programmer closed innovation collective after 2010 before 2020 questions

Questions

1) Deferred revenue occurs when cash is received from a customer before work or the sale...

1) Deferred revenue occurs when cash is received from a customer before work or the sale is completed.
True
False

2) In accrual accounting, revenue may be earned prior to or after cash is received.
True
False

3)An expense incurred in 2016 is not paid until 2017. Using the accrual basis of accounting, the expense should appear on:

A.both the 2016 and 2017 income statements

B.the 2016 income statement

C.neither the 2016 nor 2017 income statement

D.the 2017 income statement

4) On December 1, 2017, Cream Ale Ltd. receives $1,800 in advance for an agreement to brew beer during the months of December, January, and February. As of December 31, 2017, Cream Ale Ltd:

A)would have recognized $600 cash under accrual accounting, and would have recognized 1,800 cash under cash −basis accounting

B.would have a $0 liability to its client under accrual accounting, and would have a $1,200 liability to its client under cash−basis accounting

C.would have recognized $600 revenue under accrual accounting, and would have recognized $1,800 revenue under cash−basis accounting

D. would have a $1,200 liability to its client under accrual accounting, and would have a $1,800 liability to its client under cash−basis accounting

5)A deferral refers to an event:

A.where the recognition of an expense or revenue is recorded after the cash is paid or received

B.where the recognition of an expense or revenue is recorded before the cash is paid or received

C.where the liability for an expense is recorded after the expense is actually incurred

D.where the liability for an expense is recorded before the expense is actually incurred

6) Retained earnings for the beginning of a period appears on the statement of retained earnings while the ending balance of retained earnings appears on the statement of retained earnings and the balance sheet.
True
False

In: Accounting

A week before a certification election, a WalShop store manager (who resides in Walnut) walks by...

A week before a certification election, a WalShop store manager (who resides in Walnut) walks by a Rancho Cucamonga church in order to observe a union organizing meeting she read about on a bulletin board in the employee cafeteria. According to her rough count, approximately a hundred of the 250 employees at the store were attending. She looks for familiar faces from the sidewalk outside (and makes notes of what she observes) but does not attempt to make contact with anyone going inside the church. After several nervous employees called the manager’s presence out to the union supporter, Arturo Cruz, Cruz comes outside and orders the manager to leave. After a brief argument, the manager departs but not before wagging her finger at the church and shouting “Unions will be the death of us all!” The union loses the election by a close margin (120 in favor of certification, 130 against). Shortly thereafter, the union files an unfair labor charge against WalShop claiming that the supervisor’s presence and words constituted a “threat of reprisal” and thereby invalidated the election. In testimony before the Administrative Law Judge (ALJ), the supervisor states she was merely in the neighborhood and walked by out of curiosity. Management tells the ALJ that it neither ordered nor was aware of the supervisor’s action at the time it occurred. A regional vice president admitted, however, that he received a memo from the manager the day after the meeting describing what she had seen (including the names of some prominent employees in attendance) but claims to have taken no action based on the memo. Does the union need to prove that an unfair labor practice charge occurred in order to invalidate the election? Without regard to whether an unfair labor practice can be proven, should the election be ruled invalid (be sure to name the appropriate test the NLRB uses for judging elections and analyze the facts to determine whether that test can be proven)? Be sure to explain your answer.

In: Operations Management

Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss...

Problem 12-6A Liquidation of a partnership LO P5

Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows.

KENDRA, COGLEY, AND MEI Balance Sheet May 31
Assets			Liabilities and Equity
Cash	$	93,400	Accounts payable	$	247,000
Inventory		537,600	Kendra, Capital		76,800
			Cogley, Capital		172,800
			Mei, Capital		134,400
Total assets	$	631,000	Total liabilities and equity	$	631,000

Required:
For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not round intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.)

(3) Inventory is sold for $327,600 and any partners with capital deficits pay in the amount of their deficits.
(4) Inventory is sold for $259,800 and the partners have no assets other than those invested in the partnership.

Complete the schedule allocating the gain or loss on the sale of inventory is $327,600 and any partners with capital deficits pay in the amount of their deficits.

Step 1) Determination of Gain (Loss)
Proceeds from the sale of inventory	$327,600
Inventory cost

Step 2) Allocation of the Gain (Loss) to the Partners.
	KENDRA	COGLEY	MEI	Total
Initial capital balances	$76,800	$172,800	$134,400	$384,000
Allocation of gains (losses)				0
Capital balances after gains (losses)	$76,800	$172,800	$134,400	$384,000

Journal entry worksheet

Record the sale of inventory.