Homework Answers
Creditors are always in the top tier when it comes to claims for a company. Therefore, owners will always have claim secondary to the creditors.
Therefore, Owners of a company have a claim that is secondary to creditor's claims.
3rd option is the correct answer.
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Owners of a company 1 Multiple Choice hold promissory notes as evidence of their ownership claim...
The notes to the financial statements: 1. 2. The notes to the financial statements: Multiple Choice...
The notes to the financial statements:
1.
2.
The notes to the financial statements: Multiple Choice eBook . should be referred to if more than a cursory, and perhaps misleading impression of a firm's financial position and its results of operations is to be achieved. O are not an integral part of the financial statements. 0 include a great deal of detailed information that is potentially useful only to a financial analyst making a detailed appraisal of the future prospects...
Question 3(Multiple Choice Worth 2 points) (07.01 MC) A fast-food chain claims one small order of...
Question 3(Multiple Choice Worth 2 points) (07.01 MC) A fast-food chain claims one small order of its tater tots weighs 90 grams. Ava thinks she is getting less than what the restaurant advertises. She weighs the next 14 random orders o tater tots before she eats them and finds the sample mean is 89.3 grams and the standard deviation s 37 gams. What con us can be drawn at a There is not sufficient evidence to prove the fast-food chain...
Multiple Choice Question 98 On January 1, 2018, Bramble Company, a calendar-year company, issued $598000 of...
Multiple Choice Question 98 On January 1, 2018, Bramble Company, a calendar-year company, issued $598000 of notes payable, of which $149500 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2018, is O Current Liabilities, $598000. O Current Liabilities, $149500; Long-term Debt, $448500. 0 Long-term Debt , $598000. O Current Liabilities, $448500; Long-term Debt, $149500.
^last muliple choice for cut out it is- d. the company receives 7,200 in cash and...
^last muliple choice for cut out it is- d. the company
receives 7,200 in cash and 10,800 in notes payable in exchange for
selling 18,000 of software
A debit would make which of the following accounts increase? Multiple Choice Notes Payable Common Stock Inventory Retained Earnings The standard formatting for a journal entry lists the dollar amounts for: Multiple Choice debits and credits aligned equally to the left. debits and credits aligned equally to the right. debits underneath and to...
Loans made between borrowers and lenders are 1 Multiple Choice 84 nts liabilities to the lenders...
Loans made between borrowers and lenders are 1 Multiple Choice 84 nts liabilities to the lenders and assets to the borrowers since the borrower obtains the funds. assets to the lenders and liabilities of the borrowers since the promises are made to the lenders. not part of either parties' assets or liabilities until the loans are repaid liabilities to both the lenders and the borrowers. Financial intermediaries 2 Multiple Choice 2.94 points O can be banks, but not all financial...
If liabilities are $53,000 and assets are $173,500, then equity equals: Multiple Choice $120,500 $173,500 $226,500...
If liabilities are $53,000 and assets are $173,500, then equity equals: Multiple Choice $120,500 $173,500 $226,500 $53,000 If the liabilities of a business increased $83,000 during a period of time and the equity in the business decreased $34,000 during the same period, the assets of the business must have: Multiple Choice Decreased $117,000 Decreased $49,000 Increased $49,000 Beta Corporation purchased $160,000 worth of land by paying 16,000 cash and signing a $144,000 mortgage. Immediately prior to this transaction the corporation...
Q1-5 Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is...
Q1-5
Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities - Owners' equity B) Assets - Liabilities + Owners' equity C) Assets + Revenue - Owners' equity D) Assets + Revenue Liabilities + Expenses 2) Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: A) $300.000 B) S180,000. C) $60,000. D) $240,000 150, 900 90,000 3) A business settles a liability by...
Use the following facts for Multiple Choice problems 17 and 18 (each question is independent of...
Use the following facts for Multiple Choice problems 17 and 18 (each question is independent of the other): The following financial statement information is for an investor company and an investee company on January 1, 2016. On January 1, 2016, the investor company’s common stock had a traded market value of $22 per share, and the investee company’s common stock had a traded market value of $18 per share. Book Values Fair Values Investor Investee Investor Investee Receivables & inventories...
Question 10 1 pts An automobile insurance company believes the average claim amount has increased from...
Question 10 1 pts An automobile insurance company believes the average claim amount has increased from its historical value of $900. To test this, they randomly select 80 claims and calculate the sample mean as $889. Assuming o = $50, at the 4% significance level, is there enough evidence to support the insurance company's beliefs? O Yes, by not rejecting the null hypothesis, there is enough evidence to support their beliefs. O No, by not rejecting the null hypothesis, there...
Use the following facts for Multiple Choice problems 17 and 18 (each question is independent of...
Use the following facts for Multiple Choice problems 17 and 18 (each question is independent of the other): On January 1, 2019, an investor purchases 32,000 common shares of an investee at $11 (cash) per share. The shares represent 24% ownership in the investee. The investee's common stock does not have a readily determinable fair value. On January 1, 2019, the book value of the investee's assets and liabilities equals $1,700,000 and $600,000, respectively. On that date, the appraised fair...
The notes to the financial statements:
1.
2.
The notes to the financial statements: Multiple Choice eBook . should be referred to if more than a cursory, and perhaps misleading impression of a firm's financial position and its results of operations is to be achieved. O are not an integral part of the financial statements. 0 include a great deal of detailed information that is potentially useful only to a financial analyst making a detailed appraisal of the future prospects...
Question 3(Multiple Choice Worth 2 points) (07.01 MC) A fast-food chain claims one small order of its tater tots weighs 90 grams. Ava thinks she is getting less than what the restaurant advertises. She weighs the next 14 random orders o tater tots before she eats them and finds the sample mean is 89.3 grams and the standard deviation s 37 gams. What con us can be drawn at a There is not sufficient evidence to prove the fast-food chain...
Multiple Choice Question 98 On January 1, 2018, Bramble Company, a calendar-year company, issued $598000 of notes payable, of which $149500 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2018, is O Current Liabilities, $598000. O Current Liabilities, $149500; Long-term Debt, $448500. 0 Long-term Debt , $598000. O Current Liabilities, $448500; Long-term Debt, $149500.
^last muliple choice for cut out it is- d. the company
receives 7,200 in cash and 10,800 in notes payable in exchange for
selling 18,000 of software
A debit would make which of the following accounts increase? Multiple Choice Notes Payable Common Stock Inventory Retained Earnings The standard formatting for a journal entry lists the dollar amounts for: Multiple Choice debits and credits aligned equally to the left. debits and credits aligned equally to the right. debits underneath and to...
Loans made between borrowers and lenders are 1 Multiple Choice 84 nts liabilities to the lenders and assets to the borrowers since the borrower obtains the funds. assets to the lenders and liabilities of the borrowers since the promises are made to the lenders. not part of either parties' assets or liabilities until the loans are repaid liabilities to both the lenders and the borrowers. Financial intermediaries 2 Multiple Choice 2.94 points O can be banks, but not all financial...
If liabilities are $53,000 and assets are $173,500, then equity equals: Multiple Choice $120,500 $173,500 $226,500 $53,000 If the liabilities of a business increased $83,000 during a period of time and the equity in the business decreased $34,000 during the same period, the assets of the business must have: Multiple Choice Decreased $117,000 Decreased $49,000 Increased $49,000 Beta Corporation purchased $160,000 worth of land by paying 16,000 cash and signing a $144,000 mortgage. Immediately prior to this transaction the corporation...
Q1-5
Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities - Owners' equity B) Assets - Liabilities + Owners' equity C) Assets + Revenue - Owners' equity D) Assets + Revenue Liabilities + Expenses 2) Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: A) $300.000 B) S180,000. C) $60,000. D) $240,000 150, 900 90,000 3) A business settles a liability by...
Question 10 1 pts An automobile insurance company believes the average claim amount has increased from its historical value of $900. To test this, they randomly select 80 claims and calculate the sample mean as $889. Assuming o = $50, at the 4% significance level, is there enough evidence to support the insurance company's beliefs? O Yes, by not rejecting the null hypothesis, there is enough evidence to support their beliefs. O No, by not rejecting the null hypothesis, there...
Use the following facts for Multiple Choice problems 17 and 18 (each question is independent of the other): On January 1, 2019, an investor purchases 32,000 common shares of an investee at $11 (cash) per share. The shares represent 24% ownership in the investee. The investee's common stock does not have a readily determinable fair value. On January 1, 2019, the book value of the investee's assets and liabilities equals $1,700,000 and $600,000, respectively. On that date, the appraised fair...
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