Homework Answers
| Option B | |
| As there's not any cash received or service provided on December 1, no entry is needed to be recorded. Only the contract was made on that date |
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TB MC Qu. 2-153On December 1, Bears Lawn Maintenance,.. On December 1, Bears Lawn Maintenance, Inc....
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...
save MC Qu. 158 Smiles Entertainment had the following... Smiles Entertainment had the following accounts and...
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...
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 >
TB MC Qu. 16-161 During December, the production... During December, the production department of a process...
TB MC Qu. 16-161 During December, the production... During December, the production department of a process operations system completed and transferred to finished goods a total of 66,000 units of product. At the end of December, 12,000 additional units were in process in the production department and were 50% complete with respect to materials. The beginning inventory included materials cost of $60,800 and the production department incurred direct materials cost of $192.900 during December. Compute the direct materials cost per...
TB MC Qu. 02-34 The following account balances were drawn... 9 The following account balances were...
TB MC Qu. 02-34 The following account balances were drawn... 9 The following account balances were drawn from the Year 1 financial statements of Grayson Company: $ 1,950 points Cash Accounts receivable Land ( 8 01:30:50 $5,800 Accounts payable $2,900 Common stock $9,400 Retained earnings, Jan. 1 Revenue Expenses $ 4,100 $10,900 $ 7,950 What is the balance of the Common Stock account? Multiple Choice O $12,050 $9,100
TB MC Qu. 06-137 Clayborn Company deposits... Clayborn Company deposits all cash receipts on the day...
TB MC Qu. 06-137 Clayborn Company deposits... Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $17,025. Clayborn's May bank statement shows $15.800 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit Outstanding checks Bank service fees, not yet recorded by company A NSF check from...
TB MC Qu. 14-148 Use the cost information below for Ruiz, Inc. to determine... Use the...
TB MC Qu. 14-148 Use the cost information below for Ruiz, Inc. to determine... Use the cost information below for Ruiz, Inc. to determine cost of goods manufactured for the year Work in Process, January 1 Work in Process, December 31 Total factory overhead Direct materials used Direct labor used $ 52,200 38,100 6,600 13,600 27,600 Multiple Choice $47,800 O $55.300 $61,900 < Prev 7 of 10 Next > Help Save & Exit ect materials usea ect labor used 13,...
11C1 1-3) 1 TB MC Qu. 02-54 on September 1, Year 1, Gomez Company... On September...
11C1 1-3) 1 TB MC Qu. 02-54 on September 1, Year 1, Gomez Company... On September 1, Year 1, Gomez Company collected $20,700 in advance from a customer for services to be provided over a one- year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would the company report as net cash flows from operating activities for Year...
Jake owns a lawn maintenance company, and Luk occurred e owns a machine repair shop. For...
Jake owns a lawn maintenance company, and Luk occurred e owns a machine repair shop. For the month of July, the following transactions July 3 Jake provides 1awn services to Luke's repair shop os account, $370 July 6 One of July 9 Luke pays $370 to Jake for 1avn services provided on July July 14 Luke borrows $470 from Jake by signing a note July 18 Jake purchases advertising in a local nevspaper for the remai July 20 Jake pays...
TB EX Qu. 5-216 At the end of the year, a company has the... At the...
TB EX Qu. 5-216 At the end of the year, a company has the... At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: 1. Accounts not yet due = $89,000; estimated uncollectible = 4%. 2. Accounts 1-30 days past due - $21,000, estimated uncollectible = 15% 3. Accounts more than 30 days past due = $6.000, estimated uncollectible 65% Record the year-end adjustment for uncollectible accounts, assuming the current balance of...
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...
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...
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 >
TB MC Qu. 16-161 During December, the production... During December, the production department of a process operations system completed and transferred to finished goods a total of 66,000 units of product. At the end of December, 12,000 additional units were in process in the production department and were 50% complete with respect to materials. The beginning inventory included materials cost of $60,800 and the production department incurred direct materials cost of $192.900 during December. Compute the direct materials cost per...
TB MC Qu. 02-34 The following account balances were drawn... 9 The following account balances were drawn from the Year 1 financial statements of Grayson Company: $ 1,950 points Cash Accounts receivable Land ( 8 01:30:50 $5,800 Accounts payable $2,900 Common stock $9,400 Retained earnings, Jan. 1 Revenue Expenses $ 4,100 $10,900 $ 7,950 What is the balance of the Common Stock account? Multiple Choice O $12,050 $9,100
TB MC Qu. 06-137 Clayborn Company deposits... Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $17,025. Clayborn's May bank statement shows $15.800 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit Outstanding checks Bank service fees, not yet recorded by company A NSF check from...
TB MC Qu. 14-148 Use the cost information below for Ruiz, Inc. to determine... Use the cost information below for Ruiz, Inc. to determine cost of goods manufactured for the year Work in Process, January 1 Work in Process, December 31 Total factory overhead Direct materials used Direct labor used $ 52,200 38,100 6,600 13,600 27,600 Multiple Choice $47,800 O $55.300 $61,900 < Prev 7 of 10 Next > Help Save & Exit ect materials usea ect labor used 13,...
11C1 1-3) 1 TB MC Qu. 02-54 on September 1, Year 1, Gomez Company... On September 1, Year 1, Gomez Company collected $20,700 in advance from a customer for services to be provided over a one- year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would the company report as net cash flows from operating activities for Year...
Jake owns a lawn maintenance company, and Luk occurred e owns a machine repair shop. For the month of July, the following transactions July 3 Jake provides 1awn services to Luke's repair shop os account, $370 July 6 One of July 9 Luke pays $370 to Jake for 1avn services provided on July July 14 Luke borrows $470 from Jake by signing a note July 18 Jake purchases advertising in a local nevspaper for the remai July 20 Jake pays...
TB EX Qu. 5-216 At the end of the year, a company has the... At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: 1. Accounts not yet due = $89,000; estimated uncollectible = 4%. 2. Accounts 1-30 days past due - $21,000, estimated uncollectible = 15% 3. Accounts more than 30 days past due = $6.000, estimated uncollectible 65% Record the year-end adjustment for uncollectible accounts, assuming the current balance of...
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