ACCOUNTING EXAM 2 STUDY GUIDE Chapter 5 1. Know the following terms: merchandise inventory‚ sales‚ sales returns and allowances‚ sales discounts‚ net sales‚ cost of merchandise sold‚ gross profit‚ operating expenses‚ operating cycle‚ purchase discounts‚ purchase returns and allowances‚ FOB shipping point‚ FOB destination‚ and inventory shrinkage. 2. Be able to prepare a multiple step income statement. 3. Be able to prepare the journal entries for the seller and buyer including
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Chapter 1 the equity method of accounting for investments Answers to Discussion Questions The textbook includes discussion questions to stimulate student thought and discussion. These questions are also designed to allow students to consider relevant issues that might otherwise be overlooked. Some of these questions may be addressed by the instructor in class to motivate student discussion. Students should be encouraged to begin by defining the issue(s) in each case. Next‚ authoritative
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Taxes 3720 Returns and allowances 10210 Lease payments 39270 Materials purchases 228580 R&D expenditures 4890 Repairs and maintenance costs 2910 What are YYY: a) gross profit? b) net Profit? c) EBT ? d) Net income? 2. Using the following accounts from Income statement for the year Ending December 31‚ 2012‚ answer the following questions: Research and Development expenditures 50 Cost of Goods Sold 600 Lease payments 30 Advertising 20 Taxes
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The following information applies to the questions displayed below.] Dittman’s Variety Store is completing the accounting process for the year just ended‚ December 31‚ 2011. The transactions during 2011 have been journalized and posted. The following data with respect to adjusting entries are available: a. Wages earned by employees during December 2011‚ unpaid and unrecorded at December 31‚ 2011‚ amounted to $4‚000. The last payroll was December 28; the next payroll will be January 6‚ 2012
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can this statement relateto accounting? A syntactic theory is one that is capable of testing on the basis that it is valid in terms of itslogical consistency. Thus the calculation of accounting profit and determination of assetvaluation can be valid in relation to their conformity with rules prescribing the measurementof accounting profit and asset valuations. This can be described as sterile as it does notnecessarily relate to the real world. Historical cost accounting has been represented as being purely
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when a firm buys on the marketplace what it cannot make itself are referred to as (Points : 1) [pic] switching costs. [pic] transaction costs. [pic] procurement. [pic] agency costs. [pic][pic][pic][pic][pic][pic] 2. Disintermediation (Points : 1) [pic] results from the speed of the Internet. [pic] is defined as the elimination of layers in the distribution process. [pic] is a result of social networking. [pic] All of the above
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Intermediate Accounting E2-1 a. True b. False – General-purpose financial reports also assists other people who don’t have the authority to demand financial information they need and so must rely on the information in financial reports. c. False – standards that are based on individual conceptual framework will result in different conclusions being drawn on similar issues‚ and thus would not be consistent and comparable. d. False – General purpose financial reports are also beneficial
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Shareholders’ equity | | Store & property | | | | | | | | Total assets | $ | Total liabilities & Shareholders’ equity | $ | | Top of Form 2. Using Table 3.7‚ calculate the marginal and average tax rates for a single taxpayer with the following incomes: (Do notround intermediate calculations. Round "Average tax rate" to 2 decimal places.) | | Income | Marginal Tax Rate | Average Tax Rate | a. | $21‚000 | % | % | b. | $51‚000 | % | % | c. | $304‚000 | % | % | d
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Cost Accounting‚ 14e‚ Global Edition (Horngren/Datar/Rajan) Chapter 12 Pricing Decisions and Cost Management Objective 12.1 1) Companies should only produce and sell units as long as: A) there is customer demand for the product B) the competition allows it C) the revenue from an additional unit exceeds the cost of producing it D) there is a generous supply of low-cost direct materials Answer: C Diff: 2 Terms: target price Objective: 1 AACSB: Ethical reasoning 2) Too high a price may: A)
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Abigail Stewart Chapter 6 Homework 6-15a. Employee | Earnings to date | Gross Earnings | FICA-OASDI | FICA-HI | SUTA | FICA-OASDI | FICA-HI | FUTA | SUTA | Weiser‚ R. | 109‚790 | 790 | 13.02 | 11.45 | | 310 | 790 | | | Stankard‚ L. | 14‚950 | 295 | 12.39 | 4.28 | | 295 | 295 | | | Grow‚ J. | 4‚060 | 240 | 10.08 | 3.48 | 1.20 | 240 | 240 | 240 | 240 | Rowe‚ P. | 8‚190 | 235 | 9.87 | 3.41 | | 235 | 235 | | | McNamara‚ J. | 7‚460 | 195 | 8.19 | 2.83 | 0.98 | 195 | 195 | | |
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