Homework Answers
| 2018 | 2017 | |
|---|---|---|
| Net sales | 100% | 100% |
| Cost of Goods Sold | 83.8% | 81.4% |
| Gross profit | 16.2% | 18.6% |
| Operating expenses | 11.4% | 10.1% |
| Income before tax | 4.9% | 8.5% |
| Income tax | 1% | 1.7% |
| Profit | 3.9% | 6.8% |
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Brief Exercise 14-4 Your answer is partially correct. Try again. Selected data (in thousands) from the...
Brief Exercise 4-4 Z Your answer is partially correct. Try again. The ledger of Rios Company...
Brief Exercise 4-4 Z Your answer is partially correct. Try again. The ledger of Rios Company contains the following balances: Retained Earnings $31,379; Dividends $2,180; Service Revenue $50,406; Salaries and Wages Expense $25,982; and Supplies Expense $7,498. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Dec. 31 Tservice Revenue 50,406 Income Summary 50,406 (To close revenue account.) 31 Tincome Summary...
Brief Exercise 1-9 Your answer is partially correct. Try again. At the beginning of the year,...
Brief Exercise 1-9 Your answer is partially correct. Try again. At the beginning of the year, Skysong, Inc. had total assets of $845,000 and total liabilities of $532,000. (Treat each item independently.) (a) If total assets increased $150,000 during the year and total liabilities decreased $75,000, what is the amount of stockholders' equity at the end of the year? Stockholders' equity 538000 (b) During the year, total liabilities increased $96,000 and stockholders' equity decreased $80,000. What is the amount of...
ignment > Open Assignment Brief Exercise 9-2 Your answer is partially correct. Try again. Paige Company...
ignment > Open Assignment Brief Exercise 9-2 Your answer is partially correct. Try again. Paige Company estimates that unit sales will be 10,700 in quarter 1. 12.400 in quarter 2. 14,600 in quarter 3, and 18.700 in quarter 4. Using a sales price of $83 per unit Prepare the sales budget by quarters for the year ending December 31, 2020. PAIGE COMPANY Sales Budget For the Year Ending December 31, 2020 Ouarter Click if you would like to Show Work...
Brief Exercise 15-14 Your answer is partially correct. Try again. Flounder Corporation has outstanding 444,000 shares...
Brief Exercise 15-14 Your answer is partially correct. Try again. Flounder Corporation has outstanding 444,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $67 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
Brief Exercise 10-6 Your answer is partially correct. Try again. Betsy Strand's regular hourly wage rate...
Brief Exercise 10-6 Your answer is partially correct. Try again. Betsy Strand's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy's federal income tax withholding is $91, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer's journal entries to record (a) Betsy's pay for the period and (b) the payment...
Brief Exercise 9-07 Your answer is partially correct. Try again. Prepare journal entries to record these...
Brief Exercise 9-07 Your answer is partially correct. Try again. Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) (a) (b) Sheridan Company retires its delivery equipment, which cost $47,790. Accumulated depreciation is also $47,790 on this delivery equipment. No salvage value is received. Assume the same information as in...
Brief Exercise 12-2 Your answer is partially correct. Try again Sarasota Corporation purchases a patent from...
Brief Exercise 12-2 Your answer is partially correct. Try again Sarasota Corporation purchases a patent from Ivanhoe Company on January 1, 2017 for $72,000. The patent has a remaining legal lide of 16 years. Sarasota feels the patent will be useful for 10 years. Assume that at January 1, 2019, the carrying amount of the patent on Sarasota's books is 557,600. In January, Sarasota spends $32.300 successfully defending patent suit. Sarasota still feels the patient will be useful until the...
Brief Exercise 14-2 Your answer is partially correct. Try again. The Waterway Company issued $310,000 of...
Brief Exercise 14-2 Your answer is partially correct. Try again. The Waterway Company issued $310,000 of 13% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Waterway's journal entries for (a) the January issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. (If no entry is required, select "No Entry" for the account titles and...
ngenal Accounting, 2e Unread) Practice Brief Exercise 1 Your answer is partially correct. Try again Selected...
ngenal Accounting, 2e Unread) Practice Brief Exercise 1 Your answer is partially correct. Try again Selected transactions for the Nikolai Company are presented in journal form below. Date Account Titles and Explanation Ref. Debit Credit May 5 Accounts Receivable Service Revenue 5,000 5,000 (Billed for services performed) 12 Cash 1,400 Accounts Receivable 1,400 (Received cash in payment of account) 15 Cash 3,000 Service Revenue 3,000 (Received cash for services performed) Post the transactions to T-accounts. Make one T-account for each...
ment Your answer is partially correct. Try again. Determine the external reactions at A and F...
ment Your answer is partially correct. Try again. Determine the external reactions at A and F for the roof truss loaded as shown (positive answers are to the right and up). The vertical loads represent the effect of the supported roofing materials the 310-N force represents a wind load. SOON 520 N CS 310 N /80 460N 280N 3030 --27.5 m Answers F10875 Sivacy Policy I 2000-2019hn Wil sons les All Rights Reserved. A Division of the Sons, Inc. 10202019...
Brief Exercise 4-4 Z Your answer is partially correct. Try again. The ledger of Rios Company contains the following balances: Retained Earnings $31,379; Dividends $2,180; Service Revenue $50,406; Salaries and Wages Expense $25,982; and Supplies Expense $7,498. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Dec. 31 Tservice Revenue 50,406 Income Summary 50,406 (To close revenue account.) 31 Tincome Summary...
Brief Exercise 1-9 Your answer is partially correct. Try again. At the beginning of the year, Skysong, Inc. had total assets of $845,000 and total liabilities of $532,000. (Treat each item independently.) (a) If total assets increased $150,000 during the year and total liabilities decreased $75,000, what is the amount of stockholders' equity at the end of the year? Stockholders' equity 538000 (b) During the year, total liabilities increased $96,000 and stockholders' equity decreased $80,000. What is the amount of...
ignment > Open Assignment Brief Exercise 9-2 Your answer is partially correct. Try again. Paige Company estimates that unit sales will be 10,700 in quarter 1. 12.400 in quarter 2. 14,600 in quarter 3, and 18.700 in quarter 4. Using a sales price of $83 per unit Prepare the sales budget by quarters for the year ending December 31, 2020. PAIGE COMPANY Sales Budget For the Year Ending December 31, 2020 Ouarter Click if you would like to Show Work...
Brief Exercise 15-14 Your answer is partially correct. Try again. Flounder Corporation has outstanding 444,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $67 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
Brief Exercise 10-6 Your answer is partially correct. Try again. Betsy Strand's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy's federal income tax withholding is $91, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer's journal entries to record (a) Betsy's pay for the period and (b) the payment...
Brief Exercise 9-07 Your answer is partially correct. Try again. Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) (a) (b) Sheridan Company retires its delivery equipment, which cost $47,790. Accumulated depreciation is also $47,790 on this delivery equipment. No salvage value is received. Assume the same information as in...
Brief Exercise 12-2 Your answer is partially correct. Try again Sarasota Corporation purchases a patent from Ivanhoe Company on January 1, 2017 for $72,000. The patent has a remaining legal lide of 16 years. Sarasota feels the patent will be useful for 10 years. Assume that at January 1, 2019, the carrying amount of the patent on Sarasota's books is 557,600. In January, Sarasota spends $32.300 successfully defending patent suit. Sarasota still feels the patient will be useful until the...
Brief Exercise 14-2 Your answer is partially correct. Try again. The Waterway Company issued $310,000 of 13% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Waterway's journal entries for (a) the January issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. (If no entry is required, select "No Entry" for the account titles and...
ngenal Accounting, 2e Unread) Practice Brief Exercise 1 Your answer is partially correct. Try again Selected transactions for the Nikolai Company are presented in journal form below. Date Account Titles and Explanation Ref. Debit Credit May 5 Accounts Receivable Service Revenue 5,000 5,000 (Billed for services performed) 12 Cash 1,400 Accounts Receivable 1,400 (Received cash in payment of account) 15 Cash 3,000 Service Revenue 3,000 (Received cash for services performed) Post the transactions to T-accounts. Make one T-account for each...
ment Your answer is partially correct. Try again. Determine the external reactions at A and F for the roof truss loaded as shown (positive answers are to the right and up). The vertical loads represent the effect of the supported roofing materials the 310-N force represents a wind load. SOON 520 N CS 310 N /80 460N 280N 3030 --27.5 m Answers F10875 Sivacy Policy I 2000-2019hn Wil sons les All Rights Reserved. A Division of the Sons, Inc. 10202019...
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