External link to Question : 81. Which one of the fixed asset accounts listed below will : 1239723

Question : 81. Which one of the fixed asset accounts listed below will : 1239723

    81. Which one of the fixed asset accounts listed below will not have a related contra asset account? A. Office EquipmentB. LandC. Delivery EquipmentD. Building   82. Prepaid insurance is reported on the balance sheet as a A. current assetB. fixed assetC. current liabilityD. long-term liability   83. The income statement is prepared from:  A. either the post-closing trial balance or the unadjusted trial balance columns of the work sheet.B. either the unadjusted trial balance or the balance […]

External link to Question : 21) Sprint Manufacturing Company produces two products, X and Y. : 1217161

Question : 21) Sprint Manufacturing Company produces two products, X and Y. : 1217161

  21) Sprint Manufacturing Company produces two products, X and Y. The following information is presented for both products: XY Selling price per unit$30$20 Variable cost per unit205   Total fixed costs are $292,500.   Required: a.Calculate the contribution margin for each product. b.Calculate breakeven point in units of both X and Y if the sales mix is 3 units of X for every unit […]

External link to Question : 93. Capital budgeting Golden Flights, Inc. considering buying some specialized machinery : 1229652

Question : 93. Capital budgeting Golden Flights, Inc. considering buying some specialized machinery : 1229652

  93. Capital budgeting Golden Flights, Inc. is considering buying some specialized machinery which would enable the company to obtain a six-year government contract for the design and engineering of a futuristic plane. The machinery costs $975,000 and must be destroyed for security reasons at the end of the six-year contract period. The estimated annual operating results of the project are as follows:    All revenue […]

External link to Question : 79.According to GASB Statement No. 54, spendable fund balances displayed : 1255413

Question : 79.According to GASB Statement No. 54, spendable fund balances displayed : 1255413

  79.According to GASB Statement No. 54, spendable fund balances are displayed in which of the following categories? A)Restricted, Unrestricted, Assigned, Unassigned B)Restricted, Committed, Assigned, Unassigned C)Spendable, Assigned, Unassigned D)Restricted, Unrestricted 80.Which of the following statements is not true with respect to GASB Statement No. 54 regarding restricted fund balances? A)Restricted funds are those that are subject to constraints imposed by external parties or by […]

External link to Question : Objective 21.5 1) Which of the following a component of net-initial-investment : 1211985

Question : Objective 21.5 1) Which of the following a component of net-initial-investment : 1211985

  Objective 21.5   1) Which of the following is a component of net-initial-investment cash flows? A) original cost of an old equipment B) cash outflow to purchase a new equipment C) depreciation cost D) after-tax cash flow from operations   2) The Fortive Corporation disposes a capital asset with an original cost of $180,000 and accumulated depreciation of $111,000 for $56,000. Alpha betas tax […]

External link to Question : 131. If title to merchandise purchases passes to the buyer when : 1251863

Question : 131. If title to merchandise purchases passes to the buyer when : 1251863

  131. If title to merchandise purchases passes to the buyer when the goods are shipped from the seller, the terms are   A. n/30 B. FOB shipping point C. FOB destination D. consigned 132. Merchandise with an invoice price of $5,000 is purchased on September 2 subject to terms of 2/10, n/30, FOB destination.  Freight costs paid by the seller totaled $200.  What is the cost of the merchandise if […]

External link to Question : 66. The “just-in-time” concept of inventory management best illustrated by: A. A clothing : 1229808

Question : 66. The “just-in-time” concept of inventory management best illustrated by: A. A clothing : 1229808

    66. The “just-in-time” concept of inventory management is best illustrated by:  A. A clothing manufacturer that sells all of its finished goods before they go out of style. B. A defense contractor that completes its projects within the deadlines set by its customer (the federal government). C. A pharmaceutical firm that consistently brings new products to market ahead of its competitors. D. A homebuilder who has its suppliers […]

External link to Question : 150.Which of the following not a characteristic of an estimated : 1259429

Question : 150.Which of the following not a characteristic of an estimated : 1259429

    150.Which of the following is not a characteristic of an estimated liability?    A. The liability is known to exist.   B. The precise dollar amount cannot be determined until a later date.   C. The liability should not be recorded in the accounting records until future events have determined the exact amount.   D. The liability stems from past transactions.         151.Commitments, such as […]

External link to Question : 222. Journalize the following selected transactions for April 2011 in a : 1239524

Question : 222. Journalize the following selected transactions for April 2011 in a : 1239524

  222. Journalize the following selected transactions for April 2011 in a two-column journal.  Journal entry explanations may be omitted.  April 1 Received cash for capital stock, $14,000. 2 Received cash for providing accounting services, $9,500. 3 Billed customers on account for providing services, $4,200. 4 Paid advertising expense, $700. 5 Received cash from customers on account, $2,500. 6 Paid cash dividends, $1,000. 7 Received telephone […]

External link to Question : 81.Refer to the information above. Assume that in its financial : 1237684

Question : 81.Refer to the information above. Assume that in its financial : 1237684

    81.Refer to the information above. Assume that in its financial statements, Victor uses straight-line depreciation and rounds depreciation for fractional years to the nearest whole month. Depreciation recognized on this equipment in 2014 and 2015 will be:    A. $23,333 in 2014 and $35,000 in 2015.   B. $40,000 in 2014 and $30,000 in 2015.   C. $20,000 in 2014 and $35,000 in 2015.   D. $26,250 in […]

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