Multiple Problems

For Help with Multiple Homework Problems, Ask an Expert

Ask an Expert,
Get an Answer ASAP!

I would like the answers to these questions please. How mu…

Customer Question
I would like the answers...
I would like the answers to these questions please. How much?
Submitted: 3 years ago.Category: Multiple Problems
Show More
Show Less
Ask Your Own Multiple Problems Question
Customer reply replied 3 years ago
1. A company has Liabilities of $23,500 and Stockholders’ Equity of $56,500. How much does the company have in Assets?
2. Beginning Retained Earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company?
3. The account “Salaries Expense” began with a zero balance and then had the following changes: increase of $450, decrease of $175, increase of $600, and an increase of $350. What is the final balance of the “Salaries Expense” account, and is it a debit or credit?
4. A $375 purchase of supplies on account was recorded by debiting Supplies for $375 and crediting Cash for $375. What is the journal entry needed to correct this error?
5. Allied, Inc. bought a two-year insurance policy on August 1 for $3,600. What is the adjusting journal entry on December 31?
6. A company started the year with no supplies. During the year they bought $200 worth of supplies on account and later paid $150 of this debt. If there were $40 worth of supplies left at the end of the year, what is the supply expense for the period?
7. ABC Corporation has received an invoice for $4,500 with terms of 3/15, n/50. If ABC pays the invoice on the seventeenth day, what is the effect on the Cash account and will the Cash account be debited or credited?
8. Bond and Associates has the following account balances listed in alphabetical order: Accumulated Depreciation, $23,000; Accounts Payable, $8,500; Accounts Receivable, $12,000; Cash, $3,500; Equipment, $44,000; Land, $21,000; Mortgage Payable, $45,000; Prepaid Insurance, $7,500; Supplies, $2,000; Unearned Revenue, $6,000; Wages Payable, $4,500. How much are Bond and Associates’ current liabilities?
9. Olympic Enterprises has the following inventory data:
Date Quantity Unit cost
June 1 Beginning inventory 5 $52
June 4 Purchase 10 $55
June 7 Sale 12
June 11 Purchase 9 $58
June 14 Sale 8
Assuming average cost, what is the cost of goods sold for the June 14 sale?
10. A company has $4,500 in net sales, $3,200 in gross profit, $1,300 in ending inventory, and $1,800 in beginning inventory. What is the company’s cost of goods sold?
11. Goods available for sale are $40,000; beginning inventory is $16,000; ending inventory is $20,000; and the cost of goods sold is $50,000. What is the inventory turnover?
12. Which element of internal control deals with establishing procedures for things such as handling of incoming checks, and which element deals with the oversight of the internal control systems?
13. What is an audit opinion?
14. A company has $235,000 in credit sales. The company uses the allowance method to account for uncollectible accounts. The Allowance for Doubtful Accounts now has a $7,250 credit balance. If the company estimates 7% of credit sales will be uncollectible, what is the amount of the journal entry to record estimated uncollectible accounts?
15. Bestway, Inc. had credit sales of $142,000 for the period. The balance in Allowance for Doubtful Accounts is a debit of $643. If Bestway estimates that 2% of credit sales will be uncollectible, what is the required journal entry to record estimated uncollectible accounts?
16. An asset has a cost of $50,000, with a residual value of $10,000. It has a life of 5 years and was purchased on January 1. Under double-declining-balance, what is the asset’s fourth full year of depreciation expense?
17. A truck costing $56,000 has accumulated depreciation of $50,000. The truck is sold for $8,500. What is the journal entry for this transaction?
18. On January 1, Bixby Machine signed a $210,000, 6%, 30-year mortgage that requires semiannual payments of $7,585 on June 30 and December 31 of each year. What is the correct journal entry for recording the second semiannual
payment (round interest calculation to the nearest dollar)?
19. On January 1, $500,000 of 8%, 10-year bonds were sold for $530,000. The bonds require semiannual interest payments on June 30 and December 31. What is the correct entry for recording the June 30 interest payment on the bonds?
20. Motor Works, Inc. has declared a $20,000 cash dividend to shareholders. The company has 5,000 shares of $15-par, 10% preferred stock and 10,000 shares of $20-par common stock. The preferred stock is non-cumulative. How much will the preferred and common stockholders receive on the date of payment?
21. Allied Industries, Inc. has 250,000 shares of $7-par common stock outstanding. They
have declared a 7% stock dividend. The current market price of the common stock is
$11/share. What is the amount that will be credited to Paid-in Capital in Excess of Par
Common Stock on the date of declaration?
22. Accounts receivable amounts to $215,000 for the beginning of the year and $245,000 for
the end of the year. Income reported on the income statement for the year is $300,000.
How much is the cash flow from operating activities on the cash flow statement using
the indirect method? 4 Financial Accounting
Customer reply replied 3 years ago
23. Operating expenses other than depreciation for the year were $400,000. Accrued
expenses increased by $35,000. What are the cash payments for operating expenses
reported on the cash flow statement using the direct method?
24. Red Line, Inc. has a cash balance of $80,000, short-term investments of $20,000, net
receivables of $60,000, and inventory of $450,000. Current liabilities total $200,000.
What is Red Line’s quick ratio?
25. River City, Inc. reported the following for 2014:
What are the earnings per share for River City, Inc. (to the nearest cent)?
Net sales $220,000
Net income $37,000
Market price per share of common stock $28.75
Dividends $4,100
Average number of shares of common stock
outstanding 10,000
Answered in 37 minutes by:
6/22/2015
Business Tutor: Manal Elkhoshkhany, Bachelor's Degree replied 3 years ago
Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
Category: Multiple Problems
Satisfied Customers: 9,999
Experience: Completed by BA degree in 1988 and graduated with a GPA of 4.0
Verified
Hello and welcome to Just Answer,
I can help you with the assignment. You are currently offering $46 which is fair for the assignment, but I wanted to advise you that Just Answer had recently added a new additional service where I can send you the solutions through email.Since this is an additional service, it involves an additional charge, yet I agree with your initial offer so I can charge you the lowest possible charge for additional services ($5) If interested, Please accept the offer for additional services.
Thank you
P.S. I personally recommend it since it is more private and secure
Ask Your Own Multiple Problems Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a business tutorLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask linda_us Your Own Question
linda_us
linda_us
linda_us, Master's Degree
Category: Multiple Problems
Satisfied Customers: 1,402
1,402 Satisfied Customers
Experience: A tutor for Business, Finance, Accounts and other related topics.

linda_us is online now

A new question is answered every 9 seconds

How JustAnswer works:

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

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

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!!!!

AlexLos 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.

GPHesperia, CA

I couldn't be more satisfied! This is the site I will always come to when I need a second opinion.

JustinKernersville, 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.

EstherWoodstock, 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.

RobinElkton, 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.

DianeDallas, TX

< Previous | Next >

Meet the Experts:

linda_us

linda_us

Master's Degree

1,402 satisfied customers

A tutor for Business, Finance, Accounts and other related topics.

F. Naz

F. Naz

B.Com

1,110 satisfied customers

have completed B.Com and CA Finalist

Manal Elkhoshkhany

Manal Elkhoshkhany

Bachelor's Degree

9,999 satisfied customers

Completed by BA degree in 1988 and graduated with a GPA of 4.0

Mr. Gregory White

Mr. Gregory White

Master's Degree

874 satisfied customers

M.A., M.S. Education / Educational Administration

Bizhelp

Bizhelp

CPA

539 satisfied customers

BA degree and Certified Public Accountant

MyVirtualCPA

MyVirtualCPA

Master's Degree

155 satisfied customers

Master's degree holder who loves to help you understand your MC homework problems

Dimitry K., Esq.

Dimitry K., Esq.

Doctoral Degree

39 satisfied customers

JD/MBA, Business Attorney

< Previous | Next >

Related Multiple Problems Questions
Student ID: 70660555 Exam: 061555RR - Corporations When you
Student ID: 70660555 Exam: 061555RR - Corporations When you have completed your exam and reviewed your answers, click Submit Exam. Answers will not be recorded until you hit Submit Exam. If you need t… read more
Johnmark1900
Johnmark1900
Finance Manager
Chartered Accountant
24 satisfied customers
1. A/ An _______ is added back to net income in the operating
1. A/ An _______ is added back to net income in the operating section of an indirect cash flow statement. A. increase in inventory B. depreciation C. decrease in accounts payable D. increase in accoun… read more
Johnmark1900
Johnmark1900
Finance Manager
Chartered Accountant
24 satisfied customers
Exam: 061553RR - ACCOUNTING FOR MERCHANDISINGExam: 061554RR
Exam: 061553RR - ACCOUNTING FOR MERCHANDISING Exam: 061554RR - THE VALUE OF MONEY Exam: 061555RR - CORPORATIONS Exam: 061553RR - ACCOUNTING FOR MERCHANDISING When you have completed your exam and revi… read more
linda_us
linda_us
Master's Degree
Master's Degree
1,402 satisfied customers
Question 1 On December 21, 2012, Zurich Company provided
Question 1 On December 21, 2012, Zurich Company provided you with the following information regarding its trading securities. December 31, 2012 Investments (Trading) Cost Fair Value Unrealized Gain (L… read more
Johnmark1900
Johnmark1900
Finance Manager
Chartered Accountant
24 satisfied customers
12. Stewart Company acquired Meyer Manufacturing on January
12. Stewart Company acquired Meyer Manufacturing on January 1, 2013 for $6,800,000 and recorded goodwill of $1,800,000 as a result of that purchase. At December 31, 2013, Meyer Manufacturing Division … read more
linda_us
linda_us
Master's Degree
Master's Degree
1,402 satisfied customers
1. On January 1, 2013, Darrow Corporation issued $5,000,000,
1. On January 1, 2013, Darrow Corporation issued $5,000,000, 10-year, 8% bonds at 103. Interest is payable semiannually on January 1 and July 1. The journal entry to record this transaction on January… read more
linda_us
linda_us
Master's Degree
Master's Degree
1,402 satisfied customers
1. Cutter Enterprises purchased equipment for $72,000 on January
1. Cutter Enterprises purchased equipment for $72,000 on January 1, 2013. The equipment is expected to have a five-year life and a residual value of $6,000. Using the double-declining balance method, … read more
linda_us
linda_us
Master's Degree
Master's Degree
1,402 satisfied customers
I need all these answer by Tuesday before Wensday...please!!
Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 66 units that cost $39 each. During June, the company purchased 197 units at $39 each, returned 8 units for credi… read more
F. Naz
F. Naz
B.Com
CA Finalist & Completed B.com
1,110 satisfied customers
It appears you had helped a Robert with the answers to this
It appears you had helped a Robert with the answers to this assignment today. Can I get those answers as well? ASAP! Please. 1. On January 1, 2013, Daniels Corporation issued $5,000,000, 10-year, 8% b… read more
linda_us
linda_us
Master's Degree
Master's Degree
1,402 satisfied customers
1. On January 1, 2013, Daniels Corporation issued $5,000,000,
1. On January 1, 2013, Daniels Corporation issued $5,000,000, 10-year, 8% bonds at 103. Interest is payable semiannually on January 1 and July 1. The journal entry to record this transaction on Januar… read more
linda_us
linda_us
Master's Degree
Master's Degree
1,402 satisfied customers
Attachment: 2013-06-01_030513_accounting_problem.doc Attachment: 2013-
Attachment: 2013-06-01_030513_accounting_problem.doc Attachment: 2013-06-01_030646_accounting_template.xls This should be completed using Excel (with formulas and linked data). 1. Prepare an Income St… read more
F. Naz
F. Naz
B.Com
CA Finalist & Completed B.com
1,110 satisfied customers
1. Record the following transactions using the accountingequation.Exam
1. Record the following transactions using the accounting equation. Example: Assets = Liabilities + Equity XXXX(cash) XXXX(accounts payable) A. Amanda invests $17,000 cash into her merchandising busin… read more
linda_us
linda_us
Master's Degree
Master's Degree
1,402 satisfied customers
INTRO TO ACCOUNTING 1.) Since financial information is
INTRO TO ACCOUNTING 1.) Since financial information is communicated in accounting terms, accounting is said to be: not worth the cost of the system. private. the language of business. the mission of b… read more
Bizhelp
Bizhelp
CPA
Bachelor's Degree
539 satisfied customers
1) Which financial statement is used to determine cash generated
1) Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement 2) In terms o… read more
linda_us
linda_us
Master's Degree
Master's Degree
1,402 satisfied customers
1. the entry to record the equal distribution of net income
1. the entry to record the equal distribution of net income between two partners consists of a debit to: Income Summary and a credit to each partner's capital account. each partner's capital account a… read more
Neo
Neo
Bachelor\u0027s Degree
1,144 satisfied customers
Question: Ball Company sells merchandise on account for $1,500
Question: Ball Company sells merchandise on account for $1,500 to Edds Company with credit terms of 2/10, n/30. Edds Company returns $300 of merchandise that was damaged, along with a check to settle … read more
Neo
Neo
Bachelor\u0027s Degree
1,144 satisfied customers
Neo! Question: In the stockholders equity section of the
Neo! Question: In the stockholders' equity section of the balance sheet, the classification of capital stock consists of A. Additional paid-in capital and common stock B. Common stock and treasury sto… read more
Neo
Neo
Bachelor\u0027s Degree
1,144 satisfied customers
11) If a corporation issued $3,000,000 in bonds which pay 10%
11) If a corporation issued $3,000,000 in bonds which pay 10% annual interest, what is the annual net cash cost of this borrowing if the income tax rate is 30%? A. $3,000,000 B. $90,000 C. $300,000 D.… read more
Kirk_CPA
Kirk_CPA
Master\u0027s Degree
37 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x