Homework Answers
Sales tax liability = Total Sales*Tax rate
= 378000*100/108
Sales tax liability = 28000
So answer is c) $28000
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9. Sales during July 2015 for the Magnum Corporation, operating in Los Angeles, were $378,000, of...
correct answer is C.$28000 but how come？ 9 Sales during July 2015 for the Magnum Corporation,...
correct answer is C.$28000 but how come？
9 Sales during July 2015 for the Magnum Corporation, operating in Los Angeles, were $378,000, of which $150,000 were on account. The sales figures given include the total sales tax charged to retail customers. (Assume a sales tax rate on all sales of 8%) The CORRECT sales tax liability for July 2015 should be shown as A. $3,024 B. $18,240 C. $28,000 D. $30,240
Question 50 If sales are $820,000, variable costs are 55% of sales, and operating income is...
Question 50 If sales are $820,000, variable costs are 55% of sales, and operating income is $260,000, what is the contribution margin ratio? a. 55% b. 32% c. 45% d. 62% 1 points Question 51 The three most common cost behavior classifications are a. variable costs, period costs, and differential costs b. variable costs, product costs, and sunk costs c. fixed costs, variable costs, and mixed costs d. variable costs, sunk costs, and opportunity costs 1 points Question 52 In...
Bryant Corporation was incorporated on December 1, 2015, and began operations one week later. Before closing...
Bryant Corporation was incorporated on December 1, 2015, and
began operations one week later. Before closing the books for the
fiscal year ended November 30, 2016, Bryant’s controller prepared
the following financial statements:
BRYANT CORPORATION
Balance Sheet
November 30, 2016
1
Assets
2
Current Assets:
3
Cash
$180,000.00
4
Accounts receivable
480,000.00
5
Less: Allowance for doubtful accounts
(59,000.00)
6
Inventories
430,000.00
7
Prepaid insurance
15,000.00
8
Total current assets
$1,046,000.00
9
Property, plant, and equipment
426,000.00
10
Less: Accumulated...
Wells Fargo account fraud scandal Wells Fargo agreed to expand its review after Washington lawemakers lambasted th...
Wells Fargo account fraud scandal Wells Fargo agreed to expand its review after Washington lawemakers lambasted the company following former Chief Executive Officer John Stumgfs testimony last September about the bank's sales practices, Under pressure, the bank agreed t review records dating back to soo9, rather than through soti as it initially did. Wells Farzo & Co. sald ensployees created two-thirds more bogus accounts than initially thought, a sign the bank is still strapaling to move past a scandal that...
Quich Books tAss M MULTIPLE CHOICE (2 PTS EACH) CHOOS THE BEST ANSWER 1. The Banking...
Quich Books tAss M MULTIPLE CHOICE (2 PTS EACH) CHOOS THE BEST ANSWER 1. The Banking section of the Home Page includes which flow chart? A. Payroll flowchart B. Bank Reconciliation flowchart C. Bill Pay flow chart D. None of these 2. Which financial statement below summarizes the financial position of a company? A. Statement of Cash Flows B. Profit &Loss Statement C. Balance Sheet D. Income Statement Which financial statement below summarizes a company's earnings? A. Statement of Cash...
11. A brewing company operating in an Ontario city experiencing water shortages received its water bill...
11. A brewing company operating in an Ontario city experiencing water shortages received its water bill for December 2018, on December 31, 2018. The bill ($8,000) represents the cost of water used in December to make its product. The company will not publish the 2018 financial statements until February 2019. Therefore, the adjusting entry as of December 31, 2018 includes which of the following? A. cr. utilities payable $8,000 B. cr. cash $8,000 C. cr. utilities expense $8,000 D. no...
EXAn Fat the bej and a $5 mm urke ing rate I. Select the best answer...
EXAn Fat the bej and a $5 mm urke ing rate I. Select the best answer (60 points) The conversion of bonds is most commonly recorded by the 1 gslain the mit entries eries: C fair v a. incremental method b. proportional method. c. market value method. d. book value method If a company offers additional considerations to convertible bondholders In order to encourage 2. conversion, it is called a(an): of end mont nsid mobi a. forced conversion. b. sweetener...
please answer both questions Problem 1. Selected accounts from the ledger of Hughes Company appear below....
please answer both questions
Problem 1. Selected accounts from the ledger of Hughes Company appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations: Revenue - R Asset - A Liability - L Expense - E Capital/Equity- In the second column, indicate the increase side of each account by inserting Dr. or Cr. (b) Increase Side Type of Account Account Supplies (2) Notes Receivable...
Questions: For Kroger deposits in transit: What is the account titled Store deposits in-transit (refer to footnote...
Questions: For Kroger deposits in transit: What is
the account titled Store deposits in-transit (refer to footnote 1)?
This is not an account you will find on the majority of company
financial statements. Why does Kroger include this account? Is it
odd that this account is larger than the cash balance? How do you
explain this?
Information Needed to Answer Questions:
Jan. 28, 2017 Jan. 30, 2016 $322 910 1,649 7,852 (1,291) 898 $ 277 923 1,734 7,440 (1,272) 790 9,892...
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate....
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate. (28) in the current year, Acom, Inc., had the following items of income and expense! Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acom owns 30%. In Acom's current yoar income tax rotum, what amount should be reported as income before special deductions? A. $525.000 B. $508,750 C. $275,000 D. $250.000 The correct answer...
correct answer is C.$28000 but how come？
9 Sales during July 2015 for the Magnum Corporation, operating in Los Angeles, were $378,000, of which $150,000 were on account. The sales figures given include the total sales tax charged to retail customers. (Assume a sales tax rate on all sales of 8%) The CORRECT sales tax liability for July 2015 should be shown as A. $3,024 B. $18,240 C. $28,000 D. $30,240
Bryant Corporation was incorporated on December 1, 2015, and
began operations one week later. Before closing the books for the
fiscal year ended November 30, 2016, Bryant’s controller prepared
the following financial statements:
BRYANT CORPORATION
Balance Sheet
November 30, 2016
1
Assets
2
Current Assets:
3
Cash
$180,000.00
4
Accounts receivable
480,000.00
5
Less: Allowance for doubtful accounts
(59,000.00)
6
Inventories
430,000.00
7
Prepaid insurance
15,000.00
8
Total current assets
$1,046,000.00
9
Property, plant, and equipment
426,000.00
10
Less: Accumulated...
Wells Fargo account fraud scandal Wells Fargo agreed to expand its review after Washington lawemakers lambasted the company following former Chief Executive Officer John Stumgfs testimony last September about the bank's sales practices, Under pressure, the bank agreed t review records dating back to soo9, rather than through soti as it initially did. Wells Farzo & Co. sald ensployees created two-thirds more bogus accounts than initially thought, a sign the bank is still strapaling to move past a scandal that...
Quich Books tAss M MULTIPLE CHOICE (2 PTS EACH) CHOOS THE BEST ANSWER 1. The Banking section of the Home Page includes which flow chart? A. Payroll flowchart B. Bank Reconciliation flowchart C. Bill Pay flow chart D. None of these 2. Which financial statement below summarizes the financial position of a company? A. Statement of Cash Flows B. Profit &Loss Statement C. Balance Sheet D. Income Statement Which financial statement below summarizes a company's earnings? A. Statement of Cash...
EXAn Fat the bej and a $5 mm urke ing rate I. Select the best answer (60 points) The conversion of bonds is most commonly recorded by the 1 gslain the mit entries eries: C fair v a. incremental method b. proportional method. c. market value method. d. book value method If a company offers additional considerations to convertible bondholders In order to encourage 2. conversion, it is called a(an): of end mont nsid mobi a. forced conversion. b. sweetener...
please answer both questions
Problem 1. Selected accounts from the ledger of Hughes Company appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations: Revenue - R Asset - A Liability - L Expense - E Capital/Equity- In the second column, indicate the increase side of each account by inserting Dr. or Cr. (b) Increase Side Type of Account Account Supplies (2) Notes Receivable...
Questions: For Kroger deposits in transit: What is
the account titled Store deposits in-transit (refer to footnote 1)?
This is not an account you will find on the majority of company
financial statements. Why does Kroger include this account? Is it
odd that this account is larger than the cash balance? How do you
explain this?
Information Needed to Answer Questions:
Jan. 28, 2017 Jan. 30, 2016 $322 910 1,649 7,852 (1,291) 898 $ 277 923 1,734 7,440 (1,272) 790 9,892...
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate. (28) in the current year, Acom, Inc., had the following items of income and expense! Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acom owns 30%. In Acom's current yoar income tax rotum, what amount should be reported as income before special deductions? A. $525.000 B. $508,750 C. $275,000 D. $250.000 The correct answer...
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