Ask a question
Accounting
admin
Blinka Retailers accepted $50,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 4% for its credit card use. The entry to record this transaction by Blinka Retailers will include a credit to Sales Revenue of $50,000
To answer Answers (0)
Accounting
admin
Company A used $3,000 worth of office supplies this year but the costs were not paid for until next year. Which of the following is not a result of this transaction? a. An expense of $3,000 is recorded on this year’s income statement. b. There is a $3,000
To answer Answers (1)
Accounting
admin
Balance Sheet for a non-profit contains all of the following except: a. Organization’s assets b. Organization’s liabilities c. Stockholders’ equity d. Cash flow
To answer Answers (1)
Accounting
admin
Flint Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2017, Flint Company purchased 9,700 premiums at 85 cents each and sold 113,000 boxes of soap powder at $3.60 per
To answer Answers (1)
Accounting
admin
A 20-year-old student wants to save $5 a day for her retirement. Every day, she places $5 in a drawer. At the end of EACH year, she invests the accumulated savings in an automated account with an expected annual return of 9%, paid annually. A) If she beg
To answer Answers (1)
Accounting
admin
How should a gain on the sale of an office building owned by the entity be presented in a cash flow statement? a. as an inflow in the investing activities section of the cash flow because it pertains to a long-term asset b. as an inflow in the financing a
To answer Answers (1)
Accounting
admin
Which of the following actions should Reece Windows take, if it wants to reduce its cash conversion cycle? a. Take steps to reduce the DSO. b. Increase average inventory without increasing sales. c. S
To answer Answers (1)
Accounting
admin
Progressive Painting Company (PPC) is a successful company in commercial and residential painting. PPC has a variety of jobs: new construction, repair and repainting existing structures and restoratio
To answer Answers (1)
Accounting
admin
Describe the fiduciary activities of aDescribe the fiduciary activities of a state or local government and explain how accounting and financial reporting for fiduciary activities differ from those for governmental and business-type activities. state or lo
To answer Answers (0)
Accounting
admin
El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2016, reconciliation of the bank balance is as follows:
To answer Answers (1)
Accounting
admin
Is service revenue an asset, liability, stockholders equity or net income?
To answer Answers (1)
Accounting
admin
Which of the following is false? a. An inverse floater is created from a fixed-rate security, called the collateral. b. A floater may have a maximum coupon rate called a cap, or a minimum coupon rate called a floor. c. A floater will trade close to its pa
To answer Answers (1)
Accounting
admin
The owner of a company invested $30,000 cash in the business. What accounts are debited and credited to record this transaction?
To answer Answers (1)
Accounting
admin
True or false: An advantage of using the periodic inventory system is that it requires less record keeping than the perpetual inventory system.
To answer Answers (2)
Accounting
admin
Are investments tangible or intangible assets?
To answer Answers (0)
Accounting
admin
Anne Marie, the owner of Anne’s Beauty Salon continues to ask you questions about her financial statements. 1. What is accounts receivable? Is it something good? 2. I see these things called current
To answer Answers (1)
Accounting
admin
The balance sheet for Panoramic Open Pictures POP shows $300,000 in total assets and $200,000 in total liabilities. POP’s return on assets ROA is 5%. Compute POP’s a net income for the year and b its
To answer Answers (1)
Accounting
admin
What is the remaining balance on a $200,000.00 mortgage after 115 months? The mortgage is a a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 5.80%.
To answer Answers (1)
Accounting
admin
Noncash items refer to _______. (a) sales which are made on a credit basis (b) inventory items purchased using credit (c) intangible assets such as patents (d) expenses, like depreciation, which do not directly affect cash flows (e) administrative expense
To answer Answers (1)
Accounting
admin
St. Mark’s Hospital contains 450 beds.The average occupancy rate is 80% per month. In other words, on average, 80% of the hospital’s beds are occupied by patients. At this level of occupancy, the hospitals operating costs are $32 per occupied bed per day,
To answer Answers (1)
Accounting
admin
What are the two types of leases? Explain those two in detail.
To answer Answers (1)
Accounting
admin
On Jan 1, 2011, Geary Co. assigned $800,000 of accounts receivable to Kwik Finance Co. as security for a loan of $670,000 which matures on 12/31/2011. Kwik charged a 2% commission on the amount of the loan; the interest rate on the note was 10% (interest
To answer Answers (1)
Accounting
admin
A real return of 10% per year means that a $10,000 investment will grow to $20,000 in: A. 10 years. B. 7 years. C. 15 years.
To answer Answers (0)
Accounting
admin
Green Cabinets is a custom cabinet builder. They recently completed a set of kitchen cabinets (Job Number 1478), as summarized below: Job Number: 1478 Date Started: 4/07/20×5 Date Completed: 4/22/20×5 Description: Cherry kitchen cabinets Direct Mater
To answer Answers (1)
Accounting
admin
Identify the different types of receivables and explain how companies recognize accounts receivable.
To answer Answers (1)
Accounting
admin
Financial accounting is broader in scope than management accounting. a. True b. False
To answer Answers (1)
Accounting
admin
Which of the following is false regarding the balance sheet? A. The accounts shown on a balance sheet represent the basic accounting equation for a particular business. B. The retained earning balance shown on the balance sheet must agree with the ending
To answer Answers (1)
Accounting
admin
Following is a list of account titles and balances for Pennington Investment Corporation as of January 31, 2011. Accounts Payable $92,400 Accounts Receivable 158,200 Accumulated Depreciation Buildings 139,500 Accumulated Depreciation Machinery and Equipme
To answer Answers (1)
Accounting
admin
Wright sells softball equipment. On November 14 they shipped $1000 worth of softball uniforms to Paola Middle School terms 2/10 n/30. On November 21 they received an order from Douglas High School for $600 worth of custom printed bats to be produced in De
To answer Answers (1)
Accounting
admin
Consider a home mortgage of $200,000 at a fixed APR of 4.5% for 15 years. A) Calculate the monthly payment. B) Determine the total amount paid over the term of the loan. C) Of the total amount paid, what percentage is paid toward the principal and what pe
To answer Answers (1)
Accounting
admin
Sudoku Company issues 19,000 shares of $10 par value common stock in exchange for land and a building. The land is valued at $231,000 and the building at $368,000. Prepare the journal entry to record
To answer Answers (1)
Accounting
admin
Garvin enterprises bonds currently sell for $1,150. They have a 6-year maturity an annual coupon of $85 and a par value of $1,000. Required: What is their current yield?
To answer Answers (1)
Accounting
admin
Define “investments by owners” and provide examples of this type of transaction. What financial statement element other than equity is typically affected by owner investments?
To answer Answers (1)
Accounting
admin
How would you measure economic reality ? What is reliability in accounting?
To answer Answers (1)
Accounting
admin
Suppose you invested $98 in the ishares High Yield Fund (HYG) a month ago. It paid a dividend of $0.47 today and then you sold it for $99. What was your dividend yield and capital gains yield on the investment? (a) 0.45%, 1.09% (b) 0.47%, 1.02% (c) 0.47%,
To answer Answers (1)
Accounting
admin
Quark Spy Equipment manufactures espionage equipment. Quark uses a job-order costing system and applies overhead to jobs on the basis of direct labor hours. For the current year, Quark estimated that it would work 52,000 direct labor hours and incur $12,7
To answer Answers (1)
Accounting
admin
Identify several types of sales transactions and indicate the types of business for which that type of transaction is common.
To answer Answers (1)
Accounting
admin
The Builder’s Outlet is the world’s largest home improvement retailer and one of the largest retailers in the United States based on net sales volume. The Builder’s Outlet operates over 2,200 Builder’s Outlet stores that sell a wide assortment of building
To answer Answers (1)
Accounting
admin
Which costing method seems ideally suited to the production of homogenous products in continuous throughput? a) activity-based costing b) job order costing c) process costing d) absorption costing e) none of these
To answer Answers (1)
Accounting
admin
Your accounts receivable clerk, Mary Herman, to whom you pay a salary of $3,495 per month, has just purchased a new Audi. You decided to test the accuracy of the accounts receivable balance of $272,61
To answer Answers (1)
Главная › Business › Accounting
Authorization
*
*

Entry Lost your Password ?
Password generation
Get New Password