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Accounting

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A. economic resources to be used or turned into cash within one year. b. reports assets, liabilities, and stockholders’ equity. c.

A. Economic resources that are expected to be used or converted into cash within one year. B. A report that outlines assets, liabilities, and stockholders’ equity. C. A transaction that decreases asse...
2 answers 282
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Anonymous

Dec 19, 2024

Adjusted cash balances?

Leng Xiong is unable to reconcile the bank balance as of January 31. The reconciliation presented is as follows: Instructions: (a) What is the correct adjusted cash balance per bank? (b) What is the...
1 answers 162
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Anonymous

Oct 10, 2024

An account becomes uncollectible

An account is considered uncollectible under the following circumstances: a. when an account receivable is converted into a note receivable; b. there is no general rule for determining when an account...
8 answers 111
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Anonymous

Jan 20, 2025

Asteroid industries accumulated the following cost information for the year: direct materials $15,200indirect materials 3,200indirect

Asteroid Industries has accumulated the following cost information for the year: Direct materials: $15,200 Indirect materials: $3,200 Indirect labor: $7,700 Factory depreciation: $12,000 Direct...
3 answers 205
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Anonymous

Dec 09, 2024

Barry purchased a used business asset (seven-year property) on september 30, 2017, at a cost of $200,000. this is the only asset he

Barry purchased a used business asset classified as seven-year property on September 30, 2017, for a cost of $200,000. This was the only asset he acquired during the year. Barry did not elect to expen...
3 answers 128
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Anonymous

Oct 24, 2024

Brown Office Supplies recently reported $15,500 of sales, $8,250 of operating costs other than depreciation, and $1,750 of depreciation.

Brown Office Supplies has recently reported sales of $15,500, with operating costs (excluding depreciation) amounting to $8,250 and depreciation expenses of $1,750. The company also has $9,000 in bond...
3 answers 54
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Anonymous

Jan 16, 2025

BusyBody Company expects its November sales to be 20​% higher than its October sales of $ 160 comma 000. Purchases were $ 90 comma

BusyBody Company anticipates that its November sales will be 20% higher than its October sales, which amounted to $160,000. In October, purchases totaled $90,000, and they are expected to rise to $110...
3 answers 201
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Anonymous

Dec 31, 2024

Capital in excess of par and Retained Earnings?

Hello! I’ve been working on an exercise for one of my classes, and I’m having difficulty solving one of the problems. I have the following information: Common stock: $1,600,000 Retained earnings: $90...
1 answers 101
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Anonymous

Nov 20, 2024

Data from Fontecchio Corporation’s most recent balance sheet appear below: Cash $ 51,000 Marketable securities $ 52,000 Accounts receivable

Data from Fontecchio Corporation's most recent balance sheet is presented below: Cash: $51,000 Marketable securities: $52,000 Accounts receivable: $11,800 Inventory: $88,000 Prepaid expenses: $46,000...
3 answers 178
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Marianna O'Kon

Nov 17, 2024

Department A completed and transferred out 2,100 units and had ending work in process inventory of 120 units. The ending inventory

Department A completed and transferred out 2,100 units, with an ending work in process inventory of 120 units. This ending inventory is 10% complete for materials and 70% complete for labor and overhe...
2 answers 188
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Anonymous

Jan 12, 2025

Departmental overhead rates are generally preferred to plant-wide overhead rates when: a. the activities of the various departments

Departmental overhead rates are generally preferred to plant-wide overhead rates when the activities of various departments differ significantly. In what situations would this preference be most appli...
3 answers 217
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Anonymous

Feb 07, 2025

Dreamland pillow company sells the ‘old softy’ model for $20 each. one pillow requires two pounds of raw materials and one hour of

Dreamland Pillow Company sells the "Old Softy" model for $20 each. Each pillow requires two pounds of raw materials and one hour of direct labor to manufacture. The cost of raw materials is $3 per pou...
4 answers 192
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Anonymous

Nov 29, 2024

Harvey quit his job at State University where he earned $45,000 a year. He figures his entrepreneurial talent or forgone entrepreneurial

Harvey quit his job at State University, where he earned an annual salary of $45,000. He estimates his entrepreneurial talent or forgone entrepreneurial income to be $5,000 per year. To start his busi...
3 answers 180
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Anonymous

Nov 09, 2024

how to find accounting and economic profit- please help!?

How can I calculate the accounting and economic profit for the following scenario? Suppose Kristen owns and operates a piano store. On average, her total revenue is $200,000, and her total costs are $...
3 answers 205
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Anonymous

Jan 29, 2025

If a company has advance ticket sales totaling $2,000,000 for the upcoming football season, the receipt of cash would be journalized

If a company has advance ticket sales totaling $2,000,000 for the upcoming football season, how should the receipt of cash be recorded in the journal? Please choose the correct option from the followi...
4 answers 131
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Anonymous

Nov 24, 2024

If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, Group of answer choices Common Stock will be credited for

If Dakota Company issues 1,500 shares of $6 par common stock for $75,000, how will the accounts be affected? Please select the correct answer from the following options: Common Stock will be credite...
3 answers 183
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Anonymous

Feb 07, 2025

In a segmented income statement, which of the following statements is true?

In a segmented income statement, which of the following statements is true? a. Segment margin is greater than contribution margin. b. Common fixed expenses must be allocated to each segment. c. Cont...
3 answers 55
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Anonymous

Dec 28, 2024

In the context of dollar-value LIFO, what is a LIFO layer?

In the context of dollar-value LIFO, what is a LIFO layer? Please select one of the following options: a. The LIFO value of an increase in inventory for a given year. b. Inventory valued in base year...
3 answers 76
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Elvie Sawayn

Nov 29, 2024

is deferred gain an asset or liability?

"Can someone clarify whether a deferred gain is classified as an asset or a liability on the financial statements? I’m trying to understand its proper accounting treatment and how it should be recorde...
5 answers 201
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Anonymous

Feb 20, 2025

On january 1, a company issues bonds dated january 1 with a par value of $600,000. the bonds mature in 3 years. the contract rate

On January 1, a company issued bonds with a par value of $600,000, maturing in 3 years. The bonds have a contract rate of 7%, with interest paid semiannually on June 30 and December 31. The bonds were...
7 answers 80
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Abigayle Donnelly

Nov 01, 2024

On january 1 of 2015, parson freight company issues 7%, 10-year bonds with a par value of $2,000,000. the bonds pay interest semi-annually.

On January 1, 2015, Parson Freight Company issued 7% bonds with a par value of $2,000,000 and a maturity period of 10 years. These bonds pay interest semi-annually. At the time of issuance, the market...
3 answers 202
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Anonymous

Dec 16, 2024

P. jameson co. sold $500 of merchandise on master card credit sales. the net cash receipts from the sale are immediately deposited

P. Jameson Co. sold $500 worth of merchandise through MasterCard credit sales. The net cash receipts from this sale are immediately deposited into the seller's bank account. MasterCard charges a 4% fe...
10 answers 179
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Anonymous

Jan 07, 2025

Q-mart failed to include inventory that was kept in a separate warehouse in its 12/31 end-of-the-period inventory count. Consequently,

Q-mart neglected to include inventory that was stored in a separate warehouse in its inventory count as of December 31. As a result, the ending inventory reported on the balance sheet for that date wa...
4 answers 141
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Emilia O'Kon

Nov 19, 2024

Revenue is traditionally recognized in the accounting records when

When is revenue traditionally recognized in accounting records? a. When cash is received. b. When services are rendered. c. When it is incurred. d. None of the above.

4 answers 183
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Anonymous

Nov 18, 2024

Rocky guide service provides guided 1–5 day hiking tours throughout the rocky mountains. wilderness tours hires rocky to lead various

Rocky Guide Service provides guided hiking tours lasting from 1 to 5 days throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead various tours that Wilderness sells. Rocky receives $2,40...
1 answers 59
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Anonymous

Dec 24, 2024

Selected transactions for Sophie’s Dog Care are as follows during the month of March.

Selected transactions for Sophie’s Dog Care during the month of March are as follows: March 1: Paid monthly rent of $1,200. March 3: Performed services for $140 on account. March 5: Performed service...
4 answers 209
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Anonymous

Jan 18, 2025

The book value of an asset will equal its fair market value at the date of sale if:?

The book value of an asset will equal its fair market value at the date of sale if: a) no gain or loss on disposal is recorded. b) a loss on disposal is recorded. c) a gain on disposal is recorded....
2 answers 81
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Anonymous

Jan 07, 2025

The cost of fire insurance for a manufacturing plant is generally considered to be a “” cost?

What type of cost is the fire insurance for a manufacturing plant generally considered to be? A. Variable Cost B. Period Cost C. Product Cost D. All of the above

2 answers 74
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Anonymous

Oct 21, 2024

The data given below are from the accounting records of the kuhn corporation: net income (accrual basis) $ 65,000 depreciation expense

The following data are extracted from the accounting records of the Kuhn Corporation: Net income (accrual basis): $65,000 Depreciation expense: $19,000 Decrease in accounts payable: $3,500 Decrea...
3 answers 218
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Anonymous

Oct 31, 2024

The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue $205,000 Actual

The following data pertains to the Oneida Restaurant Supply Company for the most recently completed fiscal year: Budgeted Sales Revenue: $205,000 Actual Manufacturing Overhead: $336,000 Budgeted...
4 answers 178
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Anonymous

Nov 07, 2024

The following information is from the materials requisitions and time tickets for job 9-1005 completed by great bay boats. the requisitions

The following information is derived from the materials requisitions and time tickets for job 9-1005, completed by Great Bay Boats. The requisitions are identified by code numbers starting with the le...
6 answers 138
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Anonymous

Feb 10, 2025

The following information pertains to trenton glass works for the year just ended. budgeted direct-labor cost: 70,000 hours (practical

The following information pertains to Trenton Glass Works for the year just ended: Budgeted direct-labor cost: 70,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours...
3 answers 93
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Rosa Corkery

Jan 24, 2025

The following t-account is a summary of the cash account of cuellar company. cash (summary form) balance, jan. 1 7,000 receipts from

The following T-account summarizes the cash account of Cuellar Company. Cash (Summary Form) Balance, Jan. 1: $7,000 Receipts from customers: $365,700 Payments for goods: $275,100 Dividends on stock i...
5 answers 49
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Anonymous

Jan 26, 2025

Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions

Tri-State Bank and Trust is considering granting a loan to Josef Company. Before proceeding, the management believes it would be prudent to engage in further discussions with Josef's accountant regard...
4 answers 152
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Sanford Bernhard

Feb 16, 2025

Under the accrual basis, Marr should report rental revenue of?

Marr Corp. reported rental revenue of $2,210,000 in its cash basis federal income tax return for the year ended November 30, 2006. The following additional information is provided: Rents receivable...
1 answers 139
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Anonymous

Oct 22, 2024

Is Revenue a Credit balance or a Debit balance?

Is revenue considered a credit balance or a debit balance in accounting? Furthermore, what is meant by "normal balance" in this context?
6 answers 185
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Anonymous

Dec 21, 2024

LOL Music Store uses the periodic inventory system to account for its merchandise. On November 17, it purchased $1,000 of merchandise

LOL Music Store uses the periodic inventory system to account for its merchandise. On November 17, the store purchased $1,000 worth of merchandise with terms of 2/5, n/60. If payment is made on Novemb...
4 answers 77
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Anonymous

Jan 23, 2025

Pension data for Millington Enterprises include the following: ($ in millions) Discount rate, 10% Projected benefit obligation, January

Pension data for Millington Enterprises include the following: (in millions) Discount rate: 10% Projected benefit obligation (PBO), January 1: $350 Projected benefit obligation (PBO), December...
2 answers 114
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Anonymous

Dec 25, 2024

What is robbins’ total amortization expense for the year ended december 31st, 2017?

What is Robbins' total amortization expense for the year ended December 31, 2017?
4 answers 229
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Anonymous

Feb 01, 2025

Which of the following statements concerning financial statement presentation is false?

Which of the following statements regarding the presentation of financial statements is false? a. Intangible assets are reported separately under Intangible Assets. b. The balances of major classes of...
1 answers 160
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Anonymous

Dec 04, 2024

Which one of the following is not an accurate description of the allowance for doubtful accounts?

Which of the following statements is not an accurate description of the allowance for doubtful accounts? Please select one of the following options: The allowance for doubtful accounts is a temporar...
2 answers 186