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please explain calculations how they get everything
andout5.pdf Handout 5 Mega keeps its accounting records on a cash basis during the year. At year end, it converts its books to the accrual basis for preparing its financial statements. At the end of 2018, Mega reported the following post-closing trial balance after converting it to the accrual basis. (Hint: These will also be the beginning balances for 2019.) Cash Accounts receivable Supplies Inventory Equipment Accumulated depreciation Accounts payable (for inventory) Salaries...
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*. Selected data for Stick's Design are given as of December 31, 20x7 and 20x8. 20x8 20x7 Net Sales $35,000 $30,000 Cost of Goods Sold 20,000 18,000 3,000 2,800 900 Accounts Receivable 1,500 2,000 3,000 3,600 4,500 5,000 Net Income 1,000 Inventory Current Liabilities Required: Compute the following Current ratio for 20x8 Acid-test ratio for 20x8 Accounts receivable turnover for 20x8 Average collection period for 20x8 Inventory turnover for 20x8 CONSTANTINE CAVAMANLIS INC BALANCE SHEETS Assets Dec. 31, 2004 Jn...
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Question 1
BWS Corporation pays the premiums on an $80,000 group-term life
insurance policy on the life of its 45-year-old vice-president,
Warren. The annual cost per $1,000 of coverage for a person aged 45
to 49 is $1.80. If Warren has paid $25 toward the cost of the
insurance, what is the cost of hte policy includible in Warren's
gross income?
1) $278.00
2) $144.00
3) $54.00
4) $29.00
5) $0
Question 2
During 2019, Edward East had wages of...
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do the beginning journals help?
what other information do you need?
Prepare the necessary joumal entries for Drake Company SERIAL PROBLEM: KATE'S CARDS Mole. This is a continuation of the Serial Problem: Kate's Cards de Chapters / through 4.) SP5. Kate was a little worried about some of the practices of Fred Abholl, the CEO of Sentiments, and cided that an association with Sentiments could damage the reputation of her own company. Kate is ve concerned that her business be...
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cases of tennis balls listed at $130 per case and for which To 18 given a 15% volume discount. YiCo sells 70% of the cases for cash. The cost of the unsold merchandise is... a. $15,600 b. $31,200 c. $26,520 d. $77,350 11. JaCo uses the periodic method and records merchandise purchases at net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchases merchandise for $878,000, with freight-in of $11,000. Purchase returns are $17,000, purchase discounts lost are $4,000,...
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How do the national income accounts change if social security
payments increase? A) Consumption falls.
B) Consumption rises.
C) Savings rise.
D) This change is not captured in the national income
accounts.
How do the national income accounts change if unemployment
benefits paid to people increase?
A) Consumption falls.
B) Consumption rises.
C) Savings rise.
D) This change is not captured in the national income accounts.
How do the national income accounts change if national defense
spending increases? A) Government...
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Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
please explain calculations how they get everything
andout5.pdf Handout 5 Mega keeps its accounting records on a cash basis during the year. At year end, it converts its books to the accrual basis for preparing its financial statements. At the end of 2018, Mega reported the following post-closing trial balance after converting it to the accrual basis. (Hint: These will also be the beginning balances for 2019.) Cash Accounts receivable Supplies Inventory Equipment Accumulated depreciation Accounts payable (for inventory) Salaries...
*. Selected data for Stick's Design are given as of December 31, 20x7 and 20x8. 20x8 20x7 Net Sales $35,000 $30,000 Cost of Goods Sold 20,000 18,000 3,000 2,800 900 Accounts Receivable 1,500 2,000 3,000 3,600 4,500 5,000 Net Income 1,000 Inventory Current Liabilities Required: Compute the following Current ratio for 20x8 Acid-test ratio for 20x8 Accounts receivable turnover for 20x8 Average collection period for 20x8 Inventory turnover for 20x8 CONSTANTINE CAVAMANLIS INC BALANCE SHEETS Assets Dec. 31, 2004 Jn...
do the beginning journals help?
what other information do you need?
Prepare the necessary joumal entries for Drake Company SERIAL PROBLEM: KATE'S CARDS Mole. This is a continuation of the Serial Problem: Kate's Cards de Chapters / through 4.) SP5. Kate was a little worried about some of the practices of Fred Abholl, the CEO of Sentiments, and cided that an association with Sentiments could damage the reputation of her own company. Kate is ve concerned that her business be...
cases of tennis balls listed at $130 per case and for which To 18 given a 15% volume discount. YiCo sells 70% of the cases for cash. The cost of the unsold merchandise is... a. $15,600 b. $31,200 c. $26,520 d. $77,350 11. JaCo uses the periodic method and records merchandise purchases at net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchases merchandise for $878,000, with freight-in of $11,000. Purchase returns are $17,000, purchase discounts lost are $4,000,...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...