Financial Accounting

20. A major difference between accounting for postretirement benefit plans and p

20. A major difference between accounting for postretirement benefit plans and pension plans is that: a) postretirement benefit plans are not required to be funded. b) postretirem…

20. All other things equal, a company\'s return on investment (ROM) would genera

20. All other things equal, a company's return on investment (ROM) would generally increase when: a: average operating assets increase. b: sales decrease c: operating expenses dec…

20. Alyeska Services Company, a division of a major oil company, provides variou

20. Alyeska Services Company, a division of a major oil company, provides various services to the operators of the North Slope oil field in Alaska. Data concerning the most recent…

20. Amazing Gadgets, Inc. originally forecasted the following financial data for

20. Amazing Gadgets, Inc. originally forecasted the following financial data for next year Sales $874,000 Cost of goods sold-$589.950, operating expense and depreciation = $125,67…

20. Assume that two individuals agree to form a partnership. Partner A is contri

20. Assume that two individuals agree to form a partnership. Partner A is contributing an operating business that reports the following balance sheet: Cash Receivables Inventories…

20. At the end of June, the Abiti\'s Consulting, Inc.\'s accounting system showe

20. At the end of June, the Abiti's Consulting, Inc.'s accounting system showed the following amounts: cash-$11,810, accounts receivable = $500, supplies = $400. accounts payable …

20. Auditors have greater liability under the Securities Act of 1933 than under

20. Auditors have greater liability under the Securities Act of 1933 than under either common law or the Securities Exchange Act of 1934, which of the following is an explanation …

20. B OC 18.00 points On January 1, 2009, Loop Raceway issued 375 bonds, each wi

20. B OC 18.00 points On January 1, 2009, Loop Raceway issued 375 bonds, each with a face value of S1,000, a stated interest rate of 3.5% paid annually on December 31, and a matur…

20. Ballerina Manufacturing Company can make 100 units of a necessary component

20. Ballerina Manufacturing Company can make 100 units of a necessary component part with the following costs: Direct Materials $60,000 Direct Labor 10,000 Variable Overhead 30,00…

20. Bond valuation. A tax-exempt bond was recently issued at an annual 8 percent

20. Bond valuation. A tax-exempt bond was recently issued at an annual 8 percent coupon rate and matures 20 years from today. The par value of the bond is $5,000. (Hint: see Appen…

20. Brand Corporation uses the weighted-average method in its process costing sy

20. Brand Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 2,100 uni…

20. Broadway Ltd. purchased equipment on January 1, 2014, for $840,000, estimati

20. Broadway Ltd. purchased equipment on January 1, 2014, for $840,000, estimating a 7-year useful life and no residual value. In 2014 and 2015, Broadway depreciated the asset usi…

20. Caballero Corporation produces high-quality leather saddles. The company has

20. Caballero Corporation produces high-quality leather saddles. The company has a standard cost system and has set the following standards for materials and labor: Leather (20 st…

20. Caballero Corporation produces high-quality leather saddles. The company has

20. Caballero Corporation produces high-quality leather saddles. The company has a standard cost system and has set the following standards for materials and labor: Leather (20 st…

20. Given the information in the table below, what is the company\'s gross profi

20. Given the information in the table below, what is the company's gross profic? Sales revenue Accounts receivable Ending inventory Cost of goods sold Sales returns Sales discoun…

20. Greinke Company produces a part used in the manufacture of one of its produc

20. Greinke Company produces a part used in the manufacture of one of its products. The unit product cost of the part is $33, computed as follows: $12 Direct m Direct labor.. Vari…

20. How competitors calculate inventory cost is least likely to affect compariso

20. How competitors calculate inventory cost is least likely to affect comparisons between competitors if inventory makes up a: A. large percentage of assets and inventory costs a…

20. If a company has a deficit in retained earnings: A. Then retained earnings h

20. If a company has a deficit in retained earnings: A. Then retained earnings has a credit balance B. Then the corporations lifetime earnings exceed lifetime losses and dividends…

20. If\' a bond is issued at par value, the carrying value of the bond wil: A Re

20. If' a bond is issued at par value, the carrying value of the bond wil: A Remain the same over the life of the bond B. Increase over the life of the bond C. Decrease over the l…

20. In what way(s) is net income different from net cash flow? a. Cash flow is o

20. In what way(s) is net income different from net cash flow? a. Cash flow is on the balance sheet 'as of" a certain date; while net income covers a period of time, b. Cash flows…

20. LU rcises asset on May 9, 2017, for $80,000. Euclid d oes mediate expensing

20. LU rcises asset on May 9, 2017, for $80,000. Euclid d oes mediate expensing under $ 179. She does not claim any available cost recovery deduction foe 21. 002 Euclid acquires a…

20. Linda loaned a friend $9,000 as financing for a new business venture. In the

20. Linda loaned a friend $9,000 as financing for a new business venture. In the current year, Linda's friend declare bankruptcy and the debt is considered totally for the current…

20. Match the engagement described to the (A) type of audit and (B) auditor that

20. Match the engagement described to the (A) type of audit and (B) auditor that would most likely perform the engagement. Each engagement will have an answer from List-A and List…

20. Northwest Clothing Supply has 3,000 shares of common stock outstanding. Plea

20. Northwest Clothing Supply has 3,000 shares of common stock outstanding. Please make the proper entries to record their payment of dividends. If no entry, write "No Entry". (Pa…

20. Of the following, which is the most important to consider when analyzing and

20. Of the following, which is the most important to consider when analyzing and revising an academic paper? D. The paper will be entertaining for the instructor to read. When pun…

20. On December I, Gates Company borrowed S45,000 cash from FirstBank by signing

20. On December I, Gates Company borrowed S45,000 cash from FirstBank by signing a 90- day, 9% note payable. Four (4) points a. Prepare Gate's journal entry, including journal ent…

20. On January 2 2015, Howdy Doody Corporation purchased 16% of Ranger Corporati

20. On January 2 2015, Howdy Doody Corporation purchased 16% of Ranger Corporation's corn on stock for $50,000 and classifled the Investment as avallable for sale. Ranger's net In…

20. On January 2, 2015, Howdy Doody Corporation purchased 16% or Ranger Corporat

20. On January 2, 2015, Howdy Doody Corporation purchased 16% or Ranger Corporation's common stock for $50,000 and classifled the Investment as available for sale. Rangers net inc…

20. On July 26, 2012, Bass Pro announced disappointing 2 nd quarter earnings tha

20. On July 26, 2012, Bass Pro announced disappointing 2nd quarter earnings that caused the stock to fall 29% to all time lows. Although sales were up 1.2% to $953.2 million gross…

20. OnJanuary 1, 2016, Maia Enterprises issued 10% bonds dated January 1, 2016,

20. OnJanuary 1, 2016, Maia Enterprises issued 10% bonds dated January 1, 2016, with a face amount of $19.9 million. The bonds mature in 2025 (10 years). For bonds of similar risk…

20. OnJanuary 1, 2016, Maria Enterprises issued 10% bonds dated January 1, 2016,

20. OnJanuary 1, 2016, Maria Enterprises issued 10% bonds dated January 1, 2016, with a face amount of $19.9 million. The bonds mature in 2025 (10 years). For bonds of similar ris…

20. Otto\'s Tune-Up Shop follows the revenue recognition principle. Otto service

20. Otto's Tune-Up Shop follows the revenue recognition principle. Otto services a car on August 31. The customer picks up the vehicle on September 1 and mails the payment to Otto…

20. Otto\'s Tune-Up Shop follows the revenue recognition principle. Otto service

20. Otto's Tune-Up Shop follows the revenue recognition principle. Otto services a car on August 31. The customer picks up the vehicle on September 1 and mails the payment to Otto…

20. Petitte Corporation has provided the following data from its activity-based

20. Petitte Corporation has provided the following data from its activity-based coting sysem Overhead Activities Cost Expected Activity Assembly Processing orders $612,560 31,000 …

20. Rains Company purchased equipment on January 1 at a list price of $125,000,

20. Rains Company purchased equipment on January 1 at a list price of $125,000, with a 2% discount if payment is made within a 10-day discount period. Payment was made within the …

20. Required: Prepare classified Balance Sheet and make evaluations by ratios: 5

20. Required: Prepare classified Balance Sheet and make evaluations by ratios: 50000, Intangible assets 10000, Accounts payable 6000, Wages payable 4000, Unearned revenue 10000, m…

20. Reyes Company had a gross profit of $620,000, total purchases of $840,000, a

20. Reyes Company had a gross profit of $620,000, total purchases of $840,000, and an ending inventory of S480,000 in its first year of operations as a retailer. Reyes's sales in …

20. Riemer, Inc. has four departments. Information about these departments Is li

20. Riemer, Inc. has four departments. Information about these departments Is listed below. Maintenance is a service department If allocated maintenance cost is based on floor spa…

20. Statement of Cash Flows LO5 The following information is for Pasture Corp.:

20. Statement of Cash Flows LO5 The following information is for Pasture Corp.: Cash received from customers $65,000 Cash received from lenders 20,000 Cash paid to suppliers 20,00…

20. Tar Heel Corporation had current and accumulated E&P of $500,000 at December

20. Tar Heel Corporation had current and accumulated E&P of $500,000 at December 31 20X3. On December 31, the company made a distribution of land to its sole shareholder, Will…

20. Tar Heel Corporation had current and accumulated E&P of $500,000 at December

20. Tar Heel Corporation had current and accumulated E&P of $500,000 at December 31 20X3. On December 31, the company made a distribution of land to its sole shareholder, Will…

20. Tar Heel Corporation had current and accumulated E&P of $500,000 at December

20. Tar Heel Corporation had current and accumulated E&P of $500,000 at December 31 20X3. On December 31, the company made a distribution of land to its sole shareholder, Will…

20. The Kaumajet Factory produces two products-table lamps and desk lamps. It ha

20. The Kaumajet Factory produces two products-table lamps and desk lamps. It has two separate departments - Finishing and Production. The overhead budget for the Finishing Depart…

20. The amount of federal income taxes withheld from an employee\'s paycheck is

20. The amount of federal income taxes withheld from an employee's paycheck is determined by: A) Current carnings for the pay period and number of withholding allowances the emplo…

20. The approach to preparing financial statements based on recognizing revenues

20. The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is: A. Cash basis accounting B. The m…

20. The balance in the Office Supplies account on July 1 was $4,000, supplies pu

20. The balance in the Office Supplies account on July 1 was $4,000, supplies purchased and properly recorded during month were $2,500. What is the amount of the adjusting journal…

20. The biggest difference between a periodic and perpetual inventory system? A.

20. The biggest difference between a periodic and perpetual inventory system? A. Uader the perlodic inventory system, the purchase of inventory will be debited to the Purchases ac…

20. The double-declining-balance depreciation method ignores the residual value

20. The double-declining-balance depreciation method ignores the residual value until the depreciation expense takes the book value below the residual value. TRUE FALSE 21. Januar…

20. The following information is from financial statements (in millions of dolla

20. The following information is from financial statements (in millions of dollars) Total assets 150S Net financial assets 90 financial obligations 15S common equity 75S What was …

20. The journal entry to record the receipt of a non-interest bearing note in ex

20. The journal entry to record the receipt of a non-interest bearing note in exchange for a good or service should include a: A. Debit to Note Receivable for an amount equal to t…