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978-1337398169 Appendix C Solution Manual
APPENDIX C INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) DISCUSSION QUESTIONS 1. In recent years, the removal of trade barriers and the growth in cross-border equity and debt issuances have led to a dramatic increase in international commerce. As a result, companies […]
978-1337398169 Appendix D Excel
[Key code here] An asterisk (*) will appear to the right of an incorrect entry. a. 20Y6 Jan. 4 July 2 Dec. 31 b. Initial acquisition cost Equity earnings for 20Y6 Cash dividends received Investment in Filington Co. stock balance, […]
978-1337398169 Appendix D Solution Manual
D–1 APPENDIX D INVESTMENTS EXERCISES Ex. D–1 © 2019 Cengage Learning. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Sept. 12 Investments—Aspen Company Stock* 200,400 Cash 200,400 * Sept. […]
978-1337398169 Appendix F Solution Manual Part 1
Ex. F–1 Ex. F–2 A. Cash receipts journal F. Cash receipts journal B. General journal G. General journal C. Cash receipts journal H. Cash receipts journal D. General journal (not a revenue transaction) I. Cash receipts journal E. Cash receipts […]
978-1337398169 Appendix F Solution Manual Part 2
APPENDIX F Special Journals and Subsidiary Ledgers Prob. F–4 1., 2., and 3. Page 1 16 4,920 4,920 PURCHASES JOURNAL Field Supplies Dr. Account Credited Hydro Supply Co. Post. Ref. Accounts Payable Cr. Office Supplies Dr. Other Accounts Dr. Post. […]
978-1337398169 Chapter 1 Excel Part 1
Score: Key Code: An asterisk (*) will appear next to or below an incorrect entry only in the outlined cells. For correct grading, enter a zero in cells you would otherwise leave blank. Essay answers will not be graded. a. […]
978-1337398169 Chapter 1 Excel Part 2
Problem 1-3A Score: Key Code: Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. For correct grading, […]
978-1337398169 Chapter 1 Solution Manual Part 1
1–1 CHAPTER 1 INTRODUCTION TO ACCOUNTING AND BUSINESS DISCUSSION QUESTIONS 1. Some users of accounting information include managers, employees, investors, creditors, customers, and the government. 2. The role of accounting is to provide information for managers to use in operating […]
978-1337398169 Chapter 1 Solution Manual Part 2
CHAPTER 1 Introduction to Accounting and Business 1–21 Prob. 1–5A 1. Assets = Liabilities + Stockholders’ Equity Cash + Accounts Receivable + Supplies + Land = Accounts Payable + Common Stock + Retained Earnings $45,000 + $93,000 + $7,000 + […]
978-1337398169 Chapter 1 Solution Manual Part 3
CHAPTER 1 Introduction to Accounting and Business 1–36 Prob. 1–5B (Continued) 3. Bev’s Dry Cleaners Income Statement For the Month Ended November 30, 20Y3 Dry cleaning revenue $110,000 Expenses: Dry cleaning expense $ 29,450 Wages expense 24,000 Supplies expense 7,200 […]
978-1337398169 Chapter 10 Excel
An asterisk (*) will appear to the right of an incorrect entry. a. Earnings: 1. At regular rate 2. At overtime rate 80,000 3. Total earnings Deductions: 4. Social security tax 32,400$ 5. Medicare tax 8,100 6. Income tax withheld […]
978-1337398169 Chapter 10 Solution Manual Part 1
10–1 CHAPTER 10 LIABILITIES: CURRENT, INSTALLMENT NOTES, AND CONTINGENCIES DISCUSSION QUESTIONS 1. No. A discounted note payable has no stated interest rate, but provides interest by discounting the note proceeds. The discount, which is the difference between the proceeds and […]
978-1337398169 Chapter 10 Solution Manual Part 2
CHAPTER 10 Liabilities: Current, Installment Notes, and Contingencies 10–21 Prob. 10–4A 1. PAYROLL FOR WEEK ENDING December 9 Employee Total Hours EARNINGS DEDUCTIONS PAID ACCOUNT DEBITED Regular Overtime Total Social Security Tax Medicare Tax Federal Income Tax U.S. Savings Bonds […]
978-1337398169 Chapter 10 Solution Manual Part 3
CHAPTER 10 Liabilities: Current, Installment Notes, and Contingencies 10–33 Comp. Prob. 3 (Continued) 2. Kornett Company Bank Reconciliation December 31, 20Y5 Balance according to bank statement $ 283,000 Add: Deposit in transit on December 31 29,500 Deduct: Outstanding checks (68,540) […]
978-1337398169 Chapter 11 Excel
[Key code here] An asterisk (*) will appear to the right of an incorrect entry. 1. 20Y1 July 1 Dec. 31 20Y2 June 30 Dec. 31 20Y3 June 30 2. a. 20Y1 interest expense: b. 20Y2 interest expense: 3. Initial […]
978-1337398169 Chapter 11 Solution Manual Part 1
11–1 CHAPTER 11 LIABILITIES: BONDS PAYABLE DISCUSSION QUESTIONS 1. (1) To pay the face (maturity) amount of the bonds at a specified date. (2) To pay periodic interest at a specified percentage of the face amount. 2. a. Bonds that […]
978-1337398169 Chapter 11 Solution Manual Part 2
CHAPTER 11 Liabilities: Bonds Payable © 2019 Cengage Learning. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Appendix 1 and 2 Prob. 11–4A 1. 20Y1 July 1 Cash 37,282,062 […]
978-1337398169 Chapter 12 Excel
An asterisk (*) will appear to the right of an incorrect entry. Enter a zero in cells you would otherwise leave blank. 1st 2nd 3rd 4th Year Year Year Year (a) Total dividend declared Preferred dividend (current) Preferred dividend in […]
978-1337398169 Chapter 12 Solution Manual Part 1
12–1 CHAPTER 12 CORPORATIONS: ORGANIZATION, STOCK TRANSACTIONS, AND DIVIDENDS DISCUSSION QUESTIONS 1. No. Common stock with a higher par is not necessarily a better investment than common stock with a lower par because par is an amount assigned to the […]
978-1337398169 Chapter 12 Solution Manual Part 2
CHAPTER 12 Corporations: Organization, Stock Transactions, and Dividends 12–21 Prob. 12–4A (Concluded) 3. Morrow Enterprises Inc. Statement of Stockholders’ Equity For the Year Ended December 31, 20Y6 Common Stock Paid-In Capital in Excess of Stated Value Paid-In Capital from Sale […]
978-1337398169 Chapter 13 Excel Part 1
Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded. Exercise 13-16 Name: Section: Score: 0% Key Code: [Key code here] […]
978-1337398169 Chapter 13 Excel Part 2
Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. The optional work sheet will not be graded, but is provided as an aid in determining amounts for […]
978-1337398169 Chapter 13 Excel Part 3
Net increase (decrease) in cash Cash balance, January 1, 20Y6 Cash balance, December 31, 20Y6 Schedule Reconciling Net Income with Cash Flows from Operating Activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation […]
978-1337398169 Chapter 13 Solution Manual Part 1
13–1 CHAPTER 13 STATEMENT OF CASH FLOWS DISCUSSION QUESTIONS 1. It is costly to accumulate the data needed and to prepare the statement of cash flows. 2. It focuses on the differences between net income and cash flows from operating […]
978-1337398169 Chapter 13 Solution Manual Part 2
CHAPTER 13 Statement of Cash Flows 13–21 Prob. 13–3A (Concluded) (Optional) Whitman Co. Spreadsheet (Work Sheet) for Statement of Cash Flows For the Year Ended December 31, 20Y2 Account Title Balance, Dec. 31, 20Y1 Transactions Balance, Dec. 31, 20Y2 Debit […]
978-1337398169 Chapter 13 Solution Manual Part 3
CHAPTER 13 Statement of Cash Flows 13–33 Appendix 2 Prob. 13–4B Martinez Inc. Statement of Cash Flows For the Year Ended December 31, 20Y4 Cash flows from (used for) operating activities: Cash received from customers1 $ 4,433,760 Cash payments for […]
978-1337398169 Chapter 14 Excel Part 1
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded. a. Revenues: Amount Percent Amount Percent Admissions 90,639$ 100,694$ Event-related revenue 136,900 146,980 NASCAR broadcasting revenue 224,227 217,469 Other operating revenue […]
978-1337398169 Chapter 14 Excel Part 2
[Key essay answer here] An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded. 1. Amount Percent Amount Percent Sales 1,300,000$ 100.0% 1,180,000$ 100.0% Cost of goods sold (682,500) -52.5% (613,600) […]
978-1337398169 Chapter 14 Solution Manual Part 1
14–1 CHAPTER 14 FINANCIAL STATEMENT ANALYSIS DISCUSSION QUESTIONS 1. Liquidity is the ability of a company to convert assets into cash. Short-term creditors such as banks and financial institutions are most concerned with liquidity. Solvency is the ability of a […]
978-1337398169 Chapter 14 Solution Manual Part 2
CHAPTER 14 Financial Statement Analysis 14–21 Ex. 14–18 a. 11.8% 2 ÷ )$6,088,000 + 0($6,106,00 $16,700 + $702,200 :2 Year Fiscal 6.8% 2 ÷ )$6,106,000 + 0($6,213,10 :3 Year Fiscal = = b. 17.7% 2 ÷ )$4,034,000 + 0($3,891,00 $702,200 […]
978-1337398169 Chapter 14 Solution Manual Part 3
CHAPTER 14 Financial Statement Analysis 14–39 Prob. 14–2B 1. Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Amount Percent Amount Percent Sales $1,300,000 100.0% $ 1,180,000 100.0% Cost of goods sold […]
978-1337398169 Chapter 2 Excel Part 1
Score: Key Code: Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. An asterisk (*) will appear to the right or below of incorrect entries in outlined answer cells. Essay answers will not be graded. […]
978-1337398169 Chapter 2 Excel Part 2
Cash 11 Post Date Item Ref. Dr. Cr. Dr. Cr. 20Y9 Nov. Accounts Receivable 12 Post Date Item Ref. Dr. Cr. Dr. Cr. 20Y9 Nov. Supplies 13 Post Date Item Ref. Dr. Cr. Dr. Cr. 20Y9 Nov. Prepaid Insurance 14 […]
978-1337398169 Chapter 2 Solution Manual Part 1
2–1 CHAPTER 2 ANALYZING TRANSACTIONS DISCUSSION QUESTIONS 1. An account is a form designed to record changes in a particular asset, liability, stockholders’ equity, revenue, or expense. A ledger is a group of related accounts. 2. The terms debit and […]
978-1337398169 Chapter 2 Solution Manual Part 2
CHAPTER 2 Analyzing Transactions 2–21 Prob. 2–3A 1. JOURNAL Page 1 Date Description Post. Ref. Debit Credit 20Y9 Nov. 1 Cash 11 50,000 Common Stock 31 50,000 1 Rent Expense 53 4,000 Cash 11 4,000 6 Equipment 16 15,000 Accounts […]
978-1337398169 Chapter 2 Solution Manual Part 3
CHAPTER 2 Analyzing Transactions © 2019 Cengage Learning. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Prob. 2–3B (Continued) Account: Supplies Account No. 13 Post. Balance Date Item Ref. […]
978-1337398169 Chapter 2 Solution Manual Part 4
CHAPTER 2 Analyzing Transactions 2–54 Continuing Problem (Continued) 1. and 3. Account: Cash Account No. 11 Date Item Post. Ref. Debit Balance Credit Debit Credit 20Y5 July 1 Balance ✓ 3,920 1 1 5,000 8,920 1 1 1,750 7,170 1 […]
978-1337398169 Chapter 3 Excel
Score: Key Code: An asterisk (*) will appear to the right of an incorrect entry. 1. Account Debit Credit 31 31 31 31 2. are a planned part of the accounting process. are not planned but arise only when necessary […]
978-1337398169 Chapter 3 Solution Manual Part 1
3-1 CHAPTER 3 THE ADJUSTING PROCESS DISCUSSION QUESTIONS 1. a. Under cash-basis accounting, revenues are reported in the period in which cash is received and expenses are reported in the period in which cash is paid. b. Under accrual-basis accounting, […]
978-1337398169 Chapter 3 Solution Manual Part 2
CHAPTER 3 The Adjusting Process 3-20 Prob. 3–3B 1. 20Y5 Apr. 30 Supplies Expense 5,820 Supplies 5,820 Supplies used ($7,200 – $1,380). 30 Accounts Receivable 3,900 Fees Earned 3,900 Accrued fees earned. 30 Depreciation Expense 3,000 Accumulated Depreciation—Equipment 3,000 Equipment […]
978-1337398169 Chapter 4 Excel Part 1
Score: Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. In the general ledger accounts, only normal balance columns will be graded. For correct grading […]
978-1337398169 Chapter 4 Excel Part 2
Exercise 4-21 Score: Instructions Answers are entered in the cells with gray backgrounds. In the work sheet, enter a zero in cells you would otherwise leave blank. Account Title Debit Credit Debit Credit Debit Credit Cash 12 – – – […]
978-1337398169 Chapter 4 Excel Part 3
3. Debit Credit June 30 30 30 30 1., 3., and 6. June 30 Balance 11,000 June 30 Balance 26,500 June 30 Adjusting 30 Adjusted Bal. June 30 Balance 9,600 June 30 Adjusting 30 Adjusted Bal. June 30 Balance 232,600 […]
978-1337398169 Chapter 4 Excel Part 4
31 Adjusted Bal. 57,350 Aug. 31 Balance 7,800 Aug. 31 Adjusting 2,200 Aug. 31 Balance 15,000 Aug. 31 Closing 2,400 Aug. 31 Balance 80,000 31 Closing 27,350 31 Closing Bal. 104,950 Aug. 31 Balance 135,800 Aug. 31 Closing 138,000 31 […]
978-1337398169 Chapter 4 Excel Part 5
Equipment 16 Post. Item Ref. Debit Credit Debit Credit Jan. 31 Balance √113,000 Accumulated Depreciation – Equipment 17 Post. Item Ref. Debit Credit Debit Credit Jan. 31 Balance √12,000 31 Adjusting Trucks 18 Post. Item Ref. Debit Credit Debit Credit […]
978-1337398169 Chapter 4 Excel Part 6
Depreciation Expense 54 Post. Item Ref. Debit Credit Debit Credit July 31 Adjusting 31 Closing Insurance Expense 55 Post. Item Ref. Debit Credit Debit Credit July 31 Adjusting 31 Closing Miscellaneous Expense 59 Post. Item Ref. Debit Credit Debit Credit […]
978-1337398169 Chapter 4 Excel Part 7
Item Ref. Debit Credit Debit Credit April 30 Adjusting Accounts Payable 21 Post. Item Ref. Debit Credit Debit Credit April 5 12 Salaries Payable 22 Post. Item Ref. Debit Credit Debit Credit April 30 Adjusting Unearned Fees 23 Post. Item […]
978-1337398169 Chapter 4 Solution Manual Part 1
4–1 CHAPTER 4 THE ACCOUNTING CYCLE DISCUSSION QUESTIONS 1. The end-of-period spreadsheet illustrates the flow of accounting information from the unadjusted trial balance into the adjusted trial balance and into the financial statements. In doing so, the spreadsheet illustrates the […]
978-1337398169 Chapter 4 Solution Manual Part 2
CHAPTER 4 The Accounting Cycle 4–21 Prob. 4–1A (Continued) 3. Beacons Company Balance Sheet December 31, 20Y5 Assets Current assets: Cash $ 10,800 Accounts receivable 48,000 Prepaid insurance 1,050 Supplies 550 Total current assets $ 60,400 Property, plant, and equipment: […]
978-1337398169 Chapter 4 Solution Manual Part 3
CHAPTER 4 The Accounting Cycle 4–41 Prob. 4–4A (Continued) Lakota Freight Co. Balance Sheet March 31, 20Y4 Assets Current assets: Cash $ 12,000 Supplies 7,500 Prepaid insurance 1,800 Total current assets $ 21,300 Property, plant, and equipment: Equipment $ 110,000 […]
978-1337398169 Chapter 4 Solution Manual Part 4
CHAPTER 4 The Accounting Cycle 4–61 Prob. 4–2B (Continued) The Gorman Group Balance Sheet October 31, 20Y9 Assets Current assets: Cash $ 11,000 Accounts receivable 28,150 Supplies 6,350 Prepaid insurance 9,500 Total current assets $ 55,000 Property, plant, and equipment: […]
978-1337398169 Chapter 4 Solution Manual Part 5
CHAPTER 4 The Accounting Cycle 4–81 Prob. 4–5B (Continued) JOURNAL Page 2 _ Date Post. Ref. Debit Credit 20Y6 Apr. 17 Cash 11 6,600 Fees Earned 41 6,600 18 Supplies 14 725 Cash 11 725 20 Accounts Receivable 12 16,800 […]
978-1337398169 Chapter 4 Solution Manual Part 6
CHAPTER 4 The Accounting Cycle 4–101 Continuing Problem (Continued) Account: Fees Earned Account No. 41 Date Item Post. Ref. Debit Credit Balance Debit Credit 20Y5 July 1 Balance ✓ 6,200 11 1 1,000 7,200 16 2 2,000 9,200 23 2 […]
978-1337398169 Chapter 4 Solution Manual Part 7
CHAPTER 4 The Accounting Cycle 4–114 Comp. Prob. 1 (Continued) 7. Kelly Consulting Adjusted Trial Balance May 31, 20Y8 Account Debit Credit No. Balances Balances Cash 11 44,195 Accounts Receivable 12 8,080 Supplies 14 715 Prepaid Rent 15 1,600 Prepaid […]
978-1337398169 Chapter 5 Excel Part 1
Exercise 5-27 Key Code: Instructions Answers are entered in the cells with gray backgrounds. An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded. a. Sales Gross profit Expenses: Total expenses […]
978-1337398169 Chapter 5 Excel Part 2
4. Closing Entries 20Y2 May 31 31 Problem 5-6A Score: Instructions Answers are entered in the cells with gray backgrounds. Enter a zero in cells you would otherwise leave blank. 1. Sales 11,343,000$ Expenses: Cost of goods sold 7,850,000$ Selling […]
978-1337398169 Chapter 5 Solution Manual Part 1
5–1 CHAPTER 5 ACCOUNTING FOR RETAIL BUSINESSES DISCUSSION QUESTIONS 1. Retail businesses acquire merchandise for resale to customers. It is the selling of merchandise, instead of a service, that makes the activities of a retail business different from the activities […]
978-1337398169 Chapter 5 Solution Manual Part 2
CHAPTER 5 Accounting for Retail Businesses 5–21 Appendix 2 Ex. 5–45 Closing Entries Dec. 31 Inventory 460,000 Estimated Returns Inventory 20,000 Sales 2,220,000 Purchases Discounts 35,000 Purchases Returns and Allowances 45,000 Inventory 375,000 Purchases 1,760,000 Freight In 17,000 Salaries Expense […]
978-1337398169 Chapter 5 Solution Manual Part 3
CHAPTER 5 Accounting for Retail Businesses 5–41 Prob. 5–2B July 1 Accounts Receivable—Landscapes Co. 33,450 Sales 33,450 1 Cost of Goods Sold 20,000 Inventory 20,000 2 Cash 92,880 Sales 86,000 Sales Tax Payable ($86,000 8%) 6,880 2 Cost of […]
978-1337398169 Chapter 5 Solution Manual Part 4
CHAPTER 5 Accounting for Retail Businesses © 2019 Cengage Learning. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Comp. Prob. 2 (Continued) Account: Common Stock Account No. 310 Post. […]
978-1337398169 Chapter 5 Solution Manual Part 5
CHAPTER 5 Accounting for Retail Businesses 5–72 Comp. Prob. 2 (Continued) 9. JOURNAL Page 23 Date Post. Ref. Debit Credit 20Y6 Closing Entries May 31 Sales 410 5,316,205 Cost of Goods Sold 510 2,991,950 Sales Salaries Expense 520 727,800 Advertising […]
978-1337398169 Chapter 6 Excel Part 1
An asterisk (*) will appear to the right of an incorrect entry. Only final inventory cost – Column K – will be graded. Nov. 1 120 $39 4,680$ 10 15 20 24 30 30 Balances Answers are entered in the […]
978-1337398169 Chapter 6 Excel Part 2
1. Apr. 3 25 $1,200 30,000$ 875 $1,240 93,000$ 25 $1,200 30,000$ 75 $1,240 93,000 11 25 $1,200 30,000$ 15 $1,240 18,600 60 $1,240 74,400$ 30 30 $1,240 37,200$ 30 $1,240 37,200 May 8 60 $1,260 75,600$ 30 $1,240 37,200$ […]
978-1337398169 Chapter 6 Solution Manual Part 1
6–1 CHAPTER 6 INVENTORIES DISCUSSION QUESTIONS 1. The receiving report should be reconciled to the initial purchase order and the vendor’s invoice before recording or paying for inventory purchases. This procedure will verify that the inventory received matches the type […]
978-1337398169 Chapter 6 Solution Manual Part 2
CHAPTER 6 Inventories 6–21 Prob. 6–2A (Concluded) 2. Total sales …………………………………………………………………… $ 19,875,000 Total cost of goods sold ………………………………………………. (11,021,250) Gross profit ………………………………………………………………… $ 8,853,750 Total Sales = $19,875,000 = $1,687,500 + $562,500 + $225,000 + $4,320,000 + $4,080,000 + […]
978-1337398169 Chapter 6 Solution Manual Part 3
CHAPTER 6 Inventories 6–34 Prob. 6–5B 1. First-In, First-Out Method Model Quantity Unit Cost Total Cost C55 3 $1,070 $ 3,210 1 1,060 1,060 D11 6 675 4,050 5 666 3,330 F32 1 280 280 1 260 260 H29 4 […]
978-1337398169 Chapter 7 Excel
An asterisk (*) will appear to the right of an incorrect entry. Account Debit Credit 20Y1 July 1 12 31 31 31 Problem 7-2A Name: Section: Cells with non-gray backgrounds are protected and cannot be edited. JOURNAL Date Score: 0% […]
978-1337398169 Chapter 7 Solution Manual Part 1
7–1 CHAPTER 7 INTERNAL CONTROL AND CASH DISCUSSION QUESTIONS 1. a. The five elements of internal control are the control environment, risk assessment, control procedures, monitoring, and information and communication. The control environment is the overall attitude of management and […]
978-1337398169 Chapter 7 Solution Manual Part 2
CHAPTER 7 Internal Control and Cash 7–18 PROBLEMS Prob. 7–1A Strengths: a, b, e, and f Weaknesses: c. Employees should not be allowed to use the petty cash fund to cash personal checks. In any case, postdated checks should not […]
978-1337398169 Chapter 8 Excel
An asterisk (*) will appear to the right of an incorrect entry. Enter a zero in cells you would otherwise leave blank. a. Customer Due Date Boyd Industries April 7 Hodges Company May 29 Kent Creek Inc. June 8 Lockwood […]
978-1337398169 Chapter 8 Solution Manual Part 1
8–1 CHAPTER 8 RECEIVABLES DISCUSSION QUESTIONS 1. Receivables are normally classified as (1) accounts receivable, (2) notes receivable, or (3) other receivables. 2. Dan’s Hardware should use the direct write-off method because it is a small business that has a […]
978-1337398169 Chapter 8 Solution Manual Part 2
CHAPTER 8 Receivables 8–20 Prob. 8–3A 1. Year Bad Debt Expense Balance of Allowance Account, End of Year Expense Actually Reported Expense Based on Estimate Increase (Decrease) in Amount of Expense 1 $ 4,500 $ 9,000 $4,500 $ 4,500 2 […]
978-1337398169 Chapter 9 Excel Part 1
An asterisk (*) will appear to the right of an incorrect entry. 1. a. b. c. Straight- Units-of- Double-Declining- Year Line Activity Balance 1 2 3 Totals Calculations: Straight-line method: (Cost − Residual Value) / Years =Yearly Depreciation Units-of-activity method: […]
978-1337398169 Chapter 9 Excel Part 2
For part Year 4: Yearly Depreciation x Portion of Year = Depreciation Units-of-activity method: (Cost − Residual Value) / Total Hours = Rate Rate xHours = Yearly Depreciation Year 1 Year 2 Year 3 Year 4 Double-declining-balance method: xRate xPortion […]
978-1337398169 Chapter 9 Solution Manual Part 1
9-1 CHAPTER 9 LONG-TERM ASSETS: FIXED AND INTANGIBLE DISCUSSION QUESTIONS 1. a. O’Neil Office Supplies: Property, plant, and equipment or Fixed assets b. Collins Auto Sales: Current assets (inventory) 2. Real estate acquired as speculation should be listed in the […]
978-1337398169 Chapter 9 Solution Manual Part 2
CHAPTER 9 Long-Term Assets: Fixed and Intangible 9-16 Prob. 9–4A 1. Depreciation Expense Accumulated Depreciation, Book Value, Year End of Year End of Year a. 1 …………………………………………………….. $142,000 $142,000 $658,000 2 …………………………………………………….. 142,000 284,000 516,000 3 …………………………………………………….. 142,000 426,000 374,000 […]
978-1337398169 Test Bank Appendix D Part 1
Appendix D – Investments Copyright Cengage Learning. Powered by Cognero. Page 1 1. Most companies invest excess cash in bonds as investments in order to profit long-term from the growth of the investment. a. True b. False ANSWER: False POINTS: […]
978-1337398169 Test Bank Appendix D Part 2
Appendix D – Investments Copyright Cengage Learning. Powered by Cognero. Page 11 ANSWER: False POINTS: 1 DIFFICULTY: Easy Bloom’s: Remembering QUESTION TYPE: True / False HAS VARIABLES: False ACCREDITING STANDARDS: ACCT.ACBSP.APC.21 – Corporate Investments Accounting ACCT.AICPA.FN.03 – Measurement ACCT.AICPA.FN.04 – […]
978-1337398169 Test Bank Appendix D Part 3
Appendix D – Investments Copyright Cengage Learning. Powered by Cognero. Page 21 DATE MODIFIED: 7/22/2017 5:16 PM 52. Which of the following statements is not a reason a company may purchase another company’s stock? a. earning a return on excess […]
978-1337398169 Test Bank Appendix D Part 4
Appendix D – Investments Copyright Cengage Learning. Powered by Cognero. Page 31 c. may be reported as current or noncurrent assets d. all of these ANSWER: c POINTS: 1 DIFFICULTY: Easy Bloom’s: Remembering QUESTION TYPE: Multiple Choice HAS VARIABLES: False […]
978-1337398169 Test Bank Appendix D Part 5
Appendix D – Investments Copyright Cengage Learning. Powered by Cognero. Page 41 ANSWER: (a) Investments—Daytona Beach Bonds 400,000 Interest Receivable 4,500 Cash 404,500 (b) Cash 10,000* Interest Receivable 4,500 Interest Revenue 5,500 *$400,000 × 5% × 1/2 (c) Cash 244,300 […]
978-1337398169 Test Bank Appendix D Part 6
Appendix D – Investments Copyright Cengage Learning. Powered by Cognero. Page 49 DATE MODIFIED: 7/22/2017 5:16 PM 129. On January 1, the Valuation Allowance for Trading Investments account has a zero balance. On December 31, the cost of trading securities […]
978-1337398169 Test Bank Chapter 1 Part 1
Chapter 01 – Accounting and Business Copyright Cengage Learning. Powered by Cognero. Page 1 1. A corporation is a business that is legally separate and distinct from its owners. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy Bloom’s: […]
978-1337398169 Test Bank Chapter 1 Part 10
Chapter 01 – Accounting and Business Copyright Cengage Learning. Powered by Cognero. Page 91 (a) Compute the ratio of liabilities to stockholders’ equity. Round your answer to one decimal place. (b) Has the creditors’ risk increased or decreased from December […]
978-1337398169 Test Bank Chapter 1 Part 2
Chapter 01 – Accounting and Business Copyright Cengage Learning. Powered by Cognero. Page 11 ANSWER: False POINTS: 1 DIFFICULTY: Easy Bloom’s: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.01–03 – LO: 01–03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – […]
978-1337398169 Test Bank Chapter 1 Part 3
Chapter 01 – Accounting and Business Copyright Cengage Learning. Powered by Cognero. Page 21 POINTS: 1 DIFFICULTY: Easy Bloom’s: Remembering QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.01–01 – LO: 01–01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 – Recording Transactions ACCT.ACBSP.APC.09 […]
978-1337398169 Test Bank Chapter 1 Part 4
Chapter 01 – Accounting and Business Copyright Cengage Learning. Powered by Cognero. Page 31 ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/26/2017 4:27 PM DATE MODIFIED: 10/16/2017 3:33 PM 78. Which one of the following is the authoritative body in […]
978-1337398169 Test Bank Chapter 1 Part 5
Chapter 01 – Accounting and Business Copyright Cengage Learning. Powered by Cognero. Page 41 QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.01–04 – LO: 01–04 STATE STANDARDS: United States – OH – ICPA: FN-Measurement ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 – […]
978-1337398169 Test Bank Chapter 1 Part 6
Chapter 01 – Accounting and Business Copyright Cengage Learning. Powered by Cognero. Page 51 Match the following characteristics with the form of business entity that best describes it. Each may be used more than once. a. Proprietorship b. Partnership c. […]
978-1337398169 Test Bank Chapter 1 Part 7
Chapter 01 – Accounting and Business Copyright Cengage Learning. Powered by Cognero. Page 61 LEARNING OBJECTIVES: FNMN.WAJO.19.01–02 – LO: 01–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/26/2017 4:27 PM DATE MODIFIED: 10/16/2017 3:33 PM […]
978-1337398169 Test Bank Chapter 1 Part 8
Chapter 01 – Accounting and Business Copyright Cengage Learning. Powered by Cognero. Page 71 Accounts receivable 10,340 Office expense 1,240 Cash 21,420 Supplies 1,670 Fees earned 73,450 Wages expense 23,550 Land 47,000 Dividends 16,570 Building 157,630 198. Prepare an income […]
978-1337398169 Test Bank Chapter 1 Part 9
Chapter 01 – Accounting and Business Copyright Cengage Learning. Powered by Cognero. Page 81 (e) Cash received from the sale of common stock (f) Cash received from the sale of a building (g) Borrowed cash from a bank ANSWER: (a) […]
978-1337398169 Test Bank Chapter 10 Part 1
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 1 1. Receiving payment prior to delivering goods or services causes a current liability to be incurred. a. True b. False ANSWER: True POINTS: […]
978-1337398169 Test Bank Chapter 10 Part 10
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 88 Inventory 20,000 Equipment 50,000 LIABILITIES Current portion of long-term debt 20,000 Accounts payable 12,000 Long-term debt 25,000 *These represent prepaid expenses and other […]
978-1337398169 Test Bank Chapter 10 Part 2
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 11 HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.10-03 – LO: 10–03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.14 – Payroll/Other Compensation ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 […]
978-1337398169 Test Bank Chapter 10 Part 3
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 21 Moderate QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.10-01 – LO: 10–01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.16 – Current Liabilities Reporting ACCT.AICPA.FN.03 – […]
978-1337398169 Test Bank Chapter 10 Part 4
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 31 ACCREDITING STANDARDS: ACCT.ACBSP.APC.14 – Payroll/Other Compensation ACCT.AICPA.BB.03 – Legal ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:27 PM DATE MODIFIED: 10/16/2017 5:43 […]
978-1337398169 Test Bank Chapter 10 Part 5
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 41 ACCT.AICPA.FN.03 – Measurement DATE CREATED: 7/22/2017 6:27 PM DATE MODIFIED: 10/16/2017 5:43 PM 96. According to a summary of the payroll of Scotland […]
978-1337398169 Test Bank Chapter 10 Part 6
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 51 Determine the quick ratio (rounded to one decimal point). a. 5.3 b. 3.6 c. 3.3 d. 2.3 ANSWER: b RATIONALE: Quick Ratio = […]
978-1337398169 Test Bank Chapter 10 Part 7
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 61 LEARNING OBJECTIVES: FNMN.WAJO.19.10-05 – LO: 10–05 FNMN.WAJO.19.10-07 – LO: 10–07 ACCREDITING STANDARDS: ACCT.ACBSP.APC.16 – Current Liabilities Reporting ACCT.ACBSP.APC.23 – Financial Statement Analysis ACCT.AICPA.FN.03 […]
978-1337398169 Test Bank Chapter 10 Part 8
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 71 166. The summary of the payroll for the monthly pay period ending July 15 indicated the following: Sales salaries $125,000 Federal income tax […]
978-1337398169 Test Bank Chapter 10 Part 9
Chapter 10 – Liabilities: Current, Installment Notes, and Contingencies Copyright Cengage Learning. Powered by Cognero. Page 81 ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:27 PM DATE MODIFIED: 10/16/2017 5:43 PM 181. Kelly Howard has the following transactions. Prepare […]
978-1337398169 Test Bank Chapter 11 Part 1
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 1 1. A bond is simply a form of an interest-bearing note. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy Bloom’s: Remembering QUESTION TYPE: True […]
978-1337398169 Test Bank Chapter 11 Part 2
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 11 ANSWER: True POINTS: 1 DIFFICULTY: Bloom’s: Remembering Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.11-02 – LO: 11–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.22 – […]
978-1337398169 Test Bank Chapter 11 Part 3
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 21 POINTS: 1 DIFFICULTY: Bloom’s: Remembering Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.11-APP1 – LO: 11–APP1 ACCREDITING STANDARDS: ACCT.ACBSP.APC.22 – Long-Term Liabilities […]
978-1337398169 Test Bank Chapter 11 Part 4
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 31 HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.11-02 – LO: 11–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 – Recording Transactions ACCT.ACBSP.APC.22 – Long-Term Liabilities Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE […]
978-1337398169 Test Bank Chapter 11 Part 5
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 41 LEARNING OBJECTIVES: FNMN.WAJO.19.11-02 – LO: 11–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.22 – Long-Term Liabilities Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:29 PM DATE MODIFIED: 10/16/2017 […]
978-1337398169 Test Bank Chapter 11 Part 6
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 51 ACCREDITING STANDARDS: ACCT.ACBSP.APC.22 – Long-Term Liabilities Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:29 PM DATE MODIFIED: 10/16/2017 6:10 PM 117. The Merchant Company […]
978-1337398169 Test Bank Chapter 11 Part 7
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 61 Year 3 Oct. 1 Bonds Payable 1,000,000 Loss on Redemption of Bonds 40,000 Cash 1,040,000 POINTS: 1 DIFFICULTY: Bloom’s: Applying Moderate (c) Called bonds at 98. […]
978-1337398169 Test Bank Chapter 11 Part 8
Chapter 11 – Liabilities: Bonds Payable Copyright Cengage Learning. Powered by Cognero. Page 71 Cash 2,060,000 c. Bonds Payable 2,060,000 Cash 2,060,000 d. Bonds Payable 2,060,000 Cash 2,000,000 Loss on Redemption of Bonds 60,000 ANSWER: a POINTS: 1 DIFFICULTY: Bloom’s: […]
978-1337398169 Test Bank Chapter 12 Part 1
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 1 1. Twenty percent of all businesses in the United States are corporations, and they account for 80% of the total business dollars generated. […]
978-1337398169 Test Bank Chapter 12 Part 10
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 90 Retained Earnings 200,000 Treasury Stock (cost – $12 per share) 60,000 Answer the following questions: 1. How many shares of treasury stock are […]
978-1337398169 Test Bank Chapter 12 Part 2
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 11 28. When no-par stock is issued, Common Stock is credited for the selling price of the stock issued. a. True b. False ANSWER: […]
978-1337398169 Test Bank Chapter 12 Part 3
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 21 b. False ANSWER: False RATIONALE: Market value of the stock after the split = $150 / 4 = $37.50 POINTS: 1 DIFFICULTY: Bloom’s: […]
978-1337398169 Test Bank Chapter 12 Part 4
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 31 c. 25,000 d. 30,000 ANSWER: c RATIONALE: Number of shares outstanding = Number of shares originally issued – Number of shares reacquired = […]
978-1337398169 Test Bank Chapter 12 Part 5
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 41 Dividends per share: Preferred stock = $65,000 / 20,000 = $3.25 Common stock = $25,000 / 100,000 = $0.25 POINTS: 1 RATIONALE: Preferred […]
978-1337398169 Test Bank Chapter 12 Part 6
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 51 a. $34,000 b. $37,000 c. $41,000 d. $44,000 ANSWER: a RATIONALE: Year-end retained earnings balance = Beginning retained earnings balance – Depreciation expense […]
978-1337398169 Test Bank Chapter 12 Part 7
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 61 7 Cash 520,000 Preferred Stock 250,000 Paid-In Capital in Excess of Par —Preferred Stock 270,000 ACCT.AICPA.FN.03 – Measurement ACCT.AICPA.FN.04 – Reporting BUSPROG: Analytic […]
978-1337398169 Test Bank Chapter 12 Part 8
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 71 Cash 144,000 Common Stock 20,000 Paid-In Capital in Excess of Par—Common Stock 124,000 (b) Land 130,000 Common Stock 25,000 Paid-In Capital in Excess […]
978-1337398169 Test Bank Chapter 12 Part 9
Chapter 12 – Corporations: Organization, Stock Transactions, and Dividends Copyright Cengage Learning. Powered by Cognero. Page 81 DATE MODIFIED: 10/16/2017 6:21 PM 197. Journalize the following selected transactions completed during the current fiscal year: Jan. 3 The board of directors […]
978-1337398169 Test Bank Chapter 13 Part 1
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 1 1. The statement of cash flows is not one of the basic financial statements. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Bloom’s: Remembering […]
978-1337398169 Test Bank Chapter 13 Part 10
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 90 equipment (45,500)* Free cash flow $379,500 Cash payments for operating expenses $ 77,870 POINTS: 1 DIFFICULTY: Bloom’s: Applying Moderate QUESTION TYPE: Subjective Short Answer HAS […]
978-1337398169 Test Bank Chapter 13 Part 2
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 11 DIFFICULTY: Easy Bloom’s: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.13–02 – LO: 13–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.24 – Statement of Cash […]
978-1337398169 Test Bank Chapter 13 Part 3
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 21 b. the cash flows from investing activities section c. a separate schedule d. the cash flows from operating activities section ANSWER: c POINTS: 1 DIFFICULTY: […]
978-1337398169 Test Bank Chapter 13 Part 4
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 31 activities related to dividends ANSWER: a POINTS: 1 DIFFICULTY: Bloom’s: Remembering Easy QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.13–02 – LO: 13–02 […]
978-1337398169 Test Bank Chapter 13 Part 5
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 41 Accounts payable (merchandise creditors) 75,000 89,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by […]
978-1337398169 Test Bank Chapter 13 Part 6
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 51 The following selected account balances appeared on the financial statements of the Washington Company. Use these balances to answer the questions that follow. Accounts receivable, […]
978-1337398169 Test Bank Chapter 13 Part 7
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 61 activity on the statement of cash flows under the indirect method. a. Purchased treasury stock b. Sold equipment at book value c. Net income d. […]
978-1337398169 Test Bank Chapter 13 Part 8
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 71 DATE MODIFIED: 10/16/2017 6:30 PM 166. On the basis of the details of the common stock account presented below, calculate the total amount to be […]
978-1337398169 Test Bank Chapter 13 Part 9
Chapter 13 – Statement of Cash Flows Copyright Cengage Learning. Powered by Cognero. Page 81 Increase in inventories (16,500) Decrease in accounts payable (1,500) Net cash flow from operating activities $107,000 Cash flows from investing activities: Cash received from sale […]
978-1337398169 Test Bank Chapter 14 Part 1
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 1 1. Comparative financial statements are designed to compare the financial statements of two or more corporations. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Bloom’s: […]
978-1337398169 Test Bank Chapter 14 Part 10
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 90 Market price per share of common stock ($25) —-—————-——————-—————– = 14.1 Earnings per share of common stock ($1.77) (f) Dividends per share of common stock ($1.46) […]
978-1337398169 Test Bank Chapter 14 Part 2
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 11 ACCT.AICPA.BB.07 – Critical Thinking ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:35 PM DATE MODIFIED: 10/16/2017 6:37 PM 29. The number of days’ sales in […]
978-1337398169 Test Bank Chapter 14 Part 3
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 21 ANSWER: True POINTS: 1 DIFFICULTY: Bloom’s: Remembering Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.14-APP1 – LO: 14–APP1 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – […]
978-1337398169 Test Bank Chapter 14 Part 4
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 31 ANSWER: c RATIONALE: Quick assets = Accounts receivable + Cash + Marketable securities = $65,000 + $30,000 + $36,000 = $131,000 POINTS: 1 DIFFICULTY: Bloom’s: Remembering […]
978-1337398169 Test Bank Chapter 14 Part 5
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 41 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 […]
978-1337398169 Test Bank Chapter 14 Part 6
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 51 RATIONALE: Ratio of Sales to Total Assets = Sales / Average Total Assets = $85,000 / $250,000 = 0.34 POINTS: 1 DIFFICULTY: Bloom’s: Remembering Easy QUESTION […]
978-1337398169 Test Bank Chapter 14 Part 7
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 61 DIFFICULTY: Bloom’s: Remembering Moderate QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.14–06 – LO: 14–06 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.ACBSP.APC.23 – Financial Statement […]
978-1337398169 Test Bank Chapter 14 Part 8
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 71 Total liabilities and stockholders’ equity $1,125 $800 (a) Using horizontal analysis, show the percentage change for each balance sheet item using Year 1 as a base […]
978-1337398169 Test Bank Chapter 14 Part 9
Chapter 14 – Financial Statement Analysis Copyright Cengage Learning. Powered by Cognero. Page 81 Sales on account 950,000 825,000 (a) Assuming that credit terms on all sales are n/45, determine for each year (1) the accounts receivable turnover and (2) […]
978-1337398169 Test Bank Chapter 2 Part 1
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 1 1. Accounts are records of increases and decreases in individual accounting equation elements. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy Bloom’s: Remembering QUESTION TYPE: […]
978-1337398169 Test Bank Chapter 2 Part 10
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 91 15 Accounts Payable 1,220 Cash 1,220 23 Electricity Expense 430 Accounts Payable 430 31 Salaries Expense 850 Cash 850 POINTS: 1 DIFFICULTY: Moderate Bloom’s: Applying QUESTION TYPE: […]
978-1337398169 Test Bank Chapter 2 Part 11
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 101 Dawson Designs Co. Unadjusted Trial Balance January 31 Debits Credits Cash 23,000 Accounts Receivable 49,700 Prepaid Insurance 11,300 Equipment 150,500 Accounts Payable 6,050 Salaries Payable 4,250 Common […]
978-1337398169 Test Bank Chapter 2 Part 12
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 109 HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.02-04 – LO: 02–04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 – Accounting Cycle ACCT.ACBSP.APC.09 – Financial Statements ACCT.AICPA.FN.03 – Measurement BUSPROG: – Analytic DATE CREATED: […]
978-1337398169 Test Bank Chapter 2 Part 2
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 11 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.ACBSP.APC.03 – Business Forms ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 5:26 PM DATE MODIFIED: 10/16/2017 4:19 PM 27. When an […]
978-1337398169 Test Bank Chapter 2 Part 3
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 21 POINTS: 1 DIFFICULTY: Moderate Bloom’s: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.02-02 – LO: 02–02 STATE STANDARDS: United States – IN – […]
978-1337398169 Test Bank Chapter 2 Part 4
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 31 77. The debit side of an account a. depends on whether the account is an asset, liability, or stockholders’ equity b. can be either side of the […]
978-1337398169 Test Bank Chapter 2 Part 5
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 41 BUSPROG: Analytic DATE CREATED: 7/22/2017 5:26 PM DATE MODIFIED: 10/16/2017 4:19 PM 100. Which one of the statements below is not a purpose for the journal? a. […]
978-1337398169 Test Bank Chapter 2 Part 6
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 51 124. Gently Laser Clinic purchased laser equipment for $8,500 and paid $2,250 down, with the remainder to be paid later. The correct entry would be a. Equipment […]
978-1337398169 Test Bank Chapter 2 Part 7
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 61 The chart of accounts for the Corning Company includes the following: Account Name Account Number Cash 11 Accounts Receivable 13 Prepaid Insurance 15 Accounts Payable 21 Unearned […]
978-1337398169 Test Bank Chapter 2 Part 8
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 71 Bloom’s: Remembering QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.02-04 – LO: 02–04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 – Accounting Cycle ACCT.ACBSP.APC.09 – Financial Statements ACCT.AICPA.FN.03 – […]
978-1337398169 Test Bank Chapter 2 Part 9
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 81 placing the account number(s) in the appropriate box. 1. Cash 2. Accounts Receivable 3. Supplies 4. Prepaid Insurance 5. Equipment 6. Truck 7. Notes Payable 8. Accounts […]
978-1337398169 Test Bank Chapter 3 Part 1
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 1 1. Even though GAAP requires the accrual basis of accounting, some businesses prefer using the cash basis of accounting. a. True b. False ANSWER: True […]
978-1337398169 Test Bank Chapter 3 Part 10
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 91 Operating expenses 472,045 70% 338,390 65% HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.03–06 – LO: 03–06 ACCREDITING STANDARDS: ACCT.ACBSP.APC.07 – Adjusting Entries ACCT.AICPA.FN.03 – Measurement BUSPROG: […]
978-1337398169 Test Bank Chapter 3 Part 11
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 97 ???????????????? a. Record accrual of interest on loan. b. Record payment of interest on loan. c. Record interest due on account. d. Record interest expense […]
978-1337398169 Test Bank Chapter 3 Part 2
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 11 29. Depreciation Expense is reported on the balance sheet as an addition to the related asset. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: […]
978-1337398169 Test Bank Chapter 3 Part 3
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 21 HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.03–01 – LO: 03–01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.ACBSP.APC.04 – Cash vs. Accrual ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE […]
978-1337398169 Test Bank Chapter 3 Part 4
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 31 DATE CREATED: 7/22/2017 5:31 PM DATE MODIFIED: 10/16/2017 4:29 PM 79. Which account would normally not require an adjusting entry? a. Wages Expense b. Accounts […]
978-1337398169 Test Bank Chapter 3 Part 5
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 41 DIFFICULTY: Bloom’s: Remembering Easy QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.03–03 – LO: 03–03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 – Financial Statements ACCT.ACBSP.APC.16 – […]
978-1337398169 Test Bank Chapter 3 Part 6
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 51 DATE CREATED: 7/22/2017 5:31 PM DATE MODIFIED: 10/16/2017 4:29 PM 123. The net income reported on the income statement is $58,000. However, adjusting entries have […]
978-1337398169 Test Bank Chapter 3 Part 7
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 61 BUSPROG: Analytic DATE CREATED: 7/22/2017 5:31 PM DATE MODIFIED: 10/16/2017 4:29 PM 159. For each of the following, journalize the necessary adjusting entry: (a) A […]
978-1337398169 Test Bank Chapter 3 Part 8
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 71 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 – Recording Transactions ACCT.ACBSP.APC.07 – Adjusting Entries ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 5:31 PM DATE MODIFIED: 10/16/2017 4:29 PM […]
978-1337398169 Test Bank Chapter 3 Part 9
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 81 Bloom’s: Applying QUESTION TYPE: Subjective Short Answer HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.03–02 – LO: 03–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.07 – Adjusting Entries ACCT.AICPA.FN.03 – Measurement […]
978-1337398169 Test Bank Chapter 4 Part 1
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 1 1. Cross-referencing is useful in assuring that the debits and credits are in balance. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Bloom’s: Remembering Moderate […]
978-1337398169 Test Bank Chapter 4 Part 10
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 91 Debit Credit Debit Credit Debit Credit Cash 36,000 Prepaid Insurance 12,000 Accounts Receivable 56,000 Supplies 12,000 Equipment 60,000 Accumulated Depreciation 12,000 Unearned Revenue 20,000 Accounts Payable […]
978-1337398169 Test Bank Chapter 4 Part 11
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 100 references. 2. If Zeta Company does not use reversing entries, journalize the entry made when payroll is paid in cash on June 2. 202. Journalize the […]
978-1337398169 Test Bank Chapter 4 Part 2
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 11 QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.04-03 – LO: 04–03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.08 – Closing Entries ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE […]
978-1337398169 Test Bank Chapter 4 Part 3
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 21 ANSWER: True POINTS: 1 DIFFICULTY: Bloom’s: Remembering Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.04-APP1 – LO: 04–APP1 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 – […]
978-1337398169 Test Bank Chapter 4 Part 4
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 31 LEARNING OBJECTIVES: FNMN.WAJO.19.04-02 – LO: 04–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 – Accounting Cycle ACCT.ACBSP.APC.09 – Financial Statements ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:18 PM […]
978-1337398169 Test Bank Chapter 4 Part 5
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 41 POINTS: 1 DIFFICULTY: Moderate Bloom’s: Remembering QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.04-03 – LO: 04–03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.08 – Closing Entries ACCT.AICPA.FN.03 […]
978-1337398169 Test Bank Chapter 4 Part 6
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 51 journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger c. analyze and record transactions, post transactions to the […]
978-1337398169 Test Bank Chapter 4 Part 7
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 61 DATE MODIFIED: 10/16/2017 4:41 PM 144. After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet, the totals […]
978-1337398169 Test Bank Chapter 4 Part 8
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 71 plant, and equipment. (4) Accumulated depreciation should be deducted from the related fixed asset in the property, plant, and equipment section. (5) An adding error was […]
978-1337398169 Test Bank Chapter 4 Part 9
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 81 Wages Expense 29,000 Rent Expense 43,000 Supplies Expense 7,300 Miscellaneous Expense 5,700 Journalize the two entries required to close the accounts ANSWER: Jan.31 Fees Earned 124,600 […]
978-1337398169 Test Bank Chapter 5 Part 1
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 1 1. The most important differences between a service business and a retail business are reflected in their operating cycles and financial statements. a. True b. […]
978-1337398169 Test Bank Chapter 5 Part 10
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 91 ANSWER: Abbott Co. Dalton Co. Date Description Debit Credit Description Debit Credit July 3 Accounts Receivable 7,500 Inventory 7,500 Sales 7,500 Accounts Payable 7,500 3 […]
978-1337398169 Test Bank Chapter 5 Part 11
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 101 Rent revenue 17,500 Total revenues $383,000 Expenses: Cost of goods sold $121,700 Selling expenses 41,500 Administrative expenses 56,500 Interest expense 12,000 Total expenses 231,700 Net […]
978-1337398169 Test Bank Chapter 5 Part 12
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 111 235. Details of invoices for purchases of merchandise are as follows: Invoice Merchandise Freight Freight Terms Returns and Allowances Invoice A $2,800 $45 FOB shipping […]
978-1337398169 Test Bank Chapter 5 Part 13
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 121 DATE CREATED: 10/2/2017 6:27 PM DATE MODIFIED: 10/16/2017 4:50 PM 253. What is Fernandez Company’s income from operations for the year? a. $1,335,000 b. $2,162,000 […]
978-1337398169 Test Bank Chapter 5 Part 14
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 129 balances given above for Cerelat Co. a. $886,000 b. $832,500 c. $822,000 d. $825,000 ANSWER: c RATIONALE: Beg. inventory + Purchases – Purchases Returns and […]
978-1337398169 Test Bank Chapter 5 Part 2
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 11 Bloom’s: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.05–02 – LO: 05–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 – Financial Statements ACCT.ACBSP.APC.17 – Inventories […]
978-1337398169 Test Bank Chapter 5 Part 3
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 21 Moderate QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.05–04 – LO: 05–04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 – Financial Statements ACCT.AICPA.FN.03 – Measurement BUSPROG: […]
978-1337398169 Test Bank Chapter 5 Part 4
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 31 HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.05–02 – LO: 05–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:19 PM […]
978-1337398169 Test Bank Chapter 5 Part 5
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 41 LEARNING OBJECTIVES: FNMN.WAJO.19.05–02 – LO: 05–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 – Recording Transactions ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:19 […]
978-1337398169 Test Bank Chapter 5 Part 6
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 51 HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.05–02 – LO: 05–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:19 PM […]
978-1337398169 Test Bank Chapter 5 Part 7
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 61 LEARNING OBJECTIVES: FNMN.WAJO.19.05–04 – LO: 05–04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.08 – Closing Entries ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:19 PM DATE MODIFIED: 10/16/2017 […]
978-1337398169 Test Bank Chapter 5 Part 8
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 71 LEARNING OBJECTIVES: FNMN.WAJO.19.05–01 – LO: 05–01 FNMN.WAJO.19.05–04 – LO: 05–04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 – Financial Statements ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:19 […]
978-1337398169 Test Bank Chapter 5 Part 9
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 81 Accounts Receivable 4,044 Cash 4,044 POINTS: 1 DIFFICULTY: Challenging Bloom’s: Applying QUESTION TYPE: Subjective Short Answer HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.05–02 – LO: 05–02 […]
978-1337398169 Test Bank Chapter 6 Part 1
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 1 1. One of the two internal control procedures over inventory is to properly report inventory on the financial statements. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: […]
978-1337398169 Test Bank Chapter 6 Part 10
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 91 (d) yes (e) no (f) yes POINTS: 1 DIFFICULTY: Moderate Bloom’s: Remembering QUESTION TYPE: Subjective Short Answer HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.06-07 – LO: 06–07 ACCREDITING STANDARDS: […]
978-1337398169 Test Bank Chapter 6 Part 11
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 101 Average cost periodic: Average cost: $56,412.50/2,300 units = $24.53 Gross profit: Total sales $56,975.00 Lesscost of goods sold 36,431,25 Gross profit $20,543.75 POINTS: 1 DIFFICULTY: Bloom’s Applying Challenging […]
978-1337398169 Test Bank Chapter 6 Part 12
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 111 (2) 37.56 days d. (1) 10.53 times (2) 34.56 days ANSWER: b RATIONALE: (1) Inventory turnover = Cost of goods sold/Average inventory Inventory turnover = $894,000/[($78,000 + $92,000)/2] […]
978-1337398169 Test Bank Chapter 6 Part 2
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 11 a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy Bloom’s: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.06-07 – LO: 06–07 ACCREDITING STANDARDS: […]
978-1337398169 Test Bank Chapter 6 Part 3
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 21 ACCREDITING STANDARDS: ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:20 PM DATE MODIFIED: 10/16/2017 5:09 PM 56. Cost flow is in the order […]
978-1337398169 Test Bank Chapter 6 Part 4
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 31 b. $1,263 c. $1,375 d. $1,150 ANSWER: b RATIONALE: Average cost per unit = [($55 × 10 units) + ($60 × 25 units) + ($65 × 30 units) […]
978-1337398169 Test Bank Chapter 6 Part 5
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 41 ANSWER: c POINTS: 1 DIFFICULTY: Easy Bloom’s: Remembering QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.06-07 – LO: 06–07 ACCREDITING STANDARDS: ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 […]
978-1337398169 Test Bank Chapter 6 Part 6
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 51 120. Stevens Company started the year with an inventory cost of $145,000. During the month of January, Stevens purchased inventory that cost $53,000. January sales totaled $140,000. Estimated […]
978-1337398169 Test Bank Chapter 6 Part 7
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 61 DIFFICULTY: Moderate Bloom’s: Applying 10 Purchase 1 36 24 Purchase 1 37 Total 3 $108 Average cost per unit $36 Assume one unit sells on July 28 for […]
978-1337398169 Test Bank Chapter 6 Part 8
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 71 *Cost of goods available for sale: 60 units at $145 $ 8,700 90 units at $150 13,500 75 units at $154 11,550 225 units (at average cost of […]
978-1337398169 Test Bank Chapter 6 Part 9
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 81 Calculate the cost of the ending inventory at June 30, using (a) the first-in, first-out (FIFO) method and (b) the last-in, first-out (LIFO) method. Identify the quantity, unit […]
978-1337398169 Test Bank Chapter 7 Part 1
Chapter 07 – Internal Control and Cash Copyright Cengage Learning. Powered by Cognero. Page 1 1. The Sarbanes-Oxley Act applies only to companies whose stock is traded on public exchanges. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy […]
978-1337398169 Test Bank Chapter 7 Part 10
Chapter 07 – Internal Control and Cash Copyright Cengage Learning. Powered by Cognero. Page 88 DATE CREATED: 10/5/2017 4:28 PM ANSWER: Allowing the custom frame specialist to take orders, fulfill them, and collect the cash is an internal control weakness. […]
978-1337398169 Test Bank Chapter 7 Part 2
Chapter 07 – Internal Control and Cash Copyright Cengage Learning. Powered by Cognero. Page 11 28. In preparing a bank reconciliation, the amount of a canceled check omitted from the journal is added to the balance per company’s records. a. […]
978-1337398169 Test Bank Chapter 7 Part 3
Chapter 07 – Internal Control and Cash Copyright Cengage Learning. Powered by Cognero. Page 21 55. When a firm uses internal auditors, it is adhering to which of the following internal control elements? a. risk assessment b. monitoring c. proofs […]
978-1337398169 Test Bank Chapter 7 Part 4
Chapter 07 – Internal Control and Cash Copyright Cengage Learning. Powered by Cognero. Page 31 LEARNING OBJECTIVES: FNMN.WAJO.19.07-05 – LO: 07–05 ACCREDITING STANDARDS: ACCT.ACBSP.APC.11 – Bank Reconciliation ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:21 PM DATE MODIFIED: 10/16/2017 […]
978-1337398169 Test Bank Chapter 7 Part 5
Chapter 07 – Internal Control and Cash Copyright Cengage Learning. Powered by Cognero. Page 41 = $6,435 POINTS: 1 DIFFICULTY: Challenging Bloom’s: Applying QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.07-05 – LO: 07–05 ACCREDITING STANDARDS: ACCT.ACBSP.APC.11 – […]
978-1337398169 Test Bank Chapter 7 Part 6
Chapter 07 – Internal Control and Cash Copyright Cengage Learning. Powered by Cognero. Page 51 DIFFICULTY: Moderate Difficulty: Moderate Bloom’s: Remembering QUESTION TYPE: Matching HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.07-05 – LO: 07–05 ACCREDITING STANDARDS: ACCT.ACBSP.APC.11 – Bank Reconciliation ACCT.AICPA.FN.03 […]
978-1337398169 Test Bank Chapter 7 Part 7
Chapter 07 – Internal Control and Cash Copyright Cengage Learning. Powered by Cognero. Page 61 Easy QUESTION TYPE: Subjective Short Answer HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.07-03 – LO: 07–03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 – Recording Transactions ACCT.ACBSP.APC.15 – Current Assets […]
978-1337398169 Test Bank Chapter 7 Part 8
Chapter 07 – Internal Control and Cash Copyright Cengage Learning. Powered by Cognero. Page 71 ACCREDITING STANDARDS: ACCT.ACBSP.APC.11 – Bank Reconciliation ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic Balance per bank $16,750 Balance per company records 16,125 Bank service charges 80 Deposit […]
978-1337398169 Test Bank Chapter 7 Part 9
Chapter 07 – Internal Control and Cash Copyright Cengage Learning. Powered by Cognero. Page 81 Petty Cash 235.00 Cash 235.00 (b) Office Supplies 74.50 Miscellaneous Administrative Expense 92.75 Miscellaneous Selling Expense 18.60 Cash Short and Over 6.35 Cash 192.20 (c) […]
978-1337398169 Test Bank Chapter 8 Part 1
Chapter 08 – Receivables Copyright Cengage Learning. Powered by Cognero. Page 1 1. Receivables not currently collectible are reported in the investments section of the balance sheet. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy Bloom’s: Remembering QUESTION […]
978-1337398169 Test Bank Chapter 8 Part 10
Chapter 08 – Receivables Copyright Cengage Learning. Powered by Cognero. Page 88 d. a decrease in assets and a decrease in stockholders’ equity (expense) ANSWER: c ANSWER: (a) Year 1: $956,000 ÷ [($120,500 + $110,000) ÷ 2] = 8.3 Year […]
978-1337398169 Test Bank Chapter 8 Part 2
Chapter 08 – Receivables Copyright Cengage Learning. Powered by Cognero. Page 11 DATE CREATED: 7/22/2017 6:23 PM DATE MODIFIED: 10/16/2017 5:23 PM 28. A primary difference between the direct write-off and allowance method is whether or not bad debts is […]
978-1337398169 Test Bank Chapter 8 Part 3
Chapter 08 – Receivables Copyright Cengage Learning. Powered by Cognero. Page 21 POINTS: 1 DIFFICULTY: Bloom’s: Remembering Easy QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.08–02 – LO: 08–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.12 – Receivables Reporting ACCT.AICPA.FN.03 – Measurement […]
978-1337398169 Test Bank Chapter 8 Part 4
Chapter 08 – Receivables Copyright Cengage Learning. Powered by Cognero. Page 31 HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.08–04 – LO: 08–04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.12 – Receivables Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:23 PM DATE MODIFIED: 10/16/2017 […]
978-1337398169 Test Bank Chapter 8 Part 5
Chapter 08 – Receivables Copyright Cengage Learning. Powered by Cognero. Page 41 DATE CREATED: 7/22/2017 6:23 PM DATE MODIFIED: 10/16/2017 5:23 PM 98. When comparing the direct write-off method and the allowance method of accounting for uncollectible receivables, a major […]
978-1337398169 Test Bank Chapter 8 Part 6
Chapter 08 – Receivables Copyright Cengage Learning. Powered by Cognero. Page 51 b. $30,500 and $525,000 c. $19,500 and $525,000 d. $30,500 and $25,000 ANSWER: a RATIONALE: Bad debt expense = Uncollectible accounts estimate − Unadjusted allowance for doubtful accounts […]
978-1337398169 Test Bank Chapter 8 Part 7
Chapter 08 – Receivables Copyright Cengage Learning. Powered by Cognero. Page 61 BUSPROG: Analytic DATE CREATED: 7/22/2017 6:23 PM DATE MODIFIED: 10/16/2017 5:23 PM 160. At the end of the current year, Accounts Receivable has a balance of $750,000; Allowance […]
978-1337398169 Test Bank Chapter 8 Part 8
Chapter 08 – Receivables Copyright Cengage Learning. Powered by Cognero. Page 71 Origination Face Term Interest Maturity Interest April 18 days (30-12) days May 31 days June 30 days July 31 days August 10 days Total 120 days (b) $40,800 […]
978-1337398169 Test Bank Chapter 8 Part 9
Chapter 08 – Receivables Copyright Cengage Learning. Powered by Cognero. Page 81 Current assets: Cash $ 56,000 Accounts receivable $325,000 Allowance for doubtful accounts (25,000) 300,000 Inventory 45,000 Supplies 4,000 Interest receivable 3,000 Other current assets 10,000 Total current assets […]
978-1337398169 Test Bank Chapter 9 Part 1
Chapter 09 – Long-Term Assets: Fixed and Intangible Copyright Cengage Learning. Powered by Cognero. Page 1 1. Long-lived assets that are intangible in nature, used in the operations of the business, and not held for sale in the ordinary course […]
978-1337398169 Test Bank Chapter 9 Part 10
Chapter 09 – Long-Term Assets: Fixed and Intangible Copyright Cengage Learning. Powered by Cognero. Page 90 POINTS: 1 DIFFICULTY: Bloom’s: Applying Moderate QUESTION TYPE: Subjective Short Answer HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.09–01 – LO: 09–01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.13 – […]
978-1337398169 Test Bank Chapter 9 Part 2
Chapter 09 – Long-Term Assets: Fixed and Intangible Copyright Cengage Learning. Powered by Cognero. Page 11 b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy Bloom’s: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.09–02 – LO: 09–02 […]
978-1337398169 Test Bank Chapter 9 Part 3
Chapter 09 – Long-Term Assets: Fixed and Intangible Copyright Cengage Learning. Powered by Cognero. Page 21 POINTS: 1 DIFFICULTY: Bloom’s: Remembering Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.09–03 – LO: 09–03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.13 – […]
978-1337398169 Test Bank Chapter 9 Part 4
Chapter 09 – Long-Term Assets: Fixed and Intangible Copyright Cengage Learning. Powered by Cognero. Page 31 DATE CREATED: 7/22/2017 6:23 PM DATE MODIFIED: 10/16/2017 5:33 PM 81. Equipment with a cost of $220,000 has an estimated residual value of $30,000 […]
978-1337398169 Test Bank Chapter 9 Part 5
Chapter 09 – Long-Term Assets: Fixed and Intangible Copyright Cengage Learning. Powered by Cognero. Page 41 ANSWER: c RATIONALE: Depletion Rate = Cost of Resource / Estimated Total Units of Resource = $1,600,000 / 400,000 = $4 Depletion Expense = […]
978-1337398169 Test Bank Chapter 9 Part 6
Chapter 09 – Long-Term Assets: Fixed and Intangible Copyright Cengage Learning. Powered by Cognero. Page 51 Easy QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.09–03 – LO: 09–03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.13 – Long-term Assets Reporting ACCT.AICPA.FN.03 – Measurement […]
978-1337398169 Test Bank Chapter 9 Part 7
Chapter 09 – Long-Term Assets: Fixed and Intangible Copyright Cengage Learning. Powered by Cognero. Page 61 (c) Accumulated Depreciation—Machinery 8,000 Cash 8,000 POINTS: 1 DIFFICULTY: Moderate Bloom’s: Remembering QUESTION TYPE: Subjective Short Answer HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.09–01 – […]
978-1337398169 Test Bank Chapter 9 Part 8
Chapter 09 – Long-Term Assets: Fixed and Intangible Copyright Cengage Learning. Powered by Cognero. Page 71 LEARNING OBJECTIVES: FNMN.WAJO.19.09–02 – LO: 09–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.13 – Long-term Assets Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:24 PM DATE […]
978-1337398169 Test Bank Chapter 9 Part 9
Chapter 09 – Long-Term Assets: Fixed and Intangible Copyright Cengage Learning. Powered by Cognero. Page 81 Company A Company B Company C Company D Sales $5,000,000 $720,000 $900,000 $1,040,000 Beginning fixed assets $450,000 $275,000 $290,000 $380,000 Ending fixed assets $800,000 […]