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Question;uestion 1;2 out of 2 points;Correct;Which of the following options does a student in ACC100 have;to seek additional help with the course material?;Question 2;2 out of 2 points;Correct;WileyPlus is an online teaching and learning system that has;been integrated with your Strayer ACC100 Blackboard course. Which of the;following is not included with WileyPlus?;Question 3;3 out of 3 points;Correct;Which of the following items is not located within the;student center of the course?;Question 4;0 out of 3 points;Incorrect;Which of the following is false about late policy (without;documented exceptional circumstances)?;Question 5;3 out of 3 points;Correct;Which of the following actions will not satisfy the;requirements to be marked ?present? online? (Please note: Although course;assignments can be submitted timely through Mondays at 9:00am EST, attendance;is recorded by the calendar week);Question 6;0 out of 3 points;Incorrect;How do I obtain the registration code needed to register for;WileyPlus?;Question 7;2 out of 2 points;Correct;Which of the following is necessary in order for me to fully;prepare for my weekly quizzes in WileyPlus?;Question 8;2 out of 2 points;Correct;In order to receive full credit for your weekly discussions;you must;Brief Exercise 1-3;Correct answer.;Your answer is correct.;At the beginning of the year, Sielert Company had total;assets of $800,000 and total liabilities of $300,000. Answer the following;questions.;(a) If total assets increased $150,000 during the year and;total liabilities decreased $80,000, what is the amount of owner?s equity at;the end of the year?;Owner?s equity;(b) During the year, total liabilities increased $100,000;and owner?s equity decreased $70,000. What is the amount of total assets at the;end of the year?;Total assets;(c) If total assets decreased $80,000 and owner?s equity;increased $120,000 during the year, what is the amount of total liabilities at;the end of the year?;Total liabilities;Student did not submit Show Work for this attempt;5.;Withdrew cash for owner?s personal use.;6.;4/4;1,800;Accounts Payable;No. 201;4/25;1,500;4/4;1,800;Unearned Service Revenue;No. 209;4/30;1,000;Owner?s Capital;No. 301;4/1;12,000;Service Revenue;No. 400;4/7;3,200;4/12;900;Salaries and Wages Expense;No. 726;4/nue $820,000, Freight-out $16,000, Sales Returns and Allowances;$25,000, and Sales Discounts $13,000.;(a);Your answer is correct.;Prepare the sales revenues section of the income statement.;Tsai COMPANY;Income Statement (Partial);For the Year Ended October 31, 2014;Exercise 5-6 (Part level Submission);The adjusted trial balance of Tsai Company shows the;following data pertaining to sales at the end of its fiscal year October 31;2014: Sales Revenue $820,000, Freight-out $16,000, Sales Returns and Allowances;$25,000, and Sales Discounts $13,000.;(b);Your answer is correct.;Prepare separate closing entries for (1) sales revenue, and;(2) the contra accounts to sales revenue.(Credit account titles are;automatically indented when amount is entered. Do not indent manually.);Exercise 5-14;Your answer is correct.;Financial information is presented below for three different;companies.;Determine the missing amounts.;Allen Cosmetics Bast Grocery Corr Wholesalers;Sales revenue (e);Sales returns and allowances;(a) Net sales;(i);Cost of goods sold;(f);(j);Gross profit;(b);Operating expenses;(g) 18,000;Income from operations;(c);(h);(k);Other expenses and losses 4;(l);Net income;(d);Brief Exercise 7-3;Benji Borke has prepared the following list of statements;about accounting information systems.;Identify each statement as true or false.;1.;The accounting information system includes each of the steps;of the accounting cycle, the documents that provide evidence of transactions;that have occurred, and the accounting records.;http://edugen.wiley.com/edugen/art2/common/pixel.gif;2.;The benefits obtained from information provided by the;accounting information system need not outweigh the cost of providing that;information.;http://edugen.wiley.com/edugen/art2/common/pixel.gif;3.;Designers of accounting systems must consider the needs and;knowledge of various users.;http://edugen.wiley.com/edugen/art2/common/pixel.gif;4.;If an accounting information system is cost-effective and;provides useful output, it does not need to be flexible.;Brief Exercise 7-5;Identify in what ledger (general or subsidiary) each of the;following accounts is shown.;Accounts;Ledger;(a);Rent Expense;http://edugen.wiley.com/edugen/art2/common/pixel.gif;(b);Accounts Receivable?Cabrera;http://edugen.wiley.com/edugen/art2/common/pixel.gif;(c);Notes Payable;http://edugen.wiley.com/edugen/art2/common/pixel.gif;(d);Accounts Payable?Pacheco;http://edugen.wiley.com/edugen/art2/common/pixel.gif;Brief Exercise 7-6;Identify the journal in which each of the following;transactions is recorded.;Transactions;Journals;(a);Cash sales;http://edugen.wiley.com/edugen/art2/common/pixel.gif;(b);Owner withdrawal of cash;http://edugen.wiley.com/edugen/art2/common/pixel.gif;(c);Cash purchase of land;http://edugen.wiley.com/edugen/art2/common/pixel.gif;(d);Credit sales;http://edugen.wiley.com/edugen/art2/common/pixel.gif;(e);Purchase of merchandise on account;http://edugen.wiley.com/edugen/art2/common/pixel.gif;(f);Receipt of cash for services performed;http://edugen.wiley.com/edugen/art2/common/pixel.gif;Brief Exercise 7-10;Rauch Computer Components Inc. uses a multi-column cash;receipts journal.;Indicate which column(s) is/are posted only in total, only;daily, or both in total and daily.;Accounts;Column in Cash Journal Receipts;(a);Accounts Receivable;http://edugen.wiley.com/edugen/art2/common/pixel.gif;(b);Sales Discounts;http://edugen.wiley.com/edugen/art2/common/pixel.gif;(c);Cash;http://edugen.wiley.com/edugen/art2/common/pixel.gif;(d);Other Accounts;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;Exercise 7-5 (Part level Submission);Pennington Company has a balance in its Accounts Payable;control account of $9,250 on January 1, 2014. The subsidiary ledger contains;three accounts: Hale Company, balance $3,000, Janish Company, balance $1,875;and Valdez Company. During January, the following payable-related transactions;occurred.;Purchases;Payments;Returns;Hale Company;$6,750;$6,000;$ -0-;Janish Company;5,250;1,875;2,250;Valdez Company;6,375;6,750;-0-;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;Collapse question part;(a);What is the January 1 balance in the Valdez Company;subsidiary account?;Balance in the Valdez Company subsidiary account;$http://edugen.wiley.com/edugen/art2/common/pixel.gif;What is the January 31 balance in the control account?;The balances in the subsidiary accounts at the end of the;month.;Which January transaction would not be recorded in a special;journal?;Exercise 7-7 (Part level Submission);R. Santiago Co. uses special journals and a general journal.;The following transactions occurred during May 2014.;May 1;R. Santiago invested $40,000 cash in the business.;2;Sold merchandise to Lawrie Co. for $6,300 cash. The cost of;the merchandise sold was $4,200.;3;Purchased merchandise for $7,700 from J. Moskos using check;no. 101.;14;Paid salary to H. Rivera $700 by issuing check no. 102.;16;Sold merchandise on account to K. Stanton for $900, terms;n/30. The cost of the merchandise sold was $630.;22;A check of $9,000 is received from M. Mangini in full for;invoice 101, no discount given.;Adjustment;After;Adjustment;Dr.;Cr.;Dr.;Cr.;Cash;$10,400;$10,400;Accounts Receivable;8,800;10,800;Supplies;2,300;900;Prepaid Insurance;4,000;2,500;Equipment;14,000;14,000;Accumulated Depreciation?Equipment;$ 3,600;$ 4,500;Accounts Payable;5,800;5,800;Salaries and Wages Payable;0;1,100;Unearned Rent Revenue;1,500;600;Owner?s Capital;15,600;15,600;Service Revenue;34,000;36,000;Rent Revenue;11,000;11,900;Salaries and Wages Expense;17,000;18,100;Supplies Expense;0;1,400;Rent Expense;15,000;15,000;Insurance Expense;0;1,500;Depreciation Expense;0;900;$71,500;$71,500;$75,500;$75,500;Top of Form;Prepare the adjusting entries that were made.(Credit account;titles are automatically indented when the amount is entered. Do not indent;manually.);(To record rent earned);Warning;Don't show me this message again for the assignment;Brief Exercise 8-9;http://edugen.wiley.com/edugen/art2/common/pixel.gif;Correct answer.;Your answer is correct.;On March 20, Dody?s petty cash fund of $100 is replenished;when the fund contains $9 in cash and receipts for postage $52, freight-out;$26, and travel expense $10.;Prepare the journal entry to record the replenishment of the;petty cash fund.(Credit account titles are automatically indented when amount;is entered. Do not indent manually.);Date;Account Titles and Explanation;Debit;Credit;Brief Exercise 8-13;At July 31, Ramirez Company has the following bank;information: cash balance per bank $7,420, outstanding checks $762, deposits in;transit $1,620, and a bank service charge $20.;Determine the adjusted cash balance per bank at July 31.;The adjusted cash balance per bank;$;Light meters;Vivitar;12;125;115;Kodak;14;120;135;Determine the amount of the ending inventory by applying the;lower-of-cost-or-market basis.;The ending inventory;Exercise 6-7;Lisa Company had 100 units in beginning inventory at a total;cost of $10,000. The company purchased 200 units at a total cost of $26,000. At;the end of the year, Lisa had 80 units in ending inventory.;(a);Compute the cost of the ending inventory and the cost of;goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and;final answers to 0 decimal places, e.g. 1,250.);FIFO;LIFO;Average-cost;The cost of the ending inventory;The cost of goods sold;uestion 1;The factor which determines whether or not goods should be;included in a physical count of inventory is;legal title.;physical possession.;management's judgment.;whether or not the purchase price has been paid.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential: 5.0;Points Earned: 5;Show Work file with instructor comments: Instructor did not;annotate Show Work;Question 2;Understating beginning inventory will understate;cost of goods sold.;owner's equity.;assets.;net income.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential: 5.0;Points Earned: 5;Show Work file with instructor comments: Instructor did not;annotate Show Work;CANCEL;Question 3;Inventory is reported in the financial statements at;the higher-of-cost-or-market.;market.;the lower-of-cost-or-market.;cost.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential: 5.0;Points Earned: 5;Show Work file with instructor comments: Instructor did not;annotate Show Work;Question 4;Which of the following statements is correct with respect to;inventories?;It is generally good business management to sell the most;recently acquired goods first.;FIFO seldom coincides with the actual physical flow of;inventory.;The FIFO method assumes that the costs of the earliest goods;acquired are the last to be sold.;Under FIFO, the ending inventory is based on the latest;units purchased.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential: 5.0;Points Earned: 5;Show Work file with instructor comments: Instructor did not;annotate Show Work;CANCEL;Attempt of 1;GO;Question 5;In a manufacturing business, inventory that is ready for;sale is called;work in process inventory.;finished goods inventory.;store supplies inventory.;raw materials inventory.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential: 5.0;Points Earned: 5;Show Work file with instructor comments: Instructor did not;annotate Show Work;CANCEL;Attempt of 1;GO;Question 6;Eneri Company's inventory records show the following data;Units Unit Cost;Inventory January 1 10,000 $9.20;Purchases: June 18 9,000 8.00;November 8 6,000 7.00;A;July 1;Feb. 10;Collected $10,000 on Colaw credit card sales.;15;Added finance charges of 1.5% to Colaw credit card account;balances.;(a);Journalize the transactions for Colaw Stores.(Credit account;titles are automatically indented when amount is entered. Do not indent;manually.);Date;Account Titles and Explanation;Debit;Credit;Jan. 15;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;Jan. 20;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;Feb. 10;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;Feb. 15;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;http://edugen.wiley.com/edugen/art2/common/pixel.gif;Click if you would like to Show Work for this question;Open Show Work;Exercise 9-10;Elburn Supply Co. has the following transactions related to;notes receivable during the last 2 months of 2014. The company does not make;entries to accrue interest except at December 31.;Nov. 1;Loaned $30,000 cash to Manny Lopez on a 12-month, 10% note.;Dec. 11;Sold goods to Ralph Kremer, Inc., receiving a $6,750;90-day, 8% note.;16;Received a $4,000, 180 day, 9% note in exchange for Joe;Fernetti?s outstanding accounts receivable.;31;Accrued interest revenue on all notes receivable.;Question 1;A compound journal entry involves;three or more accounts.;two accounts.;three accounts.;four or more accounts.;SCORE;Question 2;Evidence that would not help with determining the effects of;a transaction on the accounts would be a(n);check.;cash register sales tape.;bill.;advertising brochure.;Question 3;The entire group of accounts maintained by a company is;called the;general ledger.;trial balance.;general journal.;chart of accounts.;Question 4;The first step in designing a computerized accounting system;is the creation of the;chart of accounts.;general ledger.;general journal.;trial balance.;Question 5;A trial balance is a listing of;the chart of accounts.;the totals from the journal pages.;general ledger accounts and balances.;transactions in a journal.;Student did not submit Show Work for this attempt;Question 6;A business organized as a corporation;is owned by its stockholders.;terminates when one of its original stockholders dies.;is not a separate legal entity in most states.;requires that stockholders be personally liable for the;debts of the business.;Student did not submit Show Work for this attempt;SHOW ANSWER;Attempt of 1;GO;Question 7;The fair value principle is applied for;buildings.;investment securities.;all assets.;current assets.;Question 8;A basic assumption of accounting that requires activities of;an entity be kept separate from the activities of its owner is referred to as;the;monetary unit assumption.;corporate form of ownership.;economic entity assumption.;stand alone concept.;Student did not submit Show Work for this attempt;Attempt of 1;GO;Question 9;The proprietorship form of business organization;is characterized by a legal distinction between the business;as an economic unit and the owner.;represents the largest number of businesses in the United;States.;combines the records of the business with the personal;records of the owner.;must have at least three owners in most states.;Question 10;Financial information that is capable of making a difference;in a decision is;relevant.;convergent.;generally accepted.;faithfully representative.;Student did not submit Show Work for this attempt;SHOW ANSWER;Question 1;An adjusting entry;affects two balance sheet accounts.;affects two income statement accounts.;affects a balance sheet account and an income statement;account.;is always a compound entry.;Student did not submit Show Work for this attempt;Question 2;Accounts often need to be adjusted because;there are never enough accounts to record all the;transactions.;many transactions affect more than one time period.;there are always errors made in recording transactions.;management can't decide what they want to report.;Student did not submit Show Work for this attempt;Attempt of 1;GO;Question 3;If a business has received cash in advance of services;performed and credits a liability account, the adjusting entry needed after the;services are performed will be;debit Unearned Service Revenue and credit Service Revenue.;debit Unearned Service Revenue and credit Cash.;debit Unearned Service Revenue and credit Accounts;Receivable.;debit Unearned Service Revenue and credit Prepaid Expense.;Student did not submit Show Work for this attempt;Question 4;The time period assumption states that;adjustments to the company's accounts can only be made in;the time period when the business terminates its operations.;estimates should not be made if a transaction affects more;than one time period.;the economic life of a business can be divided into;artificial time periods.;a transaction can only affect one period of time.;Student did not submit Show Work for this attempt;Question 5;Failure to prepare an adjusting entry at the end of the;period to record an accrued expense would cause;an overstatement of expenses and an overstatement of;liabilities.;an understatement of expenses and an understatement of;liabilities.;net income to be understated.;an overstatement of assets and an overstatement of;liabilities.;Question 6;The balance in the Prepaid Rent account before adjustment at;the end of the year is $21,000, which represents three months? rent paid on;December 1. The adjusting entry required on December 31 is to;debit Prepaid Rent, $14,000, credit Rent Expense, $14,000.;debit Rent Expense, $7,000, credit Prepaid Rent, $7,000.;debit Prepaid Rent, $7,000, credit Rent Expense, $7,000.;debit Rent Expense, $14,000, credit Prepaid Rent $14,000.;Student did not submit Show Work for this attempt;Question 7;Pixies Inc. pays its rent of $54,000 annually on January 1.;If the February 28 monthly adjusting entry for prepaid rent is omitted, which;of the following will be true?;Assets will be overstated by $4,500 and net income and;owner?s equity will be overstated by $4,500.;Assets will be overstated by $9,000 and net income and;owner?s equity will be understated by $9,000.;Failure to make the adjustment does not affect the February;financial statements.;Expenses will be overstated by $4,500 and net income and;owner?s equity will be understated by $4,500.;Attempt of 1;GO;Question 8;A flower shop makes a large sale for $1,200 on November 30.;The customer is sent a statement on December 5 and a check is received on;December 10. The flower shop follows GAAP and applies the revenue recognition;principle. When is the $1,200 considered to be recognized?;December 5.;December 10.;December 1.;November 30.;Student did not submit Show Work for this attempt;Question 9;A business pays weekly salaries of $30,000 on Friday for a;five-day week ending on that day. The adjusting entry necessary at the end of;the fiscal period ending on a Thursday is;debit Salaries and Wages Expense, $6,000, credit Salaries;and Wages Payable, $6,000.;debit Salaries and Wages Payable, $24,000, credit Cash;$24,000.;debit Salaries and Wages Expense, $24,000, credit Cash;$24,000.;debit Salaries and Wages Expense, $24,000, credit Salaries;and Wages Payable, $24,000.;Question 10;NWA Air Charter signed a four-month note payable in the;amount of $20,000 on September 1. The note requires interest at an annual rate;of 9%. The amount of interest to be accrued at the end of September is;$600.;$1,800.;$150.;$200.;Student did not submit Show Work for this attempt;uestion 1;The factor which determines whether or not goods should be;included in a physical count of inventory is;legal;title.;physical;possession.;management's;judgment.;whether;or not the purchase price has been paid.;Question 2;Understating beginning inventory will understate;cost of;goods sold.;owner's;equity.;assets.;net;income.;Question 3;Inventory is reported in the financial statements at;the;higher-of-cost-or-market.;market.;the;lower-of-cost-or-market.;cost.;Question 4;Your answer has been saved and;sent for grading. See Gradebook for score details.;Which of the following statements is correct with respect to;inventories?;It is;generally good business management to sell the most recently acquired goods;first.;FIFO;seldom coincides with the actual physical flow of inventory.;The;FIFO method assumes that the costs of the earliest goods acquired are the last;to be sold.;Under FIFO;the ending inventory is based on the latest units purchased.;Question 5;In a manufacturing business, inventory that is ready for;sale is called;work in;process inventory.;finished;goods inventory.;store;supplies inventory.;raw;materials inventory.;Question 6;Question 6;Eneri Company's inventory records show the following data;Units Unit Cost;Inventory January;1 10,000 $9.20;Purchases: June;18 9,000 8.00;November;8 6,000 7.00;A physical inventory on December 31 shows 4,000 units on;hand. Eneri sells the units for $13 each. The company has an effective tax rate;of 20%. Eneri uses the periodic inventory method. Under the LIFO method, cost;of goods sold is;$169,200.;$173,040.;$178,000.;$28,000.;Question 7;Switzer, Inc. has 8 computers which have been part of the;inventory for over two years. Each computer cost $600 and originally retailed;for $900. At the statement date, each computer has a current replacement cost;of $400. How much loss should Switzer, Inc., record for the year?;$2,400.;$1,600.;$3,200.;$4,000.;Question 8;The following information was available for Pete Company at;December 31, 2014: beginning inventory $90,000, ending inventory $70,000, cost;of goods sold $984,000, and sales $1,350,000. Pete?s inventory turnover ratio;in 2014 was;16.9times.;14.1times.;12.3times.;10.9times.;Question 9;A company purchased inventory as follows;150 units at $5;350 units at $6;The average unit cost for inventory is;$5.70.;$6.00.;$5.00.;$5.50.;Question 10;Netta Shutters has the following inventory information.;July 1 Inventory 30 units @ $8.00;8 Purchase 120 units @ $8.30;17 Purchase 60 units @ $8.40;25 Purchase 90 units @ $8.80;A physical count of merchandise inventory on November 30 reveals;that there are 90 units on hand. Assume a periodic inventory system is used.;Ending inventory under FIFO is;$1,740.;$738.;$1,794.;$792.;Brief Exercise 18-2;Schellhammer Corporation reported the following amounts in;2013, 2014, and 2015.;2013 2014 2015;Current assets $200,000 $210,000 $240,000;Current liabilities $150,000 $168,000 $184,000;Total assets $500,000 $600,000 $620,000;(b);Perform each of the three types of analysis on;Schellhammer?s current assets.(Round percentages to 0 decimal places, e.g. 43%;and ratios to 2 decimal places, e.g.1.58.);2013 2014 2015;Horizontal Analysis;Current assets;%;%;%;Vertical Analysis;Current assets;%;%;%;Ratio Analysis;Current ratio;Click if you would like to Show Work for this question: Open Show Work;Brief Exercise 18-3;Using the following data from the comparative balance sheet;of Goody Company.;December;31, 2015 December;31, 2014;Accounts receivable $520,000 $400,000;Inventory $840,000 $600,000;Total assets $3,000,000 $2,500,000;Illustrate horizontal analysis.(Round percentages to 0;decimal places, e.g. 12%.);Increase;or (Decrease);Goody Company;Balance Sheet December;31, 2015 December;31, 2014 Amount Percentage;Accounts receivable $520,000 $400,000 $;%;Inventory $840,000 $600,000 $;%;Total assets $3,000,000 $2,500,000 $;%;Click if you would like to Show Work for this question: Open Show Work;Brief Exercise 18-8;Vertical analysis (common size) percentages for Kochheim;Company?s sales, cost of goods sold, and expenses are shown below.;Vertical Analysis 2015 2014 2013;Sales 100.0 100.0 100.0;Cost of goods sold 60.2 62.4 63.5;Expenses 25.0 25.6 27.5;(a) Calculate net income.;2015 2014 2013;Net income;(b) Did Kochheim?s net income as a percent of sales;increase, decrease, or remain unchanged over the 3-year period?;Brief Exercise 18-11 (Part Level Submission);The following data are taken from the financial statements;of Rainsberger Company.;2015 2014;Accounts receivable (net), end of year $550,000 $520,000;Net sales on account 3,960,000 3,100,000;Terms for all sales are 1/10, n/60.;(a1);Compute for each year the accounts receivable turnover. At;the end of 2013, accounts receivable (net) was $480,000.(Round answers to 1;decimal place, e.g. 1.6.);2015 2014;Accounts receivable turnover times;times;Click if you would like to Show Work for this question: Open Show Work;LINK TO TEXT;(a2);Compute for each year the average collection period. At the;end of 2013, accounts receivable (net) was $480,000.(Round answers to 1 decimal;place, e.g. 1.6.);2015 2014;Average collection period days;days;Click if you would like to Show Work for this question: Open Show Work;Brief Exercise 18-12 (Part Level Submission);The following data are from the income statements of Haskin;Company.;2015 2014;Sales $6,420,000 $6,240,000;Beginning inventory 940,000 860,000;Purchases 4,340,000 4,661,000;Ending inventory 1,020,000 940,000;(a1);Compute for each year the inventory turnover.(Round answers;to 1 decimal place, e.g. 1.6.);2015 2014;Inventory turnover times;times;(a2);Compute for each year the average days to sell the;inventory.(Round answers to 1 decimal place, e.g. 1.6.);2015 2014;Days in inventory days;days;Click if you would like to Show Work for this question: Open Show Work;(a1);Attempts: 1 of 3 used;Brief Exercise 18-13;Guo Company has owners? equity of $400,000 and net income of;$66,000. It has a payout ratio of 20% and a return on assets of 15%.;How much did Guo pay in cash dividends, and what were its;average assets?(Round answers to 0 decimal places, e.g. 125.);Cash dividends $;Average assets $;Exercise 18-2;Operating data for Navarro Corporation are presented below.;2015 2014;Net sales $750,000 $600,000;Cost of goods sold 465,000 390,000;Selling expenses 105,000 66,000;Administrative expenses 60,000 54,000;Income tax expense 36,000 27,000;Net income 84,000 63,000;Prepare a schedule showing a vertical analysis for 2015 and;2014.(Round answers to 1 decimal place, e.g. 48.5%.);NAVARRO CORPORATION;Condensed Income Statements;For the Years Ended December 31;2015 2014;Amount Percent Amount Percent;Net sales $750,000 %;$600,000 %;Cost of goods sold 465,000 %;390,000 %;Gross profit 285,000 %;210,000 %;Selling expenses 105,000 %;66,000 %;Administrative expenses 60,000 %;54,000 %;Total operating expenses 165,000 %;120,000 %;Income before income taxes 120,000 %;90,000 %;Income taxes expense 36,000 %;27,000 %;Net income $84,000 %;$63,000 %;Click if you would like to Show Work for this question: Open Show Work;Exercise 18-5;SupposeNordstrom, Inc., which operates department stores in;numerous states, has the following selected financial statement data for the;year ending January 30, 2014.;NORDSTORM, INC.;Balance Sheet (partial);(in millions) End-of-Year Beginning-of-Year;Cash and cash equivalents $;795 $;72;Accounts receivable (net) 2,035 1,942;Inventory 898 900;Prepaid expenses 88 93;Other current assets 238 210;Total current assets $4,054 $3,217;Total current liabilities $2,014 $1,601;For the year, net sales were $8,258 and cost of goods sold;was $5,328 (in millions).;(a);Compute the four liquidity ratios at the end of the;year.(Round answers to 1 decimal place, e.g. 1.6.);Brief Exercise 7-3;Benji Borke has prepared the following list of statements;about accounting information systems.;Identify each statement as true or false.;1. The;accounting information system includes each of the steps of the accounting;cycle, the documents that provide evidence of transactions that have occurred;and the accounting records.;2. The;benefits obtained from information provided by the accounting information;system need not outweigh the cost of providing that information.;3. Designers;of accounting systems must consider the needs and knowledge of various users.;4. If;an accounting information system is cost-effective and provides useful output;it does not need to be flexible.;Brief Exercise 7-5;Identify in what ledger (general or subsidiary) each of the;following accounts is shown.;Accounts Ledger;(a) Rent;Expense;(b) Accounts;Receivable?Cabrera;(c) Notes;Payable;(d) Accounts;Payable?Pacheco;Brief Exercise 7-6;Identify the journal in which each of the following;transactions is recorded.;Transactions Journals;(a) Cash;sales;(b) Owner;withdrawal of cash;(c) Cash;purchase of land;(d) Credit;sales;(e) Purchase;of merchandise on account;(f) Receipt;of cash for services performed;Brief Exercise 7-10;Rauch Computer Components Inc. uses a multi-column cash;receipts journal.;Indicate which column(s) is/are posted only in total, only;daily, or both in total and daily.;Accounts Column in Cash;Journal Receipts;(a) Accounts;Receivable;(b) Sales;Discounts;(c) Cash;(d) Other;Accounts;Exercise 7-5 (Part level;Submission);Pennington Company has a balance in its Accounts Payable;control account of $9,250 on January 1, 2014. The subsidiary ledger contains;three accounts: Hale Company, balance $3,000, Janish Company, balance $1,875;and Valdez Company. During January, the following payable-related transactions;occurred.;Purchases Payments Returns;Hale Company $6,750 $6,000 $ -0-;Janish Company 5,250 1,875 2,250;Valdez Company 6,375 6,750 -0-;(a);What is the January 1 balance in the Valdez Company subsidiary;account?;Balance in the Valdez Company subsidiary account $;What is the January 31 balance in the control account?;The balances in the subsidiary accounts at the end of the;month.;Which January transaction would not be recorded in a special;journal?;Exercise 7-7 (Part level Submission);R. Santiago Co. uses special journals and a general journal.;The following transactions occurred during May 2014.;May 1 R.;Santiago invested $40,000 cash in the business.;2 Sold;merchandise to Lawrie Co. for $6,300 cash. The cost of the merchandise sold was;$4,200.;3 Purchased;merchandise for $7,700 from J. Moskos using check no. 101.;14 Paid;salary to H. Rivera $700 by issuing check no. 102.;16 Sold;merchandise on account to K. Stanton for $900, terms n/30. The cost of the;merchandise sold was $630.;22 A;check of $9,000 is received from M. Mangini in full for invoice 101, no;discount given.;(a);Prepare a multiple-column cash receipts journal and record;the transactions for May that should be journalized.(Record entries in the;order presented in the problem statement.);R. SANTIAGO CO.;Cash Receipts Journal;CR1;Date Account;Credited Ref Cash;Dr. Sales;Discounts;Dr. Accounts;Receivable;Cr. Sales;Revenue;Cr. Other;Accounts;Cr. Cost;of Goods Sold;Dr.;Inventory Cr.;Click if you would like to Show Work for this question: Open Show Work;Exercise 7-14;Selected account balances for Hulse Company at January 1;2014, are presented below.;Accounts Payable $14,000;Accounts Receivable 22,000;Cash 17,000;Inventory 13,500;Hulse?s sales journal for January shows a total of $110,000;in the selling price column, and its one-column purchases journal for January;shows a total of $77,000.;The column totals in Hulse?s cash receipts journal are: Cash;Dr. $61,000, Sales Discounts Dr. $1,100, Accounts Receivable Cr. $45,000, Sales;Revenue Cr. $6,000, and Other Accounts Cr. $11,100.;The column totals in Hulse's cash payments journal for;January are: Cash Cr. $55,000, Inventory Cr. $1,000, Accounts Payable Dr.;$46,000, and Other Accounts Dr. $10,000. Hulse?s total cost of goods sold for;January is $63,600.;Accounts Payable, Accounts Receivable, Cash, Inventory, and;Sales Revenu

 

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