Accounting Questions and Answers

Figure out the word or phrase for each of these rebus puzzles and write it. a) T 2222 b) TRAVEL CCCCCC c) GETIT GETIT GETIT GETIT

What is VAED TREAS 310?

All of these statements concerning Settlement Options are true EXCEPT: Only the beneficiary may select Settlement options may be selected by the policy-owner

The following data were reported by a corporation: Authorized shares: 39,000 Issued shares: 34,000 Treasury shares: 13,000 The number of outstanding shares is: A. 39,000 B. 21,000 C. 26,000 D. 52,000 E. 34,000

Which of the following is an example of a cash disbursement? A. $30 in cash received for a service rendered B. A $200 cash payment for a product delivered C. A $500 cash payment on accounts receivable D. A check for $10 received for a service rendered

Explain whether each of these expenses of a textile mill is a fixed cost or a variable cost, and why: (a) Repairs to a leaking roof (b) Cotton (c) Food for the mill's cafeteria (d) Night security guard (e) Electricity

What type of account is owner distribution? A. liability B. asset C. expense D. equity

Question: Question 11/12 A company started the year with $\$ 10,000$ of Inventory. Purchases for resale during the year were $\$ 20,000$. Inventory on... Question 11/12 A company started the year with $\$ 10,000$ of inventory. Purchases for resale during the year were $\$ 20,000$. Inventory on December 31 is $\$ 5,000$. What's the cost of goods sold? $\$ 5,000$ $\$ 10,000$ $\$ 25,000$ $\$ 30,000$ $\$ 35,000$ Question 12/12 A company sells 10,000 shares of previously authorized stock at the par value of $\$ 10$ per share. What's the correct entry to record the transaction? Debit cash $\$ 10,000$, credit capital stock $\$ 10,000$ Debit capital stock $\$ 100,000$, credit cash $\$ 100,000$ Debit cash $\$ 100,000$, credit capita 11 stock $\$ 100,000$ Debit cash $\$ 100,000$, credit treasury stock $\$ 100,000$ Debit cash $\$ 10$, credit capital stock $\$ 10$

How much money invested at 6% compounded continuously for 5 years will result in $916?

The selected inventory costing method, such as FIFO, LIFO, or Weighted Average, impacts: A. The physical flow of goods. B. The shipping terms to the buyer. C. Gross profit and net income. D. The quantity of inventory items on hand. E. Sales.

What is the cap rate if a building sells for $1,000,000 with an NOI of $120,000?

What is the present value of $45,000 to be received 50 years from today if the discount rate is 8 percent? A. $1,147.07 B. $1,061.80

Based on the values in Cells B77:B81, what function can automatically return the value in Cell C77? 76 Sales 77 $794 78 $721 79 $854 80 $912 81 $1,020 A. =Highest() B. =Top() C. =Max() D. =Biggest() E. =Ceiling()

On December 31, Hawkin's records show the following accounts. | Cash | \$ 6,100 | | :-- | --: | | Accounts Receivable | 1,100 | | Supplies | 4,000 | | Equipment | 15,000 | | Accounts Payable | 6,500 | | Common stock | 11,900 | | Retained earnings, December 1 | 4,500 | | Dividends | 2,000 | | Services Revenue | 16,500 | | Wages Expense | 8,000 | | Rent Expense | 2,000 | | Utilities Expense | 1,200 | # QS 1-15 (Algo) Preparing an income statement LO P2 Use the above information to prepare a December income statement for Hawkin.

1. Andrea Mitchell is single and has two children from her previous marriage. Aria Mitchell lives with Andrea, and Andrea provides more than half of her support. Gabriel Mitchell lives with his father, John Mitchell (Gabriel lived with John for all of 2022). John provides more than half of Gabriel's support. Andrea is not sure what her filing status is. Andrea provides you with the following additional information: S ● ● ● ● ● ● ● She uses the cash method of accounting and a calendar year for reporting. She wishes to contribute to the presidential election campaign. Andrea lives at 523 Essex Street, Bangor, Maine 04401. Andrea's birthday is May 31, 1982. Aria's birthday is October 5, 2011. Gabriel's birthday is December 1, 2009. Andrea's Social Security number is 454-99-4757. Aria's Social Security number is 005-99-7262. Gabriel's Social Security number is 004-99-3449. John's Social Security number is 006-99-6363. She does not have any foreign bank accounts or trusts.

Amaki's company Itd. received a $200 bill for copying services dated April 27. The terms on the invoice were 3/10 EOM. The firm paid the bill on June 2. How much did it pay? QUESTION 3 Abena receives $5,000 semi annually from his grandmother's estate. He invests the money at 3.8% compounded semiannually. How much will he have after two years investing as an annuity due?