x
Info
x
Warning
x
Danger

Accounting Expert Answers & Study Resources : Page 167

The vast field of accounting contributes to one of the largest subjects in our study resources. Accounting flashcards, homework answers for textbooks & other learning aids can increase your competency in this domain instantly. Become a top student with our support. Search Now…

Expert Answers

Ask an Expert

Our Experts can answer your tough homework and study questions.

Answers in as fast as 15 minutes
Post a Question
150428 Resources
0 Students Benefited

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.

Homework Answers
45 Views
  • 20) XYZ Company preparing its cash budget for the upcoming
  • Accounting
Homework Answers
View Answer

45) Mary Sue is the controller for Sue's Flowers, Inc. and needs your help. Mary Sue has the following information for the month of April: Sales$98,000 Sales discounts$     800 Cost of goods sold$51,000 Salary expense$  8,000 Rent expense$  3,000 Income tax expense$  1,000 Prepare an income statement for Hedgehog for the month ending April 30. 46) The following.

Homework Answers
79 Views
  • 45) Mary Sue the controller for Sue's Flowers, Inc. and
  • Accounting
Homework Answers
View Answer

11) The most acceptable way to measure bad debts is by: A) the direct write-off method. B) the percent-of-sales method. C) the allowance method. D) none of the above. 12) When evaluating the collectability of accounts receivable: A) the uncollectible-account expense is a contra account. B) the allowance for uncollectible accounts is an operating expense in the.

Homework Answers
46 Views
  • 11) The most acceptable way to measure bad debts by: A)
  • Accounting
Homework Answers
View Answer

48) Samantha Puff is the controller for Hedgehog, Inc. Samantha has gathered the following information for the month of July: Sales$80,000 Purchases$56,000 Purchase discounts$4,300 Sales discounts$1,000 Purchase returns$700 Operating expenses$18,000 Determine Hedgehog, Inc.'s: a.Net sales b.Net purchases 49) Michelle Industries has the following information available for February 2012: Total sales$3,000,000 Credit sales70% Purchases$1,800,000 Credit purchases40% Beginning inventory$   265,000 Cost of goods sold65% of sales Required: 1.Prepare the journal.

Homework Answers
81 Views
  • 48) Samantha Puff the controller for Hedgehog, Inc. Samantha has
  • Accounting
Homework Answers
View Answer

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.

Homework Answers
54 Views
  • 50) When preparing a bank reconciliation, several terms used, which
  • Accounting
Homework Answers
View Answer

27) Following is the unclassified balance sheet for Heidi's Hut, Inc. Heidi's Hut, Inc. Balance Sheet March 31, 2012 Assets Cash$600 Accounts Receivable1,800 Inventory3,000 Store Supplies1,900 Prepaid Rent 1,500 Land23,000 Building50,000 Accumulated Depreciation—Building  (7,500)42,500 Store Equipment27,000 Accumulated Depreciation—Store Equipment (15,625)              11,375 Total Assets    $85,675 Liabilities and Stockholders' Equity Liabilities Accounts Payable$6,000 Salaries Payable2,500 Unearned Revenue (to be earned in 2 months) 2,000 Long-term note payable   6,000 Total Current Liabilities$16,500 Stockholders' Equity Common Stock31,655 Retained.

Homework Answers
83 Views
  • 27) Following the unclassified balance sheet for Heidi's Hut, Inc. Heidi's
  • Accounting
Homework Answers
View Answer

21) The percent-of-sales method: A) computes uncollectible-account expense as a percent of accounts receivable. B) takes a balance sheet approach. C) employs the expense recognition (matching) concept. D) will result in the same amount of estimated uncollectible accounts expense as the aging method. 22) The allowance method that brings the balance of the allowance account.

Homework Answers
45 Views
  • 21) The percent-of-sales method: A) computes uncollectible-account expense as a percent
  • Accounting
Homework Answers
View Answer

23) Julie Newmar, the controller for Cat Supplies, Inc. scheduled the following accounts. Cat Supplies is considering purchasing Meow Now Co. and its accounts are shown below: Cat SuppliesMeow Now Cash$12,000$15,000 Short-term investments4,5000 Year end and average current receivables22,00032,000 Year end and average inventory26,00018,000 Prepaids2,0003,000 Accounts Payable17,00028,000 Short-term Notes Payable2,0006,000 Total Credit Sales300,000200,000 Required: 1.Compute the Current Ratio for both companies 2.Compute.

Homework Answers
94 Views
  • 23) Julie Newmar, the controller for Cat Supplies, Inc. scheduled
  • Accounting
Homework Answers
View Answer

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.

Homework Answers
40 Views
  • 52) Debit Company just finished its first month of operations.
  • Accounting
Homework Answers
View Answer

60) During its first year of operations, Credit Company had the following transactions. The company uses the percent-of-sales method to estimate uncollectible accounts. Credit sales$500,000 Collections on account$380,000 Write-offs of uncollectible accounts$7,500 Uncollectible-account expense2.5% of credit sales Create T accounts for accounts receivable, allowance for uncollectible accounts, and uncollectible accounts expense. Post the journal entries,.

Homework Answers
42 Views
  • 60) During its first year of operations, Credit Company had
  • Accounting
Homework Answers
View Answer

41) Using the percentage-of-sales method, you estimate that total uncollectible accounts is $5,875. The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of $2,635. The amount of the adjusting entry for uncollectible accounts expense is: A) $2,635. B) $3,240. C) $5,875. D) $8,510. 42) The following item appeared on a balance sheet: Receivables,.

Homework Answers
45 Views
  • 41) Using the percentage-of-sales method, you estimate that total uncollectible
  • Accounting
Homework Answers
View Answer

24) TV Company's accountant obtained the following data from the company's records: Accounts payable$  76,500 Average accounts receivable$  47,500 Cash$  43,700 Inventories$110,000 Long-term bonds payable$320,000 Net accounts receivable$  42,300 Net sales$514,700 Short-term investments$  28,000 Required: 1.Compute the company's quick ratio. 2.Compute the company's average daily sales. 3.Compute the company's days' sales in receivables 25) Complete the following chart by filling in the missing.

Homework Answers
95 Views
  • 24) TV Company's accountant obtained the following data from the
  • Accounting
Homework Answers
View Answer

21) Which is the correct order for items to appear on the income statement? A) Sales revenue, operating expenses, gross profit, net income B) Sales revenue, gross profit, net income, operating expenses C) Sales revenue, gross profit, cost of goods sold, operating expenses D) Sales revenue, cost of goods sold, gross profit, net income 22).

Homework Answers
86 Views
  • 21) Which the correct order for items to appear the
  • Accounting
Homework Answers
View Answer

  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.

Homework Answers
58 Views
  •   5.1   Learning Objective 5-1 1) Another term for short-term investments held-to-maturity
  • Accounting
Homework Answers
View Answer

31) To record estimated bad debts under the direct write-off method: A) debit Allowance for Uncollectible Accounts and credit Accounts Receivable. B) debit Accounts Receivable and credit Allowance for Uncollectible Accounts. C) debit Uncollectible-Accounts Expense and credit Allowance for Uncollectible Accounts. D) no journal entry is needed. 32) Which of the following is NOT true.

Homework Answers
45 Views
  • 31) To record estimated bad debts under the direct write-off
  • Accounting
Homework Answers
View Answer

13) Which of the following is an incorrect statement regarding short-term investments? A) Short-term investments are also called marketable securities. B) Short-term investments are easily convertible to cash. C) Short-term investments must be held for less than three months. D) Short-term investments allow a company to invest cash and earn a return. 14) Another name.

Homework Answers
52 Views
  • 13) Which of the following an incorrect statement regarding short-term
  • Accounting
Homework Answers
View Answer

10) A separate account for each customer is kept in a(n): A) control account. B) subsidiary ledger. C) general ledger. D) control ledger. 11) ________ may be required on a note receivable as security for the loan. A) Maturity value B) Interest C) Collateral D) Principal 12) One method of establishing proper internal control over the collection of accounts receivable.

Homework Answers
42 Views
  • 10) A separate account for each customer kept in a(n): A)
  • Accounting
Homework Answers
View Answer

5.4   Learning Objective 5-4 1) Accounts receivable are shown on the balance sheet at their net realizable value. 2) Selling on credit creates both a benefit and a cost. 3) Uncollectible-account expense is an operating expense on the income statement. 4) The journal entry to record uncollectible-account expense includes a credit to Accounts Receivable. 5).

Homework Answers
46 Views
  • 5.4   Learning Objective 5-4 1) Accounts receivable shown the balance sheet
  • Accounting
Homework Answers
View Answer

26) For each of the following independent situations, prepare the appropriate adjusting journal entry on the last day of the fiscal year end (FYE). Use the information provided below for each situation. Principal Interest Rate Time Interest Maturity Value 1 $12,000 10% 120 days $400 $12,400 2 $50,000 8% 9 months $3,000 $53,000 3 $15,000 33.33% 180 days $2,500 $17,500 4 $60,000 18% 1 year $10,800 $70,000 5 $90,000 6% 60 days $900 $90,900 1Note executed on July 01, 2012 and FYE is September 30. (92.

Homework Answers
75 Views
  • 26) For each of the following independent situations, prepare the
  • Accounting
Homework Answers
View Answer

Can't find what you're looking for ?

Ask our exprts a study questions, on us.
Get free Homework Help*