Solve all of the following questions kindly!!! : The Chart of Accounts lies at the heart of a QuickBooks Online company. Which 5 of the following statements are true about the Chart of Accounts, how to make changes to the Chart of Accounts, and how products and services are linked to the Chart of Accounts?

1. To add a new account, you open the Chart of Accounts b selecting Accounting from the left navigation, then select New to open the Account window.

2. Te Sales of Product Income account is a default account when inventoy is turned on.

3. Uncategorized Income and Uncategorized Expense are default accounts for online banking activity.

4. If you add a new account, the category type determines on which financial statement this account will show.

5. When we set up Products and Services, they are linked to the Chart of Accounts by specifying a seles price/rate.

6. Delete and account from the Chart of Accounts if it's not relevant to your business.

[4/2, 09:19] +254 721 751190: Winter Inc, purchased 80% of the stock of Spring on January 1, 2020, for $1, 200,000. Winter did not pay a control premium.

At the date of acquisition Spring reported the following balance sheet amounts

Assets

Liabilities & Equity

Cash$360,000

Accounts Payable$800,000

Receivables

240,000

Total liabilities

800,000

Land

180,000

Common Stock

300,000

Buildings (net)

920,000

Retained earnings

600,000

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Total Equity

900,000

Total Assets$850,000

Total Liabilities & Stockholders' Equity$900,000

Spring 's land had a fair value of $4800,000 on January 1,2020. All of the other identifiable assets and liabilities of Spring had fair values equal to their book values.

Winter Inc, had the following select balances on its separate balance sheet at date of acquisition

Land: $424,000

Goodwill: none

Common stock: $1,280,000

1. What will Winter record as Investment in Spring on its separate financial statements prepared immediately after the acquisition?

Find the amount in the balance sheet accounts in the CONSOLIDATED financial statements that are prepared on the date of acquisition.

2. Land account?

3. Goodwill account?

4. Common stock account?

5. Investment in Spring account?

6. Noncontrolling interest account

Question 11 (5 points) John Rawls' contractarian moral theory suggests that "Behind the I am stripped of any knowledge of my position. I don't know if I'll be old, young, rich, poor, well, unwell, male or female; and I don't know if I will catch COVID-19 or if I do, what resources I will need," Oveil of utility veil of autonomy veil of harm veil of ignoranceMore Info X 3 Paid $300 for the purchase of office supplies. 8 Paid $30,000 cash to purchase land for an office site. 12 Purchased office equipment on account, $2,800. 17 Borrowed $5,000 from the bank. Alton signed a note payable to the bank in the name of the business. 26 Paid $2,400 on account. 30 Revenues earned during the month included $7,000 cash and $21,000 on account. 30 Paid employees' salaries, $2,650; office rent, $1,300; and utilities, $150. 30 Paid $3,000 of dividends to stockholder, Alton. anlanguage of (?) 4. The "basic raw materials" of accounting are composed of business (?) Transaction data 5. Each state has laws providing for the licensing for certified public accountants. Who are commonly called (?) CPA 6. The applicability of accounting in an individual economic unit in society is based on the business (?) 7. A separate legal entity organized in accordance with state or federal statutes and in which owner- ship is divided into shares of stock is referred to as a (an) (?) 8. A partnership is owned by (?) or more individuals