Financial Accounting

1. Question : Which stock offers shareholders preference in receiving dividends?

1. Question : Which stock offers shareholders preference in receiving dividends? CORRECT   preferred stock   2. Question : Paid-in capital includes ________ CORRECT   capital stoc…

1. R&W Manufacturing Company produces men’s hiker shorts. The selling price of t

1. R&W Manufacturing Company produces men’s hiker shorts. The selling price of the shorts is $35. The following standard cost data per unit includes $7 direct material, $4 dir…

1. RR must build a tunnel to maintain his access around the mountain. The tunnel

1. RR must build a tunnel to maintain his access around the mountain. The tunnel could be fabricated of normal steel for an initial cost of $30,000 and should last for 12 years. M…

1. Rachael R. Production, Inc. had the following data for their manufacturing pr

1. Rachael R. Production, Inc. had the following data for their manufacturing process: 30,000 hrs Estimated annual machine hours: Actual annual machine hours used: Estimated annua…

1. Ralph Larsen, former chairman and CEO of Johnson & Johnson, was quoted in thi

1. Ralph Larsen, former chairman and CEO of Johnson & Johnson, was quoted in this chapter concerning the use of the Internet. Johnson & Johnson has been one of America’s p…

1. Ramirez Company received their first electric bill in the amount of $60 which

1. Ramirez Company received their first electric bill in the amount of $60 which will be paid next month. How will this transaction affect the accounting equation? (Points: 3) Inc…

1. Read the problem and question carefully to determine the cost driver. 2. Comp

1. Read the problem and question carefully to determine the cost driver. 2. Compute the "overhead" rate budgeted operating costs/ budgeted driver. 3. Allocate to the specific depa…

1. Read these two statements: a. John invests $1,000 today at 6%. How much will

1. Read these two statements: a. John invests $1,000 today at 6%. How much will John's investment grow to in five years? b. Mary is looking at an investment that will pay her $4,0…

1. Reasonable in amount means that expenditures cannot be exorbitant even if the

1. Reasonable in amount means that expenditures cannot be exorbitant even if the amount is motivated by profit. true or false 2. Expenses associated with illegal activities are no…

1. Received $16,500 cash from the issue of common stock 2. Performed services on

1. Received $16,500 cash from the issue of common stock 2. Performed services on account for $45,000 3. Paid the utility expense of $1,050 4. Collected $34,530 of the accounts rec…

1. Received $910 cash for services provided to a customer during July. 2. Receiv

1. Received $910 cash for services provided to a customer during July. 2. Received $2,300 cash investment from Barbara Hanson, the owner of the business. 3. Received $760 from a c…

1. Received 626 units of material at $11 per unit. 2. Issued 110 units of materi

1. Received 626 units of material at $11 per unit. 2. Issued 110 units of material for Job 26M and 7 units for Job 27N. 3. Received miscellaneous supplies for $461. The costs are …

1. Recognition of tax benefits in the loss year due to a loss carryforward requi

1. Recognition of tax benefits in the loss year due to a loss carryforward requires a. the establishment of a deferred tax liability. b. the establishment of a deferred tax asset.…

1. Record January transactions in the General Journal and post to the General Le

1. Record January transactions in the General Journal and post to the General Ledger. 2. Record adjusting entries for January in the General Journal and post to the General Ledger…

1. Record Journal Entries for each 2016 transaction. Armstrong Corporation start

1. Record Journal Entries for each 2016 transaction. Armstrong Corporation started business on January1,2015. The board of directors authorized the following classes of stock: 6% …

1. Record each of the following selected transactions in general journal form fo

1. Record each of the following selected transactions in general journal form for BJ's Antique Shop. 20X1 Jul. 2 Paid July rent, $700. 7 Sold merchandise on account to Sullivan's …

1. Record investment in lake construction shares 2. Record investment revenue 3.

1. Record investment in lake construction shares 2. Record investment revenue 3. Record the cash dividend 4. Record the adjustments for depreciation Homework G Saved accounts for …

1. Record the adjusting entry at the end of December for prepaid insurance. 2. R

1. Record the adjusting entry at the end of December for prepaid insurance. 2. Record the adjusting entry at the end of December for accrued salaries and wages. 3. Record the adju…

1. Record the allowance to reduce inventory to LC/NRV by individual items 2. Rec

1. Record the allowance to reduce inventory to LC/NRV by individual items 2. Record the allowance to reduce inventory to LC/NRV by class of inventory The information shown below r…

1. Record the disposal of Machine A for $23,000 cash on January 2, 2014. 2. Reco

1. Record the disposal of Machine A for $23,000 cash on January 2, 2014. 2. Record the disposal of Machine B due to irreparable damage from an accident. During the current year, M…

1. Record the following entries for year 1: The corporation sells $55,000 of sto

1. Record the following entries for year 1: The corporation sells $55,000 of stock (1,000 shares). The corporation pays $6,000 for a six-year lease. The corporation purchases $1,7…

1. Record the following transactions for Sparky\'s Pet Shop using the general jo

1. Record the following transactions for Sparky's Pet Shop using the general journal form provided below. Assume Sparky's uses a perpetual inventory system. Omit transaction descr…

1. Record the inventory, purchases, and cost of merchandise sold data in a perpe

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out met…

1. Record the inventory, purchases, and cost of merchandise sold data in a perpe

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 6, using the weighted average cost …

1. Record the journal entry for the issuance of the convertible bonds on January

1. Record the journal entry for the issuance of the convertible bonds on January 1, Year 1. 2. Record the journal entries on June 30, Year 1 to recognize interest expense and the …

1. Record the sale of M&D Corporation shares for $1,536,000. 2. Record the recei

1. Record the sale of M&D Corporation shares for $1,536,000. 2. Record the receipt of semiannual interest of $46,500 on the investment in American Instruments bonds. 3. Record…

1. Record the sales revenue of 50 razors for $3,000 cash 2. Record the cost of g

1. Record the sales revenue of 50 razors for $3,000 cash 2. Record the cost of goods sold for 50 razors 3. Record the estimated warranty expense at 9% of November sales 4. Record …

1. Record the transactions in the journal of Gretta Chung Associates. Journal DA

1. Record the transactions in the journal of Gretta Chung Associates. Journal DATE ACCOUNTS AND EXPLANATIONS DEBIT CREDIT 2012 Jan 1 Traded in old office equipment with book value…

1. Record to close the revenue account to the income summary 2. Record to close

1. Record to close the revenue account to the income summary 2. Record to close the expense account to the income summary 3. Record to close the income summary to capital 4. Recor…

1. Record transactions for each date. (If no entry is required for a transaction

1. Record transactions for each date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Post transactions to the…

1. Red Company is a proprietorship owned by Sally, a single individual. Red manu

1. Red Company is a proprietorship owned by Sally, a single individual. Red manufactures and sells widgets. An examination of Red’s records shows the following items for the curre…

1. Red Corporation had $1,750,000 in total liabilities and $3,000,000 in total a

1. Red Corporation had $1,750,000 in total liabilities and $3,000,000 in total assets as of December 31, 2014. Of Red's total liabilities, $600,000 is long-term. Calculate Red's d…

1. Red Rock Enterprises is analyzing its sales mix to find out if it is maximizi

1. Red Rock Enterprises is analyzing its sales mix to find out if it is maximizing its profits. The produces three similar items: Alpha, Beta, and Gamma. All three of these produc…

1. Refer to the Simon company information in exercise 17-7 and 17-9. Compare the

1. Refer to the Simon company information in exercise 17-7 and 17-9. Compare the company’s long-term risk and capital structure positions at the end of 2014 and 2013 by computing …

1. Refer to the following for Acme National Bank: 1-YEAR RATE-SENSITIVE ASSETS $

1. Refer to the following for Acme National Bank: 1-YEAR RATE-SENSITIVE ASSETS $ 80,000,000 1-YEAR RATE-SENSITIVE LIABILITIES $100,000,000 TOTAL ASSETS $160,000,000 TOTAL LIABILTI…

1. Referring to the following adjusted trial balance, what is the amount of tota

1. Referring to the following adjusted trial balance, what is the amount of total revenue? Woods Company Adjusted Trial Bala nce For the Year Ended December 31.201X $55.00 50,00 1…

1. Regression with Qualitative Data a. Suppose you want to study how the bond cr

1. Regression with Qualitative Data a. Suppose you want to study how the bond credit rating influences the bond price. From the best to the worst there are four levels, that is, A…

1. Relevant costs in a sell-or-process-further decision include a. joint product

1. Relevant costs in a sell-or-process-further decision include a. joint product costs. b. both additional revenues and additional costs. c. only costs of additional processing. d…

1. Reliability and accuracy are two different ways of evaluating forecast models

1. Reliability and accuracy are two different ways of evaluating forecast models. Question 24 options: true False 2. In decomposition are cycle factors necessary to derive a good …

1. Renee purchased a tract of land for $300,000 in 2010 when he heard that a new

1. Renee purchased a tract of land for $300,000 in 2010 when he heard that a new highway was going to be constructed through the property and that the land would soon be worth $50…

1. Rent on the boathouse. Direct labor cost Direct materials cost Manufacturing

1. Rent on the boathouse. Direct labor cost Direct materials cost Manufacturing overhead cost Marketing and selling cost Administrative cost The wages of the company's bookkeeper.…

1. Rental Income. (Obj. 1) State the amount of rental income that must be report

1. Rental Income. (Obj. 1) State the amount of rental income that must be reported on Schedule E for 2016 by cach of the following taxpayers Taxpayer Description Amount On Novembe…

1. Required Indicate whether each of the following costs is a product cost or a

1. Required Indicate whether each of the following costs is a product cost or a period (selling and administrative) cost Event Classification a. Cleaning supplies for the office. …

1. Required information 1-a. The marketing manager argues that a $9,000 increase

    1. Required information 1-a. The marketing manager argues that a $9,000 increase in the monthly advertising budget would increase monthly sales by $20,000. Calculate the incre…

1. Required information Goods for which a purchase order had been placed at an e

1. Required information Goods for which a purchase order had been placed at an estimated cost of $1,300 were received at an actual cost of $1,250. The journal entry in the General…

1. Return on investment (ROI) is equal to the margin multiplied by: A) sales. B)

1. Return on investment (ROI) is equal to the margin multiplied by: A) sales. B) turnover. C) average operating assets. D) residual income. 2. Delmar Corporation is considering th…

1. Revenue recognition -- JK Software JK Software (JKS), a public company with q

1. Revenue recognition -- JK Software JK Software (JKS), a public company with quarterly reporting, signed a contract with JR Gardens on November 1, 2009. The contract sets forth …

1. Revenue recognition -- JK Software JK Software (JKS), a public company with q

1. Revenue recognition -- JK Software JK Software (JKS), a public company with quarterly reporting, signed a contract with JR Gardens on November 1, 2009. The contract sets forth …

1. Revolution Hardware reported $475,000 of inventory on December 31, 2016, base

1. Revolution Hardware reported $475,000 of inventory on December 31, 2016, based on a physical count. Additional information is as follows: Included in the 2016 physical count we…

1. Richard and Jennifer were married in 2003. Richard earned $43,000 in salary d

1. Richard and Jennifer were married in 2003. Richard earned $43,000 in salary during the year. They also received $2,100 in interest from the credit union. They incurred $7,800 i…