Which of the following would require an adjusting entry at the end of the current year?
a. | Unpaid salaries at the end of the year. | |
b. | Estimated bad debts in the following year | |
c. | Cash received from customers for services to be performed next year | |
d. | All of the above | |
e. | A and B |
Timberline Co. generally provides services for $1,200, but offers a $200 discount to senior citizens. When providing a service on account to a senior citizen for $1,000, Timberline would record the following:
a. | Credit Service Revenue for $1,000 | |
b. | Debit Sales Discounts for $200 | |
c. | Credit Accounts Receivable for $1,200 | |
d. | Credit Service Revenue for $1,200 | |
e. | Debit Accounts Receivable for $1,200 |
The accounting group responsibility for the establishment of worldwide financial accounting rules is:
a. | The International Accounting Standards Board | |
b. | United Way | |
c. | International Organization of Securities Commissions | |
d. | The World Bank | |
e. | The Financial Accounting Standards Board |
Hayes Corporation issues 100 shares of its $1 par value common stock for $15 per share. The entry to record the issuance will include a:
a. | Debit to Cash $1,500. | |
b. | Credit to Additional Paid-In Capital $1,400. | |
c. | Credit to Common Stock of $100. | |
d. | Debit Dividends for $1,500 | |
e. | Three of the above answers are correct.. |
The net increase/decrease in cash reported in the Statement of Cash Flows equals:
a. | Net income reported in the Income Statement | |
b. | The change in stockholders’ equity reported in the Statement of Stockholders’ Equity | |
c. | Stockholders’ Equity reported in the Balance Sheet | |
d. | The change in the balance of the Cash account reported in the Balance Sheet | |
e. | The amount of revenues less expenses and dividends during the year |
In: Accounting
Edgar needs to close out $670 in the dividends account at the end of the year. What closing entry will he use? a. Income summary (debit) 670; dividends (credit) 670 b. Retained earnings (debit) 670; dividends (credit) 670 c. Dividends (debit) 670; income summary (credit) 670 d. Revenue (debit) 670; dividends (credit) 670 e. Cash (debit) 670 ;dividends (credit) 670
In: Accounting
When the last day of the year falls on Tuesday, the entry for accrued wages is a debit to Wages Expense and a credit to Wages payable for, 2. When the last day of the year falls on Friday, the entry for accrued wages is a debit to Wages Expense and a credit to Wages payable for, 3. When the last day of the year falls on Monday, the entry for the payment of wages is a debit to Wages Expense for, a debit to Wages Payable for, and a credit to Cash for, 4. In every version, wages for the last week of December are per day.
In: Accounting
ON APRIL 1, THERE WAS $5,000 OF PREPAID INSURANCE
DURING THE YEAR, A TOTAL OF $12,000 WAS PAID OUT IN INSURANCE PREMIUMS.
ON MAY 31, THE PREPAID INSURANCE WAS $6,000
In: Accounting
This year Zach was injured in an auto accident. As a result, he received the following payments.
Zach received $18,000 of disability pay. Zach has disability insurance provided by his employer as a nontaxable fringe benefit. Zach's employer paid $4,300 in disability premiums for Zach this year.
Zach's hospital bills totaled $4,500 and were paid by his health insurance. Zach has health insurance provided by his employer as a nontaxable fringe benefit. Zach's employer paid $6,250 in health insurance premiums for Zach this year.
What amount must Zach include in his gross income?
| A. |
$4,500 |
|
| B. |
Zero - None of these benefits is included in gross income. |
|
| C. |
$10,550 |
|
| D. |
$22,500 |
|
| E. |
$18,000 |
In: Accounting
An individual's demand for physician office visits in a given year is given by, Q = 10 - 0.04P, where Q is the number of office visits and P is the out-of-pocket price paid by the individual for each visit. Assume the market price of an office visit is $180.
a) Suppose the individual has insurance and pays only $40 a copayment for each visit. How many office visits will the individual make in one year?
b) What is the moral hazard and deadweight loss associated with having insurance?
In: Economics
In: Finance
After the year end a substantial quantity of inventory was destroyed in a fire. The loss was not adequately covered by insurance. This event is likely n the ability to threat of the business to continue as a going concern. Discuss the matters to be considered in making a decision under IAS 10.
In: Accounting
On August 1, 2012, Lincoln Services was started and at the end of the year December 31, 2012, had the following unadjusted trial balance. please prepare the year-end adjusting and closing entries. please record the transactions in the General Journal provided.
| Account Title | Debit | Credit |
| Cash | 17,500 | |
| Supplies | 8,900 | |
| Prepaid Insurance | 6200 | |
| Equipment | 131000 | |
| Accumulated Depreciation Equipment | 25250 | |
| Account Payable | 5800 | |
| Interest Payable | 0 | |
| rent payable | 0 | |
| wages payable | 0 | |
| property tax payable | 0 | |
| notes payable | 24000 | |
| common Stock | 77600 | |
| dividends | 30000 | |
| construction fees earned | 134000 | |
| depreciation expense | 0 | |
| wage expense | 45860 | |
| interest expense | 2640 | |
| insurance expense | 0 | |
| rent expense | 13200 | |
| supply expense | 0 | |
| property tax expense | 4600 | |
| repair expense | 2810 | |
| utility expense | 4000 | |
| totals | 266710 | 26710 |
Data for ajusting and closing Entries
1. Supplies available at year-end amount $3200
2. Expired prepaid insurance at year end amounted $3900
3.Depriciation on the equiment $ 8500
4. The december utility expense of $550 has not yet been recorded.
5. At year end employees had accrued wages owed of $1600
6. The accrued rent expense for december is $200
7. Property taxes assessed not yet paid amount to $900
8. Interest on the Note Payable for December amouts to $240
In: Accounting
Unified Airlines is being sued by Northeast Airlines for $5,000,000. At the end of the year, Unified feels it is probable that it will pay $5,000,000 at some point in the following year. What should Unified and Northeast record at the end of the year concerning the lawsuit? Unified does not record any contingent loss; Northeast records $5,000,000 contingent gain. Unified records $5,000,000 contingent loss; Northeast does not record any contingent gain. Unified records $5,000,000 contingent loss; Northeast records $5,000,000 contingent gain. Neither company records a contingent loss or gain.
In: Accounting