Expert Help for Excelling in Accounting Assignments

Published: 11 months ago

Expert Help for Excelling in Accounting Assignments

1. 1. Which of the following elements represents an economic resource? A. Asset. B. Liability. C....

1. Which of the following elements represents an economic resource?

A. Asset.

B. Liability.

C. Owners’ equity.

2. Which of the following elements represents a residual claim?

A. Asset.

B. Liability.

C. Owners’ equity.

2. Do liquids dissolve structures blocking their path, or do they merely circumnavigate them? Discuss..

Do liquids dissolve structures blocking their path, or do they merely circumnavigate them? Discuss the impact of increased liquidity and gaseousness on hierarchical social structures. Is the current era unique in terms of globalization? What factors contribute to or detract from this uniqueness? What is your ideal vision of the future of globalization?

3. 81. Which one of the fixed asset accounts listed below will not have a related contra asset...

81. Which one of the fixed asset accounts listed below will not have a related contra asset account? 

A. Office Equipment

B. Land

C. Delivery Equipment

D. Building

82. Prepaid insurance is reported on the balance sheet as a 

A. current asset

B. fixed asset

C. current liability

D. long-term liability

83. The income statement is prepared from:  

A. either the post-closing trial balance or the unadjusted trial balance columns of the work sheet.

B. either the unadjusted trial balance or the balance sheet columns of the work sheet.

C. either the adjusted trial balance or the income statement columns of the work sheet.

D. both the adjusted trial balance and the balance sheet columns of the work sheet.

84. Which of the following is not showed on the retained earnings statement of a company? 

A. Ending balance of retained earnings

B. Net income of the company

C. Dividends paid by the company

D. Additional capital stock issued by the company

85. The retained earnings statement should be prepared 

A. before the income statement and after the balance sheet

B. before the income statement and balance sheet

C. after the income statement and balance sheet

D. after the income statement and before the balance sheet

86. The income statement should be prepared  

A. before the retained earnings statement and balance sheet

B. after the retained earnings statement and before the balance sheet

C. after the retained earnings statement and balance sheet

D. after the balance sheet and before the retained earnings statement

87. Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow.

 

Determine the net income (loss) for the period. 

A. Net Income $9,250

B. Net Loss $790

C. Net Loss $5,670

D. Net Income $3,580

88. Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow.

 

Determine the Retained Earnings ending balance. 

A. $12,150

B. $13,730

C. $6,480

D. $21,400

89. Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow.

 

Determine total assets. 

A. $24,130

B. $15,830

C. $21,930

D. $23,030

90. Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow.

 

Determine the current assets. 

A. $23,030

B. $9,330

C. $21,930

D. $8,630

4. Comprehensive Problem 4 Equinox Products Selected transactions completed by Equinox Products Inc....

Comprehensive Problem 4 Equinox Products Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2014, were as follows: a. Issued 15,000 shares of $20 par co

5. Value-based pricing is the reverse process of what?

Value-based pricing is the reverse process of what?

a.variable cost pricing

b.cost-plus pricing

c.cost-based pricing

d.none of the above

6. Cost accounting assists: (a) in controlling efficiency; (b) in pricing products; and (c) in...

1. Define costing and discuss the objectives of cost accounting.

2. Cost accounting assists: (a) in controlling efficiency; (b) in pricing products; and (c) in providing a basis for operating policy. Amplify these points, giving reasons for your views.

3. State the advantages that may be derived from a sound system of cost accounting.

4. What do you mean by elements of cost ? Discuss the various elements of cost.

7. Question 24 The imported question text for this question was too long. 63,000 27,000 Depreciation...

Question 24 The imported question text for this question was too long. 63,000 27,000 Depreciation Expense 15,000 O Wages Expense Rent Expense Income Summary 105,000 Expenses 105,000 Income Summary 105,000 O Wages Expense63,000 Rent Expense 27,000 Depreciation Expense 15,000 Dividends 105,000 ? Income Summary 105,000 Wages Expense Rent Expense Depreciation Expense 63,000 27,000 15,000 Question 25 Sabas Company has 20 000 shares of S 100 par. 2% cunaudatne preferred stock and 10 stock The following amounts were distributed as dividenda 000 shares ors sopar coin

8. X Ltd purchased machinery on hire purchase system from Y Ltd on 1st January, 2013. The terms were...

X Ltd purchased machinery on hire purchase system from Y Ltd on 1st January, 2013. The terms were that X Ltd would pay ~ 20,000 down on signing the contract and 4 instalments of ~ 11,000 each commencing from the beginning of the next year. X Ltd charged depreciation at the rate of 10% per annum on cost under diminishing balance system. Y Ltd charged interest at the rate of 10% per annum in their hire purchase contract. Prepare Machinery Account and Y Ltd Account for 5 years in the books of X Ltd.

Section C : Repossession of Goods

9. Which of the following most likely would be detected by an auditor’s review of a client’s sales...

Which of the following most likely would be detected by an auditor’s review of a client’s sales cutoff?

a) shipments lacking sales invoices and shipping documents

b) exercising write-offs of accounts receivable

c) unrecorded sales at year end

d) lapping of year-end accounts receivable

10. he steps in the accounting cycle are listed in random order below. List the steps in proper...

The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 1–9 in the blank spaces.

(a) _____ Prepare a trial balance.

(b) _____ Journalize the transactions.

(c) _____ Journalize and post closing entries.

(d) _____ Prepare financial statements.

(e) _____ Journalize and post adjusting entries.

(f) _____ Post to ledger accounts.

(g) _____ Prepare a post-closing trial balance.

(h) _____ Prepare an adjusted trial balance.

(i) _____ Analyze business transactions.

11. Accounting Question 7-15

Hiram's Lakeside is a popular restaurant located on Lake Washington in Seattle. The owner of the restaurant has been trying to better understand costs at the restaurant and has hired a student intern to conduct an activity-based costing study. The intern, in consultation with the owner, identified t...

12. Prior to adjustment at the end of the year, the balance in Trucks is $296,900 and the balance in...

EX 9-11 Depreciation by units-of-output method

Prior to adjustment at the end of the year, the balance in Trucks is $296,900 and the balance in Accumulated Depreciation—Trucks is $99,740. Details of the subsidiary ledger are as follows:

a. Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the miles operated during the current year.

b. Journalize the entry to record depreciation for the year.

13. During 2014, Comstock Company entered into the following transactions. 1. Purchased equipment for...

During 2014, Comstock Company entered into the following transactions.

Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders' Equity in the right-hand margin. For Retained Earnings, use separate columns for Revenues, Expenses, and Dividends if necessary. Use Illustration3-3 as a model.

14. The total gross margin for the month under the absorption costing approach is

A manufacturing company that produces a single product has provided the following  data concerning its most recent month of operations:

The total gross margin for the month under the absorption costing approach is:

A) $245,100

B) $162,100

C) $142,500

D) $5,700

15. Cohen & Boyd. Inc., publishers of movie and song trivia books, made the following errors...

Cohen & Boyd. Inc., publishers of movie and song trivia books, made the following errors in adjusting the accounts at year-end (December 31): Did not accrue $1, 400 owed to the company by another company renting part of the building as a storage facility. Did not record $15, 700 depreciation on the equipment costing $120,000. Failed to adjust the Unearned Fee Revenue account to reflect that $1, 300 was earned by the end of the year. Recorded a full year of accrued interest expense on a $19, 200, 8 percent note payable that has been outstanding only since November 1. Failed to adjust Prepaid Insurance to reflect that $620 of insurance coverage has been used. Using the following headings, indicate the effect of each error and the amount of the effect (that is, the difference between the entry that was or was not made and the entry that should have been made). Use O if the effect overstates the item. U if the effect understates the item. (Reminder: Assets = Liabilities + Stockholders' Equity; Revenues - Expenses = Net Income; and Net Income accounts are closed to Retained Earnings, a part of Stockholders' Equity.) (Select "NE" for no effect.)

16. Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variabl...

Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Molding Fabrication Total 4,000 $14,750 $17,850 $32,600 2,500 1,500 $ 3.30 4.10 Job Q $32,000 $17,500 $36,200 $15,100 Job P Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 3,600 2,500 6,100 2,700 2,800 5.500 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. For questions 9-15, assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments Assume that Sweeten Company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. What selling price would the company have established for Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis assuming 20 units were produced for Job P and 30 units were produced for Job Q? (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)

17. 85. Which statement(s) concerning cash is (are) true? A. cash will always have more debits than cred

85. Which

statement(s) concerning cash is (are) true?

A. cash will always have more debits than credits

B. cash will never have a credit balance

C. cash is increased by debiting

D. all of the above

86. A

debit may signify a(n)

A. decrease in asset accounts

B. decrease in liability accounts

C. increase in the capital account

D. decrease in the drawing account

87. Which

of the following types of accounts have a normal credit balance?

A. assets and liabilities

B. liabilities and expenses

C. revenues and liabilities

D. capital and drawing

88. Which

of the following groups of accounts have a normal debit balance?

A. revenues, liabilities, and capital

B. capital and assets

C. liabilities and expenses

D. assets and expenses

89. Which

one of the statements below is not a purpose for the

journal?

A. to show increases and decreases in accounts

B. to show a chronological order by date

C. to show a complete transaction in one place

D. to help locate errors

90. A

credit may signify a

A. decrease in assets

B. decrease in liabilities

C. decrease in capital

D. decrease in revenue

91. A

debit signifies a decrease in

A. assets

B. expenses

C. drawing

D. revenues

92. Which

of the following applications of the rules of debit and credit is true?

A. decrease Prepaid Insurance with a credit and the normal balance is a

credit

B. increase Accounts Payable with a credit and the normal balance is a

debit

C. increase Supplies Expense with a debit and the normal balance is a

debit

D. decrease Cash with a debit and the normal balance is a credit