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1. (TCO A) A corporation has which of the following sets of characteristics? (Points : 5) ...

1. (TCO A) A corporation has which of the following sets of characteristics? (Points : 5)

Shared control, tax advantages, increased skills, and resources

Simple to set up and maintains control with the founder

Easier to transfer ownership and raise funds, no personal liability for stockholders

Harder to raise funds and gives owner control

2. (TCO A) The Dividends account _____. (Points : 5)

is increased with a debit

is decreased with a credit

is not an expense account

All of the above

3. (TCOs A, B) Denton Company showed the following balances at the end of its first year:

Cash $7,000

Prepaid insurance 700

Accounts receivable 3,500

Accounts payable 2,800

Notes payable 4,200

Common stock 1,400

Dividends 700

Revenues 21,000

Expenses 17,500

What did Denton Company show as total credits on its trial balance? (Points : 5)

$30,100

$29,400

$28,700

$30,800

4. (TCOs B, E) Under the accrual basis of accounting, _____. (Points : 5)

cash must be received before revenue is recognized

net income is calculated by matching cash outflows against cash inflows

events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received

the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles

5. (TCO D) In a period of increasing prices, which inventory cost flow assumption will result in the lowest amount of income tax expense? (Points : 5)

FIFO

LIFO

The average cost method

Income tax expense for the period will be the same under all assumptions.

6. (TCOs A, E) Equipment was purchased for $60,000. Freight charges amounted to $2,800 and there was a cost of $8,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points : 5)

$14,160

$11,760

$9,840

$9,600

7. (TCOs D, G) Mendez Corporation issues 2,000 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 103. The journal entry to record the issuance will show a _____. (Points : 5)

debit to Cash of $2,000,000

debit to Premium on Bonds Payable for $60,000

credit to Bonds Payable for $2,000,000

credit to Cash for $2,060,000

8. (TCO C) Accounts receivable arising from sales to customers amounted to $40,000 and $35,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $110,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5)

$110,000

$105,000

$115,000

$150,000

9. (TCO F) One variation of the horizontal analysis is known as _____. (Points : 5)

nonlinear analysis

vertical analysis

trend analysis

common-size analysis

10. (TCO F) Comparisons of data within a company are an example of the following comparative basis. (Points : 5)

Industry averages

Intercompany

Intracompany

Interregional

11. (TCO F) Which one of the following is not a characteristic generally evaluated in ratio analysis? (Points : 5)

Liquidity

Profitability

Marketability of the product

Solvency

12. (TCO F) A common measure of liquidity is _____. (Points : 5)

return on assets

current ratio

profit margin

debt to equity

13. (TCO F) Long-term creditors are usually most interested in evaluating _____. (Points : 5)

liquidity

marketability

profitability

solvency

14. (TCO G) To calculate the market value of a bond, we need to _____. (Points : 5)

find out the present value of all of the future cash payments promised by the bond

calculate the present value of the principal only

calculate the present value of the interest only

multiply the bond price by the interest rate

1. (TCO A) The partial financial statement items below were taken from the financial statements of Prone, Inc. This information can be used to correctly solve each of the ratios below. The information is in alphabetical order.

Accounts payable $ 28,000 Net income $ 48,000

Accounts receivable 66,000 Other current liabilities 17,000

Cash 54,000 Total assets 250,000

Gross profit 160,000 Total liabilities 200,000

Income before income taxes 54,000 Wages payable 5,000

Additional information: The number of average common shares outstanding during the year was 40,000.

Instructions: Compute the following.

a) Current ratio

b) Working capital

c) Earnings per share

d) Debt-to-total-assets ratio

To earn full credit, you must show the formula you are using, show your computations and explain the meaning of each of your ratio results.

(Points : 30)

2. (TCOs B, E) These financial statement items are for Snyder Corporation at year-end, July 31, 2010.

Salaries payable $ 2,580

Salaries expense 48,700

Utilities expense 22,600

Equipment 21,000

Accounts payable 4,100

Commission revenue 61,100

Rent revenue 8,500

Long-term note payable 1,800

Common stock 16,000

Cash 24,200

Accounts receivable 9,780

Accumulated depreciation 6,000

Dividends 5,000

Depreciation expense 4,000

Retained earnings (beginning of the year) 35,200

Instructions: Prepare an income statement and a retained earnings statement for the year. (Points : 30)

3. (TCO D) The Oxford Company has budgeted sales revenues as follows.

Jan Feb Mar

Credit sales $240,000 $192,000 $144,000

Cash sales 144,000 408,000 312,000

Total sales 384,000 600,000 456,000

Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month.

Purchases of inventory are all on credit, with 60% paid in the month of purchase and 40% in the month following purchase. Budgeted inventory purchases are $520,000 in January, $360,000 in February, and $168,000 in March.

Other budgeted cash receipts include (a) the sale of plant assets for $98,800 in February and (b) the sale of new common stock for $134,800 in March. Other budgeted cash disbursements include (a) operating expenses of $54,000 each month, (b) selling and administrative expenses of $100,000 each month, (c) dividends of $152,000 to be paid in February, and (d) purchase of equipment for $48,000 cash in March.

The company has a cash balance of $80,000 at the beginning of February and wishes to maintain a minimum cash balance of $80,000 at the end of each month. An open line of credit is available at the bank and carries an annual interest rate of 12%. Assume that all borrowing is done on the first day of the month in which financing is needed and that all repayments are made on the last day of the month in which excess cash is available. Also assume that there is no outstanding financing as of February 1.

Requirements: Use this information to prepare a schedule of expected cash collections from customers for the months of February and March only. (Points : 30)

4. (TCO D) Your friend Dean has hired you to evaluate the following internal control procedures.

a) Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which principle relates to each of the internal controls.

b) For the weaknesses, you also need to state a recommendation for improvement.

Bonding of the cashiers is not required because all of the cashiers have significant experience.

The treasurer is the only one allowed to sign checks.

All employees may operate cash registers.

Blank checks are stored in the safe.

Supervisors count cash receipts daily.

(Points : 30)

5. (TCOs D, E) Please prepare the following journal entries. Indicate which account should be debited and which account should be credited along with the dollar amount of the debit and credit.

a) Investors invested $100,000 in exchange for 10,000 shares of common stock.

b) Company paid a utility bill for $600

c) Company received cash of $15,000 for services performed

d) Company made payment on account for $1,000

e) Company received $12,000 for services not yet performed (Points : 30)

6. (TCO C) Please indicate which section of the statement of cash flows should contain each of the following items and whether each item would result in an inflow or outflow of cash. The sections are Operating, Investing, and Financing.

a) Issuance of capital stock

b) Depreciation of machinery

c) Purchased land to operate the business

d) Decrease in accounts payable

e) Payment of dividends (Points : 30)

Answer
Submitted by rubyCpaMba on Thu, 2014-03-06 15:12
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Correct Complete w/ Solutions !! ACCOUNTANT you can trust ! Use it as a GUIDE

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xxxxxxxx Answers attached.  For xxxxxxxx xxxxxx xxxxxxxxxx xxxxxxx xxx in yellow xxxxxxxxxx

xx

USE it as x GUIDE x

xx

Good xxxx !  I xxxx xxx the best x

 

Any xxxxxx xx xxxxxxxxx please contact me xxxxx xx we can settle xx properly.

 

 

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1. (TCO A) A xxxxxxxxxxx xxx which of the following sets of characteristics? xxxxxxx x xxxxxxxxxx xxxxxxxx tax advantages, xxxxxxxxx skills, xxx xxxxxxxxxxxxxxxx to xxx xx and xxxxxxxxx xxxxxxx xxxx xxx founder Easier xx transfer ownership xxx raise xxxxxx no personal xxxxxxxxx for xxxxxxxxxxxxxxxxxxx to raise funds xxx xxxxx xxxxx control

xx (TCO xx The Dividends xxxxxxx xxxxxx xxxxxxx : xxxxxx xxxxxxxxx with x debit is xxxxxxxxx with a xxxxxxxxx xxx an expense xxxxxxxxxxx of xxx above

3. (TCOs xx B) xxxxxx Company xxxxxx the xxxxxxxxx xxxxxxxx at xxx xxx of xxx first xxxxx

Cash $7,000 Prepaid insurance 700 Accounts receivable 3,500 Accounts xxxxxxx 2,800 Notes xxxxxxx 4,200 Common stock xxxxxxxxxxxxxxx xxxxxxxxxxxx 21,000 Expenses 17,500

What did xxxxxx Company show as total credits on xxx xxxxx balance? xxxxxxx x xxxxxxxxxxxxxxxxxxx xxxxxxxxx xxxx x 4200 x 1400 + xxxxx x xxxxxxxxxxxxxxxxxxxxx

xx xxxxx xx xx Under the xxxxxxx basis xx

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Answer
Submitted by shahimermaid on Thu, 2012-04-19 22:55
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Answer rating (rated 2 times)

4.5

Answer 1,5 &6 only.

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1. xxxx A) The partial financial statement xxxxx below xxxx xxxxx from xxx financial statements of xxxxxx xxxx xxxx information xxx xx used xx correctly xxxxx each xx the ratios below. The information is xx xxxxxxxxxxxx order.

Accounts payable $ xxxxxx xxxxx income x 48,000 Accounts xxxxxxxxxx xxxxxx xxxxxxx xxxxxxx liabilities 17,000 Cash 54,000 Total assets 250,000 Gross xxxxxx xxxxxxx xxxxxxxx liabilities 200,000 Income xxxxxx income taxes xxxxxx Wages payable xxxxx

xxxxxxxxxx xxxxxxxxxxxx xxx xxxxxx xx average common shares xxxxxxxxxxx xxxxxx xxx year was 40,000.

Instructions: xxxxxxx xxx xxxxxxxxxxxxx Current ratio x xxxxxxx xxxxxx x xxxxxxx xxxxxxxxxxx =120,000/50,000=2.4

xxxxxxx assets= xxxxxxxxxxxxx = xxxxxxxx

current xxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxx

xxxxx current xxxxx xx xxxx xx this case it is 2.4:1. xxxx means current assets are xxx time xxxx xxxx xxxxxxxxxxxx

xx xxxxxxx capital= xxxxxxx assets- xxxxxxx xxxxxxxxxxx xxxxxxxx – 50,000 xxxxxxx

firm xxx decrease xxxxxxx assets as xxxx are many more xxxxx the current liability.

c) xxxxxxxx xxx xxxxx x xxx xxxxxxx Av. xxxxxxxxxxx shares = 48,000/40,000= xxx

Company xx profitable xx xxxxxxxxxxxxxxxxxxxx xxxxx

xxxxx Liabilities- xxxxxxx xxxxxxxxxxx = long-term liabilities= xxxxxxxxxxxxxxx 150,000

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Answer
Submitted by Asma on Thu, 2012-04-19 23:26
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Answer rating (rated 2 times)

3

Solution with working and reference is attached

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Please find xxxxxxxx file for xxxxxx questions.

file1.doc preview (1297 words)

1. xxxx xx x xxxxxxxxxxx has which xx the following xxxx of xxxxxxxxxxxxxxxx xxxxxxx : xxxxxxxxxxx control, tax advantages, increased xxxxxxx and resources�Simple to xxx xx and xxxxxxxxx xxxxxxx xxxx the founder�Easier xx xxxxxxxx ownership xxx raise xxxxxx no personal xxxxxxxxx for stockholders�Harder to xxxxx funds xxx xxxxx owner control

Reference

xx xxxx xx xxx xxxxxxxxx xxxxxxx _____. (Points x 5)�is xxxxxxxxx with x xxxxxxxxxx decreased with x credit�is not an xxxxxxx account�All xx the xxxxx

xxxxxxxxx

3. (TCOs xx B) Denton Company showed xxx xxxxxxxxx xxxxxxxx xx the xxx of xxx first year:

xxxx $7,000�Prepaid insurance 700�Accounts xxxxxxxxxx 3,500�Accounts xxxxxxx 2,800�Notes xxxxxxx xxxxxxxxxxxxxx stock xxxxxxxxxxxxxxxxx xxxxxxxxxxxxxx xxxxxxxxxxxxxxxxx 17,500

xxxx xxx Denton xxxxxxx show xx total credits on its trial xxxxxxxx (Points : xxxxxxxxxxxxxxx$29,400�xxxxxxxxxxxxxxxxxx

Reference

xx (TCOs B, xx xxxxx the xxxxxxx xxxxx xx xxxxxxxxxxx _____. xxxxxxx x xxxxxxxxx must be xxxxxxxx xxxxxx xxxxxxx xx xxxxxxxxxxxxxxxx income xx calculated by matching cash outflows xxxxxxx cash inflows�events xxxx change a company's xxxxxxxxx xxxxxxxxxx are xxxxxxxxxx xx the period xxxx occur xxxxxx xxxx xx the xxxxxx in xxxxx cash is xxxx or

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Answer
Submitted by shahimermaid on Thu, 2012-04-19 22:53
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Answer rating (rated one time)

1

3. (TCO D) The Oxford Company answer in excal sheet as desired by u.

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xxxxxx

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxx xxxx Budget
Decxxx
xxxx Inflow
xxxxxx xxxxx ( Information) $240,000xxxxxxxx xxxxxxxx
xxx xxx xxx
xxxx xxxxxxxxxxx on Sales 144,000xxxxxxx xxxxxxx
xxx in month of xxxx144,000 xxxxxxx xxxxxx
xxx xx xxxxx xxxxx xxxxx xxxxxxxxxxxxxxxx
Total xxxxx 288,000 619,200 xxxxxxx
Other Case xxxxxxxx
the sale of xxxxx xxxxxx $98,800
xxx sale of xxx common stock $134,800
Total Cash xxxxxx xxxxxxx 718,000xxxxxxx
Cash Outflows
Material Purchases (reference xxxxx 520,000xxxxxxxxxxxxxxx
xxxxxxx for xxxxxxxx Purchase
xxx xx xxxxx after purchase xxxxxxx xxxxxxx $100,800
xxx xx month xxxxx purchasexxxxxxx xxxxxx
xxxxx Cash xxxxxxxx
xxxxxxxxx Expenses$54,000$54,000xxxxxxx
Selling xxx xxxxxxxxxxxxx xxxxxxxx $100,000 $100,000$100,000
Purchase of xxxxxxxxx$48,000
Interest Payment 127
Tax Payment
xxxxxxxx Payment $152,000
xxxxx xxxx xxxxxxxx xxxxxxx730,000$446,927
xxx Cash Gain/(Loss) -178,000 xxxxxxx$163,073
Cash Flow Summary
xxxx xxxxxxx start xx xxx month xxxxxx 80,000
xxx Cash xxxxxxxxx-12,000xxxxxxxx
xxxx xxxxxxx xx end xx month68,000$243,073
xxxxxx xxxx Balance desired xxxxxx xxxxxx xxxxxx
Surplus xxxx xxxxxxxxx xxxxxx xxxxxxxx
xxxxxxxx xxxxxxxxx xxxxxxx
xxxxxxxx Financing Balance
xx xxxxx of monthx xxxxx
New Financing Required@12%xxxxxx0
xxxxxx interest= xxxxx
External xxxxxxxxx Requirement
External xxxxxxxxx Balance

xxxxxx


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Answer
Submitted by shahimermaid on Thu, 2012-04-19 17:48
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these are the answers to 1-14 MCQs only. Please buy if you need 100% correct solution.

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1. xxxx A) x xxxxxxxxxxx xxx which of xxx xxxxxxxxx sets xx xxxxxxxxxxxxxxxx xxxxxxx x xx
xxxxxx to xxxxxxxx xxxxxxxxx xxx xxxxx funds, no personal liability xxx xxxxxxxxxxxx

2. (TCO xx The xxxxxxxxx xxxxxxx xxxxxx xxxxxxx x 5)
xxx of the above
3. (TCOs xx B) xxxxxx xxxxxxx showed the following balances xx xxx xxx of its xxxxx year:
What xxx xxxxxx xxxxxxx show xx xxxxx xxxxxxx on its xxxxx xxxxxxxx (Points x 5)

$29,400

xx (TCOs B, E) xxxxx xxx accrual basis of xxxxxxxxxxx xxxxxx xxxxxxx : 5)
xxxxxx xxxx xxxxxx x company's financial statements are recognized xx the xxxxxx they xxxxx xxxxxx xxxx in the xxxxxx in which cash xx xxxx or received

xx xxxx D) xx a period of xxxxxxxxxx xxxxxxx xxxxx inventory cost xxxx assumption xxxx result in the lowest xxxxxx xx income xxx xxxxxxxx

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