Touchstones are projects that illustrate your comprehension of the course material, help you to refine skills, and demonstrate application of knowledge. You can work on a Touchstone anytime, but you can’t submit it for grading until you have completed the unit’s Challenges. After you’ve submitted a Touchstone, it will be graded and counted towards your final course score. Touchstone 2.2: Informative Essay Draft BEFORE YOU […]
Hello everyone! I hope you are doing well. I am Carlos Mercado and previously, I used to work as an Equal Opportunity Representative in the military from where I have gained ample practical experiences. I have a keen interest in playing baseball whereas I often spend my leisure time hiking. I believe that certain activities usually keep my physical and mental health well. Currently, I […]
ProbabilityDistributionsandQuestions.docx In this module, you have learned about two of the most frequently used probability distributions in biostatistics: the binomial and normal distributions. The binomial distribution and the normal distribution are similar in several ways. In fact, under certain conditions, the normal distribution is used to approximate the binomial. For your initial post, discuss the following three questions. Provide examples of data that follow each […]
Db1 https://www.youtube.com/watch?v=R9g3Q-qvtss&feature=youtu.be Analyze the various leadership styles described in Talgam’s video. Relate at least one of these to a work experience you have had and evaluate how it did or did not benefit your organizational culture. Respond to the comments of your peers. Daft, R. (2023) The Leadership Experience (8th ed.) Cengage Publishers · Each of these chapters provided overviews of leadership approaches and how they should […]
Las Muns OVERVIEW Las Muns is an empanadas concept founded in Barcelona in 2013 by Mariano Najles. The brand first launched as a restaurant but soon after opening Mariano understood the strategic mistakes, he had taken due to his own lack of experience and market knowledge. Learning from the strategic mistakes, Las Muns focused on operational efficiency and by 2017 they had opened 6 kiosks […]
Unit 5 part 2 | Computer Science homework help shells0143 Why do you use curl and Wappalyzer™ for? Describe what else you can use for the same purpose? Describe a UNION based SQL injection attack. Provide the syntax of a union based SQL injection attack and describe it. Research the Internet and discuss five ways an organization can prevent SQL injection attacks. Describe which of […]
Assignment #1 Content Area Resource for Physical Education and Health Mississippi Physical Education and Health Standards will be used only… Preferably grade 2nd or 3rd grade. You will create a content area resource in the form of a wiki (website that allows collaborative editing of its content and structure by its users) or a bitmoji classroom for health education and physical education. Wiki information: […]
The course readings for Module 2 discuss the effects of the Industrial Revolution, and how this event led to the recognition of the three subgroups: Northern and Western, Protestant Europeans, and Norway. In an ever-going society of progression and acceptance of all, we strive to create inclusivity, opportunity, and an equal justice system void of bias. Some of the most common practices of institutional discrimination […]
1 UNDERSTANDING COMBAT STRESS 7 Understanding Combat Stress The whole designation of the student. The educational institution that the student has enrolled at. The course nomenclature and alphanumeric identification. The course instructor The deadline for the submission of the assignment in Writing Understanding Combat Stress Imagine yourself in a war zone. You are in the trenches, the blood of your comrades in your hands mixed […]
Overview Within an organization, the dependability of network infrastructures has become a top priority. You must have a systems thinking mindset and be able to properly develop an analysis plan to understand the fundamentals of how this infrastructure works within an organization. You have been tasked with analyzing the current network architecture of a hypothetical organization called SNHUEnergy, Inc. You are to determine any […]
136.All of the following statements related to current liabilities for U.S. GAAP and IFRS are true except:
A. The definitions and characteristics of current liabilities are broadly similar for both U.S. GAAP and IFRS.
B. The term provision is typically used under IRFS to refer to what is titled liability under U.S. GAAP.
C. Because tax regulatory systems of countries are different, the approach to recording taxes is totally different.
D. When there is little uncertainty surrounding current liabilities, both require companies to record them in a similar manner.
E. When there is a known current obligation that involves an uncertain amount, but one that can be reasonable estimated, both require similar treatment.
137.All of the following statements related to recording warranty expense are true except:
A. Recording estimated warranty expense complies with the full disclosure principle.
B. Warranty expense should be recorded in the period when the warranty service is performed.
C. Recording estimated warranty expense complies with the matching principle.
D. The seller reports a warranty obligation as a liability.
E. Warranty costs are probable and the amount can be estimated.
138.During August, Boxer Company sells $356,000 in merchandise that has a one year warranty. Experience shows that warranty expenses average about 5% of the selling price. The warranty liability account has a credit balance of $12,800 before adjustment. Customers returned merchandise for warranty repairs during the month that used $9,400 in parts for repairs. The entry to record the estimated warranty expense for the month is:
A. Debit Warranty Expense $17,800; credit Estimated Warranty Liability $17,800.
B. Debit Warranty Expense $5,000; credit Estimated Warranty Liability $5,000.
C. Debit Warranty Expense $14,400; credit Estimated Warranty Liability $14,400.
D. Debit Estimated Warranty Liability $9,400; credit Warranty Expense $9,400.
E. Debit Estimated Warranty Liability $17,800; credit Warranty Expense $17,800.
Warranty Expense = $356,000 * 0.05 = $17,800
139.During August, Boxer Company sells $356,000 in merchandise that has a one year warranty. Experience shows that warranty expenses average about 5% of the selling price. The warranty liability account has a credit balance of $12,800 before adjustment. Customers returned merchandise for warranty repairs during the month that used $9,400 in parts for repairs. The entry to record the customer warranty repairs is:
A. Debit Warranty Expense $17,800; credit Estimated Warranty Liability $17,800.
B. Debit Warranty Expense $9,400; credit Estimated Warranty Liability $9,400.
C. Debit Warranty Expense $14,400; credit Estimated Warranty Liability $14,400.
D. Debit Estimated Warranty Liability $9,400; credit Parts Inventory $9,400.
E. Debit Estimated Warranty Liability $17,800; credit Parts Inventory $17,800.
140.During June, Vixen Fur Company sells $850,000 in merchandise that has a one year warranty. Experience shows that warranty expenses average about 3% of the selling price. Customers returned $14,000 of merchandise for warranty replacement during the month. The entry to record the estimated warranty provision at the end of the month is:
A. Debit Warranty Expense $11,500; credit Estimated Warranty Liability $11,500.
B. Debit Warranty Expense $14,000; credit Estimated Warranty Liability $14,000.
C. Debit Warranty Expense $25,500; credit Estimated Warranty Liability $25,500.
D. Debit Estimated Warranty Liability $14,000; credit Warranty Expense $14,000.
E. Debit Estimated Warranty Liability $11,500; credit Warranty Expense $11,500.
Warranty Expense = $850,000 * 0.03 = $25,500
141.During June, Vixen Fur Company sells $850,000 in merchandise that has a one year warranty. Experience shows that warranty expenses average about 3% of the selling price. Customers returned $14,000 of merchandise for warranty replacement during the month. The entry to settle the customer warranties is:
A. Debit Warranty Expense $11,500; credit Estimated Warranty Liability $11,500.
B. Debit Estimated Warranty Liability $25,500; credit Warranty Expense $25,500.
C. Debit Warranty Expense $14,000; credit Estimated Warranty Liability $14,000.
D. Debit Estimated Warranty Liability $11,500; credit Merchandise Inventory $11,500.
E. Debit Estimated Warranty Liability $14,000; credit Merchandise Inventory $14,000.
142.If a company has advance subscription sales totaling $45,000 for the upcoming year when four quarterly journals will mailed to customers, the receipt of cash would be journalized as:
A. Debit Cash $45,000; credit Unearned Revenue $45,000.
B. Debit Unearned Revenue $45,000; credit Sales $45,000.
C. Debit Cash $45,000; credit Sales $45,000.
D. Debit Sales $45,000; credit Unearned Revenue $45,000.
E. Debit Prepaid Subscriptions $45,000; credit Sales $45,000.
143.A company has advance subscription sales totaling $45,000 for the upcoming year when four quarterly journals will mailed to customers. When the company mails the first quarterly journal to customers, it should record:
A. Debit Prepaid Subscriptions $33,750; credit Unearned Revenue $33,750.
B. Debit Unearned Revenue $45,000; credit Cash $45,000.
C. Debit Cash $11,250; credit Sales $11,250.
D. Debit Unearned Revenue $11,250; credit Sales $11,250.
E. Debit Prepaid Subscriptions $11,250; credit Sales $11,250.
144.Carson Company faces a probable loss on a pending lawsuit where the amount of the loss is estimated to be $500,000. The journal entry to recognize the potential loss is:
A. Debit Prepaid Legal Expense $500,000; credit Contingent Legal Liability $500,000.
B. Debit Legal Expense $500,000; credit Lawsuit Payable $500,000.
C. Debit Contingent Legal Expense $500,000; credit Contingent Legal Liability $500,000.
D. Debit Lawsuit Payable $500,000; credit Contingent Legal Liability $500,000.
E. No journal entry is required.
145.On December 1, Watson Enterprises signed a $24,000, 60-day, 4% note payable as replacement of an account payable with Erikson Company. What amount of interest expense is accrued at December 31 on the note?
A. $0
B. $80
C. $320
D. $960
E. $160
Interest Expense = Principal * Interest Rate * TimeInterest Expense = $24,000 * 0.04 * 30/360; Interest Expense = $80
146.On December 1, Watson Enterprises signed a $24,000, 60-day, 4% note payable as replacement of an account payable with Erikson Company. What is the journal entry that should be recorded upon signing the note?
A. Debit Accounts Receivable $24,000; credit Notes Receivable $24,000.
B. Debit Accounts Payable $24,000; credit Notes Payable $24,000.
C. Debit Accounts Payable $24,160; credit Notes Payable $24,160.
D. Debit Notes Payable $24,000; debit Interest Expense $160; credit Accounts Payable $24,160.
E. Debit Notes Payable $24,000; debit Interest Expense $160; credit Cash $24,160.
147.On September 1, Knack Company signed a $50,000, 90-day, 5% note payable with Central Savings Bank. What is the journal entry that should be recorded by Knack upon maturity of the note?
A. Debit Interest Expense $625; credit Interest Payable $625.
B. Debit Notes Payable $50,000; credit Interest Revenue $625; credit Cash $49,375.
C. Debit Cash $50,625; credit Notes Receivable $50,625.
D. Debit Notes Payable $50,625; credit Cash $50,625.
E. Debit Notes Payable $50,000; debit Interest Expense $625; credit Cash $50,625.
Interest Expense = Principal * Interest Rate * TimeInterest Expense = $50,000 * 0.05 * 90/360; Interest Expense = $625
148.A company's has fixed interest expense of $52,000, income taxes expense of $121,000, and net income of $281,000. The company's times interest earned ratio equals:
A. 8.73.
B. 5.40.
C. 7.73.
D. 2.33.
E. 0.11.
Times Interest Earned Ratio = (Net income + Income Taxes Expense + Interest Expense)/Interest ExpenseTimes Interest Earned Ratio = ($281,000 + $121,000 + $52,000)/$52,000 = 8.73
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