Homework Answers
Under accrual accounting, income earned during the year is recognized irrespective of timing of receipt.
Hence, 2016 net income = Sales on account - Cash salaries paid for 2016
= 11450-2760
= $8690
Hence, the answer is $8690
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Show Attempt History Current Attempt in Progress X Your answer is incorrect. Sheffield Corp. had the...
Onow Attempt History Current Attempt In Progress - Your answer is partially correct. Sheffield Lake Corporation's...
Onow Attempt History Current Attempt In Progress - Your answer is partially correct. Sheffield Lake Corporation's accounting records show the following at year-end December 31, 2017 Purchase Discounts $5,920 Beginning Inventory $33,390 Freight-In 9,470 Ending Inventory 28,600 Freight-Out 12,460 Purchase Returns and Allowances 4,860 Purchases 163,710 Assuming that Sheffield Lake Corporation uses the periodic system, compute cost of goods purchased and cost of goods sold. Cost of goods purchased $ 162400 Cost of goods sold $ 157720
Question 1 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect....
Question 1 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. On January 1, 2017, Sandhill Co., a calendar-year company, issued $2320000 of notes payable, of which $580000 is due on January 1 for each of the next four years. The proper balance shee presentation on December 31, 2017, is: Current liabilities, $2320000. Long-term debt, $2320000. Current liabilities, $580000; Long-term Debt, $1160000. Current liabilities, $580000; Long-term Debt, $1740000. e Textbook and Media Attempts: 2 of...
View Policies Show Attempt History Current Attempt in Progress x Your answer is incorrect. Asteel pipe...
View Policies Show Attempt History Current Attempt in Progress x Your answer is incorrect. Asteel pipe with an outside diameter of 6.865 in and an inside diameter of 6.035 in supports the loadings shown. Determine the magnitude of the horizontal shear stress T, on the top surface of the pipe at point H. 900 lb 1.600 lb 18 in. 72 in 30 in 1,000 lb 1.883 ksi O 1480 ksi O 1.722 ksi 0 1.572 ksi O 2.011 ksi e...
Question 8 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect....
Question 8 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. The accounting for bonds payable is: not covered by IFRS the same except that market prices may be different because the present value calculations are different between IFRS and GAAP. o differs in that GAAP requires use of the straight-line method for amortization of bond premium and discount. essentially the same under IFRS and GAAP.
Show Attempt History Current Attempt in Progress Your answer is partially correct. In March, Sheffield Company...
Show Attempt History Current Attempt in Progress Your answer is partially correct. In March, Sheffield Company completes its only two jobs in process, Jobs 10 and 11. Job 10 cost $27,300 and Job 11 $34,500. On March 31, Job 10 is sold. Record the completion of the two jobs and the sale of Job 10. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Manufacturing Costs Factory Labor $ 0 Work i Raw...
> Question 1 of 12 < UW PLECHTY Current Attempt in Progress 0/1 III Your answer...
> Question 1 of 12 < UW PLECHTY Current Attempt in Progress 0/1 III Your answer is incorrect. Bramble Industries collected $109.200 from customers in 2022. Of the amount collected, $26,000 was for services performed in 2021. In addition, Bramble performed services worth $41,600 in 2022, which will not be collected until 2023. Bramble Industries also paid $74,880 for expenses in 2022. Of the amount paid $31,200 was for expenses incurred on account in 2021. In addition, Bramble incurred $43,680...
Question 2 View Policies Show Attempt History Current Attempt in Progress . Your answer is incorrect....
Question 2 View Policies Show Attempt History Current Attempt in Progress . Your answer is incorrect. Kaehler Enterprises earns 11% on an investment that pays back $85,000 at the end of each of the next 7 years. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the amount Kaehler Enterprises invested to earn the 11% rate of return? (Round answer to 2 decimal places, e.g. 25.25.)...
Question 3 View Policies Show Attempt History Current Attempt in Progress * Your answer is incorrect....
Question 3 View Policies Show Attempt History Current Attempt in Progress * Your answer is incorrect. mthe bank statement change for printing Ivanhoe Company checks $35 and rest earned on checking At August 31, Ivanhoe Company has a cash balance per books of $8.600 and the following addit account balance $40. In addition, Ivanhoe Company us outstanding checks of $760 Determine the adjusted cash balance per books August 31 The adjusted cash balance per books at August 31
Question 4 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect....
Question 4 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. Suppose in its 2022 annual report that McDonald's Corporation reports beginning total assets of $29.00 billion, ending total assets of $31.00 billon, net sales of $21.60 billion, and net income of $4.59 billion (a) Compute McDonald's return on assets. (Round return on assets to 2 decimal places, eg 5.12 % ) McDonald's return on assets 15 % (b) Compute McDonald's asset turnover (Round asset...
Current Attempt in Progress The bookkeeper for Sheffield Corp. asks you to prepare the following accrued...
Current Attempt in Progress The bookkeeper for Sheffield Corp. asks you to prepare the following accrued adjusting entries at December 31. 1. 2. 3. Interest on notes payable of $500 is accrued. Services performed but not recorded total $2,000, Salaries earned by employees of $540 have not been recorded. Use the following account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries and Wages Payable. (Credit account titles are automatically indented when the amount...
Onow Attempt History Current Attempt In Progress - Your answer is partially correct. Sheffield Lake Corporation's accounting records show the following at year-end December 31, 2017 Purchase Discounts $5,920 Beginning Inventory $33,390 Freight-In 9,470 Ending Inventory 28,600 Freight-Out 12,460 Purchase Returns and Allowances 4,860 Purchases 163,710 Assuming that Sheffield Lake Corporation uses the periodic system, compute cost of goods purchased and cost of goods sold. Cost of goods purchased $ 162400 Cost of goods sold $ 157720
Question 1 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. On January 1, 2017, Sandhill Co., a calendar-year company, issued $2320000 of notes payable, of which $580000 is due on January 1 for each of the next four years. The proper balance shee presentation on December 31, 2017, is: Current liabilities, $2320000. Long-term debt, $2320000. Current liabilities, $580000; Long-term Debt, $1160000. Current liabilities, $580000; Long-term Debt, $1740000. e Textbook and Media Attempts: 2 of...
View Policies Show Attempt History Current Attempt in Progress x Your answer is incorrect. Asteel pipe with an outside diameter of 6.865 in and an inside diameter of 6.035 in supports the loadings shown. Determine the magnitude of the horizontal shear stress T, on the top surface of the pipe at point H. 900 lb 1.600 lb 18 in. 72 in 30 in 1,000 lb 1.883 ksi O 1480 ksi O 1.722 ksi 0 1.572 ksi O 2.011 ksi e...
Question 8 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. The accounting for bonds payable is: not covered by IFRS the same except that market prices may be different because the present value calculations are different between IFRS and GAAP. o differs in that GAAP requires use of the straight-line method for amortization of bond premium and discount. essentially the same under IFRS and GAAP.
Show Attempt History Current Attempt in Progress Your answer is partially correct. In March, Sheffield Company completes its only two jobs in process, Jobs 10 and 11. Job 10 cost $27,300 and Job 11 $34,500. On March 31, Job 10 is sold. Record the completion of the two jobs and the sale of Job 10. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Manufacturing Costs Factory Labor $ 0 Work i Raw...
> Question 1 of 12 < UW PLECHTY Current Attempt in Progress 0/1 III Your answer is incorrect. Bramble Industries collected $109.200 from customers in 2022. Of the amount collected, $26,000 was for services performed in 2021. In addition, Bramble performed services worth $41,600 in 2022, which will not be collected until 2023. Bramble Industries also paid $74,880 for expenses in 2022. Of the amount paid $31,200 was for expenses incurred on account in 2021. In addition, Bramble incurred $43,680...
Question 2 View Policies Show Attempt History Current Attempt in Progress . Your answer is incorrect. Kaehler Enterprises earns 11% on an investment that pays back $85,000 at the end of each of the next 7 years. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the amount Kaehler Enterprises invested to earn the 11% rate of return? (Round answer to 2 decimal places, e.g. 25.25.)...
Question 3 View Policies Show Attempt History Current Attempt in Progress * Your answer is incorrect. mthe bank statement change for printing Ivanhoe Company checks $35 and rest earned on checking At August 31, Ivanhoe Company has a cash balance per books of $8.600 and the following addit account balance $40. In addition, Ivanhoe Company us outstanding checks of $760 Determine the adjusted cash balance per books August 31 The adjusted cash balance per books at August 31
Question 4 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. Suppose in its 2022 annual report that McDonald's Corporation reports beginning total assets of $29.00 billion, ending total assets of $31.00 billon, net sales of $21.60 billion, and net income of $4.59 billion (a) Compute McDonald's return on assets. (Round return on assets to 2 decimal places, eg 5.12 % ) McDonald's return on assets 15 % (b) Compute McDonald's asset turnover (Round asset...
Current Attempt in Progress The bookkeeper for Sheffield Corp. asks you to prepare the following accrued adjusting entries at December 31. 1. 2. 3. Interest on notes payable of $500 is accrued. Services performed but not recorded total $2,000, Salaries earned by employees of $540 have not been recorded. Use the following account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries and Wages Payable. (Credit account titles are automatically indented when the amount...
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