Homework Answers
| The Accumulated depreciation of an asset cannot exceed cost less salvage value. This rule applies for all depreciation methods. |
| Under no depreciation method, the original cost an an asset with salvage value would equal original cost of asset. |
| Straight line: No; Units-of-Production: No; Double-Declining balance: No |
| Option B is correct |
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Question 10 Flag question Not changed since last attempt Marked out of 1.00 At the end...
Question 5 Not changed since last attempt Marked out of 1.00 P Flag question Estimating Inventory Using Retail Inventor...
Question 5 Not changed since last attempt Marked out of 1.00 P Flag question Estimating Inventory Using Retail Inventory Method-Average Cost Rainey Retailers disclosed the following data for January, At Cost At Retail Beginning inventory $32,000 $41,600 Sales 496,000 Sales returned (items restored to inventory) 8,000 Purchases 240,000 480,000 Purchase returns 4,800 9,600 Freight in 14,400 Calculate estimated ending inventory using the retail inventory method at average cost. Ending inventory $ 0 Check Previous P Save Answers Finish allemnt..
Question 1 Not changed since last attempt Marked out of 2.00 P Flag question Following IFRS,...
Question 1 Not changed since last attempt Marked out of 2.00 P Flag question Following IFRS, significant influence investments are usually called: Select one: O A. Investments in financial instruments O B. Long-term equity method investments O C. Noncurrent stock investments D. Investments in associates
Question 2 Not changed since last attempt Marked out of 2.00 P Flag question What is...
Question 2 Not changed since last attempt Marked out of 2.00 P Flag question What is "value-in-use," as used in reporting intercorporate investments, per IFRS? Select one: O A. Market value of the investment in an active market O B. Present value of the investment's future expected cash flows 0 C. Market value of the investment when acquired o D. Present value of the investment's future dividend payments
pls show work Question 8 Not changed since last attempt Marked out of 5.00 P Flag...
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Question 8 Not changed since last attempt Marked out of 5.00 P Flag question Indirect Method -- Preparing the Operating Activities Section The following data are from the accounting records of Clooney Company. Description Amount Net income accrual basis) $ 100,000 Depreciation expense 19.500 Decrease in salaries payable 3,000 Decrease in trade accounts receivable 4.500 Increase in merchandise inventory 6,250 Amortization of patent 250 Increase in long-term liabilities 25,000 Sale of capital stock for cash 62.500 Accounts...
DOBA101 Finish attempt ... Print Question 6 Not changed since last attempt Marked out of 2.00...
DOBA101 Finish attempt ... Print Question 6 Not changed since last attempt Marked out of 2.00 P Hag question Rand Corporation acquires Southern Company's assets and liabilities for $20,000,000 in cash. At the date of acquisition, Southern's balance sheet reported assets of $75,000,000 and liabilities of $65,000,000. Investigation reveals that Southern's reported plant assets are overvalued by $1,400,000. Rand reports how much goodwill on this acquisition? Select one: A $8,600,000 O B. $11,400,000 O C. $7,000,000 O D, $10,000,000
Question 4 Not changed since last attempt Marked out of 2.00 P Flag question Grant Corporation...
Question 4 Not changed since last attempt Marked out of 2.00 P Flag question Grant Corporation has owned 40% of the voting stock of Halliday Company for many years, originally purchased current year, the carrying value of the investment is $2,000,000. Halliday reports a loss of $6,000,000 for the yea What amount should Grant report as equity in the net loss of Halliday for the current year? Select one: o A. $2,000,000 O B. $2,400,000 O O C. none D....
ies remaining3 oints out of 1.00 Flag question A tax on gasoline: Select one a. Is...
ies remaining3 oints out of 1.00 Flag question A tax on gasoline: Select one a. Is a corrective tax, because it decreases the total surplus. b. ls a corrective tax, because it increases the total surplus. c. s NOT a corrective tax, because it decreases the total surplus. a corrective tax, because it increases the total surplus. Check Previous page Next page esc F1 80 F3 F2 F4
Finish attempt ... Support Question 2 Not changed since last attempt Marked out of 1.00 P...
Finish attempt ... Support Question 2 Not changed since last attempt Marked out of 1.00 P Flay, question Estimating Inventory Using Gross Profit Method Assume that we are auditing the records of Forde Corporation. A physical inventary has been taken by the company under our observation. However, the valuation extensions have not beeri completed. The records of the company show the following account data. The gross margin last period was 35% of net sales; we anticipate that it will be...
Question 3 Not changed since last attempt Marked out of 2.00 P Flag question Use the...
Question 3 Not changed since last attempt Marked out of 2.00 P Flag question Use the following information on a company's investments in equity securities with no significant influence. Investment Date of Cost Fair Value Date Selling Acquisition 12/31/19 Sold Price Colt Company stock 9/20/19 $38,000 $37,000 2/10/20 $42,000 Dana Company stock 10/2/19 14,000 14,200 1/17/20 13,000 What amount is reported for gain or loss on these securities in 2020 income? Select one: O A. No gain or loss O...
Type or paste question here Question 4 Not changed since last attempt Marked out of 1.00 P Flag question Estimating Inve...
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Question 4 Not changed since last attempt Marked out of 1.00 P Flag question Estimating Inventory Using Retail Inventory Method-Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June 2020. Cost Selling Price Inventory, June 1 $96,840 $144,000 Markdowns 37.800 Markups 52,200 Markdown cancellations 18,000 Markup cancellations 16,200 Purchases 311,760 402.480 Sales 450,000 Purchase returns and allowances 5,400 6,480 Sales returns and allowances 18,000...
Question 5 Not changed since last attempt Marked out of 1.00 P Flag question Estimating Inventory Using Retail Inventory Method-Average Cost Rainey Retailers disclosed the following data for January, At Cost At Retail Beginning inventory $32,000 $41,600 Sales 496,000 Sales returned (items restored to inventory) 8,000 Purchases 240,000 480,000 Purchase returns 4,800 9,600 Freight in 14,400 Calculate estimated ending inventory using the retail inventory method at average cost. Ending inventory $ 0 Check Previous P Save Answers Finish allemnt..
Question 1 Not changed since last attempt Marked out of 2.00 P Flag question Following IFRS, significant influence investments are usually called: Select one: O A. Investments in financial instruments O B. Long-term equity method investments O C. Noncurrent stock investments D. Investments in associates
Question 2 Not changed since last attempt Marked out of 2.00 P Flag question What is "value-in-use," as used in reporting intercorporate investments, per IFRS? Select one: O A. Market value of the investment in an active market O B. Present value of the investment's future expected cash flows 0 C. Market value of the investment when acquired o D. Present value of the investment's future dividend payments
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Question 8 Not changed since last attempt Marked out of 5.00 P Flag question Indirect Method -- Preparing the Operating Activities Section The following data are from the accounting records of Clooney Company. Description Amount Net income accrual basis) $ 100,000 Depreciation expense 19.500 Decrease in salaries payable 3,000 Decrease in trade accounts receivable 4.500 Increase in merchandise inventory 6,250 Amortization of patent 250 Increase in long-term liabilities 25,000 Sale of capital stock for cash 62.500 Accounts...
DOBA101 Finish attempt ... Print Question 6 Not changed since last attempt Marked out of 2.00 P Hag question Rand Corporation acquires Southern Company's assets and liabilities for $20,000,000 in cash. At the date of acquisition, Southern's balance sheet reported assets of $75,000,000 and liabilities of $65,000,000. Investigation reveals that Southern's reported plant assets are overvalued by $1,400,000. Rand reports how much goodwill on this acquisition? Select one: A $8,600,000 O B. $11,400,000 O C. $7,000,000 O D, $10,000,000
Question 4 Not changed since last attempt Marked out of 2.00 P Flag question Grant Corporation has owned 40% of the voting stock of Halliday Company for many years, originally purchased current year, the carrying value of the investment is $2,000,000. Halliday reports a loss of $6,000,000 for the yea What amount should Grant report as equity in the net loss of Halliday for the current year? Select one: o A. $2,000,000 O B. $2,400,000 O O C. none D....
ies remaining3 oints out of 1.00 Flag question A tax on gasoline: Select one a. Is a corrective tax, because it decreases the total surplus. b. ls a corrective tax, because it increases the total surplus. c. s NOT a corrective tax, because it decreases the total surplus. a corrective tax, because it increases the total surplus. Check Previous page Next page esc F1 80 F3 F2 F4
Finish attempt ... Support Question 2 Not changed since last attempt Marked out of 1.00 P Flay, question Estimating Inventory Using Gross Profit Method Assume that we are auditing the records of Forde Corporation. A physical inventary has been taken by the company under our observation. However, the valuation extensions have not beeri completed. The records of the company show the following account data. The gross margin last period was 35% of net sales; we anticipate that it will be...
Question 3 Not changed since last attempt Marked out of 2.00 P Flag question Use the following information on a company's investments in equity securities with no significant influence. Investment Date of Cost Fair Value Date Selling Acquisition 12/31/19 Sold Price Colt Company stock 9/20/19 $38,000 $37,000 2/10/20 $42,000 Dana Company stock 10/2/19 14,000 14,200 1/17/20 13,000 What amount is reported for gain or loss on these securities in 2020 income? Select one: O A. No gain or loss O...
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Question 4 Not changed since last attempt Marked out of 1.00 P Flag question Estimating Inventory Using Retail Inventory Method-Conventional Retail-Mart values its inventory using the conventional retail inventory method. It discloses the following data for the month of June 2020. Cost Selling Price Inventory, June 1 $96,840 $144,000 Markdowns 37.800 Markups 52,200 Markdown cancellations 18,000 Markup cancellations 16,200 Purchases 311,760 402.480 Sales 450,000 Purchase returns and allowances 5,400 6,480 Sales returns and allowances 18,000...
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