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Accounting Expert Answers & Study Resources : Page 164

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20) XYZ Company is preparing its cash budget for the upcoming year. It anticipates the following cash receipts and cash disbursements for the year: Collections from customers$ 921,400 Cash paid for operating expenses360,000 Interest and dividends received on investments12,000 Sale of machinery for cash45,000 Purchase of inventory for cash407,000 Payment of interest expense14,000 Payment for land175,000 Payment of.

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  • 20) XYZ Company preparing its cash budget for the upcoming
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  5.1   Learning Objective 5-1 1) Another term for short-term investments is held-to-maturity securities. 2) Short-term investments may be divided into held-to-maturity securities, trading securities and available-for-sale securities. 3) Short-term investments are the most liquid asset. 4) The purpose of a trading security is to hold it for a short term and then sell it.

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  •   5.1   Learning Objective 5-1 1) Another term for short-term investments held-to-maturity
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52) Debit Company just finished its first month of operations. The cash account contains the following information: Balance, January 1$0 Deposits: 1/2$1,000 1/10900 1/201,250 1/312,100 Total Deposits5,250 Checks: 101$300 102225 103 150 104  75 105450 106 250 107500 108 100 Total Checks2,050 Balance, January 31$3,200 Debit Company's January bank statement is shown below: Balance, January 1$0 Deposits and other credits: 1/2$1,000 1/11900 1/211,250 Interest103,160 Checks and other debits: 102300 103225 104150 105450 106250 EFT 100 Service charge  15(1,490) Balance, January 31 $1,670 Based on the.

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  • 52) Debit Company just finished its first month of operations.
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50) When preparing a bank reconciliation, several terms are used, which are listed below. Following the list is a series of definitions. a.bank collections b.bank reconciliation c.bank statement d.check e.deposits in transit f.electronic fund transfer g.nonsufficient funds check h.outstanding checks _____1.Document showing the beginning and ending balances of a particular bank account listing the                                           month's transactions.

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  • 50) When preparing a bank reconciliation, several terms used, which
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28) The adjusted trial balance of Debit Company is shown below. Prepare the necessary closing entries. There were no dividends paid during the year. Debit Company Adjusted Trial Balance December 31, 2012 Cash$6,500 Accounts receivable8,000 Supplies1,000 Prepaid Rent (3 months)2,500 Equipment, net46,000 Accounts payable$4,000 Salary payable2,000 Unearned revenue (2 month advance)2,000 Note payable — long term14,000 Common stock10,000 Retained earnings14,700 Service revenue75,000 Salary expense40,000 Rent expense10,000 Supplies expense1,500 Depreciation.

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  • 28) The adjusted trial balance of Debit Company shown below.
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11) ________ is the most common fraud, but ________ is the most expensive fraud. A) Fraudulent financial reporting, misappropriation of assets B) Misappropriation of assets, fraudulent financial reporting C) Misappropriation of assets, cooking the books D) Cooking the books, misappropriation of assets 12) ________ is the element in the fraud triangle results from either critical.

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  • 11) ________ the most common fraud, but ________ the most
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25) After all the adjustments have been made, the following selected balances were taken from the adjusted trial balance of Evan's Ski Shop: Accounts Payable $10,000 Accounts Receivable3,000 Accumulated Depreciation 1,400 Depreciation Expense1,500 Dividends2,400 Insurance Expense1,750 Interest Revenue1,240 Prepaid Supplies2,320 Retained Earnings10,500 Salary Expense4,100 Service Revenue37,800 Journalize the entries to close the appropriate accounts. 26) The ABC Company has the following adjusted trial.

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  • 25) After all the adjustments have been made, the following
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40) There are five components of internal control. Match the following examples to the correct internal control component. Component:Examples: A) Control environment_____1. separating duties B) Risk assessment_____2. accounting software package C) Control procedures_____3. starts with the owner and top managers D) Monitoring of controls_____4. a food company's products may harm people E) Information system_____5. external auditor _____6..

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  • 40) There five components of internal control. Match the following
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11) Which is NOT an objective of an internal control system? A) Safeguarding of assets B) Compliance with company policies C) Compliance with legal requirements D) Risk minimization 12) The objective of internal control that minimizes waste, which lowers costs and increases profits is: A) operational efficiency. B) asset safeguards. C) cost minimization. D) reliable accounting records. 13) The Sarbanes-Oxley.

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  • 11) Which NOT an objective of an internal control system? A)
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51) Which of the following is NOT a correct statement about adjusting entries? A) Every adjusting entry affects cash. B) Every adjusting entry affects the balance sheet. C) Every adjusting entry affects net income. D) Every adjusting entry must balance. 52) The adjustment for an accrued expense: A) increases expenses and decreases assets. B) increases expenses and.

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  • 51) Which of the following NOT a correct statement about
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23) Sam's Fancy Foods has the following Trial Balance as of March 31, 2012. Determine the current ratio. Account Debit Credit Cash 10,500 Accounts Receivable 3,800 Inventory 3,000 Store Supplies 1,900 Prepaid Rent 1,500 Land 28,000 Building 50,000 Accumulated Depreciation—Building 10,000 Store Equipment 27,000 Accumulated Depreciation—Store Equipment 15,625 Accounts Payable 9,000 Notes Payable due in one year 4,500 Salaries Payable 1,000 Unearned Revenue 12,000 Common Stock 31,655 Retained Earnings 4,920 Revenue 63,000 Rent Expense 7,000 Salaries Expense 14,000 Depreciation Expense—Building 3,500 Depreciation Expense—Store Equipment 1,500 TOTALS $151,700 $151,700 24) Sam's Fancy Foods has the following Trial Balance as of.

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  • 23) Sam's Fancy Foods has the following Trial Balance as
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27) Indicate if the account is current asset (CA), long-term asset (LTA), current liability (CL), or long-term liability (LTL): 1.Accounts Payable________ 2.Accounts Receivable________ 3.Furniture________ 4.Income Tax Payable________ 5.Inventory________ 6.Land________ 7.Notes Payable due in 3 years________ 8.Short-Term Investments________ 9.Store Supplies________ 10.Unearned Rent________ 11.Intangible Assets________ 12.Interest Payable________ .

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  • 27) Indicate if the account current asset (CA), long-term asset
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83) Eckle Ltd. has the following unadjusted trial balance as of March 31, 2012: Account Debit Credit Cash         600 Accounts Receivable       1,800 Inventory       3,000 Store Supplies       1,900 Prepaid Rent       1,500 Land     23,000 Building     50,000 Accumulated Depreciation–Building   7,500 Store Equipment      27,000 Accumulated Depreciation–Store Equipment 15,625 Accounts Payable 6,000 Notes Payable   2,500 Salaries Payable Unearned Revenue 8,000 Common Stock 31,655 Retained Earnings 2,520 Revenue 35,000 Rent Expense Store Supplies Expense Salaries Expense Depreciation Expense–Building Depreciation Expense–Store Equipment Totals   $108,800   .

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  • 83) Eckle Ltd. has the following unadjusted trial balance as
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