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Date
Jan 9, 2024
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Student: Quiz Result
https://lti.labyrinthelab.com/user_view_quiz_result.php?q=UFNPYW5GVGZwT2V1UDZjOUJRZ2NSQytXSEpIRXh2WlErWU5jSUMxOElhamhtNFFYU…
1/4
Answer:
Everything the business owns
The profit a business makes
Everything the business owns minus any
liabilities
What the business will use within the next year
Answer Provided
Everything the business owns
Answer:
Scheduled : Automobile loan, mortgage payment
Reminder : Gas bill, cellphone bill
Unscheduled : Invoice template used in rare
circumstances
Answer Provided
Scheduled : Automobile loan, mortgage payment
Reminder : Gas bill, cellphone bill
Unscheduled : Invoice template used in rare
circumstances
Answer:
Delete the associated invoice.
Create a transfer.
Use a credit memo.
Reinvoice the customer for the amount.
Answer Provided
Use a credit memo.
Answer:
Accounts Receivable
Checking
Bad Debt
Accounts Payable
Answer Provided
Accounts Receivable
Answer:
Statement of Cash Flows
Budget vs. Actuals
Balance Sheet
Budget Overview
Answer Provided
Budget vs. Actuals
Answer:
An entry is made to decrease the asset and
increase the expense.
QBO sends the rent payment.
The business ends up paying less for rent than
they would if they paid month to month.
The Prepaid Rent account replenishes.
Answer Provided
An entry is made to decrease the asset and
increase the expense.
Student Name :
Toni Castillo
Quizz Name :
Chapter 08 Test
Points :
50 Out of 50
Grade :
100%
Q
#.
Question
Lesson/Chapter
#
Question
Type
Feedback
Points
Instructor
Feedback
Q
1
What is an asset?
Chapter 8:
Multiple
Choice
Recording Other Current Assets
2.50/2.50 ---
Q
2
Match the recurring transaction type with the examples of what you'd use it
for.
Chapter 8:
Matching
Journal Entries and Recurring Transactions;
(QBCU exam) 1.4.2
2.50/2.50 ---
Q
3
How should you deal with an uncollectable receivable?
Chapter 8:
Multiple
Choice
Handling Uncollectible Receivables/Bad
Debts
2.50/2.50 ---
Q
4
What account is credited when you record a credit memo for uncollectable
receivables?
Chapter 8:
Multiple
Choice
Handling Uncollectible Receivables/Bad
Debts Behind the Scenes: Uncollectible
Receivables
2.50/2.50 ---
Q
5
Which report compares what you expected to spend with what you did
spend?
Chapter 8:
Multiple
Choice
DYS 8-7, steps #14-15; (QBCU exam) 5.1.1
2.50/2.50 ---
Q
6
What happens when a portion of prepaid rent is used?
Chapter 8:
Multiple
Choice
Recording Other Current Assets
2.50/2.50 ---
11/9/23, 7:46 PM
Student: Quiz Result
https://lti.labyrinthelab.com/user_view_quiz_result.php?q=UFNPYW5GVGZwT2V1UDZjOUJRZ2NSQytXSEpIRXh2WlErWU5jSUMxOElhamhtNFFYU…
2/4
Answer:
A fixed asset is entered as an expense when
purchased.
Businesses use fixed assets to promote the main
operations of the business, such as a vehicle,
machinery, or equipment.
When you create a new company and enter a
fixed asset, you credit its long-term liability
account.
Fixed assets always have a long-term liability
associated with them.
Answer Provided
Businesses use fixed assets to promote the main
operations of the business, such as a vehicle,
machinery, or equipment.
Answer:
The debt is older than one year.
You've been unable to contact them to collect.
The debt is associated with a non-inventory item.
You need to match income with expenses.
Answer Provided
You've been unable to contact them to collect.
Answer:
Answer Provided
Answer:
When the item is ordered
At the time you purchase them
When the item is invoiced
At the time the customer purchases them
Answer Provided
At the time you purchase them
Answer:
The accounts that will be increased and
decreased with debits and credits
The total amount of the long-term liability
The company's total budget for auto insurance
The purchase order from the insurance company
Answer Provided
The accounts that will be increased and decreased
with debits and credits
Answer:
Financial statement
Fixed asset account
Long-term liability
Long-term asset
Answer Provided
Long-term liability
Answer:
Q
7
Which statement about fixed assets is true?
Chapter 8:
Multiple
Choice
Fixed Assets and Long-Term Liabilities
2.50/2.50 ---
Q
8
When would you consider a customer debt an uncollectible receivable?
Chapter 8:
Multiple
Choice
Handling Uncollectible Receivables/Bad
Debts
2.50/2.50 ---
Q
9
Which "behind the scenes" image shows what happens when you write off a
bad debt?
Chapter 8:
Multiple
Choice
Handling Uncollectible Receivables/Bad
Debts Behind the Scenes: Uncollectible
Receivables
2.50/2.50 ---
Q
10
At what point are other current assets usually recorded?
Chapter 8:
Multiple
Choice
Recording Other Current Assets
2.50/2.50 ---
Q
11
Jemma is setting up a journal entry to record the allocation of her prepaid
auto insurance. What information will she need?
Chapter 8:
Multiple
Choice
Journal Entries and Recurring Transactions;
(QBCU exam) 1.4.1 and 1.5.1
2.50/2.50 ---
Q
12
What type of account is used to pay for fixed assets that will take more than
a year to pay off?
Chapter 8:
Multiple
Choice
Fixed Assets and Long-Term Liabilities
2.50/2.50 ---
Q
13
Which “behind the scenes” image shows what happens when you write a
check on March 1 to purchase a service that will be consumed over six
months?
Chapter 8:
Multiple
Choice
Recording Other Current Assets – Behind the
Scenes
2.50/2.50 ---
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Directions: Solve the given problem. Show complete solution.
7. 1. Carl Joshua went to Baguio and bought 20 jars of strawberry jam for P5, 000.00 with 10% discount.
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Compute for profits (TLE_ICTAN11/12EM-la-2)
Exercise #1: PROBLEM SOLVING
Directions: Solve the given problem. Show complete solution.
7. 1. Carl Joshua went to Baguio and bought 20 jars of strawberry jam for P5, 000.00 with 10% discount.
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Remaining Time Unimted
Suppose you are paid $3,000 per month and your employer's 401(k) matches your contributions by 10% up to a
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Round all answers to 2 decimal places.
Before taxes retirement amount $
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?Which of the following statements is not correct concerning multiple overhead rate systems
None of the given answers .a O
A company may choose to create a separate overhead rate for each of its production .b O
.departments
shi
In departments that are relatively labor-intensive, their overhead costs should be applied to .c O
jobs based on direct labor-hours rather than on machine-hours
A multiple overhead rate system is more complex than a system based on a single plantwide .d O
.overhead rate
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plantwide overhead rate
:Total manufacturing cost in a job-sheet for job-order costing, includes
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Falkland, Inc., is considering the purchase of a patent that has a cost of $51,000 and an estimated revenue producing life of 4 years. Falkland has a cost of capital of 12%. The
patent is expected to generate the following amounts of annual income and cash flows:
Year 1
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Year 4
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$5,100
$6,500
$6,300
$3,000
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18,300
18,450
15,100
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HW #10 - Chpt 22
1 eBook
E Print Item
Production and Direct Labor Cost Budgets
Two-Leg Company manufactures slacks and jeans under a variety of brand names, such as Kickers and 101 Denims. Slacks and jeans are assembled by a variety of different sewing operations.
Assume that the sales budget for Kickers and 101 Denims shows estimated sales of 15,430 and 32,760 pairs, respectively, for May. The finished goods inventory is assumed as follows:
Kickers
101 Denims
May 1 estimated inventory
690
920
May 31 desired inventory
260
1,160
Assume the following direct labor data per 10 pairs of Kickers and 101 Denims for four different sewing operations:
Direct Labor per 10 Pairs
Kickers
101 Denims
Inseam
19 minutes
13 minutes
Outerseam
23
16
>
Pockets
7
Zipper
11
7
Total
60…
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uestion : 1 a
A distinguishing feature of managerial accounting is
external users.
general-purpose reports
very detailed reports.
quarterly and annual reports.
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Principles of Accounting I-A X
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Quiz: Accounting for Current Liabi... G
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On December 16, Carboy, Incorporated, borrows $120,000 cash from Third National Bank at 9 percent annual interest. The no
is due in 45 days. At December 31, Carboy records any unpaid interest with an adjusting entry. On January 30 of the next year,
Carboy pays the principal and interest owed on the bank note.
Prepare the January 30 entry by Carboy for the payment (maturity) of the note plus interest by selecting the account names
from the drop-down menus and entering the dollar amounts in the debit or credit columns.
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Journal entry worksheet
On December 15, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9
percent annual interest. The note is due in…
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Quantitative Problem 1: You plan to deposit $2,200 per year for 6 years into a money market account with an annual return of 2%. You plan
to make your first deposit one year from today.
a. What amount will be in your account at the end of 6 years? Do not round intermediate calculations. Round your answer to the nearest cent.
4
b. Assume that your deposits will begin today. What amount will be in your account after 6 years? Do not round intermediate calculations.
Round your answer to the nearest cent.
6
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Review the FVAN definition and its equation.
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Understand the difference between an ordinary annuity and an annuity due.
Be careful about the order of mathematical operations if using the equation.
If using a financial calculator, be…
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ACCT-1170-017-Fall 2024-Principles of Managerial Accounting
Question Completion Status:
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QUESTION 1
Take Test: Unit 4 Homework
Relaunch to update:
Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the activity
base to allocate overhead:
Raw materials purchased
$ 320,000
Raw materials, beginning inventory
Raw materials, ending inventory
15,000
14,000
Work in process, beginning inventory
35,000
0
Work in process, ending inventory
37,000
Estimated overhead
300,000
Depreciation of factory building
50,000
Factory real estate taxes
Factory utility expenses
Indirect materials
7,382
45,000
20,000
Indirect labor
Direct labor cost
Direct labor hours incurred
11,000
100,000
24,000
Estimated direct labor hours
25,000
Compute the cost of goods manufactured.
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E Chapter 5 Homework - FINANCIA X
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Koch Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,000, Land
$40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid Insurance $5,200, Inventory $30,000, Allowance for Doubtful
Accounts $4,000, and Equity Investments (to be sold in the next quarter) $11,000.
Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
КОСН СORPORATION
Balance Sheet (Partial)
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The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of
the transactions listed below as:
1.
Operating activity-add to net income.
2.
Operating activity-deduct from net income.
3.
Investing activity.
4.
Financing activity.
5.
Reported as significant noncash activity
The transactions are as follows.
Transactions
Classifications of Activities
(a)
Issuance of common stock.
(b)
Purchase of land and building.
(c)
Redemption of bonds.
(d)
Sale of equipment.
(e)
Depreciation of machinery.
(f)
Amortization of patent.
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