Homework Answers
Since clear instructions are given only to provide final answer, no explanations are given.
10) Option D
11) Option A
12) Option D
13) Option D
14) Option B
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10. On August 1, 2018. Turner Manufacturine lends cash and accepts...
20. Davis Hardware Company uses a perpetual inventory system. Davis purchases inventory costing S620 and then...
20. Davis Hardware Company uses a perpetual inventory system. Davis purchases inventory costing S620 and then sells the inventory to a customer for $960 on account. How should Davis record the sale of inventory? 620 620 960 960 960 960 620 A. Inventory Cost of Goods Sold Sales Revenue Accounts Receivable B. Accounts Receivable Sales Revenue Cost of Goods Sold Inventory C. Inventory Gain Sales Revenue D. Accounts Receivable Sales Revenues Gain 620 620 340 960 960 620 340 21....
The accounting equation can be stated as: a. A + L - SE = 0 b....
The accounting equation can be stated as: a. A + L - SE = 0 b. A - L + SE = 0 c. -A + L - SE = 0 d. A - L - SE = 0 1.25 points QUESTION 2 XYZ Corporation receives $100,000 from investors for issuing them shares of its stock. XYZ's journal entry to record this transaction include a: a. debit to Investments b. credit to Retained Earnings c. credit to Capital Stock...
On August 1, 2021, Turner Manufacturing lends cash and accepts a $21,000 note receivable that offers...
On August 1, 2021, Turner Manufacturing lends cash and accepts a $21,000 note receivable that offers 6% interest and is due in nine months. How would Turner record the year-end adjustment to accrue interest in 2021? (Do not round intermediate calculations. Round your answer the nearest dollar amount.) B. Interest Revenue 589 Interest Receivable 589 Interest Receivable 1,260 Interest Revenue 1,260 Interest Receivable 589 Interest Revenue 589 Interest Receivable 525 Interest Revenue 525 Multiple Choice Option C O O Option...
15. On May. . Ace Bonding Company purchased inventory costing $2,000 on account. If credit terms...
15. On May. . Ace Bonding Company purchased inventory costing $2,000 on account. If credit terms are 2/10 30 and Ace pays for this inventory on May 30 which of the following records the payment using a perpetual inventory system? A Accounts Payable 2.000 2,000 1.900 40 2.000 2,000 B Accounts Payable Inventory Cash Accounts Payable Inventory Cash D. Cash Accounts Payable 1,960 2,000 16. A company has 10 units of inventory with a recorded cost of $60. If the...
only final answers no explaining If credit terms are 2/10, 19. On May L Ace Bonding...
only final answers no explaining
If credit terms are 2/10, 19. On May L Ace Bonding Company purchased inventory costing $2,000 on account n30 and Ace pays for this inventory on May 30 which of the following records the payme perpetual inventory system? 2.000 T 2,000 1,960 40 2,000 A Accounts Payable Cash B. Accounts Payable Inventory Cash C. Accounts Payable Inventory Cash D. Cash Accounts Payable 2.000 1,9601 2,000 2,000 20. A company has 10 units of inventory with...
clear writting only final answers no explaing 1. On November 10 of the current year, Flores...
clear writting only final answers no explaing
1. On November 10 of the current year, Flores Mills sold carpet to a customer for 58,000 with credit terms 2/10, 1/30. How would Flores record the sale on November 10? 7,840 7.840 8,000 8,000 A Accounts Receivable Sales Revenue B Accounts Receivable Sales Revenue C. Accounts Receivable Cash Discounts Sales Revenue D. Accounts Receivable Cash Discounts Sales Revenue 7,840 160 8,000 8,000 160 7,840
Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises TIGER...
Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 $15,000 Sales revenue Operating expenses: Cost of goods sold 5,000 Depreciation 400 960 3,400 Insurance Administrative and other Total operating expenses Income before income taxes Income tax expense Net income 9,700 5, 300 2,120 s 3,188 Balance Sheet Information ( in thousands) Dec. 31,2018 Dec. 31, 2017 Assets: Cash Accounts receivable Inventory Prepaid insurance...
Matthews Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT Cash Accounts Receivable A...
What is Total Liabilities and Stockholders' Equity as of
December 31, 2017?
Matthews Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par CS Retained Earnings (1/1/17) Dividends Sales Sales Returns& Allowances Sales Discounts Cost of Goods Sold Bad debt expense Depreciaion Expense...
the adjusted trial balance for china tea company at December 31, 2018, is presented below cash...
the adjusted trial balance for china tea company at December 31, 2018, is presented below cash 12,500 account receivable 170,000 prepaid rent 7,000 inventory 45,000 equipment 500,000 accumulated depreciation- equipment 145,000 accounts payable. 50,000 notes payable- due in three months. 50,000 salaries payable. 6,000 interest payable. 3,000 common stock. 300,000 retained earnings. 94,000 sale revenue. 600,000 costs of goods sold 280,000 salaries expense 140,000 rent expense 35,000 depreciation expense 50,000 interest expense 4,000 advertising expense 4,500 totals. 1,248,000. 1,248,000 prepare...
A company borrowed $11,000 by signing a 90-day promissory note at 10%. The total interest due...
A company borrowed $11,000 by signing a 90-day promissory note
at 10%. The total interest due on the maturity date is:
(Use 360 days a year.)
Multiple Choice
$275.00
$1,100.00
$27.50
$412.50
$137.50
Marlow Company purchased a point of sale system on January 1 for
$6,700. This system has a useful life of 5 years and a salvage
value of $1,050. What would be the depreciation expense
for the second year of its useful life using the
double-declining-balance method?
Multiple...
20. Davis Hardware Company uses a perpetual inventory system. Davis purchases inventory costing S620 and then sells the inventory to a customer for $960 on account. How should Davis record the sale of inventory? 620 620 960 960 960 960 620 A. Inventory Cost of Goods Sold Sales Revenue Accounts Receivable B. Accounts Receivable Sales Revenue Cost of Goods Sold Inventory C. Inventory Gain Sales Revenue D. Accounts Receivable Sales Revenues Gain 620 620 340 960 960 620 340 21....
On August 1, 2021, Turner Manufacturing lends cash and accepts a $21,000 note receivable that offers 6% interest and is due in nine months. How would Turner record the year-end adjustment to accrue interest in 2021? (Do not round intermediate calculations. Round your answer the nearest dollar amount.) B. Interest Revenue 589 Interest Receivable 589 Interest Receivable 1,260 Interest Revenue 1,260 Interest Receivable 589 Interest Revenue 589 Interest Receivable 525 Interest Revenue 525 Multiple Choice Option C O O Option...
15. On May. . Ace Bonding Company purchased inventory costing $2,000 on account. If credit terms are 2/10 30 and Ace pays for this inventory on May 30 which of the following records the payment using a perpetual inventory system? A Accounts Payable 2.000 2,000 1.900 40 2.000 2,000 B Accounts Payable Inventory Cash Accounts Payable Inventory Cash D. Cash Accounts Payable 1,960 2,000 16. A company has 10 units of inventory with a recorded cost of $60. If the...
only final answers no explaining
If credit terms are 2/10, 19. On May L Ace Bonding Company purchased inventory costing $2,000 on account n30 and Ace pays for this inventory on May 30 which of the following records the payme perpetual inventory system? 2.000 T 2,000 1,960 40 2,000 A Accounts Payable Cash B. Accounts Payable Inventory Cash C. Accounts Payable Inventory Cash D. Cash Accounts Payable 2.000 1,9601 2,000 2,000 20. A company has 10 units of inventory with...
clear writting only final answers no explaing
1. On November 10 of the current year, Flores Mills sold carpet to a customer for 58,000 with credit terms 2/10, 1/30. How would Flores record the sale on November 10? 7,840 7.840 8,000 8,000 A Accounts Receivable Sales Revenue B Accounts Receivable Sales Revenue C. Accounts Receivable Cash Discounts Sales Revenue D. Accounts Receivable Cash Discounts Sales Revenue 7,840 160 8,000 8,000 160 7,840
Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 $15,000 Sales revenue Operating expenses: Cost of goods sold 5,000 Depreciation 400 960 3,400 Insurance Administrative and other Total operating expenses Income before income taxes Income tax expense Net income 9,700 5, 300 2,120 s 3,188 Balance Sheet Information ( in thousands) Dec. 31,2018 Dec. 31, 2017 Assets: Cash Accounts receivable Inventory Prepaid insurance...
What is Total Liabilities and Stockholders' Equity as of
December 31, 2017?
Matthews Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par CS Retained Earnings (1/1/17) Dividends Sales Sales Returns& Allowances Sales Discounts Cost of Goods Sold Bad debt expense Depreciaion Expense...
A company borrowed $11,000 by signing a 90-day promissory note
at 10%. The total interest due on the maturity date is:
(Use 360 days a year.)
Multiple Choice
$275.00
$1,100.00
$27.50
$412.50
$137.50
Marlow Company purchased a point of sale system on January 1 for
$6,700. This system has a useful life of 5 years and a salvage
value of $1,050. What would be the depreciation expense
for the second year of its useful life using the
double-declining-balance method?
Multiple...
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