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What is the effect on total paid-in capital of a stock dividend and a stock split,
respectively?
Answer:
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:
Times interest earned is calculated by dividing _____________ before
_______________ and ________________ by interest expense.
Answer:
Assuming a statement of cash flows is prepared, indicate the reporting of the
transactions and events listed below by major categories on the statement. Use the
following code letters to indicate the appropriate category under which the item would
appear on the statement of cash flows.
Answer:
The adjusted account balances of the Fitness Center at July 31 are as
follows:
Instructions
Prepare the end of the period closing entries for the Fitness Center.
Answer:
Prepare journal entries for each of the following transactions.
1> Performed services for customers on account $8,000.
2> Purchased $20,000 of equipment on account.
3> Received $3,000 from customers in transaction 1.
4> The company paid dividends of $2,000.
Answer:
At December 31, 2015, the following information was available for Deen Company:
ending inventory $22,600; beginning inventory $21,400; cost of goods sold $171,000;
and sales revenue $430,000.
Calculate the inventory turnover and days in inventory for Deen.
Answer:
Every sales transaction should be supported by a ________________ that provides
written evidence of the sale.
Answer:
Each transaction must be analyzed in terms of its effect on the accounts before it can be
recorded in a journal.
Answer:
If the proceeds from the sale of a plant asset exceed its ______________, a gain on
disposal will occur.
Answer:
