x
Info
x
Warning
x
Danger

Accounting Expert Answers & Study Resources : Page 282

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
150245 Resources
0 Students Benefited

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 Smith, Capital 326,000 Smith, Withdrawals 3,000 Sales Revenues 480,000 Sales Returns and Allowances 6,000 Sales Discounts 9,000 Cost of Goods Sold 240,000 Salaries Expense 15,000 Utility Expense 69,000 Rent Expense 54,000 Interest Expense 6,000 Totals $834,000 $834,000 Learning Objective 5-6 1) The gross profit percentage measures the profitability.

Homework Answers
23 Views
  • 22) An adjusted trial balance of Woods Company for the
  • Accounting
Homework Answers
View Answer

11) An entity that buys goods and sells them to customers at a markup is a: A) merchandiser. B) service provider. C) manufacturer. D) producer. 12) Gross profit is calculated as the difference between net sales revenue and: A) purchases. B) cost of goods sold. C) cost of merchandise inventory. D) selling and administrative expenses. 13) The Gajet Store Inc..

Homework Answers
29 Views
  • 11) An entity that buys goods and sells them to
  • Accounting
Homework Answers
View Answer

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.

Homework Answers
31 Views
  • 11) External auditors evaluate company controls to ensure the financial
  • Accounting
Homework Answers
View Answer

31) Which of the following is an example of a storage device in an accounting information system? A) monitor B) network C) printer D) server 32) Which of the following is an input device in an accounting information system? A) keyboard B) internet protocol C) printer D) router 33) Which of the following is an output device in an accounting.

Homework Answers
18 Views
  • 31) Which of the following an example of a storage
  • Accounting
Homework Answers
View Answer

Learning Objective 7-4 1) Hardware is electronic equipment that includes computers, monitors, printers, and the network that connects them. 2) Enterprise resource planning (ERP) systems are software systems that can integrate all of a company's functions, departments, and data into a single system. 3) One of the main disadvantages of a typical ERP.

Homework Answers
22 Views
  • Learning Objective 7-4 1) Hardware electronic equipment that includes computers, monitors,
  • Accounting
Homework Answers
View Answer

11) Which of the following is an example of hardware? A) monitor B) Microsoft Office C) ERP D) QuickBooks 12) Which of the following is an entry-level accounting software package? A) Microsoft Word B) QuickBooks C) Minitab D) router 13) An enterprise resource planning (ERP) system is a: A) hardware system that controls the access of employees to different levels of.

Homework Answers
23 Views
  • 11) Which of the following an example of hardware? A) monitor B)
  • Accounting
Homework Answers
View Answer

27) A company that uses the perpetual inventory system sold goods to a customer on account for $2,000. The cost of the goods sold was $1,000. Which of the following journal entries correctly records this transaction? A) Cost of Goods Sold 2,000                Sales Revenue 2,000 B) Merchandise Inventory 2,000                Cost of Goods Sold 2,000 C) Accounts Receivable 2,000               .

Homework Answers
20 Views
  • 27) A company that uses the perpetual inventory system sold
  • Accounting
Homework Answers
View Answer

  Learning Objective 7-1 1) An accounting information system (AIS) collects, records, stores, and processes accounting data to produce information that is useful for decision makers. 2) The collection of time records is an Accounting Information System activity that is classified as a business transaction that involves the sale of merchandise inventory. 3) An.

Homework Answers
37 Views
  •   Learning Objective 7-1 1) An accounting information system (AIS) collects, records,
  • Accounting
Homework Answers
View Answer

18) Williams Company had the following balances and transactions during 2014. Beginning Inventory 10 units at $70 June 10 Purchased 20 units at $80 December 30 Sold 15 units December 31 Replacement cost $90 Williams maintains its records of inventory on a perpetual basis using the FIFO method. Calculate the amount of ending Merchandise Inventory at December 31, 2014.

Homework Answers
18 Views
  • 18) Williams Company had the following balances and transactions during
  • Accounting
Homework Answers
View Answer

12) The following contains information from the records of the Wellborn Engineers and Architects. Current Assets $74,000 Current Liabilities 44,000 Long-term Assets 95,000 Long-term Liabilities 60,000 Total Revenues 50,000 Total Expenses 30,000 Calculate the current ratio. A) 1.58 B) 2.32 C) 0.59 D) 1.68 13) The following contains information from the records of the Wellborn Engineers and Architects. Current Assets $74,000 Current Liabilities 44,000 Long-term Assets 95,000 Long-term Liabilities 60,000 Total Revenues 50,000 Total Expenses 30,000 Which of the following statements.

Homework Answers
18 Views
  • 12) The following contains information from the records of the
  • Accounting
Homework Answers
View Answer

21) The disclosure principle states that a company should disclose all major accounting methods and procedures in the: A) balance sheet. B) income statement. C) footnotes to the financial statements. D) adjusted trial balance. 22) The materiality concept states that a company must: A) report only such information that enhances the financial position of the company. B).

Homework Answers
32 Views
  • 21) The disclosure principle states that a company should disclose
  • Accounting
Homework Answers
View Answer

12) The following data is available: Net sales $13,000 Normal gross profit 45% Beginning inventory 8,000 Net purchases 7,000 Using the gross profit method, the amount of gross profit would be: A) $15,000 B) $6,750 C) $5,850 D) $3,600 13) The following data is available: Net sales $20,000 Normal gross profit 45% Beginning inventory 8,000 Net purchases 7,000 Using the gross profit method, the cost of goods sold would be: A) $12,000 B) $11,000 C) $13,000 D).

Homework Answers
22 Views
  • 12) The following data available: Net sales $13,000 Normal gross profit
  • Accounting
Homework Answers
View Answer

27) The Sales Discounts account is a contra account to the: A) Purchases account. B) Sales Revenue account. C) Merchandise Inventory account. D) Sales Returns and Allowance account. 28) Gross profit is calculated as: A) sales revenue less sales discounts and allowances. B) sales revenue less operating expenses. C) net sales revenue less sales discounts. D) net sales revenue.

Homework Answers
22 Views
  • 27) The Sales Discounts account a contra account to the: A)
  • Accounting
Homework Answers
View Answer

17) Up-to-date Merchandisers has the following transactions for the month of July. Sales revenue $460,000 Cost of goods sold 300,000 Operating expenses 85,000 Sales discounts 20,000 Sales returns and allowances 15,000 Interest revenue 5,000 Calculate Gross Profit. A) $90,000 B) $125,000 C) $140,000 D) $160,000 18) On November 1, 2015, Wrenns Martch sold merchandise with a cost of $5,000 for $10,000, FOB destination, with payment terms of 3/10,.

Homework Answers
19 Views
  • 17) Up-to-date Merchandisers has the following transactions for the month
  • 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*