13. Use this information to calculate the following: Sales returns $ 700 Rent expense 1‚288 Sales discounts 950 Depreciation expense 600 Cost of merchandise sold 7‚600 Gross sales 20‚900 Advertising expense 1‚650 Salary expense 2‚900 Heat expense 900 A. Net sales B. Gross profit C. Total operating expenses D. Net Income 14.A truck costing $25‚000 with a residual value of $5‚000 was purchased by Rim Corporation. The truck’s estimated life is 10 years. At the end of Year 2‚ what is the book
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The Accounts Payable account in the general ledger is known as a A) suspense account. B) nominal account. C) controlling account. D) temporary account. 2. A schedule of accounts payable includes a list of A) customers. B) both creditors and customers. C) neither creditors nor customers. D) creditors. 3. A purchase of store supplies on account is recorded as a debit to the Purchases account and a credit to the Accounts Payable account. A) True B) False 4. A subsidiary ledger containing only
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P9-7A The intangible assets section of Redeker Company at December 31‚ 2011‚ is presented below. Patent ($70‚000 cost less $7‚000 amortization) $63‚000 Franchise ($48‚000 cost less $19‚200 amortization) 28‚800 * Total $91‚800 * The patent was acquired in January 2011 and has a useful life of 10 years. The franchise was acquired in January 2008 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2012. Jan. 2 Paid $45‚000
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In the file ACC 291 Week 5 Huffman Trucking you will find overview of the following parts: Memo Huffman Trucking Liquidity Ratios Huffman Trucking Profitability Ratios Huffman Trucking Solvency Ratios Business - Accounting ACC 291 Week 5 Huffman Trucking Project Paper Week Five Assignment Project Overview Huffman Trucking is a large organization that provides transportation of goods and services to its customers. In order to better serve these customers and
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In this file ACC 291 Week 4 Chapter 14 Practice Quiz 1 you can find right answers on the following questions: Comparisons of data within a company are an example of the following comparative basis: In horizontal analysis‚ each item is expressed as a percentage of the: In vertical analysis‚ the base amount for depreciation expense is generally: The data in the schedule is a display of vertical analysis because the individual asset items are expressed as a percentage of total assets
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In this file ACC 291 Week 5 WileyPLUS Assignment you can find right answers on the following questions: Exercise E13-1. Pioneer Corporation had the transactions below during 2011. Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities‚ investing activities‚ financing activities‚ or noncash investing and financing activities. Complete the statement of cash flows for 2011 using the indirect method. (List amounts from largest positive
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In this file ACC 291 Week 2 Chapter 09 Practice Quiz 1 you can find right answers on the following questions: 1. Erin Danielle Company purchased equipment and incurred the following costs. 2. Depreciation is a process of: 3. Micah Bartlett Company purchased equipment on January 1‚ 2010‚ at a total invoice cost of $400‚000. The equipment has an estimated salvage value of $10‚000 and an estimated useful life of 5 years. The amount of accumulated depreciation at December 31
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Company has more cash and accounts receivables than the current liabilities. When comparing the year 2011 with the year 2010 the quick ratio shows an approximately one thousand dollar difference with the year 2011 being greater. The receivable turnover reveals that Huffman Trucking had an increase in Net Credit Sales of approximately one thousand dollars. The average net receivables decreased from the year 2010 to 2011 approximately thirty thousand dollars. The Profitability Ratios: The asset turnover
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the file ACC 291 Week 3 Reflection Summary you will find overview of the following parts: Calculating stock‚ dividends‚ and stock splits Differentiate types of stocks issued by corporations. Reference Business - Accounting ACC 291 All Week 3 Assignments - Individual WileyPlus Assignment Includes: Week 3 Chapter 11 practice quiz 1 Week 3 Chapter 12 Practice quiz 1 Week 3 reflection summary Week 3 Discussion questions 1 and 2 Week 3 Individual
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In the file ACC 291 Week 2 Reflection Summary you will find overview of the following parts: Identify the entries associated with acquisition‚ disposal‚ and sales of plant assets. Distinguish between tangible and intangible assets. Differentiate between accounts payable‚ notes payable‚ and accrued expenses. Calculate depreciation and amortization expense using various methods. Distinguish between revenue and capital expenditures‚ and the entries associated with each. Business
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