Homework Answers
| We would solve this by way of accounting equation | |||||||||
| Accounting equation is developed by double accounting system. It states total of assets is equal to total liabilities plus total equity | |||||||||
| Total assets | Total liabilities + Total equity | ||||||||
| (874000+59400) | (747000+24700)+Total equity | ||||||||
| 933400 | 771700+Total equity | ||||||||
| Total equity | 933400-771700 | ||||||||
| Total equity | $161,700 | ||||||||
| Thus, current year stockholder's equity was $161,700 | |||||||||
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MC Qu. 1-72 At the end of last year, the... totied o t the end of...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income of $55,000, assets at the beginning of the year are $262,000 and assets at the end of the year are $312,000. Compute its return on assets. Multiple Choice Ο Ο Ο Ο MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Account Title Cash R Accounts...
MC Qu. 115 At the beginning of the year, Sigma Company's balance.. At the beginning of...
MC Qu. 115 At the beginning of the year, Sigma Company's balance.. At the beginning of the year Company's bace whereported to set of 2000 and total e s of $900 During the year the company reported total revenues of $270000 and expenses of $209.000. Also owner withdrawal during the year 200 Asuming no other changes to owner's capital, the balance in the owner's capital account at the end of the year would be o o o o of
Help Save & Exit MC Qu. 175 On May 1, a two-year insurance policy was... On...
Help Save & Exit MC Qu. 175 On May 1, a two-year insurance policy was... On May 1, a two-year insurance policy was purchased for $33,600 with coverage to begin immediately. What is the amount of insurance expense that would appear on the company's income statement for the first year ended December 312 Multiple Choice Ο Ο Ο $12,600. Ο < Prev 3 of 19 !!! Next >
MC Qu. 163 Flannigan Company manufactures and sells... Flannigan Company manufactures and sells a single product...
MC Qu. 163 Flannigan Company manufactures and sells... Flannigan Company manufactures and sells a single product that sells for $450 per unit: variable costs are $252. Annual fixed costs are $897,600. Current sale volume is $4,240,000. Flannigan Company management targets an annual pre-tax income of $1,165,000. Compute the unit sales to earn the target pre-tax net income. Multiple Choice 0 0 0 MC Qu. 114 Maroon Company's contribution... Maroon Company's contribution margin ratio is 32%. Total fixed costs are $124,800....
z i TB MC Qu. 96 Last year, Forest Products issued both... Last year, Forest Products...
z i TB MC Qu. 96 Last year, Forest Products issued both... Last year, Forest Products issued both 5-year and 10-year bonds at par. The bonds each have a coupon rate of 5.5 percent, paid semiannually, and a face value of $1,000. Assume the yield to maturity on each of these bonds is now 7.4 percent. What is the percentage change in the price of the 5-year bond since it was issued? The 10-year bond? Multiple Choice -3.39, -6.08 -6.48:-10.87...
MC Qu. 5-44 On January 1, Year 2, Kincaid Company's... On January 1, Year 2, Kincaid...
MC Qu. 5-44 On January 1, Year 2, Kincaid Company's... On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $64,000 and $1,400, respectively. During the year Kincaid reported $155,000 of credit sales, Kincaid wrote off $1,250 of receivables as uncollectible in Year 2. Cash collections of receivables amounted to $166,700. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales Kincaid's entry to recognize the write-off...
TB MC Qu. 01-47 The financial statements of... The financial statements of a United States public...
TB MC Qu. 01-47 The financial statements of... The financial statements of a United States public company are most likely to follow. Multiple Choice rences Ο O Generally accepted accounting principles Ο International Standards of Auditing Ο Public Company Accounting Oversight Board Principles Ο Quality control standards Prev 1 of 36 !!! Next >
MC Qu. 70 A good like water has few... A good like water has few substitutes...
MC Qu. 70 A good like water has few... A good like water has few substitutes and takes up little of our income to purchase. As a result, its demand is likely to be Multiple Choice Ο elastic. Ο inelastic, Ο unit elastic. Ο perfectly elastic. MC Qu. 125 The amount of money consumers pay... The amount of money consumers pay producers is Multiple Choice the area under the demand curve from the origin to the quantity purchased. the area...
Help Save & Exit TB MC Qu. 14-142 Asteroid Industries accumulated... Asteroid Industries accumulated the following...
Help Save & Exit TB MC Qu. 14-142 Asteroid Industries accumulated... Asteroid Industries accumulated the following cost information for the year. Direct materials Indirect materials Indirect labor Factory depreciation Direct labor $15, 400 3,400 7,900 12,200 36,400 Using the above information, total factory overhead costs equal Multiple Choice 0 $75,300 O $23.500 O $12.200 mg the above information, total factory overhead costs equal: Multiple Choice Ο Ο $75,300. Ο Ο $23,500. Ο Ο $12,200. Ο S15,600. Η $51,800.
UT TB MC Qu. 11-122 The following data pertain to Turk... The following data pertain to...
UT TB MC Qu. 11-122 The following data pertain to Turk... The following data pertain to Turk Company's operations last year. Sales Net operating income Contribution margin Average operating assets Stockholders' equity Plant, property, & equipment $900,000 $ 36,000 $150,000 $180,000 $100,000 $120,000 If the residual income for the year was $9,000, the minimum required rate of return must have been Multiple Choice O O O
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income of $55,000, assets at the beginning of the year are $262,000 and assets at the end of the year are $312,000. Compute its return on assets. Multiple Choice Ο Ο Ο Ο MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Account Title Cash R Accounts...
MC Qu. 115 At the beginning of the year, Sigma Company's balance.. At the beginning of the year Company's bace whereported to set of 2000 and total e s of $900 During the year the company reported total revenues of $270000 and expenses of $209.000. Also owner withdrawal during the year 200 Asuming no other changes to owner's capital, the balance in the owner's capital account at the end of the year would be o o o o of
Help Save & Exit MC Qu. 175 On May 1, a two-year insurance policy was... On May 1, a two-year insurance policy was purchased for $33,600 with coverage to begin immediately. What is the amount of insurance expense that would appear on the company's income statement for the first year ended December 312 Multiple Choice Ο Ο Ο $12,600. Ο < Prev 3 of 19 !!! Next >
MC Qu. 163 Flannigan Company manufactures and sells... Flannigan Company manufactures and sells a single product that sells for $450 per unit: variable costs are $252. Annual fixed costs are $897,600. Current sale volume is $4,240,000. Flannigan Company management targets an annual pre-tax income of $1,165,000. Compute the unit sales to earn the target pre-tax net income. Multiple Choice 0 0 0 MC Qu. 114 Maroon Company's contribution... Maroon Company's contribution margin ratio is 32%. Total fixed costs are $124,800....
z i TB MC Qu. 96 Last year, Forest Products issued both... Last year, Forest Products issued both 5-year and 10-year bonds at par. The bonds each have a coupon rate of 5.5 percent, paid semiannually, and a face value of $1,000. Assume the yield to maturity on each of these bonds is now 7.4 percent. What is the percentage change in the price of the 5-year bond since it was issued? The 10-year bond? Multiple Choice -3.39, -6.08 -6.48:-10.87...
MC Qu. 5-44 On January 1, Year 2, Kincaid Company's... On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $64,000 and $1,400, respectively. During the year Kincaid reported $155,000 of credit sales, Kincaid wrote off $1,250 of receivables as uncollectible in Year 2. Cash collections of receivables amounted to $166,700. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales Kincaid's entry to recognize the write-off...
TB MC Qu. 01-47 The financial statements of... The financial statements of a United States public company are most likely to follow. Multiple Choice rences Ο O Generally accepted accounting principles Ο International Standards of Auditing Ο Public Company Accounting Oversight Board Principles Ο Quality control standards Prev 1 of 36 !!! Next >
MC Qu. 70 A good like water has few... A good like water has few substitutes and takes up little of our income to purchase. As a result, its demand is likely to be Multiple Choice Ο elastic. Ο inelastic, Ο unit elastic. Ο perfectly elastic. MC Qu. 125 The amount of money consumers pay... The amount of money consumers pay producers is Multiple Choice the area under the demand curve from the origin to the quantity purchased. the area...
Help Save & Exit TB MC Qu. 14-142 Asteroid Industries accumulated... Asteroid Industries accumulated the following cost information for the year. Direct materials Indirect materials Indirect labor Factory depreciation Direct labor $15, 400 3,400 7,900 12,200 36,400 Using the above information, total factory overhead costs equal Multiple Choice 0 $75,300 O $23.500 O $12.200 mg the above information, total factory overhead costs equal: Multiple Choice Ο Ο $75,300. Ο Ο $23,500. Ο Ο $12,200. Ο S15,600. Η $51,800.
UT TB MC Qu. 11-122 The following data pertain to Turk... The following data pertain to Turk Company's operations last year. Sales Net operating income Contribution margin Average operating assets Stockholders' equity Plant, property, & equipment $900,000 $ 36,000 $150,000 $180,000 $100,000 $120,000 If the residual income for the year was $9,000, the minimum required rate of return must have been Multiple Choice O O O
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