Question : 61. _____ accounts provide disaggregated information concerning the net amount of : 1245870

 

 

61. _____ accounts provide disaggregated information concerning the net amount of an asset, liability, or shareholders’ equity item.  Note that the use of such accounts does not affect the total of assets, liabilities, shareholders’ equity, revenues, or expenses, but only the balances in various accounts that comprise the totals for these items. 
A. Reversing
B. Temporary
C. Contra
D. Closing
E. None of the above

 

62. Benezra S.A., a large Brazilian petrochemical company, reported a balance of R$1,600 million in Accounts Receivable at the beginning of 2013 and R$1,500 million at the end of 2013. Its income statement reported total Sales Revenue of R$12,000 million for 2013. Assuming that Benezra makes all sales on account, compute the amount of cash collected from customers during 2013. Benezra applies Brazilian accounting standards, and reports its results in thousands of reals (R$), the Brazilian currency. (In answering this question, assume that Benezra uses either U.S. GAAP or IFRS; for purposes of this problem, this choice will not matter.)  
A. 12,000
B. 11,900
C. 12,100
D. 13,600
E. 13,500

 

63. Skyway Company, a U.S. airplane manufacturer, reported a balance of $8,100 million in Inventory at the beginning of 2013 and $9,600 million at the end of 2013. Its income statement reported Cost of Products Sold of $45,400 million for 2013. Compute the cost of inventory either purchased or manufactured during 2013. (Skyway Company applies U.S. GAAP, and reports its results in millions of U.S. dollars.)  
A. $49,500 million
B. $39,900 million
C. $46,900 million
D. $39,900 million
E. none of the above

 

64. C-Swiss, a Swedish firm specializing in communication networks, reported a balance in Inventories of SEK21,500 million at the beginning of 2013 and SEK22,500 million at the end of 2013. During 2013, C-Swiss reported SEK114,100 million in Cost of Sales. How much was C-Swisss’ inventory purchases during 2013?  [Assume that all of C-Swisss’ inventory purchases are made on account and C-Swiss applies IFRS, as well as reports its results in millions of Swedish kronor (SEK).]  
A. SEK115,300 million
B. SEK115,200 million
C. SEK115,100 million
D. SEK113,100 million
E. none of the above

 

65. Ying Corporation, a Japanese construction firm, reported a balance in Income Taxes Payable of ¥3,700 million at the beginning of 2013 and ¥14,300 million at the end of 2013. Net income before income taxes for 2013 totaled ¥73,000 million. Assume that the firm is subject to an income tax rate of 43%. Compute the amount of cash payments made for income taxes during 2013. (Ying Corporation applies Japanese accounting standards, and reports its results in millions of yen (¥). In answering this question, assume that Ying Corporation uses either U.S. GAAP or IFRS; for purposes of this problem, this choice will not matter.)  
A. ¥10,600 million
B. ¥17,090 million
C. ¥20,790 million
D. ¥73,000 million
E. none of the above

 

66. Energy Corporation, a U.S. diversified power management company, reported a balance in Retained Earnings of $2,800 million at the beginning of 2013 and $3,300 million at the end of 2013. Based on Energy Corporation’s financial reports for fiscal 2013, it reported dividends declared and paid of $250 million for 2013. Compute the amount of net income for 2013. (Energy Corporation applies U.S. GAAP, and reports its results in millions of U.S. dollars.)  
A. -$250 million
B. $250 million
C. $550 million
D. $750 million
E. none of the above

 

67. On December 31, 2013, the Merchandise Inventories account of the Japanese electronics firm Flower Limited (Flower) had a balance of ¥408,700 million, based on Flower’s financial reports for fiscal 2013. Assume that during 2014, Flower purchased merchandise inventories on account for ¥1,456,400 million. On December 31, 2014, it finds that merchandise inventory on hand is ¥412,400 million. Select the correct journal entries to account for all changes in the Inventories during 2014. (Flower applies Japanese accounting standards, and reports its results in millions of yen (¥). In answering this question, assume that Flower uses either U.S. GAAP or IFRS; for purposes of this problem, this choice will not matter.)  
A. Cost of Goods Sold    ¥1,452,700  million
          Merchandise Inventories  ¥1,452,700  million
B. Merchandise Inventories  ¥1,452,700  million
            Cost of Goods Sold        ¥1,452,700  million
C. Cost of Goods Sold    ¥1,449,000  million
               Merchandise Inventories  ¥1,449,000  million
D. Merchandise Inventories  ¥1,449,000  million
            Cost of Goods Sold        ¥1,449,000  million
E. none of the above

 

68. Klothing Company, a U.S. clothing designer, manufacturer, and retailer, reported a balance in prepaid insurance of $90.7 million, based on its financial reports dated March 31, 2013, the end of its fiscal year. Assume that of this balance, $24 million relates to an insurance policy with two remaining months of coverage. Select the correct journal entries that Klothing would make on April 30, 2013 (Assume that the firm closes its books monthly. Klothing applies U.S. GAAP, and reports its results in millions of U.S. dollars.)  
A. Insurance Expense       $ 24 million
         Prepaid Insurance      $24 million
B. Prepaid Insurance        $24 million
         Insurance Expense              $24 million
C. Insurance Expense       $12 million
         Prepaid Insurance     $12 million
D. Prepaid Insurance        $12 million
         Insurance Expense              $12 million
E. none of the above

 

69. ABC Group (ABC), headquartered in Switzerland, is one of the world’s largest engineering companies. ABC applies U.S. GAAP, and reports its results in millions of U.S. dollars. Based on ABC’s financial reports for fiscal 2013, at January 1, 2013, ABC reported a balance in its Prepaid Rent account of $247 million; assume that this amount reflects its prepayments of rent on factory and office space for the next month. Assume also that on January 31, 2013, ABC paid $3,200 million as the annual rent for the period from February 1, 2013, to January 31, 2014. ABC has a calendar year reporting period. Select the correct journal entries that ABC Group would make during January 2013 that affect the Prepaid Rent account.  
A. Rent Expense      $3,200 million
         Cash                               $3,200 million

Prepaid Rent      $247 million
         Rent Expense               $247 million
B. Rent Expense      $3,200 million
         Prepaid Rent                  $3,200 million

Prepaid Rent        $247 million
         Cash                           $247 million
C. Rent Expense       $3,200 million
         Prepaid Rent                  $3,200 million

Prepaid Rent         $247 million
         Cash                            $247 million
D. Rent Expense      $247 million
         Prepaid Rent                  $247 million

Prepaid Rent    $3,200 million
         Cash                        $3,200 million
E. none of the above

 

70. Tokyo Motor Company (Tokyo), a Japanese car manufacturer, reported Sales of Products of ¥22,670 billion for the year ended March 31, 2014. The Cost of Products Sold was ¥18,356 billion. Assume that Tokyo made all sales on credit. Select the correct journal entries that Tokyo made during the fiscal year ended March 31, 2014, related to these transactions. [Tokyo applies U.S. GAAP, and reports its results in millions of yen (¥).]  
A. Accounts Receivable    ¥22,670 billion
Inventories                           ¥22,670 billion
Cost of Goods Sold      ¥18,356 billion
     Revenues                                         ¥18,356 billion
B. Accounts Receivable    ¥18,356 billion
Inventories                           ¥18,356 billion
Cost of Goods Sold     ¥22,670 billion
                 Revenues                             ¥22,670 billion
C. Accounts Receivable    ¥18,356 billion
Revenues                           ¥18,356 billion
Cost of Goods Sold     ¥22,670 billion
                 Inventories                         ¥22,670 billion
D. Accounts Receivable    ¥22,670 billion
Revenues                           ¥22,670 billion
Cost of Goods Sold      ¥18,356 billion
Inventories                         ¥18,356 billion
E. none of the above

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more