126.On April 12, Hong Company agrees to accept a 60-day, 10%, $4,500 note from Indigo Company to extend the due date on an overdue account. What is the journal entry needed to record the payment of the note by Indigo Company on the maturity date? A.Debit Notes Payable $4,500; debit Interest Expense $75; credit Cash $4,575. B.Debit Notes Payable $4,500; credit Interest Expense $75, […]
71. The collection of an account that had been previously written off under the allowance method of accounting for uncollectibles A. will increase net income in the period it is collected. B. will decrease net income in the period it is collected. C. does not affect net income in the period it is collected. D. requires a correcting entry for the period in which the account was written […]
111. The budget that summarizes future plans for the acquisition of fixed assets is the: A. direct materials purchases budgetB. production budgetC. sales budgetD. capital expenditures budget 112. Below is budgeted production and sales information for Bluebird Company for the month of December: Product XXX Product ZZZ Estimated beginning inventory 30,000 units 18,000 units Desired ending inventory 32,000 units 15,000 units Anticipated sales 520,000 units 460,000 units […]
91) A common-size comparative statement shows: A) dollars and percents. B) dollars only. C) percents only. D) dollar increases and decreases. 92) If total assets are $6,000, what is the common-size figure of Cash, assuming that Cash has a balance of $2,400? A) 120.0% B) 100.0% C) 40.0% D) 60.0% 93) In a common-size income statement, selling expenses are 55%. This means that they […]
121. Standard Actual Variable OH Rate $3.35 Fixed OH Rate $1.80 Hours 18,900 17,955 Fixed Overhead $46,000 Actual Variable Overhead $67,430 Total Factory Overhead $101,450 Calculate the fixed factory overhead volume variance using the above information: A. $1,701 FavorableB. $4,866.75 UnfavorableC. $1,701 UnfavorableD. $4,866.75 Favorable 122. Standard Actual Variable OH Rate $3.35 Fixed OH Rate $1.80 […]
106.An estimated liability: A.Is an unknown liability of a certain amount. B.Is a known obligation of an uncertain amount that can be reasonably estimated. C.Is a liability that may occur if a future event occurs. D.Can be the result of a lawsuit. E.Is not recorded until the amount is known for certain. 107.Estimated liabilities commonly arise from all of the following except: […]
41) Using the percentage-of-sales method, you estimate that total uncollectible accounts is $5,875. The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of $2,635. The amount of the adjusting entry for uncollectible accounts expense is: A) $2,635. B) $3,240. C) $5,875. D) $8,510. 42) The following item appeared on a balance sheet: Receivables, less allowance of $100,855 …..$1,432,602 The gross […]
88.Which of the following statements is true? A.Interest on bonds is tax deductible. B.Interest on bonds is not tax deductible. C.Dividends to stockholders are tax deductible. D.Bonds do not have to be repaid. E.Bonds always increase return on equity. 89.A bondholder that owns a $1,000, 10%, 10-year bond has: A.Ownership rights in the issuing company. B.The right to receive $10 per year until […]
11) Which of the following is a difference between second-party data and third-party data? A) Second-party data are obtained from individuals or entities that are related to the subject, whereas third-party data are obtained from entities that maintain records regarding the subject. B) The advantage of second-party data is that it can be obtained independently by the forensic accountant, whereas the advantage of third-party […]
21. Career support provided by a mentor includes serving as a friend and role model, providing positive regard and acceptance, and creating an outlet for the protégé to talk about activities and fears. 22. Coaches are peers or managers who work with other employees to motivate them, help them develop their skills, and provide them with reinforcement and feedback. 23. The second step of […]
2-3-1 Progress Check 2: Topic Exploration Worksheet
Complete the Part 2 of your Topic Exploration Worksheet that you started in the previous learning block. Start to brainstorm research questions for your topic area. It is OK if your questions are fairly broad at this point—you will be narrowing them down in Theme: Investigating History.
2-4-2 Progress Check 3: Topic Exploration Worksheet
First, open up the Topic Exploration Worksheet you have been working on and take a look at Part 3. Second, go to the library guide and locate the section related to your topic area. Think about which sources seem most interesting to you, and prioritize them. Find at least one primary and one secondary source high on your priority list. You do not need to do an advanced analysis of these sources—you will do that later on in the course. For now, focus on figuring out who participated in the historical events described in your primary source as well as what sorts of perspectives seem to be present in your secondary source. Now that you have gone through the research provided on your topic, describe what you have learned about your topic in one to two paragraphs in Part 3 of your Topic Exploration Worksheet.
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