Answer the following questions using the information below: The Cold Spring Harbor Corporation currently leases a corporate suite in an office building for a cost of $180,000 a year. Only 70% of the corporate suite is currently being used. A start-up business has proposed a plan that would use the other 30% of the suite and increase the overall costs of maintaining the […]
172.Using the following information from an annual report, prepare a horizontal analysis of the consolidated statements of earnings. (Round percentage answers to one decimal place.) (In millions except per share data) June 30, 20×8 June 30, 20×7 Net sales $11,862 $11,170 Cost of sales 8,321 8,191 Gross margin $ 3,541 $ 2,979 Operating expenses: Selling, general, and […]
128. Chapin Company reported net income of $410,000 for 2009. Balances of selected current asset and current liability accounts are as shown on the indicated dates: Depreciation expense for 2009 amounted to $65,000. Using only the above information, compute Chapin’s net cash flow from operating activities (indirect method) for 2009: A. $470,600. B. $467,400. C. $460,600. D. $448,600. 129. Monarch Company uses the indirect method to […]
11) In December 2011, Homer Simpson worked for Springfield Power and earned $5,000. Federal income tax withholding is 15%. The FICA rate is 6.2% and the Medicare tax is 1.45%. What is Homer’s gross pay? A) $5,000 B) $4,250 C) $3,940 D) $3,867.50 12) In December 2011, Homer Simpson worked for Springfield Power and earned $5,000. Federal income tax withholding is 15%. […]
21. The Drake Company rents out a portion of its office space to another company. At the beginning of 2012, the balance in the unearned rent revenue account was $600. During 2012, Drake recognized $3,400 of rent revenue. If the ending balance of unearned rent revenue is $350, how much cash was received from the tenant for rent during 2012? A. $3,150 B. $3,400 C. $3,650 D. $3,750 22. Under […]
61. Tyson Construction Inc. Use the information provided for Tyson Construction Inc. to answer the following question(s) using the effective interest method. On January 2, 2012, Tyson Construction Inc. issued $1,000,000, 10-year bonds for $1,135,915. The bonds pay interest on June 30 and December 31. The stated rate is 10% and the market rate is 8%. Refer to the information provided for Tyson Construction […]
78.The basic purpose of generally accepted accounting principles is to: A. Minimize the possibility of a business becoming insolvent. B. Provide a framework for financial reporting that is understood by both the preparers and the users of financial statements. C. Ensure that financial statements include the type of information that is best suited to every type of business decision. D. Eliminate the need for […]
101.Regal Real Estate which maintains its accounts on the basis of a fiscal year ending June 30, began the management of an office building on June 15 for an agreed annual fee of $4,800. The first payment is due on July 15. The adjusting entry required at June 30 is: A. A debit to Management Fees Receivable for $200 and a credit to a […]
70. Physical counts of inventory: A. Are not necessary under the perpetual system. B. Are necessary to adjust theInventory account to the actual inventory available. C. Must be taken at least once a month. D. Requires the use of hand-held portable computers. E. Are not necessary under the cost-to benefit constraint. 71. During a period of steadily rising costs, the inventory valuation method that yields the highest reported net […]
37.In the journal provided, prepare year-end adjustments for the following situations. Omit explanations. a. Accrued interest on notes receivable is $560. b. Of the $7,200 received in advance of earning a service, one-third was still unearned by year end. c. Two years of rent, totaling $24,000, was paid in advance. By year end, four months’ worth had expired. d. Services totaling $685 had […]
According to the text, criminal law is aimed at the misbehavior that falls below society's norms and values. The burden of enforcing criminal law and maintaining public order and public safety falls to local, state, and even the federal government; all help to shape and prescribe conduct in the United States. Each state is specifically responsible for the maintenance of public order and public safety within their borders. The federal government is responsible for regulating criminal conduct delegated to it by the U.S. Constitution. Each branch of government, at the state and federal level, must proscribe the required elements of each crime charged and prove guilt beyond a reasonable doubt per the Due Process Clause and other constitutional requirements. In this assignment, you will explore criminal law, criminal culpability and its limitations, and what is required for criminal liability and punishment.
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