account is A) debit Office Supplies $2‚100 and credit Accounts Payable $2‚100. B) debit Purchases $2‚100 and credit Accounts Payable $2‚100. C) debit Accounts Payable $2‚100 and Credit Purchases $2‚100. D) debit Purchases $2‚100 and credit Cash $2‚100. 7. The purchasing agent prepares a receiving report indicating the specific goods received and the quantity of goods. A) True B) False 8. Trade discounts are recorded in the accounting records of both the buyer and the seller. A) True B)
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if no cash discount is taken‚ the balance is due 30 days after the invoice date. 3 Correct Answer: 4 a 2% cash discount may be taken if paid in 15 days; if no cash discount is taken‚ the balance is due 30 days after the invoice date. 7 Question 7 1 out of 1 points 1 1 1 1 The most important function of an underwriter for a promissory note issue is to: 1 1 Selected Answer: 2 buy the issue of securities from the corporation and resell it to investors 3 Correct Answer:
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This work of XACC 280 Week 5 Discussion Question 1 contains: What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries? What transactions might not require reversing entries? Business - Accounting ACC 280 Week 1 Individual Assignment Financial Statements Paper ACC 280 Week 2 Individual Assignment Ch. 1‚ 2‚ 7 Textbook Exercises ACC 280 Week 2 Learning Team Assignment
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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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13. Use this information to calculate the following: Sales returns $ 700 Rent expense 1‚288 Sales discounts 950 Depreciation expense 600 Cost of merchandise sold 7‚600 Gross sales 20‚900 Advertising expense 1‚650 Salary expense 2‚900 Heat expense 900 A. Net sales B. Gross profit C. Total operating expenses D. Net Income 14.A truck costing $25‚000 with a residual value of $5‚000 was purchased by Rim Corporation. The truck’s estimated life is 10 years. At the end of Year 2‚ what is the book
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Why People Travel Robert Johnson HTT/200 Israel Johnson 8/2/13 Why People Travel People travel to many different places for many different reasons every day. One of the reasons why most people travel is to sight see. For many people seeing new places and things can be very exciting and entertaining. Very often people tend to sight see while doing of the things that almost every single one of us does and that’s going on vacation. Taking a vacation is one of the most common reasons that I think
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Week 2 Checkpoint Michael Rasmussen HSM 210 May 23‚ 2013 Lisa L. Dale Week 2 Checkpoint In order to meet the needs for better services for the demographic of individuals with developmental disabilities the Division of Developmental Disabilities (DDD) was formed in 1959. When deinstitutionalization and decentralization became a rising trend in the 1950’s‚ the families of the disabled became strong advocates for community-based alternatives to institutional care. Medicaid provides coverage
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• List and describe the security controls in place. Where are the weaknesses? I did not notice any securities in place. The article did mention a second layer or security that was not properly installed. The systems were out of date and TJX used an old Wired Equivalent Privacy (WEP) encryption system. Other companies made the switch to a Wi-Fi Protected Access (WAP) with more complex encryption. The article also states that they failed to install firewalls and data encryption on some of the
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* Use a spreadsheet to develop a point-scoring matrix and determine which system Mark should select. Software | | | Weighted Score | weighted score | weighted score | Fulfillment of business needs | 100 | | 600 | 800 | 900 | Acceptance in marketplace | 30 | | 180 | 180 | 180 | Quality of documentation | 50 | | 350 | 450 | 400 | Quality of warranty | 50 | | 200 | 400 | 350 | Ease of use | 80 | | 560 | 480 | 400 | Control features | 50 | | 450 | 350 | 450 | Flexibility
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A. 1. Net Operating Profit after Taxes (Operating Income x (1-Tax Rate) NOPAT for 2011 = 108.6 (1-.40) =$65.16 2. Net Operating Working Capital for 2011 is calculated through Taking your Current Assets less – Non-Interest Bearing Current Liabilities NOWC for 2011 = ($5.6 + $56.2 + $112.4) – ($11.2 + $28.1) = $134.9 million. 3. Net Capital for 2011 is calculated the sum of NOWC (already shown as) 134.9 million + Net Fixed Assets (2011 Projected PP&E) of 397.5 = Net Capital for 2011 of = $134
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