Question 13 of 15 - Week 5 - Quiz_ Chapters 12 and 13
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Each of the following is correct regarding treasury stock except
that it has been
retired.
fully paid for.
reacquired.
issued.
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Week 5 - Quiz: Chapters 12 and 13
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Question 13 of 15
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please answer complete and correct with full working please please answer in text respected expert provide fully explained , computed and formulated answer or skip thanks . Attempt if you can answer correctly without copy paste from other answer otherwise skip but please please do not waste my question or time by giving incomplete or incorrect answer thanks
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Each of the following accounts is closed to Income Summary except
Expenses.
Dividends.
Revenues.
All of these are closed to Income Summary.
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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.
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5. Paid $71,000 of salaries expense for the year.
6. Adjusted the accounts to reflect uncollectible accounts…
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tests.mettl.com/test-window/f55ac827#/testWindow/0/20/1
EY
Accounting Assessment
Total 00:54:23
Finish Test
Section 1 of 1
Section #1 v
15
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17
18
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20
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21 of 45
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Question # 21
G Revisit
Choose the best option
Under the accrual basis of accounting, if cash is received prior to the sale, then.
Revenue is recognized when cash is received
O A liability is recognized when cash is received
O A liability is removed from the system when the cash is received
O Revenue is removed from the system when the services have been performed or the goods have
been delivered.
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8
Selling stock to investors for cash would result in which of the following?
Σorress
Multiple Choice
A debit to additional paid-in capital and a credit to cash
A credit to both cash and additional paid-in capital
A debit to cash and a credit to common stock
A debit to cash and a credit to the investment account
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Prepare the stockholders equity section of the balance sheet as of July 31, the end of the current year.
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Retained earnings statement
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Labels and Amount Descriptions
Retained Earnings Statement
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Financial information related to Healthy Products Company for the month ended November 30, 2018, is as follows:
Net income for November
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Cash dividends paid during November
23,500
Retained earnings, November 1, 2018
371,000
1. Prepare a retained earnings statement for the month ended November 30, 2018. Refer to the lists of Labels and Amount Descriptions
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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
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Required B
Complete this question by entering your answers in the tabs below.
Required C
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b. As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments?
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Required D
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Required B
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As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments?
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Which of the following is in accordance with generally accepted accounting principles?
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Neither accrual-basis nor cash-basis accounting
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OO O O
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780,000
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650,000
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The accounts listed below for the year ended 2021, in random order, are for Polanyi Knowledge, Inc.
Construct a classified balance sheet for the business in good form.
yllabus
Modules
Cash
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Discount on bonds payable
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rades
Accumulated depreciation-Buildings 630,600
Wages payable
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eople
Accounts Receivable
90,200
Note payable due 2023
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uJa
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Retained earnings
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Inventory
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Bonds payable
500,000
Additional paid in capital common
Common stock
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150,000
stock
Long-term investments
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Preferred stock
110,000
Buildings
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Accounts payable
167.000
Additional paid in capital preferred
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Land
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