Question Which activities involve putting the resources of the business into action to generate a profit? Question : Resources owned by a business are referred to as .Question : Jamie Company recorded the following cash transactions for the year:Paid $70,000 for salaries.Paid $20,000 to purchase office equipment.Paid $6,000 for utilities.Paid $7,000 in dividends.Collected $130,000 from customers.What was Jamies net cash provided by operating activities? Question On a classified balance sheet, prepaid insurance is classified as: .Question Which of the following should not be classified as a current asset? Question These are selected account balances on December 31, 2007.-Land (location of the corporations office building) $200,000-Land (held for future use) 300,000-Corporate Office Building 1,200,000-Inventory 400,000-Equipment 900,000-Office Furniture 200,000-Accumulated Depreciation 600,000What is the total NET amount of property, plant, and equipment that will appear on the balance sheet? Question For 2010, Mossland Corporation reported net income of $28,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? Question : At December 31, 2010, Shorts Company had retained earnings of $2,184,000. During 2010 they issued stock for $98,000, and paid dividends of $34,000. Net income for 2010 was $402,000. The retained earnings balance at the beginning of 2010 was: Question On March 1, 2010, Dillon Company hires a new employee who will start the work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not? Question Which one of the following is not a part of an account? Question : The classification and normal balance of the dividend account is: 314.Question : A debit is not the normal balance for which account listed below?315.Question) Which of the following is not always true of the terms debit and credit?.Question :(TCO E) The time period assumption states that:32.Question :(TCO E) In a service-type business, revenue is considered earned: Question : Expenses sometimes make their contribution to revenue in a different period than when the expense is paid. When wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first period? Question : The following is selected information from M Corporation for the fiscal year ending October 31, 2010:Cash received from customers $300,000Revenue earned 350,000Cash paid for expenses 170,000Expenses incurred 200,000Based on the accrual basis of accounting, what is M Corporations net income for the year ending October 31, 2010? Question :The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is: Question : Detailed records of movements in merchandise (each purchase and sale) are not maintained in the inventory account in a: .Question :) Hunter Company purchased merchandise inventory with an invoice price of $12,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period?Question : Zacs Market recorded the following events involving a recent purchase of merchandise:Received goods for $50,000, terms 2/10, n/30.Returned $1,000 of the shipment for credit.Paid $250 freight on the shipment.Paid the invoice within the discount period.As a result of these events, the companys merchandise inventory: Question : The Freight-in account:f 310.Question : Which statement is false? Question : Of the following companies, which one would not likely employ the specific identification method for inventory costing?. Question Which of the following statements is correct with respect to inventories? .Question : In a period of rising prices, which of the following inventory methods generally results in the lowest net income figure? .Question Which of the following is a true statement about inventory systems? Question :( Two categories of expenses in merchandising companies are Question :An account is an important accounting record where financial information is stored until needed. Briefly explain (1) the nature of an account, (2) the different types of accounts, and (3) the manner in which an account is increased and decreased, and the normal balance of each type of accounts. Question : The adjusted trial balance of Gertz Company included the following selected accounts:Debit CreditSales $575,000Sales Returns and Allowances $ 50,000Sales Discounts 9,500Cost of Goods Sold 347,000Freight-out 2,000Advertising Expense 15,000Interest Expense 19,000Store Salaries Expense 74,000Utilities Expense 18,000Depreciation Expense 3,500Interest Revenue 25,000Instructions:Use the above information to prepare a multiple-step income statement for the year ended December 31, 2010. Calculate the profit margin ratio and gross profit rate.

Question Which activities involve putting the resources of the business into action to generate a profit? Question : Resources owned by a business are referred to as .Question : Jamie Company recorded the following cash transactions for the year:Paid $70,000 for salaries.Paid $20,000 to purchase office equipment.Paid $6,000 for utilities.Paid $7,000 in dividends.Collected $130,000 from customers.What was Jamies net cash provided by operating activities? Question On a classified balance sheet, prepaid insurance is classified as: .Question Which of the following should not be classified as a current asset? Question These are selected account balances on December 31, 2007.-Land (location of the corporations office building) $200,000-Land (held for future use) 300,000-Corporate Office Building 1,200,000-Inventory 400,000-Equipment 900,000-Office Furniture 200,000-Accumulated Depreciation 600,000What is the total NET amount of property, plant, and equipment that will appear on the balance sheet? Question For 2010, Mossland Corporation reported net income of $28,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? Question : At December 31, 2010, Shorts Company had retained earnings of $2,184,000. During 2010 they issued stock for $98,000, and paid dividends of $34,000. Net income for 2010 was $402,000. The retained earnings balance at the beginning of 2010 was: Question On March 1, 2010, Dillon Company hires a new employee who will start the work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not? Question Which one of the following is not a part of an account? Question : The classification and normal balance of the dividend account is: 314.Question : A debit is not the normal balance for which account listed below?315.Question) Which of the following is not always true of the terms debit and credit?.Question :(TCO E) The time period assumption states that:32.Question :(TCO E) In a service-type business, revenue is considered earned: Question : Expenses sometimes make their contribution to revenue in a different period than when the expense is paid. When wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first period? Question : The following is selected information from M Corporation for the fiscal year ending October 31, 2010:Cash received from customers $300,000Revenue earned 350,000Cash paid for expenses 170,000Expenses incurred 200,000Based on the accrual basis of accounting, what is M Corporations net income for the year ending October 31, 2010? Question :The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is: Question : Detailed records of movements in merchandise (each purchase and sale) are not maintained in the inventory account in a: .Question :) Hunter Company purchased merchandise inventory with an invoice price of $12,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period?Question : Zacs Market recorded the following events involving a recent purchase of merchandise:Received goods for $50,000, terms 2/10, n/30.Returned $1,000 of the shipment for credit.Paid $250 freight on the shipment.Paid the invoice within the discount period.As a result of these events, the companys merchandise inventory: Question : The Freight-in account:f 310.Question : Which statement is false? Question : Of the following companies, which one would not likely employ the specific identification method for inventory costing?. Question Which of the following statements is correct with respect to inventories? .Question : In a period of rising prices, which of the following inventory methods generally results in the lowest net income figure? .Question Which of the following is a true statement about inventory systems? Question :( Two categories of expenses in merchandising companies are Question :An account is an important accounting record where financial information is stored until needed. Briefly explain (1) the nature of an account, (2) the different types of accounts, and (3) the manner in which an account is increased and decreased, and the normal balance of each type of accounts. Question : The adjusted trial balance of Gertz Company included the following selected accounts:Debit CreditSales $575,000Sales Returns and Allowances $ 50,000Sales Discounts 9,500Cost of Goods Sold 347,000Freight-out 2,000Advertising Expense 15,000Interest Expense 19,000Store Salaries Expense 74,000Utilities Expense 18,000Depreciation Expense 3,500Interest Revenue 25,000Instructions:Use the above information to prepare a multiple-step income statement for the year ended December 31, 2010. Calculate the profit margin ratio and gross profit rate.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Question

Question Which activities involve putting the resources of the business into action to generate a profit?

Question : Resources owned by a business are referred to as

.Question : Jamie Company recorded the following cash transactions for the year:Paid $70,000 for salaries.Paid $20,000 to purchase office equipment.Paid $6,000 for utilities.Paid $7,000 in dividends.Collected $130,000 from customers.What was Jamies net cash provided by operating activities?

Question On a classified balance sheet, prepaid insurance is classified as:

.Question Which of the following should not be classified as a current asset?

Question These are selected account balances on December 31, 2007.-Land (location of the corporations office building) $200,000-Land (held for future use) 300,000-Corporate Office Building 1,200,000-Inventory 400,000-Equipment 900,000-Office Furniture 200,000-Accumulated Depreciation 600,000What is the total NET amount of property, plant, and equipment that will appear on the balance sheet?

Question For 2010, Mossland Corporation reported net income of $28,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?

Question : At December 31, 2010, Shorts Company had retained earnings of $2,184,000. During 2010 they issued stock for $98,000, and paid dividends of $34,000. Net income for 2010 was $402,000. The retained earnings balance at the beginning of 2010 was:

Question On March 1, 2010, Dillon Company hires a new employee who will start the work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not?

Question Which one of the following is not a part of an account? Question : The classification and normal balance of the dividend account is:

314.Question : A debit is not the normal balance for which account listed below?315.Question) Which of the following is not always true of the terms debit and credit?.Question :(TCO E) The time period assumption states that:32.Question :(TCO E) In a service-type business, revenue is considered earned:

Question : Expenses sometimes make their contribution to revenue in a different period than when the expense is paid. When wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first period?

Question : The following is selected information from M Corporation for the fiscal year ending October 31, 2010:Cash received from customers $300,000Revenue earned 350,000Cash paid for expenses 170,000Expenses incurred 200,000Based on the accrual basis of accounting, what is M Corporations net income for the year ending October 31, 2010?

Question :The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is:

Question : Detailed records of movements in merchandise (each purchase and sale) are not maintained in the inventory account in a:

.Question :) Hunter Company purchased merchandise inventory with an invoice price of $12,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period?Question : Zacs Market recorded the following events involving a recent purchase of merchandise:Received goods for $50,000, terms 2/10, n/30.Returned $1,000 of the shipment for credit.Paid $250 freight on the shipment.Paid the invoice within the discount period.As a result of these events, the companys merchandise inventory:

Question : The Freight-in account:f 310.Question : Which statement is false?

Question : Of the following companies, which one would not likely employ the specific identification method for inventory costing?.

Question Which of the following statements is correct with respect to inventories?

.Question : In a period of rising prices, which of the following inventory methods generally results in the lowest net income figure?

.Question Which of the following is a true statement about inventory systems?

Question :( Two categories of expenses in merchandising companies are

Question :An account is an important accounting record where financial information is stored until needed. Briefly explain (1) the nature of an account, (2) the different types of accounts, and (3) the manner in which an account is increased and decreased, and the normal balance of each type of accounts.

Question : The adjusted trial balance of Gertz Company included the following selected accounts:Debit CreditSales $575,000Sales Returns and Allowances $ 50,000Sales Discounts 9,500Cost of Goods Sold 347,000Freight-out 2,000Advertising Expense 15,000Interest Expense 19,000Store Salaries Expense 74,000Utilities Expense 18,000Depreciation Expense 3,500Interest Revenue 25,000Instructions:Use the above information to prepare a multiple-step income statement for the year ended December 31, 2010. Calculate the profit margin ratio and gross profit rate.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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