Homework Answers
Q24.
| Sales revenue | $ 600,000 |
| Less: Cost of goods sold | $ (390,000) |
| Gross profit | $ 210,000 |
Answer is C.
Q25.
| Insurance expenses ($3,408/24*7) | $ 994 | |
| Prepaid insurance | $ 994 |
Answer is A
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QUESTION 24 For Blue Baker Company, the following information is available: Cost of goods sold $390,000...
QUESTION 21 For Blue Baker Company, the following information is available: Cost of goods sold $390,000...
QUESTION 21 For Blue Baker Company, the following information is available: Cost of goods sold $390,000 Dividend revenue 15,000 Income tax expense 36,000 Operating expenses 138,000 Sales revenue 600,000 In Blue Baker's multiple-step income statement gross profit A. should not be reported B. should be reported at $51.000. C. should be reported at $210,000. D.should be reported at $225,000.
QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded...
QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded the entire amount as PREPAID INSURANCE. The December 21 2019 adjusting entry is: A. Debit Insurance Expense and credit Prepaid insurance 5094, B. Debit Insurance Expense and credit Prepaid Insurance $2,414, C. Debit Prepaid Insurance and credit Insurance Expense $994. D. Debit Prepaid Insurance and credit Insurance Expense $2,414,
Hope to have a detailed explanation, thank you QUESTION 1 2 points Save Answer On June...
Hope to have a detailed explanation, thank you
QUESTION 1 2 points Save Answer On June 1, 2020. Palomo Corp paid $7,200 for a two-year insurance policy and correctly recorded the amount as Insurance Expense. The adjusting entry on December 31, 2020 is: debit Insurance Expense and credit Prepaid Insurance. $2.100. debit Prepaid Insurance and credit Insurance Expense. $2.100 debit Insurance Expense and credit Prepaid Insurance. $5.100. debit Prepaid Insurance and credit Insurance Expense. $5.100. QUESTION 2 2 points Save...
plz help with all parts QUESTION 3 Blue Baker Company has a tax rate of 20...
plz help with all parts
QUESTION 3 Blue Baker Company has a tax rate of 20 percent and income from operations of $1,392,000 in 2020. It also has the following items (gross amounts). Unusual loss Discontinued operations loss Gain on disposal of equipment Change in accounting principle increasing prior year's income Required: 1. What is the income from continuing operations before taxes? $222,000 606,000 48,000 318,000 2. What is the amount of income tax expense Blue Baker would report on...
Tuduling research and development expenditures. 3. For Mortenson Company, the following information is available: Cost of...
Tuduling research and development expenditures. 3. For Mortenson Company, the following information is available: Cost of goods sold $390,000 Dividend revenue 15,000 Income tax expense 36,000 Operating expenses 138,000 Sales revenue 600,000 In Mortenson's multiple-step income statement, gross profit should be reported as a. should not be reported. b. should be reported at $51,000. c. should be reported at $210,000 d. should be reported at $225,000 4. At Ruth Company, events and transactions during 2017 included the following. The tax...
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies...
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 Prepare a statement of Retained Earnings to get the ending retained earnings. Don't forget you have to do an income statement before you can do the statement of retained earnings. Negative ($8000) $14,000 $7000 None of the above...
1-For Cullumber Company, the following information is available: Cost of goods sold $400000 Dividend revenue 15300...
1-For Cullumber Company, the following information is
available:
Cost of goods sold
$400000
Dividend revenue
15300
Income tax expense
35900
Operating expenses
139500
Sales revenue
607000
In Cullumber’s single-step income statement, gross profit
should be reported at $207000.
should be reported at $222300.
should be reported at $46900.
should not be reported.
2-The following information is available for Swifty Corporation
for 2020:
Disbursements for purchases
$1532000
Increase in trade accounts
payable
98000
Decrease in merchandise
inventory
39000
Cost of goods...
Question 17 0/1 pts The following information is available for Baker Industries Baker Industries Inc Trial...
Question 17 0/1 pts The following information is available for Baker Industries Baker Industries Inc Trial Balance 12/31/13 Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Depreciation Expense Supplies Expense ETTI What is the balance in Income Summary before it is closed to retained Earnings for Baker Industries? You Answered $56 Correct Answer $52 $41 $248
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock...
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 10000 20000 5000 37000 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 === ======== == What are the total assets? $35,000 $72,000 $116,000 Click Save and Submit to save and submit. Click Save All A QUESTION 10 I bou ght office supplies on account. How do I record that? a. Office Supplies, debit:...
QUESTION 29 I paid my accounts p ayable. How would I record that? a. debit Accounts...
QUESTION 29 I paid my accounts p ayable. How would I record that? a. debit Accounts Payable; credit Cash b. debit Cash; credit Accounts Payable c. debit Accounts Receivable; credit Cash d. debit Cash; credit Supplies Expense puse, Credit Cash QUESTION 27 The adjusting entry to record the depreciation of a building for the fiscal period is a. debit Building; credit Depreciation Expense. b. debit Depreciation Expense; credit Accumulated Depreciation. c. debit Accumulated Depreciation; credit Depreciation Expense. d. debit Depreciation...
QUESTION 21 For Blue Baker Company, the following information is available: Cost of goods sold $390,000 Dividend revenue 15,000 Income tax expense 36,000 Operating expenses 138,000 Sales revenue 600,000 In Blue Baker's multiple-step income statement gross profit A. should not be reported B. should be reported at $51.000. C. should be reported at $210,000. D.should be reported at $225,000.
QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded the entire amount as PREPAID INSURANCE. The December 21 2019 adjusting entry is: A. Debit Insurance Expense and credit Prepaid insurance 5094, B. Debit Insurance Expense and credit Prepaid Insurance $2,414, C. Debit Prepaid Insurance and credit Insurance Expense $994. D. Debit Prepaid Insurance and credit Insurance Expense $2,414,
Hope to have a detailed explanation, thank you
QUESTION 1 2 points Save Answer On June 1, 2020. Palomo Corp paid $7,200 for a two-year insurance policy and correctly recorded the amount as Insurance Expense. The adjusting entry on December 31, 2020 is: debit Insurance Expense and credit Prepaid Insurance. $2.100. debit Prepaid Insurance and credit Insurance Expense. $2.100 debit Insurance Expense and credit Prepaid Insurance. $5.100. debit Prepaid Insurance and credit Insurance Expense. $5.100. QUESTION 2 2 points Save...
plz help with all parts
QUESTION 3 Blue Baker Company has a tax rate of 20 percent and income from operations of $1,392,000 in 2020. It also has the following items (gross amounts). Unusual loss Discontinued operations loss Gain on disposal of equipment Change in accounting principle increasing prior year's income Required: 1. What is the income from continuing operations before taxes? $222,000 606,000 48,000 318,000 2. What is the amount of income tax expense Blue Baker would report on...
Tuduling research and development expenditures. 3. For Mortenson Company, the following information is available: Cost of goods sold $390,000 Dividend revenue 15,000 Income tax expense 36,000 Operating expenses 138,000 Sales revenue 600,000 In Mortenson's multiple-step income statement, gross profit should be reported as a. should not be reported. b. should be reported at $51,000. c. should be reported at $210,000 d. should be reported at $225,000 4. At Ruth Company, events and transactions during 2017 included the following. The tax...
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 Prepare a statement of Retained Earnings to get the ending retained earnings. Don't forget you have to do an income statement before you can do the statement of retained earnings. Negative ($8000) $14,000 $7000 None of the above...
1-For Cullumber Company, the following information is
available:
Cost of goods sold
$400000
Dividend revenue
15300
Income tax expense
35900
Operating expenses
139500
Sales revenue
607000
In Cullumber’s single-step income statement, gross profit
should be reported at $207000.
should be reported at $222300.
should be reported at $46900.
should not be reported.
2-The following information is available for Swifty Corporation
for 2020:
Disbursements for purchases
$1532000
Increase in trade accounts
payable
98000
Decrease in merchandise
inventory
39000
Cost of goods...
Question 17 0/1 pts The following information is available for Baker Industries Baker Industries Inc Trial Balance 12/31/13 Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Depreciation Expense Supplies Expense ETTI What is the balance in Income Summary before it is closed to retained Earnings for Baker Industries? You Answered $56 Correct Answer $52 $41 $248
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 10000 20000 5000 37000 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 === ======== == What are the total assets? $35,000 $72,000 $116,000 Click Save and Submit to save and submit. Click Save All A QUESTION 10 I bou ght office supplies on account. How do I record that? a. Office Supplies, debit:...
QUESTION 29 I paid my accounts p ayable. How would I record that? a. debit Accounts Payable; credit Cash b. debit Cash; credit Accounts Payable c. debit Accounts Receivable; credit Cash d. debit Cash; credit Supplies Expense puse, Credit Cash QUESTION 27 The adjusting entry to record the depreciation of a building for the fiscal period is a. debit Building; credit Depreciation Expense. b. debit Depreciation Expense; credit Accumulated Depreciation. c. debit Accumulated Depreciation; credit Depreciation Expense. d. debit Depreciation...
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