Below are the answers to the two exercises in week five. Please note that some of these are a bit subjective so your answers might not have matched these perfectly and that is okay. If you have any questions please let me know. The essence of exercise one was to recognize that although some arguments are compelling‚ often individuals (or groups) use tactics with the purpose of emotionally distracting from facts. Hopefully‚ know that you have spent some time recognizing these‚ you will be able
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The property in Pete’s area is assessed at 40% of the market value. The tax rate is $105.10 per $1‚000 of assessed value. What is Pete’s property tax? 17.Jim Smith‚ who lives in Territory 5‚ carries 10/20/5 compulsory liability insurance along with optional collision that has a $200 deductible. Jim was at fault in an accident that caused $1‚800 damage to the other auto and $600 damage to his own. Also‚ the courts awarded $13‚000 and $8‚000 respectively
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Introduction to Financial Accounting 1. A _____ year ends on a date that is determined by the firm‚ perhaps based on its business model (for example‚ many retailers choose the end of January). physical natural fiscal business cycle Normal ANS: C 2. An income statement connects two successive _____ through its effect on retained earnings. a. balance sheets b. cash flow statements c. cash receipts and disbursement statements d. funds flow statements e. financing statements
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go to this address to get the tutorial: http://homeworkfox.com/tutorials/business/507/acc-422-week-4-wileyplus-assignment-exercises/ ACC 422 Week 4 WileyPlus Assignment - Exercises Business - Accounting ACC422 Week 4 E11-4 P11-6 E12-16 P12-1 Intermediate Acc. 13e E11-4 (Depreciation Computations—Five Methods) Wenner Furnace Corp. purchased machinery for $279‚000 on May 1‚ 2010. It is estimated that it will have a useful life of 10 years‚ salvage value of $15‚000‚ production of 240‚000
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accounting quiz 1 [pic] 1 The primary purpose of accounting is to determine whether the business entity is profitable or unprofitable in its operations. A) True B) False This is the correct answer. Feedback: The primary purpose of accounting is to provide information that is useful for decision-making purposes. Accounting is ’not an end’‚ but rather it is a ’means to an end.’ LO 1 2 Costs‚ prices‚ sales volume‚ profits‚ and return on investment are all accounting measurements. A) True
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This paperwork ACC 561 Week 1 Individual WileyPlus Exercises BE1 7‚ BE1 8‚ BE1 9 includes answers to these exercises: C: 9-35 Allocation of Precontribution Gain Solution 1. Brief Exercise BE1-7. Indicate which statement you would examine to find each of the following items: income statement‚ balance sheet‚ retained earnings statement‚ or statement of cash flows. 2. Brief Exercise BE1-8. Use the basic accounting equation to answer these questions. (a) The liabilities
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P9-7A The intangible assets section of Redeker Company at December 31‚ 2011‚ is presented below. Patent ($70‚000 cost less $7‚000 amortization) $63‚000 Franchise ($48‚000 cost less $19‚200 amortization) 28‚800 * Total $91‚800 * The patent was acquired in January 2011 and has a useful life of 10 years. The franchise was acquired in January 2008 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2012. Jan. 2 Paid $45‚000
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WileyPLUS Chapter Two Copyright © 2009 John Wiley & Sons‚ Inc. All rights reserved. WileyPLUS Chapter Two SUMMARY OF STUDY OBJECTIVES 1Identify the sections of a classified balance sheet. In a classified balance sheet‚ companies classify assets as current assets; long-term investments; property‚ plant‚ and equipment; and intangibles. They classify liabilities as either current or long-term. A stockholders’ equity section shows common stock and retained earnings. 2Identify and compute ratios
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more detail in the answer to the next question. 1.6 Now let’s analyze the Goods Rcvd/ Invoice Rcvd account closer. This account is necessary because of timing differences in the real world. This is what is termed a suspense account. Briefly explain how entries would be made to this account (i.e. What transactions happen and how are they recorded?) and why all transactions in the account should eventually be zeroed out. (If you don’t grasp this concept yet‚ you may wait to answer this part until
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Answer Keys to iLearn of Week 5 1. Incorrect financial statements are due to errors and frauds. An accountant intentionally omitted recording $5‚500 that were received from a customer and planned to steal the money to buy a new cell phone for himself. This action is an example of error. a. True b. False 2. What key piece of legislation was passed in response to corporate accounting scandals by Enron‚ WorldCom‚ and others? a. Sarbanes-Oxley Act. b. 1933 Securities Act. c. 1934 Securities Exchange
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