How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Manal Elkhoshkhany Your Own Question

Manal Elkhoshkhany
Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9476
Experience:  More than 5000 online tutoring sessions.
3708793
Type Your Homework Question Here...
Manal Elkhoshkhany is online now
A new question is answered every 9 seconds

Hi, I need help with my accounting homework. There are 30

Customer Question

Hi, I need help with my accounting homework. There are 30 questions, but I would be willing to pay at least 30 dollars. I need it by no later than Friday- September 4th.
Submitted: 5 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 5 years ago.

HelloCustomerand welcome to Just Answer

 

Please post your questions and also advise the name of the book you are using: Title, author's name, and edition</p><p>&nbsp;</p><p>Thank you

Customer: replied 5 years ago.

ACC 280/Principles of Accounting

BOOK: Weygandt, KIMMEL, KIESO--- Financial Accounting 6 edition

 

1. An income statement

a. summarizes the changes in stockholders' equity for a specific period of time.

b. reports the changes in assets, liabilities, and stockholders' equity over a period of time.

c. reports the assets, liabilities, and stockholders' equity at a specific date.

d. presents the revenues and expenses for a specific period of time.

 

 

 

Use the following information for questions 2-3.

Sheepskin Company had the following transactions during 2008.

  • Sales of $4,500 on account
  • Collected $2,000 for services to be performed in 2009
  • Paid $625 cash in salaries
  • Purchased airline tickets for $250 in December for a trip to take place in 2009

 

2. What is Sheepskin's 2008 net income using accrual accounting?

a. $3,875

b. $5,875

c. $5,625

d. $3,625

3. What is Sheepskin's 2008 net income using cash basis accounting?

a. $5,875

b. $1,375

c. $5,625

d. $1,125

 

 

 

 

 

4. The matching principle states that

a. expenses become costs when they expire.

b. liabilities should be matched against assets on the balance sheet.

c. expenses should be matched against the revenues they help generate.

d. costs should be expensed when paid.

 

5. The balance in the income summary account before it is closed will be equal to

a. the net income or loss on the income statement.

b. the beginning balance in the retained earnings account.

c. the ending balance in the retained earnings account.

d. zero.

 

 

6. Fall Clothing Store had a balance in the Accounts Receivable account of $820,000 at the beginning of the year and a balance of $880,000 at the end of the year. Net credit sales during the year amounted to $6,120,000. The receivables turnover ratio was

a. 7.2 times.

b. 7 times.

c. 6.9 times.

d. 6.8 times

 

7. On October 3, Carter Company, received a cash payment for services previously billed to a client. The Company paid his telephone bill, and bought equipment on credit. For the three transactions, at least one of the entries will include a

a. credit to Retained Earnings.

b. credit to Notes Payable.

c. debit to Accounts Receivable.

d. credit to Accounts Payable.

 

 

8. Checks received through the mail should

a. immediately be endorsed "For Deposit Only."

b. be sent to the accounts receivable subsidiary ledger clerk for immediate posting to the customer's account.

c. be cashed at the bank as soon as possible.

d. be "rung up" on a cash register immediately.

 

 

 

 

 

9. Which of the following journal entries is recorded correctly and in the standard format?

a. Wages Expense .................................................................... 600

Cash ................................................................................ 1,500

Advertising Expense ............................................................. 900

 

b. Wages Expense .................................................................... 600

Advertising Expense ............................................................. 900

Cash ................................................................................ 1,500

 

c. Cash ...................................................................................... 1,500

Wages Expense .............................................................. 600

Advertising Expense ....................................................... 900

 

d. Wages Expense .................................................................... 600

Advertising Expense ............................................................. 900

Cash ................................................................................ 1,500

 

10. At April 30, Beckett Company has the following bank information: cash balance per bank $4,600; outstanding checks $280; deposits in transit $550; credit memo for interest $10; bank service charge $20. What is Beckett's adjusted cash balance on April 30?

a. $4,860

b. $4,880

c. $4,330

d. $4,870

 

11. The basic accounting equation cannot be restated as

a. Assets - Liabilities = Stockholders' Equity.

b. Assets - Stockholders' Equity = Liabilities.

c. Stockholders' Equity + Liabilities = Assets.

d. Assets + Liabilities = Stockholders' Equity.

 

 

 

 

Use the following information for questions 12-13.

 

The following items are taken from the financial statements of Cerner Company for the year ending December 31, 2008:

Accounts payable $ 18,000

Accounts receivable 11,000

Accumulated depreciation - equipment 28,000

Advertising expense 21,000

Cash 15,000

Retained Earnings (1/1/08) 80,000

Common Stock 22,000

Dividends 14,000

Depreciation expense 12,000

Insurance expense 3,000

Note payable, due 6/30/09 70,000

Prepaid insurance (12-month policy) 6,000

Rent expense 17,000

Salaries expense 32,000

Service revenue 133,000

Supplies 4,000

Supplies expense 6,000

Equipment 210,000

 

 

 

 

 

 

12. What is the company's net income for the year ending December 31, 2008?

a. $133,000

b. $42,000

c. $28,000

d. $12,000

 

13. What is the total that would be reported for stockholders' equity at December 31, 2008?

a. $102,000

b. $130,000

c. $144,000

d. $158,000

 

14. The formula for horizontal analysis of changes since the base period is the current year amount

a. divided by the base year amount.

b. minus the base year amount divided by the base year amount.

c. minus the base year amount divided by the current year amount.

d. plus the base year amount divided by the base year amount.

 

15. Zendejas Company purchased a ruler for $2.00. The ruler is expected to last for ten years. Tony, the accountant, expensed the cost of the ruler in the year of the purchase. Which constraint has Tony taken into account when making his accounting decision?

a. Conservatism

b. Faithful Representation

c. Neutrality

d. Materiality

 

 

 

 

 

 

 

 

 

 

 

 

 

16. Demaet Cruise Lines purchased a five-year insurance policy for its ships on April 1, 2008 for $100,000. Assuming that April 1 is the effective date of the policy, the adjusting entry on December 31, 2008 is

a. Prepaid Insurance.................................................................. 15,000

Insurance Expense........................................................ 15,000

b. Insurance Expense................................................................ 15,000

Prepaid Insurance.......................................................... 15,000

c. Insurance Expense................................................................ 20,000

Prepaid Insurance.......................................................... 20,000

d. Insurance Expense................................................................ 5,000

Prepaid Insurance.......................................................... 5,000

 

17. If a check correctly written and paid by the bank for $428 is incorrectly recorded on the company's books for $482, the appropriate treatment on the bank reconciliation would be to

a. add $54 to the bank's balance.

b. add $54 to the book's balance.

c. deduct $54 from the bank's balance.

d. deduct $428 from the book's balance.

 

18. Luthor Corporation had net income of $160,000 and paid dividends to common stockholders of $40,000 in 2008. The weighted average number of shares outstanding in 2008 was 50,000 shares. Luthor Corporation's common stock is selling for $50 per share on the New York Stock Exchange.

Luthor Corporation's price-earnings ratio is

a. 3.2 times.

b. 15.6 times.

c. 10 times.

d. 5 times.

19. A trial balance will not balance if

a. a journal entry is posted twice.

b. a wrong amount is used in journalizing.

c. incorrect account titles are used in journalizing.

d. a journal entry is only partially posted

 

 

 

20 . The going concern assumption assumes that the business

a. will be liquidated in the near future.

b. will be purchased by another business.

c. is in a growth industry.

d. will continue in operation long enough to carry out its existing objectives and commitments.

21. At September 1, 2008, Foli Co. reported retained earnings of $136,000. During the month, Foli generated revenues of $20,000, incurred expenses of $12,000, purchased equipment for $5,000 and paid dividends of $2,000. What is the amount of retained earnings at September 30, 2008?

a. $136,000

b. $8,000

c. $137,000

d. $142,000

 

22. The accounting equation for Goodboys Enterprises is as follows:

Assets Liabilities Stockholders' Equity

$120,000 = $60,000 + $60,000

If Goodboys purchases office equipment on account for $12,000, the accounting equation will change to

Assets Liabilities Stockholders' Equity

a. $120,000 = $60,000 + $60,000

b. $132,000 = $60,000 + $72,000

c. $132,000 = $66,000 + $66,000

d. $132,000 = $72,000 + $60,000

 

23. Having one person post entries to accounts receivable subsidiary ledger and a different person post to the Accounts Receivable Control account in the general ledger is an example of

a. inadequate internal control.

b. duplication of effort.

c. external verification.

d. segregation of duties.

 

 

 

 

 

 

 

 

 

 

Use the following information for questions 24:

 

Moon Beam, Inc. has the following income statement (in millions):

MOON BEAM, INC.

Income Statement

For the Year Ended December 31, 2008

Net Sales $180

Cost of Goods Sold 120

Gross Profit 60

Operating Expenses 33

Net Income $ 27

 

24. Using vertical analysis, what percentage is assigned to Cost of Goods Sold?

a. 67%

b. 33%

c. 100%

d. None of the above

 

25. Each of the following is an example of an unexpired cost except

a. merchandise inventory.

b. plant assets.

c. prepaid expenses.

d. repairs.

 

26. The net income (or loss) for the period

a. is found by computing the difference between the income statement credit column and the balance sheet credit column on the worksheet.

b. cannot be found on the worksheet.

c. is found by computing the difference between the income statement columns of the worksheet.

d. is found by computing the difference between the trial balance totals and the adjusted trial balance totals.

 

27. The accounting process is correctly sequenced as

a. identification, communication, recording.

b. recording, communication, identification.

c. identification, recording, communication.

d. communication, recording, identification.

 

 

 

 

 

 

28. Sue Smiley has performed $500 of CPA services for a client but has not billed the client as of the end of the accounting period. What adjusting entry must Sue make?

a. Debit Cash and credit Unearned Revenue

b. Debit Accounts Receivable and credit Unearned Revenue

c. Debit Accounts Receivable and credit Service Revenue

d. Debit Unearned Revenue and credit Service Revenue

 

29. Generally accepted accounting principles are

a. income tax regulations of the Internal Revenue Service.

b. standards that indicate how to report economic events.

c. theories that are based on physical laws of the universe.

d. principles that have been proven correct by academic researchers.

 

30. James Company purchases $600 of equipment from Mundelein Inc. for cash. The effect on the components of the basic accounting equation of James Company is

a. an increase in assets and liabilities.

b. a decrease in assets and liabilities.

c. no change in total assets.

d. an increase in assets and a decrease in liabilities.

 

 

 

Extra Credit:

Problem # XXXXX

The adjusted trial balance of Pool Financial Planners appears below. Using the information from the adjusted trial balance, you are to prepare for the month ending December 31:

1. an income statement.

2. a retained earnings statement.

3. a balance sheet.

 

 

 

 

 

 

POOL FINANCIAL PLANNERS

Adjusted Trial Balance

December 31, 2008

-------------------------------------------

Debit Credit

Cash.......................................................................................................... $ 5,400

Accounts Receivable.................................................................................. 2,200

Office Supplies........................................................................................... 1,800

Office Equipment....................................................................................... 15,000

Accumulated Depreciation-Office Equipment........................................... $ 4,000

Accounts Payable....................................................................................... 3,300

Unearned Revenue................................................................................... 6,000

Common Stock .......................................................................................... 10,000

Retained Earnings (Jan. 1).......................................................................... 4,400

Dividends.................................................................................................. 2,500

Service Revenue........................................................................................ 4,200

Office Supplies Expense............................................................................. 600

Depreciation Expense................................................................................ 2,500

Rent Expense............................................................................................ 1,900

$31,900 $31,900

 

 

Expert:  Manal Elkhoshkhany replied 5 years ago.

You have a deal

 

Before Friday you will have the solutions (probably by tomorrow afternoon)

 

Regards,

Customer: replied 5 years ago.
Relist: No answer yet.
Expert:  Expert Sissy replied 5 years ago.

HelloCustomer

 

Here are you answers

Expert:  Manal Elkhoshkhany replied 5 years ago.
HelloCustomer



Please note that the above solution is not provided by me, the other expert probably did not notice that we have a deal so she posted a solution. I have not checked it to see if it is correct or not, but I am working on the assignment as per our agreement and then I will compare it to the other expert's answers and tell you if they are correct or not. If you prefer to wait for my solutions, please do not click Accept on the other expert's reply.



Regards,
Customer: replied 5 years ago.

I will wait for your response.....

Expert:  Manal Elkhoshkhany replied 5 years ago.
Thank youCustomer
Expert:  Manal Elkhoshkhany replied 5 years ago.
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
If you've already paid for this answer, simply Login.
Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9476
Experience: More than 5000 online tutoring sessions.
Manal Elkhoshkhany and 9 other Homework Specialists are ready to help you
Customer: replied 5 years ago.
Hi business tutor,

I wasn't able to open up the attachments because I am not near a computer. I am using my phone to respond to you. I will be back at home tomorrow and I will reply then.
Expert:  Manal Elkhoshkhany replied 5 years ago.

Sure :)

 

I also provided you with the calculations. I was not sure whether or not you needed the calculations. Also, for the duplicate post, you had originally said you needed help with P15-1, & P15-6, do you still need those?

 

Take care

Customer: replied 5 years ago.
Hi,

I am sorry but I just returned from a "staycation". I was not able to get to a computer yesterday; I am sorry. But everything looks great!! I really appreciate your help with this.
Expert:  Manal Elkhoshkhany replied 5 years ago.

Oh come one Embarassed, I am the one who should be apologizing for being late, but in addition to the fact that I wanted to provided step by step soloutions, my laptop is giving me such a hard time (it actually crashed on me Cry, but I am waiting for my new laptop and hopefully the first post I answer on the new laptop would be one of your future posts :)

 

Thank you so much and I would love to hear your feedback when you get the results.

 

All the best

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
< Last | Next >
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg Linda_us's Avatar

    Linda_us

    Finance, Accounts & Homework Tutor

    Satisfied Customers:

    3121
    Post Graduate Diploma in Management (MBA)
  • http://ww2.justanswer.com/uploads/ComputersGuru/2010-02-13_051118_Photo41.JPG LogicPro's Avatar

    LogicPro

    Engineer

    Satisfied Customers:

    3035
    Expert in Java C++ C C# VB Javascript Design SQL HTML
  • http://ww2.justanswer.com/uploads/lanis/2009-4-1_233717_phput9xef_c1pm.jpg Lani S.'s Avatar

    Lani S.

    Tutor

    Satisfied Customers:

    2457
    Registered Nurse, Internet Researcher, Private Tutor
  • http://ww2.justanswer.com/uploads/chooser77/2009-08-18_162025_Chris.jpg Chris M.'s Avatar

    Chris M.

    M.S.W. Social Work

    Satisfied Customers:

    2341
    Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

    F. Naz

    Chartered Accountant

    Satisfied Customers:

    1975
    Experience with chartered accountancy
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

    Bizhelp

    CPA

    Satisfied Customers:

    1873
    Bachelors Degree and CPA with Accounting work experience
 
 
 

Related Homework Questions