Victor's Vittles had the following liabilities by the end of 2020 : Accounts Payable $45.000 Wages Payable $125.000 Uneamed Revenue $40,000(25% will be earned in 2021) Notes Payable $50,000 (\$10,000 payable in 2021) Which of the following is the amount the food truck should report as Total Current Liabilities on its balance sheet as of December 31, 2020? $210,000$190,000$250,000$170.000 Question 20 1 pts Which of the following best describes the event that led to the following transaction? the company did an end-of-year review which revealed a llability that will need to be paid in the following year the company received prepayment from a customer for services to be provided at a later date the company prepaid for services for the following year the company recognized depreciation expense related to a long-tived asset Tri-county Medical Assoclates has a subricription ta a prominent medical journat. The 1 yecar 3ubscription costs $240, and the ofnce paid for a full subscription on danuary 1. How will the office's accounting equation be impacted after one quarter (3 monthis)? incerane assecs br \$20, deorave asseti by $20 increase ansent by 560 ; horeaie cwner' nowity br $80 decrene assett by $20 decrease owsers' eq-ity by $20 decreare assett by 560 , docrease owners' equily to $60 Question 10 1 pts Leeloo Dallas, owner of The Fifth Element Boarding House, purchased a house in New York in the 1970 . Real estate values in the area have increased drasticalfy over the last several years, and as such, the house is now worth 5550,000 . It is still reported on her books at 5100,000 . This is an example of which of the following accounting principles? materiafity rolevanae hibitericar eost conistency Question 11 1pts Since its opening in 2015. Doston Business Printing has utilized the units of production depreciation method for all of its printing equipment. They have no pians to change depreciation methods for the upcoming fiscal year since the business will be operated in the exact same manner. This is an ekalmble of which of the following accounting principles? Which of the followine accounts dojes not belong in the equity section of the balarce sheet? contributed capilal dividendu parabio cammon stock Notained camings Question 14 1 pts For the year 2018, Booker's Coffeehouse had revenues of $800,000. Gross profit was $350,000 and other expenses were $100,000. Please enter the amount of cost of goods sold. Round your answer to the nearest whole dollir. Question 15 1 pts For the year 2018, Carmax had operating income of $400.000. ft also had the following expenses: What would Carmax's gross profit be for 2018 ? $310.000 $490.000 5535,000 $510,000 Question 18 idenety the answer daice that shews the correct categorization of permanont and temporary tecounts. Question 18 IUentify the answer choike that shows the correct categorization of permanent and temporary atcounts. permanont: noot of goods sold whes: huarane expeme - prepaid insieance. pesperty. pant 5 equipornt Victor's Vittles had the following liabilities by the end of 2020 : Accounts Payable $45.000 Wages Payable $125.000 Uneamed Revenue $40,000(25% will be earned in 2021) Notes Payable $50,000 (\$10,000 payable in 2021) Which of the following is the amount the food truck should report as Total Current Liabilities on its balance sheet as of December 31, 2020? $210,000$190,000$250,000$170.000 Question 20 1 pts Which of the following best describes the event that led to the following transaction? the company did an end-of-year review which revealed a llability that will need to be paid in the following year the company received prepayment from a customer for services to be provided at a later date the company prepaid for services for the following year the company recognized depreciation expense related to a long-tived asset Question 22 45000+126000+5 The ram Coop purchaved a wemine machine, and atter instaing and triting the machine, it was put hto service on September 1, 2020 . The total cost of the machine, hatuding installing and testing war 525,200 , it is expected to have a inefut le of 10 rears and a salvage value of $1700. The Yam Coop uyes the straight-fine meihad of depreciation; what would the depreclation experse be tor the month of Sente-tber, 2020 : finuod pour antwer to the reserest whole doltar. Question 23 Barkeltons is a laxury dos food refalioc. During Septenber of 2019 . they made the following Barkeitons is a luxury dog food retalier. During September of 2019 , they made the following purchases of deluxe dog meals and had the following sales: Assuming there was no beginning irventory, what would be the total gross profit on these sales if Barkeltons used FIFO? Round your answer to the nearest whole dollar. Question 24 1 pts Worcester Inc, has income Before Taxes on the income statement for the year 2019 of $90,000. Taxable income on Worcester's tax retum was only $30.000 due to a temporary timing difference that caused the tax deduction for depreclation to be greater than the depreclation expense. The tax rate is 30%. Taxes are not required to be paid until April 15,2020 . What is the entry required as of December 31,2019 to record taxes? debit incorne tax expense for 27,000; credit deferred tax asset for 18,000; credit income taxes payable for 9,000 debic income tax expense for 27,000 ; credit deferred tax 1tability for 18,000 ; credit income taxes payable for 9,000 debit income tax payable for 27,000 ; credit deferred tax asset for 18,000; credit income taxes expense for 9.000 debit incame tax payable for 27,000; credit deferred tax llability for 18,000; credit income taxes expense for 9,000 Drosten Co. purchased a copy machine for $5,000 in 2013. As of 12/31/2018,$1,500 of accumulated deprociation had been recognized against the printer. A similar model of copy machine retails for $6,000 in 2018 . What is the printer's net book value on 12/31/2018 ? \begin{tabular}{|} $3,500 \\ $4,500 \\ $5,090 \\ $1,000 \\ \hline \end{tabular} Question 26 1 pts Atlantic Shipping Company purchased a warehouse for $620,000 on January 1, 2010. As of December 31,2019,$310,000 of accumulated depreciation had been recorded related to this warehouse. The warehouse was sold to another company for $295,000 on January 1,2020 . On the sale of this warchouse, the company should recognize: a loss of 15,000 again of 5,000 a gain of 15,000 a loss of 5,000 Question 27 1 pts Which of the following cash flows would NOT be included in the operating section of the cash flow statement for a manufacturing company following U.S. GAAP? cash recelved in advance for speclal order goods cash pald for interest cash paid to a vendor for raw muterials Which of the following cash flows would NOT be included in the operating section of the cash flow statement for a manufacturing company following U.5. GAAP? cash recelved in advance for speclal order goods cash palid for interest cash puld to a vendor for raw material: cash proceeds trom issuing stocks Question 28 1pts Which of the following cash flows would be included in the investing section of the cash flow statement for a manufacturing company following U.S. GAAP? cash pald for emplowee salaries cash contributed by an owner Cash pald to a vendor for office supplies cash paid to boy new machines Question.29 1 pts Nixon Electronics has an inventory turnover of 10, an accounts receivable turnover of 36 , and an accounts payable tumover of 60 . Nixon uses 360 as the number of days in the year. What is the length of its cash conversion cycle? 52 106 40 14 Shelton Vineyards reported the following information on its 2019 income statement: What is the company's interest coverage ratio for 2019? 12 11 Question 31 1pts The Handlebar Spin Studio is considering a project for improving its automated schedullig systems. The project has an initial cost of $32,000. Expected cash flows as a result of this project are projected as indlcated below. Calculate the payback period for this project. Round your answer to two decimal places, Classic Cuisine, a new cookware retailer, uses the periodic method of inventory management. At the beginning of October 2020, Classic Cuisine had 400 frying pans, for which it had paid $20 per frying pan. During the month, Classic Culsine purchased 83 more frying pans, also for $20 per frying pan. At the end of the month, a physical count revealed that 42 frying pans remained in inventory. Assume no frying pans were lost or stolen. What would Classic Cuisine record as cost of goods sold on its books for the month of October? Round your answer to the nearest whole dollar. Question 33 1 pts Determine the amount of imventory turnover using select financial data from Anders & Nielsen Inc. for the fiscal years of 2018 and 2019 . Round your answer to the nearest whole number. Consider the following summarized balance sheet of Schwartz Inc. for 2018. What is the current ratio observed in on1:? . Round your answer to the nearest whole number. ratio. Round - waie amwawar tin the nearest whole nsimber: Quigley Construction Co, rented an excavator on January tst and agreed to pay an annual rental fee of $10,000 at the end of each of the next 6 years. The weighted average cost of capital of the company is 5%. The present value of $1 after 6 years at 5% is 0.7462. The present value of an ordinary annuity of 51 for 6 years at 5% is 5,0757 . What is the present value of the rental payments over 6 years? $8,954 545,449 572,000 590,757 Question 37 1 pts Indie Corporation was created in 2018. Using the information below for the Indie Corporation, piease calculate depreciation expense for the year ending December 31,2020 . Please note that the company acquired equipment worth 5120,000 on July 1. 2020 . No equipment was retired or sold. Indle Corporation uses the straight-line depreclation method over ten years for all its property, plant, and equipment depreciation. Below is information on two projects the Oliver Corporation is considering. Based on the information provided, please choose the most accurate response. The present value of an annuity of $1 for 3 years at 8% is: 2.5771. The present value of an annuity of $1 for 4 years at B% is: 3.3121 The present value of an annuity of $1 for 3 years at 9% is: 2.5313. The present value of an annuity of $1 for 4 years at 9% is: 3.2397. The present value of $1 at 8% recelved after 1 year is: .9259; recelved after 2 years is: 8573 ; received after 3 years is: 7938 ; received after 4 years is: 7350 . The present value of $1 at 9% recelved after 1 year is: 9174 ; received after 2 years Is: 8417 ; received after 3 years is: 7722 ; received after 4 years is: 7084 . Project A would be the better investment for Oliver Comporation; the net present value of the project exceeds $25,000. Project A would be the better investment for Oliver Corporabon, interest rates could rise as high as 15$, and the project would still vield a positive return. Project B would to the better investment for Olver Corporation; the rate at which the company can borrow funds for the project is higher than the IRR. Project B would be the befter imvestment for Olher Corporation; the net present value of the project exceeds $25,000 Pink Salt Culinary Co. is projecting its free cash fow for the year 2023 . The CFO has gathered the following estimates: What is the company's projected free cash flow for 2023 ? Question 40 1 pts Sunshine Qut Corp. is preparing its Statement of Cash Flows for the year ending 12/31/2019 using the indirect method under US. GAAP. The company's accountants have prepared the following reconcillation of cash at the beginning of the year to cash at the end of the year: Sunshine Out Corp. is preparing its Statement of Cash Flows for the year ending 12/31/2019 using the indirect method under US. GAAP. The company's accountants have prepared the following reconciliation of cash at the beginning of the vear to cash at the end of the year- What is the company's Net Cash from Operating Activities? Question 41 1 pts Weird Flex Fitness Stadlos sold a piece of office equipment on 6/30/2022 for $20,000 cash, On the date on the sale, the equipment had a net book value of $25,000. How would this sale affect the company's 2022 financial statements? Total Assets on the Balance Sheet decreases by $20,000 Net Cash from Investing Activities on the Statement of Cash Flows increases by $20,000 Owners' Equity on the Bolance Sheet increases by $20,000 Net Cash from Openating Activities on the Statement of Cash Flows decreases by $5.000 On Dec, 32, 2019. Ace Hardware Store recorded 33,000 of accrued interest on its bank loan. The interest wil not be paid until January 15. 2020. How would this journal entry affect the company's 2019 financial statements? Long-term Liabiuties on the Balance Sheet increases by $3,000 Owners "Equity on the Hatance Sheet decreaves by $3,000 Net eash fows from Finanche Activities on the Statement of Cash Flaws decreases by 53.000 Net eash flows from Operating Activities on the Statement of Cash Flows increasies by $3,000 Operating income on the Income Stateinent decreases by $3.000 Question 43 1 pts The following information pertains to the Quebrada Baking Company: What is the balance in Quebrada Baking Company's Retained Eamings account on 12/31/2020?? What is the balance in Quebrada Baking Company's Retained Earnings account on 12/31/2020?? Question 44 The following information pertains to Eleete Blotech inc. for the year 2020: Eleete's accountant leams that an entry was overlooked in the preparation of financial statements for year end 2020: the company must make an adjusting journal entry to fecord a $100,000 impairment of a patent on 12/31/2020. What affect does this journalentry have on the three elements of the company's DuPont framework in 2020? profit mangin decreases, asset turnaver decreases; leverage is unchanged protit inargin decreases: asset turnaver increases; leverage increases : profit morgin decreases; asset turnover increases; leverage decreases profit margin decreases asset turnover is unchanged; leverage increases profit margin decresses, asset turnover increates; leverage increases proht margin decresses; asset tumovor increases; leverage decreses proft maggin decreases asset turnover is unchanged; leverage increaves Question 45 1 pts The following information pertalis to Sockeroo Sock. Company's accounts receivable on 12/31/2020 Sockeroo expects to collect 99% of receivables that are current, 90% of receivables that are 30 days past due. and 70% of receivables that are 60 days past due. What is the amount of Net Accounts Receivable that the company should show on its 12/31/2020 balance shcet? Question 46 1 pts Lulsa Company entered into a six-year operating lease on danuary 1, 2021, for a new store in Denver. They agree to pay $110,000 in year 1,$115,000 in year 2,$115,000 in year 3,$120,000 in year 4 , $120,000 in year 5 , and $125,000 in year 6 . Payments will be made at the end of each year, What is Luisa Company's lease expense recorded in 2021? profit margin decreases: aset turnover increanes; leverage decreases proft margin decreases, asset tumover is unchanged; Meverase increases Question 45 1 pts The following information pertains to Sockeroo Sock. Company's acceunts receivable on 12/31/2020 Sockeroo expects to collect 99% of receivables that are current, 90% of reccivables that are 30 days past due, and 70% of receivables that are 60 days past due. What is the amount of Net Accounts Recelvable that the company should show on its 12/31/2020 balance sheet? Question 46 1 pts Lusa Company entered into a six-year operating lease on lanuary 1, 2021, for a new store in Denver. They agree to pay $110,000 in year 1,$115,000 in year 2,$115,000 in year 3,$120,000 in year 4 , $120,000 in year 5 , and $125,000 in year 6 . Payments will be made at the end of each year. What is Lulsa Company's lease expense recorded in 2021