AT accounttypically has which ofthe following three major parts?
a title, a currentdate, and a balance
a title, a debit side, and a credit side 6. 80mm” x
a debit side, a credit side, and a total column
' a debit side, a credit side, and a balance
A post-closing trial balance is used to prove the equality of debit and credit balances in the
general ledger accounts after the closing entries have been posted
Which of the following reports a company‘s financial position”?
‘33 Solution I r
Quality Auto Service received their water bill on Dec. 29 for water usage forthe previous
month. The bill is due and will be paid on Jan. 10. On Dec. 31. before ﬁnancial statements
are prepared. what adjusting entry should be made forthis water bill? [cho
Specific identification is most often used with inventory that is
and . [choose 2:
$ Solution I
The conect answer is:
expensive: different: heterogeneous
high in value: unique: highly differentiated [—
an [ohm-1m 3%
the specific cost is charged to . [ch
Using the LIFO methpd: Beginning inventprv on August 1 has 2 items valued at $100 each.
On August 5 3 items were purchased for $250 per unit. On August 10 2 units were said.
What is the total value of inventerv on hand?
During periods of rising costs. the FIFO inventory costing method produces the
gross profit compared to the other inventory methods.
A - .
During periods of rising costs. the FIFO inventory costing method produces th
‘IF" DDIUIIDH ‘“
The steps involved in recording transactions include the following excep
Determine which chart of accounts to use
. . . The correct answer is:
' Analyze each transaction in terms of its effect on the accounts
Enter the transaction informa
Operating budgets and budgeted income statement prepared.
1. Sales Budget
The Bottled Water Company
For the Year Ended December 31
ACT500: Research Evaluation Tables
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40% Noncontrolling Interest's Portion 30,000 12,000 5,000 2,000
Excess of fair value over book value Fair Value - Machine 50000 Book Value - Machine 10000 Excess of fair value over book value 40000 Life 4 Depreciation/Amort
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P 21-9 Shapiro Inc. was incorporated in 2010 to operate as a computer software service firm with an accounting fiscal year ending August 31. Shapiro's primary product is a sophisticated online inventorycontrol system; its customers pay a fixed fee plus a
Jordan, Inc. owns Fey Corporation. For 2011, Jordan reports net income (without consideration of its investment in Fey) of $200,000 and the subsidiary reports $80,000. The parent had a bond payable outstanding on January 1, 2011, with a book value of $212
a. Bonds were purchased at a DISCOUNT b. 12/31/2006 Amortized cost: $491,150 FMV: $499,000 -$ 7,850 Unrealized holding GAIN Required: $7,850 Existing:($1,000) -$6,850 Market Adjustment - Securities Available for Sale (DR) $6,850 Unrealized holding Gain -
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A complete set of financial statements should have which of the following: 1) Income Recent difficulties in the American airline industry have resulted in using the option of Statement scaling back operations.True 2) Ending Balance Sheet A firm operat
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Chapter 36 3. define maturity mismatch. Why is maturity mismatch important for understanding a bank's risk and analyzing its performance? 1 =done 3 =WED 2 =done 4 =WED 5=WED 6=WED 8=WED 11=WED 9 =THURS 10 =THURS 13 =( as well as 304 and 310) THURS 19 =THU
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Gardner corporation holds 80 percent of healthstone, which in turn holds 80 percent of icede. Operational income figures (without investment income) as well as unrealized upstream gains included in the income for the current year follows. Gardner 400,000
Capital gains to stockholders neither enter into The greater the uncertainty of the future, the the calculation of the value of the firm, nor the value of the common alternative scenarios in projecting future cash greater the need for stock of the firm.
Practice Questions for Finance 3000, Exam II, Fall 2009 Chapter 3 1. Ratios are used to compare different firms in the same industry. TRUE 2. Financial ratios are used to weigh and evaluate the operational performance of the firm. TRUE 3. Liquidity ratios
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