Chapter 2: Recording Business Transactions 1. Which of the following accounts is NOT an example of an asset? A) Accounts receivable B) Cash C) Building D) Notes payable Which of the following accounts is NOT an example of a liability? A) Wages payable B) Notes payable C) Accounts payable D) Accounts receivable Which of the following accounts is NOT an example of an owner’s equity account? A) Drawing B) Capital C) Additional investments D) Cash Accountants first record transactions in the: A)
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Executive Summary “Bukayo” Sweets is a dessert located in the rural area like Barangay Bogña. We can loosely be described as a pride desert where customers will enjoy its yummy taste. We will interact with our customers to have a better relationship with the customer. “Bukayo” Sweets will hold true to its vision of being present in every meal that everyone loves to eat. Unlike other places each of them has a product that they have been proud of, like the “Durian in Davao” the “Mango in Batangas”
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STATEMENT TEST 3 IDENTIFYING MAJOR FUNDS •THE GENERAL FUND •THIS FUND IS ALWAYS MAJOR •OTHER FUNDS (BALANCE SHEET OTHER TEST OR OPERATING STATEMENT TEST): 4 IDENTIFYING MAJOR FUNDS – CON’T. • A FUND NEED ONLY EXCEED 10% OF ASSETS OR LIABILITIES OR 10% REVENUES OR EXPENDITURE/EXPENSES A FUND MUST PASS THE 10% TEST BEFORE THE 5% TEST IS NECESSARY A FUND IS MAJOR IF THE 10% AND 5% CRITERIA ARE MET FOR A SINGLE ELEMENT 5 • • IDENTIFYING MAJOR FUNDS – CON’T. IF ONLY GOVERNMENTAL OR
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Tootsie Roll Industries, Inc.: Loan Package Tootsie Roll Industries, Inc.: Loan Package Tootsie Roll Industries is applying for a loan package that will help them achieve superior things. There are many opportunities that can be accomplished by allocating money to different areas. The different areas include healthier ingredients, expansion, and advertising. These areas will increase the production and success of the Tootsie Roll Industries, Inc. Within this loan package, there are many
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Executive Summary INTRODUCTION The number of movie theaters is decreasing as the major chains create multiplexes that pile more people into smaller spaces. This profit strategy has left once popular downtown theaters vacant. Second Run Pizza is a theater/restaurant business that believes there is a significant number of theater-goers that are craving a more satisfying and enjoyable way to catch a movie and a bit to eat. Second Run Pizza is renovating the downtown City plus Theater and creating
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Book Value Fair Value Cash $ 20,000 $ 20,000 \ cJ6-:: U Accounts Receivable Machinery, net Equipment, net Total Assets 50,000 39,000 96.000 45,000 55,000 120.000 $240 000 Accounts Payable Common Stock, $1 par Retained Earnings Total Liabilities and Equities $ 15,000 REQUIRED: PREPARE Seven's journal entry for its acquisition of Orbea's NET e:Ts. Document your support work. Bonus [2 pts]: If the market value of Seven's common stock had been acquisition of Orbea's NET ASSETS. Document
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$30,330 Halloween-$30,330 Christmas- $30,330 How will the loan approval affect the company? Higher inventory cost- Increase in production to meet demand New long term loan- Loan period ten years set goal five year pay off Increase in total liabilities- $200K Interest payable to the bank- 5% interest expense on the loan Advertising expense- $10k Tax expense- Tax payable on the loan (bank or government). As listed above the loan will be utilized for a successful marketing campaign, inventory
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250,000*.220=55,000 4. Repurchase stock from shareholders. 460,000-1680936=1220936 5. Buy short-term investments. 71,632-20,000=51,632 4. For 2011 Find the Following- Current Ratio: current assets/current liabilities = 2680112/1039800 = 2.6 Debt Ratio: liabilities/assets = 1539800/3516952 = .44 Profit Margin on Sales: Income/sales = 253,584/7035600 = 0.036 Return on Total Assets: 235,584/3,516,952 = 0.072 Price/earnings: 12.17/1.01 = 12.049 Earnings per Share: net income/#
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Analysis of transactions and preparation of comparative income statements and balance sheets Refer to the information for Zea1ock Bookstore in Problem 36. The following transactions relate to 2009. (1) March 15, 2009: Pays income taxes for 2008. (2) June 30, 2009: Repays the bank loan with interest. (3) July 1, 2009: Obtains a new bank loan for $75,000. The loan is repayable on June 30, 2010, with interest due at maturity of 8%. (4) July 1, 2009: Receives the security deposit back from the book
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Financial Analysis of Coca Cola versus PepsiCo, Inc. Axia College of University of Phoenix Financial Analysis of Coca Cola versus PepsiCo, Inc. There are two major competing companies that manufacture beverages. They compete for the number one manufacturer and distributor spot for beverages worldwide. Both companies are immediately identifiable almost anywhere. They are PepsiCo and Coca-Cola. They have so thoroughly saturated the markets around the world that they enjoy
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