1- On January 3,2008 Jenkins Corp. acquired 40% of the outstanding common stock of
Bolivar Co. for $1,200,000. This acquisition gave Jenkins the ability to exercise
significant influence over the investee. The book value of the acquired shares was
1. Which of the following statements is true? (Points : 5)
A team is always aware of norms.
A team does not have norms.
Culture is the personality of a team.
Behaviors of a team take a while to emerge.
2. (TCO 5) The three types of tasks a team performs a
1. Montson, Inc. produces a product requiring three square feet at $6 per square foot. If
the desired ending inventory is $18,000 and the beginning inventory is $36,000, how
many units must Montson produce to make direct materials purchases $54,000?
1. The cumulative effect of the declaration and payment of a cash dividend on a
company's balance sheet is to
A) decrease current liabilities and stockholders' equity.
B) increase total assets and stockholders' equity.
C) increase current liabilities and
1. Explain the significance of the return on equity ratio. Who (what category or type
of financial statement users) would normally be most interested in this ratio?
Return on Equity ratio indicates how much return was generated in relation
1, 2, 10, & 14
1, 5, 13, 17, 19, 20, & 23
1. What is valuation, and why are we interested in the results?
Valuation is a process of estimation of the current worth of an asset, for example a security, or a company.
A partial adjusted trial balance of Ruiz Company at January 31, 2014, shows the
Adjusted Trial Balance
January 31, 2014
Salaries and Wages Payable
Unearned Service Revenue
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Eastern Corporation collects 10% in the second month following
sale, 55% in the month following sale and 35% of a month's
sales in the month of sale. Budgeted sales for the upcoming four
Aztec Furnishings makes hand crafted furniture for sale in its retail stores. The furniture
maker has recently installed a new assembly process, including a new sander and polisher.
With this new system, production has increased to 90 pieces of furniture
Kara Shin is a licensed CPA. During the first month of operations of her business, Kara
Shin, Inc., the following events and transactions occurred.
May 1 Stockholders invested $20,000 cash in exchange for common stock.
2 Hired a secretary-rec
1. Chapter 7 of the Bankruptcy Act is designed to do which of the following?
a. Protect shareholders against creditors.
b. Establish the rules of reorganization for firms with projected cash flows that eventually
will be sufficient to meet debt payments.
Orwell Company accumulates the following adjustment data at December 31.
1. Services provided but not recorded total $1,420.
2. Supplies of $300 have been used.
3. Utility expenses of $225 are unpaid.
4. Unearned service revenue of $260 is re
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Opportunity cost is best described by which of the following?
Benefits foregone by choosing a particular alternative course
Costs that were incurred in the past and cannot be changed
The distribution of all products to be sold
(TCO 1) The branch of psychology that studies the ways in which natural selection and
adaptation can explain behavior and mental processes is _. (Points: 5)
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The direct labor flexible budget variance can be divided into two
rate variance and price variance.
price variance and usage variance.
rate variance and efficiency variance.
price variance and efficiency variance.
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60) Antonio owns land held for investment with a basis of $28,000. The city of Lafayette
exercises the right of eminent domain and Antonio receives a payment of $48,000. What
is Antonio's realized gain?
61) In April
(TCO 11) According to Rogerians, if your self-concept is congruent with your life
experiences, you are likely to _. (Points: 5)
strive for superiority
feel inferior to others
have high self-esteem
(TCO 12) This is a complication
1. What is meant by the net realizable value for accounts receivable?
Net realizable value for accounts receivable is the total value of accounts receivable minus the
allowance for uncollectible accounts, i.e. bad debts. It is also called the book value o
(TCO 8) This is the knowledge and skills gained through experience and education that
increase over a lifetime. (Points: 5)
(TCO 9) Low levels of arousal lead to _ and high levels
What is depletion expense and what is amortization expense? How are they similar?
Depletion expense is used most often in mining, timber, petroleum, or other similar
industries. The depletion deduction allows an owner or operator to account for the red
1. Integrating mobile devices into the service delivery infrastructure can be used as a
means to _ services, _ customers to opportunities or
problems, and _ information in real time to ensure that it is continuously
accurate and relevant. (Points: 1)
(TCO 5) Most psychoactive drugs create their changes in mood, energy, or perception by
changing _. (Points: 5)
the body's supply of neurotransmitters
the balance of drugs in the body
the ability of the neurons to synthesize, store, and release neurotra
Groh and Jackson are partners. Groh's capital balance in the partnership is $60,000, and Jackson's capital balance is
$57,000. Groh and Jackson have agreed to share equally in income or loss. Groh and Jackson agree to accept Block
with a 25% interest.
1. The cash budget is especially important to a firm when:
a. there is not a lot of confidence in the sales forecast
b. it has a relatively large amount of operating cash
c. the P/E ration has been trending downwards
d. it may have to negotiate a short-te
ACC 400 WK 3 Learning team help: CH 11, exercise 11-1 page 567. Part B (Ritter
E11-1 During its first year of operations, Ritter Corporation had these transactions
pertaining to its common stock.
Jan. 10 Issued 90,000 shares for cash at $5 pe
7 questions I don't understand how to answer them please explain in detail.
18. On January 1, 2009, Seattle Corporation purchased a piece of equipment for $11,000. The
equipment was expected to have a useful life of five years and a $1,000 salvage value.
Lopez Company began operations on January 1, 2010. During its first two years, the
company completed a number of transactions involving sales on credit, accounts receivable
collections, and bad debts. These transactions are summariz