Fall Accounting Modules: Expert Help Available
20. On July 15, 2016, ortiz & Co. signed a contract to provide Ever Bakery with an system for a...
The answer is C but how did they get C? What functions do I need?
on July 15, 2016, ortiz & Co. signed a contract to provide Ever Bakery with an system for a price of $90,000 The system included finely tuned scales that fit into EverFresh's automated assembly line Ortiz' s proprietary software modified to allow the weighing system to function in EverFresh's automated system and a one-year contract to calibrate the equipment and software on a as-needed basis. (Ortiz competes with other vendors who offer ongoing calibration contracts for ortiz's systems.) Ortiz to provide these goods and services separately, it would charge $6 for the scales, $1 0 for the software, and $30,000 for the calibration contract. Ortiz delivered and installed the equipment and software on August 1 2016 and the calibration service commenced on that date Assume that the scales software and calibration service are all separate performance obligations. How much revenue will Ortiz recognize in 2016 for this contract? Ca k 65 Goro go into a $0 Soft l o b $63,000 74, 250 Cali 3o 30%
21. 1. From the following details, prepare balance sheet with as much details as possible: (a) Stock...
1. From the following details, prepare balance sheet with as much details as possible: (a) Stock velocity = 6 (b) Capital turnover ratio = 2 (c) Fixed assets turnover ratio = 3 (d) Gross profit turnover ratio = 20 per cent (e) Debtors velocity = 3 months (f) Creditors velocity = 73 days The gross profit was Rs 5,00,000; reserves and surplus Rs 2,00,000; closing stock was Rs 20,000 in excess of opening stock.
2. Following is the balance sheet of a limited company as on 31st March, 2008
The sales of the company were Rs 4,00,000. The gross profit was Rs 25,000 and net profit was Rs 20,000. Calculate: Current ratio, Quick ratio, Debt equity ratio, Gross profit ratio and Net profit ratio.
1. Debtors are 5 times of inventory of finished goods. The W.I.P. is Rs 1,00,000. Stock of raw materials is Rs 30,000 which is half of inventory of finished goods. Current liabilities are Rs 1,00,000. Compute: (i) Amount of working capital and (ii) Current ratio
22. a merchandising company;s Budget includes the following data for January . Sales;$400,000; COGS:...
a merchandising company;s Budget includes the following data for January. Sales;$400,000; COGS: $270,000; Administrative salaries: $1,250; Sales commissions: 5% of sales; Advertising: $10,000; Depreciation on the store equipment $25,000; Salary for sale manager: $30,000; Miscellaneous administrative expenses; $5,000. The total selling expense on the January selling expense budget will be $
23. Question Shore Co. provides for doubtful accounts based on 4% of gross accounts receivable, The...
Question
Shore Co. provides for doubtful accounts based on 4% of gross accounts receivable, The following data are available for 2017.
Credit sales during 2017 $4,400,000
Bad debt expense $57,000
Allowance for doubtful accounts 1/1/17 $17,000
Collection of accounts written off in prior years (customer credit was reestablished) $8,000
Customer accounts written off as uncollectible during 2017 $30,000
What is the balance in Allowance for Doubtful Accounts at December 31, 2017?
24. 151.The trial balance a.is a listing of all the accounts and their balances in the order the...
151.The trial balance
a.is a listing of all the accounts and their balances in the order the accounts appear on the statement of financial position.
b.has as its primary purpose to prove (check) that all journal entries were made for the period.
c.can be used to uncover errors in journalizing and posting.
d.is used to prepare the statement of financial position while the general ledger is used to prepare the income statement.
152.Which of the following errors will prevent the trial balance from balance?
a.A transaction is not journalized.
b.Transposition error related to the statement of financial position.
c.A journal entry is posted twice.
d.A journal entry to purchase $100 worth of equipment is posted as a $1,000 purchase.
153.Which of the following statements is false concerning use of currency signs?
a.Currency signs do not appear in journals or ledgers.
b.Currency signs are generally only shown for the first item in a column and for the column total.
c.Currency signs are not typically used in the trial balance.
d.All of these answer choices are correct.
154.Which of the following statement is true regarding the recording process?
a.Because IFRS rely more on fair value and less on historical cost than U.S. GAAP the double-entry accounting system is not widely used by companies who use IFRS.
b.Both IFRS and U.S. GAAP, use the same general rules of debits and credits and the steps in the recording process.
c.A trial balance using IFRS is organised by first showing the accounts from the statement of financial position followed by accounts from the income statement; a trial balance using U.S. GAAP is organized using the opposite order.
d.All of the choices are correct regarding the recording process.
155.Under U.S. GAAP
a.currency signs are generally used in the journal, ledger, trial balance, and financial statements.
b.Share Capital-Ordinary is referred to as Retained Earnings.
c.the statement of financial position is often called the statement of changes in financial position.
d.the rules of debits and credits, and the steps in the recording process are the same as under IFRS.
156.The steps in preparing a trial balance include all of the following except
a.listing the account titles and their balances.
b.totaling the debit and credit columns.
c.proving the equality of the two columns.
d.transferring journal amounts to ledger accounts.
157.A trial balance may balance even when each of the following occurs except when
a.a transaction is not journalized.
b.a journal entry is posted twice.
c.incorrect accounts are used in journalizing.
d.a transposition error is made.
158.A list of accounts and their balances at a given time is called a(n)
a. journal.
b. posting.
c. trial balance.
d.income statement.
159.If the sum of the debit column equals the sum of the credit column in a trial balance, it indicates
a.no errors have been made.
b.no errors can be discovered.
c.that all accounts reflect correct balances.
d.the mathematical equality of the accounting equation.
160.A trial balance is a listing of
a.transactions in a journal.
b.the chart of accounts.
c.general ledger accounts and balances.
d.the totals from the journal pages.
25. You plan to invest in the Kish Hedge Fund, which
You plan to invest in the Kish Hedge Fund, which has total capital of $500 million invested in five stocks:
Kish’s beta coefficient can be found as a weighted average of its stocks’ betas. The risk-free rate is 6%, and you believe the following probability distribution for future market returns is realistic:
a. What is the equation for the Security Market Line (SML)?
b. Calculate Kish’s required rate of return.
c. Suppose Rick Kish, the president, receives a proposal from a company seeking new capital. The amount needed to take a position in the stock is $50 million, it has an expected return of 15%, and its estimated beta is 1.5. Should Kish invest in the new company? At what expected rate of return should Kish be indifferent to purchasing thestock?
26. Which of the following statements is incorrect concerning activity-based costing?
Which of the following statements is incorrect concerning activity-based costing?
- ABC may be used with either a job order or process cost accounting system.
- ABC assumes all costs related to the activity should respond proportionally to changes in the activity level of the cost driver.
- The primary benefit of ABC is more accurate and meaningful product costing.
- ABC focuses on units of production.
27. For its inspecting cost pool, Ellsworth, Inc. expected overhead cost of $400.000 and 4,000 inspec...
For its inspecting cost pool, Ellsworth, Inc. expected overhead cost of $400.000 and 4,000 inspections. The actual overhead cost for that cost pool was $480,000 for 5,000 inspections. The activity-based overhead rate used to assign the costs of the inspecting cost pool to products is a. $80 per inspection. b. $96 per inspection. $100 per inspection. d. $120 per inspection. 10. Identifying and classifying activities is the a. last step under ABC. b first step under ABC. c. second step under ABC. d. None of these answers is correct.
28. Linden Company started operations on January 1, 2006, and has used the FIFO method of...
Accounting Change Linden Company started operations on January 1, 2006, and has used the FIFO method of inventory valuation since its inception. In 2012, it decides to switch to the average cost method. You are provided with the following information.
(a) What is the beginning retained earnings balance at January 1, 2008, if Linden prepares comparative financial statements starting in 2008?
(b) What is the beginning retained earnings balance at January 1, 2011, if Linden prepares comparative financial statements starting in 2011?
(c) What is the beginning retained earnings balance at January 1, 2012, if Linden prepares single period financial statements for 2012?
(d) What is the net income reported by Linden in the 2011 income statement if it prepares comparative financial statements starting with2009?
29. Exercise 7-9 Don Wyatt is unable to reconcile the bank balance at January 31. Don’s reconciliat...
Exercise 7-9
Don Wyatt is unable to reconcile the bank balance at January 31. Don’s reconciliation is as follows.
Cash balance per bank | $3,860.20 | |
Add: NSF check | 540.00 | |
Less: Bank service charge | 33.00 | |
Adjusted balance per bank | $4,367.20 | |
Cash balance per books | $4,175.20 | |
Less: Deposits in transit | 680.00 | |
Add: Outstanding checks | 938.00 | |
Adjusted balance per books | $4,433. |
T Cash balance per bank statement Add T Deposits in transit Less T Outstanding checks Adjusted cash balance per bank Cash balance per books Less NSF check Bank service charge Adjusted cash balance per books Don Wyatt Bank Reconciliation January 31 540.00 33.00 3,860.20 680.00 938.00 4,175.20
30. Universal Laser, Inc., just paid a dividend of $3.90 on its stock. The growth rate in dividends i...
Universal Laser, Inc., just paid a dividend of $3.90 on its stock. The growth rate in dividends is expected to be a constant 5 percent per year, indefinitely. Investors require a return of 13 percent on the stock for the first three years, a rate of return of 11 percent for the next three years, and then a return of 9 percent thereafter. |
What is the current share price for the stock? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
Current share price | $ |
31. Creative Computing sells a tablet computer called the Protab. The $605 sales price of a Protab Pa...
creative Computing sells a tablet computer called the Protab. The $605 sales price of a Protab Package includes the following: One Protab computer. repairs or replacements associated with defective products for up to six months. A coupon to purchase a Creative Probook e-book reader for $325, a price that represents a 50% discount from the regular Probook price of $650. It is expected that 20% of the discount coupons will be utilized A coupon to purchase a one-year extended warranty for $55. Customers can buy the extended warranty for $55 at other times as well. Creative estimates that 30% of customers will purchase an extended warranty creative does not sell the Protab without the limited warranty, option to purchase a Probook, and the option to purchase an extended warranty, but estimates that if it did so, a Protab alone would sell for $585. Required: 1.8 2. below whether each item is a separate performance obligation and allocate the transaction price of 120,000 Packages to the separate performance obligations in the contract. Performance obligation? Stand Alone Price Item Description Percentage of Total Stand Alone Price Protab computers Limited 6-month warranty Probook discount vouchers option to purchase extended warranty Total stand alone price Percentage of Item Description Total Stand x Total Transaction Allocated Contract Alone Price Protab computers Limited 6-month warranty Probook discount vouchers Option to purchase extended warranty Total contract price
32. 1.7 Explain how an AIS and corporate strategy affect each other. 1. A change in the AIS that makes..
1.7 Explain how an AIS and corporate strategy affect each other.
1. A change in the AIS that makes information more easily accessible and widely available within an organization is most likely to first influence the
A. organizational culture.
B. customer base.
C. external financial statement users.
D. production activity.
2. In Chapter 1, Figure 1-4 shows the factors that influence the design of AIS. The diagram shows a bi-directional arrow between the organizational culture and the AIS. The reason for this two-way interchange between organizational culture and AIS is
A. that the AIS should not influence the values of the organizational culture.
B. because the organization's culture influences the AIS, and likewise the AIS influences the organization's culture by controlling the flow of information within the organization.
C. due to the transfer of managers between the two corporate elements.
D. the AIS impacts the organization's key strategies.
3. Which of the following is a true statement?
A. Business strategy directly influences AIS, but not information technology.
B. Information technology directly influences organizational culture, but not business strategy.
C. Organizational culture directly influences business strategy, but not AIS.
D. AIS directly influences information technology, but not business strategy.
4. True or False: Corporate strategy should affect the way a firm deploys an accounting information system.
5. Identify the primary reason that it is important for a firm to identify the AIS improvements likely to yield the greatest return.
A. because business strategy directly influences AIS, but not information technology
B. because most organizations have limited resources
C. because a firm never wants to waste time addressing issues that are not urgent
D. because it is expensive to improve accounting information systems
6. An AIS that makes information more easily accessible and more widely available is likely to increase pressure for
A. centralization and defined procedures.
B. centralization and autonomy.
C. decentralization and defined procedures.
D. decentralization and autonomy.
7. Identify how firms use predictive analysis.
A. to provide an educated guess regarding what is expected to occur in the near future
B. to engage in data warehousing
C. to engage in a low-cost strategy
D. to design the most effective accounting information system
8. Identify a recent technological advance that provides an opportunity to gain a competitive advantage.
A. CVVP analysis
B. discounted cash flows
C. predictive analysis
D. economic order quantity (EOQ.
9. True or False: It is important that a firm's AIS collect and integrate financial and non-financial information about the organization's activities if the firm seeks use its AIS to gain a competitive advantage.
10. True or False: When properly deployed, accounting information systems can provide firms with a competitive advantage.
33. SCS 200 Week 7 Short Responses Week 7 Question 1 Approach the clips you have seen from a social...
SCS 200 Week 7 Short Responses
Week 7 Question 1
Approach the clips you have seen from a social scientific perspective. What aspects of art therapy would interest a professional in each of the following fields?
Week 7 Question 2
Use the social science perspective to propose a few explanations as to why you might find graffiti in a society. Choose a social science principle (norms, roles, institutions, and beliefs and values) and describe how these might influence the appearance of graffiti in a society. Describe how the appearance of graffiti in a society might influence the people living there.
Week 7 Question 3
Channel your thought process before taking this course and before adopting a social science perspective. Through what type of lens would you have viewed graffiti before taking this course? How would this have influenced how you thought about graffiti? How do these two reactions compare? Has your understanding of social science principles changed the way you perceive graffiti in society? If so, how?
34. 11) Which cells are included in the notation A1:D1? A) A1, B1, and C1 B) B1, C1, and D1 C) A1 and D1
11) Which cells are included in the notation A1:D1?
A) A1, B1, and C1
B) B1, C1, and D1
C) A1 and D1
D) A1, B1, C1, and D1
12) Which symbol inserted between two cell addresses indicates a range?
A) colon
B) semi-colon
C) period
D) comma
13) The Merge & Center button is in the ________ group on the Home tab.
A) Font
B) Alignment
C) Number
D) Cells
14) When a range is selected, the name box displays the cell address of ________.
A) the first cell in the range
B) the last cell in the range
C) all cells in the range
D) none of the cells in the range
15) An underlying value that does mathematical calculations on numeric values in a worksheet is ________.
A) the Formula AutoComplete
B) a formula
C) a text value
D) a cell address
16) The ________ displays a list of functions that match the first letter typed.
A) Formula AutoComplete feature
B) edit feature
C) Quick Access Toolbar
D) formula bar
17) When a cell is part of an active function, it is ________.
A) surrounded by a solid border
B) highlighted
C) surrounded by a moving border
D) preceded by an Options button
18) Placing content in a cell can be done by pressing the Enter key or by clicking the ________.
A) Cancel button
B) Enter button
C) Esc key
D) column header
19) The symbol on the Enter button is a(n) ________.
A) right arrow
B) left arrow
C) x
D) checkmark
20) When a formula is in an active cell, the underlying formula is visible in the ________.
A) Name Box
B) worksheet
C) formula bar
D
35. solve and show your solution Problem 1-28 (AICPA Adapted) Ronald Company has an incentive compensati
solve and show your solution
Problem 1-28 (AICPA Adapted) Ronald Company has an incentive compensation plan under which a branch manager received 10% of the branch income after deduction of the bonus but before deduction of income. tax. . Branch income for the current year before the bonus and income tax was P1,650,000. The tax rate was 30%. What is the bonus for the current year? a. 126,000 b. 150,000 c. 165,000 d. 180,000
