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Accounting Expert Answers & Study Resources : Page 317

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17) The following information was extracted from the accounting records of Yamaguchi Company: Paid-in Capital, December 31, 2014$87,000 Retained Earnings, December 31, 2014$211,000 Total Assets, December 31, 2014$455,000 Revenues for year ended December 31, 2015$200,000 Expenses for year ended December 31, 2015$165,000 Total Assets, December 31, 2015$605,000 Additional investments by owners in 2015$10,000 At December 31, 2014, what.

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  • 17) The following information was extracted from the accounting records
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2) One of the limitations of the balance sheet is that the dollar amounts for different assets reflect different levels of inflation. That is the result of the ________ assumption. A) recognition B) matching C) stable monetary unit D) conservatism 3) The matching concept matches ________ and ________. A) assets; liabilities B) assets; expenses C) revenues; expenses incurred.

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  • 2) One of the limitations of the balance sheet that
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15.6   Questions 1) A multiple step income statement ________. A) lists all the expenses together and calculates a total B) has a subtotal for gross profit C) has a subtotal for total assets D) has a subtotal for total retained earnings 2) Sunday Company reports the following information on December 31, 2014: Cash$20,000 Accounts receivable112,000 Accounts payable91,000 Accrued wages payable6,000 Unearned.

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  • 15.6   Questions 1) A multiple step income statement ________. A) lists all
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Match the following cycles with their corresponding accounting system module. A) Banking Module B) Employees Module C) Financial Module D) Customers Module E) Vendors Module 14) Payroll Cycle 15) Sales Cycle 16) Financial Cycle 17) Purchasing Cycle 18) When looking at an accounting system using the aerial view, you see A) Accounting information available to internal users, primarily management B) Detailed information.

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  • Match the following cycles with their corresponding accounting system module. A)
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Objective 3 1) The enterprise-wide view of accounting enables the accountant to see how the accounting system interacts with other subsystems in the enterprise system. 2) The Customer Module of a baseline accounting system includes creating purchase orders. 3) The Financial Module of a baseline accounting system includes payroll transactions. 4) The database is.

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  • Objective 3 1) The enterprise-wide view of accounting enables the accountant
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2) Retained earnings are a general claim against ________. A) stockholders B) creditors C) paid in capital D) total assets 3) When cash dividends are declared, ________ decrease(s) and ________ increase(s). A) retained earnings; cash B) cash; retained earnings C) retained earnings; liabilities D) cash; liabilities 4) The board of directors of Schwinn Company declared a cash dividend. Two weeks.

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  • 2) Retained earnings a general claim against ________. A) stockholders B) creditors C)
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15.11   Questions 1) Yesterday Company's accountant recorded a debit to Accounts Payable and a credit to Cash. This transaction will ________. A) increase Cash and decrease Accounts Payable B) decrease Cash and increase Accounts Payable C) increase Cash and increase Accounts Payable D) decrease Cash and decrease Accounts Payable 2) Uptown Company purchases $4,000 of inventory.

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  • 15.11   Questions 1) Yesterday Company's accountant recorded a debit to Accounts
  • Accounting
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21) Cash collected from customers before goods are delivered will increase ________. A) assets and increase revenues B) revenues and decrease liabilities C) liabilities and increase assets D) liabilities and decrease revenues 22) A magazine publisher sells annual subscriptions for magazines. The publisher requires cash payment before the magazines are sent out. When the first.

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  • 21) Cash collected from customers before goods delivered will increase
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6) Keller Company has the following income statement for the year ending December 31, 2016: Sales$1,562 Cost of goods sold806 Gross profit756 Operating expenses: Wage expense160 Depreciation expense16 Rent expense106 Miscellaneous expense10 Total operating expenses292 Operating income464 Income tax expense162 Net income$302 If Keller Company prepares a common size income statement, what will they report for Rent expense? A) 2.3% B) 4.3% C) 4.4% D) 6.8% 7) The.

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  • 6) Keller Company has the following income statement for the
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11) Jerome Company purchased common stock in Gonzalez Company. Jerome Company treats the investment as available-for-sale securities. During the current year, Gonzalez Company earned $4,000,000 and paid dividends of $1,000,000. Assume that Jerome Company owns 10% of the outstanding shares of Gonzalez Company. Gonzalez Company's dividend will affect Jerome Company.

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  • 11) Jerome Company purchased common stock in Gonzalez Company. Jerome
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    16.1   Questions 1) Which of the following assets is NOT classified as a short-term investment? A) corporate stocks B) corporate bonds C) debt securities issued by governments D) checking account balance 2) The net amount a company expects to collects on Accounts Receivable is equal to ________. A) gross Accounts Receivable B) Allowance for Doubtful Accounts C) gross Accounts.

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  •     16.1   Questions 1) Which of the following assets NOT classified as
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16) The following information is available for Anderson Company at December 31, 2016: Additional paid-in capital, common$490,000 Common stock, $5 par value, 40,000 shares issued200,000 Dividends payable415,000 Long-term investment in Jacobs Company1,400,000 Marketable securities610,000 Retained earnings242,000 Treasury stock, common, 8,000 shares176,000 Required: Prepare the stockholders' equity section of a classified balance sheet at December 31, 2016. Assume 400,000 shares.

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  • 16) The following information available for Anderson Company at December
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25) When making adjusting entries, you are using the ________ module in the base line accounting system. A) Reporting B) Financial C) Banking D) Company 26) The reports module produces for the following people except A) Investors B) Managers C) Accountants D) Customers 27) What modules comprise a baseline accounting system? A) Vendors, Employees, Sales, Banking, Financial, and Reports B) Inventory, Employees,.

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  • 25) When making adjusting entries, you using the ________ module
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7) The following information is available for the Novin Company: Net income for the year ended December 31, 2014$177.4 Sales for the year ended December 31, 20141,606.0 Retained earnings, December 31, 2014150.0 Retained earnings, December 31, 2013180.0 Total assets, December 31, 2014470.0 Total assets, December 31, 2013442.0 Total liabilities, December 31, 2014240.0 Total liabilities, December 31, 2013182.0 What is.

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  • 7) The following information available for the Novin Company: Net income
  • Accounting
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11) A multiple-step income statement includes a subtotal for gross profit. 12) Gross profit is the excess of sales over all expenses. 13) Cooley Company reports the following accounts and balances at December 31, 2015: Accounts Payable$22,800 Accounts Receivable18,800 Cash24,400 Land82,400 Machine129,200 Merchandise Inventory63,600 Long-term Note Payable79,200 Short-term Note Payable14,400 Paid-in Capital200,000 Retained Earnings? Sales Revenue122,000 Cost of Goods Sold80,000 Operating Expenses40,000 Required: Prepare a balance sheet.

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  • 11) A multiple-step income statement includes a subtotal for gross
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21) Leasehold improvements are amortized annually. 22) Some intangible assets are depreciated. 23) Research and development costs are expensed when incurred for financial statement purposes. 24) Goodwill is amortized for financial statement purposes. 16.2   Questions 1) Deferred tax liabilities are ________. A) expected increases in future income taxes due to past transactions B) expected decreases in future.

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  • 21) Leasehold improvements amortized annually. 22) Some intangible assets depreciated. 23) Research
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17) The Vaclav Company reports the following information: Sales for the year ended December 31, 2012$106,950 Gross profit for the year ended December 31, 2012$45,150 Net income for the year ended December 31, 2012$7,300 Total Current Assets, December 31, 2012$18,700 Total Current Liabilities, December 31, 2012$7,600 Total Assets, December 31, 2012$48,400 Total Liabilities, December 31, 2012$20,850 Average common.

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  • 17) The Vaclav Company reports the following information: Sales for the
  • Accounting
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12) The inventory method a company uses does not affect its income statement. 13) Operating income summarizes the results of basic operating activities of a company. 14) The last line item on an income statement is earnings per share. 15) The balances on December 31, 2015 are available for Matthew Company: Accounts payable$2,550 Accounts receivable3,550 Accumulated.

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  • 12) The inventory method a company uses does not affect
  • Accounting
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33) The following information is available for Ward Company: Sales$189,400 Gross profit$56,400 Net income$25,800 Total current assets$32,400 Total current liabilities$34,400 Total stockholders' equity, last year$192,000 Total stockholders' equity, current year$280,000 Required: Compute the following ratios: A) Current ratio B) Gross profit rate C) Return on sales D) Return on stockholders' equity 34) The following data is available for Everest Company: Credit Sales$1,702 Net Income$112 Total Current Assets$366 Total.

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  • 33) The following information available for Ward Company: Sales$189,400 Gross profit$56,400 Net income$25,800 Total
  • Accounting
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24) The income statement and comparative balance sheets for Sterling Company are presented below: Sterling Company Income Statement For the Year Ended December 31, 2015 Sales$586,000 Cost of goods sold311,000 Depreciation expense14,000 Amortization expense3,000 Wage expense88,000 Rent expense24,000 Loss on sale of fixed assets2,600 Interest expense4,900 Income tax expense56,000 Total expenses503,500 Net income$82,500 December 31, 2014         December 31, 2015 Cash$16,300$19,900 Accounts receivable27,90036,300 Inventory53,90048,200 Prepaid rent1,8002,000 Land22,00032,000 Fixed assets118,000130,000 Accumulated depreciation(39,000)(46,000) Patent11,00012,000 Total assets$211,900$234,400 Accounts payable21,10027,700 Wages payable5,7006,200 Interest.

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  • 24) The income statement and comparative balance sheets for Sterling
  • Accounting
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11) The activity of Vegas Company for the month of April is given below: Cash purchases of inventory$45,000 Credit purchases of inventory$50,000 Cash payment for credit purchases of inventory$12,000 Cash dividend paid$7,000 Wages earned and paid$12,000 Wages earned and unpaid$2,000 Rent paid for April, May and June$9,000 Using the cash basis of accounting, the total expenses for Vegas.

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  • 11) The activity of Vegas Company for the month of
  • Accounting
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