Homework Answers
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No |
Particulars |
Answers |
|
1 |
Obligations that a company expects to Pay after 1 year |
Long Term Liabilities |
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2 |
A part of owner’s equity in a corporation |
Common Stock |
|
3 |
An optional tool which facilitates the preparation of Financial statements |
Work Sheet |
|
4 |
A temperory account used in the closing process |
Income Sumary |
|
5 |
Balance sheet accounts whose balances are carried Forward to the next period |
Permanent Accounts |
|
6 |
The average time that is taken to go from cash to cash In producing revenues |
Operating Cycle |
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7 |
Entries to correct errors made in recording transactions |
Correcting entries |
|
8 |
The exact opposite of an adjusting entry made in a previous period |
Reversing entries |
|
9 |
Entries at an end of the accounting period to transfer the balance of Temperory accounts to a permanent stockholder’s equity account |
Closing Entries |
|
10 |
Assets that a company expects to pay or convert to cash or use up Within one year |
Current Assets |
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Matching question 228 - obligations that a company expects to pay
after one year... etc
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QUESTION 20 After the closing entries have been posted, which of the following accounts would still...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
QUESTION 23 Stone Company has 6,250,000 shares of outstanding common stock with a par value of...
QUESTION 23 Stone Company has 6,250,000 shares of outstanding common stock with a par value of $3. Additional paid in capital totals $8,000,000 and retained earnings is $12,500,000. The directors declare a 10% stock dividend when the market value is $16. The reduction of retained earnings as a result of the declaration will be: a $10,000,000 b. $12,500,000 c. $625,000 d.56,250,000 e. 55,915,000 QUESTION 24 All of the following statements are correct, EXCEPT: a. Adjusting entries are necessary when cash...
correct answer 6) To prepare the Trial Balance, select A) Company Center Company & Financials B)...
correct answer
6) To prepare the Trial Balance, select A) Company Center Company & Financials B) Reports Center Company & Financials C) Reports Center > Accountant & Taxes D) Company Center > Accountant & Taxes 7) Adjusting entries are used to: A) Close temporary accounts at year end B) Close permanent accounts at year-end C) Bring account balances up to date at year end D) All of the choices are correct 8) An accounting period may be: A) One quarter...
QUESTION 15 Match the terms with the definitions. The period of time required to purchase supplies...
QUESTION 15 Match the terms with the definitions. The period of time required to purchase supplies and a. account form of balance sheet services and convert them back into cash. b. accounting cycle Prepared after posting the closing entries to prove the c classified balance sheet equality of the debit and credit balances in the general d. closing process ledger accounts e. current assets A balance sheet with separate categories for current assets; property, plant, and equipment, current f. current...
Denver Company (DC) expects to pay a dividend of $1.28 in exactly one year. DC has recently invested in multiple we...
Denver Company (DC) expects to pay a dividend of $1.28 in exactly one year. DC has recently invested in multiple wealth increasing projects and expects its operating cash flow to increase dramatically for a few years. DC expects a dividend growth rate of 50% during years 2, 3, and 4. After that high growth period, a normal growth rate of 3.1% will occur. DC shareholders require a 14.7% return. The DC stock price is closest to: A. $45.46 B. $33.91...
Blue Packaging Company (BPC) expects to pay a dividend of $1.28 in exactly one year. BPC has recently invested in multip...
Blue Packaging Company (BPC) expects to pay a dividend of $1.28 in exactly one year. BPC has recently invested in multiple wealth increasing projects and expects its operating cash flow to increase dramatically for a few years. BPC expects a dividend growth rate of 50% during years 2, 3, and 4. After that high growth period, a normal growth rate of 3.1% will occur. BPC shareholders require a 14.7% return. The BPC stock price is closest to: a. $29.14. b....
Additional Exercise 228 Mother Hips Garment Company purchased equipment on June 1 for $90,000, paying $20,000...
Additional Exercise 228 Mother Hips Garment Company purchased equipment on June 1 for $90,000, paying $20,000 cash and signing a 9%, 2-month rate for the remaining balance. The equipment is expected to depreciate $18,000 each year, Mother Hips Garment Company prepares monthly financial statements. Prepare the general journal entry to record the acquisition of the equipment on June 1st. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select...
Mike Derr Company expects to earn 6% per year on an investment that will pay $616,000...
Mike Derr Company expects to earn 6% per year on an investment that will pay $616,000 five years from now. (PV of $1, FV of $1. PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.) Compute the present value of this investment. Table Factor Present Value Future Value $ 616,000 On January 1, a company agrees to pay $20,000 in six years. If the annual interest rate is...
Question Completion Status QUESTION 1 Which of the following statements is not true? Interim financial reports...
Question Completion Status QUESTION 1 Which of the following statements is not true? Interim financial reports can be based on one-month or three- month Property, plant, and equipment are referred to as plant assets. The fiscal year is any 12 consecutive months (or 52 weeks) used by a business as its annual accounting period. An income statement reports revenues earned less expenses incurred. An unadjusted trial balance shows the account balances after they have been revised to reflect the effects...
* Question Completion Status: QUESTION 1 An external user would NOT include O human resources personnel....
* Question Completion Status: QUESTION 1 An external user would NOT include O human resources personnel. o the company's bank. o a creditor of the company. O Canada Revenue Agency. QUESTION 2 The heading of a balance sheet must identify the company, statement, and date. company, statement, and time period. company and date. statement and date. Click Saure and Shmi * Question Completion Status: QUESTION 3 Which of the following questions would NOT be answered by presenting the statement of...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
QUESTION 23 Stone Company has 6,250,000 shares of outstanding common stock with a par value of $3. Additional paid in capital totals $8,000,000 and retained earnings is $12,500,000. The directors declare a 10% stock dividend when the market value is $16. The reduction of retained earnings as a result of the declaration will be: a $10,000,000 b. $12,500,000 c. $625,000 d.56,250,000 e. 55,915,000 QUESTION 24 All of the following statements are correct, EXCEPT: a. Adjusting entries are necessary when cash...
correct answer
6) To prepare the Trial Balance, select A) Company Center Company & Financials B) Reports Center Company & Financials C) Reports Center > Accountant & Taxes D) Company Center > Accountant & Taxes 7) Adjusting entries are used to: A) Close temporary accounts at year end B) Close permanent accounts at year-end C) Bring account balances up to date at year end D) All of the choices are correct 8) An accounting period may be: A) One quarter...
QUESTION 15 Match the terms with the definitions. The period of time required to purchase supplies and a. account form of balance sheet services and convert them back into cash. b. accounting cycle Prepared after posting the closing entries to prove the c classified balance sheet equality of the debit and credit balances in the general d. closing process ledger accounts e. current assets A balance sheet with separate categories for current assets; property, plant, and equipment, current f. current...
Denver Company (DC) expects to pay a dividend of $1.28 in exactly one year. DC has recently invested in multiple wealth increasing projects and expects its operating cash flow to increase dramatically for a few years. DC expects a dividend growth rate of 50% during years 2, 3, and 4. After that high growth period, a normal growth rate of 3.1% will occur. DC shareholders require a 14.7% return. The DC stock price is closest to: A. $45.46 B. $33.91...
Additional Exercise 228 Mother Hips Garment Company purchased equipment on June 1 for $90,000, paying $20,000 cash and signing a 9%, 2-month rate for the remaining balance. The equipment is expected to depreciate $18,000 each year, Mother Hips Garment Company prepares monthly financial statements. Prepare the general journal entry to record the acquisition of the equipment on June 1st. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select...
Mike Derr Company expects to earn 6% per year on an investment that will pay $616,000 five years from now. (PV of $1, FV of $1. PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.) Compute the present value of this investment. Table Factor Present Value Future Value $ 616,000 On January 1, a company agrees to pay $20,000 in six years. If the annual interest rate is...
Question Completion Status QUESTION 1 Which of the following statements is not true? Interim financial reports can be based on one-month or three- month Property, plant, and equipment are referred to as plant assets. The fiscal year is any 12 consecutive months (or 52 weeks) used by a business as its annual accounting period. An income statement reports revenues earned less expenses incurred. An unadjusted trial balance shows the account balances after they have been revised to reflect the effects...
* Question Completion Status: QUESTION 1 An external user would NOT include O human resources personnel. o the company's bank. o a creditor of the company. O Canada Revenue Agency. QUESTION 2 The heading of a balance sheet must identify the company, statement, and date. company, statement, and time period. company and date. statement and date. Click Saure and Shmi * Question Completion Status: QUESTION 3 Which of the following questions would NOT be answered by presenting the statement of...
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