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linda_us
linda_us, Master's Degree
Category: Multiple Problems
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Experience:  Business Analyst and Solution Consultant with over 9 years of experience.
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For Linda: hi linda, are you available to help me with some

Resolved Question:

For Linda:

hi linda, are you available to help me with some questions?
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  linda_us replied 2 years ago.
HiCustomer

I was not online yesterday. we can do your assignment today.

Regards

Linda
Customer: replied 2 years ago.
For Linda:

Hi Linda:

Are you available for some questions?
Expert:  linda_us replied 2 years ago.
Yes , I am.
Customer: replied 2 years ago.
For Linda:
(Here are 7, I have about 12 more. can you get these back in 15 min. ) If you reply that you received them, I will send the next link as you work on these)
Deferred tax assets:
represent a reduction in the income tax liability of a future year when an expense will become deductible for income tax purposes.
are always classified as current assets.
arise when the company makes a prepayment of its income taxes.
are less likely to be reported than deferred tax liabilities for most firms.


The accounting concept or principle applied when an allowance is provided for estimated uncollectible accounts receivable is:
consistency.
matching revenue and expense.
original cost.
objectivity.
If an organization purchases $700 of supplies on account, with terms of 2/15, n50:
$650 must be paid within 15 days of the invoice date.
$698 must be paid within 50 days of the invoice date.
$686 can be paid within 15 days of the invoice date, or $700 must be paid within 50 days of the invoice date.
$686 can be paid within 15 days of the invoice date, or $714 must be paid within 50 days of the invoice date.
A cash equivalent is a current asset that:
Will be converted to cash within one year.
Will be converted to cash within one month.
Is readily convertible into cash with a minimal risk.
Is readily convertible into cash with a substantial risk.
None of the above.
The valuation of short-term marketable securities in the balance sheet is likely to be their cost because:
The market value of short-term marketable securities does not fluctuate from cost.
The high quality and close maturity date of the securities causes their market value to be relatively stable.
Generally accepted accounting principles require that short-term marketable securities be reported at cost.
The question statement is false; the valuation of short-term marketable securities in the balance sheet is not likely to be their cost.

Which of the following accounting concepts/principles is most significant in the development of a capitalization policy?
Matching of revenue and expense.
Materiality.
Original Cost.
Consistency.
The Modified Accelerated Cost Recovery System (MACRS) specifies which of the following depreciation methods for buildings?
150% declining-balance.
Double-declining-balance.
Straight line.
Buildings are not depreciable assets.




Customer: replied 2 years ago.
did you receive the questions?
Customer: replied 2 years ago.
For Linda:

Did you receive the questions?
Expert:  linda_us replied 2 years ago.
linda_us, Master's Degree
Satisfied Customers: 7127
Experience: Business Analyst and Solution Consultant with over 9 years of experience.
linda_us and other Multiple Problems Specialists are ready to help you
Customer: replied 2 years ago.
For Linda:
Here is another batch, try to get tehm to me in 15 min

If there is a loss on the disposal of a depreciable asset:

no cash was received in the disposal transaction.

the net book value of the asset was negative.

in retrospect, the life over which the asset was depreciated was too short.

in retrospect, the depreciation expense recognized over the asset's life was too low.

The accrual of interest on short-term marketable securities results in:

an increase in current assets and a decrease in net income.

an increase in current assets and an increase in net income.

an increase in noncurrent assets and an increase in liabilities.

an increase in current liabilities and an increase in net income.

The allowance for uncollectible accounts is a(n):

asset.

contra current asset.

expense.

contra revenue.

For which of the following reconciling items would an adjusting entry be necessary?

A deposit in transit.

An error by the bank.

Outstanding checks.

A bank service charge.

Which of the following is the correct balance sheet presentation for current assets?

Cash, inventories, account receivables, prepaid expenses.

Cash equivalents, cash, other current assets, accounts receivable.

Accounts receivable, inventories, prepaid expenses, other current assets.

Marketable securities, cash, notes receivable, prepaid expenses.

The balance sheet valuation of inventories is:

lower of cost or market.

lower of selling price or cost.

lower of realizable value or selling price.

cost, regardless of the cost of replacing the inventory.

The amount of cash related to a particular bank checking account that is shown on the balance sheet at December 31 is:

The cash balance shown on the bank's records at the close of business on December 31.

The cash balance shown in the company's general ledger account for this checking account at the close of business on December 31.

The cash balance shown in the general ledger account for this checking account as of the close of business on December 31, after recognizing any outstanding checks and/or deposits in transit from the December 31 bank account reconciliation.

The cash balance shown in the general ledger account for this checking account as of the close of business on December 31, after recognizing any bank service charges and/or interest income from the December 31 bank account reconciliation.

Expert:  linda_us replied 2 years ago.
in retrospect, the depreciation expense recognized over the asset's life was too low.

an increase in current assets and an increase in net income.

contra current asset

A bank service charge.

Cash, inventories, account receivables, prepaid expenses.

lower of cost or market.


linda_us, Master's Degree
Satisfied Customers: 7127
Experience: Business Analyst and Solution Consultant with over 9 years of experience.
linda_us and other Multiple Problems Specialists are ready to help you
Expert:  linda_us replied 2 years ago.
The cash balance shown in the general ledger account for this checking account as of the close of business on December 31, after recognizing any bank service charges and/or interest income from the December 31 bank account reconciliation.
Customer: replied 2 years ago.

For Linda:


Last batch 15 min

Which of the following is the correct balance sheet presentation for current assets?

Cash, inventories, account receivables, prepaid expenses.

Cash equivalents, cash, other current assets, accounts receivable.

Accounts receivable, inventories, prepaid expenses, other current assets.

Marketable securities, cash, notes receivable, prepaid expenses.

The balance sheet valuation of inventories is:

lower of cost or market.

lower of selling price or cost.

lower of realizable value or selling price.

cost, regardless of the cost of replacing the inventory.

The amount of cash related to a particular bank checking account that is shown on the balance sheet at December 31 is:

The cash balance shown on the bank's records at the close of business on December 31.

The cash balance shown in the company's general ledger account for this checking account at the close of business on December 31.

The cash balance shown in the general ledger account for this checking account as of the close of business on December 31, after recognizing any outstanding checks and/or deposits in transit from the December 31 bank account reconciliation.

The cash balance shown in the general ledger account for this checking account as of the close of business on December 31, after recognizing any bank service charges and/or interest income from the December 31 bank account reconciliation.

When a depreciable asset is sold:

a gain arises if the sales proceeds exceed the net book value.

a loss arises if the sales proceeds exceed the net book value.

any cash received results in a gain.

depreciation expense is adjusted so there is no gain or loss.

Which of the following is true regarding notes receivables?

A notes receivable is always a long-term asset.

A notes receivable is always a current asset.

A note is a more formal document than an account receivable.

A note is a less formal document than an account receivable.

Accounting for natural resources:

involves using the accumulated depreciation account.

involves estimating the quantity of the natural resource to be recovered.

involves an exception to the matching concept.

involves a sum-of-the-year's-digits depletion calculation.

The entry to record depreciation expense:

increases a contra long-term asset and decreases net income.

decreases a contra long-term asset and decreases net income.

decreases working capital and decreases net income.

decreases a long-term asset and increases a contra long-term asset.

When a machine having a net book value of $5,000 is sold for $4,000:

current assets increase, equipment (net) increases, and net income increases.

current assets increase, equipment (net) decreases, and net income increases.

current assets increase, equipment (net) decreases, and net income decreases.

current assets increase, equipment (net) increases, and net income decreases.

Goodwill is an asset that arises because the present value of an acquired company's estimated future earnings, discounted at the acquiring firm's ROI:

is less than the fair market value of the net assets of the acquired company.

is more than the fair market value of the net assets of the acquired company.

is more than the fair market value of the net assets of the acquiring company.

is less than the fair market value of the net assets of the acquiring company.

Customer: replied 2 years ago.
For Linda:



I need them back, whatever you have, in 8 minutes
Expert:  linda_us replied 2 years ago.
linda_us, Master's Degree
Satisfied Customers: 7127
Experience: Business Analyst and Solution Consultant with over 9 years of experience.
linda_us and other Multiple Problems Specialists are ready to help you
Customer: replied 2 years ago.
For Linda:

Thank you for your help and for getting it done within the time constraint! I see you posted your photo Smile, nice shot! I will need some help wednesday or thursday night, same as tonight, will you be available? Please send this back so I can accept the answer.
Expert:  linda_us replied 2 years ago.
Thanks :-)

I will be here. Good night.
Customer: replied 2 years ago.
thank you

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