price C.it was on sale D.she paid cash instead of buying it with a credit card Answer Key: B Question 2 of 10 0.0/ 10.0 Points Jeanette always goes the speed limit because she knows that the laws have been set in place for her own good and the good of society. According to Kohlberg‚ Jeanette is operating in what stage of moral reasoning? A.Pre-conventional B.Conventional C.Post-conventional D.Principled Conscience Answer Key: C Question 3 of 10 10.0/ 10.0 Points Expressions of
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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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Ex. 118 A comparative balance sheet for Joseph Corporation is presented below: JOSEPH CORPORATION Comparative Balance Sheet 2002 2001 Assets Cash $ 51‚000 $ 31‚000 Accounts receivable (net) 75‚000 60‚000 Prepaid insurance 22‚000 17‚000 Land 22‚000 40‚000 Equipment 70‚000 60‚000 Accumulated depreciation (20‚000) (13‚000) Total Assets $220‚000 $195‚000 Liabilities and Stockholders ’ Equity Accounts payable $ 13‚000 $ 6‚000 Bonds payable 30‚000 19‚000 Common
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ACC/260 Week 8 Individual The situation in “Locker Room Talk”‚ centers on Albert Gable‚ a partner in a CPA firm. Mr. Gable took on a married couple‚ Larry and Susan Wilson‚ as clients for financial planning‚ and as he worked their case he became their personal friends. Albert knew that their marriage had some problems‚ and as he was auditing a bank‚ which he did annual audits for‚ he discovered some discrepancies in the information that the Wilson’s gave him and the information that the bank had
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stfx university | Accounting For Leases | Capital Vs. Operating Leases | | 200906027 | 11/16/2010 | This paper will outline the differences in accounting treatment of and criteria for determining whether leases should be accounted for as either a capital lease or an operating lease. I will be limiting my discussion to the accounting treatment of leases by the lessee. This paper will discuss the current accounting treatment for the two types of leases according to Canadian GAAP and
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Summary Week 3 Donna Eastwood April 10‚ 2013 ACC/290 Deb Adams Accounting is an important part of any corporation’s financial outlook. A corporation’s financial status is what keeps it in business. Therefore accounting needs to be done correctly and in a timely manner. Commercial accounting and generally accepted accounting principles prefer the accrual basis of accounting over the cash basis of accounting. Both forms of accounting are used in businesses‚ but most like the accrual basis
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the balance sheet I did) In going over the numbers‚ she remarked‚ "it’s sort of surprising that cash increased by $31677‚ but net income was only $19635. Why was that? Her friend replied‚ "A partial answer to that question is to look at an income statement for June. I think I can find the data I need to prepare one for you." In addition to the data given in the case‚ her friend found a record of cash reciepts and disbursements‚ which is summarized in Exhibit 1. She also learned that all accounts
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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 on plant and equipment
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Accounting homework (Chapter 4) Discussion Questions 4.2 Why do you think it’s important to keep separate the transactions made by the business and its owner? Give an example of a personal transaction that has implications for the business entity. According to entity concept‚ every type of entity – sole trader‚ partnership‚ company and trust – must keep records of its business transactions separately from any personal transactions. Personal transactions are transactions of the owners‚ partners
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have to be called out to determine the relevant tasks that will be undertaken to accomplish this goal. Objectives are specific‚ detailed‚ direct‚ descriptive and targeted. By stating objectives clearly the agency can be effectively evaluated on the basis of how well it has met its objectives. Objectives will meet the goal of providing housing by showing how long assistance will be provided‚ who will provide assistance‚ how the program will be run and where these housing units will be built. They will
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