...Week 4 Multiple Choice Question 122 | | Your answer is correct. | | | Jawbreaker Company paid $640 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of $460 and a credit to Accounts Receivable, $460. The correcting entry is | | Accounts Receivable........................................................................... | 460 | | Accounts Payable............................................................................... | 640 | | | Cash........................................................................................ | | 1,100 | | Multiple Choice Question 89 | | Your answer is correct. | | | The income statement for the month of June, 2013 of Camera Obscura Enterprises contains the following information: Revenues | | $7,000 | Expenses: | | | | Salaries and Wages Expense | $3,000 | | | Rent Expense | 1,000 | | | Advertising Expense | 800 | | | Supplies Expense | 300 | | | Insurance Expense | 100 | | | | Total expenses | | 5,200 | Net income | | $1,800 | At June 1, 2013, Camera Obscura reported retained earnings of $35,000. The company paid no dividends during June. At June 30, 2013, the company will report retained earnings of 36800.00 Multiple Choice Question 97 | | Your answer is correct. | | | A post-closing trial balance is prepared | | | after closing entries have been journalized and posted. | Multiple...
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...ACCT 557 Quiz 6 Purchase here http://chosecourses.com/ACCT%20557/acct-557-quiz-6 Product Description 1. (TCO F) The company uses the indirect method for the statement of cash flow. How would an increase in the inventory balance be reported? 2. (TCO F) Which of the following is not true? 3. (TCO F) Glitter Girl, Inc. recognized net income of $150,000 including $26,000 in depreciation expense. Additional changes from the balance sheet are as follows. Accounts Receivable $3,500 decrease Prepaid Expenses $15,000 decrease Inventory $35,500 increase Accrued Liabilities $12,000 decrease Accounts Payable $20,000 increase Compute the net cash from operating activities based on the above information. 4. (TCO F) Pig Builder's, Inc. shows the following as of December 31, 2012. - Acquired 50% of Wolf Corp's common stock for $160,000 cash, which was borrowed from Granny's Bank. - Issued 5,000 shares of its preferred stock for land having a fair value of $320,000 - Issued 500 of its 11% debenture bonds, due 2017, for $392,000 cash - Paid $120,000 toward bank loan. - Purchased a patent for $220,000 cash - Sold available for sales securities for $796,000 - Recognized $88,000 net increase in returnable long term customer deposits Pig's net cash provided by investing activities for 2012 is 5. (TCO F) Big Dog Builder's, Inc. shows the following as of December 31, 2012. - Acquired 50% of Kitty Corp's common stock for $225,000 cash which was borrowed from...
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...ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 ...
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...ACCT 557 Quiz 6 Purchase here http://chosecourses.com/ACCT%20557/acct-557-quiz-6 Product Description 1. (TCO F) The company uses the indirect method for the statement of cash flow. How would an increase in the inventory balance be reported? 2. (TCO F) Which of the following is not true? 3. (TCO F) Glitter Girl, Inc. recognized net income of $150,000 including $26,000 in depreciation expense. Additional changes from the balance sheet are as follows. Accounts Receivable $3,500 decrease Prepaid Expenses $15,000 decrease Inventory $35,500 increase Accrued Liabilities $12,000 decrease Accounts Payable $20,000 increase Compute the net cash from operating activities based on the above information. 4. (TCO F) Pig Builder's, Inc. shows the following as of December 31, 2012. - Acquired 50% of Wolf Corp's common stock for $160,000 cash, which was borrowed from Granny's Bank. - Issued 5,000 shares of its preferred stock for land having a fair value of $320,000 - Issued 500 of its 11% debenture bonds, due 2017, for $392,000 cash - Paid $120,000 toward bank loan. - Purchased a patent for $220,000 cash - Sold available for sales securities for $796,000 - Recognized $88,000 net increase in returnable long term customer deposits Pig's net cash provided by investing activities for 2012 is 5. (TCO F) Big Dog Builder's, Inc. shows the following as of December 31, 2012. - Acquired 50% of Kitty Corp's common stock for $225,000 cash which was borrowed from...
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...Problem 1: You are the Senior Accountant for the Patty Corporation which has several divisions. They each keep their own accounting books and have chosen the appropriate method of revenue recognition based on their operations. | | | | Pat's Electronics Division | | | | | Pat's Electronics Division sells computers through agents in various cities. Agents send orders and down payments to our company. The division then ships the goods F.O.B. shipping point directly to the customers. Revenue is recognized at the point of sale. | | | | | | | Additional Financial Data: | | | Orders for fiscal year 2012 | $ 3,000,000 | | Down Payments collected in 2012 | $ 300,000 | | Billed and shipped in 2012 | $ 2,400,000 | | Freight billed in 2012 | $ 70,000 | | Commissions paid to Agents (after ship to customer) | 10% | | Warranty Returns as % of Sales | 1% | | | | Pickle Construction Division | | | | | The Pickle construction division was working on one project for the 2012 fiscal year. They use the percentage of completion revenue recognition method. | | | | Contract for new administration building | | | Total Contract Amount | $ 60,000,000 | | Contract Grant Date | August 14, 2012 | | Construction Began | September 1, 2012 | | | | | Estimated...
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...ACCT 557 Final Exam Purchase here https://sellfy.com/p/zBqx/ Product Description . (TCO A) Benny Building, Inc. won a bid for a new warehouse building contract.Below is information from the project accountant. Total Construction Fixed Price $25,000,000 Construction Start Date June 13, 2012 Construction Complete Date December 16, 2013 As of Dec. 31… 2012 2013 Actual cost incurred $11,500,000 $8,360,000 Estimated remaining costs $8,250,000 $- Billed to customer $9,000,000 $16,000,000 Received from customer $7,500,000 $16,500,000 Assuming Benny Building, Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013? 2. (TCO B) At the beginning of 2012, Barbara, Inc. has a deferred tax asset of $8,000 and deferred tax liability of $6,500. In 2012, pretax financial income was $600,000 and the tax rate was 35%. Pretax income included: Interest income from municipal bonds $25,000 Accrued warranty costs, estimated to be used in 2013 $74,000 Prepaid rent expense, will be used in 2013 $16,000 Installment sales revenue, to be collected in 2013 $45,000 Operating loss carryforward $36,000 What is the adjustment needed to correct the balance of deferred tax asset for 2012? 3. (TCO C) Presented below is pension information related to Baked Goods, Inc. for the year 2013. Service cost $103,000 Interest on projected benefit obligation $65,000 Interest on vested benefits $12,000 Amortization of prior service...
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...http://homeworktimes.com/downloads/acc-202-complete-course-acc-202-entire-course/ http://homeworktimes.com/downloads/acc-206-entire-course-new/ http://homeworktimes.com/downloads/acc-206-new-week-1-assignment-chapter-one-problems/ http://homeworktimes.com/downloads/acc-206-new-week-2-assignment-chapter-two-three-problems/ http://homeworktimes.com/downloads/acc-206-new-week-2-journal-institute-management-accounting/ http://homeworktimes.com/downloads/acc-206-new-week-3-assignment-chapter-four-five-problems/ http://homeworktimes.com/downloads/acc-206-new-week-3-journal-hershey-company/ http://homeworktimes.com/downloads/acc-206-new-week-4-assignment-chapter-six-seven-problems/ http://homeworktimes.com/downloads/acc-206-new-week-5-assignment-chapter-eight-problems/ http://homeworktimes.com/downloads/acc-206-new-week-5-assignment-final-paper/ http://homeworktimes.com/downloads/acc-212-financial-accounting/ http://homeworktimes.com/downloads/acc-250-complete-course-acc-205-entire-course/ http://homeworktimes.com/downloads/acc-290-complete-course-acc-290-entire-course/ http://homeworktimes.com/downloads/acc-291-complete-course-acc-290-entire-course/ http://homeworktimes.com/downloads/acc-340-entire-course-acc-340-complete-course/ http://homeworktimes.com/downloads/acc-400-complete-course-acc-400-entire-course/ http://homeworktimes.com/downloads/acc-407-entire-course/ http://homeworktimes.com/downloads/acc-455-complete-course/ http://homeworktimes.com/downl...
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...To: Professor Charles Ward Strayer University ACCT 557: Financial Accounting Question1: Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. Answer: For the sake of this assignment, I will choose the income statement. First of all, an income statement measures a company’s revenue and expenses as it relates to net income or net loss (Kieso et all, 2010). The income statement relates more to my everyday life than the balance sheet even though I would have preferred a statement of cash flow but because this was not an option, I chose the income statement. For example; I have to make sure that I meet my daily or monthly bill payments; I need to make sure that my expenses are equal or less than my income. The reason for this is to avoid spending more money than I make. If I spend more money than I make, this results into unpaid bills or insufficient fund fees from my bank. Just in the same way a company will report net loss for the period, my creditors will report a negative credit rating on my credit report for past due payment. Therefore, I have to monitor and budget expenses according to my monthly income. In order to maintain a positive statement, I have to make more money or spend less money. Question 2: Using the same concept selected above, discuss how a business manager may benefit from an understanding of this statement. Answer: A business manager can benefit from an understanding of the...
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...Assignment 1: Application of Financial Statement Tasha L. Hodge Professor Doshi Acct 557: Financial Accounting. December 5, 2011 Abstract The purpose of this paper is to explain my reasoning on the importance of financial statements in a personal and professional environment. The balance sheet and the income sheet are the two most important factors that all business needs in order to attract and keep investors. The balance sheet reports assets, liabilities and equity while Income statement lists total income and total expenses. Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. According to the principles of accounting website, “ Accounting is a set of concepts and techniques that are used to measure and report financial information about an economic unit. The economic unit is generally considered to be a separate enterprise. The information is reported to a variety of different types of interested parties ( principles of accounting, 2011). To greatly explain, these interested parties use either a balance sheet or income statement. The balance sheet, “reports the assets, liabilities, and stockholders equity of a company at a specific date”, (Weygandt, 2011). The income statement “ presents the revenues and expenses and resulting net income or net...
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...Investment Analysis | ACCT 557 - Financial Accounting | Aseelah Thomas | 1. Company Analysis * Coca-Cola (KO) Dr. John Pemberton, a local pharmacist from Atlanta, Georgia, created the syrup known as Coke. This syrup was then combined with carbonated water, and the mixed product was distributed to be sampled, which was then distributed to locals as a soda fountain drink. Frank Robinson, which is John Pemberton’s partner and bookkeeper, then suggested the name Coca-Cola and created in his own unique script the famous trademark for the company. Prior to the John Pemberton’s death, which was in 1888, portions of the cola company were sold to a choice of associates, and the remaining interest was sold to Asa G. Candler. Coca-Cola is now an international business that produces its’ products on a local scale, within a majority of communities. Its beverages are available and sold in more than two hundred countries with over thirty-five products internationally. In 2010 and 2011, CCE’s entire North American business was acquired and then called Coca-Cola Refreshments (CCR) instead. This created entity was due to a partnership between Coca-Cola Company and Coca-Cola Enterprises, which is the largest bottler entity. The company’s headquarter is located in Atlanta, Georgia, which its birthplace. The current CEO is Muhtar Kent, and has over 195 executives. The company’s 2012 10-k confirms it had approximately one hundred and sixty thousand employees, which...
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...ECON 125-HK2. Economics for Managers Exam http://homeworkfy.com/downloads/econ-125-hk2-economics-for-managers-exam/ To Get this Tutorial Copy & Paste above URL Into Your Browser Hit Us Email for Any Inquiry at: Homeworkfy@gmail.com Visit our Site for More Tutorials: (http://homeworkfy.com/ ) > TAKE ASSESSMENT: EXAM 1 Question 1 2 points Save Which of the following economic systems abolishes all private property? communism socialism fascism all of the above Question 2 2 points Save The profit motive is one characteristic of a command economy. True False Question 3 2 points Save In a market system, the government enforces laws ensuring that private enterprises and conditions of competition will prevail. True False Question 4 2 points Save The most common type of business in the United States is the corporation. True False Question 5 2 points Save Laissez-faire is a policy of no government intervention in the economic activities of individuals and businesses. True False Question 6 2 points Save In a partnership, each partner’s liability is limited to his or her contribution to the partnership. True False Question 7 2 points Save There are no government-regulated markets in the U.S. economy. True False Question 8 2 points Save Which of the following is not among the United States’ economic goals? ...
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...correct room according to your LAST NAME ACCT Sec Title ACCT 351 001 Intermediate Financial Acct 1 ACCT 351 Time Prof. FROM Dec 21 6 pm Tsang Aaa - Zzz GYM main gym 20-30 002 Intermediate Financial Acct 1 Dec 21 6 pm Tsang Aaa - Zzz GYM main gym 20-30 ACCT 351 003 Intermediate Financial Acct 1 Dec 21 6 pm Tsang Aaa - Zzz GYM main gym 20-30 ACCT 352 001 Intermediate Financial Acct 2 Dec 21 9 am Cecere Aaa - Zzz ENGTR 0100 ACCT 354 001 Financial Statement Analysis Dec 22 2 pm Scott Aaa - Zzz GYM Fieldhouse 28-31 ACCT 354 002 Financial Statement Analysis Dec 22 2 pm Scott Aaa - Zzz GYM Fieldhouse 28-31 ACCT 361 001 Management Accounting Dec 11 2 pm Parent Aaa - Zzz GYM main gym 1-11 ACCT 361 002 Management Accounting Dec 11 2 pm Parent Aaa - Zzz GYM main gym 1-11 ACCT 361 003 Management Accounting Dec 11 2 pm Parent Aaa - Zzz GYM main gym 1-11 ACCT 362 001 Cost Accounting Dec 17 2 pm Levy Aaa - Zzz GYM Studio 1 1-3 ACCT 385 001 Principles of Taxation Dec 15 2 pm Goldsman Aaa - Zzz GYM BLEACHERS 1-5 ACCT 385 002 Principles of Taxation Dec 15 2 pm Goldsman Aaa - Zzz GYM BLEACHERS 1-5 ACCT 453 001 Advanced Financial Accountin Dec 14 9 am Scott Aaa - Zzz GYM main gym ACCT 463 001 Management Control Dec 11 2 pm Levy Aaa - Zzz GYM Studio 2 1-7 ACCT 463 002 Management Control Dec 11 2 pm Levy Aaa - Zzz GYM Studio 2 1-7 ACCT 475 001 Principles of Auditing Dec...
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...FOURTH QUARTER 2013 NASDAQ:HMST Important Disclosures Forward-Looking Statements In accordance with Section 21E of the Securities Exchange Act of 1934, as amended, we caution you that we may make forward-looking statements about our industry, our future financial performance and business activity in this presentation that are subject to many risks and uncertainties. These forward-looking statements are based on our management's current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a number of assumptions concerning future events. Forward looking statements in this release include, among other matters, statements regarding our business plans and strategies (including our expansion strategies) and the expected effects of those initiatives, general economic trends, particularly those that affect mortgage origination and refinance activity, and growth scenarios and performance targets. Readers should note, however, that all statements in this presentation other than assertions of historical fact are forward looking in nature. These statements are subject to risks, uncertainties, assumptions and other important factors set forth in our SEC filings, including but not limited to our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and our most recent Quarterly Report on Form 10-Q. Many of these factors are beyond...
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