External link to Question : 128.Ratchet Manufacturing anticipates total sales for August, September, and October : 1236727

Question : 128.Ratchet Manufacturing anticipates total sales for August, September, and October : 1236727

  128.Ratchet Manufacturing anticipates total sales for August, September, and October of $200,000, $210,000, and $220,500 respectively. Cash sales are normally 25% of total sales and the remaining sales are on credit. All credit sales are collected in the first month after the sale. Compute the amount of cash received for September.     A.$150,000. B.$202,500. C.$157,500. D.$102,500. E.$307,500. 129.Ratchet Manufacturing anticipates total sales for August, […]

External link to Question : 91. The primary difference between a periodic and perpetual inventory system : 1234062

Question : 91. The primary difference between a periodic and perpetual inventory system : 1234062

  91. The primary difference between a periodic and perpetual inventory system is that a  A. periodic system determines the inventory on hand only at the end of the accounting periodB. periodic system keeps a record showing the inventory on hand at all timesC. periodic system provides an easy means to determine inventory shrinkageD. periodic system records the cost of the sale on the date the sale is made 92. The […]

External link to Question : 21) Which of the following a difference between Rule 704 : 1222564

Question : 21) Which of the following a difference between Rule 704 : 1222564

  21) Which of the following is a difference between Rule 704 and Rule 705 of the Federal Rules of Evidence? A) Rule 704 allows an expert to state an opinion without first testifying to the underlying facts or data, whereas Rule 705 allows an expert to testify to the underlying facts or data. B) Rule 704 allows an expert to testify on areas that […]

External link to Question : 11) The difference between the issue price of the stock : 1230042

Question : 11) The difference between the issue price of the stock : 1230042

  11) The difference between the issue price of the stock and the par value of the stock is: A) market value. B) par value. C) additional paid-in capital. D) preferred stock.   12) If a corporation issues 4,000 shares of $1 par value common stock for $8,000, the entry would include a credit to: A) Common Stock for $8,000. B) Paid-in Capital in Excess […]

External link to Question : 81) _____________ 82) A company manufactures draperies. Because of strict production specifications, the : 1196134

Question : 81) _____________ 82) A company manufactures draperies. Because of strict production specifications, the : 1196134

  81) _____________ 82) A company manufactures draperies. Because of strict production specifications, the manufacturing department often has spoiled items. If the spoiled items are under 10 percent of a job’s total items they are treated as normal spoilage. During February 20×1 job #101 for 200 draperies had 16 spoiled items. The spoiled items were detected immediately before they were packaged. They had already passed […]

External link to Question : 57. The Whippleton Department had gross profit sales of $120,000, contribution : 1197739

Question : 57. The Whippleton Department had gross profit sales of $120,000, contribution : 1197739

    57. The Whippleton Department had gross profit on sales of $120,000, contribution margin of $60,000, total direct expenses of $18,000, and total indirect expenses of $52,000. The Whippleton Department has  A. a net income from operations of $42,000. B. a net income from operations of $8,000. C. a net income from operations of $50,000. D. a net loss from operations of $10,000.   58. The contribution margin of a […]

External link to Question : 161. Use the following information as of December 31 to determine : 1225117

Question : 161. Use the following information as of December 31 to determine : 1225117

  161. Use the following information as of December 31 to determine equity.     A. $57,000. B. $141,000. C. $297,000. D. $438,000. E. $579,000. 162. Determine the net income of a company for which the following information is available for the month of May.     A. $190,000. B. $210,000. C. $230,000. D. $400,000. E. $610,000. 163. A company acquires equipment for $75,000 cash. This represents a(n)  A. Operating activity. B. Investing activity. C. Financing activity. D. Revenue activity. E. Expense activity. 164. A company […]

External link to Question : 77. The valuation principle of “mark-to-market” applied to investments classified as : 1229752

Question : 77. The valuation principle of “mark-to-market” applied to investments classified as : 1229752

    77. The valuation principle of “mark-to-market” applied to investments classified as available for sale securities:  A. Affects the current period income statement, but not the balance sheet. B. Enhances usefulness of the balance sheet in evaluating solvency of a business. C. Applies to marketable securities and inventories. D. Requires a corporation to adjust its capital stock account to reflect current market value of its outstanding capital stock.   […]

External link to Question : 87.A company purchased property for $100,000. The property included a : 1236323

Question : 87.A company purchased property for $100,000. The property included a : 1236323

  87.A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $62,000; the land at $35,000, and the parking lot at $18,000. Land should be recorded in the accounting records with an allocated cost of:     A.$0. B.$30,435. C.$35,000. D.$46,087. E.$100,000. 88.The formula to compute annual straight-line depreciation is:    A.Depreciable cost divided by useful […]

External link to Question : 98. J. Brown Consulting paid $2,500 cash for a 5-month : 1257781

Question : 98. J. Brown Consulting paid $2,500 cash for a 5-month : 1257781

  98. J. Brown Consulting paid $2,500 cash for a 5-month insurance policy which begins on December 1. Given the choices below, determine the general journal entrythat J. Brown Consultingwill make to record this transaction.  A. Insurance Expense 2,500   Cash   2,500   B. Cash 2,500   Insurance Expense   2,500   C. Cash 2,500   Prepaid Insurance   2,500   D. Prepaid Insurance […]

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