New printing press: 1, 2, 3, 4, 6
b. Used printing press: 7, 8, 9, 11
Yes. All expenditures incurred for the purpose of making the land suitable for
its intended use should be debited to the land account.
b. No. Land is not
Click here to watch the Depreciation video and then answer the questions included below.
1. What is salvage value?
a. Allocating the cost of the fixed asset over its useful life.
b. 1value added to the historical cost of the asset.
c. Market value of the
Recording Partner's Original Investment
Gwen Delk and Alliesha Johnson decide to form a partnership by combining the assets of their separate businesses. Delk contributes
the following assets to the partnership: cash, $16,280; accounts receivable with a f
20140903_Accounting 1A Chapter1 Test
1.Accounting consists of three basic activities which are related to economic events of an
organization. These include
A:identifying, recording, and communicating
2. Which of the following would not be considered an ex
A characteristic of a fixed asset is that it is
b. used in the operations of a business.
c. held for sale in the ordinary course of the business.
d. a short-term investment.
Entries for Issuing Bond}: and Amortizing Qisggynt by StraightLine Method
On the rst day of its fiscal year, Robbins Company issued $6,000,000 of 6year, 12% bonds to nance its operations of producing and selling home
improvement products. Interest is paya
Homework Chapter 10
Student: Shiva sha nk a ri Ve lm uruga n
A ssignment: H om e work Cha pte r 10
A ssignment score: 100%
Total Time spent: 8 h ours, 20 m inute s, 57 se conds
Score for selected take: 100% (10/10)
Time spent on selected take: 8
20140917_Accounting 1A Chapter3 Test
1.An accounting time period that is one year in length, but does not begin on January 1, is
referred to as
A: fiscal year.
2.A flower shop makes a large sale for $1,200 on November 30. The customer is sent a
Student: Zheng Luo
Assignment: Ch.16 Interactive HW questions- Important
Assignment score: 100%
Total Time spent: 26 minutes, 50 seconds
Score for selected take: 100% (64/64)
Time spent on selected take: 26 minutes, 28 seconds
Which of the following is characteristic of a general partnership?
a. The partners have limited liability.
b. The partnership is subject to federal income tax.
c. The partners have co-ownership of partnership proper
On June 8, Alton Co. issued an $74,978, 12%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note?
One of the main disadvantages of the corporate form is the
a. corporation must issue stock.
c. double taxation of dividends.
d. professional management.
Which of the following is not a reason to invest excess cash in temporary investments?
a. Earn interest revenue.
b. Receive dividends.
c. Realize gains from the increase in market value of the securities.
One potential advantage of financing corporations through the use of bonds rather than common stock is
a. the interest expense is deductible for tax purposes by the corporation.
b. a higher earnings per share is guara
Horizontal analysis of comparative financial statements includes the
a. calculation of dollar amount changes and percentage changes from the previous to the current year.
b. development of common size statements.
Chapter 15 Lecture
1. Reason Companies Invest
a. Investing Cash in Current Operations
i. Replace worn-out equipment
ii. Purchase new, more efficient, and productive equipment
iii. Reinvest in company to expand current operations
1. Open new
Chapter 16 Lecture
1. Reporting Cash Flows
a. Cash Flow Statement reports a companys inflows and outflows for a period
i. Provides useful information about a companys ability to
1. Generate cash from operations (most important)
2. Maintain and expand its
Chapter 14 Lecture Notes
Financing using Equity versus Debt
1. Bond a form of interest-bearing note that requires periodic interest payments with the
face amount to be repaid at the maturity date
a. Bondholder claims on the corporations asse
Chapter 13 Lecture
Corporation vs. Sole Proprietorship
1. Corporation is a separate legal entity (Advantage)
o Own Tax ID#, like a social security number
o Can acquire, own, and dispose of property in its own name
o Can incur liabilities and
Chapter 12 Lecture Notes
Partnerships and LLCs
1. Forms of organizing and operating a business (listed in order of most common)
i. Owned by a single individual
ii. Most common are professional service providers such as lawyers,
Chapter 11 Lecture
A current liability is a debt with two key features:
o The company reasonably expects to pay the debt from existing current assets (or
through the creation of other current liabilities)
o The company w
Chapter 10 Fixed Assets and Intangible Assets
Measuring the Cost of Fixed Assets
Definition of a fixed asset
o Also called plant assets or property, plant, and equipment, are long-term or
relatively permanent assets such as equipment, machinery, building
Classifying Cash Flows
Identify the type of cash flow activity for each of the following events (ppe_r_a_t_irlg, _i_r|_\g|_e_5_tj[|g, or nancing). The company determines
net cash flow from operating activities by the indirect method:
a. Redeemed bonds .
Entries for _I_n_\g|_a_5_t_r[|;e_|]t_ in Bonds, Interest, and Sale of Bonds
Lance Co. purchased $36,000 of 5%, 10year Bergen County bonds on July 12, 2014, directly from the county at their face amount
plus accrued interest. The bonds pay semiannual inter
Accounts receivable from sales transactions were $46,716 at the beginning of the year and $62,227 at the end of the year. Net income reported on the income statement for the year was $107,494. Exclusive of the effect of o
Cost Flow Relationships
The following information is available for the first month of operations of Zahorik Companv, a manufacturer of mechanical pencils:
Gross profit 196,620
Cost of goods manufactured 168,630
Indirect labor 73,190