Question 1 0 / 4 points
(Learning Outcome 2): Gray Company collects $5,000 from one of it’s customers that was due from the previous month. How will this affect the accounting equation?
Question 2 0 / 4 points
(Learning Outcome 1) Simon and Son’s has Accounts Receivable of $35,000, owes on account to Johnson Company $16,500 and has furniture totaling $12,250. They have $90,000 in cash on hand and the business has a $36,750 Note Payable. How much is Simon and Son’s Owner’s Equity? Use the accounting equation to solve this problem.
Question 3 2 / 2 points
Assets increase by $5,000; Equity increases by $5,000.
Assets increase by $5,000; Assets decrease by $5,000 .
Assets increase by $5,000; Liabilities decrease by $5,000
.
Assets decrease by $5,000; Equity decreases by $5,000.
$84,000
$117,000
$10,500
Some other amount
11/27/2019 : Quiz Submissions – Pretest ORGL 225 – Fall 2019 – Record Keeping for Leaders (ORGL-225-1CW) – Texas A&M – Commerce
2/7
(Learning Outcome 1): Which of the following accounts would not be considered a revenue account?
Question 4 2 / 2 points
(Learning Outcome 2): Patterson Co. bought a new delivery truck on account for $19,650 from Pete’s Auto Plex. What account would you credit in this transaction?
Question 5 4 / 4 points
(Learning Outcome 5): Which of the following is a characteristic of a corporation?
Question 6 0 / 4 points
(Learning Outcome 3) Which of the following inventory systems require a physical count of inventory at the end of an accounting period?
Ticket Revenue
Fees Earned
Unearned Revenue
Sales
Cash
Patterson Co., Equity
Accounts Payable-Pete’s Auto Plex
Delivery Truck
Stockholders own corporations
Lenders to a corporation do not have the authority or right to claim the corporation’s assets to satisfy their obligations.
A stockholder has the authority or “mutual agency” to enter into a binding contract for the corporation solely by his or her actions.
Only one individual must hold all shares of stock in a corporation
3/7
Question 7 0 / 4 points
(Learning Outcome 3) How is Cost of Goods Sold calculated under the periodic inventory method?
Question 8 0 / 8 points
(Learning Outcome 4) A company received a bank statement with a balance of $6,350. Reconciling items included a bookkeeper error of $300 (a $300 check recorded as $600) two outstanding checks totaling $820, a service charge of $25, a deposit in transit of $280, and interest revenue of $21. What is the adjusted bank balance? (You must show your calculations to receive full credit for this question).
Perpetual
None
Periodic
Both
Goods Available for Sale + Ending Inventory
Purchases + Transportation In -Purchases Returns and Allowances – Purchases Discount
Beginning Inventory + Purchases – Ending Inventory
Beginning Inventory + Net Purchases – Ending Inventory
$6350 ending balance
-$300 check (check reported as $600)
-$820 outstanding checks
-$25 service charge
+$280 deposit
-$25 service charge
+$21 interest revenue
New balance = $5,506
4/7
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Question 9 0 / 4 points
(Learning Outcome 4) Ella B’s signs a $12,000, 6 month note at 6% interest. How much is Notes Payable?
The correct answer is not displayed for Written Response type questions.
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Question 10 0 / 4 points
(Learning Outcome 5) Which of the following statements are true of a corporation.
Question 11 8 / 8 points
(Learning Outcome 6) On January 1, 2017, Cooper Sales issued $15,000 in bonds for $14,700. They were six-year bonds with a stated rate of 9% and they pay semi-annual interest. Cooper Sales uses the straight-line method to amortize the bond discount amount. On June 30, 2017, when Cooper Sales makes the first payment to bondholders, how much will the company report as interest expense?
$2,120 a month.
A corporation has a limited life.
A corporation pays income taxes on it’s business earnings.
All types and classes of a corporation’s stocks carry the same degree of risk for the shareholder.
The shareholder’s of corporation have unlimited liabilities for all the corporation’s debts.
$675
$825
$25
javascript://
javascript://
5/7
Question 12 4 / 4 points
(Learning Outcome 6) On March 1, 2017, Winston Inc. issued a 5% long-term note payable for $15,000. It is a 3 year note with $5000. annual payments due on March 1st each year plus interest, beginning March 1, 2018. How will a balance sheet on December 31, 2017 show this information?
Question 13 0 / 8 points
(Learning Outcome 8) Simpson Inc. provides the following data;
2017 2016
Revenue $10,000. $8,000.
Cost of Goods Sold $4,500. $3,000.
Prepare a horizontal analysis of Revenues and Cost of Goods Sold in dollar amounts and in percentages for 2017. You MUST show your calculations to receive full credit for this problem.
– No text entered –
The correct answer is not displayed for Written Response type questions.
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Question 14 0 / 15 points
(Learning Outcome 8) Richardson Service Inc. reported a Net Income for the year of 25,750. Richardson Service’s beginning and ending total assets were $87,560 and $93,570 respectively.
A) Calculate Richardson Service’s return on assets (ROA) Round your answer to the nearest percentage.
B) What does Return on Assets measure for a company?
$700
$5,000 as a current liability and $10,000 as a long-term liability.
$5,000 as a current liability and $15,000 as a long-term liability.
$15,000 as a current liability.
$15,000 as a long-term liability.
javascript://
6/7
You must answer both A) and B) correctly and show your calculations for A) to receive full credit for this question.
– No text entered –
The correct answer is not displayed for Written Response type questions.
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Question 15 0 / 6 points
(Learning Outcome 7) What are the three classifications (or categories) on a cash flow statement?
– No text entered –
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Question 16 0 / 8 points
(Learning Outcome 7) The following transactions occurred for Gracy Inc. at the end of the year:
a) Net Income for the year was $55,000. Depreciation Expense was $17,000.
b) Cash dividends were paid this year. Beginning retained earnings was $180,000 and ending Retained Earnings was $230,000.
Considering both transactions, what amount will be reported for cash paid for dividends on the financing section of the statement of cash flows?
Question 17 0 / 4 points
(Learning Outcome 9) Which of the following budgets focuses on the income statement and its supporting schedules?
$5,000.
$72,000
$8,200.
$174,000
capital-expenditures budget
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javascript://
7/7
Question 18 0 / 4 points
Which of the following regarding the Statement of Financial Position for a non-profit is true?
Question 19 3 / 3 points
In a non-profit organization, the amount of total assets minus total liabilities is actually reported as ________________ in its Statement of Financial Position.
cash budget
sales budget
operating budget
It is similar to an Income Statement of a for-profit entity.
It must be prepared before a trial balance
It is similar to a Balance Sheet of a for-profit entity.
It includes expenses by functional category
Stockholder’s Equity
Owner’s Equity
Net Assets
Expenses
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1/7
Question 1 0 / 4 points
(Learning Outcome 2): Gray Company collects $5,000 from one of it’s customers that was due from the previous month. How will this affect the accounting equation?
Question 2 0 / 4 points
(Learning Outcome 1) Simon and Son’s has Accounts Receivable of $35,000, owes on account to Johnson Company $16,500 and has furniture totaling $12,250. They have $90,000 in cash on hand and the business has a $36,750 Note Payable. How much is Simon and Son’s Owner’s Equity? Use the accounting equation to solve this problem.
Question 3 2 / 2 points
Assets increase by $5,000; Equity increases by $5,000.
Assets increase by $5,000; Assets decrease by $5,000 .
Assets increase by $5,000; Liabilities decrease by $5,000
.
Assets decrease by $5,000; Equity decreases by $5,000.
$84,000
$117,000
$10,500
Some other amount
11/27/2019 : Quiz Submissions – Pretest ORGL 225 – Fall 2019 – Record Keeping for Leaders (ORGL-225-1CW) – Texas A&M – Commerce
2/7
(Learning Outcome 1): Which of the following accounts would not be considered a revenue account?
Question 4 2 / 2 points
(Learning Outcome 2): Patterson Co. bought a new delivery truck on account for $19,650 from Pete’s Auto Plex. What account would you credit in this transaction?
Question 5 4 / 4 points
(Learning Outcome 5): Which of the following is a characteristic of a corporation?
Question 6 0 / 4 points
(Learning Outcome 3) Which of the following inventory systems require a physical count of inventory at the end of an accounting period?
Ticket Revenue
Fees Earned
Unearned Revenue
Sales
Cash
Patterson Co., Equity
Accounts Payable-Pete’s Auto Plex
Delivery Truck
Stockholders own corporations
Lenders to a corporation do not have the authority or right to claim the corporation’s assets to satisfy their obligations.
A stockholder has the authority or “mutual agency” to enter into a binding contract for the corporation solely by his or her actions.
Only one individual must hold all shares of stock in a corporation
3/7
Question 7 0 / 4 points
(Learning Outcome 3) How is Cost of Goods Sold calculated under the periodic inventory method?
Question 8 0 / 8 points
(Learning Outcome 4) A company received a bank statement with a balance of $6,350. Reconciling items included a bookkeeper error of $300 (a $300 check recorded as $600) two outstanding checks totaling $820, a service charge of $25, a deposit in transit of $280, and interest revenue of $21. What is the adjusted bank balance? (You must show your calculations to receive full credit for this question).
Perpetual
None
Periodic
Both
Goods Available for Sale + Ending Inventory
Purchases + Transportation In -Purchases Returns and Allowances – Purchases Discount
Beginning Inventory + Purchases – Ending Inventory
Beginning Inventory + Net Purchases – Ending Inventory
$6350 ending balance
-$300 check (check reported as $600)
-$820 outstanding checks
-$25 service charge
+$280 deposit
-$25 service charge
+$21 interest revenue
New balance = $5,506
4/7
The correct answer is not displayed for Written Response type questions.
View Feedback
Question 9 0 / 4 points
(Learning Outcome 4) Ella B’s signs a $12,000, 6 month note at 6% interest. How much is Notes Payable?
The correct answer is not displayed for Written Response type questions.
View Feedback
Question 10 0 / 4 points
(Learning Outcome 5) Which of the following statements are true of a corporation.
Question 11 8 / 8 points
(Learning Outcome 6) On January 1, 2017, Cooper Sales issued $15,000 in bonds for $14,700. They were six-year bonds with a stated rate of 9% and they pay semi-annual interest. Cooper Sales uses the straight-line method to amortize the bond discount amount. On June 30, 2017, when Cooper Sales makes the first payment to bondholders, how much will the company report as interest expense?
$2,120 a month.
A corporation has a limited life.
A corporation pays income taxes on it’s business earnings.
All types and classes of a corporation’s stocks carry the same degree of risk for the shareholder.
The shareholder’s of corporation have unlimited liabilities for all the corporation’s debts.
$675
$825
$25
javascript://
javascript://
5/7
Question 12 4 / 4 points
(Learning Outcome 6) On March 1, 2017, Winston Inc. issued a 5% long-term note payable for $15,000. It is a 3 year note with $5000. annual payments due on March 1st each year plus interest, beginning March 1, 2018. How will a balance sheet on December 31, 2017 show this information?
Question 13 0 / 8 points
(Learning Outcome 8) Simpson Inc. provides the following data;
2017 2016
Revenue $10,000. $8,000.
Cost of Goods Sold $4,500. $3,000.
Prepare a horizontal analysis of Revenues and Cost of Goods Sold in dollar amounts and in percentages for 2017. You MUST show your calculations to receive full credit for this problem.
– No text entered –
The correct answer is not displayed for Written Response type questions.
View Feedback
Question 14 0 / 15 points
(Learning Outcome 8) Richardson Service Inc. reported a Net Income for the year of 25,750. Richardson Service’s beginning and ending total assets were $87,560 and $93,570 respectively.
A) Calculate Richardson Service’s return on assets (ROA) Round your answer to the nearest percentage.
B) What does Return on Assets measure for a company?
$700
$5,000 as a current liability and $10,000 as a long-term liability.
$5,000 as a current liability and $15,000 as a long-term liability.
$15,000 as a current liability.
$15,000 as a long-term liability.
javascript://
6/7
You must answer both A) and B) correctly and show your calculations for A) to receive full credit for this question.
– No text entered –
The correct answer is not displayed for Written Response type questions.
View Feedback
Question 15 0 / 6 points
(Learning Outcome 7) What are the three classifications (or categories) on a cash flow statement?
– No text entered –
The correct answer is not displayed for Written Response type questions.
View Feedback
Question 16 0 / 8 points
(Learning Outcome 7) The following transactions occurred for Gracy Inc. at the end of the year:
a) Net Income for the year was $55,000. Depreciation Expense was $17,000.
b) Cash dividends were paid this year. Beginning retained earnings was $180,000 and ending Retained Earnings was $230,000.
Considering both transactions, what amount will be reported for cash paid for dividends on the financing section of the statement of cash flows?
Question 17 0 / 4 points
(Learning Outcome 9) Which of the following budgets focuses on the income statement and its supporting schedules?
$5,000.
$72,000
$8,200.
$174,000
capital-expenditures budget
javascript://
javascript://
7/7
Question 18 0 / 4 points
Which of the following regarding the Statement of Financial Position for a non-profit is true?
Question 19 3 / 3 points
In a non-profit organization, the amount of total assets minus total liabilities is actually reported as ________________ in its Statement of Financial Position.
cash budget
sales budget
operating budget
It is similar to an Income Statement of a for-profit entity.
It must be prepared before a trial balance
It is similar to a Balance Sheet of a for-profit entity.
It includes expenses by functional category
Stockholder’s Equity
Owner’s Equity
Net Assets
Expenses
Applied Sciences
Architecture and Design
Biology
Business & Finance
Chemistry
Computer Science
Geography
Geology
Education
Engineering
English
Environmental science
Spanish
Government
History
Human Resource Management
Information Systems
Law
Literature
Mathematics
Nursing
Physics
Political Science
Psychology
Reading
Science
Social Science
Home
Homework Answers
Blog
Archive
Tags
Reviews
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