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