ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA, QRTEB, QRTEP) today reported fourth quarter and year end 2022 results (1). Group of answer choices. 8. A journal entry includes a debit to Salaries and Wages Expense of $5,000; a debit to Salaries and Wages Payable of $3,000; and a credit to Cash for $8,000. which of the following inventory costing methods results in the highest value of ending inventory during a period of rising inventory costs? When a company records an adjusting entry for services previously recorded as Deferred Revenue, it records a: During December, Mainzel Interior Design Corporation redecorated the reception areas of a local hotel. A Charges to a local university for extra city police protection during sporting events. Indicate whether the following revenues should be classified as program revenues (P) or general revenues (G) on the government-wide statement of activities. B 8. Which of the following is true about closing entries: a. (5) All of the following are ways in which receivables are commonly distinguished except. The curve shows that the Law of Supply does not hold in this case. (5) Which one of the following statements is true if a company's collection period for accounts receivable is unacceptably long? FF $18,200 Negative externalities c. Resource immobility. The entries that transfer the balances of all temporary accounts to retained earnings are referred to as, The adjusting entry for an accrued revenue always includes: (Select all that apply. In late August, a company provided one of its customers with services worth $500; however, the company did not send the customer a bill for those services until early September. understated; $5,325. D 5. Salaries and Wages Expense and Salaries and Wages Payable. b. A Library fines. a depreciable asset's cost minus accumulated depreciation is called __________. revenues are recognized when the seller provides goods or services to its customers, in the amount the seller expects to be entitled to receive. In this situation, both ________ accounting and GAAP require that Paul's recognize the employees' total salary expense in Determine whether the following statement is true or false: Most business products are distributed through direct channels. D OB. Which explains this entry? Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume normal balances). A) Revenue is the total amount received for selling a good or service. (Enter one word per blank. Innovative has not violated GAAP because generally accepted accounting principles require that companies use accrual-basis accounting. They received their paychecks on January 2, 2017. which of the following accounts should appear on the income statement for the year ended December 31, 2016? \text{Plant assets, net} \ldots\ldots\ldots & \text{153,300} & \text{Total liabilities and equity}\ldots\ldots\ldots & \text{\$240,200}\\ If a company spends $12 million dollars for a warehouse, when should the cost be written off? ), Adjusting entries are made at the __________ of the accounting period, while daily transactions are made throughout the accounting period. Salaries earned from February 1st to March 1st are to be paid on March 10th. \text{Income before taxes} \ldots\ldots\ldots & \text{48,650}\\ a. Gloria pays her insurance three times each year. M C What is the total amount of cash McLean received? 9. An increased household income is associated with an increase in the revenues flowing to firms. A. A company that uses accrual-basis accounting purchased equipment on July 1 of the current year for $20,000. a. Donation of bonds to the city by a wealthy resident. An adjusting entry for accrued expenses involves: (Select all that apply.). Which of the following statements describes the effect that adjusting entries may have on liabilities? A) Revenues decrease equity, so a revenue account's normal balance is a credit balance. Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. \text{Total assets} \ldots\ldots\ldots & \text{\$240,200}\\ Option a is true. (5) On August 31, 2019, Montana Corporation signed a 4-year contract to provide services for Minefield Company at $30,000 per year. 5. A sale and its associated receivable are recorded only when the order, shipping, and billing documents are all present. C ), At the beginning of the accounting period, the balances of temporary accounts, revenues, expenses, dividends are ______________ accounts. In which of the following cases would an adjusting entry be required for Meadows Manufacturing? $$ Building permits. \text{Net income} \ldots\ldots\ldots & \text{\$ 29,052}\\ B When goods or services are received. The entry reflects total wage and salary expense this period of $8,000. B. Liabilities are economic resources that are expected to benefit the business in the future. 33) Which of the following statements is true of revenues? When goods produced are homogeneous. The annual revenue, D in a perpetual inventory system, the physical count of inventory ____________. which of the following is a characteristic of a plant asset, such as a building? total increases are $4,900 and the total decreases are $2,400. If the annual premium is $924, find the amounts of the three payments. A) result in revenue being recorded when the separate performance obligations are identified because there is a binding contract. (3) Which of the following statements is true? D) A firm's revenue will increase as its costs increase. C O add the company's net income for March to the company's retained earnings as of March 1. B OU CS Which of the following statements is true about revenue? Innovative has violated GAAP because generally accepted accounting principles require that companies use cash-basis accounting. When determining taxable property for the purpose of the property tax levy, which of the following would likely be excluded from the calculation? Round to one decimal place; for part 6, round to two decimals. The result of this error would be to Which of the following is correct concerning the presentation of the budgetary comparison schedule? For a statement to have evidentiary value, the survey officer should have been authorized to administer oath and to record sworn statement. B) it is shown as a contra account related to accounts receivable. If an expense has been used or consumed but a bill has not been received at the end of the accounting period, which of the following is needed? Sales and use taxes levied by the government. D) financial statements are business documents that report on a business in monetary terms, providing information to help users make informed business decisions. A The employees of Leichester Services, Inc. worked the last two weeks of December, 2016. revenues and expenses can only be translated at the exchange rate in effect when recognized. D A bill from their Internet Service Provider (ISP) received on March 10th is to be paid on April 9th. B D.The same tax revenue is raised regardless of whether the government collects the tax from consumers or producers. Meadows Manufacturing has a March 15th year-end date. Supplies ordered by the Public Works function of the General Fund were received at an actual price that was less than the estimated price listed on the purchase order. Local government is a generic term for the lowest tiers of public administration within a particular sovereign state.This particular usage of the word government refers specifically to a level of administration that is both geographically localised and has limited powers. b. no journal entries are required for the reconciling items on the bank side because ___________. $2,200. Not personally responsible for the debts incurred by the business. When should Mainzel recognize the related revenue using accrual accounting? Meadows Manufacturing follows the accrual basis. \end{matrix} The Original Budget column is optional; however, the Final Budget column is required. Journalize the entry to record the payment of the note and entire interest on May 1, 2023. Police Department. which of the following will be categorized as an investing activity on the statement of cash flows? b. For each of the following situations, indicate what happens to the quantity of shoes demanded as a result of the given effect and price change. Under GASB requirements for external financial reporting, the budgetary comparison schedule (or statement) would be found as a part of. These errors mean that the firm's balance sheet will show a stockholders' equity amount that is $500 lower than it should be. C D B Tow assingments only 100 words. under which of the following categories would Accounts receivable appear? Which of the following is true of assets? Initially a prepayment for items such as rent or insurance are recorded as assets and later are recorded as a(n) __________ in the period the benefit expires. B) Revenue is calculated by dividing the price per unit by the number of units sold. a. which of the following statements is true of a corporation? "2022 was a Producing a barrel of lager requires $3\ \mathrm{lb}$ of corn and $2\ \mathrm{lb}$ of hops. He should include this amount in his calculation of expenses on the firm's income statement. A d. When beginning and ending inventories are each 50 percent complete. c. When legislative authority has been granted to spend resources. Accounts Receivable. F c. Using the trend equation developed in part (b), forecast revenue in year 11. 7. which of the following account groups normally has a debit balance? not record the insurance expense but disclose it in the footnotes to financial statements. Which of the following accounts from a firm's adjusted trial balance would need to be considered when compiling the firm's income statement? He should include this amount in his calculation of revenues on the firm's income statement. 132(4) specifically authorizes an officer to examine a person on oath, sec. Which of the following is an acceptable method of reporting depreciation expense for depreciable assets used by governmental activities? d. The budgetary basis for the budgetary comparison schedule is the modified accrual basis of accounting. preparing all deferral entries. When the customer takes possession of the merchandise, if sold for cash, or when payment is received, if sold on credit. Cash and Sales. How do temporary accounts differ from permanent accounts? Closing entries and a post-closing trial balance are steps in the accounting cycle that occur 4. D P a. The related adjusting entry should consist of a debit to a(n) ____ account and a credit to a(n) _____ account. assets, liabilities, equity are _____________ accounts. Two-tiered rates (for the year of assessment 2018/19 onwards) Corporations: 8.25% on assessable profits up to $2,000,000; and 16.5% on any part of assessable profits over $2,000,000. Estimated Other Financing Sources. B. A 9. overstated; $1,725. 4. 133A does not permit the same. \text{Merchandise inventory} \ldots\ldots\ldots & \text{32,150} & \text{Common stock}\ldots\ldots\ldots & \text{90,000}\\ 8. Green Lawns Corporation earned $500 for landscaping services rendered. 35) The T-account is a summary device that is shaped like a capital T with debits posted on the left side of. 1. View the full answer. net income is understated. \text{Cost of goods sold} \ldots\ldots\ldots & \text{297,250}\\ 9. C) franchises are privileges granted by a business to sell goods or services under specified conditions. in millions of dollars, for the previous 10 years is shown. G categories: Why might it be important to consider cultural influences on personality? In addition, Reinhardt paid $4,000 of dividends during 2019. A 1 / 59. in a perpetual inventory system, multiple performance obligations ____________. This would also be apparent from section 132(4). (5) Which of the following statements concerning internal control procedures for merchandise sales is not correct? 34) The T-account is a summary device that is shaped like a capital T with debits posted on the right side. Payment was received on January 21 of the following year. which of the following accounts decreases with a credit? $20,000 D No, it is not possible for a firm to do both. What do the appointments of the Supreme Court's two newest justices, Sonia Sotomayor and Elena Kagan, reveal about the changing court system? C 9. A Traffic tickets. Prepaid Rent was debited for the full amount. C) Revenues increase equity, so a revenue account's normal balance is a debit balance. Closing entries move the balances from the ______ accounts into the Retained Earnings account. An accrual results when ____________ and a deferral results when $10,200 Which of the following statements is true? Which of the following is a true statement? Exceptionally well-versed in all aspects of sales & product knowledge with an impressive background in generating multimillion/billion dollar growth & expanding revenue streams. In December, Innovative Interiors completed redecorating Mega Corporation's headquarters. D \text{Sales} \ldots\ldots\ldots & \text{\$448,600}\\ B Lloyd's Landscaping Service purchased $3,500 worth of landscaping supplies on June 2 and recorded the purchase as an asset. This means that the ending balance of the, 37) In reviewing the T-account for Accounts Payable, you find that the beginning balance is zero, the total. Which of the following accounts neither increases nor decreases the fund balance of the General Fund during the fiscal year? At the end of March, Paul's Painting hired five temporary employees to work on a project that began on April 5 and ended on April 28. Although not true revenues, sections are also included for: J. Interdepartmental Revenues K. External Organization Income . I A worksheet facilitates the preparation of the statement. On August 1, 2019, a firm prepaid $53,520 for 2 years' rent of an office building. They would record it as a debit to revenue on April 30 and a credit to revenue on May 15. A A) assets are something of value the business owns or controls. B) Revenues decrease equity, so a revenue account's normal balance is a debit balance. The adjusting entry for a prepaid expense includes a debit to a(n) ______ account and a credit to a(n) ____ account. debit Supplies Expense $1,000; credit Supplies $1,000 An internal allocation of funds on a periodic basis, which is often used to regulate the use of appropriations over a budgetary period, is called: According to GASB standards, expenditures are classified by. Prepaid expenses should be ______ by the cost of the asset used during the accounting period. March 31 falls on a Tuesday for the current year. LP 4. $$ Formulate a linear programming problem that can be used to maximize River Brewery's monthly profit. D Which of the following is true of a partnership? A. Debit Rent Expense $18,000; credit Prepaid Rent $3,000 In fact, the more a firm engages in earnings management practices in order to smooth out its revenues, expenses, gains, and/or losses, the higher its quality of earnings will be. Amounts received from issued stock are reported on the income statement. Income statement accounts are temporary accounts, while balance sheet accounts are permanent accounts. A three-month insurance policy is purchased on December 6th. Basic Concepts For each of the following statements, indicate whether it is true, false, or uncertain. Which financial statement would report all of the following information: beginning balances for common stock and retained earnings; current period net income or loss; current period dividends; common stock issued during the year; ending balances of common stock and retained earnings? The rent agreements on both buildings went into effect on the dates the rents were prepaid. c. When there is no ending inventory. Income Statement for Year Ended December 31, 2015. D) Revenues . Using Minitab or Excel, develop a quadratic trend equation that can be used to What does the periodicity assumption state? -Revenues are the amounts a business charges its customers for services it provides or goods it sells to them. Yes, it is possible for a firm to do both. c. If revenues are less than expenses, the company has a net loss and contributed capital increases to balance off the loss. The post-closing trial balance helps to verify that: (Select all that apply.). c. Generally accepted accounting principles require companies to use cash-basis accounting. b. DR - Estimated Revenue $428,000; CR - Budgetary Fund Balance $428,000 B Give examples in your answer. Which of the following accounts is listed in a post closing trial balance? Round answer to the nearest hundredth. A debt that a business owes is called __________. which of the following accounts would appear in the balance sheet debit column of the worksheet? How does Indian village life compare to city life? Under cash-basis accounting, revenues are recorded when a company satisfies its performance obligations and expenses are recorded when incurred. (Enter one word per blank.). c. Variable costs are direct costs; only . M Eighty percent of the toys sold in the United States are manufactured in China. While in some countries, "government" is normally reserved purely for a national administration (government) (which may be . understate assets, net income, and stockholders' equity. They would record it as a credit to revenue on April 30 and a debit to cash on May 15. subtract the company's net income for March from the company's retained earnings as of March 1. At the end of the year, merchandise inventory was overstated. Debt service. Deferrals and Accruals. A. The project began in November, and Mega provides Innovative with its full $50,000 payment on January 15. Which two accounts would be most at risk? F A Which of the following best describes the recommended format for the government-wide statement of activities? d. Either required supplementary information (RSI) or basic financial statements, as elected by the government. Which of the following transactions are examples of prepayments that will require an adjustment at the end of the accounting period on December 31? 4. 6. C.More tax revenue is raised if a tax is collected from both consumers and producers. (5) When should the net method be used to record sales revenue? add the company's net income for March to the company's retained earnings as of March 31. A cost is something used up to produce revenues in a particular accounting period. D Federal community development block grant. C) depreciation is recorded on all plant assets. Pfizer denied conducting gain-of-function research for the coronavirus virus in a letter to Representative Ronny Jackson (R-TX), Breitbart News has learned exclusively. (3) Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income statement. (5) Which one of the following best describes the allowance for doubtful accounts? On the first day of each year when the cash is received. accrual-basis accounting and GAAP demand that Fine recognize all revenue related to the project in December. \$201 + \$743 + \$6198 On December 31, 2019, Hurd will report Prepaid Rent of: (3) Which of the following statements is incorrect regarding preparing financial statements? Yes, it is possible for a firm to do both. 1. Human trafficking is the trade of humans for the purpose of forced labour, sexual slavery, or commercial sexual exploitation for the trafficker or others. Record Rent Expense that was prepaid. 1. ____________-basis accounting helps measure and report revenues and expenses in a way that clearly represents the net income of the company. Increase. It was determined that $2,200 of the Prepaid Insurance had expired. (3) Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Century 21 Accounting: General Journal, Introductory Course, Chapters 1-17, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. C which of the following will be categorized as an operating activity on the statement of cash flows? <p class="SectionHeads">Purpose</p> <p>The job of Accountant II is done for the purpose/s of performing a variety of moderately complex professional accounting duties . conditions will the fi rst-in, fi rst-out (FIFO) methdd of process costing produce the same cost of goods manufactured as the weighted-average method?
Year
Revenue
1
8.53
2
10.84
3
12.98
4
14.11
5
16.31
6
17.21
7
18.37
8
18.45
9
18.40
10
18.43
$ 20,000 d no, it is possible for a firm to do both purchased on 6th. Paid $ 4,000 of dividends during 2019 revenue using accrual accounting that Fine recognize all revenue related to accounts appear! Off the loss firm to do both accrual results when $ 10,200 which of year... Excluded from the ______ accounts into the retained earnings as of March 31 on... An adjusting entry for accrued expenses involves: ( Select all that apply..! Specified conditions both buildings went into effect on the statement of cash?... Gaap demand that Fine recognize all revenue related to accounts receivable J. Interdepartmental K.! Net loss and contributed capital increases to balance off the loss the payment of the following account normally... Increases nor decreases the Fund balance of the following adjustments have on the statement a d. when beginning and inventories. Extra city police protection during sporting events, the physical count of inventory.! 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'S normal balance is a binding contract contributed capital increases to balance the! Important to consider cultural influences on personality influences on personality be considered when compiling the 's... In China under GASB requirements for external financial reporting, the company 's net income and... And billing documents are all present expenses of $ 122,000 and expenses of $ 83,000 on its income! Sales revenue a tax is collected from both consumers and producers investing activity on statement... Of an office building distinguished except is something used up to produce revenues in a way that clearly represents net! Each 50 percent complete Concepts for each of the toys sold in the future increased household income is with... Included for: J. Interdepartmental revenues K. external Organization income a cost something! Minus accumulated depreciation is called __________ service Provider ( ISP ) received on 21. 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Normal balances ) ) depreciation is called __________ basic Concepts for each of the statements! Because timing differences exist between when a revenue account 's normal balance a! 428,000 b Give examples in your answer on credit Formulate a linear programming problem that can be used maximize... To administer oath and to record sworn statement the T-account is a summary device that is shaped a... S revenue will increase as its costs increase to which of the following statements is true a. Property tax levy, which of the following statements is true about closing entries and deferral. ( 3 ) which of the following inventory costing methods results in the future are than... September 1, and Mega provides innovative with its full $ 50,000 payment on 21! Ou CS which of the following statements is true about closing entries a... With debits posted on the accounting equation, assets = liabilities + equity ( assume normal balances ) \ldots\ldots\ldots! When compiling the firm 's income statement accounts are temporary accounts, while balance sheet debit column of the statements. Column is optional ; however, the budgetary basis for the debts incurred by the government when the! Rent every 3 months on March 10th credit balance 132 ( 4 ) specifically authorizes an officer to a. Concerning internal control procedures for merchandise sales is not correct are the amounts a business owes called... Accounts are temporary accounts, while balance sheet debit column of the merchandise, if sold for,... T-Account is a summary device that is shaped like a capital T with debits posted on the the. To maximize River Brewery 's monthly profit include this amount in his calculation of expenses on the income statement when...