460 Answered Questions for the topic accounting

01/18/20

accounting question

indicate whether each of the following accounts represents an asset, liability, or owner's equity: a.   Accounts payable   b.   Wages expense   c.   Capital   d.   Accounts... more

01/18/20

accounting true or false questions

Depreciation Expense can be used in preparing adjusting entries  True  False Wages Payable can be used in preparing adjusting entries.  True  False Accumulated Depreciation can be use din... more

01/18/20

accounting question

Short-term liabilities are those liabilities that a. will be paid in less than one year b. are due to be paid in 5 to 10 years c. are due to be paid in more than one year d. are... more

01/17/20

accounting question

Which of the following pairs of accounts could not appear in the same adjusting entry? a. Service Revenue and Unearned Revenue b. Interest Income and Interest Expense c. Rent Expense and... more

01/10/20

Averaging percentages

How do you find the average for 3 percentages?

01/09/20

Rank in order (Highest to Lowest) change in operating expenses from year 1 to year 2

Question: Rank in order from highest (1) to lowest (5) in terms of the change in operating expensesKey: m = millionoperating expenses:A - year1=12.8m & year2=9.9mB - year1=25.1m &... more

01/09/20

Rank in order (Highest to Lowest) change in operating expenses from year 1 to year 2

Question: Rank in order from highest (1) to lowest (5) in terms of the change in operating expensesKey: m = millionoperating expenses:A - year1=12.8m & year2=9.9mB - year1=25.1m &... more

01/09/20

Change in operating expenses from year 1 to year 2

Question: Rank in order from highest (1) to lowest (5) in terms of the change in operating expensesKey: m = millionoperating expenses:A - year1=12.8m & year2=9.9mB - year1=25.1m &... more

12/16/19

A fixed asset with a cost of $30,000 and accumulated depreciation of $27,500 is sold for $3,500. What is the amount of the gain or loss on disposal of the fixed asset?

 A. $3,500 gain B. $1,000 gain C. $1,000 loss D. $2,500 loss C. $3,500 loss D. $2,500 gain

12/12/19

Need help figuring out how my professor got the answer he did. Accounting question.

This is the question: Houghton Company began business on January 1, 2015 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $20 per share. On June 30, Houghton... more

12/09/19

Construction Revenue Recognition

In 2020, Acme Construction began work on a contract with a price of $850,000 and estimated costs of $595,000. Data for each year of the contract are as follows: 2020 2021 ... more

12/01/19

How do I calculate the answers, I am at a complete loss of how to determine

Cost Flow MethodsThree identical units of Item PX2T are purchased during July, as shown below.  Item PX2T Units Cost   July 9 Purchase   1   $208   July 17 Purchase   1   209   July... more

11/26/19

General journal entry for Value-added tax in transaction.

Prepare general journal entry to record the below transaction. Round off all amounts to the nearest whole number.The Seed Factory (Pty) Ltd is a company that makes and distributes all types of food... more

11/19/19

1-3.2 application problem

Owner withdrew equity in the form of cash, $150.00.

11/19/19

Stear Corp. purchases goods on credit for $2,000. It records this transaction in the journal. It then returns a quarter of these goods to the vendor because they were defective. How will the

accountant record the transaction of returning the defective goods in the journal?A. Accounts Receivable Account (debit)   2,000    Purchase Return Account (credit)     2,000B. Purchase Return... more

11/19/19

Stear Corp. bought a commercial vehicle for $30,000 in the month of June 2015. It pays 50% of its purchase price by check immediately. It signs an agreement with the dealer to pay the balance in

the month of December 2015. How will you classify the transaction for purchase when it is recorded in the journal?A. simple journal entryB. compound journal entry C. complicated journal... more

11/12/19

Business Accounting (Merchandising)

Firas sold merchandise on account to Fatin, RM15,000, terms FOB shipping point, n/45. The cost of the goods sold was RM9,000. Firas paid the RM1,000 shipping costs. In Fatin’s journal entry, what... more

11/12/19

Business Accounting (Merchandising)

Merchandise with an invoice price of RM15,000 is purchased with terms of 3/10, n/45, FOB shipping point. Transportation costs paid by the buyer were RM162. What is the cost of the merchandise... more

11/11/19

see question below

A piece of equipment costing $24,000 with an accumulated depreciation of $13,000 was sold.Prepare the necessary journal entries for the following independent scenarios: a) Sold... more

11/09/19

Excel Financtial Functions

You are considering making an investment. The initial payment for the investment is $1000. In the secondyear, you will receive $3500, in the third year you will have to pay $2000, in the fourth... more

11/09/19

Excel Financtial Functions

The IRR (Internal Rate of Return) is another very useful function. Internal rate of return (IRR) is a metricused in capital budgeting to measure the profitability of potential investments. Internal... more

11/09/19

Excel Financial Functions

Time to learn some new functions! Depreciation is the process by which a company spreads the expense ofan asset over its useful life. Even though a company may actually pay for the asset... more
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