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Accounting Expert Answers & Study Resources : Page 109

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11) External auditors evaluate company controls to ensure the financial statements are presented fairly in accordance with Generally Accepted Accounting Principles. 12) The Sarbanes-Oxley Act was passed by the Public Company Accounting Oversight Board. 13) Burglar alarms, fire alarms, and security cameras improve internal control. 14) Separating the custody of assets from accounting.

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  • 11) External auditors evaluate company controls to ensure the financial
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41) WAXS-D, merchandisers of musical instruments, has provided the following details: Mar.5 Inventory purchased $800,000 Mar.8 Freight in 40,000 Mar.13 Purchase returns 60,000 Mar.14 Allowances by vendor 15,000 Mar.20 Payment made to vendor for purchases on March 5 ? Credit terms are: 3/20, n/45, FOB shipping. Calculate the net cost of inventory purchased assuming that there are no other inventory related transactions during the month. A) $785,000 B).

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  • 41) WAXS-D, merchandisers of musical instruments, has provided the following
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11) A streamlined process that bypasses paper documents altogether and in which computers of retailers communicate directly with the computers of suppliers to automate routine business transactions is known as ________. A) Real Time Gross Settlement B) Electronic Data Interchange C) Electronic Fund Transfer D) Evaluated Receipts Settlement 12) Which of the following statements describes.

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  • 11) A streamlined process that bypasses paper documents altogether and
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11) Under which of the following inventory costing methods is the ending inventory valued on the cost of the most recent purchases? A) specific identification B) weighted-average C) last-in, first-out D) first-in, first-out 12) Which of the following methods of inventory valuation requires the calculation of a new average cost after each purchase? A) specific identification B).

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  • 11) Under which of the following inventory costing methods the
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19) An adjusted trial balance of a merchandiser is given below. Debit Credit Cash $12,600 Accounts Receivable 2,400 Prepaid Rent 800 Merchandise Inventory 30,000 Accounts Payable $4,200 Salaries Payable 1,000 Notes Payable 800 Common Stock 10,000 Retained Earnings 3,800 Dividends 1,000 Sales Revenue 96,000 Sales Returns and Allowances 1,600 Sales Discounts 400 Cost of Goods Sold 23,000 Salaries Expense 21,000 Rent Expense 14,000 Selling Expense 8,500 Supplies Expense 500 ________ Total $115,800 $115,800 Give journal entry to close the expense accounts and contra revenue accounts with a debit balance. 20) An adjusted trial balance.

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  • 19) An adjusted trial balance of a merchandiser given below. Debit Credit
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11) Adams Inc. has the following account balances at the end of the current accounting period. Beginning inventory $ 75,000 Net purchases 415,000 Net sales revenue 500,000 The normal gross profit percent is 40%. What is the estimated ending inventory as determined by the gross profit method? A) $190,000 B) $415,000 C) $196,000 D) $490,000 12) The following data is available: Net sales $13,000 Normal.

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  • 11) Adams Inc. has the following account balances at the
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22) An adjusted trial balance of Woods Company for the year 2015 is given below. Prepare a single-step income statement for the company. Cash $15,000 Accounts Receivable 42,000 Merchandise Inventory 60,000 Supplies 15,000 Land 300,000 Accounts Payable $3,000 Notes Payable 25,000 Common Stock 300,000 Retained Earnings 26,000 Dividends 3,000 Sales Revenues 480,000 Sales Returns and Allowances 6,000 Sales Discounts 9,000 Cost of Goods Sold 240,000 Salary Expense 15,000 Utility Expense 69,000 Rent Expense 54,000 Interest Expense 6,000 _______ Totals $834,000 $834,000 .

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  • 22) An adjusted trial balance of Woods Company for the
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57) Refer to the following bank reconciliation.               Bank                        Book              Balance, June 30, 2014$11,240.00Balance, June 30, 2014$10,200.00 Add:Add: Deposit in transit3,110.00Note collected by bank2,100.00 Interest revenue55.00 Less:Less: Outstanding checks #5061,200.00NSF check85.00 Outstanding checks #510900.00Bank service charge20.00 __________________ Adjusted balance, Adjusted balance, June 30, 2014$12,250.00June 30, 2014$12,250.00 Journalize the adjusting entry for the fourth reconciling item: Bank service charge. 58) The following information is needed.

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  • 57) Refer to the following bank reconciliation.               Bank         &#x
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17) The trial balance of a merchandiser is as follows. A physical count of inventory at the end of the accounting year reveals $28,000 of inventory on hand. (Assume a perpetual inventory system) Debit Credit Cash $12,600 Accounts Receivable 2,400 Prepaid Rent 800 Merchandise Inventory 30,000 Accounts Payable $4,200 Salaries Payable 1,000 Notes Payable 800 Common Stock 10,000 Retained Earnings 3,800 Dividends 1,000 Sales Revenue 96,000 Sales Returns and Allowances 1,600 Sales Discounts 400 Cost of Goods Sold 23,000 Salaries Expense 21,000 Rent.

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  • 17) The trial balance of a merchandiser as follows. A
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11) Which of the following inventory costing methods yields the highest net income during a period of rising inventory costs? A) specific identification B) weighted-average C) last-in, first-out D) first-in, first-out 12) Which of the following inventory costing methods yields the lowest net income during a period of rising inventory costs? A) specific identification B) weighted-average C) last-in,.

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  • 11) Which of the following inventory costing methods yields the
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55) Refer to the following bank reconciliation:              Bank                         Book             Balance, June 30, 2014$11,240.00Balance, June 30, 2014$10,200.00 Add:Add: Deposit in transit3,110.00Note collected by bank2,100.00 Interest revenue55.00 Less:Less: Outstanding checks #5061,200.00NSF check85.00 Outstanding checks #510900.00Bank service charge20.00 __________________ Adjusted balance, Adjusted balance, June 30, 2014$12,250.00June 30, 2014$12,250.00 Journalize the adjusting entry for the second reconciling item: Interest revenue. 56) Refer to the following bank reconciliation:              Bank                          Book            Balance,.

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  • 55) Refer to the following bank reconciliation:              Bank          &#x
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31) A check for which a maker's bank account has inadequate money to pay the check is known as ________. A) nonsufficient funds checks B) outstanding checks C) restrictive checks D) canceled checks 32) The following information is available for Jack's Inc., for the current month. Book balance end of the month $6,875 Outstanding checks 655 Deposits in transit 3,500 Service charges 85 Interest.

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  • 31) A check for which a maker's bank account has
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21) Refer to the following trial balance. Debit Credit Cash $15,000 Accounts Receivable 42,000 Merchandise Inventory 60,000 Supplies 15,000 Land 300,000 Accounts Payable $3,000 Notes Payable 25,000 Common Stock 300,000 Retained Earnings 26,000 Dividends 3,000 Sales Revenues 480,000 Sales Returns and Allowances 6,000 Sales Discounts 9,000 Cost of Goods Sold 240,000 Salary Expense 15,000 Utility Expense 69,000 Rent Expense 54,000 Interest Expense 6,000 _______ Totals $834,000 $834,000 Prepare a multi-step income statement: .

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  • 21) Refer to the following trial balance. Debit Credit
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11) An adjusted trial balance is given below. Debit Credit Cash $12,600 Accounts Receivable 2,400 Prepaid Rent 800 Merchandise Inventory 28,000 Accounts Payable $4,200 Salaries Payable 1,000 Notes Payable 800 Common Stock 10,000 Retained Earnings 3,800 Dividends 1,000 Sales Revenue 96,000 Sales Returns and Allowances 1,600 Sales Discounts 400 Cost of Goods Sold 25,000 Salaries Expense 21,000 Rent Expense 14,000 Selling Expense 8,500 Supplies Expense 500 ________ Total $115,800 $115,800 What will be the final balance in the corporation's Retained Earnings account after recording the closing entries? A) $27,800 B) $2,700 C) $14,000 D) $26,800 12) The sales.

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  • 11) An adjusted trial balance given below. Debit Credit
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