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Homework Answers
Question 1- in garret Wolfe's multiple income statement, gross profit = 40000 (100000-60000)
Question 2- The account form and the report form of the balance sheet are both acceptable under GAAP is True.
Question 3- Deferred charges is not an acceptable major asset classification.
Question 4- Financial statements are the principal means through which a company communicates its financial information to those outside is True
As per HOMEWORKLIB RULES only four sub parts to a question will be answered.
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T
or F
T
or F
For Garret Wolfe Company, the following information is available Cost...
T or F T or F Verifiability and predictive value are two ingredients of reliability For...
T or F
T or F
Verifiability and predictive value are two ingredients of reliability 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 The first level of the conceptual framework identifies the recognition and measurement .concepts used in establishing accounting standards General-purpose financial statements are the product of The single-step income statement emphasizes
T or F T or F T or F The balance sheet omits many items that...
T or F
T or F
T
or F
The balance sheet omits many items that are of financial value to the business but cannot be recorded objectively The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as Dividends declared on common and preferred stock are subtracted from net income in th .computation of earnings per shar :Garret Company owns the following investments Trading securities (fair value)...
The amount of time that is expected to elapse until an asset is realized or otherwise...
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...
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...
?Which of the following is not an acceptable major asset classification اختر أحد الخيارات a. C....
?Which of the following is not an acceptable major asset classification اختر أحد الخيارات a. C. Property, plant, and equipment O b. D. Deferred charges O C. B. Long-term investments d. A. Current assets O Equity or debt securities held to finance future construction of additional plants should be classified on a balance sheet as اختر أحد الخيارات .a. C. intangible assets O .b. A. current assets O .C.D. long-term investments O .d. B. property, plant, and equipment O Which...
Chapter 1 Intercorporate Investments: An Overview Held-to-maturity securities are recorded at amortized cost which approximates fair...
Chapter 1 Intercorporate Investments: An Overview Held-to-maturity securities are recorded at amortized cost which approximates fair market value. The Company evaluates whether the decline in fair value of its investments is other-than-temporary at each quarter-end. This evaluation consists of a review by management, and includes market pri information and maturity dates for the securities held, market and economic trends in the industry and information on the issuer's financial condition and, if applicable, information on the guarantors financial condition. Factors considered...
The following information is available from the accounting records of Christine's Company for the year ende...
The following information is available from the accounting records of Christine's Company for the year ende January 31, 2019 Cost of goods sold................................. .... ........ 4.500.000 Marketable securities ...... 600,000 Dividend declared and paid............. 25,000 Warranty payable......... 170,000 Bonds payable (matures 08/31/2028) 1,100,000 Merchandise inventory.... 608,000 Administrative expense...... 1,253,590 Dividend revenue .......... 60,000 Accounts receivables... 505,000 Accumulated depreciation-building... 550.000 Retained camnings.... 425,000 Payroll tax payable ..... 15.000 Income taxes ....... 46,410 Prepaid insurance... 17.000 Net Sales 7,445,000 Treasury stocks 91,000...
Required Information [The following Information applies to the questions displayed below.) Pastina Company sells various types...
Required Information [The following Information applies to the questions displayed below.) Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end Is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Credits Debits 35. See 43, eee 3,800 63,000 23,800 2,5ee 9, eee 92,000 34,5ee 34, eee 53,888 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts...
At December 31, 2019, the partial adjusted accounts for Ozark Ltd. included the following: Accounts payable...
At December 31, 2019, the partial adjusted accounts for Ozark Ltd. included the following: Accounts payable Accounts receivable Accumulated depr - Building Accumulated depr - Furniture AFDA Bank loan payable Building Cash Common shares Cost of goods sold (COGS) Dividends $40,000 $95,000 $35,000 $20,000 $9,000 $220,000 $150,000 $45,000 $38,000 $180,000 $10,000 Furniture Income tax expense Income taxes payable Insurance expense Inventory Land Prepaid expenses Retained earnings Salaries payable Unearned revenue Utilities $160,000 $4,000 $17,000 $6,000 $25,000 $370,000 $2,500 $? $3,000...
At December 31, 2019, the partial adjusted accounts for Ozark Ltd. included the following: Accounts payable...
At December 31, 2019, the partial adjusted accounts for Ozark Ltd. included the following: Accounts payable Accounts receivable Accumulated depr - Building Accumulated depr - Furniture AFDA Bank loan payable Building Cash Common shares Cost of goods sold (COGS) Dividends $40,000 $95,000 $35,000 $20,000 $9,000 $220,000 $150,000 $45,000 $38,000 $180,000 $10,000 Furniture Income tax expense Income taxes payable Insurance expense Inventory Land Prepaid expenses Retained earnings Salaries payable Unearned revenue Utilities $160,000 $4,000 $17,000 $6,000 $25,000 $370,000 $2,500 $? $3,000...
T or F
T or F
Verifiability and predictive value are two ingredients of reliability 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 The first level of the conceptual framework identifies the recognition and measurement .concepts used in establishing accounting standards General-purpose financial statements are the product of The single-step income statement emphasizes
T or F
T or F
T
or F
The balance sheet omits many items that are of financial value to the business but cannot be recorded objectively The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as Dividends declared on common and preferred stock are subtracted from net income in th .computation of earnings per shar :Garret Company owns the following investments Trading securities (fair value)...
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...
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...
?Which of the following is not an acceptable major asset classification اختر أحد الخيارات a. C. Property, plant, and equipment O b. D. Deferred charges O C. B. Long-term investments d. A. Current assets O Equity or debt securities held to finance future construction of additional plants should be classified on a balance sheet as اختر أحد الخيارات .a. C. intangible assets O .b. A. current assets O .C.D. long-term investments O .d. B. property, plant, and equipment O Which...
Chapter 1 Intercorporate Investments: An Overview Held-to-maturity securities are recorded at amortized cost which approximates fair market value. The Company evaluates whether the decline in fair value of its investments is other-than-temporary at each quarter-end. This evaluation consists of a review by management, and includes market pri information and maturity dates for the securities held, market and economic trends in the industry and information on the issuer's financial condition and, if applicable, information on the guarantors financial condition. Factors considered...
The following information is available from the accounting records of Christine's Company for the year ende January 31, 2019 Cost of goods sold................................. .... ........ 4.500.000 Marketable securities ...... 600,000 Dividend declared and paid............. 25,000 Warranty payable......... 170,000 Bonds payable (matures 08/31/2028) 1,100,000 Merchandise inventory.... 608,000 Administrative expense...... 1,253,590 Dividend revenue .......... 60,000 Accounts receivables... 505,000 Accumulated depreciation-building... 550.000 Retained camnings.... 425,000 Payroll tax payable ..... 15.000 Income taxes ....... 46,410 Prepaid insurance... 17.000 Net Sales 7,445,000 Treasury stocks 91,000...
Required Information [The following Information applies to the questions displayed below.) Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end Is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Credits Debits 35. See 43, eee 3,800 63,000 23,800 2,5ee 9, eee 92,000 34,5ee 34, eee 53,888 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts...
At December 31, 2019, the partial adjusted accounts for Ozark Ltd. included the following: Accounts payable Accounts receivable Accumulated depr - Building Accumulated depr - Furniture AFDA Bank loan payable Building Cash Common shares Cost of goods sold (COGS) Dividends $40,000 $95,000 $35,000 $20,000 $9,000 $220,000 $150,000 $45,000 $38,000 $180,000 $10,000 Furniture Income tax expense Income taxes payable Insurance expense Inventory Land Prepaid expenses Retained earnings Salaries payable Unearned revenue Utilities $160,000 $4,000 $17,000 $6,000 $25,000 $370,000 $2,500 $? $3,000...
At December 31, 2019, the partial adjusted accounts for Ozark Ltd. included the following: Accounts payable Accounts receivable Accumulated depr - Building Accumulated depr - Furniture AFDA Bank loan payable Building Cash Common shares Cost of goods sold (COGS) Dividends $40,000 $95,000 $35,000 $20,000 $9,000 $220,000 $150,000 $45,000 $38,000 $180,000 $10,000 Furniture Income tax expense Income taxes payable Insurance expense Inventory Land Prepaid expenses Retained earnings Salaries payable Unearned revenue Utilities $160,000 $4,000 $17,000 $6,000 $25,000 $370,000 $2,500 $? $3,000...
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