($40‚000 + $90‚000 + $74‚000) - $65‚000 = $87‚000 - $88‚000 = $116‚000 (c) Current ratio. 2011 2012 $152‚000 = 2.34:1 $204‚000 = 2.32:1
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balances in its accounts on 5/1/09 Debit Credit Cash $ 210‚000 Account Receivable 90‚000 Inventory 200‚000 Account Payable 100‚000 Common Stock (100‚000 shares $1 par) 100‚000 Paid in Capital in excess of par 250‚000 Retained Earnings 1/1/09 0 Net Sales Revenue 250‚000 Cost of Merchandise Sold 150‚000 Expenses 50‚000 Transactions for May: 1) Paid expenses of $10‚000 on 5/1/09 (debit “expenses” even
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MTT (Set 5 with answer) 1) The following is selected information from the records of Ray‚ Inc.: Purchases of raw materials $ 6‚000 Raw materials‚ beginning 500 Raw materials‚ ending 800 Work-in-process‚ beginning 0 Work-in-process‚ ending 0 Cost of goods sold 12‚000 Finished goods‚ beginning 1‚200 Finished goods‚ ending 1‚400 What is the total amount of conversion costs? a. $5‚500 b. $5‚900 c. $6‚100 d. $6‚500 ANSWER: Choice "d" is correct. Conversion costs (labor and overhead)
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recognize revenue upon receipt of the pledge. In the fund statements‚ the donation cannot be recognized as revenue until it is available for expenditure. Problems 4-1‚ 4-2‚ 4-7‚ and 4- 8 4-1. 1. d 6. d 2. a 7. b 3. b 8. b 4. c 9. a 5. c 10.a 4-2. 1. e 6.j 2.m 7.f 3.e 8.c 4.h 9.p 5.h 10.p 4-7. 1. Journal entries A.Cash 200‚000 Grant Revenue 200‚000 B. Repair Expenditure 150‚000 Cash 150‚000 c. Cash 200‚000 Deferred revenue 200‚000 2. Revenue that
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Calculators which store text are NOT allowed - This exam consists of 7 questions. - Total number of pages including cover sheet: 11 - Answer all questions in your exam booklet. THIS EXAMINATION MUST BE RETURNED Question 1 (12 marks – 22 minutes) The Baloney Co. is a Canadian controlled private corporation. The company reports the following information for its December 31‚ 2010 fiscal year-end:
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go to this address to get the tutorial: http://homeworkfox.com/tutorials/business/508/acc-422-week-5-wileyplus-assignment-exercises/ ACC 422 Week 5 WileyPlus Assignment - Exercises Business - Accounting ACC422 Week 5 E13-13 P13-9 E14-21 E21-7 E13-13 (Contingencies) Presented below are three independent situations. Answer the question at the end of each situation. 1. During 2010‚ Maverick Inc. became involved in a tax dispute with the IRS. Maverick’s attorneys have indicated that they
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Understanding Financial Reports 1 TUI UNIVERSITY Module 2 Session Long Project ACC501: Accounting for Decision Making Introduction Part I. This particular project involves the analysis of cash flow from Lowes. Lowe’s Cos Inc (http://www.lowes.com/) is a $47.6B company. I shop there quite a bit. In researching this publicly held company‚ I utilized a few other websites to analyze the financial situation of Lowes and one of its
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ACC205Week 5 Final Paper (WalMart Financial Analysis Report) 1 Rosie Collins ACC 205: Principle of Accounting I Traci West March 31‚ 2014 ACC205Week 5 Final Paper (WalMart Financial Analysis Report) 2 Financial accounting reports‚ to include balance sheets and income statements provide accountants and the general public a snap shot of a company’s overall financial condition and
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Week 5 – Assignment Ilba Rodriguez ACC 205: Principles of Accounting I Prof. Theresa Murray November 16‚ 2014 Problem 1 – Liquidity ratios. A. Edison Stagg Thornton Current ratio 3.56 3.69 3.83 Quick ratio 3.06 2.78 2.5 Current ratio calculations: Edison ($6‚000 (cash) + $3‚000 (short-term investments) + $2‚000 (AR) + $1‚000 (inventory) + $800 (prepaid expenses)) / ($200 (AP) + $3‚100 (notes payable) + $300 (accrued payables)) = 3.56 Stagg ($5‚000 (cash) + $2‚500 (short-term investments) + $2‚500
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Financial Statements Paper ACC/290 September 04‚ 2013 University of Phoenix Financial Statements Paper Many businesses continue to rise and fall in a tremendously competitive environment in the United States and across the world. There are several internal factors such as managers or employees and external factors such as competition or government interference that drive the success and profitability of a business or organization. One major component of operating a successful and profitable
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