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Pr. 22-75 Preparation of statement of cash flows (direct method) White Horse Ltd. has prepared the following comparative statements of financial position at December 31, 2016 and 2017: White Horse adheres to ASPE. 20172016 Cash...........................................$  99,000$  51,000 Accounts receivable...............................53,00039,000 Inventory........................................50,00060,000 Prepaid expenses.................................6,0009,000 Property, plant & equipment.........................420,000350,000 Accumulated depreciation...........................(150,000)(125,000) Goodwill.........................................    51,000    58,000 $529,000$442,000 Accounts payable.................................$  51,000$  56,000 Accrued liabilities..................................20,00014,000 Mortgage payable.................................—150,000 Preferred shares..................................215,000— Common shares..................................200,000200,000 Retained earnings.................................   .
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11.Sales in QuickBooks can be recorded with all of the following means of payment, except:A.CashB.CheckC.Credit CardD.Purchase Order 12.To increase collections of payments, you can use all of the following QuickBooks features, except:A.E-mail InvoicesB.Customers with New Invoices ReportC.Customers with Overdue Balances ReportD.Reminder Statements 13.To print the Income by Customer Summary report:A.Select Report Center,.
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1.After creating a new QuickBooks data file for an existing company and entering all the existing balances, use an opening adjustment to move the balance in the _________ account to the Capital Stock account.A.Uncategorized ExpensesB.Uncategorized IncomeC.Opening Balance EquityD.None of these 2.A law firm is an example of a _________ company.A.ServiceB.Retail ShopC.ManufacturingD.Product-based.
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Pr. 23-49Ratio analysis The following select information is taken from Blueberry Pie Corp.’s statements of financial position at December 31, 2016 and 2017, and their income statement for calendar 2017: 20172016 Assets: Cash.........................$ 18,000$ 22,000 FV–NI investments.............25,000-0- Accounts receivable.............38,00042,000 Inventory.....................61,00052,000 Prepaid insurance..............6,0009,000 Long-term investments..........49,00020,000 Equipment (net)................130,000130,000 Land.........................33,00033,000 Goodwill...................... 55,000 55,000 Total assets...................$415,000$363,000 Net income.......................$ 62,250 Sales (all on credit).................305,000 Cost of goods sold.................123,000 Interest expense...................15,600 Income tax expense................17,450 Instructions From.
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11.What options do you have when adding the "People You Do Business With" section of the QuickBooks Setup Window:A.Importing from OutlookB.Importing from Yahoo or GmailC.Pasting from Excel or entering manuallyD.All of these 12.To display account numbers in the chart of accounts choose:A.Edit > OptionsB.Edit > PreferencesC.Company > FinancialD.Company > Accounts 13.A company's.
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1.To record the payment of bills received from vendors, use the:A.Pay Bills > Write ChecksB.Write Checks > Pay BillsC.Enter Bills > Print ChecksD.Enter Bills > Pay Bills > Print Checks 2.Credit sales are recorded using the _________ window.A.Make DepositsB.Sales ReceiptsC.Create InvoicesD.Receive Items 3.To print the Trial Balance, select:A.Report Center > Accountant &.
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11.How may you customize QuickBooks to fit your specific needs?A.Make changes to the Chart of Accounts.B.Purchase one of the various QuickBooks editions.C.Enable security access to QuickBooks files.D.All of these 12.Which of the following is not an income account?A.RevenueB.Interest RevenueC.Rent ExpenseD.Gain on sale 13.To Re-sort the Chart of Accounts, first display the Chart.
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Pr. 22-76 Preparation of statement of cash flows (indirect method) The net changes in the statement of financial position accounts of Brown Derby Corp. for calendar 2017 are shown below.Brown Derby adheres to ASPE. Account   Debit   Credit Cash.................................................$  92,000 FV-NI investments.......................................$121,000 Accounts receivable.....................................73,200 Allowance for doubtful accounts............................13,300 Inventory..............................................74,200 Prepaid expenses.......................................22,800 Long-term investment (100% owned subsidiary)...............20,000 Plant and equipment.....................................235,000 Accumulated depreciation.................................155,000 Accounts payable.......................................80,700 Accrued.
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11.The objective of an accounting information system, like QuickBooks, is to:A.Save company resources, like time and paperB.Use the computer for keeping accounting recordsC.Collect, summarize, and analyze dataD.None of these 12.Accounting information is used to do all of the following except:A.Prepare financial statements for investorsB.Prepare tax returns for the IRSC.Prepare reports for.
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21. When an auditor expresses a qualified opinion about a company’s financial statements, it means that the financial statements a) are free from error. b) present fairly the financial position, results of operations, and cash flows in accordance with GAAP. c) indicate that the company is doing well and would make a good.
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Ex. 22-72 Cash flows from operating activities (indirect and direct methods) Presented below is the latest income statement of Oxford Ltd.: Sales......................................$380,000 Cost of goods sold............................  225,000 Gross profit..................................$155,000 Operating expenses...........................    85,000 Income before income taxes....................70,000 Income taxes................................    28,000 Net income..................................$  42,000 In addition, the following information related to net changes in working capital is available:    Debit  Credit Cash.......................................$12,000 Accounts receivable.
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1.How do you access the screen to add a user and password?A.Company menu > Set Up Users and Passwords > Set Up UsersB.Employees > Employee CenterC.Edit menu > Preferences > EmployeesD.Company menu > Company Information 2.What does the Chart of Accounts list?A.Assets, liabilities and owner's equity accountsB.Income and expense accountsC.Owner's contributionsD.All.
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Pr. 22-77 Complex statement of cash flows (indirect method) The net changes in the statement of financial position accounts of Black Beauty Inc. for the calendar year 2017 are shown below: Account   Debit   Credit Cash.................................................$  62,800 Accounts receivable.....................................$  32,000 Allowance for doubtful accounts............................7,000 Inventory..............................................108,600 Prepaid expenses.......................................10,000 Long-term investments...................................72,000 Land.................................................150,000 Buildings..............................................300,000 Machinery.............................................50,000 Office equipment........................................14,000 Accumulated depreciation: Buildings...........................................12,000 Machinery..........................................10,000 Office equipment....................................6,000 Accounts payable.......................................91,600 Accrued liabilities........................................36,000 Dividends payable.......................................64,000 Bonds payable..........................................416,000 Preferred shares........................................30,000 Common shares........................................189,600 Retained earnings.......................................   .
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11.All of the following are examples of recurring transactions, except:A.DepreciationB.UtilitiesC.RentD.All of these 12.When you record the receipt of a customer payment QuickBooks reduces _______ and increases ________.A.Bank Account, Accounts ReceivableB.Accounts Payable, Undeposited FundsC.Accounts Receivable, Undeposited FundsD.Accounts Receivable, Bank Account 13.Before making adjusting entries you must:A.Close permanent accountsB.Prepare the trial balanceC.Close temporary accountsD.Print.
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  MULTIPLE Choice—Computational 27. Presented below are four segments that have been identified by Plum Corp.: Operating SegmentsTotal RevenueProfit (Loss)Assets A$150,000$20,000$600,000 B400,000(35,000)600,000 C150,0003,000300,000 D60,0004,000150,000 According to IFRS, which segments would be considered reportable segments? a) Segments A, B, and C b) Segments A, B, C, and D c) Segments A and B d) Segments A and D 28. Melon Corp. is engaged in manufacturing.
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1.QuickBooks considers all of the following to be vendors except:A.Financial institutions such as banksB.Tax agencies such as the IRSC.Utility companiesD.All of these 2.Which one of the following is a vendor transaction?A.Make DepositsB.Receive Customer PaymentsC.Enter BillsD.Sell Goods to Customers 3.How does QuickBooks categorize items?A.Non-inventory itemsB.Inventory itemsC.Service itemsD.All of these 4.Which of the following activities.
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11. For interim reporting, IFRS does NOT require a a) comprehensive income statement. b) statement of shareholders’ equity. c) statement of cash flows. d) detailed statement of financial position. 12. When using the discrete view to prepare interim statements, two exceptions that are permitted deal with the calculation of a) depreciation and income tax expense. b) income.
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Pr. 23-46Interim reporting There is ongoing discussion as to the proper method of reflecting results of operations at interim dates. Accordingly, IFRS has made recommendations regarding interim financial reporting. Instructions a) Discuss generally how revenue should be recognized at interim dates and specifically how revenue should be recognized for industries subject to large.
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MULTIPLE CHOICE—Conceptual 1. Which of the following items found in an annual report is NOT subject to GAAP? a) financial statements b) management discussion and analysis c) inventory methods d) accounting policies 2. Reasons for increased disclosure requirements do NOT include a) the current government trend toward reducing income taxes. b) the necessity for timely information. c) the complexity.
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21.When a customer is billed when the project/job reaches specified milestones, what type of billing does the company use?A.Purchase Order billingB.EstimatesC.Progress billingD.Normal (end-of-job) billing 22.Online bill pay allows you to:A.Sell goods over the internetB.Email invoices to customersC.Receive online payments from customersD.QuickBooks does not support online bill pay 23.When recording a payment from.
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PROBLEMS Pr. 23-45Segmented reporting (IFRS requirements) A central issue in reporting on operating segments of a business enterprise is the determination of which segments are reportable under IFRS. Instructions a) According to IFRS, what are the tests to determine whether or not an operating segment is reportable? b) What is the test to determine if.
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11.A short term loan to be repaid within one year is classified as a(n):A.Other Current AssetB.Other Current LiabilityC.ExpenseD.Owner's Due 12.The QuickBooks Tax Form Worksheets provide information to complete:A.Employee pay checksB.Sales tax formsC.Payroll tax formsD.The Income Statement 13.To view the payroll entry in the journal, go to Report Center > ________.A.Customers and JobsB.Company.
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1.When recording a customer payment from a credit sale, select:A.Create Invoice > Customer Payment > Customer & Job NameB.Make DepositC.Create Sales Receipt > Record DepositsD.Receive Payment > Customer & Job Name 2.When recording a customer payment from a cash sale, select:A.Create Invoice > Customer Payment > Customer Name OnlyB.Make DepositC.Create Sales.
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1.What is an asset?A.What is left after the liabilities are satisfiedB.What a company ownsC.What a company owesD.None of these 2.To record adjusting journal entries in QuickBooks, select:A.Company Center, Journal Entry iconB.Accountant menu, Make General Journal EntriesC.Banking section of the Home page, Journal Entry iconD.Company section of the Home page, Journal Entry.
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21.Which of the following ways to track time is not supported by QuickBooks Pro and QuickBooks Premier?A.Time Single ActivityB.Weekly TimesheetC.Time clockD.Online Timesheets 22.Which of the following may be billed to a specific customer job?A.MileageB.HoursC.ExpensesD.All of these 23.The Payroll Center has the following sections except:A.Pay EmployeesB.Write ChecksC.Pay Scheduled LiabilitiesD.File Tax Forms 24.What is purpose.
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Ex. 23-40Segmented reporting Tangerine Corporation's most recent (condensed) income statement is presented below: Revenues.............................................$2,500,000 Expenses Cost of goods sold...................................$1,000,000 Operating and administrative expenses..................500,000 Depreciation expense................................ 100,000 1,600,000 Income before taxes.....................................900,000 Income tax expense..................................... 270,000 Net income............................................$ 630,000 Earnings per share (100,000 shares)........................$6.30 The following data relates to Tangerine's operating segments: Percent Identified with Segment HotelsGrainsCandy Revenues42%50%8% Cost of goods sold48493 Operating and administrative expenses355015 Depreciation expense464212 Included in.
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1. The Check Register: A. Lists all accounts and their account numbersB. Records payments and deposits to the Checking accountC. Is located directly on the Company section of the Home pageD. Keeps track of company deposits only 2. All of the following tasks can be completed in the Banking section of the Home page except: A. Pay EmployeesB. Reconcile AccountsC. Print ChecksD. Record.
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    Exercises Ex. 23-38Notes to financial statements An article in Dun's Review made the following comments: "At least every other year, businesses should print the notes in big type and the financial figures in smaller ones." Instructions a) Are notes considered part of the financial statements and what basic purpose do they serve? b) What are.
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11.What QuickBooks activity comes next in the this string of business activities: Purchase Order > Receive Items > Enter Bills > ______.A.Receive PaymentsB.Pay BillsC.DepositD.Vendor List 12.What QuickBooks activity comes next in the this string of business activities: Invoice > Receive Payments > ______.A.DepositB.Receive PaymentsC.Pay BillsD.Vendor List 13.If you received inventory without a.
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21.To print the General Ledger, select:A.Report Center > Company & Financials > General LedgerB.Company Center > Company & Financials > General LedgerC.Report Center > Accountant & Taxes > General LedgerD.Company Center > Accountant & Taxes > General Ledger 22.QuickBooks automatically closes ________________ accounts to start each new year with a $0.
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1.To enable payroll:A.From the Company menu > Employees > Add PayrollB.From the Employee menu > Start PayrollC.From the Edit menu > Preferences > Payroll and EmployeesD.None of these 2.The steps in processing payroll include all of the following activities except:A.Write ChecksB.Enter TimeC.Print ChecksD.Create Paychecks 3.The employer must match which of the following.
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21.The Banking section of the Home Page includes which flow chart?A.Payroll flowchartB.Bank Reconciliation flowchartC.Bill Pay flow chartD.None of these 22.Which financial statement below summarizes the financial position of a company?A.Statement of Cash FlowsB.Profit & Loss StatementC.Balance SheetD.Income Statement 23.Which financial statement below summarizes a company's earnings?A.Statement of Cash FlowsB.Profit & Loss StatementC.Balance.
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21. When recording a bill, QuickBooks automatically: A. Records an expense (credit) and the obligation to pay later (debit)B. Records an expense (debit) and the obligation to pay later (credit)C. Reduces the liability (debit) and the checking account (credit)D. Reduces the liability (credit) and the checking account (debit) 22. When paying a bill, QuickBooks automatically: A. Records an expense (credit).
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21.An account's tax line determines where QuickBooks lists the account balance on the:A.Income StatementB.Income Tax Summary ReportC.Balance SheetD.Statement of Cash Flows 22.QuickBooks allows you to import vendor, customer, and employee information from (Add People You Do Business With section of the QuickBooks Setup window):A.YahooB.OutlookC.GmailD.All of these 23.To customize QuickBooks after creating a.
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11. When the balance of an asset account, like Checking, increases, it means that the account has been: A. DebitedB. CreditedC. DepositedD. None of these 12. When the balance of an equity account, like Capital Stock, increases, it means that the account has been: A. DebitedB. CreditedC. DepositedD. None of these 13. Timing differences discovered when reconciling the bank statement that the bank has not.
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21.How do you access the Statement of Cash Flows report?A.Report Center icon > BankingB.Report Center icon > Company & FinancialC.Report Center icon > Accountant & TaxesD.Company menu > Company Information 22.What is an asset?A.Mortgage payableB.An amount a company owesC.A resource a company ownsD.None of these 23.What is a liability?A.InventoryB.An amount a company.
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11.What QuickBooks activity comes next in this string of payroll activities:Enter Time > Pay Employees > ______ > Process Payroll Forms.A.Reconcile PayrollB.Print Payroll ReportC.Pay Payroll LiabilitiesD.None of these 12.When setting up a new employee where do you get their filing status and allowances information?A.Form W-5B.Form W-4C.Form W-3D.Form W-2 13.All of the following.
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11.To see the account numbers in the Chart of Accounts, choose:A.Edit > Preferences > Accounting > Company PreferencesB.Edit > Preferences > Desktop View > Company PreferencesC.Edit > Preferences > General > My PreferencesD.Edit > Preferences > General > Company Preferences 12.To add an existing opening balance to a new account, choose:A.New.
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21.The General Ledger:A.Is always provided to external users for decision makingB.Provides the quickest way to communicate financial informationC.Is a collection of all of the company's accounts and account activityD.None of these 22.Cash inflows and outflows related to the company's primary business are categorized as cash flows from:A.Investing activitiesB.Financing activitiesC.Sales activitiesD.Operating activities 23.Cash.
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21.When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets inventory item balances with an entry to the:A.Uncategorized Expenses accountB.Uncategorized Income accountC.Opening Balance Equity accountD.Capital Stock account 22.The purchasing transaction cycle for a merchandising company is:A.Create Purchase Order > Receive Inventory > Record Bill > Pay Bill.
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21.All the times below are when you can receive a bill except:A.When receiving a serviceB.When submitting a purchase orderC.When receiving inventoryD.After receiving inventory 22.Which window is used to pay sales taxes?A.Create InvoiceB.Write ChecksC.Manage Sales TaxD.Enter Bills 23.Which report summarizes accounts payable balances by the age of the account?A.Accounts Payable Aging DetailB.Accounts Payable.
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11.The Profit & Loss Statement lists:A.Assets and ExpensesB.Assets and LiabilitiesC.Net Income and Owner's EquityD.Income and Expenses 12.What information does the Balance Sheet provide?A.A summary of cash inflows and outflows over a specific time periodB.A company's financial position on a specific dateC.Sales and expenses for a specific time periodD.None of these 13.The Statement.
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21.Withholdings from an employee paycheck are recorded as:A.Payroll expenseB.Payroll liabilitiesC.Payroll assetD.Payroll revenue 22.Payroll taxes a company must pay are recorded as:A.Payroll expenseB.Payroll liabilitiesC.Payroll payableD.Payroll revenue 23.Payroll liabilities are based on:A.Calendar monthsB.Pay periodC.Check datesD.The company's fiscal year 24.The steps for manually processing payroll tax forms are:A.Click the Process Payroll Forms icon > Print the.
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1.Which screen provides a summary of important company information?A.Company InformationB.Company SnapshotC.Home PageD.Company Center 2.In QuickBooks, how do you can enter transaction information?A.Onscreen forms and scanned images of transaction formsB.Onscreen forms and QuickBooks reportsC.Onscreen Journal and scanned images of transaction formsD.Onscreen Journal and Onscreen Forms 3.All of the following are one of the.
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Ex. 23-41Interim reports A few years ago, a publishing company reported a quarterly net profit figure that exceeded sales for that quarter. Such a situation suggests there are some difficult accounting issues involved in interim reporting. Instructions a) What are the major accounting problems related to interim reports? b) What problem exists with income.
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1.A company is required to withhold payroll taxes for:A.EmployeesB.VendorsC.SubcontractorsD.All of these 2.All of the following automatically calculate payroll tax withholdings in QuickBooks except:A.Basic PayrollB.Assisted PayrollC.Enhanced PayrollD.All of these automatically calculate payroll tax withholdings 3.To turn on QuickBooks time tracking feature, the following steps must be completed:A.Click QuickBooks Menu > Time TrackingB.Click Edit.
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