Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Page 35 of 44 Question 35 (3 points) The following data is available for Berkshire Corporation at December 31, 2020: Common stock, par $10 (authorized

image text in transcribed
image text in transcribed
image text in transcribed
Page 35 of 44 Question 35 (3 points) The following data is available for Berkshire Corporation at December 31, 2020: Common stock, par $10 (authorized 30,000 shares) $270,000 Treasury stock (at cost $15 per share) $45,000 Based on the data, how many shares of common stock are outstanding? a) 24,000 b) 26,000. c) 25,000 d) 27.000 e) 22,000 CMP Question 37 (4 points) MNO Landscaping Company has the following selected financial statement items for 2021. presented in no particular order: Salaries and wages payable $ 10,000 Accounts receivable 11,000 Cash 14,000 Equipment 210,000 Insurance expense 3,000 Notes payable (due in 1 year) 70,000 Prepaid insurance 6,000 Unearned service revenue 3,000 Service revenue 130,000 Supplies 4,000 Supplies expense 6,000 Think about our coverage of the classified balance sheet in Chapter 2. Based on the information above, What is the total amount of current assets that would be shown on the classified balance sheet of MNO at 12/31/20212 a) $125.000 b) $35.000 c) $47,000 d) $73,000 e) None of the choices are correct. Question 40 (4 points) Family Urgent Care Clinic purchased $8,500 of medical supplies on April 1, 2020. These supplies usually last two to three months, but their office was busier than expected in April due to COVID-19. On April 30, an inventory of the medical supplies showed only $1,500 of the medical supplies still on hand. The adjusting entry that should be made on April 30 by the clinic is: a) debit Supplies Expense, $1,500; credit Supplies, $1,500. Ob) debit Supplies, $7,000; credit Supplies Expense, $7,000. c) debit Supplies, $7,000; credit Cash, $7,000. d) debit Supplies, $1,500; credit Supplies Expense, $1,500. e) debit Supplies Expense, $7,000; credit Supplies, $7,000. Previous Page Next Page Page 40 of 44

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information System

Authors: James A. Hall

7th Edition

978-1439078570, 1439078572

More Books

Students also viewed these Accounting questions