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External link to Question : 61. On June 1, 2014, Cork Oak Corporation purchased a passenger : 1313578
Economics

Question : 61. On June 1, 2014, Cork Oak Corporation purchased a passenger : 1313578

  61. On June 1, 2014, Cork Oak Corporation purchased a passenger automobile for 100 percent use in its business. The auto, with a cost basis of $22,000, has a 5-year estimated life. It also is 5-year recovery property. How much depreciation should be taken for 2014, assuming Cork Oak Corporation uses the accelerated depreciation method under MACRS but does not choose to make the election […]

External link to Question : 11.On December 31, 2015, Seminole Co. had current assets of : 1241697
Economics

Question : 11.On December 31, 2015, Seminole Co. had current assets of : 1241697

  11.On December 31, 2015, Seminole Co. had current assets of $25,000 in cash and current liabilities of $8,000 in accounts payable, resulting in a current ratio of 3.13. The company estimates that warranty expense for 2015 is 6% of sales that totaled $200,000. Calculate Seminole’s current ratio after warranty expense is recognized.       12.As a security analyst for Market Masters, Inc., you […]

External link to Question : 121.BayCityMining,Inc.hasapriceof$20ashare,outstandingsharesof2.5million,retainedearningsof$1milliondollars,andadividendyieldof2percent.Ithasaprice-earningsratioof a.50,whichishighbyhistoricalstandards. : 1261790
Economics

Question : 121.BayCityMining,Inc.hasapriceof$20ashare,outstandingsharesof2.5million,retainedearningsof$1milliondollars,andadividendyieldof2percent.Ithasaprice-earningsratioof a.50,whichishighbyhistoricalstandards. : 1261790

  121.BayCityMining,Inc.hasapriceof$20ashare,outstandingsharesof2.5million,retainedearningsof$1milliondollars,andadividendyieldof2percent.Ithasaprice-earningsratioof a.50,whichishighbyhistoricalstandards. b.50,whichislowbyhistoricalstandards. c.25,whichishighbyhistoricalstandards. d.25,whichislowbyhistoricalstandards. 122.AlphaCorporationhasapriceof$5ashare,outstandingsharesof2.5million,retainedearningsof$1milliondollars,andadividendyieldof2percent.Ithasaprice-earningsratiowhichis a.high,perhapsindicatingthatpeopleexpectfutureearningstorise. b.high,perhapsindicatingthatpeopleexpectfutureearningstofall. c.low,perhapsindicatingthatpeopleexpectfutureearningstorise. d.low,perhapsindicatingthatpeopleexpectfutureearningstofall. 123.AlowP/Eforastockindicatesthat a.peoplemayexpectearningstofallinthefuture,perhapsbecausethefirmwillbefacedwithincreasedcompetition. b.itsdividendshavebeenlowsothatnooneiswillingtopayverymuchforit. c.thecorporationispossiblyovervalued. d.Alloftheabovearecorrect. 124.SupposeSarahLeeCorporationstockhasaP/Eratioof8.ThisP/Eratioisrelatively a.low,indicatingthatbuyersmayexpectearningstorise. b.low,indicatingthatbuyersmayexpectearningstofall. c.high,indicatingthatbuyersmayexpectearningstorise. d.high,indicatingthatbuyersmayexpectearningstofall. 125.Whichofthefollowingiscorrect? a.Joantakessomeofherincomeandbuysmutualfundshares.Joan’spurchasewillbeincludedintheinvestmentcategoryofGDP. b.IfashareofstockinVirtualPizzaCorporationsellsfor$77,theearningspershareare$5,andthedividendpershareis$2,thentheP/Eratiois11. c.Inordertouseequityfinance,afirmmustsellaboutequalvaluesofstocksandbonds. d.Noneoftheaboveiscorrect. Usethefollowingtabletoanswerthefollowingquestions.   Table26-1   Stock Sym Yld% P/E Vol1000s Hi Lo Close NetChg. GenMills GIS 3.0 18.4 1659 51.57 51.10 51.09 –0.06 Microsoft MSFT 2.6 18.6 20,315 36.15 35.59 35.67 0.02 Graco GGG 1.5 25.3 101 68.39 67.63 68.09 […]

External link to Question : 21) The tax increases necessary to fund future Social Security : 1244897
Economics

Question : 21) The tax increases necessary to fund future Social Security : 1244897

    21) The tax increases necessary to fund future Social Security and Medicare benefit payments would be A) small, and have little effect on economic growth. B) small, but could discourage work effort, entrepreneurship and investment, thereby slowing economic growth. C) large, but would have little effect on economic growth. D) large, and could discourage work effort, entrepreneurship and investment, thereby slowing economic growth. […]

External link to Question : 31. Unreimbursed employee business expenses miscellaneous itemized deductions, subject to the : 1313544
Economics

Question : 31. Unreimbursed employee business expenses miscellaneous itemized deductions, subject to the : 1313544

  31. Unreimbursed employee business expenses are miscellaneous itemized deductions, subject to the 2 percent of adjusted gross income limitation. a. True b. False 32. If an employee receives a reimbursement for employee business expenses, the amount of the reimbursement is always excluded from gross income and the expenses are deductible as deductions for adjusted gross income. a. True b. False 33. Itemized deductions are subject to a phase-out based on AGI […]

External link to Question : Refer to the information provided in Figure 14.6 below to : 1381493
Economics

Question : Refer to the information provided in Figure 14.6 below to : 1381493

  Refer to the information provided in Figure 14.6 below to answer the questions that follow.     Figure 14.6   10) Refer to Figure 14.6. Panel B represents the typical shape of the A) short-run Phillips curve. B) long-run Phillips curve. C) short-run aggregate supply curve. D) long-run aggregate supply curve.   11) Refer to Figure 14.6. Panel A represents the typical shape of […]

External link to Question : 21) In the used car market with no warranties, the : 1238683
Economics

Question : 21) In the used car market with no warranties, the : 1238683

  21) In the used car market with no warranties, the equilibrium is a ________ and there is ________. A) pooling equilibrium; inefficiency, partly because of oversupply of good cars B) pooling equilibrium; inefficiency, partly because of oversupply of lemons C) separating equilibrium; no inefficiency D) separating equilibrium; inefficiency, partly because of oversupply of lemons E) pooling equilibrium; no inefficiency   22) In the used […]

External link to Question : 31) Instead of studying for an additional two hours for : 1225979
Economics

Question : 31) Instead of studying for an additional two hours for : 1225979

    31) Instead of studying for an additional two hours for the economics final, Leann decides to watch a movie. Leann is making A) a decision that does not involve an opportunity cost. B) a rational decision if her marginal cost from the movie is greater than her marginal benefit. C) a rational decision if her marginal benefit from the movie is greater than […]

External link to Question : Figure 5-4 Suppose there several paper mills producing paper for a : 1387488
Economics

Question : Figure 5-4 Suppose there several paper mills producing paper for a : 1387488

  Figure 5-4     Suppose there are several paper mills producing paper for a market. These mills, located upstream from a fishing village, discharge a large amount of wastewater into the river. The waste material affects the number of fish in the river, and the use of the river for recreation and as a public water supply source. Figure 5-4 shows the paper market. […]

External link to Question : 86.              Jaycee Auto Repair has the following budgeted costs for : 1311805
Economics

Question : 86.              Jaycee Auto Repair has the following budgeted costs for : 1311805

    86.              Jaycee Auto Repair has the following budgeted costs for the next year: Time ChargesMaterial Charges Shop employees’ wages and benefits$120,000$- Parts manager’s salary and benefits-45,000 Office employee’s salary and benefits30,00015,000 Other overhead15,000 40,000 Invoice cost of parts and materials   –     400,000 Total budgeted costs$165,000$500,000 Jaycee estimates that the repairs to a Cadillac Escalade damaged in an accident will take 45 hours of labor […]

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July 1, 2023
    

 

 

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: 
A. Warranties.
B. Vacation benefits.
C. Income taxes.
D. Employee benefits.
E. Unearned revenues.

 

 

108. Employees earn vacation pay at the rate of one day per month. During the month of July, 25 employees qualify for one vacation day each. Their average daily wage is $100 per day. What is the amount of vacation benefit expense to be recorded for the month of July? 
A. $25
B. $100
C. $250
D. $2,500
E. $25,000

 

 

109. Employees earn vacation pay at the rate of one day per month. During the month of June, 10 employees qualify for one vacation day each. Their average daily wage is $150 per day. Which of the following is the necessary adjusting journal entry to record the June vacation benefits? 
A. Debit Vacation Benefits Expense $1,500; credit Prepaid Vacation Benefits $1,500.
B. Debit Vacation Benefits Expense $1,500; credit Vacation Benefits Payable $1,500.
C. Debit Payroll Tax Expense $1,500; credit Payroll Taxes Payable $1,500.
D. Debit Prepaid Vacation Benefits $1,500; credit Vacation Benefits Payable $1,500.
E. Debit Vacation Benefits Payable; credit Vacation Benefits Expense $1,500.

 

 

110. Employee vacation benefits: 
A. Are estimated liabilities.
B. Are contingent liabilities.
C. Are recorded as an expense when the employee takes a vacation.
D. Are recorded as an expense when the employee retires.
E. Increase net income.

 

 

111. A company sold $12,000 worth of bicycles with an extended warranty. It estimates that 2% of these sales will result in warranty work. The company should: 
A. Consider the warranty expense a remote liability since the rate is only 2%.
B. Recognize warranty expense at the time the warranty work is performed.
C. Recognize warranty expense and liability in the year of the sale.
D. Consider the warranty expense a contingent liability.
E. Recognize warranty liability when the company purchases the bicycles.

 

112. A company sold $12,000 worth of bicycles with an extended warranty. It estimates that 2% of these sales will result in warranty work. The current period’s entry to record the warranty expense is: 
A. Debit Warranty Expense $240; credit Cash $240.
B. Debit Prepaid Warranties $240; credit Warranty Expense $240.
C. Debit Estimated Warranty Liability $240; credit Cash $240.
D. Debit Sales Allowances $240; credit Estimated Warranty Liability $240.
E. Debit Warranty Expense $240; credit Estimated Warranty Liability $240.

 

113. The deferred income tax liability: 
A. Results from the income tax expense reported on the income statement differing from the amount of income taxes payable to the government.
B. Is a contingent liability.
C. Can result in a deferred income tax asset.
D. Is never recorded.
E. Is recorded whether or not the difference between taxable income and financial accounting income is permanent or temporary.

 

114. A company estimates that warranty expense will be 4% of sales. The company’s sales for the current period are $185,000. The current period’s entry to record the warranty expense is: 
A. Debit Warranty Expense $7,400; credit Sales $7,400.
B. Debit Warranty Expense $7,400; credit Estimated Warranty Liability $7,400.
C. Debit Estimated Warranty Liability $7,400; credit Warranty Expense $7,400
D. Debit Estimated Warranty Liability $7,400; credit Cash $7,400.
E. No entry is recorded until the items are returned for warranty repairs.

 

 

115. A company has a selling price of $1,800 each for its printers. Each printer has a 2 year warranty that covers replacement of defective parts. It is estimated that 2% of all printers sold will be returned under the warranty at an average cost of $150 each. During November, the company sold 30,000 printers, and 400 printers were serviced under the warranty at a total cost of $55,000. The balance in the Estimated Warranty Liability account at November 1 was $29,000. What is the company’s warranty expense for the month of November? 
A. $26,000
B. $45,000
C. $55,000
D. $60,000
E. $90,000

 

 

 

default image
July 1, 2023
    

 

 

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: 
A. Warranties.
B. Vacation benefits.
C. Income taxes.
D. Employee benefits.
E. Unearned revenues.

 

 

108. Employees earn vacation pay at the rate of one day per month. During the month of July, 25 employees qualify for one vacation day each. Their average daily wage is $100 per day. What is the amount of vacation benefit expense to be recorded for the month of July? 
A. $25
B. $100
C. $250
D. $2,500
E. $25,000

 

 

109. Employees earn vacation pay at the rate of one day per month. During the month of June, 10 employees qualify for one vacation day each. Their average daily wage is $150 per day. Which of the following is the necessary adjusting journal entry to record the June vacation benefits? 
A. Debit Vacation Benefits Expense $1,500; credit Prepaid Vacation Benefits $1,500.
B. Debit Vacation Benefits Expense $1,500; credit Vacation Benefits Payable $1,500.
C. Debit Payroll Tax Expense $1,500; credit Payroll Taxes Payable $1,500.
D. Debit Prepaid Vacation Benefits $1,500; credit Vacation Benefits Payable $1,500.
E. Debit Vacation Benefits Payable; credit Vacation Benefits Expense $1,500.

 

 

110. Employee vacation benefits: 
A. Are estimated liabilities.
B. Are contingent liabilities.
C. Are recorded as an expense when the employee takes a vacation.
D. Are recorded as an expense when the employee retires.
E. Increase net income.

 

 

111. A company sold $12,000 worth of bicycles with an extended warranty. It estimates that 2% of these sales will result in warranty work. The company should: 
A. Consider the warranty expense a remote liability since the rate is only 2%.
B. Recognize warranty expense at the time the warranty work is performed.
C. Recognize warranty expense and liability in the year of the sale.
D. Consider the warranty expense a contingent liability.
E. Recognize warranty liability when the company purchases the bicycles.

 

112. A company sold $12,000 worth of bicycles with an extended warranty. It estimates that 2% of these sales will result in warranty work. The current period’s entry to record the warranty expense is: 
A. Debit Warranty Expense $240; credit Cash $240.
B. Debit Prepaid Warranties $240; credit Warranty Expense $240.
C. Debit Estimated Warranty Liability $240; credit Cash $240.
D. Debit Sales Allowances $240; credit Estimated Warranty Liability $240.
E. Debit Warranty Expense $240; credit Estimated Warranty Liability $240.

 

113. The deferred income tax liability: 
A. Results from the income tax expense reported on the income statement differing from the amount of income taxes payable to the government.
B. Is a contingent liability.
C. Can result in a deferred income tax asset.
D. Is never recorded.
E. Is recorded whether or not the difference between taxable income and financial accounting income is permanent or temporary.

 

114. A company estimates that warranty expense will be 4% of sales. The company’s sales for the current period are $185,000. The current period’s entry to record the warranty expense is: 
A. Debit Warranty Expense $7,400; credit Sales $7,400.
B. Debit Warranty Expense $7,400; credit Estimated Warranty Liability $7,400.
C. Debit Estimated Warranty Liability $7,400; credit Warranty Expense $7,400
D. Debit Estimated Warranty Liability $7,400; credit Cash $7,400.
E. No entry is recorded until the items are returned for warranty repairs.

 

 

115. A company has a selling price of $1,800 each for its printers. Each printer has a 2 year warranty that covers replacement of defective parts. It is estimated that 2% of all printers sold will be returned under the warranty at an average cost of $150 each. During November, the company sold 30,000 printers, and 400 printers were serviced under the warranty at a total cost of $55,000. The balance in the Estimated Warranty Liability account at November 1 was $29,000. What is the company’s warranty expense for the month of November? 
A. $26,000
B. $45,000
C. $55,000
D. $60,000
E. $90,000

 

 

 

default image
July 1, 2023
    

 

 

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: 
A. Warranties.
B. Vacation benefits.
C. Income taxes.
D. Employee benefits.
E. Unearned revenues.

 

 

108. Employees earn vacation pay at the rate of one day per month. During the month of July, 25 employees qualify for one vacation day each. Their average daily wage is $100 per day. What is the amount of vacation benefit expense to be recorded for the month of July? 
A. $25
B. $100
C. $250
D. $2,500
E. $25,000

 

 

109. Employees earn vacation pay at the rate of one day per month. During the month of June, 10 employees qualify for one vacation day each. Their average daily wage is $150 per day. Which of the following is the necessary adjusting journal entry to record the June vacation benefits? 
A. Debit Vacation Benefits Expense $1,500; credit Prepaid Vacation Benefits $1,500.
B. Debit Vacation Benefits Expense $1,500; credit Vacation Benefits Payable $1,500.
C. Debit Payroll Tax Expense $1,500; credit Payroll Taxes Payable $1,500.
D. Debit Prepaid Vacation Benefits $1,500; credit Vacation Benefits Payable $1,500.
E. Debit Vacation Benefits Payable; credit Vacation Benefits Expense $1,500.

 

 

110. Employee vacation benefits: 
A. Are estimated liabilities.
B. Are contingent liabilities.
C. Are recorded as an expense when the employee takes a vacation.
D. Are recorded as an expense when the employee retires.
E. Increase net income.

 

 

111. A company sold $12,000 worth of bicycles with an extended warranty. It estimates that 2% of these sales will result in warranty work. The company should: 
A. Consider the warranty expense a remote liability since the rate is only 2%.
B. Recognize warranty expense at the time the warranty work is performed.
C. Recognize warranty expense and liability in the year of the sale.
D. Consider the warranty expense a contingent liability.
E. Recognize warranty liability when the company purchases the bicycles.

 

112. A company sold $12,000 worth of bicycles with an extended warranty. It estimates that 2% of these sales will result in warranty work. The current period’s entry to record the warranty expense is: 
A. Debit Warranty Expense $240; credit Cash $240.
B. Debit Prepaid Warranties $240; credit Warranty Expense $240.
C. Debit Estimated Warranty Liability $240; credit Cash $240.
D. Debit Sales Allowances $240; credit Estimated Warranty Liability $240.
E. Debit Warranty Expense $240; credit Estimated Warranty Liability $240.

 

113. The deferred income tax liability: 
A. Results from the income tax expense reported on the income statement differing from the amount of income taxes payable to the government.
B. Is a contingent liability.
C. Can result in a deferred income tax asset.
D. Is never recorded.
E. Is recorded whether or not the difference between taxable income and financial accounting income is permanent or temporary.

 

114. A company estimates that warranty expense will be 4% of sales. The company’s sales for the current period are $185,000. The current period’s entry to record the warranty expense is: 
A. Debit Warranty Expense $7,400; credit Sales $7,400.
B. Debit Warranty Expense $7,400; credit Estimated Warranty Liability $7,400.
C. Debit Estimated Warranty Liability $7,400; credit Warranty Expense $7,400
D. Debit Estimated Warranty Liability $7,400; credit Cash $7,400.
E. No entry is recorded until the items are returned for warranty repairs.

 

 

115. A company has a selling price of $1,800 each for its printers. Each printer has a 2 year warranty that covers replacement of defective parts. It is estimated that 2% of all printers sold will be returned under the warranty at an average cost of $150 each. During November, the company sold 30,000 printers, and 400 printers were serviced under the warranty at a total cost of $55,000. The balance in the Estimated Warranty Liability account at November 1 was $29,000. What is the company’s warranty expense for the month of November? 
A. $26,000
B. $45,000
C. $55,000
D. $60,000
E. $90,000

 

 

 

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Journal article, 20 pages
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August 5, 2021
    

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Political Science, 6 pages
Admission Essay
August 5, 2021
    

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Tourism, 1 page
Discussion Essay
August 5, 2021
    

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Philosophy, 5 pages
Report
August 5, 2021
    

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Psychology, 4 pages
Essay (any type)
August 5, 2021
    

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customer #17823
Business, 8 pages

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

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Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

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Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

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Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

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Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

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