Homework Answers
157
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Return on Assets = Net income/Average total assets Average total assets = (Beginning total assets + Ending total assets) /2 = (262,000+312,000)/2 = 287,000 = 55,000/287,000 = 19.2% |
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| 19.2% is the correct answer. The options must be wrong. |
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MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income...
MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial...
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: Cr. Dr. $ 80,000 35,000 14,200 290,000 $145,000 Account Title Cash Accounts receivable Prepaid insurance Equipment Accumulated depreciation Equipment Land Accounts payable Interest payable Unearned revenue Long-term notes payable Retained earnings Totals 114,000 36,000 7,150 10,700 87,000 247,350 $533,200 Multiple Choice O 0.42 Prev 2 of 19 !!! Next >
On September 1, Kennedy Company loaned $115,000, at 12% annual interest, to a customer Interest and...
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MC Qu. 7 Interest-on-interest Consider a Samt deposit earning int percent... Interest-on-Interest Consider a $1,000 deposit...
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TB MC Qu. 03-205 A company purchased new furniture at a cost... A company purchased new...
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MC Qu. 138 Athena Company provides... Athena Company provides employee health Insurance that costs $14.9 per...
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Help Save & Exit MC Qu. 175 On May 1, a two-year insurance policy was... On...
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TB MC Qu. 01-47 The financial statements of... The financial statements of a United States public...
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TB MC Qu. 06-137 Clayborn Company deposits... Clayborn Company deposits all cash receipts on the day...
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On September 1, Kennedy Company loaned $115,000, at 12% annual interest, to a customer Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end? Multiple Choice Debit Cash, $4,600; credit Interest Revenue. 54,600. Debit interest Receivable, 4600, credit interest Revenue, $4,600. o Debit interest Expense, $4,600; credit...
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save MC Qu. 158 Smiles Entertainment had the following... Smiles Entertainment had the following accounts and balances at December 31: Account Cash Accounts Receivable Prepaid Insurance Supplies Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Totals Debit Credit $11,800 2,360 3,120 1,360 $ 5,900 4,900 1,080 8,800 680 1,360 $20,680 $20,680 Using the information in the table, calculate the company's reported net income for the period. Multiple Choice O $5,220 Prev 17 of 19 !!! Next...
MC Qu. 7 Interest-on-interest Consider a Samt deposit earning int percent... Interest-on-Interest Consider a $1,000 deposit earning 4 percent interest per year for 7 years. How much total interest is earned on the original deposit fexcluding interest earned on Interest? Multiple Choice Ο Ο Ο Ο
TB MC Qu. 03-205 A company purchased new furniture at a cost... A company purchased new furniture at a cost of $14,000 on September 30. The furniture is estimated to have a useful le of years and a salvage value of $2,000. The company uses the straight line method of depreciation. What is the book value of the furniture on December 31 of the first year? Multiple Choice Ο Ο $22000 Ο Ο $12,50000 Ο Ο $,625.00 Ο Ο 3156250...
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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 >
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 >
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