financial Accounting 9th Edition

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978-1118334324 Appendix I Solution Manual Part 10

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-89 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-89 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Appendix I Solution Manual Part 2

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Appendix I Solution Manual Part 3

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-21 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-21 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Appendix I Solution Manual Part 4

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-31 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-31 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Appendix I Solution Manual Part 5

$18,600 Accounts Receivable Control ................................................ $18,600 $18,600 Accounts Receivable Control ................................................ $18,600 $18,600 Accounts Receivable Control ................................................ $18,600 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-41 Copyright 2014 John Wiley & Sons,

Financial Accounting 9th Edition

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978-1118334324 Appendix I Solution Manual Part 6

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-51 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-51 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Appendix I Solution Manual Part 7

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-61 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-61 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting,

Financial Accounting 9th Edition

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978-1118334324 Appendix I Solution Manual Part 8

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-71 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-71 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting,

Financial Accounting 9th Edition

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978-1118334324 Appendix I Solution Manual Part 9

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-81 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-81 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting,

Financial Accounting 9th Edition

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978-1118334324 Appendix J Lecture Note

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) J-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) J-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual

Financial Accounting 9th Edition

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978-1118334324 Appendix J Solution Manual Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) J-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) J-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual

Financial Accounting 9th Edition

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978-1118334324 Appendix J Solution Manual Part 2

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) J-9 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) J-9 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual

Financial Accounting 9th Edition

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978-1118334324 Chapter 1 Lecture Note Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 1-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 1-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors

Financial Accounting 9th Edition

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978-1118334324 Chapter 1 Lecture Note Part 2

1-10 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 1-10 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 1-10 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors

Financial Accounting 9th Edition

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978-1118334324 Chapter 1 Solution Manual Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 1-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 1-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual

Financial Accounting 9th Edition

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978-1118334324 Chapter 1 Solution Manual Part 2

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 1-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 1-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 1 Solution Manual Part 3

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 1-21 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 1-21 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 1 Solution Manual Part 4

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 1-31 (a) TERCEK DELIVERIES Assets Liabilities Stockholders Equity Date Cash + Accounts

Financial Accounting 9th Edition

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978-1118334324 Chapter 1 Solution Manual Part 5

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 1-41 (a) RODD CONSULTING Assets Liabilities Stockholders Equity Date Cash + Accounts

Financial Accounting 9th Edition

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978-1118334324 Chapter 1 Solution Manual Part 6

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 1-51 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 1-51 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 10 Lecture Note Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 10-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 10-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors

Financial Accounting 9th Edition

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978-1118334324 Chapter 10 Lecture Note Part 2

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 10-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 10-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors

Financial Accounting 9th Edition

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978-1118334324 Chapter 10 Lecture Note Part 3

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 10-17 2. Bond interest expense is computed by adding (subtracting) the bond discount (premium) amortization per period to (from) the interest to be paid. 3. The bond discount or premium amortization

Financial Accounting 9th Edition

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978-1118334324 Chapter 10 Solution Manual Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 10 Solution Manual Part 2

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 10 Solution Manual Part 3

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-21 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-21 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 10 Solution Manual Part 4

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-31 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-31 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 10 Solution Manual Part 5

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-41 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-41 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 10 Solution Manual Part 6

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-51 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-51 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 10 Solution Manual Part 7

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-61 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-61 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 10 Solution Manual Part 8

10-70 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-70 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 10-70 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e,

Financial Accounting 9th Edition

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978-1118334324 Chapter 11 Lecture Note Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 11-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 11-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual

Financial Accounting 9th Edition

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978-1118334324 Chapter 11 Lecture Note Part 2

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 11-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 11-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual

Financial Accounting 9th Edition

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978-1118334324 Chapter 11 Lecture Note Part 3

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 11-19 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 11-19 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual

Financial Accounting 9th Edition

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978-1118334324 Chapter 11 Solution Manual Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual

Financial Accounting 9th Edition

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978-1118334324 Chapter 11 Solution Manual Part 2

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 11 Solution Manual Part 3

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-21 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-21 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 11 Solution Manual Part 4

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-31 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-31 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 11 Solution Manual Part 5

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-41 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-41 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 11 Solution Manual Part 6

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-51 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-51 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 11 Solution Manual Part 7

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-61 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-61 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 11 Solution Manual Part 8

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-71 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-71 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 11 Solution Manual Part 9

11-78 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-78 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 11-78 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e,

Financial Accounting 9th Edition

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978-1118334324 Chapter 12 Lecture Note Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 12-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 12-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors

Financial Accounting 9th Edition

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978-1118334324 Chapter 12 Lecture Note Part 2

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 12-9 2. Fair value is the amount for which a security could be sold in a normal market. 3. Companies report trading securities at fair value with the unrealized gains or

Financial Accounting 9th Edition

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978-1118334324 Chapter 12 Solution Manual Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 12-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 12-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual

Financial Accounting 9th Edition

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978-1118334324 Chapter 12 Solution Manual Part 2

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 12-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 12-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 12 Solution Manual Part 3

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 12-21 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 12-21 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 12 Solution Manual Part 4

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 12-31 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 12-31 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting,

Financial Accounting 9th Edition

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978-1118334324 Chapter 12 Solution Manual Part 5

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 12-41 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 12-41 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 12 Solution Manual Part 6

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 12-51 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 12-51 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 12 Solution Manual Part 7

12-60 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 12-60 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 12-60 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e,

Financial Accounting 9th Edition

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978-1118334324 Chapter 13 Lecture Note Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 13-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 13-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors

Financial Accounting 9th Edition

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978-1118334324 Chapter 13 Lecture Note Part 2

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 13-9 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 13-9 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors

Financial Accounting 9th Edition

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978-1118334324 Chapter 13 Solution Manual Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 13-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 13-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 13 Solution Manual Part 2

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 13-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 13-11 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 13 Solution Manual Part 3

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 13-21 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 13-21 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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978-1118334324 Chapter 13 Solution Manual Part 4

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978-1118334324 Chapter 13 Solution Manual Part 5

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978-1118334324 Chapter 13 Solution Manual Part 6

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978-1118334324 Chapter 13 Solution Manual Part 7

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978-1118334324 Chapter 14 Lecture Note Part 1

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978-1118334324 Chapter 14 Lecture Note Part 2

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978-1118334324 Chapter 14 Solution Manual Part 1

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978-1118334324 Chapter 14 Solution Manual Part 2

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978-1118334324 Chapter 14 Solution Manual Part 3

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978-1118334324 Chapter 14 Solution Manual Part 4

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978-1118334324 Chapter 14 Solution Manual Part 5

Inventory turnover = 4.8 = $1,720,000 + $1,180,0002 Cost of goods sold = $1,450,000 X 4.8 = $6,960,000 Gross profit = $11,000,000 $6,960,000 = $4,040,000 Income from operations = $4,040,000 $1,665,000 = $2,375,000 Interest expense = $2,375,000 $2,155,000 = $220,000 Inventory turnover = 4.8 = $1,720,000 +

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978-1118334324 Chapter 14 Solution Manual Part 6

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978-1118334324 Chapter 2 Lecture Note Part 1

1 CHAPTER 2 The Recording Process LEARNING OBJECTIVES 1. EXPLAIN WHAT AN ACCOUNT IS AND HOW IT HELPS IN 1. EXPLAIN WHAT AN ACCOUNT IS AND HOW IT HELPS IN 1. EXPLAIN WHAT AN ACCOUNT IS AND HOW IT HELPS IN

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978-1118334324 Chapter 2 Lecture Note Part 2

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978-1118334324 Chapter 2 Solution Manual Part 1

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978-1118334324 Chapter 2 Solution Manual Part 2

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978-1118334324 Chapter 2 Solution Manual Part 3

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978-1118334324 Chapter 2 Solution Manual Part 4

Supplies Balance 11,000 (2) 3,600 14,600 Prepaid Rent Balance 3,000 3,000 Equipment Balance 21,000 21,000 Accounts Payable Balance 17,000 (2) 3,600 (5) 14,400 6,200 14,000 Advertising Expense (1) 1,000 1,000 Miscellaneous Expense (3) 1,700 1,700 Salaries and Wages Expense (7) 3,000 3,000 Supplies Balance 11,000 (2) 3,600

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978-1118334324 Chapter 2 Solution Manual Part 5

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978-1118334324 Chapter 2 Solution Manual Part 6

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978-1118334324 Chapter 2 Solution Manual Part 7

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978-1118334324 Chapter 3 Lecture Note Part 1

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978-1118334324 Chapter 3 Lecture Note Part 2

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978-1118334324 Chapter 3 Solution Manual Part 1

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978-1118334324 Chapter 3 Solution Manual Part 10

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978-1118334324 Chapter 3 Solution Manual Part 2

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978-1118334324 Chapter 3 Solution Manual Part 3

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978-1118334324 Chapter 3 Solution Manual Part 4

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978-1118334324 Chapter 3 Solution Manual Part 5

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978-1118334324 Chapter 3 Solution Manual Part 6

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978-1118334324 Chapter 3 Solution Manual Part 7

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978-1118334324 Chapter 3 Solution Manual Part 8

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978-1118334324 Chapter 3 Solution Manual Part 9

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978-1118334324 Chapter 4 Lecture Note Part 1

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978-1118334324 Chapter 4 Lecture Note Part 2

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978-1118334324 Chapter 4 Solution Manual Part 1

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978-1118334324 Chapter 4 Solution Manual Part 10

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978-1118334324 Chapter 4 Solution Manual Part 11

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978-1118334324 Chapter 4 Solution Manual Part 2

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978-1118334324 Chapter 4 Solution Manual Part 3

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978-1118334324 Chapter 4 Solution Manual Part 4

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978-1118334324 Chapter 4 Solution Manual Part 5

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978-1118334324 Chapter 4 Solution Manual Part 6

PROBLEM 4-5A (Continued) (b) & (c) JARAS CLEANING SERVICE Worksheet Worksheet Worksheet For the Month Ended July 31, 2015 Account Titles

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978-1118334324 Chapter 4 Solution Manual Part 7

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978-1118334324 Chapter 4 Solution Manual Part 8

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978-1118334324 Chapter 4 Solution Manual Part 9

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978-1118334324 Chapter 5 Lecture Note Part 1

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978-1118334324 Chapter 5 Lecture Note Part 2

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978-1118334324 Chapter 5 Solution Manual Part 1

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978-1118334324 Chapter 5 Solution Manual Part 10

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978-1118334324 Chapter 5 Solution Manual Part 2

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978-1118334324 Chapter 5 Solution Manual Part 3

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978-1118334324 Chapter 5 Solution Manual Part 4

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978-1118334324 Chapter 5 Solution Manual Part 5

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978-1118334324 Chapter 5 Solution Manual Part 6

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978-1118334324 Chapter 5 Solution Manual Part 7

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978-1118334324 Chapter 5 Solution Manual Part 8

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978-1118334324 Chapter 5 Solution Manual Part 9

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978-1118334324 Chapter 6 Lecture Note Part 1

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978-1118334324 Chapter 6 Lecture Note Part 2

6-10 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) a. LCM is an example of the accounting convention of conservatism, which means that the approach adopted among accounting alternatives is the method that is least likely to overstate assets

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978-1118334324 Chapter 6 Solution Manual Part 1

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978-1118334324 Chapter 6 Solution Manual Part 2

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978-1118334324 Chapter 6 Solution Manual Part 3

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978-1118334324 Chapter 6 Solution Manual Part 4

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978-1118334324 Chapter 6 Solution Manual Part 5

(i) Cost of goods sold = $3,520. (ii) Ending inventory = $1,940. (iii) Gross profit = $5,680 $3,520 = $2,160. (i) Cost of goods sold = $3,520. (ii) Ending inventory = $1,940. (iii) Gross profit = $5,680 $3,520 = $2,160. (i) Cost of goods sold

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978-1118334324 Chapter 6 Solution Manual Part 6

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978-1118334324 Chapter 6 Solution Manual Part 7

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978-1118334324 Chapter 6 Solution Manual Part 8

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978-1118334324 Chapter 6 Solution Manual Part 9

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978-1118334324 Chapter 7 Lecture Note Part 1

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978-1118334324 Chapter 7 Lecture Note Part 2

7-10 Copyright 2014 John Wiley & Sons, Inc. Weygandt Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) Answer: Some common-sense approaches are to make sure only certain desig- nated individuals can sign checks. In addition, make sure that different personnel approve payments and make payments. The next chapter

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978-1118334324 Chapter 7 Solution Manual Part 1

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978-1118334324 Chapter 7 Solution Manual Part 2

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978-1118334324 Chapter 7 Solution Manual Part 3

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978-1118334324 Chapter 7 Solution Manual Part 4

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978-1118334324 Chapter 7 Solution Manual Part 5

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978-1118334324 Chapter 7 Solution Manual Part 6

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978-1118334324 Chapter 8 Lecture Note Part 1

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978-1118334324 Chapter 8 Lecture Note Part 2

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Financial Accounting 9th Edition

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978-1118334324 Chapter 8 Solution Manual Part 1

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Financial Accounting 9th Edition

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978-1118334324 Chapter 8 Solution Manual Part 2

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978-1118334324 Chapter 8 Solution Manual Part 3

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978-1118334324 Chapter 8 Solution Manual Part 4

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Financial Accounting 9th Edition

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978-1118334324 Chapter 8 Solution Manual Part 5

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978-1118334324 Chapter 8 Solution Manual Part 6

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978-1118334324 Chapter 9 Lecture Note Part 1

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978-1118334324 Chapter 9 Lecture Note Part 2

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Financial Accounting 9th Edition

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978-1118334324 Chapter 9 Lecture Note Part 3

9-18 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 9-18 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors Manual (For Instructor Use Only) 9-18 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Instructors

Financial Accounting 9th Edition

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978-1118334324 Chapter 9 Solution Manual Part 1

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 9-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 9-1 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual

Financial Accounting 9th Edition

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978-1118334324 Chapter 9 Solution Manual Part 2

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Financial Accounting 9th Edition

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978-1118334324 Chapter 9 Solution Manual Part 3

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978-1118334324 Chapter 9 Solution Manual Part 4

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 9-31 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 9-31 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

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978-1118334324 Chapter 9 Solution Manual Part 5

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Financial Accounting 9th Edition

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978-1118334324 Chapter 9 Solution Manual Part 6

Financial Accounting 9th Edition

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978-1118334324 Chapter 9 Solution Manual Part 7

Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 9-59 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) 9-59 Copyright 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions

Financial Accounting 9th Edition

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AC 102 Test 2

Which of the following assets does not decline in service potential over the course of its useful life? a. Equipment b. Furnishings c. Land d. Fixtures Answer: C C C The following financial statement information is available for James Corporation: The profit margin ratio for 2015 is a. 15.4%. b. 47.9%. c. 32.1%. d. 13.5%. Answer: aSolution: $120,000 $780,000 15.4% aSolution: $120,000 $780,000 15.4% a Solution: $120,000 $780,000

Financial Accounting 9th Edition

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AC 137 Midterm 2

The operating expense section of an income statement for a wholesaler would not include a. freight-out. b. utilities expense. c. cost of goods sold. d. insurance expense. Answer: C C C Match the principle of internal control to each of the following cases. a) Establishment of responsibility b) Segregation of duties c) Accountability for assets d) Documentation procedures e) Physical controls 1> Cash is locked

Financial Accounting 9th Edition

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AC 137 Test 1

Dividends in arrears on cumulative preferred stock a. are shown in stockholders' equity of the balance sheet. b. must be paid before common stockholders can receive a dividend. c. should be recorded as a current liability until they are paid. d. enable the preferred stockholders to share equally in corporate earnings with the common

Financial Accounting 9th Edition

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AC 139

Which one of the following is usually performed only at the end of a company's annual accounting period? a. Preparing financial statements b. Journalizing and posting adjusting entries c. Journalizing and posting closing entries d. Preparing an adjusted trial balance Answer: C C C Swiss Clothing Store had a balance in the Accounts Receivable account of $820,000 at the

Financial Accounting 9th Edition

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AC 142

If the market interest rate is greater than the contractual interest rate, bonds will sell a. at a premium. b. at face value. c. at a discount. d. only after the stated interest rate is increased. Answer: C C C The consistent application of an inventory costing method is essential for a. conservatism. b. accuracy. c. comparability. d. efficiency. Answer: C C C The cost of successfully defending

Financial Accounting 9th Edition

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AC 160 Test 2

An incorrect debit to Accounts Receivable instead of the correct account Notes Receivable does not require a correcting entry because total assets will not be misstated. Answer: F F F When recording bond interest, Interest Receivable is reported as a fixed asset in the balance sheet. Answer: F F F Preferred stockholders generally do not have the right to vote

Financial Accounting 9th Edition

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AC 233 Quiz 3

The multiple-step form of income statement is easier to read than the single-step form. Answer: F F F Casey Company retired $500,000 face value, 9% bonds on June 30, 2015 at 96. The carrying value of the bonds at the redemption date was $508,000. Instructions Prepare the journal entry to record the redemption of the bonds. Answer: A two

Financial Accounting 9th Edition

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AC 236 Quiz 2

The income statement for the year 2015 of Fugazi Co. contains the following information: The entry to close the expense accounts includes a a. debit to Income Summary for $7,500. b. credit to Income Summary for $7,500. c. debit to Income Summary for $77,500. d. debit to Utilities Expense for $2,500. Answer: C C C If a mining company extracts

Financial Accounting 9th Edition

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AC 247 Test

If a check correctly written and paid by the bank for $584 is incorrectly recorded on the company's books for $548, the appropriate treatment on the bank reconciliation would be to a. deduct $36 from the book's balance. b. add $36 to the book's balance. c. deduct $36 from the bank's balance. d. deduct

Financial Accounting 9th Edition

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AC 264 Homework

The best managed companies will have a. no uncollectible accounts. b. a very strict credit policy. c. a very lenient credit policy. d. some accounts that will prove to be uncollectible. Answer: D D D An accounting record of the balances of all assets, liabilities, and stockholders' equity accounts is called a a. compound entry. b. general journal. c. general ledger. d. chart

Financial Accounting 9th Edition

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AC 287 Accounts Receivable Which

Accounts receivable, which are also referred to as ______________ receivables, are amounts owed by customers on account. Answer: trade trade trade The three primary accounting problems associated with accounts receivable are (1) ______________, (2) _______________, and (3) ______________ of accounts receivable. Answer: recognizing, valuing, disposing recognizing, valuing, disposing recognizing, valuing, disposing A loss on disposal of a plant asset can

Financial Accounting 9th Edition

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AC 303 Homework

Which of the following errors will cause a trial balance to be out of balance? The entry to record a payment on account was a. not posted at all. b. posted as a debit to Cash and a credit to Accounts Payable. c. posted as a debit to Cash and a debit to

Financial Accounting 9th Edition

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AC 327 Midterm 2

1> Name at least three factors that influence the market value of stock. 2> Corporations acquire treasury stock for a variety of purposes. Name three reasons why treasury stock may be acquired by a corporation. Answer: 1> Factors that influence the market value of stock:(a) Anticipated future earnings of the company.(b) Expected dividend

Financial Accounting 9th Edition

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AC 361 Homework

Useful life is expressed in terms of use expected from the asset under the a. declining-balance method. b. straight-line method. c. units-of-activity method. d. none of these answer choices are correct. Answer: C C C Inventory is a. reported under the classification of Property, Plant, and Equipment on the balance sheet. b. often reported as a miscellaneous expense on the income

Financial Accounting 9th Edition

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AC 373

The X Company has the following stock outstanding: Preferred stock dividends are in arrears for 2013 and 2014. If the company declares and pays $150,000 in dividends in 2015, the amount received by the preferred stockholders would be a. $84,000. b. $42,000. c. $126,000. d. $150,000. Answer: C C C The first step in the recording process is to a. prepare

Financial Accounting 9th Edition

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AC 383

Which of the following is not necessary to know in computing the future value of an annuity? a. Amount of the periodic payments b. Interest rate c. Number of compounding periods d. Year the payments begin Answer: d d d Flite Corporation has issued common stock only. The company has been successful and has a gross profit rate of

Financial Accounting 9th Edition

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AC 406 Quiz 3

Stockholders are most interested in evaluating a. liquidity and solvency. b. profitability and solvency. c. liquidity and profitability. d. marketability and solvency. Answer: b b b In the Garnet Company, the beginning and ending balances in Land were $198,000 and $240,000 respectively. During the year, land costing $50,000 was sold for $50,000 cash, and land costing $92,000 was purchased for

Financial Accounting 9th Edition

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AC 441

Ramos Corporation sold 400 shares of treasury stock for $45 per share. The cost for the shares was $35. The entry to record the sale will include a a. credit to Gain on Sale of Treasury Stock for $14,000. b. credit to Paid-in Capital from Treasury Stock for $4,000. c. debit to Paid-in

Financial Accounting 9th Edition

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AC 467 Test 2

Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. Answer: F F F To be classified as a short-term investment, the investment must be readily marketable and intended to be converted into cash within the next year or operating cycle. Answer: T T T Ralston Company is authorized to

Financial Accounting 9th Edition

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AC 501 Midterm 1

Newton Company has the following accounts in its general ledger at July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2,500. During August, the following transactions occurred. Oct. 15 Sold $15,000 of accounts receivable to Fast Factors, Inc. who assesses a 3% finance charge. 25 Made sales of $800 on VISA

Financial Accounting 9th Edition

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AC 544 Test 1

The asset turnover is computed by dividing a. net income by average total assets. b. net sales by average total assets. c. net income by ending total assets. d. net sales by ending total assets. Answer: B B B In the Papyrus Corporation, cash receipts from customers were $136,000, cash payments for operating expenses were $102,000, and one-third of

Financial Accounting 9th Edition

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AC 548

An error that overstates the ending inventory will also cause net income for the period to be overstated. Answer: T T T On March 8, Black Candy Company bought supplies on account from the Arcade Fire Company for $550. Black Candy Company incorrectly debited Equipment for $500 and credited Accounts Payable for $500. The entries have

Financial Accounting 9th Edition

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AC 553 Homework

The following transactions were made by Allen Company. Assume all investments are short-term and are readily marketable. Instructions Journalize the transactions. Answer: The worksheet for Montoya Company has been completed through the adjusted trial balance. You are ready to extend each amount to the appropriate financial statement column. Indicate for each account, the financial

Financial Accounting 9th Edition

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AC 582 Test 2

Horizontal analysis evaluates a series of financial statement data over a period of time a. that has been arranged from the highest number to the lowest number. b. that has been arranged from the lowest number to the highest number. c. to determine which items are in error. d. to determine the amount and/or

Financial Accounting 9th Edition

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AC 601 Midterm 2

Stable Company issued $500,000 of 6%, 5-year bonds at 98, with interest paid annually. Assuming straight-line amortization, what is the total interest cost of the bonds? a. $150,000 b. $160,000 c. $145,000 d. $140,000 Answer: BSolution: ($500,000 .06 5) + [$500,000 (1 .98)] $160,000 BSolution: ($500,000 .06 5) + [$500,000 (1 .98)] $160,000 B Solution: ($500,000 .06 5)

Financial Accounting 9th Edition

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AC 630 Test 2

Current liabilities are obligations that the company is to pay within the coming year. Answer: T T T Wise Company had the following transactions. 1> Issued 7,000 shares of common stock with a stated value of $10 for $130,000. 2> Issued 2,000 shares of $100 par preferred stock at $108 for cash. Instructions Prepare the journal entries to record

Financial Accounting 9th Edition

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AC 668 Test

Nord Company had $375,000 of current assets and $150,000 of current liabilities before borrowing $70,000 from the bank with a 3-month note payable. What effect did the borrowing transaction have on the amount of Nord Company's working capital? a. No effect b. $70,000 increase c. $140,000 increase d. $70,000 decrease Answer: a a a Notes receivable are recognized in the

Financial Accounting 9th Edition

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AC 672 Quiz 3

Once an asset is fully depreciated, no additional depreciation can be taken even though the asset is still being used by the business. Answer: T T T Journalize the following transactions for Xiu Xiu Company for June 2015, the company's first month of operations. You may omit explanations for the transactions. 1> Purchased equipment on account

Financial Accounting 9th Edition

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AC 690 Quiz 3

The renting of an apartment is an example of a capital lease. Answer: F F F Harnish Company needs to make adjusting entries for each of the following reconciling items. Identify the account to be debited and the account to be credited in each case. 1> A check for $127 written to the company by J.

Financial Accounting 9th Edition

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AC 699

Ritter Company issues $1,200,000 of 10%, 10-year bonds on January 1, 2015, at 102. Interest is payable semiannually on July 1 and January The company uses the straight-line method of amortization. Instructions (a) Journalize the entries for the bonds on (1) January 1, 2015, (2) July 1, 2015, and (3) December 31,

Financial Accounting 9th Edition

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AC 709 Quiz 1

A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the a. stand alone concept. b. monetary unit assumption. c. corporate form of ownership. d. economic entity assumption. Answer: d d d Ware Company had purchases of $260,000. The comparative balance sheet analysis revealed a

Financial Accounting 9th Edition

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AC 721 Homework

Which of the following is a true statement about inventory systems? a. Periodic inventory systems require more detailed inventory records. b. Perpetual inventory systems require more detailed inventory records. c. A periodic system requires cost of goods sold be determined after each sale. d. A perpetual system determines cost of goods sold only at

Financial Accounting 9th Edition

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AC 764

The state unemployment tax rate is usually 4% on the first $7,000 of wages paid to an employee during the year. Answer: T T T When counting the exact number of days to determine the maturity date of a note, the date of issue is included but the due date is omitted. Answer: F F F The ______________ ratio measures

Financial Accounting 9th Edition

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AC 768 Homework

During December 2014, Markowitz Publishing sold 4,500 12-month annual magazine subscriptions at a rate of $20 each. The first issues were mailed in February 2015. Prepare the entries on Markowitz's books to record the sale of the subscriptions and the mailing of the first issues. Answer: The two key parties to a

Financial Accounting 9th Edition

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AC 795

Which of the following activities is excluded from the statement of cash flows under IFRS? a. Financing activities b. Investing activities c. Noncash investing and financing activities d. Operating activities Answer: c c c Marke Inc. had cash sales of $400,000 and credit sales of $1,150,000. The accounts receivable balance increased $30,000 during the year. How much cash did

Financial Accounting 9th Edition

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AC 823 Quiz 3

Bank errors a. occur because of time lags. b. must be corrected by debits. c. are infrequent in occurrence. d. are corrected by making an adjusting entry on the depositor's books. Answer: C C C Which of the following is not a true statement regarding short-term debt investments? a. The securities usually pay interest. b. Investments are frequently government or corporate

Financial Accounting 9th Edition

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AC 846 Quiz 3

What is the order in which assets are generally listed on a classified balance sheet? Current and long-term Current; property, plant, and equipment; long-term investments; intangible assets Current; property, plant, and equipment; intangible assets; long-term investments Current; long-term investments; property, plant, and equipment; intangible assets Answer: D D D At January 1, 2014, Grand Corporation

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AC 860 Midterm

The use of computers in recording business events a. has made the recording process more efficient. b. does not use the same principles as manual accounting systems. c. has greatly impacted the identification stage of the accounting process. d. is economical only for large businesses. Answer: a a a Under the corporate form of business organization a. a stockholder is

Financial Accounting 9th Edition

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ACC 118

Cash equivalents are highly liquid investments that can be converted into a specific amount of cash. Answer: T T T Three dates are important in connection with cash dividends. Identify these dates, and explain their significance to the corporation and its stockholders. Answer: The declaration date is the date when the board of directors formally declares the

Financial Accounting 9th Edition

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ACC 141 Final

The sale of bonds above face value a. is a rare occurrence. b. will cause the total cost of borrowing to be less than the bond interest paid. c. will cause the total cost of borrowing to be more than the bond interest paid. d. will have no net effect on Interest Expense by

Financial Accounting 9th Edition

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ACC 157 Quiz 2

Cash flow from investing activities is considered the most important category on the statement of cash flows because it is considered the best measure of expected income. Answer: F F F On January 1, 2013 Grier Company purchased and installed a telephone system at a cost of $20,000. The equipment was expected to last five

Financial Accounting 9th Edition

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ACC 159 Test 2

The paid-in capital section of the balance sheet consists of two classifications: ______________________ and ______________________. Answer: capital stock, additional paid-in capital capital stock, additional paid-in capital capital stock, additional paid-in capital Aeroplane Insurance Agency prepares monthly financial statements. Presented below is an income statement for the month of June that is correct on the basis

Financial Accounting 9th Edition

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ACC 170 Test

The _________________ assumption requires that the activities of an entity be kept separate from the activities of its owner. Answer: economic entity economic entity economic entity Trane Corporation has the following stockholders' equity accounts: Preferred Stock Paid-in Capital in Excess of Par'Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value'Common Stock Paid-in Capital from Treasury Stock'Common Retained Earnings Treasury

Financial Accounting 9th Edition

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Acc 175 Midterm 2

Selected financial statement data for Homer Company are presented below. Total assets at the beginning of the year were $800,000; total common stockholders' equity was $500,000 at the beginning of the period. Instructions Compute each of the following: (a) Asset turnover (b) Profit margin (c) Return on assets (d) Return on common stockholders' equity Answer: (a) Asset turnover =

Financial Accounting 9th Edition

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Acc 180 Test 2

Stanton Corporation had net income for the year of $200,000 and a profit margin of 20%. If total average assets were $400,000, the asset turnover ratio was ____________ times. Answer: 2.5 2.5 2.5 Yeloe Corporation sells 400 shares of common stock being held as an investment. The shares were acquired six months ago at a

Financial Accounting 9th Edition

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ACC 187 Test

Which board(s) has(have) faced bitter opposition when working to implement fair value measurement for financial instruments? a. FASB, but not IASB. b. IASB, but not FASB. c. both FASB and IASB. d. neither FASB nor IASB. Answer: C C C Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as a. capital

Financial Accounting 9th Edition

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Acc 188 Homework

Firms use physical controls primarily to safeguard their assets. Answer: T T T A debit memorandum could show the collection of a note receivable by the bank. Answer: F F F Identify which of the following would be classified as current liabilities as of December 31, 2014: 1> Salaries and Wages Payable 2> Bonds Payable, maturing in 2019 3> Interest Payable, due July 1,

Financial Accounting 9th Edition

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ACC 195 Quiz 1

Trudy, Inc. had the following bank reconciliation at March 31, 2015: All reconciling items at March 31, 2015 cleared the bank in April. Outstanding checks at April 30, 2015 totaled $6,000. There were no deposits in transit at April 30, 2015. What is the cash balance per books at April 30,

Financial Accounting 9th Edition

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ACC 200 Quiz 3

Each transaction must be analyzed in terms of its effect on the accounts before it can be recorded in a journal. Answer: T T T In computing cash payments for operating expenses, a decrease in prepaid expenses is ______________ and an increase in accrued expenses payable is ______________ to (from) operating expenses, exclusive of depreciation. Answer: deducted,

Financial Accounting 9th Edition

Exam Prep

Acc 228 Test 1

In horizontal analysis, if an item has a negative amount in the base year, and a positive amount in the following year, no percentage change for that item can be computed. Answer: T T T Consolidated financial statements should be prepared only when a subsidiary company has a controlling interest in the parent company. Answer: F F F If a

Financial Accounting 9th Edition

Exam Prep

ACC 259

Which of the following journal entries is recorded correctly and in the standard format? Answer: d d d A fellow classmate is confused about how debits and credits relate to the basic accounting equation. State the basic accounting equation, convert it into the expanded accounting equation, and then explain how it ties into the rules

Financial Accounting 9th Edition

Exam Prep

ACC 267 Quiz

The ______________ of an asset should not have access to the accounting records of that asset. Answer: custodian custodian custodian Shellhammer Company's inventory records show the following data for the month of September: A physical inventory on September 30 shows 200 units on hand. Calculate the value of ending inventory and cost of goods sold if

Financial Accounting 9th Edition

Exam Prep

Acc 271

Transactions that can be measured in dollars and cents are recorded in the financial information system. Answer: T T T An error in the physical count of goods on hand at the end of a period resulted in a $15,000 overstatement of the ending inventory. The effect of this error in the current period is Answer: C C C Correcting

Financial Accounting 9th Edition

Exam Prep

ACC 283 Midterm

The following information was taken from the financial statements of Lawson Company: Instructions (a) Compute the net sales for each year. (b) Compute the cost of goods sold in dollars and as a percentage of net sales for each year. (c) Compute operating expenses in dollars and as a percentage of net sales for

Financial Accounting 9th Edition

Exam Prep

Acc 285 Final

In the first month of operations, the total of the debit entries to the cash account amounted to $1,200 and the total of the credit entries to the cash account amounted to $800. The cash account has a(n) a. $800 credit balance. b. $1,200 debit balance. c. $400 debit balance. d. $400 credit balance. Answer: c c c Moore,

Financial Accounting 9th Edition

Exam Prep

ACC 287

What do the following classes of ratios measure? (a) Liquidity ratios. (b) Profitability ratios. (c) Solvency ratios. Answer: (a) Liquidity ratios measure the short-term ability of the enterprise to pay its maturing obligations and to meet unexpected needs for cash.(b) Profitability ratios measure the income or operating success of a company for a given period

Financial Accounting 9th Edition

Exam Prep

ACC 287 Quiz 2

Match the items below by entering the appropriate code letter in the space provided. 1> An entry that involves three or more accounts. 2> Transferring journal entries to ledger accounts. 3> The side which increases an account. 4> A list of all the accounts used by an enterprise. 5> A record of increases and decreases

Financial Accounting 9th Edition

Exam Prep

Acc 301 Quiz 1 Which Of The

Which of the following methods of computing depreciation is production based? a. Straight-line b. Declining-balance c. Units-of-activity d. None of these answer choices are correct. Answer: C C C Additions and improvements a. occur frequently during the ownership of a plant asset. b. normally involve immaterial expenditures. c. increase the book value of plant assets when incurred. d. typically only benefit the current

Financial Accounting 9th Edition

Exam Prep

ACC 302 Midterm 1

Lakeland, Inc. has 25,000 shares of 6%, $100 par value, noncumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2015. There were no dividends declared in 2014. The board of directors declares and pays a $250,000 dividend in 2015. What is the amount

Financial Accounting 9th Edition

Exam Prep

ACC 314 Quiz 2

Under a double-entry system, show how the entry in each statement is entered in the ledger by using debit or credit to indicate the increase or decrease in the affected account. Answer: If the unit price of inventory is increasing during a period, a company using the LIFO inventory method will show

Financial Accounting 9th Edition

Exam Prep

ACC 314 Test 1

In its first year of operations, Arid Corporation had the following transactions pertaining to its $20 par value preferred stock. Instructions (a) Journalize the transactions. (b) Indicate the amount to be reported for (1) preferred stock, and (2) paid-in capital in excess of par ' preferred stock at the end of the year. Answer: [b]

Financial Accounting 9th Edition

Exam Prep

ACC 322 Quiz 3

On July 1, 2015, Jenks Company purchased the copyright to Jackson Computer tutorials for $324,000. It is estimated that the copyright will have a useful life of 5 years with an estimated salvage value of $24,000. The amount of Amortization Expense recognized for the year 2015 would be a. $64,800. b. $30,000. c. $60,000. d.

Financial Accounting 9th Edition

Exam Prep

Acc 331 Midterm 1

GAAP, compared to IFRS, tends to be more a. simple in accounting requirements. b. rules-based. c. principles-based. d. simple in disclosure requirements. Answer: b b b The steps in preparing a trial balance include all of the following except a. listing the account titles and their balances. b. totaling the debit and credit columns. c. proving the equality of the two

Financial Accounting 9th Edition

Exam Prep

Acc 336

A check correctly written and paid by the bank for $271 is incorrectly recorded on the company's books for $217. The appropriate adjustment on bank reconciliation would be to a. deduct $271 from the book's balance. b. deduct $54 from the book's balance. c. deduct $54 from the bank's balance. d. add $54 to the

Financial Accounting 9th Edition

Exam Prep

ACC 336 Test 1

The amortization period for a patent cannot exceed a. 50 years. b. 40 years. c. 20 years. d. 10 years. Answer: C C C Bank errors a. occur because of time lags. b. must be corrected by debits. c. are infrequent in occurrence. d. are corrected by making an adjusting entry on the depositor's books. Answer: C C C Instructions: Match the account titles given below with the

Financial Accounting 9th Edition

Exam Prep

Acc 341 Final

Which of the following would not be considered internal users of accounting data for a company? a. The president of a company. b. The controller of a company. c. Creditors of a company. d. Salesmen of the company. Answer: c c c Vega Corporation's December 31, 2015 balance sheet showed the following: Vega's total stockholders' equity was a. $24,669,000. b. $24,690,000. c. $25,269,000. d.

Financial Accounting 9th Edition

Exam Prep

Acc 358 Quiz

A cash payments journal should not be used to record transactions which require payment by check. Answer: F F F A __________________ fund is used to pay relatively small expenditures. Answer: petty cash petty cash petty cash The book value of a plant asset is always equal to its fair market value. Answer: F F F Putman Company had cash sales of $75,950 (including taxes)

Financial Accounting 9th Edition

Exam Prep

Acc 376 Midterm 2

In a single-step income statement, all data are classified under two categories: (1) Revenues, or (2) Expenses. If the income statement is recast in a multiple-step format, what additional information or intermediate components of income would be presented? Answer: The items reported in a multiple-step income statement that are not reported in

Financial Accounting 9th Edition

Exam Prep

ACC 386 At December 31 2014 The

At December 31, 2014, the trading securities for Wolfe Company are as follows: Instructions Prepare the adjusting entry at December 31, 2014, to report the securities at fair value. Answer: Unrealized Loss'Income 5,000Fair Value Adjustment'Trading ($70,000 ' $65,000) 5,000 Unrealized Loss'Income 5,000Fair Value Adjustment'Trading ($70,000 ' $65,000) 5,000 Unrealized Loss'Income 5,000 Fair Value Adjustment'Trading ($70,000 ' $65,000)

Financial Accounting 9th Edition

Exam Prep

ACC 387

The basic issues in accounting for notes receivable include each of the following except a. analyzing notes receivable. b. disposing of notes receivable. c. recognizing notes receivable. d. valuing notes receivable. Answer: A A A Proving the equality of the totals in the columns of multiple-column special journals is called a. posting to the subsidiary. b. debiting and crediting. c. footing

Financial Accounting 9th Edition

Exam Prep

ACC 387 Midterm 2

Match the items below by entering the appropriate code letter in the space provided. 1> A twelve month accounting period 2> Expenses paid before they are incurred 3> Cost less accumulated depreciation 4> Divides the economic life of a business into artificial time periods 5> Efforts are related to accomplishments 6> A contra asset account 7> Recognition

Financial Accounting 9th Edition

Exam Prep

Acc 393 Test 1

Using the percentage-of-receivables basis, the uncollectible accounts for the year is estimated to be $38,000. If the balance for the Allowance for Doubtful Accounts is a $7,000 credit before adjustment, what is the amount of bad debt expense for the period? a. $7,000 b. $31,000 c. $38,000 d. $45,000 Answer: BSolution: $38,000 $7,000 $31,000 BSolution: $38,000

Financial Accounting 9th Edition

Exam Prep

ACC 400 Quiz

A plant asset cost $288,000 and is estimated to have a $36,000 salvage value at the end of its 8-year useful life. The annual depreciation expense recorded for the third year using the double-declining-balance method would be a. $24,120. b. $40,500. c. $35,436. d. $27,570. Answer: BSolution: ($288,000 0) .25 = $72,000; ($288,000 $72,000) .25 $54,000;

Financial Accounting 9th Edition

Exam Prep

Acc 418 Midterm 1

Return on common stockholders' equity is computed by dividing net income by ending stockholders' equity. Answer: F F F In computing cash payments for operating expenses, a decrease in prepaid expenses is ______________ and an increase in accrued expenses payable is ______________ to (from) operating expenses, exclusive of depreciation. Answer: deducted, deducted deducted, deducted deducted, deducted Mike Stephenson, the president

Financial Accounting 9th Edition

Exam Prep

Acc 423 Quiz 1

An adjusted trial balance should be prepared before the adjusting entries are made. Answer: F F F After all closing entries have been journalized and posted, the final step in the accounting cycle is to prepare a ______________ trial balance. Answer: post-closing post-closing post-closing With a financial calculator, one can solve for any interest rate or for any number of

Financial Accounting 9th Edition

Exam Prep

ACC 439 Quiz

Holmes Corporation manufactures electronic components for use in many consumer products. Their raw materials are purchased literally from all over the world. Depending on the country involved, purchase terms vary widely. Some suppliers, for example, require full prepayment, while others are content to receive payment within six months of receipt of

Financial Accounting 9th Edition

Exam Prep

Acc 450 Final

North Company reports the following amounts for 2015: The 2015 rate of return on common stockholders' equity is: a. 5.8%. b. 6.6%. c. 8.0%. d. 9.1%. Answer: bSolution: ($160,000 $45,000) ($2,000,000 $250,000) bSolution: ($160,000 $45,000) ($2,000,000 $250,000) b Solution: ($160,000 $45,000) ($2,000,000 $250,000) A factory machine was purchased for $375,000 on January 1, 2015. It was estimated that

Financial Accounting 9th Edition

Exam Prep

ACC 490

The process of recording transactions has become more efficient because a. fewer events can be quantified in financial terms. b. computers are used in processing business events. c. more people have been hired to record business transactions. d. business events are recorded only at the end of the year. Answer: b b b A bond trustee does not a. issue

Financial Accounting 9th Edition

Exam Prep

ACC 496

In preparing the statement of cash flows, determining the net increase or decrease in cash requires the use of a. the adjusted trial balance. b. the current period's balance sheet. c. a comparative balance sheet. d. a comparative income statement. Answer: c c c Transactions in a journal are recorded in a. account number order. b. dollar amount order. c. alphabetical order. d.

Financial Accounting 9th Edition

Exam Prep

Acc 522

Debit postings to the individual accounts in an accounts receivable subsidiary ledger generally come from the a. sales journal. b. cash receipts journal. c. purchases journal. d. cash payments journal. Answer: A A A A $100 petty cash fund has cash of $16 and receipts of $82. The journal entry to replenish the account would include a a. debit to

Financial Accounting 9th Edition

Exam Prep

Acc 531 Homework

Winsor Company uses the perpetual inventory system and the LIFO method. The following information is available for the month of May: Instructions Prepare a schedule to show cost of goods sold and the value of the ending inventory for the month of May. Answer: Wave Company originally issued 30,000 shares of $5 par common

Financial Accounting 9th Edition

Exam Prep

Acc 534 Quiz 1

The ratios used in evaluating a company's liquidity and short-term debt paying ability that complement each other are the ______________ ratio and the ______________ ratio. Answer: current, acid-test (quick) current, acid-test (quick) current, acid-test (quick) Each bondholder may vote for the board of directors in proportion to the number of bonds held. Answer: F F F Accountants who are employees

Financial Accounting 9th Edition

Exam Prep

Acc 540 Quiz 2

Magnolia Electric Car Cleaning has the following accounts: Answer: (1) Assets'Equipment, Cash, Supplies, Accounts Receivable(2) Liabilities'Accounts Payable, Notes Payable(3) Stockholders' Equity' Common Stock, Dividends (1) Assets'Equipment, Cash, Supplies, Accounts Receivable(2) Liabilities'Accounts Payable, Notes Payable(3) Stockholders' Equity' Common Stock, Dividends (1) Assets'Equipment, Cash, Supplies, Accounts Receivable (2) Liabilities'Accounts Payable, Notes Payable (3) Stockholders' Equity' Common Stock, Dividends An

Financial Accounting 9th Edition

Exam Prep

ACC 541 Quiz 3

The use of reversing entries a. is a required step in the accounting cycle. b. changes the amounts reported in the financial statements. c. simplifies the recording of subsequent transactions. d. is required for all adjusting entries. Answer: C C C A stock split a. may occur in the absence of retained earnings. b. will increase total paid-in capital. c. will increase

Financial Accounting 9th Edition

Exam Prep

ACC 555 Closing The Dividends

Closing the dividends account to Retained Earnings is not necessary if net income is greater than dividends during the period. Answer: F F F Match the ratios with the appropriate ratio computation by entering the appropriate letter in the space provided. Answer: A factor purchases receivables from businesses for a fee and collects the remittances directly from

Financial Accounting 9th Edition

Exam Prep

Acc 562

If a parent company acquires wholly owned subsidiary at an amount greater than the book value, the excess should be a. allocated to expense on the date of acquisition. b. allocated to identifiable assets to the extent of their fair values, with any remainder allocated to goodwill. c. allocated to goodwill, with any

Financial Accounting 9th Edition

Exam Prep

Acc 562 On October 1 2015 Ellington

On October 1, 2015, Ellington Company establishes an imprest petty cash fund by issuing a check for $200 to Erin Angelo, the custodian of the petty cash fund. On October 31, 2015, Erin Angelo submitted the following paid petty cash receipts for replenishment of the petty cash fund when there

Financial Accounting 9th Edition

Exam Prep

Acc 583 Midterm 2

Equipment was purchased for $96,000 and has a book value of $32,000 and a depreciable cost of $80,000. The estimated salvage value is a. $32,000. b. $64,000. c. $48,000. d. $16,000. Answer: D D D The major IFRS requirements related to accounting for and reporting inventories are a. the same as GAAP. b. the same as GAAP with a couple

Financial Accounting 9th Edition

Exam Prep

Acc 586 Homework

GAAP's accounting and internal control procedures related to cash and the definition of cash equivalents, as compared to IFRS are: Answer: A A A Banks that issue credit cards generally charge retailers a fee of 2 to 4% of the amount of sale. List reasons why companies are willing to pay these fees. Answer: 1> The use of

Financial Accounting 9th Edition

Exam Prep

ACC 600

A debit balance in the Retained Earnings account is identified as a deficit. Answer: T T T For each of the ratios listed below, indicate by the appropriate code letter, whether it is a liquidity ratio (L), a profitability ratio (P), or a solvency ratio (S). ____ 1> Times interest earned ratio ____ 2> Asset turnover ____ 3> Accounts

Financial Accounting 9th Edition

Exam Prep

Acc 600 Quiz 2

Turnbull Department Store had net credit sales of $18,000,000 and cost of goods sold of $15,000,000 for the year. The average inventory for the year amounted to $2,500,000. The average number of days in inventory during the year was a. 365 days. b. 60.8 days. c. 50.7 days. d. 30 days. Answer: bSolution: $15,000,000 $2,500,000 6 times;

Financial Accounting 9th Edition

Exam Prep

ACC 605 Final

On May 1, Howard Corporation purchased 2,000 shares of its $10 par value common stock at a cash price of $15/share. On July 15, 900 shares of the treasury stock were sold for cash at $17/share. Instructions Journalize the two transactions. Answer: Once cost is established for a plant asset, it becomes the basis

Financial Accounting 9th Edition

Exam Prep

Acc 625 Financial Statements Can

Financial statements can be prepared from the information provided by an adjusted trial balance. Answer: T T T The expense recognition principle requires that expenses be matched with revenues. Answer: T T T Control over cash disbursements is improved if major expenditures are paid by check. Answer: T T T Adjusting entries are often made because some business events are not recorded as they occur. Answer: T T T For each transaction

Financial Accounting 9th Edition

Exam Prep

ACC 626

If a company uses the FIFO cost flow assumption, the cost of goods sold for the period will be the same under a perpetual or periodic inventory system. Answer: T T T The Financial Accounting Standards Board is a part of the Securities and Exchange Commission. Answer: F F F Dividends received are credited to what account under the equity

Financial Accounting 9th Edition

Exam Prep

ACC 651 Homework

Securities bought and held primarily for sale in the near term to generate income on short-term price differences are a. trading securities. b. available-for-sale securities. c. never-sell securities. d. held-to-maturity securities. Answer: a a a In analyzing the financial statements of a company, a single item on the financial statements a. should be reported in bold-face type. b. is more meaningful

Financial Accounting 9th Edition

Exam Prep

Acc 667 Test 1

Match the items below by entering the appropriate code letter in the space provided. 1> A general ledger account that summarizes detailed information in a subsidiary ledger. 2> A subsidiary ledger that contains accounts with individual creditors. 3> A special journal with more than one column. 4> Detailed information about a group of accounts

Financial Accounting 9th Edition

Exam Prep

ACC 688 Midterm 2

Which one of the following items would not be considered cash? a. Coins b. Money orders c. Currency d. Postdated checks Answer: D D D At May 1, 2015, Kibbee Company had beginning inventory consisting of 200 units with a unit cost of $7. During May, the company purchased inventory as follows: 800 units at $7 600 units at $8 The company sold

Financial Accounting 9th Edition

Exam Prep

ACC 694 Test 1

The major difference between the balance sheets of a service company and a merchandising company is inventory. Answer: T T T The process of determining the present value is referred to as _________________ the future amount. Answer: discounting discounting discounting To determine a new depreciation amount after a change in estimate of a plant asset's useful life, the asset's remaining

Financial Accounting 9th Edition

Exam Prep

ACC 715 Midterm 2

An aging of a company's accounts receivable indicates that $7,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,100 credit balance, the adjustment to record bad debts for the period will require a a. debit to Bad Debts Expense for $7,000. b. debit to Allowance for Doubtful Accounts

Financial Accounting 9th Edition

Exam Prep

ACC 724 Midterm 1

The information for preparing a trial balance on a worksheet is obtained from a. financial statements. b. general ledger accounts. c. general journal entries. d. business documents. Answer: B B B IFRS requires the use of a. the term balance sheet. b. the term statement of financial position. c. neither balance sheet nor statement of financial position, but recommends use of the

Financial Accounting 9th Edition

Exam Prep

Acc 726 Test 1

Penny Company owns 20% interest in the stock of Lynn Corporation. During the year, Lynn pays $25,000 in dividends, and reports $200,000 in net income. Penny Company's investment in Lynn will increase by a. $25,000. b. $40,000. c. $45,000. d. $35,000. Answer: dSolution: ($200,000 20%) ($25,000 20%) $35,000 dSolution: ($200,000 20%) ($25,000 20%) $35,000 d Solution: ($200,000 20%)

Financial Accounting 9th Edition

Exam Prep

Acc 729 The Cash Proceeds From

The cash proceeds from issuing par value stock may be equal to or greater than, but not less than par value. Answer: T T T S. Lamar performed legal services for E. Garr. Due to a cash shortage, an agreement was reached whereby E. Garr. would pay S. Lamar a legal fee of approximately $12,000

Financial Accounting 9th Edition

Exam Prep

Acc 742 Test 2

Prior period adjustments to income are reported in the current year's income statement. Answer: F F F If a corporation's stock is traded on the major stock exchanges, the corporation must generally report periodically to a federal agency known as the ____________________. Answer: Securities and Exchange Commission (SEC) Securities and Exchange Commission (SEC) Securities and Exchange Commission (SEC) Gains and

Financial Accounting 9th Edition

Exam Prep

ACC 752 Quiz 3

The primary source of revenue for a wholesaler is a. investment income. b. service fees. c. the sale of merchandise. d. the sale of fixed assets the company owns. Answer: C C C Under IFRS, the term reserves relates to each of the following except a. asset revaluations. b. contributed (paid-in) capital. c. fair value differences. d. retained earnings. Answer: b b b All of the following items

Financial Accounting 9th Edition

Exam Prep

Acc 758 Test 2

Which accounts in the general ledger are affected when the monthly posting is made from the sales journal? a. Accounts Receivable; accounts receivable subsidiary accounts b. Accounts receivable subsidiary accounts; Sales Revenue c. Accounts Receivable; Sales Revenue d. Accounts Receivable; Inventory Answer: C C C Stockholders' equity can be described as a. creditorship claim on total assets. b. ownership claim on

Financial Accounting 9th Edition

Exam Prep

ACC 764 Quiz 2

If prepaid costs are initially recorded as an asset, no adjusting entries will be required in the future. Answer: F F F Luis Rodriguez wants to buy a car in 3 years. He will need $3,000 for a down payment. The annual interest rate is 9%. How much money must Luis invest today for the purchase? Answer: Use

Financial Accounting 9th Edition

Exam Prep

ACC 770

The process of transferring the information in the journal to the general ledger is called posting. Explain the posting process, including the importance of the journal page number and the account numbers. Answer: The posting process begins with locating the account(s) being debited in the general ledger. Then entering the date of

Financial Accounting 9th Edition

Exam Prep

ACC 774 Test 1

The current source of "GAAP" in the private sector is the a. Accounting Principles Board. b. Internal Revenue Service. c. Financial Accounting Standards Board. d. Securities Exchange Commission. Answer: C C C Jack's, a popular pizza hang-out, has a thriving delivery business. Jack's has a fleet of three delivery automobiles. Prior to making the entry for this year's

Financial Accounting 9th Edition

Exam Prep

Acc 775 Midterm 1

Which of the following is true regarding the corporate form of business organization? a. Corporations are the most prevalent form of business organization. b. Corporate businesses are generally smaller in size than partnerships and proprietor-ships. c. The revenues of corporations are greater than the combined revenues of partnerships and proprietorships. d. Corporations are separate

Financial Accounting 9th Edition

Exam Prep

ACC 799 Midterm 1

An unrealized gain or loss on trading securities is reported as a separate component of stockholders' equity. Answer: F F F Financial information is presented below for two different companies. Instructions Determine the missing amounts. Answer: (*Missing amount) (*Missing amount) (*Missing amount) On January 1, 2014, Brenner Company purchased at face value, a $1,000, 10% bond that pays interest on January 1

Financial Accounting 9th Edition

Exam Prep

ACC 802 Under Generally Accepted

Under generally accepted accounting principles, management has the choice of physically counting inventory on hand at the end of the year or using the gross profit method to estimate the ending inventory. Answer: F F F Goodwill is an unusual asset in that it cannot be sold individually apart from a business as a whole.

Financial Accounting 9th Edition

Exam Prep

ACC 832 Midterm

The following transactions were made by Allen Company. Assume all investments are short-term and are readily marketable. Instructions Journalize the transactions. Answer: Gerber Corporation purchased the following long-term investments in stock securities on January 10, 2015: 10,000 shares of the 100,000 outstanding common shares of Todd Corporation for $400,000. 3,000 shares of the 10,000 outstanding common

Financial Accounting 9th Edition

Exam Prep

Acc 834 Quiz

In a periodic inventory system, a return of defective merchandise to a supplier is recorded by crediting a. Accounts Payable. b. Inventory. c. Purchases. d. Purchase Returns and Allowances. Answer: D D D Which of the following would not be needed to determine net cash provided by operating activities? a. Depreciation expense b. Change in accounts receivable c. Payment of cash dividends d.

Financial Accounting 9th Edition

Exam Prep

ACC 838 Final

On February 1, 2015, Fugit Company sells merchandise on account to Armen Company for $6,500. The entry to record this transaction by Fugit Company is Answer: C C C There are three parties to a check: (1)_______________, (2)______________, and the (3)______________. Answer: maker, payer, payee maker, payer, payee maker, payer, payee The cost of goods available for sale consists of the

Financial Accounting 9th Edition

Exam Prep

ACC 845 Quiz 3

If the equity method is being used, the Revenue from Stock Investments account is a. just another name for a Dividend Revenue account. b. credited when dividends are declared by the investee. c. credited when net income is reported by the investee. d. debited when dividends are declared by the investee. Answer: c c c Winter Gloves Company had

Financial Accounting 9th Edition

Exam Prep

Acc 852 Midterm 1

Given the following information, compute the amount of cash finally remitted by the customer. Oct. 22'Sale on credit, terms of 2/10, n/30'$6,000 Oct. 27'Allowance granted due to some items being damaged'$600 Oct. 31'Payment in full received from customer'$? a. $5,292. b. $6,000. c. $5,280. d. $5,628. Answer: A A A A measure that describes the cash remaining from operations after adjustment

Financial Accounting 9th Edition

Exam Prep

Acc 857 Test 1

Which of the following factors does not affect the initial market price of a stock? a. The company's anticipated future earnings b. The par value of the stock c. The current state of the economy d. The expected dividend rate per share Answer: b b b Kennedy Company reported the following balances at December 31, 2014: common stock $500,000;

Financial Accounting 9th Edition

Exam Prep

Acc 861 Final

Langer Company has the following inventory information. Assuming that a perpetual inventory system is used, what is the ending inventory (round all calculations to nearest dollar) under the moving-average cost method? a. $2,930 b. $2,966 c. $2,986 d. $3,054 Answer: C C C Using the following information: During 2015, sales on account were $145,000 and collections on account were $100,000. Also

Financial Accounting 9th Edition

Exam Prep

Acc 865 Midterm 1

In recording business transactions, evidence that an accounting transaction has taken place is obtained from a. business documents. b. the Internal Revenue Service. c. the public relations department. d. the SEC. Answer: a a a Hull Company acquires land for $86,000 cash. Additional costs are as follows: Hull will record the acquisition cost of the land as a. $96,000. b. $87,690. c. $89,610. d.

Financial Accounting 9th Edition

Exam Prep

Acc 880 Quiz 2

Accrued expenses are a. paid and recorded in an asset account before they are used or consumed. b. paid and recorded in an asset account after they are used or consumed. c. incurred but not yet paid or recorded. d. incurred and already paid or recorded. Answer: c c c A stockholder is interested in the ability of a

Financial Accounting 9th Edition

Exam Prep

ACC 890 Test 1

Roxy Corporation makes a short-term investment in 180 shares of Sager Company's common stock. The stock is purchased for $53 a share. The entry for the purchase is Answer: bSolution: (180 $53) $9,540 bSolution: (180 $53) $9,540 b Solution: (180 $53) $9,540 A 75-day note receivable dated June 10 would mature on ______________. Answer: August

Financial Accounting 9th Edition

Exam Prep

Acc 891 Midterm 1

In the balance sheet the account Premium on Bonds Payable is a. added to Bonds Payable. b. deducted from Bonds Payable. c. classified as a stockholders' equity account. d. classified as a revenue account. Answer: A A A On January 1, Runner Corporation issued $2,000,000, 13%, 5-year bonds with interest payable on July 1 and January 1. The bonds

Financial Accounting 9th Edition

Exam Prep

ACC 898 Quiz 2

Which of the following is not an external user of accounting data? a. Company officers b. Regulatory agency c. Labor union d. Taxing authority Answer: A A A Which of the following is false? a. Current assets are listed in the order of magnitude. b. Obligations expected to be paid after one year are classified as long-term liabilities. c. Intangible assets

Financial Accounting 9th Edition

Exam Prep

Accounting 106 Homework

The Modified Accelerated Cost Recovery System (MACRS) is a depreciation method which a. is used for tax purposes. b. must be used for financial statement purposes. c. is required by the SEC. d. expenses an asset over a single year because capital acquisitions must be expensed in the year purchased. Answer: A A A If a company uses a multiple-column

Financial Accounting 9th Edition

Exam Prep

Accounting 112 Presented Below

Presented below are two independent situations: (a) Yount Company exchanged an old machine (cost $150,000 less $90,000 accumulated depreciation) plus $10,000 cash for a new machine. The old machine had a fair value of $54,000. Prepare the entry to record the exchange of assets by Yount Company. (b) Lawson Company trades old equipment

Financial Accounting 9th Edition

Exam Prep

Accounting 119 Final Cost Of

Cost of goods available for sale includes each of the following except a. beginning inventory. b. freight-in. c. ending inventory. d. net purchases. Answer: C C C A plant asset was purchased on January 1 for $100,000 with an estimated salvage value of $20,000 at the end of its useful life. The current year's Depreciation Expense is

Financial Accounting 9th Edition

Exam Prep

Accounting 122 Quiz

If a corporation distributes cash to its stockholders, then a. there has been a violation of accounting principles. b. stockholders' equity will increase. c. stockholders' equity will decrease. d. there will be a new liability showing the stockholders owes money to the business. Answer: c c c A company purchased office equipment for $40,000 and estimated a salvage value

Financial Accounting 9th Edition

Exam Prep

Accounting 134 Quiz 2

The amount you must deposit now in your savings account, paying 6% interest, in order to accumulate $6,000 for a down payment 5 years from now on a new car is a. $1,200. b. $4,484. c. $4,477. d. $4,200. Answer: bSolution: $6,000 .74726 $4,484 bSolution: $6,000 .74726 $4,484 b Solution: $6,000 .74726 $4,484 Prepare the necessary journal entries

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Accounting 247 Final

The ending retained earnings amount is shown on a. the balance sheet only. b. the retained earnings statement only. c. both the income statement and the retained earnings statement. d. both the balance sheet and the retained earnings statement. Answer: d d d The corporate charter of Martin Corporation allows the issuance of a maximum of 4,000,000 shares of

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Accounting 282 Quiz 2

A good internal control feature is to have several employees choose one person to punch all of their time cards. Answer: F F F Amy Pond, a fellow employee, wants to understand the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur. Answer: The basic steps in

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Accounting 286 Quiz 2

Logan Company debited Prepaid Insurance for $1,080 on July 1, 2015, for a one-year fire insurance policy. If the company prepares monthly financial statements, failure to make an adjusting entry on July 31 for the amount of insurance that has expired would cause a. assets to be overstated by $1,080 and

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Accounting 309 Quiz 3

Identify which of the following reconciling items would require an adjusting entry to be made by Danielle Doyle Company. 1> Deposits in transit totaled $2,000. 2> A check written to the company for $415 by Cartography Company was returned NSF. 3> The bank charged the company $25 for printing checks. 4> Outstanding checks totaled $3,300 5>

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Accounting 339 Quiz 1

Hungh Company had the following transactions pertaining to short-term investments in equity securities. Instructions (a) Journalize the transactions. (b) Indicate the income statement effects of the transactions. Answer: (a)(b) Dividend Revenue is reported under Other Revenues and Gains on the income statement. Loss on Sale of Stock Investments is reported under Other Expenses and Losseson

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Accounting 345 Quiz 3

Wainwright Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred. Instructions (a) Journalize the transactions for Wainwright Stores. (b) Indicate the statement presentation of the financing charges and the credit card service charge expense for Wainwright Stores. Answer: (b) Interest Revenue is reported under Other Revenues

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Accounting 368 Final

The ledger accounts of the Fabulous Muscles Gym at June 30, 2015 are shown below: Instructions Prepare a trial balance with the ledger accounts arranged in the proper financial statement order. Include the appropriate heading. Answer: Comparative information taken from the Foren Company financial statements is shown below: Instructions Using horizontal analysis, show the percentage change

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Accounting 404 Test

Income will always be greater under the cash basis of accounting than under the accrual basis of accounting. Answer: F F F Freight terms of FOB Destination means that the seller pays the freight costs. Answer: T T T There are three parties to a check: (1)_______________, (2)______________, and the (3)______________. Answer: maker, payer, payee maker, payer, payee maker, payer, payee When purchasing land, the costs

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Accounting 420 Quiz 3

Stine Co. sells Christmas angels. Patel determines that at the end of December, it has the following aging schedule of Accounts Receivable: Compute the net receivables based on the above information at the end of December. (There was no beginning balance in the Allowance for Doubtful Accounts). Answer: Net Receivables = ($1,150 '

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Accounting 464 Homework

The financial statement columns of the worksheet for Booer Company as of December 31, 2015 are as follows: Instructions Prepare a classified balance sheet for Booer Company. Answer: * Retained earnings = $17,000 [$13,300 + $7,900 ' $4,200). * Retained earnings = $17,000 [$13,300 + $7,900 ' $4,200). * Retained earnings = $17,000 [$13,300 + $7,900

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Accounting 502 Quiz 2

A purchased patent has a legal life of 20 years. It should be a. expensed in the year of acquisition. b. amortized over 20 years regardless of its useful life. c. amortized over its useful life if less than 20 years. d. not amortized. Answer: C C C Classify each of these items as an asset (A), liability (L),

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Accounting 551 Quiz 1

If a plant asset is retired before it is fully depreciated and no salvage value is received, a. a gain on disposal occurs. b. a loss on disposal occurs. c. either a gain or a loss can occur. d. neither a gain nor a loss occurs. Answer: B B B The inventory turnover is computed by dividing cost of

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Accounting 553 Homework

The organization(s) primarily responsible for establishing generally accepted accounting principles is(are) the Answer: d d d Treasury stock is a contra stockholders' equity account. Answer: T T T Identify the factors that are considered in classifying an expenditure as a capital or a revenue expenditure. Are there instances where it may be difficult to classify an expenditure as one or

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Accounting 565

The principles of internal control include all of the following except a. establishment of responsibility. b. combining of duties. c. physical, mechanical, and electronic controls. d. independent internal verification. Answer: B B B Depreciable cost is the a. book value of an asset less its salvage value. b. cost of an asset less its salvage value. c. cost of an asset

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Accounting 569 Quiz 1

The specific identification method of inventory valuation is desirable when a company sells a large number of low-unit cost items. Answer: F F F Unearned revenues should be classified as Other Revenues and Gains on the Income Statement. Answer: F F F In preparing a statement of cash flows, an increase in the Common Stock and Treasury Stock accounts during

Financial Accounting 9th Edition

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Accounting 604 Midterm

The entry to record the issuance of an interest-bearing note credits Notes Payable for the note's a. maturity value. b. market value. c. face value. d. cash realizable value. Answer: C C C Martin Corporation purchased land in 2007 for $290,000. In 2015, it purchased a nearly identical parcel of land for $460,000. In its 2015 balance sheet, Martin valued

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Accounting 606 The Standard

The standard format of a journal would not include a. a reference column. b. an account title column. c. a T-account. d. a date column. Answer: c c c The stockholders' equity section of Barrel Corporation's balance sheet at December 31, 2014, appears below: During 2015, the following stock transactions occurred: Instructions (a) Prepare the journal entries to record the above stock

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Accounting 637

Match the items below by entering the appropriate code letter in the space provided. ____ 1> Net income retained in the corporation. ____ 2> The amount that must be retained in the business for the protection of creditors. ____ 3> Preferred stockholders have a right to receive current and unpaid prior-year dividends before

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Accounting 653

The market value (present value) of a bond is a function of all of the following except the a. dollar amounts to be received. b. length of time until the amounts are received. c. market rate of interest. d. length of time until the bond is sold. Answer: D D D Prepare the necessary journal entries for the following

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Accounting 664 Quiz 2

Mott Company uses the units-of-activity method in computing depreciation. A new plant asset is purchased for $48,000 that will produce an estimated 100,000 units over its useful life. Estimated salvage value at the end of its useful life is $4,000. What is the depreciation cost per unit? a. $4.40 b. $4.80 c. $.44 d.

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Accounting 675 Quiz

In preparing its bank reconciliation for the month of April 2015, Delano, Inc. has available the following information. What should be the adjusted cash balance at April 30, 2015? a. $77,260. b. $77,600. c. $78,020. d. $78,200. Answer: DSolution: $78,600 + $10,000 ' $10,400 = $78,200 DSolution: $78,600 + $10,000 ' $10,400 = $78,200 D Solution: $78,600 + $10,000 '

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Accounting 679 Quiz 3

If Sloane Joyner invests $10,514.81 now and she will receive $30,000 at the end of 11 years, what annual rate of interest will she be earning on her investment? a. 8% b. 8.5% c. 9% d. 10% Answer: dSolution: (financial calculator inputs): N 11, I ?, PV $10,514.81, FV $30,000, PMT 0 dSolution: (financial calculator inputs):

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Accounting 699 Homework

Foley Word Processing Service uses the straight-line method of depreciation. The company's fiscal year end is December 31. The following transactions and events occurred during the first three years. Instructions Prepare the necessary entries. (Show computations.) Answer: A change in inventory methods during the year would be classified as a change in __________________. Answer: accounting principle accounting

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Accounting 702 Midterm 1

Stocks traded on the New York Stock Exchange are considered readily marketable. Answer: T T T The percentage of sales basis for estimating uncollectible accounts always results in more Bad Debt Expense being recognized than the percentage of receivables basis. Answer: F F F Short-term investments are securities that are _____________ and ______________ to be converted into cash within the

Financial Accounting 9th Edition

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Accounting 712

Which account below is not a subdivision of retained earnings? a. Dividends b. Revenues c. Expenses d. Common stock Answer: d d d At January 31, 2015, the balance in Aislers Inc.'s supplies account was $750. During February, Aislers purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the supplies account

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Accounting 713

On December 1, 2014, Crawley Corporation incurs a 15-year $600,000 mortgage liability in conjunction with the acquisition of an office building. This mortgage is payable in monthly installments of $7,200, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31,

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Accounting 749 Homework

Molina Company had a $700 credit balance in Allowance for Doubtful Accounts at December 31, 2015, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Instructions (a) Prepare the adjusting entry on December 31, 2015, to recognize bad debt expense. (b) Assume the same facts

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Accounting 756

The basic accounting equation is in balance when the creditor and ownership claims against the business equal the assets. Answer: T T T If a company changes its inventory valuation method, the effect of the change on net income should be disclosed in the financial statements. Answer: T T T An aging of accounts receivable schedule is based on the

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Accounting 775 The Carrying Value

The carrying value of bonds will equal the market price a. at the close of every trading day. b. at the end of the fiscal period. c. on the date of issuance. d. every six months on the date interest is paid. Answer: C C C A worksheet can be thought of as a(n) a. permanent accounting record. b. optional device

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Accounting 778

Generally accepted accounting principles are a. income tax regulations of the Internal Revenue Service. b. standards that indicate how to report economic events. c. theories that are based on physical laws of the universe. d. principles that have been proven correct by academic researchers. Answer: b b b A T-account is a. a way of depicting the basic form of

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Accounting 783 Test 1

Either the straight-line method or the effective-interest method of amortization will always result in a. the same amount of interest expense being recognized over the term of the bonds. b. the same amount of interest expense being recognized each year. c. more interest expense being recognized than if premium or discounts were not

Financial Accounting 9th Edition

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Accounting 790

Credit terms of 2/10, n/30 mean that a. a 10% cash discount may be taken if payment is made immediately; a 2% discount if paid within 30 days. b. a 2% cash discount may be taken if payment is made within 10 days of the invoice date; otherwise the full amount is

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Accounting 808 Final

A debit to an asset account indicates a. an error. b. a credit was made to a liability account. c. a decrease in the asset. d. an increase in the asset. Answer: d d d Lester Company sells many products. Hackenberry is one of its popular items. Below is an analysis of the inventory purchases and sales of Hackenberry for

Financial Accounting 9th Edition

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Accounting 842

A contra asset account is subtracted from a related account in the balance sheet. Answer: T T T When plant assets are exchanged, the cost of the new asset is the book value of the old asset plus any cash paid. Answer: F F F Gross profit represents the merchandising profit of a company. Answer: T T T A company's liquidity is concerned with the

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Accounting 887

Vertical and horizontal analyses are concerned with the format used to prepare financial statements. Answer: F F F The following information was used to prepare the March 2015, bank reconciliation for Walker Machine Works. Identify the items that require adjustment to the cash balance per books and prepare the appropriate adjusting entries. 1> Included with the bank

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Accounting 897

Present value is based on a. the dollar amount to be received. b. the length of time until the amount is received. c. the interest rate. d. all of these. Answer: d d d Which of the following is a true statement about inventory systems? a. Periodic inventory systems require more detailed inventory records. b. Perpetual inventory systems require more detailed

Financial Accounting 9th Edition

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ACCT 110 Final

If Kelly Cranford invests $11,970 now, she will receive $40,000 at the end of 14 years. What annual rate of return will Kelly earn on her investment? Answer: Use Table 3. 9%$11,970 $40,000 = .29925 Read across the 14-period row in Table 3 to find .29925 in the 9% column. Use Table 3.

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Acct 112

Interest expense on an interest-bearing note is a. always equal to zero. b. accrued over the life of the note. c. only recorded at the time the note is issued. d. only recorded at maturity when the note is paid. Answer: B B B The LIFO inventory method assumes that the cost of the latest units purchased are a. the

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Acct 135

A corporate board of directors does not generally a. select officers. b. formulate operating policies. c. declare dividends. d. execute policy. Answer: d d d On January 1, 2015, Bose Company issued bonds with a face value of $600,000. The bonds carry a stated interest of 7% payable each January 1 and July Instructions a. Prepare the journal entry for the

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ACCT 142 Quiz 3

The expense recognition principle requires that expenses be matched with revenues. Answer: T T T Sales returns and allowances and sales discounts are subtracted from sales in reporting net sales in the income statement. Answer: T T T Natural resources are long-lived productive assets that are extracted in operations and are replaceable only by an act of nature. Answer: T T T Selected information from

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ACCT 146

Which of the following is not a true statement about a multiple-step income statement? a. Operating expenses are similar for merchandising and service enterprises. b. There may be a section for nonoperating activities. c. There may be a section for operating assets. d. There is a section for cost of goods sold. Answer: C C C Each of the

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Acct 148 An Adjusting Entry Is Not

An adjusting entry is not required for a. outstanding checks. b. collection of a note by the bank. c. NSF checks. d. bank service charges. Answer: A A A A flower shop makes a large sale for $1,200 on November 30. The customer is sent a statement on December 5 and a check is received on December 10. The

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Acct 166

A good internal control feature is to have several employees choose one person to punch all of their time cards. Answer: F F F Other receivables include nontrade receivables such as loans to company officers. Answer: T T T Indicate in the space provided by each item whether it would appear on the Income Statement (IS), Balance Sheet (BS), or

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Acct 167 Midterm

Match the items below by entering the appropriate letter in the space. 1> Partnership 2> Liabilities 3> Revenues 4> General ledger 5> Expense recognition principle 6> Unearned service revenue 7> Income summary 8> Intangible assets 9> Freight-out 10> Sales returns and allowances A> A liability created when cash is received in advance of performing a service for a customer. B> Freight costs

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ACCT 178

The selection of an appropriate inventory cost flow assumption for an individual company is made by a. the external auditors. b. the SEC. c. the internal auditors. d. management. Answer: D D D The historical cost principle requires that when assets are acquired, they be recorded at a. appraisal value. b. cost. c. market price. d. book value. Answer: b b b Common Stock Dividends Distributable is reported

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ACCT 179

Salon Company originally issued 4,000 shares of $10 par value common stock for $120,000 ($30 per share). Salon subsequently purchases 400 shares of treasury stock for $27 per share and resells the 400 shares of treasury stock for $29 per share. In the entry to record the sale of the

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ACCT 184

In a period of increasing prices, which inventory flow assumption will result in the lowest amount of income tax expense? a. FIFO b. LIFO c. Average Cost d. Income tax expense for the period will be the same under all assumptions. Answer: B B B The accounting for each of the following is the same under IFRS and GAAP

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Acct 187 Midterm 1

Mize Company owns 30% interest in the stock of Lyte Corporation. During the year, Lyte pays $20,000 in dividends to Mize, and reports $300,000 in net income. Mize Company's investment in Lyte will increase Mize s net income by a. $6,000. b. $90,000. c. $96,000. d. $10,000. Answer: bSolution: $300,000 30% $90,000 bSolution: $300,000 30%

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ACCT 195 Homework

Financial Accounting 9th Edition

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ACCT 203 Homework

The SEC and FASB are two organizations that are primarily responsible for establishing generally accepted accounting principles. It is true that a. they are both governmental agencies. b. the SEC is a private organization of accountants. c. the SEC often mandates guidelines when no accounting principles exist. d. the SEC and FASB rarely cooperate in

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Acct 209 Test 2

Which one of the following payroll taxes does not result in a payroll tax expense for the employer? a. FICA tax b. Federal income tax c. Federal unemployment tax d. State unemployment tax Answer: b b b The December 31, 2014 balance sheet of Jensen Company showed Equipment of $76,000 and Accumulated Depreciation of $18,000. On January 1, 2015, the

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Acct 229 Test 1

Your friend, Dean, has opened a movie theater. Dean states that he does not have time to develop and implement a system of internal controls. a. Provide Dean with the objectives of a system of internal controls. b. Explain to Dean why he should develop a system of internal controls. Answer: a. The objectives

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Acct 229 Test 1 A Journal

A journal provides a. the balances for each account. b. information about a transaction in several different places. c. a list of all accounts used in the business. d. a chronological record of transactions. Answer: d d d An increase in an expense a. increases revenues. b. increases assets. c. decreases liabilities. d. decreases stockholders' equity. Answer: D D D The accounting for warranty cost is based

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ACCT 232

Which of the following items will increase inventoriable costs for the buyer of goods? a. Purchase returns and allowances granted by the seller b. Purchase discounts taken by the purchaser c. Freight charges paid by the seller d. Freight charges paid by the purchaser Answer: D D D Present value is based on a. the dollar amount to be received. b.

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ACCT 235 Final

The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: The entry to close the expense accounts includes a a. debit to Income Summary for $1,300. b. credit to Rent Expense for $1,500. c. credit to Income Summary for $5,700. d. debit to Salaries and Wages Expense for

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Acct 238 Midterm 2

A segregation of duties among employees eliminates the possibility of collusion. Answer: F F F A company may use more than one inventory costing method concurrently. Answer: T T T A change in the estimated salvage value of a plant asset requires a restatement of prior years' depreciation. Answer: F F F Under the cost method, Treasury Stock is debited at the price paid to

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ACCT 243 Test

A capital lease requires the lessee to record the lease as a purchase of an asset. Answer: T T T The residual claim on total assets of a business is known as ________________ and is equal to total assets minus total liabilities. Answer: stockholders' equity stockholders' equity stockholders' equity Petersen Company received a letter from Jane Kimler, a customer.

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ACCT 251 Midterm 1

Adama Company reported a net loss of $6,000 for the year ended December 31, 2014. During the year, accounts receivable increased $15,000, merchandise inventory decreased $12,000, accounts payable decreased by $20,000, and depreciation expense of $12,000 was recorded. During 2014, operating activities a. used net cash of $17,000. b. used net cash

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Acct 260 Test 2

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Acct 271

Sales Returns and Allowances and Sales Discounts are both designed to encourage customers to pay their accounts promptly. Answer: F F F The adjustments on a worksheet can be posted directly to the accounts in the ledger from the worksheet. Answer: F F F Halpern Corporation is authorized to issue 1,000,000 shares of $3 par value common stock. During 2015,

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ACCT 271 Test 1

Allowance for Doubtful Accounts is a _____________ account which is ______________ from Accounts Receivable on the balance sheet. Answer: contra asset, deducted contra asset, deducted contra asset, deducted The fair value of a plant asset is always the same as its book value. Answer: F F F Owners' claims to total business assets take precedence over the claims of creditors

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Acct 285 Test 1 Profitability

Profitability ratios include a. times interest earned. b. inventory turnover. c. the payout ratio. d. the acid-test ratio. Answer: C C C The principles of internal control activities are used in the a. U.S. but not globally. b. internationally but not in the U.S. c. in the U.S. and Canada but not globally. d. globally. Answer: D D D Treasury stock is generally accounted for

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Acct 292

Sales Returns and Allowances is increased when a. an employee does a good job. b. goods are sold on credit. c. goods that were sold on credit are returned. d. customers refuse to pay their accounts. Answer: C C C An account will have a credit balance if the a. credits exceed the debits. b. first transaction entered was a credit. c.

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Acct 296 Homework

A separate paid-in capital account is used to record each of the following except the issuance of a. no-par stock. b. par value stock. c. stated value stock. d. treasury stock above cost. Answer: a a a The following exhibit is for Kmart bonds. The contractual interest rate of the K mart bonds is a. greater than the market interest rate. b.

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Acct 304 Homework

The balance in the Unrealized Gain or Loss'Equity account will a. appear on the balance sheet as a contra asset. b. appear on the income statement under Other Expenses and Losses. c. appear as a deduction in the stockholders' equity section. d. not be shown on the financial statements until the securities are sold. Answer: c c c All

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ACCT 326 Final

Roxy Inc. issues a $1,500,000, 10%, 10-year mortgage note on December 31, 2015, to obtain financing for a new building. The terms provide for semiannual installment payments of $122,643. Instructions Prepare the entry to record the mortgage loan on December 31, 2015, and the first installment payment. Answer: The process of excluding intercompany transactions

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ACCT 328 Quiz

In horizontal analysis, if an item has a negative amount in the base year, and a positive amount in the following year, no percentage change for that item can be computed. Answer: T T T Handel Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: Answer: An adjusting entry

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ACCT 331 Midterm

In the stockholders' equity section of the balance sheet, the classification of capital stock consists of a. additional paid-in capital and common stock. b. common stock and treasury stock. c. common stock, preferred stock, and treasury stock. d. common stock and preferred stock. Answer: d d d Presley Supply Co. has the following transaction related to notes receivable during

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ACCT 353 Final

Financial Accounting 9th Edition

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Acct 361 Test 1

The ledger accounts given below, with an identification number for each, are used by Kiner Company which uses perpetual inventory methods. Instructions: Prepare appropriate entries for the month of August by placing the appropriate identification number(s) in the debit and credit columns provided and the dollar amounts pertaining to each account

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Acct 399 Midterm

Which of the following time periods would not be referred to as an interim period? a. Monthly b. Quarterly c. Semi-annually d. Annually Answer: d d d A company just starting business made the following four inventory purchases in June: A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the average-cost

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ACCT 413 Midterm 2

Under the cost method, dividends received from an investee company are credited to the _______________ account, whereas under the equity method, dividends received from an investee company are credited to the _______________ account. Answer: Dividend Revenue, Stock Investments Dividend Revenue, Stock Investments Dividend Revenue, Stock Investments Identify which principle of internal control is being followed

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Acct 420 Delta72 Company Received

Delta72 Company received a cash advance of $700 from a customer. As a result of this event, a. assets increased by $700. b. stockholders' equity increased by $700. c. liabilities decreased by $700. d. assets and stockholders' equity increased by $700. Answer: a a a When a worksheet is used, all but one of the following statements is correct.

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Acct 424 Test 1

The balance in the Prepaid Rent account before adjustment at the end of the year is $21,000, which represents three months' rent paid on December 1. The adjusting entry required on December 31 is to a. debit Rent Expense, $7,000; credit Prepaid Rent, $7,000. b. debit Rent Expense, $14,000; credit Prepaid Rent

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Acct 427

Consistency in accounting means that a company uses the same accounting principles from one accounting period to the next accounting period. Answer: T T T On April 1, Sign Company buys 4,000 shares of Polk common stock for $61,500. On October 1, Sign sells 1,000 shares of Polk stock for $20,500.. Instructions Prepare journal entries for the

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Acct 432 Quiz

If a corporation distributes cash to its stockholders, then a. there has been a violation of accounting principles. b. stockholders' equity will increase. c. stockholders' equity will decrease. d. there will be a new liability showing the stockholders owes money to the business. Answer: c c c Cross-footing a cash receipts journal means a. the equality of debits and credits

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Acct 437

A company purchased a delivery truck on January 1, 2014, for $18,000. It is estimated that the delivery truck will have a $4,000 salvage value at the end of its 5-year useful life. If the company recorded depreciation expense of $2,800 for the year 2015 on the delivery truck, the

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ACCT 440 Quiz 1

Bates Company has a $300,000 balance in Accounts Receivable and a $1,000 debit balance in Allowance for Doubtful Accounts. Credit sales for the period totaled $1,800,000. What is the amount of the bad debt adjusting entry if Bates uses a percentage of receivables basis at 5%? a. $15,000 b. $14,000 c. $16,000 d. $15,050 Answer: C C C The

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Acct 444

The basic accounting equation may be expressed as a. Assets = Equities. b. Assets ' Liabilities = Stockholders' Equity. c. Assets = Liabilities + Stockholders' Equity. d. All of these answers are correct. Answer: d d d A small stock dividend is defined as a. less than 30% but greater than 25% of the corporation's issued stock. b. between 50% and

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Acct 445 Midterm 2

Dividends in arrears on cumulative preferred stock are considered a liability. Answer: F F F Dolan Company exchanges equipment with Eaton Company and Pawnee Company exchanges equipment with Fiero Company. The following information pertains to the exchanges: Instructions Prepare the journal entries to record the exchanges on the books of Dolan Company and Pawnee Company. The transaction has

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ACCT 448

The _________________ basis of estimating uncollectibles normally results in the best approximation of _______________ value and therefore emphasizes balance sheet relationships. Answer: percentage-of-receivables, cash realizable percentage-of-receivables, cash realizable percentage-of-receivables, cash realizable Cash registers are an important internal control device used in controlling over-the-counter receipts. Answer: T T T A new sales representative, Jiggs Lucero, has just received his copy of

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ACCT 482 Midterm

Haven Company uses the percentage of sales method for recording bad debt expense. For the year, cash sales are $600,000 and credit sales are $2,700,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Haven Company make to record the bad debt expense? Answer: BSolution: $2,700,000 .01

Financial Accounting 9th Edition

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ACCT 497

The following information pertains to Rural Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. What is the return on common stockholders' equity for Rural? a. 4.8% b. 8% c. 37.5% d. 16% Answer: bSolution: $16,000 $200,000 8% bSolution: $16,000 $200,000 8% b Solution: $16,000 $200,000

Financial Accounting 9th Edition

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Acct 499 Quiz 1

The following terms relate to the fundamental qualities of useful information. Match the key letter of the correct term with the descriptive statement below. _____ 1> Accounting information that is not biased toward one position or another. _____ 2> Providing information before it loses its capacity to influence decision. _____ 3> Independent measures, using

Financial Accounting 9th Edition

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ACCT 506 Quiz 3

Crawford Company has total proceeds (before segregation of sales taxes) from sales of $7,155. If the sales tax is 6%, the amount to be credited to the account Sales Revenue is: a. $7,155. b. $6,726. c. $7,584. d. $6,750. Answer: DSolution: $7,155/(1 + .06) $6,750 DSolution: $7,155/(1 + .06) $6,750 D Solution: $7,155/(1 + .06) $6,750 If

Financial Accounting 9th Edition

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ACCT 523

A Sales Returns and Allowances account is not debited if a customer a. returns defective merchandise. b. receives a credit for merchandise of inferior quality. c. utilizes a prompt payment incentive. d. returns goods that are not in accordance with specifications. Answer: C C C Internal control consists of the plan of organization and all of the related methods

Financial Accounting 9th Edition

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ACCT 536 Midterm 2

Carson Packaging Corporation began business in 2015 by issuing 30,000 shares of $3 par common stock for $8 per share and 12,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $12. On its December 31, 2015 balance sheet, Carson

Financial Accounting 9th Edition

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ACCT 544 Midterm 2

The following information was available for Pete Company at December 31, 2015: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $984,000; and sales $1,350,000. Pete's inventory turnover in 2015 was a. 10.9 times. b. 12.3 times. c. 14.1 times. d. 16.9 times. Answer: BSolution: $984,000 [($90,000 + $70,000) 2] = 12.3 BSolution: $984,000 [($90,000

Financial Accounting 9th Edition

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ACCT 560 Quiz 3

In accounting for stock investments of less than 20%, the equity method is used. Answer: F F F Indicate whether the following items would appear on the balance sheet (BS), income statement (IS), or retained earnings statement (RE). 1> Advertising expense 2> Accounts receivable 3> Dividends 4> Rent revenue 5> Salaries and wages payable 6> Supplies Answer: Calculating financial ratios is a financial

Financial Accounting 9th Edition

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Acct 568

The closing entry process consists of closing a. all asset and liability accounts. b. out the retained earnings account. c. all permanent accounts. d. all temporary accounts. Answer: D D D Prior period adjustments are reported a. in the footnotes of the current year's financial statements. b. on the current year's balance sheet. c. on the current year's income statement. d. on the

Financial Accounting 9th Edition

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Acct 575 Quiz 2

Anne Company has total cash register receipts of $39,690. This total includes a 5% sales tax. The entry to record the receipts will include a a. debit to Sales Tax Expense for $1,890. b. credit to Sales Revenue for $36,690. c. credit to Sales Taxes Payable for $1,986. d. credit to Sales Taxes Payable

Financial Accounting 9th Edition

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ACCT 577 Quiz

Corporations invest excess cash for short periods of time in each of the following except a. equity securities. b. highly liquid securities. c. low-risk securities. d. government securities. Answer: a a a Liabilities are generally classified on a balance sheet as a. small liabilities and large liabilities. b. present liabilities and future liabilities. c. tangible liabilities and intangible liabilities. d. current liabilities and

Financial Accounting 9th Edition

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Acct 583 Midterm 1

A corporation must be incorporated in each state in which it does business. Answer: F F F The times interest earned ratio is computed by dividing net income by interest expense. Answer: F F F A finance company or bank that purchases receivables from businesses is known as a ______________. Answer: factor factor factor When an entire business is purchased, goodwill is the excess of

Financial Accounting 9th Edition

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Acct 591 Test 2

Sarah Denny purchased an investment for $40,260.48. From this investment, she will receive $6,000 annually for the next 10 years starting one year from now. What rate of interest will Sarah be earning on her investment? Answer: Use Table 4.8%$40,260.48 $6,000 = 6.71008 (10 periods and 8%) = 6.71008 Use Table 4.8%$40,260.48

Financial Accounting 9th Edition

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Acct 594

Match the following external users of financial accounting information with the type of decision that user will make with the information. a. Creditor b. Investor c. Regulatory Agency d Internal Revenue Service _______ (1) Is the company operating within prescribed guidelines? _______ (2) Is the company complying with tax laws? _______ (3) Is the company able to

Financial Accounting 9th Edition

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Acct 602 Quiz 1

On October 1, Steve's Carpet Service borrows $350,000 from First National Bank on a 3-month, $350,000, 8% note. The entry by Steve's Carpet Service to record payment of the note and accrued interest on January 1 is Answer: BSolution: $350,000 .08 3/12 $7,000 BSolution: $350,000 .08 3/12 $7,000 B Solution: $350,000 .08 3/12

Financial Accounting 9th Edition

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ACCT 604 Quiz 2

Under a perpetual inventory system, the cost of goods sold is determined each time a sale occurs. Answer: T T T Goodwill is not recognized in accounting unless it is acquired from purchasing another business enterprise. Answer: T T T Bell Food Store developed the following information in recording its bank statement for the month of March. ''''''''''''''''''''''''''''''''''''''' (1) Checks written in March

Financial Accounting 9th Edition

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ACCT 633 Midterm 2

Transactions are initially recorded in the a. general ledger. b. trial balance. c. general journal. d. balance sheet. Answer: C C C Horton Company uses four special journals, (cash receipts, cash payments, sales, and purchases journal) in addition to a general journal. On November 1, 2015, the control accounts in the general ledger had the following balances: Cash

Financial Accounting 9th Edition

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Acct 638

Each of the following decreases total stockholders' equity except a a. cash dividend. b. liquidating dividend. c. stock dividend. d. All of these decrease total stockholders' equity. Answer: c c c Equipment that cost $420,000 and on which $200,000 of accumulated depreciation has been recorded was disposed of for $180,000 cash. The entry to record this event would include

Financial Accounting 9th Edition

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Acct 638 Midterm 2

On January 2, 2012, Porter Corporation issued 30,000 shares of 5% cumulative preferred stock at $100 par value. On December 31, 2015, Porter Corporation declared and paid its first dividend. What dividends are the preferred stockholders entitled to receive in the current year before any distribution is made to common

Financial Accounting 9th Edition

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Acct 645 Final

In calculating depreciation, both plant asset cost and useful life are based on estimates. Answer: F F F The dividends account is a permanent account whose balance is carried forward to the next accounting period. Answer: F F F Using the cash payments journal above, identify each of the posting references indicated by a letter, as representing: (1) a posting to

Financial Accounting 9th Edition

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Acct 659 Midterm 2

During the year, Salaries Payable decreased by $5,000. If Salary Expense amounted to $174,000 for the year, the cash paid to employees (including deductions from gross pay) is a. $179,000. b. $174,000. c. $169,000. d. $184,000. Answer: aSolution; $5,000 $174,000 $179,000 aSolution; $5,000 $174,000 $179,000 a Solution; $5,000 $174,000 $179,000 A statement of comprehensive income is presented

Financial Accounting 9th Edition

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ACCT 662 Final

Ordinary repairs should be recognized when incurred as revenue expenditures. Answer: T T T Give the definition of current assets and current liabilities and provide two examples of each. Answer: Current assets are assets that a company expects to convert to cash or use up within one year or its operating cycle, whichever is longer. Examples of

Financial Accounting 9th Edition

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Acct 665

Financial Accounting 9th Edition

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ACCT 689 Midterm 2

Which of the following is not true of the terms debit and credit? a. They can be abbreviated as Dr. and Cr. b. They can be interpreted to mean increase and decrease. c. They can be used to describe the balance of an account. d. They can be interpreted to mean left and right. Answer: b b b The

Financial Accounting 9th Edition

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ACCT 691 Quiz

Cost of goods sold is determined only at the end of the accounting period in a. a perpetual inventory system. b. a periodic inventory system. c. both a perpetual and a periodic inventory system. d. neither a perpetual nor a periodic inventory system. Answer: B B B English Company billed its customers a total of $1,785,000 for the month

Financial Accounting 9th Edition

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Acct 696 Quiz 2

Quayle Mining Company purchased land containing an estimated 15 million tons of ore at a cost of $4,200,000. The land without the ore is estimated to be worth $600,000. The company expects to operate the mine for 12 years. Buildings costing $600,000 are erected on the site and are expected to last

Financial Accounting 9th Edition

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Acct 698

Which of the following is an incorrect statement about a corporation? a. A corporation is an entity separate and distinct from its owners. b. Creditors ordinarily have recourse only to corporate assets in satisfaction of their claims. c. A corporation may be formed in writing, orally, or implied. d. A corporation is subject

Financial Accounting 9th Edition

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ACCT 700 Quiz 1

Which of the following items would not be identified if a contingent liability were disclosed in a financial statement note? a. The nature of the item b. The expected outcome of the future event c. A numerical probability of the expected loss d. The amount of the contingency, if known Answer: C C C The following information is available

Financial Accounting 9th Edition

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Acct 708 Final

Eneri Company's inventory records show the following data: A physical inventory on December 31 shows 4,000 units on hand. Eneri sells the units for $13 each. The company has an effective tax rate of 20%. Eneri uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at a.

Financial Accounting 9th Edition

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Acct 725 Midterm 2

Saira, Inc. has the following income statement (in millions): Using vertical analysis, what percentage is assigned to Cost of Goods Sold? a. 40% b. 60% c. 100% d. None of these answer choices are correct. Answer: bSolution: $180 $300 60% bSolution: $180 $300 60% b Solution: $180 $300 60% The receivable that is usually evidenced by a formal

Financial Accounting 9th Edition

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ACCT 729 Which Of The Following

Which of the following accounts is not included in the computation of net sales? a. Sales Discounts b. Sales c. Sales Returns and Allowances d. Freight Out Answer: D D D The information in a statement of cash flows will not help investors to assess the entity's ability to a. generate future cash flows. b. obtain favorable borrowing terms at a

Financial Accounting 9th Edition

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ACCT 761 Midterm

The calculation of depreciation using the declining balance method, a. ignores salvage value in determining the amount to which a constant rate is applied. b. multiplies a constant percentage times the previous year's depreciation expense. c. yields an increasing depreciation expense each period. d. multiplies a declining percentage times a constant book value. Answer: A A A Crawford Company

Financial Accounting 9th Edition

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ACCT 763 Final

The sale of receivables by a business a. indicates that the business is in financial difficulty. b. is generally the major revenue item on its income statement. c. is an indication that the business is owned by a factor. d. can be a quick way to generate cash for operating needs. Answer: D D D A measure of the

Financial Accounting 9th Edition

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Acct 767 Test

The entries in the Accounts Receivable Credit column of the cash receipts journal must be posted _______________ to the accounts in the accounts receivable subsidiary ledger and in _______________ to the control account in the general ledger. Answer: individually, total individually, total individually, total Identify the accounts to be debited and credited for each of

Financial Accounting 9th Edition

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ACCT 770

An expense is recorded under the cash basis only when a. services are performed. b. it is earned. c. cash is paid. d. it is incurred. Answer: c c c Which one of the following would not cause a bank to debit a depositor's account? a. Bank service charge b. Collection of a note receivable c. Wiring of funds to other locations d.

Financial Accounting 9th Edition

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Acct 770 Midterm

A truck that cost $72,000 and on which $60,000 of accumulated depreciation has been recorded was disposed of for $18,000 cash. The entry to record this event would include a a. gain of $6,000. b. loss of $6,000. c. credit to the Equipment account for $12,000. d. credit to Accumulated Depreciation for $60,000. Answer: ASolution: $18,000 ($72,000

Financial Accounting 9th Edition

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ACCT 772

Jose Reynolds deposited $10,000 in an account paying interest of 4% compounded annually. What amount will be in the account at the end of 4 years? Answer: Use Table 1.$10,000 1.16986 (4 periods and 4%) = $11,698.60 Use Table 1.$10,000 1.16986 (4 periods and 4%) = $11,698.60 Use Table 1. $10,000 1.16986 (4 periods and

Financial Accounting 9th Edition

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ACCT 775 Quiz 3

The accounts payable subsidiary ledger provides detailed information about amounts owed to creditors. Answer: T T T The future value of a single amount is the value at a future date of a given amount invested now, assuming compound interest. Answer: T T T If a retailer accepts a national credit card such as Visa, the retailer must maintain detailed

Financial Accounting 9th Edition

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Acct 777

If stock is issued in exchange for noncash assets, the assets should be valued at the ____________________ of the consideration ___________________ or the assets ____________________, whichever is more clearly evident. Answer: fair value, given up, received fair value, given up, received fair value, given up, received If a worksheet is used, financial statements can be

Financial Accounting 9th Edition

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Acct 817 Quiz

During July, the following purchases and sales were made by Big Dan Company. There was no beginning inventory. Big Dan Company uses a perpetual inventory system. Under the FIFO method, the cost of goods sold for each sale is: Answer: BSolution: (40 $12) + [(50 40) $13] = $610; 20 $13 = $260

Financial Accounting 9th Edition

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ACCT 818

The accounts receivable turnover is calculated by dividing _________________ by average ___________________. Answer: net credit sales, net accounts receivables net credit sales, net accounts receivables net credit sales, net accounts receivables The gross profit method is based on the assumption that the rate of gross profit remains constant from one year to the next. Answer: T T T Transactions for

Financial Accounting 9th Edition

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ACCT 818 Quiz 1

If a purchaser using a perpetual system agrees to freight terms of FOB shipping point, then the a. Inventory account will be increased. b. Inventory account will not be affected. c. seller will bear the freight cost. d. carrier will bear the freight cost. Answer: A A A After the adjusting entries are journalized and posted to the accounts

Financial Accounting 9th Edition

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Acct 825 Midterm 1

On September 5, Borton Corporation acquired 2,500 shares of its own $1 par common stock for $22 per share. On October 15, 1,000 shares of the treasury stock is sold for $25 per share. Instructions Journalize the purchase and sale of the treasury stock assuming that the company uses the cost method. Answer: Using

Financial Accounting 9th Edition

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ACCT 826

The information needs of a specific user of financial accounting information depends upon the kinds of decisions that user makes. Identify the major users of accounting information and discuss what questions financial accounting information answers for each group of users. Answer: The major users of accounting information are internal users and external

Financial Accounting 9th Edition

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Acct 831 Test

The process of excluding intercompany transactions in preparing consolidated statements is referred to as intercompany eliminations. Answer: T T T At the end of an accounting period, all revenue and expense accounts are closed to a temporary account called ______________. Answer: Income Summary Income Summary Income Summary Gains and losses are not recognized when convertible bonds are converted into common

Financial Accounting 9th Edition

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ACCT 839 Quiz 1

Using the following information: During 2015, sales on account were $145,000 and collections on account were $100,000. Also during 2015, the company wrote off $4,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectible accounts should be estimated at $40,000. The change in the cash realizable

Financial Accounting 9th Edition

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Acct 843 Midterm 1

Which one of the following would not be considered an advantage of the corporate form of organization? a. Limited liability of owners b. Separate legal existence c. Continuous life d. Government regulation Answer: d d d On January 1, Soft Corporation had 80,000 shares of $10 par value common stock outstanding. On June 17, the company declared a 10%

Financial Accounting 9th Edition

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Acct 847 Test 1

Eaton Company's ledger at the end of the current year shows Accounts Receivable of $150,000. Instructions a. If Allowance for Doubtful Accounts has a credit balance of $4,400 in the trial balance and bad debts are expected to be 10% of accounts receivable, journalize the adjusting entry for the end of the period. b.

Financial Accounting 9th Edition

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ACCT 853 Quiz 1

Farris Company borrowed $800,000 from BankTwo on January 1, 2014 in order to expand its mining capabilities. The five-year note required annual payments of $208,349 and carried an annual interest rate of 8.5%. What is the amount of expense Farris must recognize on its 2015 income statement? a. $68,000. b. $56,070. c. $43,127. d.

Financial Accounting 9th Edition

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ACCT 856 Quiz

At the time of acquisition of a debt investment, a. no journal entry is required. b. the historical cost principle applies. c. the Stock Investments account is debited when bonds are purchased. d. the Investment account is credited for its cost plus brokerage fees. Answer: b b b A merchandising company that sells directly to consumers is a a. retailer. b.

Financial Accounting 9th Edition

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ACCT 857

Stahl Consulting started the year with total assets of $60,000 and total liabilities of $15,000. During the year, the business recorded $48,000 in catering revenues and $30,000 in expenses. Stahl issued stock of $9,000 and paid dividends of $15,000 during the year. The net income reported by Stahl Consulting for the

Financial Accounting 9th Edition

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ACCT 858 Test

The steps in the preparation of a worksheet do not include a. analyzing documentary evidence. b. preparing a trial balance on the worksheet. c. entering the adjustments in the adjustment columns. d. entering adjusted balances in the adjusted trial balance columns. Answer: A A A The adjustments entered in the adjustments columns of a worksheet are a. not journalized. b. posted

Financial Accounting 9th Edition

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Acct 864 Midterm 2

Internal control is defined, in part, as a plan that safeguards a. all balance sheet accounts. b. assets. c. liabilities. d. capital stock. Answer: B B B The entry to record an installment payment on a long-term note payable is a. Mortgage Payable Cash b. Interest Expense Cash c. Mortgage Payable Interest Expense Cash d. Bonds Payable Cash Answer: C C C Mather Company purchased equipment on January 1, 2015 at a total

Financial Accounting 9th Edition

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ACCT 869

The acid-test (quick) ratio a. is used to quickly determine a company's solvency and long-term debt paying ability. b. relates cash, short-term investments, and net receivables to current liabilities. c. is calculated by taking one item from the income statement and one item from the balance sheet. d. is the same as the current

Financial Accounting 9th Edition

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ACT 100 Final

Additions and improvements to a plant asset that increase the asset's operating efficiency, productive capacity, or expected useful life are generally expensed in the period incurred. Answer: F F F Compute the net income for 2015 based on the following amounts presented on the adjusted trial balance of D-Lay Company. Answer: Dividends received are credited to what

Financial Accounting 9th Edition

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ACT 132 Homework

A corporation purchases 30,000 shares of its own $15 par common stock for $30 per share, recording it at cost. What will be the effect on total stockholders' equity? a. Increase by $450,000 b. Decrease by $900,000 c. Increase by $900,000 d. Decrease by $450,000 Answer: b b b Quagle Company had the following transactions pertaining to debt securities

Financial Accounting 9th Edition

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ACT 136 Midterm 1

Jim's Pharmacy has collected $600 in sales taxes during March. If sales taxes must be remitted to the state government monthly, what entry will Jim's Pharmacy make to show the March remittance? Answer: B B B Interest expense on a note payable is only recorded at maturity. Answer: F F F A lawyer collected $710 of legal fees in advance.

Financial Accounting 9th Edition

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ACT 144 Test 1

Cost of goods sold for the year amounted to $130,000, and during the year, accounts payable ______________ by $9,000 and inventory ______________ by $5,000 resulting in cash paid to suppliers of $116,000. Answer: increased, decreased increased, decreased increased, decreased Richter Company sells merchandise on account for $2,500 to Lynch Company with credit terms of 3/10,

Financial Accounting 9th Edition

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ACT 162 At June 30 Yaddof Company

At June 30, Yaddof Company has the following bank information: cash balance per bank $1,800; outstanding checks $340; deposits in transit $275; credit memo for interest $75; bank service charge $10. What is Mareska's adjusted cash balance on June 30? a. $1,735 b. $1,800 c. $1,810 d. $1,865 Answer: ASolution: $1,800 ' $340 + $275 =

Financial Accounting 9th Edition

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ACT 178

Sales taxes collected by a retailer are expenses a. of the retailer. b. of the customers. c. of the government. d. that are not recognized by the retailer until they are submitted to the government. Answer: B B B On January 1, 2014, Gene Corp. paid $800,000 for 100,000 shares of Onofine Company's common stock, which represents 30% of

Financial Accounting 9th Edition

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ACT 183 Midterm 2 A Typical

A typical investment to house excess cash until needed is a. stocks of companies in a related industry. b. debt securities. c. low-risk, highly liquid securities. d. stock securities. Answer: c c c Bacher Company developed the following reconciling information in preparing its September bank reconciliation: Using the above information, determine the cash balance per books (before adjustments) for the

Financial Accounting 9th Edition

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ACT 206

Regular dividends are declared out of a. Paid-in Capital in Excess of Par. b. Treasury Stock. c. Common Stock. d. Retained Earnings. Answer: d d d The following information pertains to Rural Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. What is the return on assets for

Financial Accounting 9th Edition

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ACT 215 Test 1

If stock is issued in exchange for noncash assets, the assets should be valued at the ____________________ of the consideration ___________________ or the assets ____________________, whichever is more clearly evident. Answer: fair value, given up, received fair value, given up, received fair value, given up, received Retained earnings that are restricted are unavailable for dividends. Answer: T T T On

Financial Accounting 9th Edition

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ACT 241 Quiz

On January 1, 2014, Gene Corp. paid $800,000 for 100,000 shares of Onofine Company's common stock, which represents 30% of Onofine s outstanding common stock. Onofine reported net income of $200,000 and paid cash dividends of $60,000 during 2014. Gene should report the investment in Onofine Company on its December

Financial Accounting 9th Edition

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ACT 242 Final

Horizontal analysis (trend analysis) percentages for Staas Company's sales, cost of goods sold, and expenses are listed here. Instructions Explain whether Staas' net income increased, decreased, or remained unchanged over the 3-year period. Answer: Comparing the percentages presented results in the following conclusions: The net income for Staas increased in 2015 because of the

Financial Accounting 9th Edition

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ACT 251 Test 2

On the statement of cash flows worksheet, a. significant noncash investing and financing activities are not entered in the reconciling columns. b. a decrease in cash will be offset by a debit in the reconciling items columns at the bottom of the worksheet. c. an increase in cash will be offset by a

Financial Accounting 9th Edition

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ACT 318 Quiz 1

Patton Company bought real estate, on which there was an old office building, for $500,000. It paid $50,000 in cash as a down payment and signed a 10% mortgage for the remainder. It immediately had the old building razed at a net cost of $35,000. Attorneys were paid $6,000 in

Financial Accounting 9th Edition

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ACT 332 Quiz 1

The information to prepare the statement of cash flows usually comes from each of the following except a. the comparative balance sheet. b. the prior year's income statement. c. additional information. d. the current income statement. Answer: b b b Which one of the following transactions does not affect cash? a. Acquisition and retirement of bonds payable b. Write-off of

Financial Accounting 9th Edition

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ACT 355 Test 1

Mt. Zion Inc. pays its employees twice a month, on the 7thand the 21st. On June 21, Mt. Zion Inc. paid employee salaries of $5,000. This transaction would a. increase stockholders' equity by $5,000. b. decrease the balance in Salaries and Wages Expense by $5,000. c. decrease net income for the month by $5,000. d.

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ACT 363 Test 2

Ranier Company is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. If Ranier issues 5,000 shares of preferred stock for land with an asking price of $575,000 and a market value of

Financial Accounting 9th Edition

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ACT 397 Test 2

In 2015, Warehouse 13 had net credit sales of $750,000. On January 1, 2015, Allowance for Doubtful Accounts had a credit balance of $16,000. During 2015, $29,000 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 10% of the balance in receivables (percentage of receivable

Financial Accounting 9th Edition

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ACT 407

Which one of the following accounts is not closed at the end of an accounting period? a. Retained Earnings account b. Dividends account c. Service Revenue account d. Insurance Expense account Answer: A A A Sandra Sikes sells exercise machines for home use. The machines carry a 2-year warranty. Past experience indicates that 5% of the units sold

Financial Accounting 9th Edition

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ACT 419 Test 1

The ___________________ is calculated by dividing net sales by average total assets. Answer: asset turnover asset turnover asset turnover Phast Express specializes in the overnight transportation of medical equipment and laboratory specimens. The company has selected the following information from its most recent annual report to be the subject of an immediate press release. The financial

Financial Accounting 9th Edition

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ACT 426 Quiz 2

What is the effect on total paid-in capital of a stock dividend and a stock split, respectively? Answer: A A A A change in the estimated useful life of a plant asset may cause a change in the amount of depreciation recognized in the current and future periods, but not to prior periods. Answer: T T T Times interest earned

Financial Accounting 9th Edition

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ACT 439 Quiz 2

Ford Co. uses a periodic inventory system. Its records show the following for the month of May, in which 75 units were sold. Instructions Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each

Financial Accounting 9th Edition

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ACT 474 Final

Why is it important to report discontinued operations separately from income from continuing operations? Answer: Buffalo Tom Cruises purchased a five-year insurance policy for its ships on April 1, 2015 for $60,000. Assuming that April 1 is the effective date of the policy, the adjusting entry on December 31, 2015 is Answer: bSolution: ($60,000 5)

Financial Accounting 9th Edition

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ACT 493 Test

Match the basic step in the recording process described by each of the following statements. A. Analyze each transaction B. Enter each transaction in a journal C. Transfer journal information to ledger accounts ____ 1> This step is called posting. ____ 2> Business documents are examined to determine the effects of transactions on the accounts. ____

Financial Accounting 9th Edition

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ACT 508 Final

Bond discount should be amortized to comply with a. the historical cost principle. b. the matching principle. c. the revenue recognition principle. d. conservatism. Answer: B B B A reversing entry a. reverses entries that were made in error. b. is the exact opposite of an adjusting entry made in a previous period. c. is made when a business disposes of an

Financial Accounting 9th Edition

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ACT 544 Shortterm Receivables Are

Short-term receivables are reported in the current assets section before temporary investments. Answer: F F F The worksheet for Gibler Rental Company appears below. Using the adjustment data below, complete the worksheet. Add any accounts that are necessary. Adjustment data: [a] Prepaid rent expired during August, $3. [b] Depreciation expense on equipment for the month of August, $8. [c]

Financial Accounting 9th Edition

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ACT 548

The adjusted trial balance is prepared a. after financial statements are prepared. b. before the trial balance. c. to prove the equality of total assets and total liabilities. d. after adjusting entries have been journalized and posted. Answer: d d d The daily cash count of cash register receipts made by department supervisors is an example of a. other controls. b.

Financial Accounting 9th Edition

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ACT 627 Quiz 2

Blank checks a. should be safeguarded. b. should be pre-signed. c. do not need to be safeguarded since they must be signed to be valid. d. should not be prenumbered. Answer: A A A For companies that use a perpetual inventory system, all of the following are purposes for taking a physical inventory except a. to check the accuracy

Financial Accounting 9th Edition

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ACT 671 Quiz 1

Fitzgerald Company wrote checks totaling $34,160 during October and $37,300 during November. $32,480 of these checks cleared the bank in October, and $36,440 cleared the bank in November. What was the amount of outstanding checks on November 30? a. $2,860 b. $1,680 c. $2,540 d. $3,140 Answer: CSolution: $34,160 + $37,300 ' ($36,440 + $32,480) =

Financial Accounting 9th Edition

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ACT 698

Which of the following statements concerning taxation is accurate? a. Partnerships pay state income taxes but not federal income taxes. b. Corporations pay federal income taxes but not state income taxes. c. Corporations pay federal and state income taxes. d. Only the owners must pay taxes on corporate income. Answer: c c c In developing the cash flows from

Financial Accounting 9th Edition

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ACT 715 Quiz 3

Double Nickels Company purchased equipment for $9,000 on January 1, 2015. The company expects to use the equipment for 3 years. It has no salvage value. Monthly depreciation expense on the asset is a. $0. b. $250. c. $3,000. d. $9,000. Answer: bSolution: ($9,000 3) 12 $250 bSolution: ($9,000 3) 12 $250 b Solution: ($9,000 3) 12

Financial Accounting 9th Edition

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ACT 723 Test 2

Greyhound Stables, Inc. operates several dog racing tracks throughout the United States. Since most facilities are outdoor tracks only, most of the cash receipts for Greyhound are received from April through October. These funds are usually invested in short-term, very liquid investments, such as stocks and bonds. Among the stocks

Financial Accounting 9th Edition

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ACT 729 Test 1

Operating expenses are different for merchandising and service enterprises. Answer: F F F With the exception of land, plant assets experience a ______________ in service potential over their useful lives. Answer: decline decline decline Gross profit rate is computed by dividing cost of goods sold by net sales. Answer: F F F If a company deposits all its receipts in the bank and pays all

Financial Accounting 9th Edition

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ACT 737 Test 1

On March 31, 2015, $6,000,000 of 6%, 10-year bonds payable, dated December 31, 2014, are issued. Interest on the bonds is payable semiannually each June 30 and December 31. The total amount received (including accrued interest) by the issuing corporation is $6,072,000. Which of the following is correct? a. The bonds

Financial Accounting 9th Edition

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ACT 748 Quiz 3

The number of years of income statement information to be presented is a. 2 years under both GAAP and IFRS. b. 3 years under both GAAP and IFRS. c. 2 years under GAAP and 3 years under IFRS. d. 3 years under GAAP and 2 years under IFRS. Answer: DPresented here are the components in Bradley

Financial Accounting 9th Edition

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ACT 753 Quiz 3

Under IFRS, companies can choose which inventory system? Answer: C C C All major financing and investing activities affect cash. Answer: F F F Cash which is restricted for a specific use should be separately reported. Answer: T T T NMadisun Company issued common stock for proceeds of $20,000 during 2014. The company paid dividends of $5,000. The company also issued a long-term note payable

Financial Accounting 9th Edition

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ACT 772 Homework

Moroni Industries has the following inventory information. Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis? a. $11,500 b. $11,520 c. $33,960 d. $33,980 Answer: ASolution: 40 + 240 + 120 (160 + 140) = 100; 100 $115 = $11,500 ASolution: 40 + 240 + 120

Financial Accounting 9th Edition

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ACT 789 Test 1

Transactions that affect inventories on hand have an effect on both the balance sheet and the income statement. Answer: T T T Free _______________ equals cash provided by operations less capital expenditures and cash dividends. Answer: cash flow cash flow cash flow S. Lamar performed legal services for E. Garr. Due to a cash shortage, an agreement was reached whereby

Financial Accounting 9th Edition

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ACT 800

An asset that cannot be sold individually in the market place is a. a patent. b. goodwill. c. a copyright. d. a trade name. Answer: B B B Under IFRS, comprehensive income may be displayed (reported) in a. the equity section of the statement of financial position. b. the one-statement or the two-statement approach. c. two-statement approach only. d. the retained earnings statement. Answer: b b b Shown

Financial Accounting 9th Edition

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ACT 847 Test 1

On a classified balance sheet, inventory is classified as a. an intangible asset. b. property, plant, and equipment. c. a current asset. d. a long-term investment. Answer: C C C The usual sequence of steps in the transaction recording process is: a. journal --> analyze --> ledger. b. analyze --> journal --> ledger. c. journal --> ledger --> analyze. d. ledger --> journal

Financial Accounting 9th Edition

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ACT 855

The subtotal net assets is used in a. both GAAP and IFRS. b. GAAP but not IFRS. c. IFRS but not GAAP. d. neither IFRS nor GAAP. Answer: C C C Interest may be included in the acquisition cost of a plant asset a. during the construction period of a self-constructed asset. b. if the asset is purchased on credit. c. if

Financial Accounting 9th Edition

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MET MG 100 Homework

Under a perpetual inventory system, inventory shrinkage and lost or stolen goods are more readily determined. Answer: T T T The entries in the Accounts Receivable Credit column of the cash receipts journal must be posted _______________ to the accounts in the accounts receivable subsidiary ledger and in _______________ to the control account in the

Financial Accounting 9th Edition

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MET MG 100 Test 2

Indicate where the purchase of land for cash would appear, if at all, on the indirect statement of cash flows. a. Operating activities section b. Investing activities section c. Financing activities section d. Does not represent a cash flow Answer: b b b The accountant at Cedric Company has determined that income before income taxes amounted to $7,000 using

Financial Accounting 9th Edition

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MET MG 141

In computing the present value of an annuity, it is not necessary to know the number of discount periods. Answer: F F F Expressing an opinion as to the fairness of the information presented in financial statements is a service performed by CPAs. Answer: T T T The information needs of a specific user of financial accounting information depends upon

Financial Accounting 9th Edition

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MET MG 145 Quiz 2

Restricted retained earnings are available for preferred stock dividends but unavailable for common stock dividends. Answer: F F F A subsidiary ledger is a group of control accounts which provides information to the managers for controlling the operation of the company. Answer: F F F Answer: The income statement of Fezzik's Shoe Repair is as follows: On April 1, the Retained Earnings

Financial Accounting 9th Edition

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MET MG 157 Test

Management of a business enterprise is the major external user of information. Answer: F F F Recognition of depreciation permits the accumulation of cash for the replacement of the asset. Answer: F F F If an acquired franchise or license has an indefinite life, the cost of the asset is not amortized. Answer: T T T The cost of goods purchased during a period plus the

Financial Accounting 9th Edition

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MET MG 160

If the sum of the debit column equals the sum of the credit column in a trial balance, it indicates a. no errors have been made. b. no errors can be discovered. c. that all accounts reflect correct balances. d. the mathematical equality of the accounting equation. Answer: d d d The balance sheet presentation of an unrealized loss

Financial Accounting 9th Edition

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MET MG 166

Journal entries are required by the depositor for all of the following except a. collection of a note receivable. b. bank errors. c. bank service charges. d. an NSF check. Answer: B B B IFRS defines market for lower-of-cost-or market as a. net realizable value. b. estimated selling price in the ordinary course of business. c. replacement cost. d. replacement cost less

Financial Accounting 9th Edition

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MET MG 169 Homework

Goodwill is not recognized in accounting unless it is acquired from purchasing another business enterprise. Answer: T T T Personnel who handle cash receipts should have the option of taking a vacation or not. Answer: F F F Garth Company sold goods on account to Kyle Enterprises with terms of 2/10, n/30. The goods had a cost of $600 and

Financial Accounting 9th Edition

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MET MG 195 Test 1

The general ledger of Link Company provides the following information: The company's net sales for the year was $2,200,000 and cost of goods sold amounted to $1,500,000. Instructions Compute the following: (a) Cash receipts from customers. (b) Cash payments to suppliers. Answer: (a) Cash receipts from customersSales + Decrease in Accounts Receivable$2,200,000 + $39,000 = $2,239,000(b) Cash

Financial Accounting 9th Edition

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MET MG 212 Midterm 2

After a transaction has been posted, the reference column in the journal should not be blank. Answer: T T T Boxer Corporation is issuing $800,000 of 8%, 5-year bonds when potential bond investors want a return of 10%. Interest is payable semiannually. The present value of 1 factors are 4%, .67556 and 5%, .6139 The

Financial Accounting 9th Edition

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MET MG 225 Midterm 1

English Company billed its customers a total of $1,785,000 for the month of November. The total includes a 5% state sales tax. Instructions (a) Determine the proper amount of revenue to report for the month. (b) Prepare the general journal entry to record the revenue and related liabilities for the month. Answer: (a) $1,785,000 1.05 =

Financial Accounting 9th Edition

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MET MG 232 Quiz 3

On January 2, 2015, Parr Company purchased 100% of the common stock of Sneed Company for $420,000. The fair value of Sneed Company's assets and liabilities are equal to their book values except that land has a fair value of $120,000 and building have a fair value of $260,000. Instructions (a) Complete the

Financial Accounting 9th Edition

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MET MG 250

Postings are made daily to subsidiary ledgers so that a. employees are kept busy. b. debits equal credits. c. individual account information is kept current. d. the control account will balance to the subsidiary ledger. Answer: C C C An aging of a company's accounts receivable indicates that $14,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts

Financial Accounting 9th Edition

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MET MG 254

The current portion of long-term debt should a. be paid immediately. b. be reclassified as a current liability. c. be classified as a long-term liability. d. not be separated from the long-term portion of debt. Answer: B B B Eneri Company's inventory records show the following data: A physical inventory on December 31 shows 4,000 units on hand. Eneri sells

Financial Accounting 9th Edition

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MET MG 265 Quiz 1

In accordance with the historical cost principle, brokerage fees should be added to the cost of an investment. Answer: T T T Treasury stock purchased for $25 per share that is reissued at $20 per share, results in a Loss on Sale of Treasury Stock being recognized on the income statement. Answer: F F F The ledger accounts given below,

Financial Accounting 9th Edition

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MET MG 321 Midterm 1

If a company acquires a 40% common stock interest in another company, a. the equity method is usually applicable. b. all influence is classified as controlling. c. the cost method is usually applicable. d. the ability to exert significant influence over the activities of the investee does not exist. Answer: a a a Which of the following would be

Financial Accounting 9th Edition

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MET MG 336 Test 2

Which of the following presents key aspects of the process of accounting in the correct chronological order? a. Totaling, auditing, and budgeting b. Budgeting, recording, and communicating c. Recording, totaling, and auditing d. Identifying, recording, and communicating Answer: D D D Instructions: Present the solutions, with appropriate supporting calculations, for each of the following independent problems. A. Given the

Financial Accounting 9th Edition

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MET MG 341

Condensed financial data of Drake Company appear below: Additional information: 1> New plant assets costing $100,000 were purchased for cash in 2015. 2> Old plant assets costing $25,000 were sold for $10,000 cash when book value was $13,000. 3> Bonds with a face value of $40,000 were converted into $40,000 of common stock. 4> A

Financial Accounting 9th Edition

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MET MG 438 Test 1

Determine the interest on the following notes: (a) $2,000 at 6% for 90 days. (b) $900 at 9% for 5 months. (c) $3,000 at 8% for 60 days (d) $1,600 at 7% for 6 months Answer: (a) $30.00 ($2,000 .06 90/360)(b) $33.75 ($900 .09 5/12)(c) $40.00 ($3,000 .08 60/360)(d) $56.00 ($1,600 .07 6/12) (a) $30.00 ($2,000 .06

Financial Accounting 9th Edition

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MET MG 456 Quiz 1

The interest charged on a $50,000, 60-day note payable, at the rate of 6%, would be a. $3,000. b. $1,667. c. $750. d. $500. Answer: DSolution: $50,000 .06 60/360 $500 DSolution: $50,000 .06 60/360 $500 D Solution: $50,000 .06 60/360 $500 Adjusting entries are a. not necessary if the accounting system is operating properly. b. usually required before financial

Financial Accounting 9th Edition

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MET MG 488

If an investor owns between 20% and 50% of an investee's common stock, it is presumed that the investor has significant influence on the investee. Answer: T T T The book value of a plant asset is obtained by subtracting ______________ from the ______________ of the plant asset. Answer: accumulated depreciation, cost accumulated depreciation, cost accumulated depreciation, cost A plant

Financial Accounting 9th Edition

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MET MG 490 Midterm 1

Purchase Returns and Allowances and Purchase Discounts are subtracted from Purchases to produce net purchases. Answer: T T T The following data exists for Carley Company. Calculate the accounts receivable turnover and the average collection period for accounts receivable in days for 2015. Answer: Ford Co. uses a periodic inventory system. Its records show the following for the

Financial Accounting 9th Edition

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MET MG 532 Test

Cobb Company's accounting records show the following at the year ending on December 31, 2015: Using the periodic system, the cost of goods sold is a. $378,000. b. $383,000. c. $393,600. d. $404,200. Answer: BSolution: $47,000 + $402,000 $11,200 $12,800 + $15,600 $57,600 $383,000 BSolution: $47,000 + $402,000 $11,200 $12,800 + $15,600 $57,600 $383,000 B Solution: $47,000 +

Financial Accounting 9th Edition

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MET MG 537 Homework

To close net income to retained earnings, Income Summary is debited and Retained Earnings is credited. Answer: T T T Postings are generally made more frequently to the general ledger control accounts than to the individual accounts in the subsidiary ledgers. Answer: F F F At the time an asset is acquired, cost and fair value should be the same. Answer: T T T Allowance for

Financial Accounting 9th Edition

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MET MG 574 Midterm 1

Sales resulting from the use of Visa and MasterCard are considered ______________ by the retailer. Answer: cash sales cash sales cash sales The following information is available for Gordon Corporation: Instructions Based on the preceding information, calculate the book value per share. Answer: Book value per share = $10/sh. [$600,000 + $200,000 + $180,000 - $80,000] 90,000 Book value

Financial Accounting 9th Edition

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MET MG 588 Midterm

Which of the following show the proper effect of a stock split and a stock dividend? Answer: d d d Internal control over cash disbursements is more effective when payments are made by ______________, rather than by ______________. Answer: check, cash check, cash check, cash The financial information below was taken from the annual financial statements of Falls Company. Instructions Calculate the following

Financial Accounting 9th Edition

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MET MG 596 Quiz 3

The two optional steps in the accounting cycle are preparing a. a post-closing trial balance and reversing entries. b. a worksheet and post-closing trial balances. c. reversing entries and a worksheet. d. an adjusted trial balance and a post-closing trial balance. Answer: C C C The preparation of consolidated financial statements is useful to a. only the subsidiary company. b. creditors

Financial Accounting 9th Edition

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MET MG 623 Quiz 2

King Corporation had net income of $260,000 and paid dividends of $40,000 to common stockholders and $10,000 to preferred stockholders in 2015. King Corporation's common stockholders' equity at the beginning and end of 2015 was $870,000 and $1,130,000, respectively. There are 100,000 weighted-average shares of common stock outstanding. King Corporation's return

Financial Accounting 9th Edition

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MET MG 666 Midterm 1

Vertical and horizontal analyses are concerned with the format used to prepare financial statements. Answer: F F F In calculating depreciation, both plant asset cost and useful life are based on estimates. Answer: F F F Cash provided by operating activities fails to take into account that a company must invest in new fixed assets just to maintain its current level

Financial Accounting 9th Edition

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MET MG 679 Homework

The book value of an asset is equal to the a. asset's fair value less its historical cost. b. blue book value relied on by secondary markets. c. replacement cost of the asset. d. asset's cost less accumulated depreciation. Answer: D D D The use of IFRS results in more transactions affecting a. net income but not other comprehensive income. b.

Financial Accounting 9th Edition

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MET MG 701 Homework

A credit balance in retained earnings represents a. the amount of cash retained in the business. b. a claim on specific assets of the corporation. c. a claim on the aggregate assets of the corporation. d. the amount of stockholders' equity exempted from the stockholders' claim on total assets. Answer: c c c Copyrights are granted by the federal

Financial Accounting 9th Edition

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MET MG 715 Quiz 2

The economic entity assumption requires that the activities a. of different entities can be combined if all the entities are corporations. b. must be reported to the Securities and Exchange Commission. c. of a sole proprietorship cannot be distinguished from the personal economic events of its owners. d. of an entity be kept separate from

Financial Accounting 9th Edition

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MET MG 819

Tangible frauds include a. asset misappropriation. b. false pretenses. c. counterfeiting. d. all of the above. Answer: D D D Most companies that follow IFRS present balance sheet (statement of financial position) information in this order: a. current assets; investments; property, plant and equipment; intangible assets; current liabilities; long term liabilities; equity. b. intangible assets; property, plant and equipment; investments; current

Financial Accounting 9th Edition

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MET MG 836 Test

Profitability ratios are frequently used as a basis for evaluating management's operating effectiveness. Answer: T T T At June 1, 2015, Coquehcot Industries had an accounts receivable balance of $12,000. During the month, the company performed credit services of $30,000 and collected accounts receivable of $22,000. What is the balance in accounts receivable at June

Financial Accounting 9th Edition

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MET MG 837 Quiz 2

The end of the period account balances after adjustments of Dixon Cleaners and Laundry are as follows: Instructions Prepare the end of the period closing entries for Dixon Cleaners and Laundry. You may omit journal entry explanations. Answer: A prior period adjustment is reported as an adjustment of the beginning balance of Retained Earnings. Answer: T T T On

Financial Accounting 9th Edition

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MET MG 857 Midterm 2

A comparative balance sheet for Rocker Company appears below: Additional information: 1> Net income for the year ending December 31, 2015 was $35,000. 2> Cash dividends of $15,000 were declared and paid during the year. 3> Long-term investments that had a cost of $17,000 were sold for $14,000. 4> Sales for 2015 were $120,000. Instructions Prepare a

Financial Accounting 9th Edition

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MET MG 861 Quiz 2

Wilco Legal Eagles Company entered into the following transactions during March 2015. 1> Purchased office equipment for $23,000 from Business Equipment, Inc. on account. 2> Paid $3,000 cash for March rent on office furniture. 3> Received $15,000 cash from customers for legal work billed in February. 4> Provided legal services to Amy Construction Company for

Financial Accounting 9th Edition

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MET MG 863

The use of fair value to report assets a. is not allowed under GAAP or IFRS. b. is required by GAAP and IFRS. c. is increasing under GAAP and IFRS, but GAAP has adopted it more broadly. d. is increasing under GAAP and IFRS, but IFRS has adopted it more broadly. Answer: D D D From a liquidity standpoint,

Financial Accounting 9th Edition

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MET MG 879 Test

Under IFRS, equity investments are generally recorded and reported at a. amortized cost. b. fair value. c. original cost. d. maturity value. Answer: b b b Dividends are predominantly paid in a. earnings. b. property. c. cash. d. stock. Answer: c c c A company uses a sales journal, cash receipts journal, purchases journal, cash payments journal, and a general journal. A cash sales return would be recorded in

Financial Accounting 9th Edition

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MET MG 898 Final

Corporations invest in other companies for all of the following reasons except to a. house excess cash until needed. b. generate earnings. c. meet strategic goals. d. increase trading of the other companies' stock. Answer: d d d Use the following information to calculate for the year ended December 31, 2015 (a) net income, (b) ending retained earnings, and

Financial Accounting 9th Edition

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SMG AC 122 Test 1

Instructions: Place a check in the appropriate columns to designate whether each of the following accounts: (1) has a debit or credit normal balance; and (2) is an asset, liability, or stockholders' equity account. Answer: Accrued revenues are amounts recorded and received but not yet recognized. Answer: F F F The stockholders' equity section of Maria

Financial Accounting 9th Edition

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SMG AC 131

Shipping terms of FOB destination mean that the a. purchaser is responsible for the shipping charges. b. shipping charges are debited to Freight-Out. c. items should be in the purchaser's inventory account at year-end if the items are in transit. d. both (a) and (c) above. Answer: B B B On January 1, Collins Corporation had 800,000 shares of

Financial Accounting 9th Edition

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SMG AC 182 Final

A technique for evaluating financial statements that expresses the relationship among selected items of financial statement data is a. common size analysis. b. horizontal analysis. c. ratio analysis. d. vertical analysis. Answer: c c c Which of the following events cannot be quantified into dollars and cents and recorded as an accounting transaction? a. The appointment of a new CPA

Financial Accounting 9th Edition

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SMG AC 185

The board of directors of Moore Corporation is considering two plans for financing the purchase of new plant equipment. Plan #1 would require the issuance of $5,000,000, 6%, 20-year bonds at face value. Plan #2 would require the issuance of 100,000 shares of $5 par value common stock which is

Financial Accounting 9th Edition

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SMG AC 196 Midterm 2

Financial Accounting 9th Edition

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SMG AC 243

A correction in income of a prior period involves either a debit or credit to the Retained Earnings account. Answer: T T T Recording depreciation each period is an application of the expense recognition principle. Answer: T T T A corporation acts under its own name rather than in the name of its stockholders. Answer: T T T A 10% stock dividend is the equivalent

Financial Accounting 9th Edition

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SMG AC 273

The Dividends account is closed to the ______________ account at the end of the accounting period. Answer: Retained Earnings Retained Earnings Retained Earnings Working capital is current assets divided by current liabilities. Answer: F F F The accounts in the ledger of Ace Delivery Service contain ithe following balances on July 31, 2015. Instructions Prepare a trial balance with the accounts arranged

Financial Accounting 9th Edition

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SMG AC 278 Homework

Which of the following presents key aspects of the process of accounting in the correct chronological order? a. Totaling, auditing, and budgeting b. Budgeting, recording, and communicating c. Recording, totaling, and auditing d. Identifying, recording, and communicating Answer: D D D A company which uses special journals should record a transaction involving the purchase of merchandise for cash

Financial Accounting 9th Edition

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SMG AC 278 Quiz 2

A comparative balance sheet for Halpern Corporation is presented below: Additional information: 1> Net loss for 2015 is $20,000. 2> Cash dividends of $14,000 were declared and paid in 2015. 3> Land was sold for cash at a loss of $4,000. This was the only land transaction during the year. 4> Equipment with a cost of

Financial Accounting 9th Edition

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SMG AC 287 Test

McKendrick Shoe Store has a beginning inventory of $45,000. During the period, purchases were $195,000; purchase returns, $6,000; and freight-in $15,000. A physical count of inventory at the end of the period revealed that $30,000 was still on hand. The cost of goods available for sale was a. $189,000. b. $204,000. c. $219,000. d.

Financial Accounting 9th Edition

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SMG AC 289 Test 1

[a) What is the term used to describe the owner's equity section of a corporation? [b) Identify the two owners' equity accounts in a corporation and indicate the purpose of each. Answer: [a)The owner's equity section for a corporation is called stockholders' equity.[b) The two accounts and the purpose of each are:

Financial Accounting 9th Edition

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SMG AC 308

Randie Company lends Luann Company $10,000 on April 1, accepting a four-month, 6% interest note. Randie Company prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared? Answer: BSolution: $10,000 .06 1 12 $50 BSolution: $10,000 .06 1 12 $50 B Solution: $10,000 .06

Financial Accounting 9th Edition

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SMG AC 309 Quiz 3

Cross-footing a cash receipts journal means a. the equality of debits and credits in the journal has been proved. b. each line of the journal has a horizontal total. c. the columns of the journal have been cross-referenced. d. all necessary postings have been completed. Answer: A A A Which of the following is an external user of accounting

Financial Accounting 9th Edition

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SMG AC 320 Test

The allowance method of accounting for uncollectible accounts is required if a. the company makes any credit sales. b. bad debts are significant in amount. c. the company is a retailer. d. the company charges interest on accounts receivable. Answer: B B B The double'entry accounting system is the basis of accounting systems a. worldwide. b. worldwide, except for the U.S. c.

Financial Accounting 9th Edition

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SMG AC 335 Quiz 3

Short-term liquidity ratios include the a. profit margin ratio. b. payout ratio. c. debt to assets ratio. d. acid-test ratio. Answer: D D D Either the straight-line method or the effective-interest method of amortization will always result in a. the same amount of interest expense being recognized over the term of the bonds. b. the same amount of interest expense

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SMG AC 338 Test 1

Financial Accounting 9th Edition

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SMG AC 344 Quiz

Replenishing the petty cash fund requires a. a debit to Cash. b. a credit to Petty Cash. c. a debit to various expense accounts. d. no accounting entry. Answer: C C C Which of the following receivables would not be classified as an "other receivable"? a. Advance to an employee b. Refundable income tax c. Notes receivable d. Interest receivable Answer: C C C For each of the

Financial Accounting 9th Edition

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SMG AC 358 Midterm 1

The following information is available for Lighten Company: Lighten's cost of goods sold is a. $125,000. b. $120,000. c. $108,000. d. $105,000. Answer: C C C The purpose of the post-closing trial balance is to a. prove that no mistakes were made. b. prove the equality of the balance sheet account balances that are carried forward into the next accounting period. c. prove

Financial Accounting 9th Edition

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SMG AC 371

Arens Corporation purchased 4,000 shares of its $5 par value common stock for a cash price of $10 per share. Two months later, Arens sold the treasury stock for a cash price of $8 per share. Instructions Prepare the journal entry to record the sale of the treasury stock assuming (a) No balance

Financial Accounting 9th Edition

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SMG AC 382

Monthly and quarterly time periods are called a. calendar periods. b. fiscal periods. c. interim periods. d. quarterly periods. Answer: c c c The interest rate investors demand for loaning funds is the a. market interest rate. b. stated rate. c. contractual interest rate. d. bond interest rate. Answer: A A A The two ways that a corporation can be classified by ownership are a. publicly held and privately

Financial Accounting 9th Edition

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SMG AC 382 Final

Which of the following receivables would not be classified as an "other receivable"? a. Advance to an employee b. Refundable income tax c. Notes receivable d. Interest receivable Answer: C C C Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2015 are as follows: An end of the month (1/31/15)

Financial Accounting 9th Edition

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SMG AC 403 Quiz 2

Sandra Sikes sells exercise machines for home use. The machines carry a 2-year warranty. Past experience indicates that 5% of the units sold will be returned during the warranty period for repairs. The average cost of repairs under warranty is $40 for labor and $50 for parts per unit. During

Financial Accounting 9th Edition

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SMG AC 460 Midterm 1

A credit is not the normal balance for which account listed below? a. Common stock account b. Revenue account c. Liability account d. Dividends account Answer: d d d Each of the following is correct regarding bonds except they are a. a form of interest-bearing notes payable. b. attractive to many investors. c. issued by corporations and governmental agencies. d. sold in large

Financial Accounting 9th Edition

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SMG AC 508 Test

Which of the following statements about liabilities in incorrect? Under IFRS, companies sometimes show a. liabilities before assets. b. long-term liabilities before current assets. c. current liabilities netted against current assets. d. liabilities in order of magnitude. Answer: D D D Goods in transit should be included in the inventory of the buyer when the a. public carrier accepts the

Financial Accounting 9th Edition

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SMG AC 515 Test 1

Financial Accounting 9th Edition

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SMG AC 519 Test The Process Of

The process of entering an amount on the left side of an account is called ____________ the account, and making an entry on the right side is called _________________ the account. Answer: debiting, crediting debiting, crediting debiting, crediting An aging of accounts receivable schedule is based on the premise that the longer the period

Financial Accounting 9th Edition

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SMG AC 539 Quiz

Show Company had total operating expenses of $153,000 in 2014, which included Depreciation Expense of $30,000. Also during 2014, prepaid expenses decreased by $9,500 and accrued expenses increased by $8,500. Instructions Calculate the amount of cash payments for operating expenses in 2014 using the direct method. Answer: Under a periodic inventory system, freight-in on

Financial Accounting 9th Edition

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SMG AC 568 Midterm 2

Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments? a. Monetary unit assumption. b. Economic entity assumption. c. Periodicity assumption. d. Going concern assumption. Answer: d d d The standard form of a journal entry has the a. debit account entered first and indented. b. credit account entered first

Financial Accounting 9th Edition

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SMG AC 598 Test 2

Hoppmann Company wrote checks totaling $25,620 during October and $27,975 during November. $24,360 of these checks cleared the bank in October, and $27,330 cleared the bank in November. What was the amount of outstanding checks on November 30? a. $645 b. $1,260 c. $1,905 d. $2,355 Answer: CSolution: $25,620 + $27,975 ' ($27,330 + $24,360) = $1,905 CSolution:

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SMG AC 623

The lower-of-cost-or-market basis is an example of the accounting concept of conservatism. Answer: T T T A company uses the periodic inventory method and the beginning inventory is overstated by $7,000 because the ending inventory in the previous period was overstated by $7,000. The amounts reflected in the current end of the period balance sheet

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SMG AC 641 Midterm For Each Of The

For each of the following accounts indicate (a) the type of account (Asset, Liability, Stockholders' Equity, Revenue, Expense), (b) the debit and credit effects, and (c) the normal account balance. Example 0 Cash a. Asset account b. Debit increases, credit decreases c. Normal balance - debit Answer: Presented below is an adjusted trial balance for Shawn

Financial Accounting 9th Edition

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SMG AC 653 Test

Changes from cost are reported as part of net income for a. available-for-sale securities. b. held-to-maturity securities. c. debt securities. d. trading securities. Answer: d d d Use the following information to calculate for the year ended December 31, 2015 (a) net income, (b) ending retained earnings, and (c) total assets. Answer: (a) $13,000(b) $17,000(c) $27,000 (a) $13,000(b) $17,000(c) $27,000 (a) $13,000 (b) $17,000 (c)

Financial Accounting 9th Edition

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SMG AC 659 Midterm

Rent received in advance and credited to a rent revenue account which is still unearned at the end of the period, will require an adjusting entry crediting a liability account for the amount still unearned. Answer: T T T Using the indirect approach, noncash charges in the income statement are ______________ to net income and

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SMG AC 669 Test 1

Which one of the following ratios would not likely be used by a short-term creditor in evaluating whether to sell on credit to a company? a. Current ratio b. Acid-test ratio c. Asset turnover d. Accounts receivable turnover Answer: c c c The following section is taken from Blue Corp's balance sheet at December 31, 2014. Interest is payable semiannually

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SMG AC 673 Quiz 1

Short-term investments are a. (1) readily marketable and (2) intended to be converted into cash after the current year or operating cycle, whichever is shorter. b. (1) readily marketable and (2) intended to be converted into cash within the current year or operating cycle, whichever is longer. c. (1) readily marketable and (2)

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SMG AC 692 Midterm

Which of the following would not be an adjustment to net income using the indirect method? a. Depreciation Expense b. An increase in Prepaid Insurance c. Amortization Expense d. An increase in Land Answer: d d d Lager Company has other operating expenses of $260,000. There has been an increase in prepaid expenses of $20,000 during the year, and

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SMG AC 708 Quiz 3

Of the items below, the one that appears first on the statement of cash flows is a. noncash investing and financing activities. b. net increase (decrease) in cash. c. cash at the end of the period. d. cash at the beginning of the period. Answer: b b b On January 1, Runner Corporation issued $2,000,000, 13%, 5-year bonds with

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SMG AC 713 Test

If the unit cost of inventory has continuously increased, the ______________, first-out inventory valuation method will result in a higher valued ending inventory than if the ______________, first-out method had been used. Answer: first-in, last-in first-in, last-in first-in, last-in A corporation must be incorporated in each state in which it does business. Answer: F F F The effect of the

Financial Accounting 9th Edition

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SMG AC 718 Quiz 2

An inexperienced accountant for Douglas Corporation made the following entries. Instructions On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. Answer: On May 1, Howard Corporation purchased 2,000 shares of its $10 par value common stock at a cash price of $15/share. On

Financial Accounting 9th Edition

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SMG AC 718 Test 2

The post-closing trial balance contains only a. income statement accounts. b. balance sheet accounts. c. balance sheet and income statement accounts. d. income statement, balance sheet, and retained earnings statement accounts. Answer: B B B A lease where the intent is temporary use of the property by the lessee with continued ownership of the property by the lessor is

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SMG AC 737 Test 2

The following ledger accounts are used by the Sebastopol Dog Track: Accounts Receivable Prepaid Advertising Prepaid Rent Unearned Ticket Revenue Advertising Expense Rent Expense Ticket Revenue Sales Revenue Instructions For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September

Financial Accounting 9th Edition

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SMG AC 750

Each of the following decreases retained earnings except a a. cash dividend. b. liquidating dividend. c. stock dividend. d. All of these decrease retained earnings. Answer: b b b When using the direct method to compute cash provided by operations, a. income taxes paid may be ignored. b. depreciation expense is added to net income. c. decreases in inventory are added to

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SMG AC 765 Quiz 3 Kill

Kill Corporation's unadjusted trial balance includes the following balances (assume normal balances): Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record? a. $15,000 b. $36,000 c. $50,100 d. $51,000 Answer: BSolution: ($850,000 .06) $15,000 = $36,000 BSolution: ($850,000 .06) $15,000 = $36,000 B Solution: ($850,000 .06) $15,000

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SMG AC 771

Sargent Corporation bought equipment on January 1, 2015. The equipment cost $360,000 and had an expected salvage value of $60,000. The life of the equipment was estimated to be 6 years. Assuming straight-line deprecation, the book value of the equipment at the beginning of the third year would be a. $360,000. b.

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SMG AC 771 Homework

Dougan Company purchased equipment on January 1, 2014 for $90,000. It is estimated that the equipment will have a $5,000 salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 100,000 units over its 5-year life. Instructions Answer the following independent questions. 1> Compute

Financial Accounting 9th Edition

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SMG AC 779 Quiz 2

An inexperienced accountant made the following entries. In each case, the explanation to the entry is correct. Instructions Prepare the correcting entries. Answer: If prepaid costs are initially recorded as an asset, no adjusting entries will be required in the future. Answer: F F F Inventory turnover measures the number of times on the average the inventory was sold during the

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SMG AC 782 Final

Kate Company uses a perpetual inventory system and purchased inventory from Phoebe Company. The shipping costs were $500 and the terms of the shipment were FOB shipping point. Kate would have the following entry regarding the shipping charges: Answer: D D D Conceptually, the cost allocation procedures for natural resources parallels that of plant assets. Answer: T T T The cost

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SMG AC 808 Final

On May 1, 2015, Pinkley Company sells office furniture for $300,000 cash. The office furniture originally cost $750,000 when purchased on January 1, 2008. Depreciation is recorded by the straight-line method over 10 years with a salvage value of $75,000. What gain should be recognized on the sale? a. $22,500. b. $45,000. c.

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SMG AC 845 Quiz 2

Prepare the necessary adjusting entry for each of the following: 1> Services provided but unrecorded totaled $700. 2> Accrued salaries at year-end are $1,000. 3> Depreciation on equipment for the year is $600. Answer: If a company has sales of $110 in 2013 and $154 in 2014, the percentage increase in sales from 2013 to

Financial Accounting 9th Edition

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Financial Accounting 9th Edition

Trusted by Thousands ofStudents

Albert

Anna

Collins

Jill

Drake

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Hill

Rachel

Kristopher

Resources

Company

Legal

Trusted by Thousands of
Students