Accounting

R.J. Berkshire incurred the following expenditures to buy new equipment:Invoice, subject to 4% ...

R.J. Berkshire incurred the following expenditures to buy new equipment:Invoice, subject to 4% ...

R.J. Berkshire incurred the following expenditures to buy new equipment:

Invoice, subject to 4% discount   $22,000
Installation cost   1,500
Insurance for equipment after installation   300
Sales tax   1,200
Discount taken

upton   242   2 Replies

Anonymous

After a check is cashed by a vendor and clear's the vendors and the client's bank, the check is ...

After a check is cashed by a vendor and clear's the vendors and the client's bank, the check is ...

After a check is cashed by a vendor and clear's the vendors and the client's bank, the check is now a cancelled check and is no longer a liability, but now is a document.

▸ true

▸ false

cacerami   182   3 Replies

djl4909

The primary characteristic that distinguishes property, plant, and equipment from inventory, prepaid ...

The primary characteristic that distinguishes property, plant, and equipment from inventory, prepaid ...

[html]The primary characteristic that distinguishes property, plant, and equipment from inventory, prepaid expenses, and investments is the intention to use property, plant, and equipment as a part of the operations of the client's business over thei

shbensonjr   209   3 Replies

traumajeff

After a check prepared for payment to a vendor includes the signature of an authorized person, the ...

After a check prepared for payment to a vendor includes the signature of an authorized person, the ...

After a check prepared for payment to a vendor includes the signature of an authorized person, the check is now a liability.

▸ true

▸ false

bluerose501   234   4 Replies

cheesoslimo

The University Store, Incorporated is the major bookseller for four nearby colleges. An income ...

The University Store, Incorporated is the major bookseller for four nearby colleges. An income ...

[html]The University Store, Incorporated is the major bookseller for four nearby colleges. An income statement for the first quarter of the year is presented below:

dmalex13   189   3 Replies

dm408

Adequate documents and records are a subcomponent of the control environment.

Adequate documents and records are a subcomponent of the control environment.

Adequate documents and records are a subcomponent of the control environment.

▸ true

▸ false

thallium81   182   2 Replies

Anonymous

The accounts receivable for Note Corporation was $240,000 at the beginning of the year and $260,000 ...

The accounts receivable for Note Corporation was $240,000 at the beginning of the year and $260,000 ...

[html]The accounts receivable for Note Corporation was $240,000 at the beginning of the year and $260,000 at the end of the year. If the accounts receivable turnover for the year was 8 and 20% of the total sales were cash sales, the total sales for t

thunter609   182   3 Replies

mkql12

The following data pertain to last year's operations at Clarkson, Incorporated, a company that ...

The following data pertain to last year's operations at Clarkson, Incorporated, a company that ...

[html]The following data pertain to last year's operations at Clarkson, Incorporated, a company that produces a single product:

Mostafa91   123   3 Replies

sportzchik15

Bocchini Corporation has provided the following data concerning last months operations.Purchases of ...

Bocchini Corporation has provided the following data concerning last months operations.Purchases of ...

[html]Bocchini Corporation has provided the following data concerning last month’s operations.

hliz3   176   3 Replies

keeton1989

During September, the Filtering Department of Downtown Center, Inc. had a beginning Work-in-Process ...

During September, the Filtering Department of Downtown Center, Inc. had a beginning Work-in-Process ...

During September, the Filtering Department of Downtown Center, Inc. had a beginning Work-in-Process Inventory of 600 units with costs of $72,000. During the month, 700 units were transferred in from the Milling Department with costs of $209,000. It h

Deprecated   697   4 Replies

Anonymous

Prinkle Corporation purchased equipment for $53,000 on January​ 1, 2016. On December​ 31, 2018, ...

Prinkle Corporation purchased equipment for $53,000 on January​ 1, 2016. On December​ 31, 2018, ...

Prinkle Corporation purchased equipment for $53,000 on January​ 1, 2016. On December​ 31, 2018, the equipment was sold for $24,000. Accumulated Depreciation as of December​ 31, 2018 was $26,000. Calculate gain or loss on the sale

Po

lonam   387   1 Reply

bolbol

VALUATION CONCEPT & METHODOLOGIES

VALUATION CONCEPT & METHODOLOGIES

Bronze Mining is considering the acquisition of Copper Mining at a cash price of P6,000,000.  The primary motivation for Bronze’s purchase of Copper is for a special piece of drilling equipment that it believes will generate an after-tax cash fl

Angelo Jazz Aniel   414   3 Replies

Ramon Dela Cruz

Krech Corporation's comparative balance sheet appears below:Comparative Balance SheetEnding ...

Krech Corporation's comparative balance sheet appears below:Comparative Balance SheetEnding ...

[html]Krech Corporation's comparative balance sheet appears below:

ellie425   98   2 Replies

Anonymous

Q2 Mang Accounting (please show all work)

Q2 Mang Accounting (please show all work)

2) Perry Corporation produces and sells a single product.  Data for that product are:

Sales price per unit   $250
Variable cost per unit   $180
Fixed expenses for the month   $600,000
Currently selling   12,000 units

needanswersnowp   313   4 Replies

Anonymous

Partin Corporation's cash and cash equivalents consist of cash and marketable securities. Last year ...

Partin Corporation's cash and cash equivalents consist of cash and marketable securities. Last year ...

[html]Partin Corporation's cash and cash equivalents consist of cash and marketable securities. Last year the company's cash account increased by $31,000 and its marketable securities account decreased by $22,000. Net cash provided by (used in) op

bananas87   167   3 Replies

Anonymous

The Cosmo Corporation manufactures and assembles office chairs. Cosmo uses an activity-based costing

The Cosmo Corporation manufactures and assembles office chairs. Cosmo uses an activity-based costing

The Cosmo Corporation manufactures and assembles office chairs. Cosmo uses an activity-based costing system to allocate all manufacturing conversion costs. Each chair consists of 15 separate parts totaling $125 in direct materials, and requires 2.0 h

bernie2981   850   4 Replies

edubois111684

On the break-even graph, the point at which the total sales revenue line and the total cost line ...

On the break-even graph, the point at which the total sales revenue line and the total cost line ...

On the break-even graph, the point at which the total sales revenue line and the total cost line intersect is called

▸ operating income.

▸ the break-even point.

▸ net income.

▸ contribution margin.

anhtuan   112   2 Replies

chemcal

The term that refers to costs incurred in the past that are not relevant to a decision is:

The term that refers to costs incurred in the past that are not relevant to a decision is:

The term that refers to costs incurred in the past that are not relevant to a decision is:

▸ marginal cost.

▸ indirect cost.

▸ period cost.

▸ sunk cost.

katiemarie   160   3 Replies

shadowblacw

Financial accounting 2

Financial accounting 2

1. K Carpets, Inc. has asked you to calculate the company's current ratio for 2022. All you have
is a partial balance sheet and some assumptions. Using the information provided, calculate
K's current ratio for 2022.
Gross pro

Jonrey D. Panes   113   1 Reply

Anonymous

Tropp Corporation sells a product for $10 per unit. The fixed expenses are $420,000 per month and ...

Tropp Corporation sells a product for $10 per unit. The fixed expenses are $420,000 per month and ...

[html]Tropp Corporation sells a product for $10 per unit. The fixed expenses are $420,000 per month and the unit variable expenses are 60% of the selling price. What sales would be necessary in order for Tropp to realize a profit of 10% of sales?

Baradar   142   3 Replies

lpants

The following is selected financial data from Turtle Bay Manufacturing for the most recent year.Endi

The following is selected financial data from Turtle Bay Manufacturing for the most recent year.Endi

The following is selected financial data from Turtle Bay Manufacturing for the most recent year.

Ending raw materials inventory    $21,000
Ending work in process inventory    $44,200
Ending finished goods inventory    $53,200
Amou

bernie2981   617   4 Replies

Anonymous

Rokosz Corporation makes one product and it provided the following information to help prepare the ...

Rokosz Corporation makes one product and it provided the following information to help prepare the ...

[html]Rokosz Corporation makes one product and it provided the following information to help prepare the master budget for the next four months of operations:The

18iq   143   2 Replies

Anonymous

In an effort to reduce costs, Pontic Manufacturing Corporation is considering an investment in ...

In an effort to reduce costs, Pontic Manufacturing Corporation is considering an investment in ...

[html]In an effort to reduce costs, Pontic Manufacturing Corporation is considering an investment in equipment that will reduce defects. This equipment will cost $420,000, will have an estimated useful life of 10 years, and will have an estimated

Katie32   125   3 Replies

Marinaanderson0

$500,000 of 8%, 10-year bonds were sold for $530,000 on January 1. The bonds require semiannual ...

$500,000 of 8%, 10-year bonds were sold for $530,000 on January 1. The bonds require semiannual ...

$500,000 of 8%, 10-year bonds were sold for $530,000 on January 1. The bonds require semiannual interest payments on June 30 and December 31. The entry to record the June 30 interest payment on the bonds would be to:
A) debit Interest Expense $1

tivo   544   4 Replies

antonio_john

Zack Company has a current ratio of 2.5. What will be the effect of a purchase of inventory with ...

Zack Company has a current ratio of 2.5. What will be the effect of a purchase of inventory with ...

[html]Zack Company has a current ratio of 2.5. What will be the effect of a purchase of inventory with cash on the acid-test ratio and on working capital?

Krazil   111   1 Reply

itashia

Younis Corporations income statement appears below:Income StatementSales (all on account)$ ...

Younis Corporations income statement appears below:Income StatementSales (all on account)$ ...

[html]Younis Corporation’s income statement appears below:

ya-yaa   95   1 Reply

iffn23

Wittels Corporation has provided the following data:Year 2Year 1Total assets$ 1,253,000$ ...

Wittels Corporation has provided the following data:Year 2Year 1Total assets$ 1,253,000$ ...

[html]Wittels Corporation has provided the following data:

Passa Caglia   148   1 Reply

tswinson3

Windham Corporation has current assets of $780,000 and current liabilities of $975,000. Windham ...

Windham Corporation has current assets of $780,000 and current liabilities of $975,000. Windham ...

[html]Windham Corporation has current assets of $780,000 and current liabilities of $975,000. Windham Corporation's current ratio would be increased by:

▸ the purchase of $480,000 of inventory on account.

▸ the payment of $480,000 of accounts payab

nitnit   96   1 Reply

melryandion

Windham Corporation has current assets of $400,000 and current liabilities of $500,000. Windham ...

Windham Corporation has current assets of $400,000 and current liabilities of $500,000. Windham ...

[html]Windham Corporation has current assets of $400,000 and current liabilities of $500,000. Windham Corporation's current ratio would be increased by:

▸ the purchase of $100,000 of inventory on account.

▸ the payment of $100,000 of accounts payab

Neurosciencie   102   1 Reply

firebug210

Which one of the following statements about book value per share is most correct?

Which one of the following statements about book value per share is most correct?

[html]Which one of the following statements about book value per share is most correct?

▸ Market price per common share usually approximates book value per common share.

▸ Book value per common share is based on past transactions whereas the market

jared8mp   91   1 Reply

billbye

Which of the following statements is true?When fixed costs are included in the cost of goods sold, ...

Which of the following statements is true?When fixed costs are included in the cost of goods sold, ...

[html]Which of the following statements is true?When fixed costs are included in the cost of goods sold, the gross margin percentage should increase and decrease with sales volume.

realgraverobb   87   1 Reply

danterich

Which of the following statements is true?When computing the return on total assets, the interest ...

Which of the following statements is true?When computing the return on total assets, the interest ...

[html]Which of the following statements is true?When computing the return on total assets, the interest expense is added back to net income to show what earnings would have been if the co

mars03   84   1 Reply

nenialinda

Which of the following statements is true?Vertical analysis of financial statements is accomplished ...

Which of the following statements is true?Vertical analysis of financial statements is accomplished ...

[html]Which of the following statements is true?Vertical analysis of financial statements is accomplished by preparing common-size statements.
In determining whether a company's f

mahan1994   118   1 Reply

Bronos

Which of the following statements is true?The gross margin percentage is computed by dividing the ...

Which of the following statements is true?The gross margin percentage is computed by dividing the ...

[html]Which of the following statements is true?The gross margin percentage is computed by dividing the gross margin by net income before interest and taxes.
The formula for the n

cheezymac   86   1 Reply

jennaforiero

Which of the following statements is true?The formula for total asset turnover is: Total asset ...

Which of the following statements is true?The formula for total asset turnover is: Total asset ...

[html]Which of the following statements is true?The formula for total asset turnover is: Total asset turnover = Total assets ÷ Total stockholders’ equity.
A company whose inventor

rolotony   101   1 Reply

naj2008h

Which of the following statements is true?The formula for the times interest earned ratio is: Times ...

Which of the following statements is true?The formula for the times interest earned ratio is: Times ...

[html]Which of the following statements is true?The formula for the times interest earned ratio is: Times interest earned = Earnings before interest expense and income taxes ÷ Interest ex

triciababy1   115   1 Reply

Deeclaire

Which of the following statements is true?The formula for the return on equity is: Return on equity ...

Which of the following statements is true?The formula for the return on equity is: Return on equity ...

[html]Which of the following statements is true?The formula for the return on equity is: Return on equity = Net income ÷ Average total stockholders' equity.
When computing the ret

rafiki121   110   1 Reply

iammtz

Which of the following statements is true?The dividend payout ratio is equal to the dividend per ...

Which of the following statements is true?The dividend payout ratio is equal to the dividend per ...

[html]Which of the following statements is true?The dividend payout ratio is equal to the dividend per share divided by the earnings per share.
All other things the same, if the c

katiemarie   89   1 Reply

fnc28304

Which of the following statements is true?The acid-test ratio is usually greater than the current ...

Which of the following statements is true?The acid-test ratio is usually greater than the current ...

[html]Which of the following statements is true?The acid-test ratio is usually greater than the current ratio.
Liquidity refers to how quickly an asset can be converted into cash.

janeniz   86   1 Reply

culwri204

Which of the following statements is true?Purchasing inventory on credit increases the book value ...

Which of the following statements is true?Purchasing inventory on credit increases the book value ...

[html]Which of the following statements is true?Purchasing inventory on credit increases the book value per share of a retailer.
The price-earnings ratio is determined by dividing

DoveNinja763537   88   1 Reply

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