Accounting

If a cash register is short by $93, and the cash register tape equalled $9,270, then:

If a cash register is short by $93, and the cash register tape equalled $9,270, then:

If a cash register is short by $93, and the cash register tape equalled $9,270, then:
A) Cash Short and Over is debited for $93.
B) Cash Short and Over is credited for $93.
C) Sales Revenue is credited for $9,177.
D) Cash is debit

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gOOvER   4481   62 Replies

Praharsh Brahmbhatt

If a cash register is short by $19, and the cash register tape totalled $1,550, then:

If a cash register is short by $19, and the cash register tape totalled $1,550, then:

If a cash register is short by $19, and the cash register tape totalled $1,550, then:
A) Sales Revenue is credited for $1,569.
B) Sales Revenue is credited for $1,531.
C) Cash Short and Over is credited for $19.
D) Cash Short and

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harra   2958   48 Replies

Imani S-G

Beyond the Boardroom Corporation sold used equipment with a book value of $25,000 for $29,000. The ...

Beyond the Boardroom Corporation sold used equipment with a book value of $25,000 for $29,000. The ...

Beyond the Boardroom Corporation sold used equipment with a book value of $25,000 for $29,000. The indirect method statement of cash flows will reflect:
A) an addition of $29,000 in the investing activities section and an addition of $4,000 in t

1234

Tomm   2366   45 Replies

Gurpal Saggu

If Accounts Receivable turnover is 10.4, this means that from the date of:

If Accounts Receivable turnover is 10.4, this means that from the date of:

If Accounts Receivable turnover is 10.4, this means that from the date of:
A) purchase to the date of payment is approximately 35 days.
B) sale to the date of receipt of payment is approximately 35 days.
C) discount to the date of rece

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tivo   1365   33 Replies

Nour M Idris

The following information is given for Tripp Company, which uses the indirect (Graded Project 6)

The following information is given for Tripp Company, which uses the indirect (Graded Project 6)

Part A
(2 points each for a possible total of 6 points)
The following information is given for Tripp Company, which uses the indirect
method.
Net income $20,000
Depreciation expense 3,000
Increase in accounts receivable

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Clynn   3261   29 Replies

Desti Moua

Solid Oak Bureau Company uses job costing. Solid Oak Bureau Company has two departments, Trimming an

Solid Oak Bureau Company uses job costing. Solid Oak Bureau Company has two departments, Trimming an

Solid Oak Bureau Company uses job costing. Solid Oak Bureau Company has two departments, Trimming and Finishing. Manufacturing overhead is allocated based on direct labor cost in the Trimming Department and direct labor hours in the Finishing Departm

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bernie2981   1394   28 Replies

kevin block

Chance stables purchased a new baler as their annual equipment purchase. The baler was purchased for ...

Chance stables purchased a new baler as their annual equipment purchase. The baler was purchased for ...

Chance stables purchased a new baler as their annual equipment purchase. The baler was purchased for $10,000 down and a $50,000 note with an estimated life of 8 years. The baler will be worthless at the end of its life. The annual amount of depreciat

12

Tomm   1802   25 Replies

Anonymous

Harland Corporation currently produces cardboard boxes in an automated process. Expected production ...

Harland Corporation currently produces cardboard boxes in an automated process. Expected production ...

Harland Corporation currently produces cardboard boxes in an automated process. Expected production per month is 20,000 units, direct material costs are $2.50 per unit, and manufacturing overhead costs are $15,000 per month. Manufacturing overhead is

12

lodidodiclaudie   1213   24 Replies

AR Muh Iqbal

Which one of the following financial reports is required to be audited by an outside entity?

Which one of the following financial reports is required to be audited by an outside entity?

Which one of the following financial reports is required to be audited by an outside entity?
A) Annual financial statements
B) Annual financial budgets
C) Monthly financial statements
D) All of the above

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bernie2981   1470   23 Replies

Ngô Gia Đức

The Refining Department of Ingber Sugar, Inc. had 56,000 tons of sugar to account for in December. ...

The Refining Department of Ingber Sugar, Inc. had 56,000 tons of sugar to account for in December. ...

The Refining Department of Ingber Sugar, Inc. had 56,000 tons of sugar to account for in December. Of the 56,000 tons, 40,000 tons were completed and transferred to the Boiling Department, and the remaining 16,000 tons were 60% complete. The material

12

H3Ko   1928   22 Replies

Esme Stasa

One of the biggest factors in implementing SOX was:

One of the biggest factors in implementing SOX was:

One of the biggest factors in implementing SOX was:
A) reviewing the financial reports.
B) establishing internal control procedures.
C) disclosing deficiencies in internal controls.
D) the cost of implementing the system.

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bravata   1143   22 Replies

Nate Salas

Dreams Take Flight Ltd. includes the sales tax in the amount recorded in the Sales account. The ...

Dreams Take Flight Ltd. includes the sales tax in the amount recorded in the Sales account. The ...

Dreams Take Flight Ltd. includes the sales tax in the amount recorded in the Sales account. The adjusting entry at the end of the period includes a:
A) debit to Sales Tax Payable
B) debit to Sales Tax Expense
C) credit to Sales
D)

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Tomm   825   22 Replies

rice cakes

Emerald Company earned revenues of $69,000 and incurred expenses of $77,000. No dividends were ...

Emerald Company earned revenues of $69,000 and incurred expenses of $77,000. No dividends were ...

Emerald Company earned revenues of $69,000 and incurred expenses of $77,000.  No dividends were declared.  Which of the following statements is correct?
A) The entry to close Income Summary is the same regardless of a net income or a net loss.
B) O

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Mr.Cleand   1414   21 Replies

mehmet can ilker

Revenues total $20,200, expenses total $17,300, and the owner's withdrawals account has a balance ...

Revenues total $20,200, expenses total $17,300, and the owner's withdrawals account has a balance ...

Revenues total $20,200, expenses total $17,300, and the owner's withdrawals account has a balance of $12,600. What is the balance in the income summary account prior to closing net income or net loss?
A) $2,900 debit
B) $9,700 debit

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harra   1256   20 Replies

NAPPil

Lauter Tun Corporation acquired equipment on January 1, 2012, for $300,000. The equipment had an ...

Lauter Tun Corporation acquired equipment on January 1, 2012, for $300,000. The equipment had an ...

Lauter Tun Corporation acquired equipment on January 1, 2012, for $300,000. The equipment had an estimated useful life of 10 years and an estimated salvage value of $25,000. On January 1, 2015, Lauter Tun Corporation revised the total useful life of

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Tomm   1057   20 Replies

Harel Ruhr

Open Space Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. ...

Open Space Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. ...

Open Space Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500.  During the month, Open Space purchased and sold merchandise on account as follows:

June 7   Purchase   25 sofas @ $750 each
 

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H3Ko   2431   19 Replies

Thảo Dương

Recording Accounts Receivable would be an example of a(n):

Recording Accounts Receivable would be an example of a(n):

Recording Accounts Receivable would be an example of a(n):
A) deferred expense.
B) deferred revenue.
C) accrued expense.
D) accrued revenue.

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bravata   1798   19 Replies

Phal Choul

The amount for withdrawals, to be used on the Statement of Owner's Equity, would be obtained ...

The amount for withdrawals, to be used on the Statement of Owner's Equity, would be obtained ...

The amount for withdrawals, to be used on the Statement of Owner's Equity, would be obtained from:
A) the worksheet in the balance sheet debit column.
B) the worksheet in the income statement credit column.
C) the worksheet in the

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Fast2F   1925   19 Replies

Ashley Kreps

Lexington Company produces baseball bats and cricket paddles. It has two departments that process ...

Lexington Company produces baseball bats and cricket paddles. It has two departments that process ...

Lexington Company produces baseball bats and cricket paddles. It has two departments that process all products. During July, the beginning work in process in the cutting department was half completed as to conversion, and complete as to direct materi

12

Terabear   1533   19 Replies

chanxsagcal

A company using the accrual basis of accounting receives its utility bill which will be paid in two ...

A company using the accrual basis of accounting receives its utility bill which will be paid in two ...

A company using the accrual basis of accounting receives its utility bill which will be paid in two weeks. The entry will involve a debit to:
A) Utilities Expense
B) Utilities Payable
C) Prepaid Utilities
D) Prepaid Revenue

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Tomm   1685   18 Replies

Kizito Musoke

Horizontal analysis involves the study of:

Horizontal analysis involves the study of:

Horizontal analysis involves the study of:
A) percentage changes in comparative financial statements
B) percentage and/or dollar amount changes in various financial statement amounts from year to year
C) the change in key financial sta

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Tomm   918   18 Replies

julyNINE

Fleetwood Corp. purchased a mine in 2016 for $500,000 and estimated that 30,000 tons of iron ore ...

Fleetwood Corp. purchased a mine in 2016 for $500,000 and estimated that 30,000 tons of iron ore ...

Fleetwood Corp. purchased a mine in 2016 for $500,000 and estimated that 30,000 tons of iron ore could be extracted from it. There was no residual value. The business extracted and sold 2,500 tons of ore in 2016. How will the mine be reported on the

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maximus5   711   18 Replies

Joseph Skarr

The following information is available for Aerius Corporation for the current year:Net ...

The following information is available for Aerius Corporation for the current year:Net ...

The following information is available for Aerius Corporation for the current year:

Net income   $160,000
Preferred dividends   30,000
Interest expense   18,000

Beginning of year:
Total assets   900,000
Total liabili

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Harrison   696   17 Replies

Rayhan Kara

Warren Manufacturing began business on January 1. During its first year of operation, Warren worked ...

Warren Manufacturing began business on January 1. During its first year of operation, Warren worked ...

Warren Manufacturing began business on January 1. During its first year of operation, Warren worked on five industrial jobs and reported the following information at year-end:

   Job 1   Job 2   Job 3   Job 4   Job 5
Direct Materials   1,000   7,50

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H3Ko   1776   16 Replies

Zennair

In a common-size Income Statement, selling expenses are 55%. This means that they are 55% of:

In a common-size Income Statement, selling expenses are 55%. This means that they are 55% of:

In a common-size Income Statement, selling expenses are 55%. This means that they are 55% of:
A) net income.
B) net sales.
C) gross profit.
D) net profit.

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tivo   853   16 Replies

BiologyNothing

The Calder Company received a bank statement showing a balance of $60,300. Reconciling items ...

The Calder Company received a bank statement showing a balance of $60,300. Reconciling items ...

The Calder Company received a bank statement showing a balance of $60,300. Reconciling items included outstanding cheques of $1,450 and a deposit in transit of $8,500. What is the company's adjusted bank balance?
A) $60,300
B) $58,850

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harra   895   16 Replies

Chase Giannioudis

Incorrectly treating a repair expenditure as a betterment:

Incorrectly treating a repair expenditure as a betterment:

Incorrectly treating a repair expenditure as a betterment:
A) understates expenses and understates owner's equity.
B) understates expenses and understates assets.
C) overstates expenses and understates net income.
D) overstat

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gOOvER   1411   16 Replies

brianna96

A revision of an estimate which extends the asset's useful life:

A revision of an estimate which extends the asset's useful life:

A revision of an estimate which extends the asset's useful life:
A) is ignored until the last year of the asset's life
B) requires restatement of prior years' financial statements
C) increases depreciation expense and de

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Tomm   1235   16 Replies

Jason Watters

The following details are provided by Volvox Foundry Company:Initial investment$5,000,000Discount ...

The following details are provided by Volvox Foundry Company:Initial investment$5,000,000Discount ...

The following details are provided by Volvox Foundry Company:

Initial investment   $5,000,000
Discount rate   15%
Yearly cash flows   
1   $1,256,000
2   $1,360,000
3   $2,402,000
4   $1,158,000

PV of $1:

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Deprecated   1332   15 Replies

dogcity0

Stanley's Bicycles store buys bicycles on average for $600 and sells them on average for $750. He pa

Stanley's Bicycles store buys bicycles on average for $600 and sells them on average for $750. He pa

Stanley's Bicycles store buys bicycles on average for $600 and sells them on average for $750. He pays a sales commission of 15% of sales revenue to his sales staff. Stanley pays $1,400 a month rent for his store, and also pays $3,000 a month to

12

bernie2981   1694   14 Replies

ดิษยภูมิ

Yellow Company's variable expenses are 40% of sales and have monthly fixed expenses of $15,000. The

Yellow Company's variable expenses are 40% of sales and have monthly fixed expenses of $15,000. The

Yellow Company's variable expenses are 40% of sales and have monthly fixed expenses of $15,000. The monthly target operating income is $3,750. What is the monthly margin of safety as a percentage of target sales in dollars?
A) 20.00%
B

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bernie2981   1930   14 Replies

rucktom

Caplico Company has prepared the following sales budget:MonthBudgeted ...

Caplico Company has prepared the following sales budget:MonthBudgeted ...

Caplico Company has prepared the following sales budget:

Month   Budgeted Sales
March   $400,000
April   207,000
May   241,000
June   248,000

Cost of goods sold is budgeted at 40% of sales, and the inventory at the end

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Deprecated   1015   14 Replies

Dominic Schroth

At the end of the fiscal period, Wilf Carter Services omitted the adjusting entry for amortization ...

At the end of the fiscal period, Wilf Carter Services omitted the adjusting entry for amortization ...

At the end of the fiscal period, Wilf Carter Services omitted the adjusting entry for amortization on equipment. The effect of this error on the financial statements is to:
A) understate liabilities.
B) understate owner's equity.

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gOOvER   1252   14 Replies

Ayse Aslan

Airport Software Ltd. includes an 5% sales tax in the amount credited to the sales account. If the ...

Airport Software Ltd. includes an 5% sales tax in the amount credited to the sales account. If the ...

Airport Software Ltd. includes an 5% sales tax in the amount credited to the sales account. If the sales account has a balance of $675,250, the amount of the sales tax payable to the government is:
A) $29,347
B) $29,450
C) $32,155

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Harrison   531   14 Replies

Cameron LeBlanc

A $1,500 bond quoted at 98 1/2 is selling for:

A $1,500 bond quoted at 98 1/2 is selling for:

A $1,500 bond quoted at 98 1/2 is selling for:
A) $1,500
B) $1,518
C) $1,492
D) $1,478

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Harrison   1186   14 Replies

Hafsa Sheikh

Ursula Tax Planning Service has the following plant assets: Communications equipment: Cost, $7,120 ...

Ursula Tax Planning Service has the following plant assets: Communications equipment: Cost, $7,120 ...

Ursula Tax Planning Service has the following plant assets: Communications equipment: Cost, $7,120 with useful life of eight years; Furniture: Cost, $21,600 with useful life of 12 years; and Computer: Cost, $13,600 with useful life of four years. (As

H3Ko   1185   13 Replies

Alkan AKISU

On January 1, Jackson, Inc.'s Work-in-Process Inventory account showed a balance of $65,800. During ...

On January 1, Jackson, Inc.'s Work-in-Process Inventory account showed a balance of $65,800. During ...

On January 1, Jackson, Inc.'s Work-in-Process Inventory account showed a balance of $65,800. During the year, materials requisitioned for use in production amounted to $70,900, of which $67,400 represented direct materials. Factory wages for the

H3Ko   1959   13 Replies

Khushboo shah

The following details have been extracted from the budget of a merchandising company.Rent ...

The following details have been extracted from the budget of a merchandising company.Rent ...

The following details have been extracted from the budget of a merchandising company.

Rent Expense   $8,400 per month
Depreciation Expense   $3,500 per month
Insurance Expense   $2,000 per month
Miscellaneous Expense   2% of sales,

Deprecated   1008   13 Replies

Vaum

Healthier Living Company manufactures two products - toaster ovens and bread machines. The following ...

Healthier Living Company manufactures two products - toaster ovens and bread machines. The following ...

Healthier Living Company manufactures two products - toaster ovens and bread machines. The following data are available:

   Toaster Ovens   Bread Machines
Sales price   $80   $150
Variable costs   $60   $50

Healthier Living can ma

Deprecated   1284   13 Replies

Bretta O_Rourke

At the end of the fiscal period, Wilf Carter Services omitted the adjusting entry for accrued ...

At the end of the fiscal period, Wilf Carter Services omitted the adjusting entry for accrued ...

At the end of the fiscal period, Wilf Carter Services omitted the adjusting entry for accrued salaries. The effect of this error on the financial statements is to:
A) overstate net income.
B) understate assets.
C) understate net income

gOOvER   1595   13 Replies

Anonymous