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76) Which of the following statements about the liquidation of a partnership is TRUE? A) The final cash distribution is always based on equal shares. B) The final cash distribution is based on the partners' capital account balances. C) Gains and losses from the disposal of assets are always distributed to the partner's.
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81) The balance sheet of Ryan and Peter firm as at 30 June 2017 is given below.   Assets   Liabilities   Cash $11,000 Accounts payable $15,000 Accounts receivable 12,000 Other liabilities 25,000 Furniture 28,000 Partners' equity   Equipment 41,000 Ryan, capital 30,000 Other assets 8000 Peter, capital 30,000 Total assets $100,000 Total liabilities and partners' equity $100,000   Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership with immediate effect. The furniture and.
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21) When a company accrues interest payable on a long-term note at year-end, the interest payable must be shown as a non-current liability on the balance sheet, along with the long-term note payable balance. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 22) Which of.
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11) On 1 January 2017, Bratios Company purchases equipment and signs a 6-year mortgage payable for $110,000 at 15%. The mortgage will be paid in equal annual instalments of $29,066, beginning 1 January 2018. Calculate the balance of the Mortgage payable account after the payment of the first instalment. A) $16,500 B).
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51) Which of the following is a reason that many companies maintain two payroll bank accounts? A) To prove an employee's hours worked B) To make bank reconciliations simpler C) To separate the duties of human resources personnel and accounting personnel D) To avoid writing a pay cheque to a fictitious person 52) Which of.
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TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 81) The time value of money is based on the concept that money earns interest over time. 82) The Australian Accounting Standards require that debenture premiums or discounts be amortised using the straight-line method. MULTIPLE CHOICE. Choose the.
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41) Floyd and Merriam start a partnership business on 12 June 2019. Their capital account balances as of 31 December 2020 stood as follows:   Floyd $52,000 Merriam 15,000   They agreed to admit Ramelow into the business for a one-fifth interest in the new partnership. He had to bring in a cash contribution of $29,000 for.
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56) For the month of September, Countrywide Sales Company recorded gross pay of $68,000. The net pay for the month amounted to $67,750. The company decided to pay the salaries on 5 October. Which of the following is the journal entry for the payment of salaries? A) Salaries and wages expense $67,750   Cash   67,750   B) Salarires and.
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76) The current portion of mortgages payable would normally be shown on the balance sheet in current liabilities. 77) Balances for debentures payable on the balance sheet will show the balances minus any discount or plus any premium. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the.
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26) The interest rate on which cash payments to debenture holders are based is the: A) amortisation rate. B) market rate. C) discount rate. D) stated rate. 27) Which of the following describes a term debenture? A) A debenture that matures at one specified time B) A debenture that repays principal in instalments C) A debenture that gives.
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1) Which of the following is an amount for products or services purchased on account? A) Unearned revenue B) Accrued expense C) Accounts payable D) Estimated warranty payable 2) Which of the following occurs when a company records accrued interest expense on a loan payable? A) Loan payable is credited. B) Cash is debited. C) Interest payable is.
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31) A contingent liability that has a remote possibility of becoming an actual loss is included in a note to the financial statements. 32) Contingent liabilities sometimes pose an ethical challenge because they are not real liabilities and are easy to overlook. 33) Estimated warranty payable would be included in the liability.
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36) A certain contingent liability was evaluated at year-end, and considered to have a remote possibility of becoming an actual liability. If the accountant decided NOT to report it on the balance sheet or in the notes to the financial statement, this could be considered unethical behaviour. 37) A certain contingent.
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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 61) Which of the following statements MOST accurately describes the withdrawal of a partner at book value? A) Withdrawing partner takes a portion of the non-current assets valued at their net book value. B) Withdrawing partner takes a.
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11) Sasha and Michelle form a partnership. Sasha contributes $19,000 cash and inventory with a current market value of $4000. While journalising this transaction: A) Inventory will be debited for $4000. B) Inventory will be credited for $2400. C) Inventory will be credited for $4000. D) Inventory will be debited for $2400. TRUE/FALSE. Write 'T'.
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66) Premium on debentures payable is spread over the term of the debentures and reduces total interest expense. 67) The debenture carrying amount is the balance in the debenture payable account subtracted from or added to the balance in either the discount or premium account. 68) The balance in the Debentures payable.
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86) Liquidation of a partnership often includes sale of assets at a loss. When the losses occur, each partner capital account is debited based on the profit and loss distribution ratio set out in the partnership agreement. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the.
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1) A partnership agreement includes all of the following EXCEPT the: A) provisions for the issue of ordinary shares. B) method of sharing profits and losses. C) procedures for liquidating the partnership. D) name and initial investment of each partner. 2) Which of the following BEST describes the term mutual agency? A) When all partners of.
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71) Premium on debentures payable is considered to be additional interest expense of the company that issues the debenture. 72) Interest payable would normally be shown on the balance sheet in current liabilities. 73) GST clearing would normally be shown on the balance sheet in non-current liabilities. 74) Accounts payable is always shown.
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6) The journal entry for accrued interest on a loan payable includes: A) debiting Interest expense and crediting Interest payable. B) debiting Accrued interest expense and crediting Cash. C) debiting Interest expense and crediting Cash. D) crediting Accrued interest expense. 7) Archie's has a $12 000 credit balance in the GST clearing account. Which of.
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