1)Current assets include

a.assets that are expected to serve the business for many years.

b.cash and assets that will be converted into cash or consumed within either one year or the normal operating cycle of the business, whichever is longer.

c.plant assets.

d.cash and assets that will be converted into cash or consumed within either one year or the normal operating cycle of the business, whichever is shorter.

2)A sale made on credit would be reported as an __________.

a.operating activity.

b.investing activity.

c.financing activity.

d.None of these choices are correct

3)The summary account will not appear on the post-closing trial balance.

True

False

4)Numbers in parentheses on a statement of cash flows indicate a cash outflow.

True

False

5)The Service Fees account

a.will appear on the post-closing trial balance.

b.is a temporary revenue account.

c.is closed to the Income Summary account.

d.is closed to the Income Summary account and is a temporary revenue account

6)All of the following are true about the post-closing trial balance, except:

a.Only permanent accounts are listed in the post-closing Trial Balance.

b.It is prepared before the closing process.

c.The owner's capital balance listed on the post-closing Trial Balance was updated to reflect revenues, expenses, and drawing for the accounting period.

d.It is prepared after posting the closing entries to prove the equality of the debit and credit balances in the general ledger accounts.

7)The step(s) of the accounting cycle that is/are utilized during the accounting period would be

a.analyze source documents.

b.post to the general ledger accounts.

c.journalize the transactions.

d.All of these choices are correct.

8)the steps involved in accounting for all of the business activities during an accounting period are called the __________.

operating cycle

calendar cycle.

accounting cycle

None of these choices are correct.

1.

Calculate Payroll

Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:

For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $356.90 to 28% of the difference between the employee's amount subject to withholding and $1,796.00. Assume further that the social security tax rate was 6%, the Medicare tax rate was 1.5%, and one withholding allowance is $70.

Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. If required, round your answers to two decimal places.

2.

Summary Payroll Data

In the following summary of data for a payroll period, some amounts have been intentionally omitted:

a. Calculate the amounts omitted in lines (1), (3), (8), and (12).

b. Journalize the entry to record the payroll accrual. If an amount box does not require an entry, leave it blank.

c. Journalize the entry to record the payment of the payroll.

3.

Quick Ratio

Gmeiner Co. had the following current assets and liabilities on December 31 of two recent years:

a. Determine the quick ratio for December 31 of both years. If required, round your answers to one decimal place.

I put 2.2 & 2 and there was a decrease but that was incorrect. I am not sure exactly what I am doing wrong.

b. How did the quick ratio change between the two balance sheet dates?
Decreased

Select an organization – it could be your present company or a previous company for which you worked in the past, or an organization in your personal life (professional, fraternal, charitable, social, etc.) – and describe a situation that demonstrates this organization’s foresight, creativity, and innovation within an ethical model. Some examples situations might include the development of a new product or service, a removal of a barrier to productivity, an action to improve employee productivity, a marketing/advertising campaign that induced more sales, a fund raising drive, a membership drive, etc. Your paper should:

Provide an analysis of how the organization demonstrated each of these separate concepts (creativity, innovation, and foresight) in an interrelated and ethical way.

Next, analyze the specific situation you have presented in light of foresight, creativity, and innovation in one of the following ways:

Analyze how the situation you have presented reflects at least three workplace trends discussed by Puccio, et al. (2012) or,

Analyze how at least three of the management challenges and goals discussed by Hamel (2009) helped you to understand the situation you presented.

A company attempts to evaluate the potential for a new bonus plan by selecting a sample of 4 salespersons to use the bonus plan for a trial period. The weekly sales volume before and after implementing the bonus plan is shown below. (For the following matched samples, let the difference "d" be d = after - before.)

A company attempts to evaluate the potential for a new bonus plan by selecting a sample of 4 salespersons to use the bonus plan for a trial period. The weekly sales volume before and after implementing the bonus plan is shown below. (For the following matched samples, let the difference "d" be d = after - before.)

Construct a confidence interval for ?? the mean of the differences d for the population of paired data. Assume that the population of paired differences is normally distributed. The table shows the weights of 9 subjects before and after following a particular diet for two months. Construct a 99% confidence interval for the mean difference of the “before” minus “after” weights. Round to one decimal place.

Ten different families are tested for the number of gallons of water a day they use before and after viewing a conservation video. At the 0.05 significance level, test the claim that the mean is the same before and after the viewing.

• List the null and alternative hypothesis,
• the critical value,
• the test statistic with and s_d.
• Draw the graph and label the test statistic, critical value and rejection regions.
• Reject or fail to reject?
• State the conclusion

Eleven employees were put under the care of the company nurse because of high cholesterol readings. The nurse lectured them on the dangers of this condition and put them on a new diet. You have the cholesterol readings of the 11 employees both before the new diet and one month after use of the diet began.

(1). Given alpha = 0.01, the average of differences between before sample and after sample group is 28.09, the average of differences between after sample and before sample group is -28.09, the standard deviation of the differences between these two sample groups is 25.81, manually determine whether there is any significant difference in cholesterol readings between before and after groups of employees taking the diet. Assume differences in cholesterol readings are normally distributed in the population. What is the statistical decision and what is the business decision?

(2). Use R command to construct a 98% confidence interval to estimate the population mean difference of cholesterol readings before and after for people who are involved in this program. Assume differences in cholesterol readings are normally distributed in the population.

(3). Import dataset cholesterolReadings.csv to R script file, and write the correct R commands to solve this problem. What is the p value? What is the statistical decision?

LED Corporation owns $1,100,000 of Branch Pharmaceuticals bonds and classifies its investment as securities available-for-sale. The market price of Branch’s bonds fell by $385,000, due to concerns about one of the company’s principal drugs. The concerns were justified when the FDA banned the drug. $121,000 of that decline in value already had been included in OCI as a temporary unrealized loss in a prior period. LED views $170,000 of the $385,000 loss as related to credit losses, and the other $215,000 as noncredit losses. LED thinks it is more likely than not that it will have to sell the investment before fair value recovers. The assumption that LED Corporation used the AFS Credit Loss Model introduced in ASU 2016-13 and required after 2020.What journal entries should LED record to account for the decline in market value in the current period? How should the decline affect net income and comprehensive income?