Accounting 3342 Group Test #1 Sept. 10‚ 2014 Problem 1 Below are selected transactions of Blackbird Ltd. for 2014: 1. On May 10‚ the company purchased goods from Jay Corp. for $60‚000‚ terms 2/10‚ n/30. Purchases and accounts payable are recorded at gross amounts. The invoice was paid on May 18. (Use the gross method.) 2. Assume the same information as in (1) above‚ except that the company uses the ‘net method’‚ and payment was made on May 25. 3. On June 1‚ the company purchased
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1. Identify an accounting scandal at a corporation that has resulted in a loss of reputation to the accounting profession. Explain the crime(s) committed. In early 2008 Lehman borrowed large amounts to fund its investing in the years leading to its bankruptcy in 2008‚ “a process known as leveraging or gearing”. A large part of their investments were towards housing market‚ making it vulnerable to a downturn in that market. This firm generated large profits during the housing boom‚ this place them
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general-purpose financial statements for making business decisions (American InterContinential University [AIU]‚ 2015). It allows accounting data to be converted into efficient information. It reduces confusion in decision making and presents an effective and systematic basis for making internal and external business decisions (Chiappetta‚ Larson &Wild‚ 2002‚ p.22). Internal users of accounting include managers‚ officers‚ internal auditors‚ consultants‚ budget officers‚ and market researchers. Internal users
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Planning: 1) What would you do if you experience conflicting priorities? 2) Tell me about a time where you had several projects to handle. How did you handle it? It is common for managers to experience conflicting priorities and having several projects to do at the same time. By asking these two questions‚ the interviewer would be able to identify the interviewee’s ability to set priorities and to establish actions to achieve the goals and objectives. Communication: 1) Here is the
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Joint Venture 103 CHAPTER 6 SOLUTIONS TO MULTIPLE CHOICES 6-1: a Assets per Jessica Company- balance sheet P3‚550‚000 Jessica’s proportionate interest in assets of JV (50%) 1‚000‚000 Total assets of Jessica P4550‚000 6-2: a Total liabilities only of Jenny Co. 6-3: b 6-4: b Investment of Heart P80‚000 Profit share: Sales 150‚800 Cost of sales (150‚800 ÷ 125%) 120‚640 Gross profit 30‚160 Expenses 10‚000
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Looking For Reality A. Knowledge from Agreement Reality—as scientists‚ sociologists are able to accept as reality phenomenon they have not personally observed. However‚ scientific claims must rest on both theoretical and empirical support. 1. Ordinary human inquiry—people are naturally inquisitive‚ especially about what the future holds. Therefore‚ we often try to make predictions based on our own observations of the social world. Unfortunately‚ just because we can predict that X will
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CHAPTER 4 PRE TEST Marvin Nash is married and claims 11 allowances. Nash earns $1‚190 biweekly. What amount do you enter the wage bracket table to determine Nash’s taxes? a. $ 0.00 b. $146.15 c. $1190.00 d. $1‚040.00 $1‚190 - $150.00 = $1‚040.00 Table of allowance values Pg 4-16/17. Herman Muhlbradt is single‚ claims three allowances and earns $1‚250 weekly. Compute Muhlbradt’s tax using the percentage method. a. $739.00 b. $95.95 c. $167.45 d. $75.00 Table $75.00 * 3 = $225.00:
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Exam 1A-CHEM 1150 F12 Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which of the following elements is a metal? A) As B) Se C) Sn 1) D) C E) I 2) Determine the mass of an object that has a volume of 88.6 mL and a density of 9.77 g/mL. A) 298 g B) 568 g C) 907 g D) 1100 g E) 866 g 2) 3) A student performs an experiment to determine the density of a sugar solution. She
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39. Importance of Journals and newspapers- 40. Pontiacs Rebellion- After the French and Indian War‚ colonists began moving westward and settling on Indian land. This migration led to Pontiac’s Rebellion in 1763‚ when a large number of Indian tribes banded together under the Ottawa chief Pontiac to keep the colonists from taking over their land. Pontiac’s Rebellion led to Britain’s Proclamation of 1763‚ which stated that colonists could not settle west of the Appalachian Mountains. added by
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Teeya Clarke MBA 621-Financial and Managerial Accounting July 11‚ 2015 Problem 2-3 Indicate the net effect on assets‚ liabilities and owners’ equity resulting from each of the following transactions: Assets=Liabilities+owners’ Equity 1. Capital stock was issued for $100‚000 cash This will increase assets by $100‚000 and increase equity by $100‚000 2. Bonds payable of $25‚000 were refunded with capital stock. The liabilities will be decreased by 25‚000 and increase equity by 25‚000 3. Depreciation
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