ACC2363_QUIZ 2_Q #16
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Question 16 of 100 - Quiz Two
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In its 2023 income statement, its ±rst year of operations, Culver Corp. reported depreciation of
$556000 and dividend revenue from a Canadian corporation of $118000. For 2023 income tax
purposes, Culver claimed CCA of $838000. The difference in depreciation/CCA will reverse in
equal amounts over the next three years. Culver's income tax rates are 35% for 2023, 30% for
2024, and 25% for both 2025 and 2026. What amount should be included as the deferred tax
liability on Culver's December 31, 2023 SFP?
$75200
$84600
$93060
$70500
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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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Assignment Details
ATG-110-20A01: Financial Accounting (Session II Summer 2021)
7474 unread replies.7575 replies.
Please read and respond to TIF 12-2 on page 623. Review
the rubric to ensure you receive full points for this
discussion.
Discussion Rubric- 25 points(1)_(3).docx
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TIF 12-2
Issuing Stock
1.
ETHICS Lou Hoskins and Shirley Crothers are
organizing Red Lodge Metals Unlimited Inc. to
undertake a high-risk gold mining venture in Canada.
Lou and Shirley tentatively plan to request
authorization for 400,000,000 shares of common
stock to be sold to the general public. Lou and Shirley
have decided to establish par of $0.03 per share in
order to appeal to a wide variety of potential
investors. Lou and Shirley believe…
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CT Problems
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South Sea Baubles has the following (incomplete) balance sheet and income statement.
BALANCE SHEET AT END OF YEAR
(Figures in $ millions)
2019
Assets
2018
Liabilities and Shareholders' Equity 2018
2019
Current assets
$ 102 $
200 Current liabilities
$ 74 $ 96
Net fixed assets
920
1,020 Long-term debt
660
870
INCOME STATEMENT, 2019
(Figures in S millions)
$ 2,010
1,090
410
Revenue
Cost of goods sold
Depreciation
Interest expense
252
a&b. What is shareholders' equity in 2018 and 2019?
c&d. What is net working capital in 2018 and 2019?
e. What are taxes paid in 2019? Assume the firm pays taxes equal to 21% of taxable income.
f. What is cash provided by operations during 2019?
g. Net fixed assets increased from $920 million to $1,020 million during 2019. What must have been South Sea's gross investment in
fixed assets during 2019?
Complete this question by entering your answers in the tabs below.
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Question 23 of 25
You have the following information for Sheridan Inc. for the month ended June 30, 2022. Sheridan uses a periodic inventory system.
Unit Cost or
Date
Description
Quantity
Selling Price
June
Beginning inventory
40
$34
June
4.
Purchase
135
37
June
10
Sale
110
64
June
11
Sale return
15
64
June
18
Purchase
55
40
June
18
Purchase return
10
40
June
25
Sale
65
70
June
28
Purchase
35
44
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12.
DETAILS
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
%24
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Perform a horizontal analysis for Davis Inc. Use 2017 as the base year
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Question 26 of 42
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Which of the following is in accordance with generally accepted accounting principles?
Accrual-basis accounting
Cash-basis accounting
Both accrual-basis and cash-basis accounting
Neither accrual-basis nor cash-basis accounting
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OO O O
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Question 3 of 4
Bridgeport Company
Income Statement
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Cost of goods sold
Gross profit
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Operating expenses (excluding depreciation)
Depreciation expense
Other gains (losses)
Loss on sale of equipment
Income before taxes
Income taxes expense
Net income
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Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the
year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all
purchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory.
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Accounts receivable
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Prepaid expenses
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Income Statement
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Consider a company that..
Lesson 9.2 Practice Mod..
uiz A
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MC Qu. 8-45 Assume Zap Industries reported the following...
Assume Zap Industries reported the following adjusted account balances at year-end.
2019
$2,496,320 $1,937,472
(126,400)
$2,369,920 $1,834,112
2018
Accounts Receivable
Allowance for Doubtful Accounts
Accounts Receivable, Net
(103,360)
Assume the company recorded no write-offs or recoveries during 2019. What was the amount of Bad Debt Expense reported
in 2019?
Multiple Choice
$103,360
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Pelican Inc.
Comparative Statements of Financial Position
as of December 31,....
A
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Pelican Inc.
Statement of Profit or Loss
for the year ended December 31, 2023
2023
2022
en
$
$
$
$
Cash
55,000
45,000
Sales Revenue
1,000,000
Accounts Receivable
100,000
82,000
Less Cost of Goods Sold
600,000
Allowance for Doubtful Accounts
(14,000)
(12,000)
Gross Profit
400,000
Prepaid Expenses
10,000
8,000
Less Operating Expenses (Note 1)
300,000
Inventory
65,000
60,000
Income from Operations
100,000
Equity Investments (non-trading)
70,000
80,000
Other Income and Expenses:
Equipment
50,000
40,000
Loss on Sale of Investments
(5,000)
Building
300,000
300,000
Gain on Sale of Equipment
2,000
(3,000)
Land
80,000
40,000
Income before taxes
97,000
716,000
643,000
Less Income taxes
48,000
Net Income
49,000
Accumulated Depreciation - Equipment
15,000
10,000
Accumulated…
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workjam (ulta)
-
Question 2 of 10
The following data are taken from the financial statements of JB Chris, Inc. The average number of shares of common stock
outstanding for the year was 5,200. The following data are in are provided:
Current ratio
$20,800
23,400
54,600
148,200
26,000
Net sales
connect
Other current liabilities
Total assets
Salaries and wages payable
Total stockholders' equity
MYOCC
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$382,200
14,300
3,900
174,720
quizlet google docs
312,000
Compute the following: (Round Earnings per share to 2 decimal places, e.g. 52.51 and all other answers to 1 decimal place, e.g. 525.1.)
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0.25/1 =
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2302-018
Homework
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a. How much net income does the company earn from each dollar of sales?
b. Is the company financed primarily by debt or equity?
How many dollars of sales were generated for each dollar invested in
fixed assets?
Identify the ratio that is relevant to answering each of the following questions.
d.
How many days, on average, does it take the company to collect on credit
sales made to customers?
+
How much net income does the company earn for each dollar owners have
invested in it?
Does the company have sufficient assets to convert into cash for paying
liabilities as they come due in the upcoming year?
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XYZ Company had the following information for the year:
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Direct materials used
OMR 110,000
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Direct labor incurred (5,000 hours)
OMR 150,000
Actual manufacturing overhead incurred
OMR 166,000
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The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventc
an ending Work in Process Inventory balance of OMR 17,000. What was cost…
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Prepare jour
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Required information
[The following information applies to the questions displayed below.]
Leach Incorporated experienced the following events for the first two years of its operations.
Year 1:
1. Issued $16,000 of common stock for cash.
2. Provided $84,600 of services on account.
3. Provided $42,000 of services and received cash.
4. Collected $75,000 cash from accounts receivable.
5. Paid $44,000 of salaries expense for the year.
6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent
of the ending accounts receivable balance will be uncollectible.
7. Closed the revenue account.
8. Closed the expense accounts.
Year 2:
1. Wrote off an uncollectible account for $950.
2. Provided $94,000 of services on account.
3. Provided $38,000 of services and collected cash.
4. Collected $87,000 cash from accounts receivable.
5. Paid $71,000 of salaries expense for the year.
6. Adjusted the accounts to reflect uncollectible accounts…
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Question 8 of 20
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1.
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3.
CPO
4.
bofa workjam (ulta)
workjam (ulta)
5.
1.
No. Account Titles and Explanation
2.
A Player
school
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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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Income summary
owners capital
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Common stock ($10 par).
Yuzu: Advanced Accounting, 12e x +
Problem 8-1 (LO 1) Stock dividend, subsidiary stock sales, equity method. On
January 1, 2015, Wells Corporation acquires 8,000 shares of Towne Company stock and
18,000 shares of Sara Company stock for $176,000 and $240,000, respectively. Each invest-
ment is acquired at a price equal to the subsidiary's book value, resulting in no excesses.
Towne Company and Sara Company have the following stockholders' equities immediately
prior to Wells's purchases:
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Paid-in capital in excess of par
Retained earnings
Total stockholder's equity.
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