Monthly Archives: May 2015

Before making its year-end adjustments, the net income for Gannet Company was $80,000

Before making its year-end adjustments, the net income for Gannet Company was $80,000. Year-end adjusting entries are necessary for the following items: 1. Office supplies used up during the year totaled $3,200 2. Interest accrued to December 31 on note … Continue reading

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House of Organs, Inc., purchases organs from a well-known manufacturer and sells

House of Organs, Inc., purchases organs from a well-known manufacturer and sells them at the retail level. The organs sell, on the average, for $3,000 each. The average cost of an organ from the manufacturer is $1,508. The costs that … Continue reading

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Tom just received his bank statement and wanted to make sure that the balance

Bank Reconciliation Tom just received his bank statement and wanted to make sure that the balance in his check book was correct. Tom determined the following information: At the end of the month Tom’s check book showed a balance of … Continue reading

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Hoi Chong Transport, Ltd., operates a fleet of delivery trucks in Singapore (A+ Guaranteed)

Hoi Chong Transport, Ltd., operates a fleet of delivery trucks in Singapore. The company has determined that if a truck is driven 135,000 kilometers during a year, the average operating cost is 14.5 cents per kilometer. If a truck is … Continue reading

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Wallowa Company is considering a long-term investment project called ZIP

Wallowa Company is considering a long-term investment project called ZIP. ZIP will require an investment of $121,080. It will have a useful life of 4 years and no salvage value. Annual revenues would increase by $79,460, and annual expenses (excluding … Continue reading

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ACC 400 FINAL EXAM – Zelma Company’s last financial statements provided

ACC 400 Final Exam 1.  Zelma Company’s last financial statements provided the following ratios: Current ratio  3:2 Quick ratio  1:2 Accounts receivable turnover 9.0 times Inventory turnover   8.0 times Net income percentage  12.5% Return on equity    22.6% Return on assets     … Continue reading

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Vrable Corporation has a defined benefit pension plan. Two alternative possibilities

Vrable Corporation has a defined benefit pension plan. Two alternative possibilities for pension- related data for the current calendar year are shown below: Case 1 Case 2 Net loss (gain), Jan. 1 $240,000 $(230,000) Loss (gain) on plan assets (8,000) … Continue reading

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McBean Company has outstanding 18 million shares of $3 par value

McBean Company has outstanding 18 million shares of $3 par value common stock and 1.8 million shares of $5 par value preferred stock. The preferred stock has a 8% dividend rate. The company declares $10,800,000 in total dividends for the … Continue reading

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Horton Company began business on January 1, 2014 by issuing

Horton Company began business on January 1, 2014 by issuing all of its 1,150,000 authorized shares of its $1 par value common stock for $22 per share. On June 30, they declared a cash dividend of $1.50 per share to … Continue reading

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Eric Baker began operations as a private investigator on January 1, 2014 (A+ Guaranteed)

Eric Baker began operations as a private investigator on January 1, 2014. The trial balance columns of the worksheet for Eric Baker, P.I., Inc. at March 31 are as follows. Eric Baker P.I., Inc. Worksheet For the Quarter Ended March … Continue reading

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