Get Ahead in Accounting: Fall Semester Support for Student

Published: 1 year ago

Get Ahead in Accounting: Fall Semester Support for Student

14. 91. In the process of completing a work sheet, you determine that the Income Statement [u1] debit...

91. In the process of completing a work sheet, you determine that the Income Statement debit column totals $83,000, while the Income Statement credit column totals $65,000. To enter net income (or net loss) for the period into the work sheet would require an entry to 

A. the Adjustments debit column and the Adjustments credit column.

B. the Unadjusted Trial Balance debit column and the Adjustments credit column.

C. it is not practical to enter Net Income (or Net Loss) on the work sheet.

D. the Balance Sheet & Statement of Owner's Equity debit column and the Income Statement credit column.

E. the Income Statement debit column and the Balance Sheet & Statement of Owner's Equity credit column.

92. The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the owner's capital account is the: 

A. Income Summary account.

B. Closing account.

C. Balance column account.

D. Contra account.

E. Nominal account.

93. J. Awn, the proprietor of Awn Services, withdrew $8,700 from the business during the current year. The entry to close the withdrawals account at the end of the year is: 

A. Debit J. Awn, Withdrawals $8,700; credit Cash, $8,700

B. Debit J. Awn, Capital $8,700; credit J. Awn, Withdrawals $8,700

C. Debit J. Awn, Withdrawals $8,700; credit J. Awn, Capital $8,700

D. Debit J. Awn, Capital $8,700, credit Salary Expense $8,700

E. Debit Income Summary $8,700; credit J. Awn, Capital $8,700

94. A company had revenues of $75,000 and expenses of $62,000 for the accounting period. The owner withdrew $8,000 in cash during the same period. Which of the following entries could not be a closing entry? 

A. Debit Income Summary $13,000; credit Owner's, Capital $13,000.

B. Debit Income Summary $75,000; credit Revenues $75,000.

C. Debit Revenues $75,000; credit Income Summary $75,000.

D. Debit Income Summary $62,000, credit Expenses $62,000.

E. Debit Owner's, Capital $8,000, credit Owner's, Withdrawals $8,000.

95. The following information is available for the Travis Travel Agency. After these closing entries what will be the balance in the Jay Travis, Capital account?

A. $65,000.

B. $80,000.

C. $130,000.

D. $145,000.

E. $280,000.

96. The J. Godfrey, Capital account has a credit balance of $17,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000, what is the ending balance in the J. Godfrey, Capital account after all closing entries are made? 

A. $8,000.

B. $15,400.

C. $23,400.

D. $17,000.

E. $32,400.

97. The Income Summary account is used: 

A. To adjust and update asset and liability accounts.

B. To close the revenue and expense accounts.

C. To determine the appropriate withdrawal amount.

D. To replace the income statement under certain circumstances.

E. To replace the capital account in some businesses.

98. Dina Kader withdrew a total of $35,000 from her business during the current year. The entry needed to close the withdrawals account is: 

A. Debit Income Summary and credit Cash for $35,000.

B. Debit Dina Kader, Withdrawals and credit Cash for $35,000.

C. Debit Income Summary and credit Dina Kader, Withdrawals for $35,000.

D. Debit Dina Kader, Capital and credit Dina Kader, Withdrawals for $35,000.

E. Debit Dina Kader, Withdrawals and credit Dina Kader, Capital for $35,000.

99. A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Tricia DeBarre, Capital in the process of closing the Income Summary account? (Assume all accounts have normal balances.)

A. $16,780 debit.

B. $7,180 credit.

C. $16,780 credit.

D. $18,280 credit.

E. $23,780 credit.

100. It is obvious that an error occurred in the preparation and/or posting of closing entries if: 

A. all revenue and expense accounts have zero balances.

B. the owner's capital account is debited for the amount of the net loss for the period.

C. the income summary account is debited for the amount of net income for the period.

D. all balance sheet accounts have zero balances.

E. only permanent accounts appear on the post-closing trial balance.

15. 11) The layout of a table is modified by ________. A) entering text B) removing text C) inserting or

11) The layout of a table is modified by ________.

A) entering text

B) removing text

C) inserting or deleting rows

D) changing alignment

12) If the insertion point is located in the first row of a table and you click the Insert Above button, a row is inserted ________.

A) above the first row

B) below the first row

C) at the end of the table

D) to the left of the first column

13) When merging cells, data in the rightmost cells will be ________.

A) retained

B) lost

C) combined with the cells to the left

D) distributed evenly

14) The style of a table is applied consistently with the ________ of the presentation.

A) layout

B) slide formatting

C) theme

D) default settings

15) Live ________ displays a table in the style selected in the Table Styles gallery.

A) Preview

B) Generator

C) Streaming

D) Formatter

16) You can create a cohesive color scheme using the ________.

A) color picker

B) eyedropper

C) pixel matcher

D) magnifying tool

17) Click the ________ button in the Table Styles group to display the Table Style gallery.

A) Styles

B) Table

C) Border

D) More

18) The left side of the Insert Chart dialog box displays the ________.

A) chart categories

B) default chart setting

C) last used chart type

D) chart preview

19) The column headings displayed in the Excel worksheet used to create a chart in PowerPoint will display in the ________ of the resulting chart.

A) category labels

B) legend

C) data series

D) value labels

20) A(n) ________ with sample data is used when creating a chart in PowerPoint.

A) database

B) legend

C) spreadsheet

D

16. Accounting cycle....Journalize and post the November transactions for Louis Ruiz Consulting...

Nov. 1 Louis Ruiz invests $20,000 to start his own consulting agency.

Journal, post, trial balance, adjusting enteries, adjusted trial balance, financial statements, closing enteries.

There are xix questions..pl see attachment

17. In January 2007 Cordova Company entered into a contract to

In January 2007 Cordova Company entered into a contract to acquire a new machine for its factory. The machine, which has a cash price of $215,000, was paid for as follows:

Down payment …………………………………………..$ 55,000

Note payable in four equal annual payments

starting in January 2008 ………………………………… 120,000

600 shares of Cordova preferred stock with a mutually agreed value

of $100 per share (par value $100) ……………………… 60,000

Fair rate of interest on the non-interest-bearing note ……. 10%



Required

1. Prepare the journal entry to record the acquisition of the machine.

2. How would your answer change, if at all, if the $215,000 cash price were not available?

18. Oslo Company prepared the following contribution format income statement based on a sales ...

Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units):

Required:

6- If the selling price increases by $2 per unit and the sales volume decreases by 100 units, what would be the net operating income?

7- If the variable cost per unit increases by $1, spending on advertising increases by $1,500, and unit sales increase by 250 units, what would be the net operating income?

8- What is the break-even point in unit sales?

9- What is the break-even point in sales dollars?

10- How many units must be sold to achieve a target profit of $5,000?

13- Using the degree of operating leverage, what is the estimated percent increase in net operating income of a 5% increase in sales?

15- Assume that the amounts of the company's total variable expenses and total fixed expenses were reversed. In other words, assume that the total variable expenses are $6,000 and the total fixed expenses are $12,000. Given this scenario, and assuming that total sales remain the same, calculate the degree of operating leverage. Using the calculated degree of operating leverage, what is the estimated percent increase in net operating income of a 5% increase in sales?

19. Assume Digby Corp. is downsizing the size of their workforce by 10% (to the nearest person) next ...

Assume Digby Corp. is downsizing the size of their workforce by 10% (to the nearest person) next year from various strategic initiatives. Digby is planning to conduct exit interviews to learn more about how they can improve in processes and increase productivity. The exit interviews are estimated to cost $100 per employee in additional to normal separation costs of $5000. How much will the company pay in separation costs if these exit interviews are implemented next year?

20. 14) 14) March 12, Klein Company, Inc. sold merchandise in the amount to Babson Company, with cred...

I need help with 14-23 please. Thank you for your time and effort14) 14) March 12, Klein Company, Inc. sold merchandise in the amount to Babson Company, with credit terms n30.The cost the items sold is $4,500. of Klein uses the perpetual inventory system Babson pays the invoice on March 17, and takes the appropriate discount. The journal entry that Klein makes on March 17 is: A) 7,644 Cash 7,644 Accounts receivable 4.410 Cash 901 Sales discounts 4,500 Accounts receivable 7,644 Sales discounts 7,800 Accounts receivable 7.800 Cash 7,800 Accounts receivable 4,500 Cash 4,500 Accounts receivable 15) Peavey Enterprises purchased a depreciable asset for $22,000 on April 1, Year 1.The 15) asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage val is S2,000, what will be the amount of accumulated on this asset December 31, Year 3? A) $13,750 B) $15,125 C) $20,000 D) $15,000 E) $5,000

21. Compare and contrast the relative advantages and disadvantages of sequential, block, group,...

Compare and contrast the relative advantages and disadvantages of sequential, block, group, alphabetic, and mnemonic codes.

22. TIME TO REACH A FINANCIAL GOAL You have $42,180.53 in a brokerage account, and you plan to...

TIME TO REACH A FINANCIAL GOAL You have $42,180.53 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $250,000. You expect to earn 12% annually on the account. How many years will it take to reach your goal?

23. Which of the statements is most appropriate for Kaizen? (a) small projects, no investment,...

Which of the statements is most appropriate for Kaizen?

(a) small projects, no investment, elimination of waste

(b) small projects, no investment, statistical tools

(c) large projects, no investment, elimination of waste

(d) large projects, large investment, statistical tools

24. On the Schedule of Cost of Goods Manufactured, the final Cost of Goods Manufactured figure...

On the Schedule of Cost of Goods Manufactured, the final Cost of Goods Manufactured figure represents:

A) the amount of cost charged to Work in Process during the period.

B) the amount of cost transferred from Finished Goods to Cost of Goods Sold during the period.

C) the amount of cost placed into production during the period.

D) the amount of cost of goods completed during the current year whether they were started before or during the current year.

25. Does traditional financial accounting , using the historical cost convention ,make ,the going...

Does traditional financial accounting , using the historical cost convention ,make ,the going concern convention unnecessary ? Explain your answer fully .

26. EX17-19 Six measures of solvency or profitability OBJ. 2 Use financial statement analysis to asse...

EX17-19 Six measures of solvency or profitability OBJ. 2 Use financial statement analysis to assess the solvency of a business., 3 Use financial statement analysis to assess the profitability of a business. The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Assuming that long-term investments totaled $3,000,000 throughout the year and that total assets were $7,000,000 at the beginning of the current fiscal year, determine the following: (a) ratio of fixed assets to long-term liabilities, (b) ratio of liabilities to stockholders' equity, (c) ratio of sales to assets, (d) rate earned on total assets, (e) rate earned on stockholders' equity, and rate earned on common stockholders' equity. Round to one decimal place.

27. On July 1, 2017, Ling Co. pays $12,400 to Marsh Insurance Co. for a 2-year insurance contract....

On July 1, 2017, Ling Co. pays $12,400 to Marsh Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Ling Co., journalize and post the entry on July 1 and the annual adjusting entry on December 31.

28. When preparing for a business trip to China, Kaylee Putbrese determined she needed to bring $4,300.

When preparing for a business trip to China, Kaylee Putbrese determined she needed to bring $4,300. How much must she borrow for a simple discount note at 4% for 50 days? (Round your answer to the nearest cent.)

29. Exercise 3-9 (E3-9) The trial balance for Pioneer Advertising Agency is shown in Illustration

Help in ACC 280

Help in XACC 280



Exercise 3-9 (E3-9)The trial balance for Pioneer Advertising Agency is shown in Illustration 3-3, p. 98. In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data.

1. Advertising supplies on hand at October 31 total $500.

2. Expired insurance for the month is $100.

3. Depreciation for the month is $50.

4. Unearned revenue earned in October totals $600.

5. Services provided but not recorded at October 31 are $300.

6. Interest accrued at October 31 is $70.

7. Accrued salaries at October 31 are $1,500.



Instructions

Prepare the adjusting entries for the items above.

 [u1]