Homework Answers
The correct answer is b. the sellers stated reason for selling
The seller often tells the real reason for selling the business therefore, it is not relevant to pay attention to this factor.
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Which of the following is a legal obligation filed against a piece of property? Which of...
Sandhill Corporation recently filed the following financial statements with the SEC. Sandhill Corporation Income Statement for...
Sandhill Corporation recently filed the following financial statements with the SEC. Sandhill Corporation Income Statement for the Fiscal Year Ended July 31, 2017 Net sales Cost of products sold Gross profit Selling, general, and administrative expenses Depreciation Operating income (loss) Interest expense Earnings (loss) before income taxes Income taxes Net earnings (loss) $67,377 47,925 $19,452 8,586 975 $9,891 597 $9,294 3,253 $6,041 $5,614 4,983 4,242 9,485 $24,324 Sandhill Corporation Balance Sheet as of July 31, 2017 Assets Liabilities and Stockholders'...
1. Which of the following is not considered personal property in legal terms? A) Intangible property...
1. Which of the following is not considered personal property in legal terms? A) Intangible property or chose in action B) A claim against someone that has value C) Intellectual property (ideas and creative work) D) Chattels E) A good affixed to real property Answer: : An option agreement is A) a contract transferring the fee simple to a new owner. B) a contract by which the offeror of property promises to hold his offer open for a period of...
Which of the following legal expenses are deductible for AGI in 2019? Select one: 0 a....
Which of the following legal expenses are deductible for AGI in 2019? Select one: 0 a. Only a. and b. qualify. O b. Choices a., b., and c. qualify. 0 C. Incurred in connection with a trade or business. O d. Incurred for tax advice relative to the preparation of an individual's income tax return. o e. Incurred in connection with rental or royalty property held for the production of insome.
Which of the following are components of Net Working Capital? O Cash Interest Expense O Property...
Which of the following are components of Net Working Capital? O Cash Interest Expense O Property Plant and Equipment Inventories O Accounts Receivable Accounts Payable Shareholder's Equity Cumulative Depreciation
Question 4 (1 point) Which of the following is a characteristic of property, plant and equipment?...
Question 4 (1 point) Which of the following is a characteristic of property, plant and equipment? OIt is intangible It is used in the operations of a business It is held for sale in the ordinary course of business It is a long-term investment Question 5 (1 point) Which of the following best describes accumulated depreciation? It is used to show the amount of cost expiration of intangibles It is the same as depreciation expense It is a contra asset...
Please help me with matching question. Thank you QUESTION1 Match the following A. Accounts payable B....
Please help me with matching question.
Thank you
QUESTION1 Match the following A. Accounts payable B. Stock Amount of money owed by a business to its suppliers Amount of money owed to a business by its customers v Business, typically small, owned by one person and which is A. C. Property, plant, and equipment D. Short-term loans E. E. Sole trader not legally distinct from the owner F. Short term loans . Costs of a business G. Accounts receivable Goods...
On July 31, 2022, the general ledger of Crane Legal Services Inc. showed the following balances:...
On July 31, 2022, the general ledger of Crane Legal Services Inc.
showed the following balances: Cash $3,920, Accounts Receivable
$1,470, Supplies $490, Equipment $4,900, Accounts Payable $4,020,
Common Stock $3,430, and Retained Earnings $3,330. During August,
the following transactions occurred.
Aug.
3
Collected
$1,180 of accounts receivable due from customers.
5
Received
$1,270 cash for issuing common stock to new investors.
6
Paid
$2,650 cash on accounts payable.
7
Performed
legal services of $6,370, of which $2,940 was collected...
15 Which of the following is considered an asset? A] Sales B] Accounts Receivable C Common...
15 Which of the following is considered an asset? A] Sales B] Accounts Receivable C Common Stock DI Accounts Payable [6 The first financial statement that is prepared is the: [A] Statement of Cash Flows. B Statement of Retained Earnings [C] Balance Sheet. D] Income Statement. 17] A type of asset in which a customer owes the company money would be a: [A] receivable. [B] payable. [C] sale. D] dividend 81 A T-account has a $698 credit balance. This account...
Ayayai Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of...
Ayayai Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: AYAYAI CORP. Statement of Financial Position For the Year Ended December 31, 2017 Current assets Cash (net of bank overdraft of $31,000) $ 270,000 Accounts receivable (net) 349,000 Inventory at the lower of cost and net realizable value 411,000 FV-NI investments (at cost—fair value $130,000) 150,000 Property, plant, and equipment Building (net) 580,000 Equipment...
Sarasota Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of...
Sarasota Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: SARASOTA CORP. Statement of Financial Position For the Year Ended December 31, 2020 Current assets Cash (net of bank overdraft of $50,000) $ 350,000 Accounts receivable (net) 397,000 Inventory at the lower of cost and net realizable value 461,000 FV-NI investments (at cost—fair value $140,000) 220,000 Property, plant, and equipment Buildings (net) 770,000 Equipment...
Sandhill Corporation recently filed the following financial statements with the SEC. Sandhill Corporation Income Statement for the Fiscal Year Ended July 31, 2017 Net sales Cost of products sold Gross profit Selling, general, and administrative expenses Depreciation Operating income (loss) Interest expense Earnings (loss) before income taxes Income taxes Net earnings (loss) $67,377 47,925 $19,452 8,586 975 $9,891 597 $9,294 3,253 $6,041 $5,614 4,983 4,242 9,485 $24,324 Sandhill Corporation Balance Sheet as of July 31, 2017 Assets Liabilities and Stockholders'...
1. Which of the following is not considered personal property in legal terms? A) Intangible property or chose in action B) A claim against someone that has value C) Intellectual property (ideas and creative work) D) Chattels E) A good affixed to real property Answer: : An option agreement is A) a contract transferring the fee simple to a new owner. B) a contract by which the offeror of property promises to hold his offer open for a period of...
Which of the following legal expenses are deductible for AGI in 2019? Select one: 0 a. Only a. and b. qualify. O b. Choices a., b., and c. qualify. 0 C. Incurred in connection with a trade or business. O d. Incurred for tax advice relative to the preparation of an individual's income tax return. o e. Incurred in connection with rental or royalty property held for the production of insome.
Which of the following are components of Net Working Capital? O Cash Interest Expense O Property Plant and Equipment Inventories O Accounts Receivable Accounts Payable Shareholder's Equity Cumulative Depreciation
Question 4 (1 point) Which of the following is a characteristic of property, plant and equipment? OIt is intangible It is used in the operations of a business It is held for sale in the ordinary course of business It is a long-term investment Question 5 (1 point) Which of the following best describes accumulated depreciation? It is used to show the amount of cost expiration of intangibles It is the same as depreciation expense It is a contra asset...
Please help me with matching question.
Thank you
QUESTION1 Match the following A. Accounts payable B. Stock Amount of money owed by a business to its suppliers Amount of money owed to a business by its customers v Business, typically small, owned by one person and which is A. C. Property, plant, and equipment D. Short-term loans E. E. Sole trader not legally distinct from the owner F. Short term loans . Costs of a business G. Accounts receivable Goods...
On July 31, 2022, the general ledger of Crane Legal Services Inc.
showed the following balances: Cash $3,920, Accounts Receivable
$1,470, Supplies $490, Equipment $4,900, Accounts Payable $4,020,
Common Stock $3,430, and Retained Earnings $3,330. During August,
the following transactions occurred.
Aug.
3
Collected
$1,180 of accounts receivable due from customers.
5
Received
$1,270 cash for issuing common stock to new investors.
6
Paid
$2,650 cash on accounts payable.
7
Performed
legal services of $6,370, of which $2,940 was collected...
15 Which of the following is considered an asset? A] Sales B] Accounts Receivable C Common Stock DI Accounts Payable [6 The first financial statement that is prepared is the: [A] Statement of Cash Flows. B Statement of Retained Earnings [C] Balance Sheet. D] Income Statement. 17] A type of asset in which a customer owes the company money would be a: [A] receivable. [B] payable. [C] sale. D] dividend 81 A T-account has a $698 credit balance. This account...
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