Homework Answers
Option B $144,000 is the correct answer
The Cost of purchased fabric = FC 400,000 * $0.36 = $144,000
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On October 12, Year 5, Jiambalvo International, a clothing manufacturer, ordered bolts of fabric from an...
A company had the following purchases and sales during its first year of operations: 11 0106.50...
A company had the following purchases and sales during its first year of operations: 11 0106.50 Purchases January: 12 units at $150 February: 22 units at $155 May: 17 units at $160 September: 14 units at $165 November: 12 units at $170 Sales 6 units 5 units 9 units 8 units 15 units On December 31, there were 34 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending Inventory? (Assume...
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: 28 5...
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: 28 5 points Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income 2021 $ 78,000 47,000 305,900 152,000 463,000 278,000 61,000 2020 $ 55,000 73,000 300,000 127,000 424,000 244,000 47,000 & 03:21:20 Hulkster's 2021 average days in inventory is (rounded): (Round your intermediate calculations to 2 decimal places.) Multiple Choice 68 days. O O 134 days. O 144...
Multiple Choice Question 221 On January 1, Riverbed Corp issues $3360000, 5-year, 12% bonds at 97...
Multiple Choice Question 221 On January 1, Riverbed Corp issues $3360000, 5-year, 12% bonds at 97 with interest payable on January 1. The entry on December 31 to record accrued bond interest and the amortization of bond discount using the straight-line method will include a debit to Interest Expense, 201600. , debit to Interest Expense, 403200. O credit to Discount on Bonds payable, 20160. O credit to Discount on Bonds Payable, $10080. Question Attempts: 0 of 1 used SAVE FOR...
Refer to Table 10-6 Price quotes are stated in 1/64ths a. How many ExxonMobil October 2016...
Refer to Table 10-6 Price quotes are stated in 1/64ths a. How many ExxonMobil October 2016 $90.00 put options were outstanding at the open of trading on August 3, 2016? b. What was the closing price of a 10-year Treasury note December 13300 futures call option on August 3, 2016? c. What was the closing and dollar price of a December 2160 call option on the S&P 500 Stock Index futures contract on August 3. 2016? d. What was the...
In October 2019, Old City Antiques onened a new checking account at Barnett Bank. The bank statement dated Oct...
In October 2019, Old City Antiques onened a new checking account at Barnett Bank. The bank statement dated October 31, 2019, for Old City Antiques follows: Beginning Balance, October 1, 2019 Deposits and other credits Oct. 2 10 17 19 $36,000 800 14,000 52,000 450 50 103,300 20 24. EFT St. Augustine Hotel 31. Interest revenue Checks and other debits: Oct. 2 EFT to FPL (utilities) 6 Ck#325 10 Ck#327 10 Ck#326 27 Ck#329 27 EFT to ATT 28 Ck#340...
Questions (10 points) 1. Briefly contrast the accounting procedures in perpetual and periodic inventory systems. (...
Questions (10 points) 1. Briefly contrast the accounting procedures in perpetual and periodic inventory systems. ( points 2. The December bank statement for Kowal Publishing Co. reports a balance of $13,847.59 at December 31, 2018. Kowal's accounting records, however, show a balance of $15,245.47 in the same bank account prior to preparation of the bank reconciliation. Which amount should be included in the amount of cash reported in Kowal's balance sheet at December 31, 2018? Explain your answer. (5 points)...
Obligations to be paid within one year or the company's operating cycle, whichever is longer, are:...
Obligations to be paid within one year or the company's operating cycle, whichever is longer, are: Multiple Choice Ο O Current liabilities Ο Operating cycle liabilities Ο Ο O Current assets. Ο Earned revenues All of the following statements regarding uncertainty in liabilities are true except Multiple Choice ) A company can be aware of an obligation but not know how much will be required to settle it A company can create alability with a known amount even when the...
Sent Need the answers for that whole question paper True or false questions (25) has any...
Sent
Need the answers for that whole question paper
True or false questions
(25) has any effect SECTION TRUE OR FALSE QUESTION (40 Marks) The following questions indicate if it's True or False. Each question carries 2 Marks 1. Accounting Principle is general law or rule followed in the preparation of financial statements 2. Usefulness, objectivity and feasibility are the three basic norms generally found in accounting principles 3. The Cash book record only the cash payments 4. If a...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
A company had the following purchases and sales during its first year of operations: 11 0106.50 Purchases January: 12 units at $150 February: 22 units at $155 May: 17 units at $160 September: 14 units at $165 November: 12 units at $170 Sales 6 units 5 units 9 units 8 units 15 units On December 31, there were 34 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending Inventory? (Assume...
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: 28 5 points Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income 2021 $ 78,000 47,000 305,900 152,000 463,000 278,000 61,000 2020 $ 55,000 73,000 300,000 127,000 424,000 244,000 47,000 & 03:21:20 Hulkster's 2021 average days in inventory is (rounded): (Round your intermediate calculations to 2 decimal places.) Multiple Choice 68 days. O O 134 days. O 144...
Multiple Choice Question 221 On January 1, Riverbed Corp issues $3360000, 5-year, 12% bonds at 97 with interest payable on January 1. The entry on December 31 to record accrued bond interest and the amortization of bond discount using the straight-line method will include a debit to Interest Expense, 201600. , debit to Interest Expense, 403200. O credit to Discount on Bonds payable, 20160. O credit to Discount on Bonds Payable, $10080. Question Attempts: 0 of 1 used SAVE FOR...
Refer to Table 10-6 Price quotes are stated in 1/64ths a. How many ExxonMobil October 2016 $90.00 put options were outstanding at the open of trading on August 3, 2016? b. What was the closing price of a 10-year Treasury note December 13300 futures call option on August 3, 2016? c. What was the closing and dollar price of a December 2160 call option on the S&P 500 Stock Index futures contract on August 3. 2016? d. What was the...
In October 2019, Old City Antiques onened a new checking account at Barnett Bank. The bank statement dated October 31, 2019, for Old City Antiques follows: Beginning Balance, October 1, 2019 Deposits and other credits Oct. 2 10 17 19 $36,000 800 14,000 52,000 450 50 103,300 20 24. EFT St. Augustine Hotel 31. Interest revenue Checks and other debits: Oct. 2 EFT to FPL (utilities) 6 Ck#325 10 Ck#327 10 Ck#326 27 Ck#329 27 EFT to ATT 28 Ck#340...
Questions (10 points) 1. Briefly contrast the accounting procedures in perpetual and periodic inventory systems. ( points 2. The December bank statement for Kowal Publishing Co. reports a balance of $13,847.59 at December 31, 2018. Kowal's accounting records, however, show a balance of $15,245.47 in the same bank account prior to preparation of the bank reconciliation. Which amount should be included in the amount of cash reported in Kowal's balance sheet at December 31, 2018? Explain your answer. (5 points)...
Obligations to be paid within one year or the company's operating cycle, whichever is longer, are: Multiple Choice Ο O Current liabilities Ο Operating cycle liabilities Ο Ο O Current assets. Ο Earned revenues All of the following statements regarding uncertainty in liabilities are true except Multiple Choice ) A company can be aware of an obligation but not know how much will be required to settle it A company can create alability with a known amount even when the...
Sent
Need the answers for that whole question paper
True or false questions
(25) has any effect SECTION TRUE OR FALSE QUESTION (40 Marks) The following questions indicate if it's True or False. Each question carries 2 Marks 1. Accounting Principle is general law or rule followed in the preparation of financial statements 2. Usefulness, objectivity and feasibility are the three basic norms generally found in accounting principles 3. The Cash book record only the cash payments 4. If a...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
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