In: Chemistry
This questions are for MULTIPLE CHOICE and Calculation
REV #3 September 2008
Prepare the necessary journal entry to record the purchase of $100 of supplies on account:
The steps in an accounting cycle can be best described as:
Journalize, Post, prepare Unadjusted trial balance, prepare financial statements, close
Journalize, Post, prepare Unadjusted trial balance, prepare adjusting entries, prepare adjusted trial balance, prepare financial statements, close, prepare post closing trial balance
Analyze Transactions, Journalize, Post, prepare Unadjusted trial balance, prepare adjusted trial balance, prepare financial statements, close, prepare post closing trial balance
Analyze transactions, Journalize, Post, prepare Unadjusted trial balance, prepare adjusting entries, prepare adjusted trial balance, prepare financial statements, close, prepare post closing trial balance
Prepare the necessary adjusting journal entry. The work week starts on Monday and ends on Friday. The work day is 8 hours long. There are 5 employees. Each employee earns $100 per day. The month ends on a Tuesday. What adjusting journal entry is needed?
As part of the closing process for a sole proprietorship, the income summary has a debit to close all of the related expense accounts for $45,000 and a credit to close all of the related revenue accounts of $80,000. What is needed to close the income summary account?
Debit income summary for $35,000
Debit income summary for 125,000
Credit income summary for $35,000
Credit income summary for $125,000
When preparing a worksheet, what would be the adjusted trial balance amount for the following account?
Account | Unadjusted Trial Balance | Adjustments | Adjusted Trial balance | |||
Debit | Credit | Debit | Credit | Debit | Credit | |
Prepaid Rent | $5,000 | $1,500 | ||||
$3,500 adjusted debit balance
$3,500 adjusted credit balance
$6,500 adjusted debit balance
$6,500 adjusted credit balance
On a worksheet, the unearned consulting revenue account has a $3,000 normal balance. When preparing the income statement columns on the worksheet, the unearned consulting revenue amount would be put into which column?
Debit Income Statement
Credit Income Statement
Debit Balance Sheet
Credit Balance Sheet
As you look at the bottom totals of the following worksheet, you see that it has not been completed. Does this company have a net income or a net loss and for how much?
Account | Income Statement | Balance Sheet & Statement of Owners Equity | ||
Debit | Credit | Debit | Credit | |
Totals | $56,000 | $106,000 | $450,000 | $400,000 |
Net Income/Loss | ||||
Totals | ||||
Net Income $50,000
Net Income $162,000
Net Loss $50,000
Net Loss $162,000
The correct sequence order in which to prepare financial statements is:
Income statement, Balance sheet, Statement of Owners Equity
Balance Sheet, Statement of Owners Equity, Income Statement
Statement of Owners Equity, Income Statement, Balance Sheet
Income Statement, Statement of Owners Equity, Balance Sheet
Balance Sheet, Income Statement, Statement of Owners Equity
Statement of Owners Equity, Balance Sheet, Income Statement
When recording the sale of inventory that cost $700 in a perpetual inventory system, which of the following is needed?
Debit Inventory $700
Credit Inventory $700
Debit Inventory Purchases $700
Credit Cost of Goods Sold $700
Howe Company has the following inventory transactions during the month.
Beginning Inventory | 50 units @ $10 unit cost |
05/15 Purchase | 100 units @ $12 unit cost |
05/20 Sold | 60 units |
05/22 Purchase | 50 units @ $13 unit cost |
05/30 Sold | 80 units |
What is the value of the ending inventory using First In First out for a periodic Inventory System?
$620
$770
$775
$780
In: Accounting
Harley’s current wealth is $600, but there is a 0.25 probability that he will lose $100. Harley is risk neutral. He has an opportunity to buy insurance that would restore his $100 if he lost it.
A) Harley would be willing to pay more than $25 for this insurance.
B) Harley would be willing to pay at most $25 for this insurance.
C) Harley would pay at most an amount strictly less than $25 for this insurance.
D) Since Harley is risk neutral, he wouldn’t be willing to pay anything for this insurance.
E) Since Harley’s utility function is not specified, we can’t tell how much he would be willing to pay for this insurance.
In: Economics
A researcher selects a sample of 100 participants from a population with a mean of 38 and a standard deviation of 20. About 68% of the sample means in this sampling distribution should be between ______ and ______. Show your work
In: Statistics and Probability
A spring with a spring constant ? k of 100 pounds per foot is loaded with 1-pound weight and brought to equilibrium. It is then stretched an additional 1 inch and released. Find the equation of motion, the amplitude, and the period. Neglect friction. Then find y(t)
In: Advanced Math
) Suppose that the firm’s total cost function is of the form C(y) = 100 + 10y + y^2 . Where does the average cost function reach a minimum? Consider the following demand curves:
i. D(P) = 130 − 4P
ii. D(P) = 120 − 2P
iii. D(P) = 120 − 4P
For which of these examples is the firm a natural monopoly? [There may be multiple tests to answer this question. Clearly state which one you are using. That is give a specific mathematical criterion for this and the intuition for using that choice.
Can you please explain thoroughly, thank you.
In: Economics
IQ test scores are normally distributed with a mean of 100 and a standard deviation of 15. An individual's IQ score is found to be 123.
A.What percentage of individuals will score above 123?
B.What percentage of individuals will score below 123?
c. What percentage of individuals will score between 123 and 100?
d. This individual was trying to be in the 80th percentile; did they achieve this? how can you tell?
e. what can we say about someone with a z score of -1.61? How many will score above? below? what is their IQ score?
f. what IQ score(s) will encompass the middle 39%?
In: Statistics and Probability
A flask of water rests on a scale that reads 100 NN. Then, a small block of unknown material is held completely submerged in the water. The block does not touch any part of the flask, and the person holding the block will not tell you whether the block is being pulled up (keeping it from falling further) or pushed down (keeping it from bobbing back up). Assume that no water spills out of the flask. (Figure 1)
Rank these blocks on the basis of the scale reading when the blocks are completely submerged.
Rank from largest to smallest. To rank items as equivalent, overlap them.
A, B, C, D, E, F
If the blocks were released while submerged, which, if any, would sink to the bottom of the flask?
Enter the correct letters from the table in alphabetical order without commas or spaces (e.g., ABC).
In: Physics
A sample of 100 items has a population standard deviation of 5.1 and a mean of 21.6. Construct a 95 percent confidence interval for ?.
In: Statistics and Probability
A die is rolled 100 times. The total number of spots is 368 instead of the expected 350. Can this be explained as a chance variation, or is the die loaded?
A die is rolled 1000 times. The total number of spots is 3680 instead of the expected 3500. Can this be explained as a chance variation, or is the die loaded?
In: Statistics and Probability