ACC2363_QUIZ 2_Q #44
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Question 44 of 100 - Quiz Two
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For the lessor, what is included in the Unearned Interest Income account?
the lease receivable plus the fair value of the leased property
the lease receivable plus the interest expected to be earned
the difference between the lease receivable and the fair value of the leased property
the difference between the lease receivable and the interest expected to be earned
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Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below.
Indicate the missing amount for each letter. Assume that in alltases manufacturing overhead is applied on the basis of direct labor
cost and the rate is the same. (Round overhead rate to 2 decimal places, eg. 15.25 and final answers to 0 decimal places, eg. 5,275.)
Case A
Case B
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(a)
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42,000
(d)
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(e)
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13,800
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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.)
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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
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40
$34
June
4.
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135
37
June
10
Sale
110
64
June
11
Sale return
15
64
June
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55
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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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Question 8 of 15
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Crane Company has completed all of its operating budgets. The sales budget for the year shows 52,000 units and total sales of
$2,340,000. The total unit cost of producing one unit is $20. Selling and administrative expenses are expected to be $312,000. Interest
is estimated to be $10,400. Income taxes are estimated to be $208,000.
Prepare a budgeted multiple-step income statement for the year ending December 31, 2022.
CRANE COMPANY
Budgeted Income Statement
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Presented here are the components in Carla Vista Co's income statement.
Determine the missing amounts.
Sales Revenue
Cost of Goods Sold
Gross Profit
Oper
Year
$76.020
2$
(b)
$ 32,200
%24
Year
$112,800
$70,200
2$
(c)
24
%24
2
Year
(a)
$74,460
$115,930
3
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The following is the adjusted trial balance of Sierra Company.
3
Account Title
Cash
Prepaid insurance
Notes receivable (due in 5 years)
Buildings
Accumulated depreciation-Buildings
Accounts payable
Notes payable (due in 3 years).
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Retained earnings
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Sierra Company
Adjusted Trial Balance
December 31
8,798
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(1) Prepare an income statement for the year ended December 31.
(2) Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $13,500 on
December 31 of the prior year.
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Blondell Legal Services, Limited Liability Company, uses the step-down method to allocate service department costs to operating departments. The firm has two
service departments, Personnel and Information Technology (IT), and two operating departments, Family Law and Corporate Law. Data concerning those
departments follow:
Service Department
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Information
:06
Family Law
$ 357,020
Corporate Law
$ 360, 340
Personnel
Technology
Departmental costs
Employees
$ 42,210
12
$ 44,782
25
120
170
12
22
100
152…
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Blossom Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022.
1.
Purchased a 1-year insurance policy on June 1 for $ 2,196 cash.
2.
Paid $7,930 on August 31 for 5 months' rent in advance.
On September 4, received $ 4,392 cash in advance froma corporation to sponsor a game each month for a total of 9 months
3.
for the most improved students at a local school.
Signed a contract for cleaning services starting December 1 for $ 1,220 per month. Paid for the first 2 months on November
4.
30. (Hint: Use the account Prepaid Cleaning to record prepayments.)
On December 5, received $ 1,830 in advance from a gaming club. Determined that on December 31,$ 590 of these…
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Cullumber Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to
accrue interest except at December 31.
r.com: 24/7 On-
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Nov. 1 Loaned $53,400 cash to C. Bohr on a 12-month, 9% note.
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Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $5,400, 90-day, 8% note.
16 Received a $9,600, 180-day, 8% note to settle an open account from A. Murdock.
31 Accrued interest revenue on all notes receivable.
Journalize the transactions for Cullumber Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered.…
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Due Jan 4, 2025 11:59pm
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10 points possib
Discussion - What is the role of ethics in accounting?
Requirement:
Include Introduction, Body, and Conclusion.
Your initial Discussion posting should be at least 150 words in length.
9 Replies, 9 Unread
Be sure to include a related Title, at least two different citations and references to support your statement
Read and post brief responses to at least two of your classmates' postings (minimum 75 words).
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X Your answer is incorrect.
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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Lisa, age 46, needed some cash so she withdrew $56,500 from her Roth IRA, At the time of the distribution, the balance in the Roth IRA was
$200,000. Lisa established the Roth IRA 10 years ago. Over the years, she has contributed $21,300 to her account. What amount of the
distribution is taxable and subject to early distribution penalty?
Multiple Choice
$5,650.
$35,200.
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Ayayai Mowers Ltd. agreed to sell the City of Halifax four riding mowers and 20 push lawn mowers. The contract price was $72,00O.
Ayayai normally sells its riding mowers for $14,400 and its push lawn mowers for $960. The contract required the City of Halifax to
pay Ayayai once all of the merchandise has been delivered to the city's public works yard. Ayayai's management does not expect any
returns or any issues with payment.
Ayayai delivered all four of the riding mowers and 14 of the push mowers on April 26. The remaining six push mowers were delivered
on May 5. Ayayai received payment from the city on May 18. Ayayai's cost for each riding mower is $9,960, while the push mowers
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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.
5. Suppose the fair value of the machine and the lessor's implicit rate were unknown at the time of the lease, but that…
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requires an understanding of the company's operations and the inter-relationship of accounts.
is only required for accounts that do not have a normal balance.
is optional when financial statements are prepared.
is straight-forward because the accounts that need adjustment will be out of balance.
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The adjustment of overapplied manufacturing overhead cost results in all the following, EXCEPT:
O a. decrease in net operating income.
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XYZ Company had the following information for the year:
red
Direct materials used
OMR 110,000
dout of
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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On January 1, 20x1, Pete Electrical Shop received from Marion Trading 300 pieces
of bread toasters. Pete was to sell these on consignment at 50% above original
cost, for a 15% commission on the selling price. After selling 200 pieces, Pete had
the remaining unsold units repaired for some electrical defects for which he
spent P2,000. Marion subsequently increased the selling price of the remaining
units to P330 per unit. On January 31, 20x1, Pete remitted P64,980 to Marion
after deducting the 15% commission, P850 for delivery expenses of sold units,
and P2,000 for the repair of 100 units. The consigned goods cost Marion Trading
P200 per unit, and P900 had been paid to ship them to Pete Electrical Shop. All
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INTERMED. ACCOUNTING (ACC 3110/312
Kieso, Intermediate Accounting, 16e
actice
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Assignment
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ORION
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PRINTER VERSION
FULL SCREEN
CALCULATOR
Exercise 17-10
At December 31, 2017, the available-for-sale debt portfolio for Sheffield, Inc. is as follows.
Unrealized
Gain (Loss)
Fair Value
Security
Cost
$(11,375 )
$68,250
$79,625
A
6,825
63,700
56,875
B
11,375
116,025
104,650
C
$247,975
6,825
$241,150
Total
1,820
Previous fair value adjustment balance-Dr.
$5,005
Fair value adjustment-Dr.
On January 20, 2018, Sheffield, Inc. sold security A for $68,705. The sale proceeds are net of brokerage fees.
Sheffield Inc. reports net income in 2017 of $546,000 and in 2018 of $637,000. Unrealized holding gains and gains equal
$182,000 in 2018.
Prepare a statement of comprehensive income for…
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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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Chapter 3 Quiz
Camden County College
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Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total
materials costs are $91000. How much is the conversion cost per unit?
O $17.52.
O $4.70.
$12.82.
O $30.33
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Module 3 Problem Set
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4. BE.06.08
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item available for sale during the year were as follows:
Jan. 1
Inventory
8 units at $40
$320
Aug. 13
Purchase
8 units at $42
336
Nov. 30
Purchase
5 units at $44
220
Available for sale
21 units
$876
There are 8 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory
cost using the (a) first-in, first-out (FIFO) method; (b) last-in,…
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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
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Intro to Financial Accounting 29:010:203 (Spring 2020)
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02/11/20 3:01 PM
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Homework: Assignment 2
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HW Score: 75.6%, 9.07 of 12 pts
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18. Using the following information, complete the income statement, statement of retained earnings, and balance sheet for RN Painting for the month of March 2018. The business
began operations on March 1, 2018.
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