Hello I was just wondering if someone could look over my assignment and check to see if I have correct answers Some of the questions are part of a book, you dont need to answer those, but all else would be appreciated Thanks Unearned income is not a liability False Deferred expenses are assets False By definition, accrued revenue is unearned True Accrues expenses have not been paid True Deferred income is unearned True Deferred expenses are prepaid False Prepaid expense and unearned income accounts are assets True Accrued expenses are liabilities True All else being equal, overstating deferred revenue would overstate capital True All else being equal, understating deferred expenses would overstate net income True Taxes you owe would be recorded as a deferred expense True Rent paid to you in advance would be recorded as deferred revenue true Rent paid by you in advance would be recorded as an accrued expense False Recording accrued revenue would require a debit to cash True Recording an accrued expense would require crediting a liability account True Unemployment insurance is a payroll tax True Social security is a payroll tax and a payroll deduction True Payroll deductions are withheld from employee s gross pay True Income tax is a payroll deduction True Analysis of Kornett Company s post closing trial balance on page535 indicates Kornett paid employees $157,000 during 2014 False Analysis of Kornett s post closing trial balance also indicates Kornett owed $70,490 in payroll tax at year end True There are $70,180 in payroll deductions listed on Kornett s post closing trial balance False When journalizing the formation of a partnership, assets must be recorded at cost True The net asset value of a partnership is equal to its revenue minus its expenses True Partnership pay no income tax False Partners J,K, and L agree to share profit and loss in a 5 2 1 ratio respectively If the partnership earned $4 million in net income, K would be paid $1 million False When partnerships dissolve, all non cash assets are sold and debts are paid True GAAP required the purchase of interest method be used to account for the admission of a new partner False During liquidation, a loss on realization will create a capital deficiency False Partners do not always have to agree on how to divide profit or loss True In Exhibit 7 on page 555 cash was distributed to Farley, Greene, and Hall according to their profit sharing agreement True Analysis of exhibit 8 on page 557 indicates a profit sharing ratio of 1 2 True When corporations sell stock at a price above par value, the stock is sold at a premium True To close a dividend account at year end would require a debit to retained earnings True Accourding to GAAP, corporations should report treasury stock as an asset False In problem 13 4B on page 619, Nav Go Enterprises would credit common stock for $1 6million on April 13 True Analysis of problem 13 4B indicates Nav Go paid $6 75 a share for the treasury stock shown on its balance sheet as of January 1, 2014 True Analysis of Exhibit 12 on page 804 indicates Jones Corporation earned $3 45 per share from continuing operations True Analysis of Exhibit 12 also indicated Jones had an extraordinary loss of$ 50 per share True Based on class discussion of the Rodgers Industries case, Rodgers should get a clean opinion from its auditor True Analysis of Rainbow Paint Co s financial statements starting on page 806 indicates Rainbow collect its receivables (AR), on average, in under 30 days in 2014 True Analysis of Rainbow s financial statements also indicates Rainbow sold its products (inventory), on average, in less than 90 days in 2014 True Period costs are reported as expenses when incurred True Product costs include direct labor, direct material, and factory overhead False Direct material and direct labor are conversion costs True 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12) 13) 14) 15) 16) 17) 18) 19) 20) 21) 22) 23) 24) 25) 26) 27) 28) 29) 30) 31) 32) 33) 34) 35) 36) 37) 38) 39) Unearned income is not a liability False Deferred expenses are assets False By definition, accrued revenue is unearned True Accrues expenses have not been paid True Deferred income is unearned True Deferred expenses are prepaid False Prepaid expense and unearned income accounts are assets True Accrued expenses are liabilities True All else being equal, overstating deferred revenue would overstate capital True All else being equal, understating deferred expenses would overstate net income True Taxes you owe would be recorded as a deferred expense True Rent paid to you in advance would be recorded as deferred revenue true Rent paid by you in advance would be recorded as an accrued expense False Recording accrued revenue would require a debit to cash True Recording an accrued expense would require crediting a liability account True Unemployment insurance is a payroll tax True Social security is a payroll tax and a payroll deduction True Payroll deductions are withheld from employee's gross pay True Income tax is a payroll deduction True Analysis of Kornett Company's post closing trial balance on page535 indicates Kornett paid employees $157,000 during 2014 False Analysis of Kornett's post closing trial balance also indicates Kornett owed $70,490 in payroll tax at year end True There are $70,180 in payroll deductions listed on Kornett's post closing trial balance False When journalizing the formation of a partnership, assets must be recorded at cost True The net asset value of a partnership is equal to its revenue minus its expenses True Partnership pay no income tax False Partners J,K, and L agree to share profit and loss in a 5 2 1 ratio respectively If the partnership earned $4 million in net income, K would be paid $1 million False When partnerships dissolve, all non cash assets are sold and debts are paid True GAAP required the purchase of interest method be used to account for the admission of a new partner False During liquidation, a loss on realization will create a capital deficiency False Partners do not always have to agree on how to divide profit or loss True In Exhibit 7 on page 555 cash was distributed to Farley, Greene, and Hall according to their profit sharing agreement True Analysis of exhibit 8 on page 557 indicates a profit sharing ratio of 1 2 True When corporations sell stock at a price above par value, the stock is sold at a premium True To close a dividend account at year end would require a debit to retained earnings True Accourding to GAAP, corporations should report treasury stock as an asset False In problem 13 4B on page 619, Nav Go Enterprises would credit common stock for $1 6million on April 13 True Analysis of problem 13 4B indicates Nav Go paid $6 75 a share for the treasury stock shown on its balance sheet as of January 1, 2014 True Analysis of Exhibit 12 on page 804 indicates Jones Corporation earned $3 45 per share from continuing operations True Analysis of Exhibit 12 also indicated Jones had an extraordinary loss of$ 50 per share True 40) Based on class discussion of the Rodgers Industries case, Rodgers should get a clean opinion from its auditor True 41) Analysis of Rainbow Paint Co 's financial statements starting on page 806 indicates Rainbow collect its receivables (AR), on average, in under 30 days in 2014 True 42) Analysis of Rainbow's financial statements also indicates Rainbow sold its products (inventory), on average, in less than 90 days in 2014 True 43) Period costs are reported as expenses when incurred True 44) Product costs include direct labor, direct material, and factory overhead False 45) Direct material and direct labor are conversion costs True

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Hello! I was just wondering if someone could look over my assignment and check to see if I have correct answers. Some of the questions

Hello! I was just wondering if someone could look over my assignment and check to see if I have correct answers. Some of the questions are part of a book, you dont need to answer those, but all else would be appreciated! Thanks!

Unearned income is not a liability. False
Deferred expenses are assets. False
By definition, accrued revenue is unearned. True
Accrues expenses have not been paid. True
Deferred income is unearned. True
Deferred expenses are prepaid. False
Prepaid expense and unearned income accounts are assets. True
Accrued expenses are liabilities. True
All else being equal, overstating deferred revenue would overstate capital. True
All else being equal, understating deferred expenses would overstate net income. True
Taxes you owe would be recorded as a deferred expense. True
Rent paid to you in advance would be recorded as deferred revenue. true
Rent paid by you in advance would be recorded as an accrued expense. False
Recording accrued revenue would require a debit to cash. True
Recording an accrued expense would require crediting a liability account. True
Unemployment insurance is a payroll tax. True
Social security is a payroll tax and a payroll deduction. True
Payroll deductions are withheld from employee?s gross pay. True
Income tax is a payroll deduction. True
Analysis of Kornett Company?s post closing trial balance on page535 indicates Kornett paid employees $157,000 during 2014. False
Analysis of Kornett?s post closing trial balance also indicates Kornett owed $70,490 in payroll tax at year end. True
There are $70,180 in payroll deductions listed on Kornett?s post closing trial balance. False
When journalizing the formation of a partnership, assets must be recorded at cost. True
The net asset value of a partnership is equal to its revenue minus its expenses. True
Partnership pay no income tax. False
Partners J,K, and L agree to share profit and loss in a 5:2:1 ratio respectively. If the partnership earned $4 million in net income, K would be paid $1 million. False
When partnerships dissolve, all non-cash assets are sold and debts are paid. True
GAAP required the purchase of interest method be used to account for the admission of a new partner. False
During liquidation, a loss on realization will create a capital deficiency. False
Partners do not always have to agree on how to divide profit or loss. True
In Exhibit 7 on page 555 cash was distributed to Farley, Greene, and Hall according to their profit sharing agreement. True
Analysis of exhibit 8 on page 557 indicates a profit sharing ratio of 1:2. True
When corporations sell stock at a price above par value, the stock is sold at a premium. True
To close a dividend account at year end would require a debit to retained earnings. True
Accourding to GAAP, corporations should report treasury stock as an asset. False
In problem 13-4B on page 619, Nav-Go Enterprises would credit common stock for $1.6million on April 13. True
Analysis of problem 13-4B indicates Nav-Go paid $6.75 a share for the treasury stock shown on its balance sheet as of January 1, 2014. True
Analysis of Exhibit 12 on page 804 indicates Jones Corporation earned $3.45 per share from continuing operations. True
Analysis of Exhibit 12 also indicated Jones had an extraordinary loss of$.50 per share. True
Based on class discussion of the Rodgers Industries case, Rodgers should get a ?clean? opinion from its auditor. True
Analysis of Rainbow Paint Co.?s financial statements starting on page 806 indicates Rainbow collect its receivables (AR), on average, in under 30 days in 2014. True
Analysis of Rainbow?s financial statements also indicates Rainbow sold its products (inventory), on average, in less than 90 days in 2014. True
Period costs are reported as expenses when incurred. True
Product costs include direct labor, direct material, and factory overhead. False
Direct material and direct labor are conversion costs. True

1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12) 13) 14) 15) 16) 17) 18) 19) 20) 21) 22) 23) 24) 25) 26) 27) 28) 29) 30) 31) 32) 33) 34) 35) 36) 37) 38) 39) Unearned income is not a liability. False Deferred expenses are assets. False By definition, accrued revenue is unearned. True Accrues expenses have not been paid. True Deferred income is unearned. True Deferred expenses are prepaid. False Prepaid expense and unearned income accounts are assets. True Accrued expenses are liabilities. True All else being equal, overstating deferred revenue would overstate capital. True All else being equal, understating deferred expenses would overstate net income. True Taxes you owe would be recorded as a deferred expense. True Rent paid to you in advance would be recorded as deferred revenue. true Rent paid by you in advance would be recorded as an accrued expense. False Recording accrued revenue would require a debit to cash. True Recording an accrued expense would require crediting a liability account. True Unemployment insurance is a payroll tax. True Social security is a payroll tax and a payroll deduction. True Payroll deductions are withheld from employee's gross pay. True Income tax is a payroll deduction. True Analysis of Kornett Company's post closing trial balance on page535 indicates Kornett paid employees $157,000 during 2014. False Analysis of Kornett's post closing trial balance also indicates Kornett owed $70,490 in payroll tax at year end. True There are $70,180 in payroll deductions listed on Kornett's post closing trial balance. False When journalizing the formation of a partnership, assets must be recorded at cost. True The net asset value of a partnership is equal to its revenue minus its expenses. True Partnership pay no income tax. False Partners J,K, and L agree to share profit and loss in a 5:2:1 ratio respectively. If the partnership earned $4 million in net income, K would be paid $1 million. False When partnerships dissolve, all non-cash assets are sold and debts are paid. True GAAP required the purchase of interest method be used to account for the admission of a new partner. False During liquidation, a loss on realization will create a capital deficiency. False Partners do not always have to agree on how to divide profit or loss. True In Exhibit 7 on page 555 cash was distributed to Farley, Greene, and Hall according to their profit sharing agreement. True Analysis of exhibit 8 on page 557 indicates a profit sharing ratio of 1:2. True When corporations sell stock at a price above par value, the stock is sold at a premium. True To close a dividend account at year end would require a debit to retained earnings. True Accourding to GAAP, corporations should report treasury stock as an asset. False In problem 13-4B on page 619, Nav-Go Enterprises would credit common stock for $1.6million on April 13. True Analysis of problem 13-4B indicates Nav-Go paid $6.75 a share for the treasury stock shown on its balance sheet as of January 1, 2014. True Analysis of Exhibit 12 on page 804 indicates Jones Corporation earned $3.45 per share from continuing operations. True Analysis of Exhibit 12 also indicated Jones had an extraordinary loss of$.50 per share. True 40) Based on class discussion of the Rodgers Industries case, Rodgers should get a \"clean\" opinion from its auditor. True 41) Analysis of Rainbow Paint Co.'s financial statements starting on page 806 indicates Rainbow collect its receivables (AR), on average, in under 30 days in 2014. True 42) Analysis of Rainbow's financial statements also indicates Rainbow sold its products (inventory), on average, in less than 90 days in 2014. True 43) Period costs are reported as expenses when incurred. True 44) Product costs include direct labor, direct material, and factory overhead. False 45) Direct material and direct labor are conversion costs. True