Question 21 - Examen #1 - CONT3105
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Examen #1 6 Submitted 70/104 Total points awarded ~ Help Exit 21 Los asientos de cierre al final del periodo contable resultan en: 0/2 points awarded Multiple Choice Q poner en cero los balances de las cuentas temporeras. entradas de ajustes adicionales. poner en cero los balances de las cuentas permanentes. trasladar el balance de la cuenta de Dividendos a la cuenta de Acciones Comunes (“Common Stock”). O @ O Explanation La contestacion correcta es: Solution poner en cero los balances de las cuentas temporeras. % < Prev 21 of 52 a8 Next »
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Unit A
QS 26-17 (Algo) X
Unit B
Totals
Acct: chapter 4 (C... M Question Mode: Fi...
Rental value
11
A company purchases a 6,552-square-foot building for $375,000. The building has two separate rental units. Unit A, which has the
desirable location on the corner and contains 1,872 square feet, will be rented for $2.50 per square foot. Unit B contains 4,680 square
feet and will be rented for $1.50 per square foot.
How much of the joint cost should be allocated to Unit A and to Unit B using the value basis of allocation?
Percent of rental value
Numerator Denominator % of Mkt Value
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QS 26-17 (Algo) X
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Contribution margin
Required information
[The following information applies to the questions displayed below.]
If the company actually produces and sells 26,700 units, calculate the flexible budget income.
-----Flexible Budget------
Variable Amount
per Unit
The fixed budget for 20,600 units of production shows sales of $473,800; variable costs of $61,800; and fixed costs of
$141,000.
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The following items appear on the balance sheet of a company with a one-year operating cycle. Identify each item as a current
liability, a long-term liability, or not a liability.
Item
Classification
1. Sales taxes payable.
2. Pension liability (to be fully paid to retired employees in next 11 months)
3. Pension liability (to be paid to employees retiring in 2 to 5 years)
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4. Machinery (expected life of 4 years)
5. Employee Medical Insurance Payable
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6. FICA-Medicare Taxes Payable
7. Interest payable (due in 90 days)
8. Wages payable.
9. Employee Federal Income Taxes Payable
10. Employee Union Dues Payable
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19
Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person or persons are eligible to
take the credit. Use Table 9-3.
Required:
Calculate the credit using the formulas.
Note: For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
1
1
a. A single person with earned income of $5,180 and no qualifying children.
b. A single person with earned income of $24,200 and two qualifying children.
c. A married couple filing jointly with earned income of $36,060 and one qualifying child.
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QS 26-17 (Algo) X
Required 1 Required 2
4
At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead
costs, $1,080,000, and direct materials costs, $400,000.At year-end, the company reports that actual overhead costs for the year are
$1,088,900 and actual direct materials costs for the year are $400,000.
Actual overhead
Complete this question by entering your answers in the tabs below.
Required 3
1. Determine the predetermined overhead rate using estimated direct materials costs
2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using…
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montife
Installme
Parment: 678.41
perjod Beginning Bolah
prezare t
firs)
twe
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Make a Crossword
8
Chapters 1, 2, 14 Terminology Review
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customers
✓7. The right side of an account
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signment #4 (Leases) i
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At the beginning of 2021, VHF Industries acquired a machine with a fair value of $9,415,785 by signing a four-year lease. The lease is
payable in four annual payments of $3.1 million at the end of each year. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD
of $1) (Use appropriate factor(s) from the tables provided.)
Required:
1. What is the effective rate of interest implicit in the agreement?
2-4. Prepare the lessee's journal entries at the beginning of the lease, the first lease payment at December 31, 2021 and the second
lease payment at December 31, 2022.
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AR prior balance
AR current balance
42
252
77
330
42
439
9
119
Find the AR turnover
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Jacquiline is unmarried and age 32. Even though she participates in an employer sponsored retirement plan, Jacquiline contributed
$3,000 to a traditional IRA during the year. Jacquiline files as a head of household, her AGI before the contribution is $43,000, and her
marginal tax rate is 12 percent. (Use Exhibit 13-8)
What is the after-tax cost of her $3,000 traditional IRA contribution?
After-tax cost
$
2,350
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Class Collaborate-AC-163-44 P x
CengageNOWv2| Online teachin X
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Determine the following measures for 2018.
Round ratio values to one decimal place and dollar amounts to the nearest cent. For number of days' sales in receivables and number of
days' sales in inventory, round intermediate calculations to the nearest whole dollar and final amounts to one decimal place. Assume
there are 365 days in the year.
1. Working capital
Г
2,790,000
2.
Current ratio
4.1
3. Quick ratio
2.5
4.
Accounts receivable turnover
16
5. Days' sales in receivables
22.8
days
6.
Inventory turnover
7. Days sales in inventory
8. Debt ratio
days
%
9. Ratio of liabilities to stockholders' equity
10.
Ratio of fixed assets to long-term liabilities
11. Times interest earned
times
times
12.
Times preferred dividends earned
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ACC 122 Fall 2020Comprehensive ProjectBestValue Corporation's Trial Balance at December 31, 20XX is presented below.All 20XX transactions have been recorded except for the items described on the next page.Debit CreditCash $ 109,890Accounts Receivable 28,789Inventory 25,540Debt Investments 0Land 55,674Buildings 215,850Equipment 75,120Allowance for Doubtful Accounts $ 1,027Accumulated Depreciation-Buildings 63,306Accumulated Depreciation-Equipment 16,048Accounts Payable 35,278Interest Payable 0Unearned Rent Revenue 48,900Dividends Payable 0Income Tax Payable 0Bonds Payable 0Discount on Bonds Payable 0Common Stock ($2 par) 29,200Paid in Capital in Excess of Par-Common Stock 44,580Preferred Stock ($60 par) 0Paid in Capital in Excess of Par-Preferred Stock 0Retained Earnings 107,904Treasury Stock 0Cash Dividends 0Sales Revenue 776,068Rent Revenue 0Gain on Sale of Land 0Bad Debt Expense 0Interest Expense 0Cost of Goods Sold 478,542Depreciation Expense 0Other Operating Expenses 53,274Salaries…
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7-2 Project: Company Accour x
121. Project Guidelines and Rubric x
121. 7-1 Problem Set: Module Sev X
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Return on Total Assets
A company reports the following income statement and balance sheet information for the current year:
Net income
$224,540
Interest expense
39,620
Average total assets
Determine the return on total assets. If required, round the answer to one decimal place.
1.8
Check My Work
Divide the sum of net income and interest expense by average total assets.
Previa
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Adjustment for accrued expense
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Chas of Accounts
Journal
Insiructions
Blue Ocean Realty Co. pays weekly salaries of $33,300 for a six-day workweek (Monday through Saturday).
Journalize the necessary adjusting entry assuming that the accounting period ends on Thursday. Refer to the chart of accounts for the exact
wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit
entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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DZL. 7-1 Problem Set: Module Sev X
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Horizontal Analysis
The comparative accounts payable and long-term debt balances for a company follow.
Current Year
Previous Year
Accounts payable
$40,964
$41,800
Long-term debt
45,594
44,700
Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance sheet with horizontal analysis?
Enter all answers as positive numbers.
Amount of Change
Increase/Decrease
Percentage
Accounts payable
Decrease
Increase
Long-term debt
Check My Work
Calculate the change in the amount and divide by the base (older) year amount to determine the horizontal analysis percentages.
Previous
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Question 6 (22 pts): Margin Account
Assume you buy one July '23 KC HRW contract today at $5.2875; its initial is $2,310
with a maintenance of $2,100.
o Today - July KC HRW settles at 528'6.
What do you deposit in the margin account?
o Session 2-July KC HRW settles at 520'2
What is the gain or loss from session 2?
What is the balance?
Is there a margin call? If so, what is it?
o Session 3-July KC HRW settles at 526'6
What is the gain or loss from session 3?
What is the balance?
Is there a margin call? If so, what is it?
o Session 4 - Offset July KC HRW at 536'4
What is the gain or loss from session 4?
What is the balance?
Is there a margin call? If so, what is it?
o Session 5 - Offset July KC HRW at 530'0
Calculate the profit or loss on the trade.
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Land
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Journalizing Partner's Original Investment
assumed a $57,000 note payable owed by Lin that was used originally to purchase the land.
Xi Lin contributed land, inventory, and $35,000 cash to a partnership. The land had a book value of $79,000 and a market value of $152,000. The inventory had a book value of $53,100 and a market value of $48,900. The partnership also
Required:
Provide the journal entry for Lin's contribution to the partnership. If an amount box does not require an entry, leave it blank.
35,000
53,100 X
152,000
48,900
X
79,000 X
57,000
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Record the assets at their current values, and record the liability at its current value. Lin's Capital…
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needing answer to B
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A Final Exam - MATH 1330 - Math
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HARMATHAP12 6.2.009.
MYΝΟΤΕS
What are the future value and the interest earned if $4000 is invested for 3 years at 8% compounded quarterly? (Round your answers to the nearest cent.)
future value
24
interest earned
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