31. Which of the following is an example of accruals management used to improve current earnings?...
31. Which of the following is an example of accruals management used to improve current earnings?
a. Decreasing estimated salvage value of equipment.
b. Writing off obsolete inventory.
c. Underestimating warranty claims.
d. Accruing a contingent liability for an ongoing lawsuit
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31. Which of the following is an example of accruals management
used to improve current earnings?...
Miscellaneous Accruals-Other accruals not separately classified amount to $75,000 as of March 31, 2015. Dividends-On March...
Miscellaneous Accruals-Other accruals not separately classified amount to $75,000 as of March 31, 2015. Dividends-On March 15, 2015, Balzac's board of directors declared a cash dividend of $.40 per common share and a 10% common stock dividend. Both dividends were to be distributed on April 12, 2015, to the common stockholders of record at the close of business on March 31, 2015. Data regarding Balzac common stock are as follows: 4. 5. Par Value Number of shares issued and outstanding...
Quick Ratio Nabors Company reported the following current assets and liabilities for December 31 for two...
Quick Ratio Nabors Company reported the following current assets and liabilities for December 31 for two recent years: Dec. 31, Current Year Dec. 31, Previous Year Cash $1,390 $1,340 Temporary investments 2,990 Accounts receivable 3,020 3,150 2,270 2,040 2,210 Inventory Accounts payable 6,300 4,900 Required: a. Compute the quick ratio on December 31 of both years. If required, round your answers to one decimal place. Quick Ratio December 31, current year December 31, previous year b. Is the quick ratio...
Presented below are a number of business transactions that occurred during the current year for Ebersole...
Presented below are a number of business transactions that occurred during the current year for Ebersole Ltd. In each of the situations, discuss the appropriateness of the journal entries in terms of IFRS. (a) Merchandise inventory that cost £310,000 is reported on the balance sheet at £345,000, the expected selling price less estimated selling costs. The following entry was made to record this increase in value. Inventory 35,000 Sales Revenue 35,000 (b) Because the general level of prices increased during...
Just want to double check my answers. and it its wrong, which one is the corrwcr...
Just want to double check my answers. and it its wrong, which
one is the corrwcr answer.
A) $147,368 B) 552.632 $200,000 D) $140,000 6) Which of the following items should be depreciated? Tangible property, plast, and equipment other than and B) Intangible property C) Land D) Natural resources 7) Which of the following accounting principles requires depreciation? A) The revenue recognition principle B. The matching principle C) The reliability principle D) The entity concept 8) Which of the following...
Complete balance sheet. Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other...
Complete balance sheet.
Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. Following is the company's unadjusted trial balance as of December 31, 2019. December 31, 2019 Unadjusted Trial Balance $ 17,000 4,000 $ 828 11,700 32,000 45,000 12,200 5,000 1,400 15,000 59,700 10,000 Cash Accounts receivable Allowance for doubtful accounts Merchandise inventory Trucks Accum. depreciation-Trucks Equipment Accum. depreciation-Equipment Accounts payable Estimated warranty liability Unearned services revenue Interest payable Long-term notes payable D. Buggs, Capital...
11. Which of the following would appear on the balance sheet as a current liability? a. A probable loss in the amou...
11. Which of the following would appear on the balance sheet as a current liability? a. A probable loss in the amount of $4 million from a pending lawsuit. b. A possible loss in the amount of S4 million from a pending lawsuit. c. A probable loss from a pending lawsuit, the amount of which is not yet determinable. d. A lawsuit for $4 million for which the likelihood of loss is remote. - 12. Unemployment taxes are paid by...
Question 1 (1 point) Saved The following are all estimates that companies are permitted to use...
Question 1 (1 point) Saved The following are all estimates that companies are permitted to use when calculating depreciation expense, EXCEPT: Useful Life of the Asset Historical Cost to Acquire Asset Residual (a.k.a. Salvage) Value of the Asset # of total units that the equipment is expected to produce over it's lifetime Question 2 (1 point) Saved Inventory is excluded from current assets in the quick ratio because inventory is not as easily converted into cash. True False Question 3...
Complete the income statement. Bug-Off Exterminators provides pest control services and sells extermination products manufactured by...
Complete the income statement.
Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. Following is the company's unadjusted trial balance as of December 31, 2019. December 31, 2019 Unadjusted Trial Balance $ 17,000 4,000 $ 828 11,700 32,000 45,000 12,200 5,000 1,400 15,000 59,700 10,000 Cash Accounts receivable Allowance for doubtful accounts Merchandise inventory Trucks Accum. depreciation-Trucks Equipment Accum. depreciation-Equipment Accounts payable Estimated warranty liability Unearned services revenue Interest payable Long-term notes payable D. Buggs,...
P2.3 Transactions from Gravenhurst Inc.'s current year follow. Gravenhurst follows IFRS. 1. Gravenhurst Inc. thinks it...
P2.3 Transactions from Gravenhurst Inc.'s current year follow. Gravenhurst follows IFRS. 1. Gravenhurst Inc. thinks it should dispose of its excess land. While the carrying value is $50,000, current market prices are depressed and only $25,000 is expected upon disposal. The following journal entry was made: Loss on Disposal of Land 25,000 Land 25,000 2. Merchandise inventory that cost $630,000 was reported on the statement of financial position at $690,000, which is the expected selling price less estimated selling costs....
Complete SOE. Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies....
Complete SOE.
Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. Following is the company's unadjusted trial balance as of December 31, 2019. December 31, 2019 Unadjusted Trial Balance $ 17,000 4,000 $ 828 11,700 32,000 45,000 12,200 5,000 1,400 15,000 59,700 10,000 Cash Accounts receivable Allowance for doubtful accounts Merchandise inventory Trucks Accum. depreciation-Trucks Equipment Accum. depreciation-Equipment Accounts payable Estimated warranty liability Unearned services revenue Interest payable Long-term notes payable D. Buggs, Capital D....
Miscellaneous Accruals-Other accruals not separately classified amount to $75,000 as of March 31, 2015. Dividends-On March 15, 2015, Balzac's board of directors declared a cash dividend of $.40 per common share and a 10% common stock dividend. Both dividends were to be distributed on April 12, 2015, to the common stockholders of record at the close of business on March 31, 2015. Data regarding Balzac common stock are as follows: 4. 5. Par Value Number of shares issued and outstanding...
Quick Ratio Nabors Company reported the following current assets and liabilities for December 31 for two recent years: Dec. 31, Current Year Dec. 31, Previous Year Cash $1,390 $1,340 Temporary investments 2,990 Accounts receivable 3,020 3,150 2,270 2,040 2,210 Inventory Accounts payable 6,300 4,900 Required: a. Compute the quick ratio on December 31 of both years. If required, round your answers to one decimal place. Quick Ratio December 31, current year December 31, previous year b. Is the quick ratio...
Just want to double check my answers. and it its wrong, which
one is the corrwcr answer.
A) $147,368 B) 552.632 $200,000 D) $140,000 6) Which of the following items should be depreciated? Tangible property, plast, and equipment other than and B) Intangible property C) Land D) Natural resources 7) Which of the following accounting principles requires depreciation? A) The revenue recognition principle B. The matching principle C) The reliability principle D) The entity concept 8) Which of the following...
Complete balance sheet.
Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. Following is the company's unadjusted trial balance as of December 31, 2019. December 31, 2019 Unadjusted Trial Balance $ 17,000 4,000 $ 828 11,700 32,000 45,000 12,200 5,000 1,400 15,000 59,700 10,000 Cash Accounts receivable Allowance for doubtful accounts Merchandise inventory Trucks Accum. depreciation-Trucks Equipment Accum. depreciation-Equipment Accounts payable Estimated warranty liability Unearned services revenue Interest payable Long-term notes payable D. Buggs, Capital...
11. Which of the following would appear on the balance sheet as a current liability? a. A probable loss in the amount of $4 million from a pending lawsuit. b. A possible loss in the amount of S4 million from a pending lawsuit. c. A probable loss from a pending lawsuit, the amount of which is not yet determinable. d. A lawsuit for $4 million for which the likelihood of loss is remote. - 12. Unemployment taxes are paid by...
Question 1 (1 point) Saved The following are all estimates that companies are permitted to use when calculating depreciation expense, EXCEPT: Useful Life of the Asset Historical Cost to Acquire Asset Residual (a.k.a. Salvage) Value of the Asset # of total units that the equipment is expected to produce over it's lifetime Question 2 (1 point) Saved Inventory is excluded from current assets in the quick ratio because inventory is not as easily converted into cash. True False Question 3...
Complete the income statement.
Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. Following is the company's unadjusted trial balance as of December 31, 2019. December 31, 2019 Unadjusted Trial Balance $ 17,000 4,000 $ 828 11,700 32,000 45,000 12,200 5,000 1,400 15,000 59,700 10,000 Cash Accounts receivable Allowance for doubtful accounts Merchandise inventory Trucks Accum. depreciation-Trucks Equipment Accum. depreciation-Equipment Accounts payable Estimated warranty liability Unearned services revenue Interest payable Long-term notes payable D. Buggs,...
P2.3 Transactions from Gravenhurst Inc.'s current year follow. Gravenhurst follows IFRS. 1. Gravenhurst Inc. thinks it should dispose of its excess land. While the carrying value is $50,000, current market prices are depressed and only $25,000 is expected upon disposal. The following journal entry was made: Loss on Disposal of Land 25,000 Land 25,000 2. Merchandise inventory that cost $630,000 was reported on the statement of financial position at $690,000, which is the expected selling price less estimated selling costs....
Complete SOE.
Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. Following is the company's unadjusted trial balance as of December 31, 2019. December 31, 2019 Unadjusted Trial Balance $ 17,000 4,000 $ 828 11,700 32,000 45,000 12,200 5,000 1,400 15,000 59,700 10,000 Cash Accounts receivable Allowance for doubtful accounts Merchandise inventory Trucks Accum. depreciation-Trucks Equipment Accum. depreciation-Equipment Accounts payable Estimated warranty liability Unearned services revenue Interest payable Long-term notes payable D. Buggs, Capital D....
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