Retained earnings at the end of the period is equal to A retained earnings at the beginning of the period plus net income minus liabilities B retained earnings at the beginning of the period plus net income minus dividends C net income D assets plus liabilities 22. Problem 3-15 The manager of a fashionable restaurant open Wednesday through Saturday says that the restaurant does about 25 percent of its business on Friday night, 34 percent on Saturday night, and 20 percent on Thursday night. Post the transactions to the appropriate accounts in the general ledger and the accounts receivable subsidiary ledger for Song, Inc. The payment is made on October 10. Debit accounts payable, credit supplies payable 3. Budgeting provides a fixed fiscal plan that should not be changed during the year.
Management must indicate that the accounting method change is preferable to the old method. What journal entry will Candy Company record? A Receivables turnover B Return on total assets C Current cash debt coverage ratio D Debt to total assets ratio 36. A Management Discussion and Analysis section is required in annual reports to shareholders even when financial results are positive. Which of the following financial statements is concerned with the company at a point intime? What is the earnings per share? Notes to the financial statements do not need to be included in the annual report because that information is only for internal users. Big Country Ski Shop commenced business on September 1, 2019. Which accounts normally have debit balances? Jumpy Company has net income of: a.
Internal control is defined, in part, as a plan that safeguards A all balance sheet accounts B Assets C Liabilities D capital stock 45. Based on this information, total liabilities must be equal to: a. Debt and obligations of a business are referred to as A Assets B Equities C Liabilities D Expenses 17. Which of the following is a measure of liquidity? Which of the following groups uses accounting information primarily to insure the entity isoperating within prescribed rules? These homework tutorials are supposed to be used as a reference notes in writing the course homework assignments. Debit accounts receivable, credit revenue d. Changing auditing firms to find a more liberal opinion. What demands should she predict? During September, Exceptional Electronics engaged in the following transactions.
Internal controls are not designed to safeguard assets from A natural disasters B employee theft C Robbery D unauthorized use 46. The current ratio is a. Net income will result during a time period when: A assets exceed liabilities B assets exceed revenues C expenses exceed revenues D revenues exceed expenses 21. Statement of Changes in Equity 19. The journal entry at December 31, 2012 would include a credit to 29 A company that owns more than 50% of the common stock of another company is known as the 30 If a parent company has two wholly owned subsidiaries, how many legal and economic entities are there from the viewpoint of the shareholders of the parent company? Debit accounts receivable, credit cash e. Required: Post the entries from the general journal to the appropriate accounts in the general ledger and in the accounts payable ledger. Oslo's net income for 2006 was: a.
What is the current ratio? From an internal control standpoint, the asset most susceptible to improper diversion and use is A prepaid insurance B Cash C Buildings D Land 48. B Will the company be able to pay its debts as they come due? Assume Holmes pays interest semiannually and the July 1 entry was done correctly. At the beginning of 2006 Oslo Co. The current ratio is A calculated by dividing current liabilities by current assets B used to evaluate a company's liquidity and short-term debt paying ability C used to evaluate a company's solvency and long-term debt paying ability D calculated by subtracting current liabilities from current assets 37. Statement of Changes in Equity 17. Debt securities sold to investors that must be repaid at a particular date some years in the future are called A accounts payable B notes receivable C taxes payable D bonds payable 16.
Statement of Cash Flows d. Which one of the following would be considered a long-term solvency ratio? Required: Journalize the transactions in a general journal. The product mix to optimize profitability C. What method is generally tied to influence deemed to be insignifcant? Homework Tutorials Course Homework Ltd is among the most reputed Online Homework Tutorials service providers in the world, who have always been duly fulfilling the responsibility of satisfying the worthy customers. The amount of inventory that should appear on the balance sheet D.
Debit accounts receivable, credit revenue d. Debit accounts receivable, credit cash e. Debit cash, credit supplies c. What seasonal relatives would describe this situation? What amount should be recorded for each sale? Big Country Ski Shop commenced business on September 1, 2019. Big Country Ski Shop commenced business on September 1, 2019. Problem 3-11 A manager of a store that sells and installs spas wants to prepare a forecast for January, February, and March of next year. The following amounts were drawn from the records of Gregory Co.
A Balance sheet B Income statement C Retained Earnings statement D Statement of cash flows 23. The cost principle requires that when assets are acquired, they be recorded at a. Baker must first collect the revenue before recognizing it. None of the above 5. Internal controls are concerned with A only manual systems of accounting B the extent of government regulations C safeguarding assets D preparing income tax returns 49. The assets turnover ratio measures A how often a company replaces its assets B how efficiently a company uses its assets to generate sales C the portion of the assets that have been financed by creditors D the overall rate of return on assets 41.
Cash flow from operating activities would decrease. The total dollar amount of assets to be classified as property, plant, and equipment is a. The stereo equipment was sold on September 3. What is the earnings per share? What is the total amount of working capital? To show how successfully your business performed during a period of time, you would report its revenues and expense in the A balance sheet B income statement C statement of cash flows D retained earnings statement 19. Baker would credit an asset.