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Accounting Expert Answers & Study Resources : Page 83

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11) Marketable securities that the investor company does not intend to sell in the near future are called ________. A) trading securities B) options C) available-for-sale securities D) marketable securities 12) Jeff Company purchased common stock in Garcia Company.  Jeff Company treats the investment as available-for-sale securities.  During the current year, Garcia Company earned $4,000,000.

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  • 11) Marketable securities that the investor company does not intend
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12) Determine the missing values. Revenues $250 Expenses 200 Dividends Declared 20 Additional investments by owners A Net income B Retained Earnings, Beginning C Retained Earnings, Ending 110 Paid-in Capital, Beginning 60 Paid-in Capital, Ending 60 Total Assets, Beginning D Total Assets, Ending 250 Total Liabilities, Beginning 95 Total Liabilities, Ending E 13) The Lone Maple Corporation had net income during 2012 of $46,000..

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  • 12) Determine the missing values. Revenues $250 Expenses 200 Dividends Declared 20 Additional investments
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Learning Objective 2.4 Questions 1) Net income is defined as A) revenues minus expenses. B) expenses minus revenues. C) assets minus revenues. D) assets plus revenues. E) owners' equity assets minus expenses. 2) Under accrual basis accounting, the recognition of salaries earned and the immediate payment of salaries to employees would A) increase assets. B) increase owners' equity. C) increase.

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  • Learning Objective 2.4 Questions 1) Net income defined as A) revenues minus
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27) Josephine Company had net income of $21,850 for the year ended December 31, 2015.  Additional information from the income statement follows: Depreciation expense$8,400 Interest expense3,900 Income tax expense5,700 The company also reported the following balances: DecemberDecember 31, 2014                  31, 2015 Accounts receivable$10,000$11,800 Accounts payable$20,000$23,200 Income taxes payable$22,000$21,300 Inventory$30,000$25,000 Required: Prepare the operating activities section of the statement of cash flows for the.

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  • 27) Josephine Company had net income of $21,850 for the
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21) The Bailey 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 Total common.

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  • 21) The Bailey Company reports the following information: Sales for the
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16.7   Questions 1) Indiana Company has the following data available: DecemberDecember 31, 2011                  31, 2012 Fixed Assets$125$125 Accumulated Depreciation$110$117 Long-term debt$125$5 Common stock$300$400 Retained earnings$100$120 No dividends were declared or paid for the year ending December 31, 2012. What is the net cash flow from financing activities for the year ended December 31, 2012? A) $20 cash inflow B) $20 cash outflow C) $100.

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  • 16.7   Questions 1) Indiana Company has the following data available: DecemberDecember 31, 2011           &#
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Learning Objective 1.2 Questions 1) A liability that results from a purchase of goods or services on open account is referred to as a(n) A) accounts receivable. B) notes payable. C) accounts payable. D) notes receivable. E) capital stock. 2) Which of the following statements is true? A) Owners' equities are economic sacrifices after deducting liabilities. B) Assets are.

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  • Learning Objective 1.2 Questions 1) A liability that results from a
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16) Following is the balance sheet for Value Creation, Inc. as of January 31, 20X9: Value Creation, Inc. Balance Sheet January 31, 20X9 Assets: Liabilities: Cash $ 7,100 Accounts Payable $ 6,200 Accounts Receivable 4,000 Notes Payable 8,300 Merchandise Inventory 13,500 Total Liabilities 14,500 Prepaid Rent 3,300 Stockholders' Equity: Store Equipment 15,600 Paid-in Capital $17,600 Retained Earnings 11,400 Total Stockholders' equity.

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  • 16) Following the balance sheet for Value Creation, Inc. as
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39) The balance sheet for Sesame Company at December 31, 2009 is given below: Current Assets: Cash$118 Accounts Receivable36 Inventory54 Total Current Assets$208 Long-term Assets: Fixed Assets$322 Less: Accumulated Depreciation(136) Net Fixed Assets$186 Total Assets$394 Current Liabilities: Accounts Payable$44 Taxes Payable14 Total Current Liabilities$58 Long-term Bonds Payable60 Total Liabilities$118 Stockholders' Equity: Paid-in Capital$120 Retained Earnings156 Total Stockholders' Equity$276 Total Liabilities and Stockholders' Equity$394 Required: Prepare a common-size balance sheet. 40) The following information is.

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  • 39) The balance sheet for Sesame Company at December 31,
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Learning Objective 1.4 Questions 1) Twinkle Toes Dance Company December 31, 20X9 Cash $10,000 Accounts payable $5,600 Accounts receivable 4,000 Notes payable 17,000 Inventory 8,000 Common stock 5,000 Equipment 14,800 Retained earnings 9,200 Total Assets $36,800 Total liabilities and shareholders equity $36,800 What is the name of the financial statement above? A) Income Statement B) Balance Sheet C) Statement of Cash Flows D) Statement of Changes in Shareholders Equity E) Statement of Retained Earnings 2) Following is an alphabetical.

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  • Learning Objective 1.4 Questions 1) Twinkle Toes Dance Company December 31, 20X9 Cash $10,000
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11) Presented below is the balance sheet of Hal Company at January 1, 2015: Cash$100 Net Fixed Assets400 Total Assets$500 Accounts Payable$20 Long-term Bonds Payable220 Stockholders' Equity260 Total Liabilities and Stockholders' Equity$500 The balance sheet of Monty Company at January 1, 2015 is below: Cash$400 Net Fixed Assets380 Total Assets$780 Accounts Payable$120 Long-term Bonds Payable280 Stockholders' Equity380 Total Liabilities and Stockholders' Equity$780 On January 1, 2015,.

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  • 11) Presented below the balance sheet of Hal Company at
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11) The financial ratios for a company can be evaluated using ________. A) time-series comparisons B) benchmark comparisons C) cross-sectional comparisons D) all of the above 12) Comparing a company's debt-to-equity ratio for 2010 to the debt-to-equity ratios for 2010 from other companies in the same industry is called a(n) ________. A) time-series comparison B) benchmark comparison C).

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  • 11) The financial ratios for a company can be evaluated
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21) Under the accrual basis of accounting, prepaid assets become expenses when they expire. 22) Use the following balance sheet equation format to show the effect of the following transactions. Write the account names that will be used for each transaction. Account name Total assets Total liabilities Paid-in capital Retained Earnings 1. The owners invest $42,000 in the company. 2..

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  • 21) Under the accrual basis of accounting, prepaid assets become
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11) Financial accounting serves external decision makers, such as suppliers, banks, government agencies, and stockholders. 12) Management accounting serves internal decision makers, such as top executives and department heads. 13) Managerial accounting serves external users while financial accounting serves internal users. 14) The annual report is a document prepared by the board of.

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  • 11) Financial accounting serves external decision makers, such as suppliers,
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16) Following is a list of selected financial data for a series of companies: |Per-share Data |Ratios and Percentages Company  | Price  Earnings Dividends | P-E  Dividend-yield Dividend-payout Jacobs| $50$1.75A| BC30% Simons| $35D$2.25| EF40% Russell| G$5.25$1.75| 12.0IJ 1.Compute the missing figures and identify the company with a. the highest dividend-yield. b. the highest dividend-payout percentage. c. the lowest market price relative to earnings. 2..

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  • 16) Following a list of selected financial data for a
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17.4   Questions 1) To compare companies that differ in size, analysts use ________. A) MD&A B) 10-K filings with the Securities and Exchange Commission C) common size financial statements D) the market-value method for investments 2) To prepare common size income statements, percentages for line items are usually based on ________.  To prepare common size balance.

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  • 17.4   Questions 1) To compare companies that differ in size, analysts
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11) An operating loss occurs when A) revenues exceed expenses. B) expenses exceed revenues. C) assets exceed liabilities. D) liabilities exceed assets. E) liabilities exceed owners equity. 12) Expenses are A) increases in net assets as a result of consuming resources in the process of providing services to a customer. B) decreases in net assets as a result.

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  • 11) An operating loss occurs when A) revenues exceed expenses. B) expenses
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16.5   Questions 1) The statement of changes in stockholders' equity shows the changes in ________. A) retained earnings only B) dividends only C) each of the stockholders' equity accounts D) fixed assets only 2) Fred Company had the following data available: Paid-in capital, December 31, 2014$43,000 Retained earnings, December 31, 2014$27,000 Net income for the year ended December 31,.

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  • 16.5   Questions 1) The statement of changes in stockholders' equity shows
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Learning Objective 1.1 Questions 1) The primary purpose of financial accounting is to A) supply information for external users' decision making. B) provide data for internal users' decision making. C) produce data for income taxes. D) create an audit report. E) organize the data for management. 2) Footnotes are A) included in the audit report. B) an integral part.

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  • Learning Objective 1.1 Questions 1) The primary purpose of financial accounting
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Learning Objective 2.3 Questions 1) Mac's Computer Skills Training, purchased equipment for $30,000 on January 1, 20X8, and believes the equipment has a useful life of 36 months. What will be the effect of the equipment's depreciation on the balance sheet equation? A) Decreases Equipment account and decreases Stockholders' Equity B) Decreases Equipment.

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  • Learning Objective 2.3 Questions 1) Mac's Computer Skills Training, purchased equipment
  • Accounting
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  17.1   Questions 1) Consolidated financial statements combine the books of two or more ________ into one set of financial statements. A) subsidiaries B) divisions C) separate legal entities D) segments 2) Dividends received from trading securities are reported by the investor as ________. A) an increase in the investment account B) a decrease in the investment account C) dividend.

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  •   17.1   Questions 1) Consolidated financial statements combine the books of two
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17.3   Questions 1) On January 1, 2012, a parent company acquired all of the stock of a subsidiary.  The following data is available: Parent Company                Subsidiary Total assets$650$400 Total liabilities$200$190 Total stockholders' equity$450$210 The acquisition by the parent company represents a 100 percent interest in the subsidiary.  On January 1, 2012, the fair value of the subsidiary's.

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  • 17.3   Questions 1) On January 1, 2012, a parent company acquired
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Learning Objective 2.6 Questions 1) Which financial ratio is required to be reported on the face of the income statement of publicly-held corporations? A) Earnings per share B) Price-earnings ratio C) Dividend-yield ratio D) Dividend payout ratio E) Inventory turnover ratio 2) Which financial ratio measures how much the investing public is willing to pay for a.

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  • Learning Objective 2.6 Questions 1) Which financial ratio required to be
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Learning Objective 1.9 Questions 1) Public accountants follow the code of ethics for professional conduct established by the A) Sarbanes-Oxley Act. B) Securities and Exchange Commission. C) Financial Accounting Standards Board. D) Congress of the United States. E) American Institute of Certified Public Accountants. 2) The AICPA Code of Professional Ethics is especially concerned with integrity and.

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  • Learning Objective 1.9 Questions 1) Public accountants follow the code of
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Learning Objective 1.8 Questions 1) An auditor's opinion is not A) a report describing the auditor's examination of transactions and financial statements. B) included in the financial statements in the annual report issued by the corporation. C) another name for independent opinion. D) certified by the Securities Exchange Commission. E) a third party review. 2) The auditor's.

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  • Learning Objective 1.8 Questions 1) An auditor's opinion not A) a report
  • Accounting
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Learning Objective 2.1 Questions 1) The operating cycle begins with A) the acquisition of goods. B) the receipt of cash from customers. C) the payment for goods. D) the initial investment by owners. E) the sales to customers. 2) Net income is A) the difference between revenues and dividends B) the difference between revenues and retained earnings. C) the difference.

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  • Learning Objective 2.1 Questions 1) The operating cycle begins with A) the
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