Homework Answers
1. The correct answer is b. Unreliable because they consistently miss their estimates.
Whether the company underperforms or overperforms doesn't matter. What matters is how close the earnings estimates are relative to actual performance.
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1. A Company regularly misses their earnings forecast and overperforms. Analysts perceive the estimates as: a....
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit Credit Accounts $ 22,700 38,500 Cash Accounts Receivable Allowance for Uncollectible 3,900 $ Accounts 34,000 67,600 Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock 30,400 34,000 60,000 34,500 Retained Earnings $162,800 $162,800 Totals The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, the...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 22,700 38,500 $ 3,900 34,000 67,600 30,400 34,000 60,000 34,500 $162,800 $162,800 The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During...
Un January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:...
Un January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 22,500 38,000 $ 3,700 33,000 66,100 30,900 33,000 59,000 33,000 $159,600 $159, 600 The $33,000 beginning balance of inventory consists of 330 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions:...
On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances:...
On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Inventory Land Allowance for Uncollectible Accounts Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 24,900 44,000 45,000 84,100 3,300 27,700 45,000 71,000 51,000 $198,000 $198,000 The $45,000 beginning balance of inventory consists of 450 units, each costing $100. During January 2018, Big Blast Fireworks had the following inventory transactions: January 3...
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 24,900 44,000 $ 3,300 45,000 84,100 27,700 45,000 71,000 51,000 $198,000 $198,000 The $45,000 beginning balance of inventory consists of 450 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January...
At the end of January, $5,000 of accounts receivable are past due, and the company estimates...
At the end of January, $5,000 of accounts receivable are past
due, and the company estimates that 50% of these accounts will not
be collected. Of the remaining accounts receivable, the company
estimates that 2% will not be collected. No accounts were written
off as uncollectible in January.
Unpaid salaries at the end of January are $28,100. Prepare the
adjusting entry for salaries.
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit...
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $ 22,300 Accounts Receivable 37,500 Allowance for Uncollectible Accounts $ 3,500 Inventory 32,000 Land 64,600 Accounts Payable 31,400 Notes Payable (9%, due in 3 years) 32,000 Common Stock 58,000 Retained Earnings 31,500 Totals $ 156,400 $ 156,400 The $32,000 beginning balance of inventory consists of 320 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory...
Having trouble figuring out A, B, C, D. Thank you!! On January 1, 2021, the general ledger of Big Blast Fireworks incl...
Having trouble figuring out A, B, C, D. Thank you!!
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit Credit Accounts Cash 24,700 43,500 Accounts Receivable Allowance for Uncollectible Accounts 3,100 44,000 82,600 Inventory Land Accounts Payable Notes Payable (9% , due in 3 years) Common Stock Retained Earnings 28,200 44,000 70,000 49,500 Totals $194,800 $194, 800 The $44,000 beginning balance of inventory consists of 440 units, each costing $100. During January...
On January 1, 2009, Madison Company had Rs60,000 of Retained Earnings. During 2009 Madison earned net...
On January 1, 2009, Madison Company had Rs60,000 of Retained Earnings. During 2009 Madison earned net income of Rs100,000 and declared and paid dividends of Rs15,000. In addition, the company received cash of Rs25,000 as an additional investment by its owners. Therefore, the ending balance in Retained Earnings at December 31, 2009 would be Select one: a. Rs145,000 b. Rs 90,000 c. Rs130,000 d. Rs170,000 Which of the following items would not fall under the definition of an asset? Select...
On January 1. 2021, the general ledger of Big Blast Fireworks includes the following account balances: Cash Accoun...
On January 1. 2021, the general ledger of Big Blast Fireworks includes the following account balances: Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (12%, due in 3 years) Common Stock Retained Earnings $25,300 A5,000 3,700 47,000 87,100 26,700 47,000 73,800 54,000 $204,400 264,400 Totals The $47000 begning balance of iventory consists of 470 units, och costing $t00 During January 2021 the following inventory transactions BestFwkd units, each costing $100. During January 2021. Big Blast...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit Credit Accounts $ 22,700 38,500 Cash Accounts Receivable Allowance for Uncollectible 3,900 $ Accounts 34,000 67,600 Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock 30,400 34,000 60,000 34,500 Retained Earnings $162,800 $162,800 Totals The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 22,700 38,500 $ 3,900 34,000 67,600 30,400 34,000 60,000 34,500 $162,800 $162,800 The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During...
Un January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 22,500 38,000 $ 3,700 33,000 66,100 30,900 33,000 59,000 33,000 $159,600 $159, 600 The $33,000 beginning balance of inventory consists of 330 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions:...
On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Inventory Land Allowance for Uncollectible Accounts Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 24,900 44,000 45,000 84,100 3,300 27,700 45,000 71,000 51,000 $198,000 $198,000 The $45,000 beginning balance of inventory consists of 450 units, each costing $100. During January 2018, Big Blast Fireworks had the following inventory transactions: January 3...
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 24,900 44,000 $ 3,300 45,000 84,100 27,700 45,000 71,000 51,000 $198,000 $198,000 The $45,000 beginning balance of inventory consists of 450 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January...
At the end of January, $5,000 of accounts receivable are past
due, and the company estimates that 50% of these accounts will not
be collected. Of the remaining accounts receivable, the company
estimates that 2% will not be collected. No accounts were written
off as uncollectible in January.
Unpaid salaries at the end of January are $28,100. Prepare the
adjusting entry for salaries.
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit...
Having trouble figuring out A, B, C, D. Thank you!!
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit Credit Accounts Cash 24,700 43,500 Accounts Receivable Allowance for Uncollectible Accounts 3,100 44,000 82,600 Inventory Land Accounts Payable Notes Payable (9% , due in 3 years) Common Stock Retained Earnings 28,200 44,000 70,000 49,500 Totals $194,800 $194, 800 The $44,000 beginning balance of inventory consists of 440 units, each costing $100. During January...
On January 1. 2021, the general ledger of Big Blast Fireworks includes the following account balances: Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (12%, due in 3 years) Common Stock Retained Earnings $25,300 A5,000 3,700 47,000 87,100 26,700 47,000 73,800 54,000 $204,400 264,400 Totals The $47000 begning balance of iventory consists of 470 units, och costing $t00 During January 2021 the following inventory transactions BestFwkd units, each costing $100. During January 2021. Big Blast...
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