External link to Question : 103.The following information available for the Noir Detective Agency, Inc. : 1258755

Question : 103.The following information available for the Noir Detective Agency, Inc. : 1258755

    103.The following information is available for the Noir Detective Agency, Inc. After these closing entries what will be the balance in the Retained Earnings account?  Net Loss$17,600 Retained earnings289,000 Dividends32,000    $239,400.   B.$274,600.   C.$303,400.   D.$289,000.   E.$257,000. Ending Retained Earnings Balance = Beginning Retained Earnings Balance – Net Loss – DividendsEnding Retained Earnings Balance = $289,000 – $17,600 – $32,000 […]

External link to Question : 21) If direct labor for the month $100,000, and overhead : 1171246

Question : 21) If direct labor for the month $100,000, and overhead : 1171246

  21) If direct labor for the month is $100,000, and overhead is applied based on 75% of direct labor dollars, what is the entry to apply overhead? A) Debit Work-in-Process Inventory $75,000; credit Payroll Payable $75,000 B) Debit Overhead-Applied $75,000; credit Work-in-Process Inventory $75,000 C) Debit Work-in-Process Inventory $75,000; credit Manufacturing Overhead-Applied $75,000 D) Debit Work-in-Process Inventory $100,000; credit Manufacturing Overhead-Applied $100,000 22) Direct […]

External link to Question : 101. Firms that temporarily short of cash and unable to borrow : 1230621

Question : 101. Firms that temporarily short of cash and unable to borrow : 1230621

    101. Firms that are temporarily short of cash and unable to borrow from usual sources can convert accounts receivable into cash by selling accounts receivable to a bank or financing company. This is called  A. assigning accounts receivable B. pledging accounts receivable C. factoring accounts receivable D. all  of the above E. none of the above   102. When firms that are temporarily short of cash and unable to borrow […]

External link to Question : 101. Kristin’s Boutiques has identified the following items for possible inclusion : 1251902

Question : 101. Kristin’s Boutiques has identified the following items for possible inclusion : 1251902

  101. Kristin’s Boutiques has identified the following items for possible inclusion in its December 31, 2010 inventory.  Which of the following would not be included  in the year end inventory?  A. Merchandise purchased FOB shipping point was picked up by the freight company but had still not arrived at Kristin’s Boutique as of December 31, 2010. B. Kristin has in its warehouse merchandise on consignment from Abby […]

External link to Question : 141.Kennedy Company uses the balance sheet approach in estimating uncollectible : 1237644

Question : 141.Kennedy Company uses the balance sheet approach in estimating uncollectible : 1237644

    141.Kennedy Company uses the balance sheet approach in estimating uncollectible accounts expense. The company prepares an adjusting entry to recognize this expense at the end of each month. During the month of July, the company wrote-off a $3,500 receivable and made no recoveries of previous write-offs. Following the adjusting entry for July, the credit balance in the Allowance for Doubtful Accounts was $3,000 […]

External link to Question : 50.Which of the following statements true regarding proprietary funds? A)Accruals and : 1255481

Question : 50.Which of the following statements true regarding proprietary funds? A)Accruals and : 1255481

  50.Which of the following statements is true regarding proprietary funds? A)Accruals and deferrals common to business accounting are recorded in proprietary funds. B)Proprietary funds use the modified accrual basis of accounting C)GASB standards require budget-actual reporting for proprietary funds. D)The purchase of a capital asset is recorded as an expenditure in proprietary funds. 51.Centralized purchasing, computer services, and janitorial services are examples of activities […]

External link to Question : 11. Each of the following transactions would be classified as an : 1224825

Question : 11. Each of the following transactions would be classified as an : 1224825

    11. Each of the following transactions would be classified as an investing activity except: A. acquiring an investment in the stock of another companyB. lending money to a supplierC. issuing stock to acquire landD. disposing of a used delivery truck   12. Which of the following transactions is a significant noncash investing and financing activity? A. Land is purchased for cash.B. Bonds are issued for cash.C. Cash equivalents are purchased.D. Buildings are acquired by issuing […]

External link to Question : 55.Harvey and Quick have decided to form a partnership. Harvey : 1258257

Question : 55.Harvey and Quick have decided to form a partnership. Harvey : 1258257

  55.Harvey and Quick have decided to form a partnership. Harvey is going to contribute a depreciable asset to the partnership as his equity contribution to the partnership. The following information regarding the asset to be contributed by Harvey is available:  Historical cost of the asset$76,000 Accumulated depreciation on the asset$40,000 Note payable secured by the asset*$18,000 Agreed-upon market value of the asset$45,000 *will be […]

External link to Question : Use the information below to answer the following question(s): Dr. Mickey : 1196225

Question : Use the information below to answer the following question(s): Dr. Mickey : 1196225

  Use the information below to answer the following question(s):   Dr. Mickey Finn performs a certain procedure for $400.00. The fixed costs are $8,000 and variable costs are $200.00 per procedure. 43) What is the budgeted revenue assuming the procedure is performed 200 times? 43) ______ A) $40,000 B) $320,000 C) $120,000 D) $160,000 E) $80,000 44) What is the budgeted contribution margin assuming […]

External link to Question : Multiple Choice Questions 22.Process costing does not: A. Trace direct costs to a : 1259595

Question : Multiple Choice Questions 22.Process costing does not: A. Trace direct costs to a : 1259595

  Multiple Choice Questions  22.Process costing does not:    A. Trace direct costs to a specific production process.   B. Provide information about cost of goods manufactured on a per-unit basis.   C. Average direct and indirect costs across mass-produced identical units.   D. Apply overhead using an activity base.         23.Process costing would be suitable for:    A. Automobile repair.   B. Production of television sets.   C. Boat building. […]

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