Accounting

MART Co. makes a loan to Mary Co. and receives in exchange a Five-year, $500,000

MART Co. makes a loan to Mary Co. and receives in exchange a Five-year, $500,000

MART Co. makes a loan to Mary Co. and receives in exchange a Five-year, $500,000 note bearing interest at 11 percent annually. The market rate of interest for a note of similar risk is 15 percent.  How does MART record the receipt of the note?

Alghnmi tt   73   2 Replies

Alghnmi tt

Obligations owed by a company to banks, for instance, are called:

Obligations owed by a company to banks, for instance, are called:

Obligations owed by a company to banks, for instance, are called:
A) notes receivable.
B) Notes Payable.
C) Accounts Receivable.
D) Accounts Payable.

tivo   327   3 Replies

Bethlehem Negash

Undr the allowance method, if uncollectible write-offs during the year exceed the allowance amount

Undr the allowance method, if uncollectible write-offs during the year exceed the allowance amount

Undr the allowance method, if uncollectible write-offs during the year exceed the allowance amount

Psyche Taloza M-Verano   54   1 Reply

bio_man

A bank reconciliation should be prepared by the employees who handle cash transactions?

A bank reconciliation should be prepared by the employees who handle cash transactions?

A bank reconciliation should be prepared by the employees who handle cash transactions?

Psyche Taloza M-Verano   47   1 Reply

bio_man

Hofstra Services hired a new clerk to keep custody of and maintain all the equipment

Hofstra Services hired a new clerk to keep custody of and maintain all the equipment

Hofstra Services hired a new clerk to keep custody of and maintain all the equipment in the equipment yard.

Psyche Taloza M-Verano   46   1 Reply

bio_man

If before reconciliation the balance on the bank statement does not equal the balance

If before reconciliation the balance on the bank statement does not equal the balance

If before reconciliation the balance on the bank statement does not equal the balance in the company's cash account:

Psyche Taloza M-Verano   34   N/A

Psyche Taloza M-Verano

Internal control does not:

Internal control does not:

Internal control does not:

Psyche Taloza M-Verano   45   1 Reply

bio_man

Internal control is the organizational plan and related measures that:

Internal control is the organizational plan and related measures that:

organizational plan and related measures that:

Psyche Taloza M-Verano   44   1 Reply

bio_man

Internal control does not: A. Help safeguard the assets a business uses in its operations

Internal control does not: A. Help safeguard the assets a business uses in its operations

Internal control does not:
A. Help safeguard the assets a business uses in its operations

Psyche Taloza M-Verano   45   1 Reply

bio_man

Given the following data, what is the cost of ending :-$ inventory rounded to the nearest whole doll

Given the following data, what is the cost of ending :-$ inventory rounded to the nearest whole doll

Given the following data, what is the cost of ending inventory rounded to the nearest whole dollar using the periodic FIFO?

Psyche Taloza M-Verano   45   1 Reply

bio_man

Given the following data, what is the cost of goods sold rounded to the nearest whole dollar using t

Given the following data, what is the cost of goods sold rounded to the nearest whole dollar using t

Given the following data, what is the cost of ending inventory rounded to the nearest whole dollar using the periodic FIFO?

Psyche Taloza M-Verano   53   1 Reply

bio_man

Given the following data, what is the gross margin cost of goods sold is determined using the FIFO

Given the following data, what is the gross margin cost of goods sold is determined using the FIFO

Given the following data, what is the gross margin cost of goods sold is determined using the FIFO periodic method?

Psyche Taloza M-Verano   54   1 Reply

bio_man

The following data, what is the cost of goods sold rounded to the nearest whole dollar using t

The following data, what is the cost of goods sold rounded to the nearest whole dollar using t

the following data, what is the cost of goods sold rounded to the nearest whole dollar using periodic FIFO?

Psyche Taloza M-Verano   40   N/A

Psyche Taloza M-Verano

Which of the following inventory costing methods required a company to keep track

Which of the following inventory costing methods required a company to keep track

Which of the following inventory costing methods required a company to keep track

Psyche Taloza M-Verano   39   N/A

Psyche Taloza M-Verano

In a periodic inventory system, the closing process includes:

In a periodic inventory system, the closing process includes:

inventory system, the closing process includes:

Psyche Taloza M-Verano   60   1 Reply

bio_man

Inventory for a business using the periodic inventory system appears on the

Inventory for a business using the periodic inventory system appears on the

Inventory for a business using the periodic inventory system appears on the:

Psyche Taloza M-Verano   33   1 Reply

bio_man

Inventory is classified:

Inventory is classified:

Inventory is classified:

Psyche Taloza M-Verano   41   1 Reply

bio_man

A perpetual inventory system

A perpetual inventory system

A perpetual inventory system

Psyche Taloza M-Verano   25   1 Reply

bio_man

If the volume of activity doubles in the relevant range, total variable costs will also double.

If the volume of activity doubles in the relevant range, total variable costs will also double.

If the volume of activity doubles in the relevant range, total variable costs will also double.
A) True
B) False

Deprecated   435   1 Reply

卢蕾蕾

Cost of goods sold is $108000, beginning inventory is $20000 and purchases is $100000

Cost of goods sold is $108000, beginning inventory is $20000 and purchases is $100000

Cost of goods sold is $108000, beginning inventory is $20000 and purchases  is $100000. What is the ending inventory?

Psyche Taloza M-Verano   57   1 Reply

bio_man

Cost of goods sold is $108000, ending inventory is $12,000 and purchases is $100000. What is the be

Cost of goods sold is $108000, ending inventory is $12,000 and purchases is $100000. What is the be

Cost of goods sold is $108000, ending inventory is $12,000 and purchases  is $100000. What is the beginning inventory?

Psyche Taloza M-Verano   39   1 Reply

bio_man

Cost of goods sold is $7400. Beginning inventory is $3500 and ending inventory is $4000

Cost of goods sold is $7400. Beginning inventory is $3500 and ending inventory is $4000

In a periodic inventory system, the entry to record the sale of $2,000 of merchandise on account. If there is no freight in and total purchases were $8250, how much were purchased returns and allowances.

Psyche Taloza M-Verano   52   1 Reply

bio_man

Cost of goods sold plus ending inventory equals

Cost of goods sold plus ending inventory equals

Cost of goods sold plus ending inventory equals:

Psyche Taloza M-Verano   45   1 Reply

bio_man

Cost of goods sold is $108000, beginning inventory is $20000 and purchases is $100000. What is the

Cost of goods sold is $108000, beginning inventory is $20000 and purchases is $100000. What is the

Cost of goods sold is $108000, beginning inventory is $20000 and purchases  is $100000. What is the beginning inventory?

Psyche Taloza M-Verano   47   N/A

Psyche Taloza M-Verano

In a periodic inventory system, the entry to record the payment of shipping costs by the company

In a periodic inventory system, the entry to record the payment of shipping costs by the company

In a periodic inventory system, the entry to record the payment of shipping costs by the company

Psyche Taloza M-Verano   36   1 Reply

bio_man

In a periodic inventory system, the entry to record the taking of a cash discount for the purchase

In a periodic inventory system, the entry to record the taking of a cash discount for the purchase

In a periodic inventory system, the entry to record the taking of a cash discount for the purchase of merchandise would include a:

Psyche Taloza M-Verano   33   1 Reply

bio_man

Merchandise previously purchased on account

Merchandise previously purchased on account

merchandise previously purchased on account

Psyche Taloza M-Verano   32   1 Reply

bio_man

Use the following financial information to find the entry you would make on an income statement for

Use the following financial information to find the entry you would make on an income statement for

Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2011: Gross Sales, $ 223,000;  Sales Returns and Allowances, $ 11,200;  Sales Discounts, $

henry johnson   38   1 Reply

bio_man

The question is a true or false fully empowered TQ organizations and those with strong self-directed

The question is a true or false fully empowered TQ organizations and those with strong self-directed

A true or false question fully empowered TQ organizations and those with strong  self-directed teams typically use the coaching style of leadership

Tina Marie Coston   38   1 Reply

bio_man

Under a periodic inventory system, the entries to record a $3400 sales return for undamaged goods

Under a periodic inventory system, the entries to record a $3400 sales return for undamaged goods

Under a periodic inventory system, the entries to record a $3400 sales return for undamaged goods

Psyche Taloza M-Verano   49   1 Reply

bio_man

Under a periodic inventory system, the entries to record a $2,600 sales return of undamaged goods

Under a periodic inventory system, the entries to record a $2,600 sales return of undamaged goods

Under a periodic inventory system, the entries to record a $2,600 sales return of undamaged goods For a sale originally made on account, when the merchandise had  a cost if $1200, include a:

Psyche Taloza M-Verano   49   1 Reply

bio_man

A merchandiser purchases inventory on account under a periodic inventory system with terms of

A merchandiser purchases inventory on account under a periodic inventory system with terms of

Under a perpetual inventory system, which accounts would be closed to Income Summary with credits?

Psyche Taloza M-Verano   56   1 Reply

bio_man

Using a periodic inventory system, the entry to record the purchase of merchandise on account involv

Using a periodic inventory system, the entry to record the purchase of merchandise on account involv

Using a periodic inventory system, the entry to record the purchase of merchandise on account involves a:

Psyche Taloza M-Verano   49   1 Reply

bio_man

Under a perpetual inventory system, which accounts would be closed to Income Summary with credits

Under a perpetual inventory system, which accounts would be closed to Income Summary with credits

Under a perpetual inventory system, which accounts would be closed to Income Summary with credits?

Psyche Taloza M-Verano   43   1 Reply

bio_man

Under a perpetual inventory system, which accounts would be closed to income summary with credits?

Under a perpetual inventory system, which accounts would be closed to income summary with credits?

Under a perpetual inventory system, which accounts would be closed to income summary with credits?

Psyche Taloza M-Verano   36   1 Reply

bio_man

Under a perpetual inventory system, the adjusting entry to account

Under a perpetual inventory system, the adjusting entry to account

Under a perpetual inventory system, the adjusting entry to account For inventory shrinkage would include a:

Psyche Taloza M-Verano   52   1 Reply

bio_man

Under a perpetual inventory system, the entry to record the return of tinventory sold on account for

Under a perpetual inventory system, the entry to record the return of tinventory sold on account for

Under a perpetual inventory system, the entry to record the return of tinventory sold on account for $360 with a cost of $210 would be recorded by the seller as a:

Psyche Taloza M-Verano   38   1 Reply

bio_man

Under perpetual inventory system, the entry to record

Under perpetual inventory system, the entry to record

The entry to record the sale of merchandise under a perpetual inventory system, the entry would include a:

Psyche Taloza M-Verano   20   1 Reply

D-john

Which of the following credit allows for a cash discount?

Which of the following credit allows for a cash discount?

Which of the following credit allows for a cash discount?

Psyche Taloza M-Verano   48   1 Reply

Mario

Using a perpetual inventory system, the entry to record the purchase of merchandise on account invol

Using a perpetual inventory system, the entry to record the purchase of merchandise on account invol

Using a perpetual inventory system, the entry to record the purchase of merchandise on account involVes a:

Psyche Taloza M-Verano   37   1 Reply

bio_man