Homework Answers
1. b. D. Deferred Charges
The following are the major asset classification:
- Current Assets which include cash and cash equivalents, Inventory, Accounts Receivable, Short Term Deposits, Marketable Securities, etc.
- Fxed / Non Current Assets which include Land, Building, Plant & Machinery, Equipment, Long Term Investments, Loans and Advances extended, Deferred Tax Asset, etc.
Hence, deferred charges are not an acceptable major asset classification.
2. a. IASB
Accounting Standards have been developed by the AICPA subject to the SEC regulations. And the FASB currently monitors, updates and develops the financial accounting standards in the United States. Hence, the only organization that has not been instrumental in the development of the financial accounting standards in the United States is the IASB.
3. Net Sales = Gross Sales - Sales Returns & Allowances - Sales Discount
= 15,720,000 - 370,000 - 175,000
= $15,175,000
Note: Freight Charges are shown separately as expenses and not deducted from the Sales.
4. a. Periodicity Assumption
Periodicity Assumption allows the accountant to divide the business acitivities on the basis of the periods during which they occur, i.e., yearly, quarterly, monthly, weekly, etc.
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?Which of the following is not an acceptable major asset classification اختر أحد الخيارات a. C....
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Stanton Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000 and...
Stanton Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000 and retained earnings, $363,000. What total amount should Stanton ?Company report as stockholders' equity اختر أحد الخيارات a. A. $898,000 .b. C. $1,098,000 .C. D. $1,198,000 .d. B. $998,000 For Garret Wolfe Company, the following information is available Cost of goods sold $ 60,000 Dividend revenue 2,500 Income tax expense 6,000 Operating expenses 23,000 Sales 100,000 In Garret Wolfe's single-step income statement, gross profit اختر...
The correct order to present current assets is اختر أحد الخيارات .a. C. Cash, inventories, accounts...
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o ne of the three forms of business organization? Which of the following a Corporations b....
o ne of the three forms of business organization? Which of the following a Corporations b. Partnerships C. Proprietorships d. Investors An advantage of the corporate form of business is that a it has limited life b. its owner's personal resources are at stake. its ownership is easily transferable via the sale of shares of stock. d it is simple to establish 3. Bened Benedict Company compiled the following financial information as of December 31, 2022: Service revenue S1.120,000 Common...
The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as اختر أحد الخيارات .a. D. exchangeability O b. A. solvency .c. B. financial flexibility o d. C. liquidity a Garret Company owns the following investments Trading securities (fair value) $60,000 Available-for-sale securities (fair value) 35,000 Held-to-maturity securities (amortized cost) 47,000 Garret will report investments in its current assets section of اختر أحد الخيارات .a. A $0 0...
The allowance for doubtful accounts, which appears as a deduction from accounts receivable on a balance sheet and which is based on an estimate of bad debts, is an application of the اختر أحد الخيارات .a. materiality constraint O .b. matching principle o C. revenue recognition principle o .d.consistency characteristico The income statement reveals اختر أحد الخيارات .a. C. net earnings (net income) of a firm at a point in time .b. D. net earnings (net income) of a firm...
The alternatives which are standalone solutions for given : situations in engineering involve اختر أحد الخيارات a. a purchase cost initial cost) O b. None o c. The anticipated life of the assets O d. The annual costs of maintaining the assets (yearly O maintenance and operating cost) e. All of these O . Pick up the correct statement from the following اختر أحد الخيارات a. None of them O b. All of them O c. ngineering economy is a...
X acquires 22% of Y common stocks. The stock investment should be classified as اختر أحد الخيارات a. Long-term investment (less than 20%) O b. Available for sales securities O c. Long-term investment (equity method) O d. Trading securities o A, B, and invested $40,000, $30,000, and $25,000, respectively, in ABC LLP on June 30, 2002. They agreed to divide income or losses as follows: (1) Salaries of $10,000, $8,000, and $7,500, respectively, to A, B, and C (2) Interest...
Stanton Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000 and retained earnings, $363,000. What total amount should Stanton ?Company report as stockholders' equity اختر أحد الخيارات a. A. $898,000 .b. C. $1,098,000 .C. D. $1,198,000 .d. B. $998,000 For Garret Wolfe Company, the following information is available Cost of goods sold $ 60,000 Dividend revenue 2,500 Income tax expense 6,000 Operating expenses 23,000 Sales 100,000 In Garret Wolfe's single-step income statement, gross profit اختر...
The correct order to present current assets is اختر أحد الخيارات .a. C. Cash, inventories, accounts receivable, prepaid items O .b. A. Cash, accounts receivable, prepaid items, inventories o .c. B. Cash, accounts receivable, inventories, prepaid items O .d. D. Cash, inventories, prepaid items, accounts receivable O Craig Rusch Corporation reports the following information Net income $500,000 Dividends on common stock 140,000 Dividends on preferred stock 60,000 Weighted average common shares outstanding 100,000 Rusch should report earnings per share of...
When a firm acquires 70% of Y company preferred stocks. The combiner can classify the stock investment as acquisition case اختر أحد الخيارات a. False b. True The partnership is an association of or more persons اختر أحد الخيارات .a. Four o .b. Five O .C. Three o .d. Two O A & B decided to liquidate AB LLP. The non-cash assets of AB partnership at cost 500,000 and the non-cash assets were sold for ?$480,000. The loss on realization...
The transport company have a following assets. Buses OMR 800,000 and Furniture OMR 50,000. The liability of the Company, sundry creditors OMR 50,000. The excess earning in the year of 2018 OMR 75,000. Return on investment 18%. Calculate the estimated goodwill اختر أحد الخيارات a. OMR -316,667 O b. OMR 433,333 O c. OMR 438,333 O d. OMR 483,333 O
Which of the following asset classification(s) is generally contained on a classified statement of financial position? O current assets O intangible assets property, plant and equipment O all of the above Net income retained for use in the business is shown on the statement of financial position as O share capital O retained earnings O long-term investments, O preferred shares.
o ne of the three forms of business organization? Which of the following a Corporations b. Partnerships C. Proprietorships d. Investors An advantage of the corporate form of business is that a it has limited life b. its owner's personal resources are at stake. its ownership is easily transferable via the sale of shares of stock. d it is simple to establish 3. Bened Benedict Company compiled the following financial information as of December 31, 2022: Service revenue S1.120,000 Common...
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