Acct Final
Bird's Nest had net credit sales for the current period of $500,000 and average net receivables were $46,000. What is the days' sales outstanding? (Round any intermediary calculations to two decimal places and your final answer to the nearest day.)
A. 23 days B. 126 days C. 11 days D. 34 days
Calculate Company Y's net profit margin ratio based on the following information for the current year: Net income $190,000 Assets at the beginning of the year $140,000 Assets at the end of the year $170,000 Net sales $280,000
A. 68% This is the correct answer. B. 32% C. 60% D. 40%
Madison Bank lends Neenah Paper Company $110,000 on January 1 of the current year. Neenah signs a $110,000, 8%, 6−month note. The journal entry made by Neenah on January 1 of the current year will debit: Question content area bottom Part 1 A. Cash for $110,000 and credit Notes Payable for $110,000. This is the correct answer. B. Cash for $101,200 and credit Note Payable for $101,200. C. Interest Expense for $8,800 and credit Cash for $8,800. D. Interest Expense for $8,800 and credit Interest Payable for $8,800.
A. Cash for $110,000 and credit Notes Payable for $110,000. This is the correct answer.
On October 1, 2022, Golde Company paid $18,600 for one year of insurance for the period, October 1, 2022 through September 30, 2023. Which of the following will be part of the adjusting entry on December 31, 2022?
A. Debit Insurance Expense for $4,650 This is the correct answer. B. Debit Prepaid Insurance for $4,650 C. Debit Prepaid Insurance for $13,950 D. Debit Insurance Expense for
If a company buys inventory on account: Question content area bottom Part 1 A. accounts payable increases. This is the correct answer. B. total assets remain the same. C. net income increases. D. cash decreases.
A. accounts payable increases. This is the correct answer.
Question content area top Part 1 On May 1, Santelle Company purchased $700 of inventory on account with credit terms of 2/10, net 30. Santelle uses the perpetual inventory system. On May 2, the seller gave Santelle a $200 allowance due to a product defect. What journal entry did Santelle Company prepare on May 2? Question content area bottom Part 1 A. debit Accounts Payable for $200 and credit Inventory for $200 This is the correct answer. B. debit Accounts Payable for $200 and credit Purchase Discounts for $200 C. debit Accounts Payable for $200 and credit Purchase Returns and Allowances for $200 D. debit Cash for $200 and credit Accounts Payable for $200
A. debit Accounts Payable for $200 and credit Inventory for $200 This is the correct answer.
The conceptual foundation of accounting does NOT include:
A. fundamental qualitative characteristics. B. decision making. This is the correct answer. C. accounting objectives. D. enhancing qualitative characteristics.
The Shepherd Company has the following information available at December 31, 2023: Account Debit Credit Cash $900 Accounts Receivable 1,100 Inventory 2,200 Supplies 1,800 Prepaid Rent 600 Land 5,700 Building 39,900 Accumulated Depreciation—Building $8,300 Accounts Payable 7,500 Unearned Revenue 4,100 Notes Payable, due 2028 2,300 Common Stock 6,600 Retained Earnings 3,100 Service Revenue $33,200 Rent Expense 2,300 Supplies Expense 1,200 Salaries Expense 6,400 Depreciation Expense—Building 1,400 Utilities Expense 1,600 Totals $65,100 $65,100 What are the total long−term assets at December 31, 2023? Question content area bottom Part 1 A.$ 49 comma 800 $49,800 B.$ 37 comma 300 $37,300 This is the correct answer. C.$ 45 comma 600 $45,600 D.$ 39 comma 900
B.$ 37 comma 300 $37,300 This is the correct answer.
Question content area top Part 1 Which of the following is NOT a correct statement about adjusting entries? Question content area bottom Part 1 A. Every adjusting entry affects the balance sheet. B. Every adjusting entry affects net income. C. Every adjusting entry affects cash. This is the correct answer. D. Adjusting entries are posted before the adjusted trial balance is prepared.
C. Every adjusting entry affects cash. This is the correct answer.
How does the declaration of a cash dividend affect the accounting equation? Question content area bottom Part 1 A. increase to assets and a decrease to liabilities B. increase to stockholders' equity and a decrease to assets C. increase to liabilities and a decrease to stockholders' equity This is the correct answer. D. increase to liabilities and a decrease to assets
C. increase to liabilities and a decrease to stockholders' equity This is the correct answer.
A note is a written promise to pay a certain amount of money at a given date in the future along with interest. Question content area bottom Part 1 True This is the correct answer. False
False
If a corporation pays taxes on its income, then the stockholders will not have to pay taxes on the dividends received from that corporation.
False
The business records of a sole proprietorship should include the proprietor's personal finances. Question content area bottom
False