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Debit Notes Payable $12,840 At December 31, 2019, GolfWorld should make the following adjustment: A. Debit Sales Revenue by $3,750 and credit Unearned Sales Revenue by $3,750. Technology companies are particularly dependent on offshore revenue. D Deferrals and Accruals. C d. Insufficient information to determine the effect. Retained Earnings Round to one decimal place; for part 6, round to two decimals. The entry is an accrual of $3,000 in Wage and Salary Expense. What is free cash flow, and how is it computed. B 35) The T-account is a summary device that is shaped like a capital T with debits posted on the left side of. 9. Salaries and wages. B : In the United States, partnerships produce five times the revenue of corporations. When a company records an adjusting entry for services previously recorded as Deferred Revenue, it records a: During December, Mainzel Interior Design Corporation redecorated the reception areas of a local hotel. When an obligation is incurred that will be paid from current financial resources. total increases are $4,900 and the total decreases are $2,400. What journal entry should the company make in August to denote this delivery of services? In this situation, both When should supplies be recorded as an expense? a. Which of the following statements regarding the statement of cash flows are correct? d. Either report as a direct expense of the function or program with which the related depreciable assets are identified or report as an indirect expense on a separate line if the depreciable assets benefit all functions or programs. B product has been delivered after $6,000 cash is received; $4,500 cash is paid for next quarter's insurance for property. eastern United States. accrual-basis; April. Merchandise Inventory and Cost of Goods Sold appear ___________. under which of the following categories would Accounts receivable appear? B) Revenues decrease owner s equity, so a revenue account's normal balance is a debit balance. 2. d. Eighty percent of the toys sold in the United States are manufactured in China. A) Revenues decrease equity, so a revenue account's normal balance is a credit balance. If Zenephia has an accounting period which ends on December 31, 2019, when would it most likely recognize interest income from the note? \text{CABOT CORPORATION Income Statement For Year Ended December 31, 2017}\\ 1. 3. Answer is C Revenue increase equity, so a revenue account's normal ba . B Explain why the following statement is True, False, or Uncertain according to economic principles. $1,300. $18,200 The accounting basis that records revenues in the period that goods and services are provided to customers is referred to as. The curve shows an inverse relationship between . CS Building permits to construct a deck at a residence. Barbers and hairdressers' registration fees. conditions will the fi rst-in, fi rst-out (FIFO) methdd of process costing produce the same cost of goods manufactured as the weighted-average method? D) Revenues increase equity, so a revenue account's normal balance is a credit balance. Unearned revenues are reported on the Income Statement. They would record it as a credit to revenue and debit to cash on April 30. Explain why. The first payment is 40% of the annual premium, and each of the next two payments is 30% of the annual premium. Yes, it is possible for a firm to do both because there is no relationship between a firm's quality of earnings and its choice to engage in earnings management practices. OU If one of these light bulbs is selected at random, find the probability that the light bulb is: (a) Good; (b) Good, given that it is 606060 watts; ( c ) defective, given that it is not 303030 watts. b. Conceptually, when should Food To Go recognize revenue from its catering service? Decrease. Which explains this entry? Producing a barrel of ale requires $2\ \mathrm{lb}$ each of corn and hops. which of the following account groups normally has a debit balance? What is the resulting impact on the financial statements? (Enter one word per blank). \text{Income taxes}\ldots\ldots\ldots & \text{19,598}\\ Many Fortune 500 U.S. firms derive more than half their revenues from foreign operations. Building permits. Library fines. c. DR - Budgetary Fund Balance $428,000; CR - Estimated Revenue $428,000 overstated; $5,325. Notes Payable $137.50 . Which of the following is an adjusting entry that should be made by the company? Imagine if you c 6. Prepare the adjusting entry. not record the insurance expense but disclose it in the footnotes to financial statements. b. At the end of the year only permanent accounts are closed c. . A. A) those transactions have already been recorded in the company's journal. D.The same tax revenue is raised regardless of whether the government collects the tax from consumers or producers. An adjusted trial balance shows total expenses of $24,000 and service revenue of $28,000. In order to be successful, however, the firm must provide full and transparent information related to any unusual or unexpected changes in revenues, expenses, gains, and/or losses. B A-1's adjusted trial balance would balance and its income statement would be correct, but its retained earnings statement would be incorrect and its balance sheet would not balance. Norbert Inc. delivered goods and services during December. debit Supplies $1,000; credit Supplies Expense $1,000 If it is in accordance with the government's policies, which of the following budgetary accounts can remain open at the fiscal year-end? C ), Under cash-basis accounting, (Select all that apply. D D B This type of budgetary control is achieved by reviewing: c. Appropriations minus the sum of expenditures and outstanding encumbrances. Which of the following is true about closing entries: a. Spruce City's finance department recorded the recently adopted General Fund budget at the beginning of the current fiscal year. What should he do with the figure he calculates at the bottom of this statement? an adjusting entry is completed ________. B Which of the following statements is true? At the end of the year budget and permanent accounts are closed b. C Credit Cash $12,840 D) Revenues . \text{CABOT CORPORATION Balance Sheet December 31, 2017}\\ d. Encumbrances. $8,000 of revenue and $600 of expense. a business makes a cash payment to a supplier on account for office supplies that were purchased earlier. C Fine finishes the job on December 20, and Prime submits a check for the remaining 60% of the bill on January 3. debit Supplies $2,100; credit Supplies Expense $2,100 Q: Which of the following rules is incorrect ? Cash and Sales If Bentley Services performed $12,000 worth of services from April 18-April 30, 2022 and the customers paid for the services on May 15, how would Bentley record this transaction? 133A does not permit the same. On December 31, 2019, Reinhardt prepared closing entries. No, it is not possible for a firm to do both. In this situation, both ________ accounting and GAAP require that Paul's recognize the employees' total salary expense in 1. b. A. On April 28, Tazwell pays for half of the services provided, and on May 19 it pays for the other half. A. Neverthe gross method should always be used. liquidity is a measure of how ____________. overstate assets and net income. B. A. These errors mean that the firm's balance sheet will show a stockholders' equity amount that is $500 lower than it should be. A Cash and Sales. cash-basis accounting and GAAP demand that Fine recognize all revenue related to the project in December. Cash flows from operations may be higher than expected for the company's sales. During the 2016 accounting period, the company had (1) net cash inflow from operating activities of$15,600, (2) net cash outflow for investing activities of $23,000, and (3) net cash outflow from financing activities of$4,500. B Exceptionally well-versed in all aspects of sales & product knowledge with an impressive background in generating multimillion/billion dollar growth & expanding revenue streams. Amounts received from issued stock are reported on the income statement. Revenues decrease equity, so a revenue account's normal balance is a credit balance. Motor vehicle fuel taxes restricted for road repair. Under which of the ff. Sales and use taxes levied by the government. $5,000 which of the following statements is true of revenues? If a company using accrual-basis accounting wanted to overstate their income at the end of the fiscal year with increased shipments, the two accounts that would be most at risk are 34) The T-account is a summary device that is shaped like a capital T with debits posted on the right side. Supplies ordered by the Public Works function of the General Fund were received at an actual price that was less than the estimated price listed on the purchase order. (5) When should the net method be used to record sales revenue? B. <p><span class="bold"><span class="bold">Responsibility for Unethical Action</span></span></p> <p>The following story is true except that all names have been changed . Decide whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). What does the periodicity assumption state? Pakistan is the 33rd-largest country in the world . A $$ 4. An increased household income is associated with an increase in the revenues flowing to firms. Sales and Accounts Receivable. Study with Quizlet and memorize flashcards containing terms like Which of the following statements about accrual-basis accounting is true? 9. Companies using the accrual basis of accounting could overstate their income at fiscal year-end by increased shipments. As outlined in IFRS 10.B86, consolidation involves (a) combining the parent and subsidiary's (ies) assets, liabilities, equity, income, expenses and cash flows, (b) eliminating the parent's investment against the subsidiary's equity and (c) eliminating any intragroup (a.k.a. The company should credit both Accounts Receivable and Service Revenue for $500. A : A partnership must have more than one owner. Police Department. debit Supplies Expense $2,500; credit Supplies $2,500 Revenues decrease equity, so a revenue account's normal balance is a credit balance B. A. Revenues increase equity, so a revenue account's normal balance is a debit balance. B) it is shown as a contra account related to accounts receivable. OU Which of the following is a true statement? an internal document that helps summarize data for the preparation of financial statements is called a __________. (5) When is revenue from the sale of merchandise normally recognized? understate assets, net income, and stockholders' equity. What effect will this have on Public Work's appropriations available balance? B. A Determine whether the following statement is true or false: Accrued revenues are ordinarily listed on the balance sheet as current liabilities. cash-basis; May. Payments by citizens for use of the city pool. $3,700. $1,200. 2. 4. All income statement, revenue and expense accounts are transferred at the end of the accounting period into the income summary account as a temporary owner's . A) Revenue is the total amount received for selling a good or service. . Which of the following accounts increased as a result of this transaction? B In December, Innovative Interiors completed redecorating Mega Corporation's headquarters. Contracts need to be legally enforceable to be considered under ASC Topic 606. b. 3. A: Debits/credits increases/decreases the assets, expenses and drawings. Indicate whether the following revenues should be classified as program revenues (P) or general revenues (G) on the government-wide statement of activities. a. Unearned revenues are not related to cash collections. Credit Cash $12,420. In fact, any attempts to engage in earnings management practices of any kind automatically decrease a firm's quality of earnings. The company should debit Accounts Receivable for $500 and credit Service Revenue for $500. Meadows Manufacturing has a March 15th year-end date. c. Variable costs are direct costs; only . G An adjusting entry for accrued expenses involves: (Select all that apply.). A A company that uses accrual-basis accounting purchased equipment on July 1 of the current year for $20,000. C A: Types of Accounts: There are 5 types of accounts in the accounting system, and they are: Assets:. which of the following statements is incorrect? Accounts Payable is a(n) __________ account and has a normal ______ balance. 8. spread the insurance expense evenly over twelve months. changing the method of valuing inventory ignores the principle of _________. 24. Adjusting entries help to ensure that all ______ are recorded in the period in which they are incurred. B Revenues increase equity, so a revenue account's normal . overstate liabilities and understate stockholders' equity. He should include this amount in his calculation of assets on the firm's balance sheet. Amounts received from issuing stock are revenues. B)Total revenues during the year equal . C) depreciation is recorded on all plant assets. A Group of answer choices. \text{Gross profit}\ldots\ldots\ldots & \text{151,350}\\ True or false: Adjusting entries ensure that assets in the balance sheet are reported at amounts that have been used up or expired during the period. 6. Credit Cash $12,420 Fill in your Name and Click on the Next button to start Billing mock Test Prepaid expenses should be ______ by the cost of the asset used during the accounting period. B) Revenues decrease equity, so a revenue account's normal balance is a debit balance. E.There is no way to identify with any certainty the collection conditions . C InterCo) assets and liabilities, equity, income, expenses and cash flows not forgetting that "profits or losses . $0. A. -Revenues are the amounts a business charges its customers for services it provides or goods it sells to them. The adjusting entry for a deferred revenue includes a debit to a(n) _____________ account and a credit to a(n) _____________ account. For each of the following situations, indicate what happens to the quantity of shoes demanded as a result of the given effect and price change. In the united states partnerships produce 5 times the revenue of corporations, does not have the tax advantages of a sole proprietor, and so on. (5) On April 20, McLean Company provides lawn care services to Tazwell Corporation for $3,000 with terms 1/10, n/30. A. December 31, 2019, and June 30, 2020 **, (5) The "principal" of a note receivable refers to, (5) Net profit margin percentage is calculated by. which of the following accounts decreases with a credit? On the first day of each year when the cash is received. The balance sheet reports financial activities only for . G Record Revenues that were received in cash in an earlier period. P a. Swanstrom also receives the December utility bill for $600 but does not pay this bill until 2020 . 3. D Accrual-basis accounting is optional under . A) assets are something of value the business owns or controls. C O (Enter only one word per blank.). annually. 4. The entry reflects $5,000 payment of wages and salaries for the current period and $3,000 for wages and salaries accrued previously. O A. Which of the following statements is true about revenue? Yes, it is possible for a firm to do both. Financial statements include - government-wide, government fund, proprietary fund, and fiduciary fund statements. D Give examples in your answer. c. Generally accepted accounting principles require companies to use cash-basis accounting. A state grant for low-income housing assistance. Which of the following statements is not true? Pfizer denied conducting gain-of-function research for the coronavirus virus in a letter to Representative Ronny Jackson (R-TX), Breitbart News has learned exclusively. The magazines will begin to be delivered in October 2019. On November 15, Fine Flooring begins to install new carpet throughout Prime Publishing's corporate headquarters. D \text{Total assets} \ldots\ldots\ldots & \text{\$240,200}\\ B c. If revenues are less than expenses, the company has a net loss and contributed capital increases to balance off the loss. Under cash-basis accounting, revenues are recorded when earned and expenses are recorded when incurred. Interest Expense $91.67 which of the following inventory costing methods results in the highest value of ending inventory during a period of rising inventory costs? A a depreciable asset's cost minus accumulated depreciation is called __________. Record Rent Expense that was prepaid. Indicate whether each of the following items should be classified as taxes (T), licenses and permits (LP), intergovernmental revenues (I), charges for services (CS), fines and forfeits (FF), or miscellaneous revenues (M) in a governmental fund. \text{Merchandise inventory} \ldots\ldots\ldots & \text{32,150} & \text{Common stock}\ldots\ldots\ldots & \text{90,000}\\ 1. Use diagrams where appropriate. When the customer takes possession of the merchandise, if sold for cash, or when payment is received, if sold on credit. a. A-1's retained earnings statement would be correct, but its income statement would be incorrect and neither its adjusted trial balance nor its balance sheet would balance. 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Net (expense) revenue plus general revenues equals change in net position. 1. D B. Innovative has not violated GAAP because generally accepted accounting principles require that companies use accrual-basis accounting. Which of the following statements is true regarding contracts in ASC Topic 606 guidance for revenue recognition? D It is apparent that while sec. A cost is something used up to produce revenues in a particular accounting period. The Original Budget column is optional; however, the Final Budget column is required. Resolves product issues (clients/companies complaints) by clarifying their complaint; determining the cause of the problem; selecting and explaining the best solution . What is the total amount of cash McLean received? b. The budget approved estimated revenues of $1,100,000 and appropriations of $1,000,000. Which of the following explains the process of depreciation? 9. debit Supplies Expense $1,000; credit Supplies $1,000 Ewing will pay Dallas $720 of interest ($60 per month) on November 30, 2020. Gloria pays her insurance three times each year. Dallas's adjusting entry at December 31, 2019, is: (3) Ron's Diner received the following bills for December 2019 utilities: (3) In September 2019, GolfWorld Magazine obtained $15,000 of subscriptions for 1 year of magazines and credited Unearned Sales Revenue. D Income Statement for Year Ended December 31, 2015. Which of the following statements is true for other financing uses but is not true for expenditures? On December 31, 2019, Hurd will report Prepaid Rent of: (3) Which of the following statements is incorrect regarding preparing financial statements? Salaries and Wages Expense and Salaries and Wages Payable. B While in some countries, "government" is normally reserved purely for a national administration (government) (which may be . b. DR - Estimated Revenue $428,000; CR - Budgetary Fund Balance $428,000
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