Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all questions except 284 please answer all except 284. if ypu can answer alll just answer the ones you can please. 280) The

please answer all questions except 284 image text in transcribed
please answer all except 284. if ypu can answer alll just answer the ones you can please.
280) The balance sheet of Subsidiary shows assets of $86,400 and liabilities of $15,000. The fair value of the assets is $90,000 and the fair value of its liabilities is $15,000. Parent paid $95,000 to acquire Subsidiary. Parent should record goodwill on this purchase of: A) $3.600. C) $20,000. D) $5,000. B) $23,600 281) During the year, ABC had the following cash flows: receipt from customers, $10,000; receipt from the bank for long-term borrowing, $6,000; payment to suppliers, $5,000; payment of dividends, $1,000, payment to workers, $2,000; and payment for machinery, $8,000. What amount would be reported for net financing cash flows on the Statement of Cash Flows? A) $2.000. B) $6,000. C) ($8,000). D) $5,000. 282) What is the accounting principle that doesn't allow companies to switch between'LIFO and FIFO 5.300 every year A) Timeliness B) Going Concem C)Consisteney D) Conservatism 283) Managers prefer that a lease be A) Depends on the eircumstances B) Managers are indifferent between the two types of leases C) Capital (Financing) D) Operating 0,000; receipt om D $5,000. 284) Can APIC have a Debit balance? A)Yes No C utsc ytin 285) In a perpetual inventory system, the purchase of inventory is debited to: B) Accounts Payable. D) Cost of Goods Sold. A) Inventory. C) Purchases. 0,000, reseipto 286) When a business pays dividends to its shareholders, the dividends are tax deductible B) True A) False 287) A company orders office supplies in June. Those supplies are received and paid for in July. The supplies are used in August. In which month should the company record supplies expense? a t A) July C) August B) Evenly over the three months D) June 288) Which of the following are made BEFORE the financial statements are prepared (more than one possible correct answer)? A) Closing Entries B) Adjusting Entries C) Transaction Entries ir lul 40

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

The ASQ Certified Food Safety And Quality Auditor

Authors: Steven Wilson

4th Edition

1951058186, 978-1951058180

More Books

Students also viewed these Accounting questions

Question

Define procedural justice. How does that relate to unions?

Answered: 1 week ago