Accounting 1 (Chapter 1 Homework)

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Accounting ch. 1, accounting chapters1-3, accounting ch. 1 video qs, accounting (ch.4 homework), other sets by this creator, intro to fashion merchandise - 2nd quiz, interpersonal comm. 209-2 test 1 review sheet…, sae lesson 3, chapter 7 & 8 = micro economics (kyle jackson), verified questions.

For each of the following separate cases, prepare the required December 31 year-end adjusting entries.

c. The company received $3.000 cash in advance for sustainability consulting work. As of December 31,one-third of the sustainability consulting work had been performed.

Berkwild Company is authorized to issue 2,000,000 shares of common stock. At the beginning of 2019, Berkwild had 248,000 issued and outstanding shares. On July 2, 2019, Berkwild repurchased 4,610 shares of its common stock at $28 per share. On March 1 and September 1, Berkwild declared a cash dividend of$1.10 per share. The dividends were paid on April 1 and October 1.

Prepare the journal entries to record the payment of the two dividends.

Clint’s Stonework Corporation was organized on January 1, 2011. For its first two years of operations, it reported the following:

Net income for 2011 $ 31,000 Net income for 2012 42,000 Dividends for 2011 14,200 Dividends for 2012 18,700 Total assets at the end of 2011 130,000 Total assets at the end of 2012 130,000 \begin{array} {lrrrrr} \text{Net income for 2011}& \hspace{10pt}\text{\$\hspace{10pt}31,000}&\\ \text{Net income for 2012}& \hspace{10pt}\text{42,000}&\\ \text{Dividends for 2011}& \text{14,200}&\\ \text{Dividends for 2012}& \hspace{10pt}\text{18,700}&\\ \text{Total assets at the end of 2011}& \hspace{10pt}\text{130,000}&\\ \text{Total assets at the end of 2012}& \text{130,000}&\\ \end{array} Net income for 2011 Net income for 2012 Dividends for 2011 Dividends for 2012 Total assets at the end of 2011 Total assets at the end of 2012 ​ $ 31,000 42,000 14,200 18,700 130,000 130,000 ​ ​

On the basis of the data given, prepare a statement of retained earnings for 2012. Show computations.

Jalbert Furniture Company has asked you to determine whether the company’s ability to pay its current liabilities and long-term debts improved or deteriorated during 2018. To answer this question, calculate the following ratios for 2018 and 2017.

2018 2017 Cash $ 50 , 000 $ 49 , 000 Short-term investments 29 , 000 11 , 000 Net receivables  123 , 000 129 , 000 Inventory 239 , 000 266 , 000 Prepaid expenses 20 , 000 4 , 000 Total assets 560 , 000 470 , 000 Total current liabilities 217 , 000 262 , 000 Long-term debt 77 , 000 104 , 000 Income from operations  250 , 000 148 , 000 Interest expense 40 , 000 38 , 000 \begin{array}{lrr} & \textbf{2018} & \textbf{2017}\\ \\ \text{Cash} & \$\hspace{5pt}50,000 & \$ \hspace{5pt} 49,000\\ \text{Short-term investments} & 29,000 & 11,000\\ \text{Net receivables } & 123,000 & 129,000\\ \text{Inventory} & 239,000 & 266,000\\ \text{Prepaid expenses} & 20,000 & 4,000\\ \text{Total assets} & 560,000 & 470,000\\ \text{Total current liabilities} & 217,000 & 262,000\\ \text{Long-term debt} & 77,000 & 104,000\\ \text{Income from operations } & 250,000 & 148,000\\ \text{Interest expense} & 40,000 & 38,000\\ \end{array} Cash Short-term investments Net receivables  Inventory Prepaid expenses Total assets Total current liabilities Long-term debt Income from operations  Interest expense ​ 2018 $ 50 , 000 29 , 000 123 , 000 239 , 000 20 , 000 560 , 000 217 , 000 77 , 000 250 , 000 40 , 000 ​ 2017 $ 49 , 000 11 , 000 129 , 000 266 , 000 4 , 000 470 , 000 262 , 000 104 , 000 148 , 000 38 , 000 ​

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Multiple Choice

Answers will vary but should include factors such as starting salaries, value of fringe benefits, cost of living, and other monetary factors.

Answers will vary but should include considerations such as price, convenience, features, ease of purchase, availability, and other decision-making factors.

Responses should comment on the growth Netflix has experienced. Although this may have been due to subscription price increases, the biggest driver of these increases is the number of subscriptions. While this is only a few data points, it does appear likely that Netflix will continue to grow sales in the next year or so. Factors influencing this prediction would be competition, changes in the streaming market, and economic considerations.

Answers will vary, but responses should state, in a sentence or two, the primary purpose of the entity. The goal of this exercise is to have students clearly communicate why the entity exists, the stakeholders served by the entity, and the role accounting plays in the organization.

Answers will vary but should highlight aspects of each model: Brick-and-mortar : higher investment in physical storefront, interior, etc., to attain visual appeal; insurance and regulatory requirements; space/storage considerations; lower delivery costs; no delivery time. Online : less overhead costs, higher delivery costs, higher website and technology costs, competition.

Manufacturer: movies; service: hotels, restaurants, waste removal, entertainment; retail: shopDisney, clothes and apparel.

Answers will vary but should include the key services of the SEC related to regulation and enforcement. You may be particularly interested to explore the SEC’s whistle-blowing initiatives. Responses regarding required filings for publicly traded companies should include a discussion about the relationship between transparency and protecting the public interest. The significant amount of invested capital by the investing public is also relevant to the discussion.

Answers will vary but should include the increase in popularity of energy drinks and Monster’s partnership with the Coca-Cola Company (which now owns close to a 17% stake in Monster). Considerations as to whether or not to purchase Monster shares today would include the estimated future performance of the company, the energy drink market, purchasing at a high point, etc.

Answers will vary but should include a discussion of the importance for accountants to provide information that is unbiased. Accountants have an obligation to protect the public interest by reporting information that is useful for decision-making but does not sway the user in a particular way. Accountants are in a unique position where they serve many stakeholders, including their employer, clients, and the public. The interests of all stakeholders must be considered while maintaining the highest level of integrity.

Answers will vary and may include certifications/licensing in nursing, information technology, engineering, human resources management, counseling, medicine, and many other occupations.

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Cengage answer keys

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September 7, 2022, in student guide , study help, no comments.

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    1. Answers will vary but should include factors such as starting salaries, value of fringe benefits, cost of living, and other monetary factors. 3. Answers will vary but should include considerations such as price, convenience, features, ease of purchase, availability, and other decision-making factors. 5.

  5. Financial Accounting Cengage Notes and Answers

    Financial Accounting Cengage Notes and Answers - Cengage 1: $55,550 = $30,000 + $50,000 - $3500 - - Studocu Financial Accounting Cengage Notes and Answers for assignment. Explains the breakdown of how to get the answer to the question. cengage (revenue capital stock Skip to document Ask an Expert Sign inRegister Sign inRegister Home

  6. Get 100% Accurate Cengage Answer keys and Cengage Homework

    Cengage homework answers While using Cengage, sometimes students feel that the assignments and quizzes are a bit challenging to solve independently. In such situations, students need experts who can take care of their assignments and give their best.