Question 24 - Examen #1 - CONT3105
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Examen #1 6 Submitted 70/104 Total points awarded ~ Help Exit 2 1 El concepto que establece que todas las transacciones deben ser registradas en términos de ddlares es 2/2 points awarded Multiple Choice Q negocio en marcha (“going concern”). entidad econdémica (“business entity”). objetividad (“objectivity”). ®@ O O unidad monetaria (“unit of measure”). Explanation La contestacion correcta es: Solution unidad monetaria (“unit of measure”). % < Prev 24 of 52 Next »
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Koch Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,000, Land
$40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid Insurance $5,200, Inventory $30,000, Allowance for Doubtful
Accounts $4,000, and Equity Investments (to be sold in the next quarter) $11,000.
Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
КОСН СORPORATION
Balance Sheet (Partial)
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The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows.
CONSTANTINE CAVAMANLIS INC.
BALANCE SHEETS
Dec. 31, 2020
Jan. 1, 2020
Inc./Dec.
Assets
Cash
$ 45,000
$ 13,000
$32,000
Inc.
Accounts receivable
91,000
88,000
3,000
Inc.
Equipment
39,000
22,000
17,000
Inc.
Less: Accumulated Depreciation-Equipment
17,000
11,000
6,000
Inc.
Total
$158,000
$112,000
Liabilities and Stockholders' Equity,
Accounts payable
$ 20,000
$ 15,000
5,000
Inc.
Common stock
100,000
80,000
20,000
Inc.
Retained earnings
38,000
17,000
21,000
Inc.
Total
$158,000
$112,000
Net…
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Activity No.:
Topic
: The Worksheet
Problems
The following are all the steps in the accounting cycle. List them
they should be done.
1.
the order in which
Closing entries are journalized and posted to the ledger.
- An unadjusted trial balance is prepared.
- An optional end-of-period spreadsheet (worksheet) is prepared.
-A post-closing trial balance is prepared.
- Adjusting entries are journalized and posted to the ledger.
- Transactions are analyzed and recorded in the journal.
Adjustment data are assembled and analyzed.
-Financial statements are prepared
An adjusted trial balance is prepared
Transactions are posted to the ledger
2.
7.
8.
6.
10
The balances for the accounts listed below appeared in the Adjusted Tral Balance
columns of the work
the Income Statement columns or
iobtndicato
ther cach…
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Indicate the impact on the income statement and balance sheet if the following adjusting entries were omitted. You
should indicate which of the items shown would be overstated or understated.
An attorney has earned 1/2 of a retainer fee that was received and recorded last month. No adjustment was
recorded for the amount earned.
von
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Expenses
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Owner's Equity
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Assume Skyler Industries has debt of $4,841,000 with a cost of capital of 7.6% and equity of $5,459,.000 with a cost of capital of 10.4%. What is Skyler's weighted average cost of
capital? Round your intermediate calculations and final answer to 3 decimal places,
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During the current year, Sokowski Manufacturing earned income of $332,760 from total sales of $5,640,000 and average capital assets of $12,000,000.
A. Based on this information, calculate asset turnover. If required, round your answer to two decimal places.
times
B. Assume sales margin is 5.9%, what is the total ROI for the company during the current year?. If required, round your answer to one decimal place.
%
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Assume a company is going to make an investment of $460,000 in a machine and the following are the cash flows that two different products would bring in years one through four.
Option A,
Option B,
Product A
Product B
$190,000
$155,000
190,000
180,000
65,000
65,000
25,000
70,000
A. Calculate the payback period of each product. Round your answers to 2 decimal places.
Option A, Product A
years
Option B, Product B
years
B. Which of the two options would you choose based on the payback method?
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Falkland, Inc., is considering the purchase of a patent that has a cost of $51,000 and an estimated revenue producing life of 4 years. Falkland has a cost of capital of 12%. The
patent is expected to generate the following amounts of annual income and cash flows:
Year 1
Year 2
Year 3
Year 4
Net income
$5,100
$6,500
$6,300
$3,000
Operating cash flows
17,000
18,300
18,450
15,100
(Click here to see present value and future value tables)
A. What is the NPV of the investment? Round your present value factor to three decimal places and final answer to the nearest dollar.
B. What happens if the required rate of return increases?
If the required rate of return increases,
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Question 14 of 20
Select the best answer for the question
14. The operating expenses of a company include all of the following except
OA. commissions earned by a salesperson
OB. wages paid to an employee
OC. rent paid to a landlord.
OD. cash withdrawn by the owner or owners
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O F E/20OISTAOSEMESTERPRINCIPLES orADACCOLNTINGPRINCIPLESSJOOr2DACCOUNTINGNO3sASS20200 pd
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LECTURE Z - ACCountIng Coicepts
Question
• Define the following accounting concepts and explain for each their
implications for the preparation of financial statements
a) The Entity concept
b) Going concern
c) Materiality
d) Realization
e) Fair presentation (true and fair view)
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Current Position Analysis
The following items are reported on a company's balance sheet:
$365,600
Marketable securities
285,700
Accounts receivable (net)
254,900
Inventory
236,400
Accounts payable
394,000
Determine (a) the current ratio and (b) the quick ratio. Round to one declmal place.
a. Current ratio
b. Quick ratio
Check My Work
a. Divide current assets by current liabilities.
b. Divide quick assets by current liabilities. Quick assets are cash, temporary investments, and receivables.
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Question 27 of 42
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The revenue recognition principle dictates that revenue should be recognized in the accounting records
when the performance obligation is satisfied.
at the end of the month.
in the period that income taxes are paid.
when cash is received.
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I don’t know how to show all these transactions
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Eli Inc. issued $110,000 of 10% annual, 4-year bonds for $112,800. What is the total amount of interest expense over the life of the bonds?
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Marcotti Cupcakes bakes and sells a basic cupcake for $1.25. The cost of producing 600,000 cupcakes in the prior year was:
Revenues
$750,000
Direct materials
330,000
Direct labor
66,000
Manufacturing overhead (fixed)
132,000
Manufacturing overhead (variable)
84,000
At the start of the current year, Marcotti received a special order for 16,000 cupcakes to be sold for $1.10 per cupcake. To complete the order, the company must incur an additional
$800 in total fixed costs to lease a special machine that will stamp the cupcakes with the customer's logo. This order will not affect any of Marcotti's other operations and it has
excess capacity to fulfill the contract. Should the company accept the special order?
profit will
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Jefferson Memorial Hospital is an investment center as a division of Hospitals United. During the past year, Jefferson reported an after-tax income of $7 million. Total interest
expense was $3,000,000, and the hospital tax rate was 30%. Total assets totaled $69.9 million, and non-interest-bearing current liabilities were $22,700,000. The required rate of
return established by Jefferson is equal to 17% of invested capital.
What is the residual income of Jefferson Memorial Hospital? Enter your answer in whole dollar.
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Elkins and Landry are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were:
Elkins, $149000 and Landry, $116000. On that date, they agree to admit Neumark as a partner with a one-third capital interest. If
Neumark invests $98000 in the partnership, what is Landry's capital balance after Neumark's admittance?
O $121000
O $104800
O $116000
O $106800
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Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of
the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No
Entry" for the account titles and enter O for the amounts.)
connect
Owner invested $66,500 in exchange for common stock of the corporation.
Hired an employee to be paid $500 per week, starting tomorrow.
Paid two years' rent in advance, $7,100.
Paid the worker's weekly wage.
Recorded service revenue…
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The accounting concept that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the:
Multiple Choice
Time-period assumption.
Business entity assumption.
Going-concern assumption.
Revenue recognition principle.
Measurement (Cost) principle,
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please help me provide complete and correct answer for all requirements with all working for all parts answer in text please answer correct please remember answer all requirements or skip /leave for other expert thanks million thanks please double underline need answer for all requirements or skip please do not waste time or question by giving incomplete or incorrect answer please no copy paste from other answer
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they should balance.
PA2.) Record journal entries for the following transactions of Barrera Suppliers.
A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45,
invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each.
B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable
condition at the original cost.
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C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance
of $200.
D. May 22: Customer paid their account in full with cash.
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