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Remaining Time: 3 hours, 11 minutes, 53 seconds. Question Completion Status: QUESTION 1 The following information is for Bright Eyes Auto Supplies: Bright Eyes Auto Supplies Balance Sheet December 31, 2015 $ 40,000 80,000 100,000 140,000 180,000 250.000 Accounts Payable Salaries and Wages Payable Mortgage Payable Total Liabilities Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings $200,000 Less Accumulated Depreciation (60.000 Trademark Total Assets $ 130,000 50,000 150.000 330,000 Common Sock Retained Earnings $400,000 340.000 740.000 140,000 140.000 $1.070,000 Total Liabilities and Stockholders' Equity $1.070.000 The total dollar amount of assets to be classified as current assets is A $220,000 B. $360,000. OC. $500,000 D. $140,000 QUESTION 2 The following information is for Bright Eyes Auto Supplies: Bright Eyes Auto Supplies Balance Sheet Click Save and Submit to see and bent. Click S A A alla emaining Time: 3 hours, 11 minutes, 46 seconds. uestion Completion Status: 0.140,000. QUESTION 2 The following information is for Bright Eyes Auto Supplies: Bright Eyes Auto Supplies Balance Sheet December 31, 2015 $ 130,000 50,000 150,000 330,000 Land Cash $ 40,000 Accounts Payable Prepaid Insurance 80,000 Salaries and Wages Payable Accounts Receivable 100,000 Mortgage Payable Inventory 140,000 Total Liabilities Land Held for Investment 180,000 250,000 Buildings $200,000 Common Sock $400,000 Less Accumulated Retained Earnings 340.000 Depreciation (60.000) 140,000 Trademark 140,000 Total Liabilities and Total Assets $1.070,000 Stockholders' Equity The total dollar amount of assets to be classified as property, plant, and equipment is O A $630,000. B. $450,000 C. $570,000 D.5390,000 740.000 $1.070,000 QUESTION 3 Click Save and Submit to save and submit. Click Save All Answers to save all answers maining Time: 3 hours, 11 minutes, 41 seconds. mestion Completion Status: QUESTION 3 The following information is for Bright Eyes Auto Supplies: Bright Eyes Auto Supplies Balance Sheet December 31, 2015 $ 130,000 50,000 150.000 330,000 Cash $ 40,000 Accounts Payable Prepaid Insurance 80,000 Salaries and Wages Payable Accounts Receivable 100,000 Mortgage Payable Inventory Total Liabilities Land Held for Investment 180,000 Land 250,000 Buildings $200,000 Common Sock $400,000 Less Accumulated Retained Earnings 340,000 Depreciation (60.000) 140,000 Trademark 140.000 Total Liabilities and Total Assets $1.070.000 Stockholders' Equity The total dollar amount of assets to be classified as investments is A. $180,000. B. $140,000 C. $250,000 D. $0. 740.000 $1.070.000 QUESTION 4 The following information is for Bright Eyes Auto Supplies Click Save and Submit to save and submit. Click Save All Answers to save all answers aining Time: 3 hours, 11 minutes, 37 seconds. stion Completion Status: D.$0. QUESTION 4 The following information is for Bright Eyes Auto Supplies: Bright Eyes Auto Supplies Balance Sheet December 31, 2015 $ 40,000 80,000 100,000 140,000 180,000 250,000 Accounts Payable Salaries and Wages Payable Mortgage Payable Total Liabilities Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings $200,000 Less Accumulated Depreciation (60.000) Trademark Total Assets $ 130,000 50,000 150.000 330,000 Common Sock Retained Earnings $400,000 340.000 740.000 140,000 140.000 $1.070.000 Total Liabilities and Stockholders' Equity $1.070.000 The total dollar amount of liabilities to be classified as current liabilities is A 180,000 B. 5130,000. C. 5330,000 D.550,000. QUESTIONS Click Save and Submit to save and submit. Click Save All Answers to save alla Remaining Time: 3 hours, 11 minutes 8 Question Completion Status: QUESTION 44 Glover Co. returned defective goods costing $5,000 to Mal Company on April 19, for credit. The goods were purchased April 10, on credit, terms 3/10, 1/30. The entry by Glover Co. on April 19, in receiving full credit is: A Accounts Payable 5,000 Inventory 150 Cash 4,850 5,000 B. Accounts Payable Inventory 5,000 5,000 C. Accounts Payable Inventory Cash 150 5,150 5,000 D. Accounts Payable Purchase Discounts Inventory 150 4,850 QUESTION 45 On July 9, Sheb Company sells goods on credit to Wooley Company for $5,000, terms 1/10, 1/60. Sheb receives payment on July 18. The entry by Sheb on July 18 A Cash 5,050 Remaining Time: 3 hours, 11 minutes, second. Question Completion Status: Purchase Discounts Inventory 150 4,850 QUESTION 45 On July 9, Sheb Company sells goods on credit to Wooley Company for $5,000, terms 1/10, 1/60. Sheb receives payment on July 18. The entry by Sheb on July 18 is: A Cash 5,050 Sales Discounts Accounts Receivable 5,000 B. Cash 5.000 Sales Discounts Accounts Receivable C Cash 5,000 Accounts Receivable 4950 OD. Cash Sales Discounts Accounts Receivable QUESTION 46 Click Save and Submit to serve and submit. Click Save All Arters to save all centers. - 2 4 - A Remaining Time: 3 hours, 10 minutes, 45 seconds. Question Completion Status: C. $24,000. D. $46,000. QUESTION 63 Rae Company uses a perpetual inventory system and made a purchase of merchandise on credit from Tyree Corporation on August 3, for $9,000, terms 2/10, 1/4 On August 10, Rae makes the appropriate payment to Tyree. The entry on August 10 for Rae Company is A. Accounts Payable 9,000 Cash 9,000 B. Accounts Payable Cash 8,820 8,820 9,000 OC. Accounts Payable Inventory Cash 8.820 9,000 OD. Accounts Payable Purchase Returns and Allowances Cash QUESTION 64 In a perpetual Inventory system, a return of defective merchandise by a purchaser is recorded by crediting A. Purchase Returns Click Save and Submit to save and submit. Click Save All Answers to save all answers D. average Inventory by 365 days. QUESTION 101 Compute the dollar amount of current assets based on the following account balances. Accounts Receivable $22,000 Accumulated Depreciation--Equipment 27,000 Cash Equipment 93,000 Prepaid Rent 7,000 Short-term Investments 15,000 8,400 TTTT Paragraph : Arial : 3 (12pt) : E.E.T. . %DO Q UEST TEST ---- $x Mashups - @ E m B WESS Path:p QUESTION 102 Click Save and Submit to save and submit. Click Save All Answers to save all answers. mining time: 3 hours, 10 minutes, 13 seconds. estion Completion Status: Path:p Words:0 QUESTION 102 Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred. May 13 Sold 8 motors at a cost of $45 each to Scruffy Brothers Supply Company terms 4/10, 1/30. The motors cost Charlie $26 each May 16 One defective motor was returned to Charlie May 23 Received payment in full from Scruffy Brothers. Round to nearest dollar. Instructions Journalize the May transactions for Charlie Company (seller) assuming that Charlie uses a perpetual Inventory system. You may omit explanations. Round amounts to nearest dollar. T TTF Paragraph : Arial : 3 (12pt) - T. %DOQETES T' T. Words Path: P QUESTION 103 For each of the following determine the missing amounts Tint Sanx and Submit to save and submit. Click Save All Answers to save all answers Path:p QUESTION 103 For each of the following, determine the missing amounts. Sales Cost of Operating Revenue Goods Sold Gross Profit Expenses $100,000 $30,000 $135,000 $125,000 Net Income $12,000 $80,000 TT TT Paragraph Arial 3(12pt) 5. E. T- %DO QEESTT, 259 --- $x Mashups - 14 Path: P QUESTION 104 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Question Completion Status: Path:p QUESTION 104 Prepare the necessary journal entries to record the following transactions, assuming Dakin Company uses a perpetual inventory system. (a) Purchased $35,000 of merchandise on account, terms 2/10, 1/30. (b) Returned $700 of damaged merchandise for credit. ( Paid for the merchandise purchased within 10 days. TTTT Paragraph Arial | 3(12pt) - E.T. % DO Q EESE $x Mashups - 16 @ Pathp QUESTION 105 Prepare the necessary journal entries to record the following transactions, assuming Eustace Company uses a perpetual inventory system (a) Eustace sells 545,000 of merchandise, terms 1/10, n/30. The merchandise cost $30,000. thi The numar in tal rated merchandiset Eustana Tha marchandicareturned c an Click Save and Submit to save and submit. Click Save All Answers to save all answers. Question Completion Status: Path:p QUESTION 105 Prepare the necessary journal entries to record the following transactions, assuming Eustace Company uses a perpetual inventory system. (a) Eustace sells $45,000 of merchandise, terms 1/10, 1/30. The merchandise cost $30,000. (b) The customer in (a) returned $4,000 of merchandise to Eustace. The merchandise returned cost $2,400. (c) Eustace received the balance due within the discount period. TT TT Paragraph Arial 3 (12pt) 5. E. T. . %DO Q ESETT.PES -- $x Mashups - Two DE BET CSS - Path:P QUESTION 106 Match the items below by entering the appropriate code letter in the space provided. A Merchandise Inventory F. First-in, first-out (FIFO) method B. Work in process G. Last-in, first-out (LIFO) method Remaining Time: 3 hours, 09 minutes, 38 seconds. Question Completion Status: Match the items below by entering the appropriate code letter in the space provided. A Merchandise Inventory F. First-in, first-out (FIFO) method B. Work in process Last-in, first-out (LIFO) method C. FOB shipping point H. Average-cost method D. FOB destination Inventory turnover E. Specific identification method Current replacement cost 1. Measures the number of times the inventory sold during the period. 2. Tracks the actual physical flow for each inventory item available for sale 3. Goods that are only partially completed in a manufacturing company 4. Cost of goods sold consists of the most recent inventory purchases. 5. Goods ready for sale to customers by retailers and wholesalers 6. Title to the goods transfers when the public carrier accepts the goods from the 7. Ending inventory valuation consists of the most recent inventory purchases. 8. The same unit cost is used to value ending inventory and cost of goods sold. 9. Title to goods transfers when the goods are delivered to the buyer 10. The amount that would be paid at the present time to acquire an identical item. To in TTTT Paragraph : Arial : 3 (121) seller. il il y / ). Sx Mashupe - 14 @ @ v Words Remaining Time: 3 hours, 09 minutes, 27 seconds. Question Completion Status: QUESTION 107 Norris Company uses the perpetual inventory system and had the following purchases and sales during March Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory $40 3/3 Purchase 3/4 Sales $80 3/10 Purchase 3/16 Sales $90 3/19 Purchase 325 Sales $50 555 instructions Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using (a) FIFO and (b) UFO. TTTT Paragraph. Arial : 3 (12pt) E E . T. %DO Q ERET' T. 2014 . > Words.0 QUESTION Click Save and Submit to save and submit. Click Save All Answers to save all answers Path:p QUESTION 108 The following items were taken from the financial statements Wyatt Company. All dollars are in thousands.) Long-term debt $1,950 Accumulated depreciation $ 5,600 Prepaid insurance 900 Accounts payable 2,444 Equipment 14,300 Notes payable after 2016 Long-term investments 464 Common stock 10,000 Short-term investments 3,490 Retained earnings 5,800 Notes payable in 2016 Accounts receivable Cash Inventory 1,456 Patents 1,024 1,734 474 4,648 600 2015 net income was 1,000 and dividends paid were $700. Instructions Prepare a classified balance sheet in good form as of December 31, 2015 TT TT Paragraph Arial : 3 (12pt) -E- T.. * DO Q E T' T. 259 - - - - HTML CSS Path:p Click Save and Submit to save and submit. Click Save All Answers to save all answers. Remaining Time: 3 hours, 11 minutes 9 Question Completion Status: QUESTION 44 Glover Co. returned defective goods costing $5,000 to Mal Company on April 19, for credit. The goods were purchased April 10, on credit, terms 3/10, 1/30. The entry by Glover Co. on April 19, in receiving full credit is: A Accounts Payable 5,000 Inventory 150 Cash 4,850 5,000 B. Accounts Payable Inventory 5,000 OC. Accounts Payable 5,000 150 Inventory Cash 5,150 5,000 D. Accounts Payable Purchase Discounts Inventory 150 4,850 QUESTION 45 On July 9, Sheb Company sells goods on credit to Wooley Company for $5,000, terms 1/10, 1/60. She receives payment on July 18. The entry by Sheb on July 18 O A Cash 5,050