CHAPTER 5 ADDITIONAL HOMEWORK
PERPETUAL INVENTORY TRANSACTIONS
Prepare the journal entries using the Perpetual Inventory Method for Annie Corporation,
a merchandiser of pet supplies, who engaged in the following transactions:
June 1 Annie purchase
1. Cash equivalents are generally investments with maturities of (Points: 2) a. $1,000 or
more. b. three months or less. c. at least six months. d. one year or the operating cycle,
whichever is less.
2. The best measure of a company's ability to generate
BA 212 Review for chapters 11 and 12
Instructor: Usha Ramanujam
A corporation issued $600,000 of 8%, 5-year bonds on January 1, at 102.
Interest is paid semiannually on January 1 and July 1. If the corporation uses the
straight-line method of amorti
Comprehensive Problem for Extra Credit ACC 211 Spring 2015
The following problem is available for a maximum of 15 extra credit points.
This problem is due Monday, March 30th at the beginning of your class session.
This is a long problem and should not be
For each item below, indicate whether a debit or a credit applies.
a. Decrease in Accounts Payable
b. Decrease in Land
c. Increase in Retained Earnings
d. Increase in Unearned Revenue
e. Decrease in Interest Payable
f. Increase in Prepa
FINANCIAL ANALYSIS: THE BIG PICTURE
SUMMARY OF QUESTIONS BY STUDY OBJECTIVE AND BLOOMS TAXONOMY
BA 212 Test # 1 Review Instructor: Usha Ramanujam
Answers are given in the very end.
Under the allowance method, writing off an uncollectible account
a. affects only balance sheet accounts.
b. affects both balance sheet and income statement accounts.
Review Chapters 12, 13 and 14
1. The accountant at Borg Industries was preparing the financial statements for the year
ended December 31, 2003 when he discovered an error. Apparently, the income tax
expense for 2002 was understated by $32,50
Assurance services used to describe the broad range of information enhancement services that are
provided by CPAs
o Must be independent
o Two types: increase the reliability of information and those that involve putting information in a
form or context t
The stockholders' equity accounts of Hashmi Company at January 1, 2010, are as follows. Preferred Stock, 6%, $50 par $600,000
Common Stock, $5 par 800,000 Paid-in Capital in Excess of Par ValuePreferred Stock 200,000 Paid-in Capital in Excess of Par
Cost of goods sold
Mary sells to Andy goods for $6000 which cost her $4000, terms are 2/10 net 30
The correct journal entry to for Mary to record the transaction would be
The following are in the form of direct essay-style questions taken from Chapters One and Two of our text. The
answers will help you to identify ideas in the text and lecture that will show
Quiz II Score: / 42
Directions: Provide appropriate responses to each item in the space provided, and explain/interpret your
responses using complete sentences. Good luck!
1. Below are international 4thgrade math achievement score
Sample Exercises Chapter 10
1) The following expenditures were incurred by Osley Co. in purchasing land: cash price
$70,000, accrued taxes $3,000, attorneys fees $2,500, real estate brokers commission
$2,000, and clearing and grading $3,500. What is the c
The following items are taken from the financial statements of Cerner Company for the year ending
December 31, 2008:
Accumulated depreciation equipment
Income before interest and taxes
Interest ($2,400,000 X 10%)
Income before taxes
Income tax expense (30%)
Earnings per share
Chapter 8 Quiz
Choose the most correct answer. Show your work when necessary for full credit.
1. The term "receivables" refers to
amounts due from individuals or companies.
merchandise to be collected from individuals
1. Stockholders of a corporation directly elect
a. the president of the corporation.
b. the board of directors.
c. the treasurer of the corporation.
d. all of the employees of the corporation.
2. Which one of the following would not be considered an advan
Selected financial data of Target and Wal-Mart for 2005 are presented here (in millions).
Target Corporation Wal-Mart Stores, Inc. Income Statement Data for Year Net sales
$45,682 $285,222 Cost of goods sold 31,445 219,793 Selling and administrative
Solutions Guide: This is meant as a solutions guide. Please try reworking the
questions and reword the answers to essay type parts so as to guarantee that your
answer is an original. Do not submit as your own.
Operating data for Gallup Corporation a
Closing entries are not needed if the business plans to continue operating in the future and
issue financial statements each year.
The dividends account is closed to the Income Summary account in order to properly
Cushner- AMS1A Seminar (Section 21) Sp 2015
Skill Quiz #1: Asking Questions
In Seminar, the questions you ask will often be at the center of our discussion. The following is an
example of three types of questions, all of which will be in play:
Bus 188 Spring Midterm Study Guide
- Quizzes, articles, announcements, extra readings; 12 questions per chapter, Lab 1A & 1B
(not steps, but the content; contextual)
- Moores Law vs NASA
o Space shuttle on the moon same as what we have on our phones
How to Register for Your
Connect Math Hosted by ALEKS Class
Step 1: Go to www.connectmath.com. Click on Sign up now!
Step 2: Enter your 10-character Course Code that you received from your instructor. Then
Step 3: Confirm that you are reg