All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
managerial accounting tools for business decision making

Questions and Answers of Managerial Accounting Tools For Business Decision Making

Identify the liabilities classified by Tootsie Roll as current.AppendixLO2
(a) Identify three taxes commonly paid by employers on employees’ salaries and wages.(b) Where in the financial statements does the employer report taxes withheld from employees’pay?AppendixLO2
Identify three taxes commonly withheld by the employer from an employee’s gross pay.AppendixLO2
Dakota University sold 9,000 season football tickets at $100 each for its five-game home schedule. What entries should be made (a) when the tickets are sold and (b) after each game?AppendixLO2
(a) Your roommate says, “Sales taxes are reported as an expense in the income statement.” Do you agree? Explain.(b) Amanda’s Cafe has cash proceeds from sales of$8,550. This amount includes
Trayer Company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First Bank on July 1. Trayer’s fiscal year ends on September 30.What information should be reported for the
Peggy Jantzen believes a current liability is a debt that can be expected to be paid in one year. Is Peggy correct? Explain.AppendixLO2
Sampson Corp. purchased a piece of equipment by issuing a $20,000, 6% installment note payable. Quarterly payments on the note are $1,165. What will be the reduction in the principal portion of the
On January 1, Nicholas Corporation issued$1,000,000, 14%, 5-year bonds with interest payable on December 31. The bonds sold for $1,072,096. The market rate of interest for these bonds was 12%. On the
On January 1, Holly Ester Inc. issued $1,000,000, 10-year, 9% bonds for $938,554. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31. Holly Ester uses the
For the bonds issued in Question 16, what is the carrying value of the bonds at the end of the third interest period?(a) $492,000. (c) $472,000.(b) $488,000. (d) $464,000.AppendixLO2
On January 1, Xiang Corporation issues $500,000, 5-year, 12% bonds at 96 with interest payable on January 1. The entry on December 31 to record accrued bond interest and the amortization of bond
Which of the following is not a measure of liquidity?(a) Debt to assets ratio.(b) Working capital.(c) Current ratio.(d) Current cash debt coverage.AppendixLO2
In a recent year, Derek Corporation had net income of $150,000, interest expense of $30,000, and income tax expense of $20,000. What was Derek Corporation’s times interest earned for the year?(a)
Goethe Corporation redeems its $100,000 face value bonds at 105 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $103,745. The entry to
Prescher Corporation issued bonds that pay interest every July 1 and January 1. The entry to accrue bond interest at December 31 includes a:(a) debit to Interest Payable.(b) credit to Cash.(c) credit
On January 1, 2014, Kelly Corp. issues $200,000, 5-year, 7% bonds at face value. The entry to record the issuance of the bonds would include a:(a) debit to Cash for $14,000.(b) debit to Bonds Payable
Laurel Inc. issues 10-year bonds with a maturity value of $200,000. If the bonds are issued at a premium, this indicates that:(a) the contractual interest rate exceeds the market interest rate.(b)
The market interest rate:(a) is the contractual interest rate used to determine the amount of cash interest paid by the borrower.(b) is listed in the bond indenture.(c) is the rate investors demand
What term is used for bonds that have specific assets pledged as collateral?(a) Callable bonds. (c) Secured bonds.(b) Convertible bonds. (d) Discount bonds.AppendixLO2
No Fault Insurance Company collected a premium of$18,000 for a 1-year insurance policy on April 1. What amount should No Fault report as a current liability for Unearned Insurance Premiums at
When recording payroll:(a) gross earnings are recorded as salaries and wages payable.(b) net pay is recorded as salaries and wages expense.(c) payroll deductions are recorded as liabilities.(d) More
Alexis Company has total proceeds from sales of$4,515. If the proceeds include sales taxes of 5%, what is the amount to be credited to Sales Revenue?(a) $4,000.(b) $4,300.(c) $4,289.25.(d) The
JD Company borrowed $70,000 on December 1 on a 6-month, 12% note. At December 31:(a) neither the note payable nor the interest payable is a current liability.(b) the note payable is a current
Ottman Company borrows $88,500 on September 1, 2014, from Farley State Bank by signing an $88,500, 12%, one-year note. What is the accrued interest at December 31, 2014?(a) $2,655. (c) $4,425.(b)
To be classified as a current liability, a debt must be expected to be paid:(a) out of existing current assets.(b) by creating other current liabilities.(c) within 2 years.(d) Either (a) or
The time period for classifying a liability as current is one year or the operating cycle, whichever is:(a) longer. (c) probable.(b) shorter. (d) possible.AppendixLO2
Identify the requirements for the fi nancial statement presentation and analysis of liabilities.AppendixLO2
Describe the entries when bonds are redeemed.AppendixLO2
Prepare the entries for the issuance of bonds and interest expense.AppendixLO2
dentify the types of bonds.AppendixLO2
Explain the accounting for other current liabilities.AppendixLO2
Describe the accounting for notes payable.AppendixLO2
Walters Corporation was formed during 2013 by John Walters. John is the president and sole stockholder. At December 31, 2014, John prepared an income statement for Walters Corporation. John is not an
Presented below are selected financial statement items for Preacher Corporation for December 31, 2014.Inventory $ 55,000 Cash paid to purchase equipment $ 20,000 Cash paid to suppliers 154,000
Shaw’s Garden was started on May 1 with an investment of $45,000 cash. Following are the assets, liabilities, and common stock of the company on May 31, 2014, and the revenues and expenses for the
Financial decisions often place heavier emphasis on one type of financial statement over the others. Consider each of the following hypothetical situations independently.(a) An investor is
Presented below are five independent situations.(a) Randy Gentry, a college student looking for summer employment, opened a produce stand along a busy local highway. Each morning he buys produce from
Merando Corporation was formed on January 1, 2014. At December 31, 2014, Bill Jensen, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows.MERANDO
Presented below is selected financial information for Wenger Corporation for December 31, 2014.Inventory $ 25,000 Cash paid to purchase equipment $ 12,000 Cash paid to suppliers 104,000 Equipment
On June 1, Hightower Service Co. was started with an initial investment in the company of $22,100 cash. Here are the assets, liabilities, and common stock of the company at June 30, and the revenues
Financial decisions often place heavier emphasis on one type of financial statement over the others. Consider each of the following hypothetical situations independently.(a) The North Face is
Presented below are five independent situations.(a) Three physics professors at MIT have formed a business to improve the speed of information transfer over the Internet for stock exchange
The annual report provides financial information in a variety of formats, including the following.Management discussion and analysis (MD&A)Financial statements Notes to the financial statements
The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Colaw Corporation and Hunter Enterprises, are presented on the next page for
Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in millions.) 1. Cash $2,291.1 7. Inventory $2,357.0 2. Accounts receivable 2,883.9 8. Income taxes
Edward Waltz is the bookkeeper for Edminson Company. Edward has been trying to get the balance sheet of Edminson Company to balance. It finally balanced, but now he’s not sure it is
Suppose the following data are derived from the 2014 financial statements of Southwest Airlines. (All dollars are in millions.) Southwest has a December 31 year-end.Cash balance, January 1, 2014
This information is for Dyckman Corporation for the year ended December 31, 2014.Cash received from lenders $20,000 Cash received from customers 50,000 Cash paid for new equipment 28,000 Cash
Kellogg Company is the world’s leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars.Suppose the following items
Flint Hills Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2014.Service revenue (from camping fees)
Here are incomplete financial statements for Riedy, Inc.RIEDY, INC.Balance Sheet Assets Cash $ 7,000 Inventory 10,000 Buildings 45,000 Total assets $62,000.Liabilities and Stockholders’ Equity
The following items and amounts were taken from Motte Inc.’s 2014 income statement and balance sheet.______ Cash $ 84,700 ______ Accounts receivable $ 88,419 ______ Retained earnings 123,192 ______
Consider each of the following independent situations.(a) The retained earnings statement of Grant Corporation shows dividends of $68,000, while net income for the year was $75,000.(b) The statement
Presented here is information for DeVito Inc. for 2014.Retained earnings, January 1 $130,000 Service revenue 400,000 Total expenses 175,000 Dividends 65,000 Instructions Prepare the 2014 retained
Suppose the following information was taken from the 2014 financial statements of pharmaceutical giant Merck and Co. (All dollar amounts are in millions.)Retained earnings, January 1, 2014 $43,698.8
This information relates to Molina Co. for the year 2014.Retained earnings, January 1, 2014 $67,000 Advertising expense 1,800 Dividends 6,000 Rent expense 10,400 Service revenue 58,000 Utilities
The Clear View Golf & Country Club details the following accounts in its financial statements.(a) (b)Accounts payable _____ _____ Accounts receivable _____ _____ Equipment _____ _____ Sales revenue
All businesses are involved in three types of activities—financing, investing, and operating. Listed below are the names and descriptions of companies in several different industries.Abitibi
Here is a list of words or phrases discussed in this chapter: 1. Corporation 4.Partnership 7. Accounts payable 2. Creditor 5. Stockholder 8. Auditor’s opinion 3. Accounts receivable 6. Common
Indicate whether each of the following items is most closely associated with the management discussion and analysis (MD&A), the notes to the financial statements, or the auditor’s report.(a)
Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014.Accounts payable $ 5,000 Notes payable $ 7,000 Accounts
Classify each item as an asset, liability, common stock, revenue, or expense.(a) Issuance of ownership shares.(b) Land purchased.(c) Amounts owed to suppliers.(d) Bonds payable.(e) Amount earned from
Identify each of the following organizational characteristics with the organizational form or forms with which it is associated.(a) Easier to transfer ownership. (d) Tax advantages.(b) Easier to
Which is not a required part of an annual report of a publicly traded company?(a) Statement of cash flows.(b) Notes to the financial statements.(c) Management discussion and analysis.(d) All of these
Indicate whether each of these items is an asset (A), a liability (L), or part of stockholders’ equity (SE).(a) Accounts receivable. (d) Supplies.(b) Salaries and wages payable. (e) Common
At the beginning of the year, Goren Company had total assets of $800,000 and total liabilities of $500,000. (Treat each item independently.)(a) If total assets increased $150,000 during the year and
Use the basic accounting equation to answer these questions.(a) The liabilities of Jantz Company are $90,000 and the stockholders’ equity is $230,000.What is the amount of Jantz Company’s total
Indicate which statement you would examine to find each of the following items:income statement (IS), balance sheet (BS), retained earnings statement (RES), or statement of cash flows (SCF).(a)
Eskimo Pie Corporation markets a broad range of frozen treats, including its famous Eskimo Pie ice cream bars. The following items were taken from a recent income statement and balance sheet. In each
In alphabetical order below are balance sheet items for Burnett Company at December 31, 2014. Prepare a balance sheet following the format of Illustration 1-7(page 14).Accounts payable $65,000
Presented below are a number of transactions. Determine whether each transaction affects common stock (C), dividends (D), revenue (R), expense (E), or does not affect stockholders’ equity (NSE).
Indicate in which part of the statement of cash flows each item would appear:operating activities (O), investing activities (I), or financing activities (F).(a) _____ Cash received from customers.(b)
Trying to determine whether the company should employ debt or equity financing.(a) _____ Investors in common stock. (d) _____ Chief Financial Officer.(b) _____ Marketing managers. (e) _____ Internal
Trying to determine whether the company’s net income will result in a stock price increase.AppendixLO1
Trying to determine whether an advertising proposal will be cost-effective.AppendixLO1
Trying to determine whether the company can pay its obligations.AppendixLO1
Trying to determine whether the company complied with tax laws.AppendixLO1
Match each of the following types of evaluation with one of the listed users of accounting information.AppendixLO1
Match each of the following forms of business organization with a set of characteristics:sole proprietorship (SP), partnership (P), corporation (C).(a) _____ Shared control, tax advantages, increased
The accounting equation is Assets 5 Liabilities 1 Stockholders’ Equity. Appendix A, at the end of this textbook, reproduces Tootsie Roll’s financial statements. Replacing words in the equation
Which of these items are liabilities of White Glove Cleaning Service?(a) Cash. (f) Equipment.(b) Accounts payable. (g) Salaries and wages(c) Dividends. payable.(d) Accounts receivable. (h) Service
What is the primary purpose of the statement of cash flows?AppendixLO1
Why would a bank want to monitor the dividend payment practices of the corporations to which it lends money?AppendixLO1
Listed here are some items found in the financial statements of Finzelberg. Indicate in which financial statement(s) each item would appear.(a) Service revenue. (d) Accounts receivable.(b) Equipment.
The element of the annual report that presents an opinion regarding the fairness of the presentation of the financial position and results of operations is/are the:(a) income statement.(b)
The element of a corporation’s annual report that describes the corporation’s accounting methods is/are the:(a) notes to the financial statements.(b) management discussion and analysis.(c)
As of December 31, 2014, Stoneland Corporation has assets of $3,500 and stockholders’ equity of $1,500.What are the liabilities for Stoneland Corporation as of December 31, 2014?(a) $1,500. (c)
Stockholders’ equity represents:(a) claims of creditors.(b) claims of employees.(c) the difference between revenues and expenses.(d) claims of owners.AppendixLO1
Which financial statement reports assets, liabilities, and stockholders’ equity?(a) Income statement.(b) Retained earnings statement.(c) Balance sheet.(d) Statement of cash flows.AppendixLO1
Which statement presents information as of a specific point in time?(a) Income statement.(b) Balance sheet.(c) Statement of cash flows.(d) Retained earnings statement.AppendixLO1
What section of a statement of cash flows indicates the cash spent on new equipment during the past accounting period?(a) The investing activities section.(b) The operating activities section.(c) The
The financial statements for Joseph Corporation contained the following information.Accounts receivable $ 5,000 Sales revenue 75,000 Cash 15,000 Salaries and wages expense 20,000 Rent expense 10,000
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.AppendixLO1
Which of the following is an example of a financing activity?(a) Issuing shares of common stock.(b) Selling goods on account.(c) Buying delivery equipment.(d) Buying inventory.AppendixLO1
Which is not one of the three primary business activities?(a) Financing. (c) Advertising.(b) Operating. (d) Investing.AppendixLO1
Which of the following did not result from the Sarbanes-Oxley Act?(a) Top management must now certify the accuracy of financial information.(b) Penalties for fraudulent activity increased.(c)
Which statement about users of accounting information is incorrect?(a) Management is considered an internal user.(b) Taxing authorities are considered external users.(c) Present creditors are
Which is an advantage of corporations relative to partnerships and sole proprietorships?(a) Lower taxes.(b) Harder to transfer ownership.(c) Reduced legal liability for investors.(d) Most common form
Discuss capital budgeting evaluation, and explain inputs used in capital budgeting.AppendixLO1

Showing 100 - 200 of 3117

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved