please answer a,b,c,d..some quetions have more than 1 answer

103)Which of the following items would not appear in an income statement? A)Cash. B)Service revenue. C)Salaries expense. D)Advertising expense.

108)ABC opened for business on January 1, 2018, and paid for two insurance policies effective that date. The liability policy was $36,000 for 18 months, and the crop damage policy was $12,000 for a two-year term. What was the balance in ABC's Prepaid Insurance account as of December 31, 2018? A)$48,000. B)$30,000. C)$18,000. D)$9,000.

109)For a journal entry with only two lines, the following entry is valid: Decrease in an asset, Increase in a liability. A) True B) False

140)Which of the following is not a possible journal entry? A)Debit assets; Debit stockholders' equity. B)Credit revenues; Debit assets. C)Debit expenses; Credit liabilities. D)Credit assets; Debit expenses.

141)For a journal entry with only two lines, the following entry is valid: Increase in one Liability, Increase in a second second liability. A) True B) False

142)Consider the following transactions: Issued common stock for cash. Purchased equipment by signing a note payable. Paid rent for the current month. Collected cash from customers on account. How many of these four transactions increased the given company's total assets? A)One. B)Four. C)Two. D)Three.

143)For a journal entry with only two lines, the following entry is valid: Decrease in an asset, Increase in a Owners' Equity. A) True B) False

144)For which of the following must Debits equal Credits (This question may have multiple answers) A)Transaction Entries B)Closing Entries C)Adjusting Entries

145)For a journal entry with only two lines, the following entry is valid: Increase in a Liability, Increase in Revenue. A) False B) True

146)For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Revenue. A) False B) True

147)When writing formal journal entries A)There is no required ordering of Debits and Credits B)Credits are on top, Debits are on the bottom C)Debits are on top, Credits are on the bottom

148)Which of the following accounts would normally have a debit balance? A)Accounts Payable, Service Revenue, Common Stock. B)Income Tax Payable, Service Revenue, Dividends. C)Salaries Payable, Deferred Revenue, Utilities Expense. D)Cash, Delivery expense, Dividends.
20

149)Assume that cash is paid for rent to cover the next year. The appropriate debit and credit are: A)Debit Rent Expense, credit Cash. B)Debit Prepaid Rent, credit Rent Expense. C)Debit Cash, credit Prepaid Rent. D)Debit Prepaid Rent, credit Cash.

150)On January 1, ABC started the year with a $492,000 balance in Retained Earnings and a $605,000 balance in Common Stock. During the year, the company reported net income of $92,000, paid a dividend of $15,200, and issued more common stock for $27,500. What is total stockholders' equity at the end of the year? A)$1,201,300. B)$1,588,300. C)$1,097,000. D)$1,231,700.

151)For a journal entry with only two lines, the following entry is valid: Increase in an asset, Decrease in a liability. A) True B) False

152)Which of the following has the single greatest impact on stock prices? A)Total dividends. B)Net income. C)Total revenues. D)Total assets.

153)At the beginning of December, ABC had $2,000 in supplies on hand. During the month, supplies purchased amounted to $3,000, but by the end of the month the supplies balance was only $800. What is the appropriate month-end adjusting entry? A)Debit Supplies $4,200, credit Supplies Expense $4,200. B)Debit Cash $800, credit Supplies $800. C)Debit Supplies Expense $4,200, credit Supplies $4,200. D)Debit Cash $4,200, credit Supplies $4,200.

154)Receiving a utility bill for costs in the current period but delaying payment until the following period is an example of a(n): A)Deferred revenue. B)Prepaid expense. C)Accrued revenue. D)Accrued expense.

161)Separation of duties occurs when two or more people act in coordination to circumvent internal controls. A) False B) True

162)The Trueblood Criterion is used by A)Managers when reporting to the public B)Internal Management reports (Managerial Accounting) C)Accountants D)Managers when reporting to the IRS

163)The ending Retained Earnings balance of ABC decreased by $1.0 million from the beginning of the year. The company declared a dividend of $5.4 million during the year. What was the net income for the year? A)$6.4 million. B)$4.4 million. C)$7.5 million. D)$1.0 million.

169)After the 1st step in the Operating Cycle, the firm has? A)Inventory B)Receivable C)Cash

171)The second step in the Operating Cycle is called? A)Purchase B)Collection C)Manufacture D)Sale

173)If a company records cash received for services to be provided in the future with a debit to Cash and a credit to Service Revenue, how will this error affect total assets for the current period? A)Not possible to determine. B)Total assets will be correct. C)Total assets will be too low. D)Total assets will be too high.

175)Following are transactions of ABC, a new company, during the month of January: 1. Issued 10,000 shares of common stock for $15,000 cash. 2. Purchased land for $12,000, signing a note payable for the full amount. 3. Purchased office equipment for $1,200 cash. 4. Received cash of $14,000 for services provided to customers during the month. 5. Purchased $300 of office supplies on account. 6. Paid employees $10,000 for their first month's salaries.
How many of these transactions decreased ABC's total assets? A)Four. B)One. C)Two. D)Three.

177)Prior to year-end adjusting entries, what would explain the Allowance for Uncollectible Accounts having a debit balance? A)The amount of cash collections from customers in the current year was less the amount of cash collections from customers in the prior year. B)The amount of credit sales in the current year was greater than the amount of credit sales made in the prior year. C)The amount of actual uncollectible accounts in the current year was greater than the estimate of uncollectible accounts made at the end of the prior year. D)The amount of actual uncollectible accounts in the current year was less than the estimate of uncollectible accounts made at the end of the prior year.

You may use either written paragraph or bullet-point format. Part 1 should be 2–3 paragraphs in length or an equivalent amount of content in bullet-point form.

Part 1: Pricing Strategy

Briefly describe pricing for your product or service. How does this compare to competitors, assuming competitors are at or near break-even point with their pricing? Analyze pricing alternatives and make recommendations about pricing going forward based on the following:

• How sensitive are your customers to changes in price?
• What revenue you need to break even and achieve profitability?

• What does the price says about your product in terms of value, quality, prestige, etc.?

This is For Target Corporation. The retail store

Hal Smith opened Smith's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books:
1. Smith invested $25,000 cash in the business.
2. Smith contributed $100,000 of equipment to the business.
3. The company paid $2,000 cash to rent office space for the month.
4. The company received $16,000 cash for repair services provided during March.
5. The company paid $6,200 for salaries for the month.
6. The company provided $3,000 of services to customers on account.
7. The company paid cash of $500 for monthly utilities.
8. The company received $3,100 cash in advance of providing repair services to a customer.
9. Smith withdrew $5,000 for his personal use from the company

QUESTION ONE

You have been provided with the end of year, unadjusted trial balance for Tina’s Managerial Advice business and the balance day adjustments to be implemented. Tina commenced business on 1^st July 2018.

Required:

1.         Provide the General Journal entries for the:                               

i)         Balance day adjustments on the 31^st October 2018;

ii)        Reversing entries where required on 1^st November 2018.

(9 Marks)

            2.         Provide an Income Statement for the period ending 31^st October 2018.                                                                                                                                

3.         Provide a fully classified Balance Sheet showing.                     

4.         Explain the role of the Prepaid Contents Insurance and the Unearned Advice Commissions Revenue accounts in this business.        (2 Marks)

TINA’S MANAGERIAL ADVICE SERVICE

UNADJUSTED TRIAL BALANCE AS AT 31^st OCTOBER 2018

ACCOUNT                                                                           DEBIT $     CREDIT $

Cash at bank                                                                         25,440

Accounts Receivable                                                           91,000

Allowance for Doubtful Debts                                                                    2,000

Office Supplies Inventory                                                        300

Prepaid Contents Insurance                                               4,800

Prepaid Rent of offices                                                        12,000

Photocopier (Purchased 1^st July 2017)                              60,000

Accounts Payable                                                                                        32,000

Unearned Advice Services Revenue                                                          3,340

VAT Collected (20%)                                                                                   22,068

VAT Paid (20%)                                                                   2,287

Loan from WES Bank Ltd (due 30^th June 2025)                                      80,000

Capital – Tina Tobin                                                                                   36,219

Drawings – Tina Tobin                                                       10,000

Advice Service Revenue                                                                            134,000

Electricity – Office                                                                  3,100

Discount Expense                                                                      300           

Advice staff bonus                                                                  6,800           

Advice staff wages                                                              78,200

Office Staff wages                                                                15,400

TOTAL                                                                                $309,627          $309,627

QUESTION ONE CONTINUED

Additional Information

• The 12-month Content Insurance policy was paid on 1^st July 2018.

• An Accounts Receivable of $1,000 is uncollectible and is to be written off. The policy is to have the Allowance for Doubtful Debts equal to 1% of net Advice Service Revenue.

• The Photocopier is to be depreciated using a unit method; it is anticipated that the photocopier will be kept till it has produced 2,000,000 copies and then be traded in for $10,000. As at 30^th October 2018 it had produced 80,000 copies.

• $1,340 of the Unearned Advice Services Revenue had been earned, but not recorded on 29^th October 2018.

• Advice Staff Wages amounting to $2,600 had been incurred but not yet paid as at 31^st October 2018.

• Office Supplies on hand as at 31^st October were valued at $170.

• $4000 of the Prepaid Rent of Showroom figure relates to the month of November 2018.

The Timmons Corporation, a publicly accountable entity, exchanged an office building for a strip

mall with an unrelated organization. Data on the two properties are as follows:

Office Building Strip Mall

Original Cost $1,600,000 $1,300,000

Accumulated depreciation 1,100,000 750,000

Fair value 900,000 850,000

Required –

a) Prepare the journal entry to record the exchange on the books of Timmons on the

assumption that the transaction has commercial substance.

b) Prepare the journal entry to record the exchange on the books of Timmons on the

assumption that the transaction does not have commercial substance.

c) What would the difference be if Timmons was a private company subject to ASPE?

Discuss only… do not prepare journal entries for this part.

company A was 45%, whereas company B had 40% of the market. Other competitors accounted for the remaining 15%.To determine whether these market shares changed after the advertising campaigns, a marketing analyst solicited the preferences of a random sample of 200 customers of fabric softener. Of the 200 customers, 102 indicated a preference for company A's product, 82 preferred company B's fabric softener, and the remaining 16 preferred the products of one of the competitors. Can the analyst infer at the 5% significance level that customer preferences have changed from their levels before the advertising campaigns were launched?

Discuss whether or not each of the following activities is a data mining task. Provide your reasons as well in detail. Fill in your answers in the space provided below.

(a) Dividing the customers of a company according to their gender.

(b) Dividing the customers of a company according to their profitability.

(

c) Computing the total sales of a company.

(d) Sorting a student database based on student identification numbers.

(e) Predicting the outcomes of tossing a (fair) pair of dice.

(f) Predicting the future stock price of a company using historical records.

(g) Monitoring the heart rate of a patient for abnormalities.

(h) Monitoring seismic waves for earthquake activities.

Tim opened the Emporium on March 1, 2017. During March, the following transaction were completed:

March 1   Issued 10,000 shares of common stock for $25,000 cash
March 1    Purchased used servers for $10,000, paying $6,000 cash and the balance on account
March 3    Purchased office supplies for $1,500 on account
March 5    Paid $2,400 cash on 1-year insurance policy effective March 1
March 14   Billed customers $4,200 for data analysis services
March 18   Paid $1,500 cash on amount owed on servers and $500 on amount owed on office supplies
March 20   Paid $2,750 cash for employee salaries
March 21   Collected $1,400 cash from customers billed on March 14
March 28   Billed customers $6,200 for data analysis services
March 31   Paid $350 for server maintenance which did not extend the life or function of the servers
March 31   Declared and paid $900 cash dividend

Required:
     1) Journalize the March transactions
     2) Post to the ledger accounts
     3) Prepare a trial balance at March 31
     4) Journalize the following adjustments
               a. earned but unbilled and uncollected revenue at March 31 was $800
               b. depreciation on equipment for the month was $650
               c. one-twelfth of the insurance policy expired
               d. an inventory count shows $280 of office supplies on hand at March 31
               e. Incurred employee slararies but unpaid were $1,060
     I HAVE COMPLETED THIS MUCH-------------------(answers are below) -----Please help with the remaining questions 5,6,7,8 and 9----------

      5) Posting adjusting entries to the general ledger
      6) Prepare an adjusted trial balance
      7) Prepare the income statement and a retained earnings statement for March and a classified balance sheet at 3/31
      8) Journalize and post closing entries and complete the closing process
      9) Prepare a post closing trial balance at 3/31