Refer to Charhofe’s December 31, 2019 Income Statement shown below.

Charhofe began 2019 with a taxes payable account balance of $7 million. If it ende
Refer to Bellingham Incorporated’s December 31, 2019 Balance Sheet shown below. What is Bellingham’s total debt to equity ratio on December 31, 2019?
Select Any One Of the Following Options: Choose the option to correctly complete the sentence. Ruthie?s Radios sells a $100 gift certificate to a customer o
Refer to Alpha’s cash T-Account for 2019 shown below. For 2019, what was Alpha’s cash flow from operations?
Select Any One Of the Following Options: Sanford and Son sells athletic equipment. The following events, related to a special customer order, occur as desc
Select Any One Of the Following Options: Sanford and Son sells athletic equipment. The following events, related to a special customer order, occur as desc
Refer to Alpha’s cash T-Account for 2019 shown below. Alpha recorded rent and utility expense in 2019 of $70 million. Which one of the following line item
Select Any One Of the Following Options: On January 1, 2019, Flip-Flop Inc. purchased a trademark from Cool Shoe Inc. for $200,000. They paid for the purc
Refer to Charhofe’s December 31, 2019 Income Statement shown below. Charhofe began 2019 with $70 million in retained earnings. In 2019, they paid out
Select Any One Of the Following Options: Choose the option to correctly complete the following sentence. If the entity is uncertain whether to recognize an
Select Any One Of the Following Options: Choose the option to correctly complete the following sentence. The __________ concept says that every accountin
Select Any One Of the Following Options: Choose the option to correctly complete the sentence. Amy Auto Parts has inventory that has been recorded on t
Select Any One Of the Following Options: Assume that Zack?s Zippers buys a warehouse on January 1, 2005 for $1,000,000. The annual depreciation expens
Select Any One Of the Following Options: On December 31, 2018, William Jackson Industries has current assets of $100,000, non-current assets of $400,000
Select Any One Of the Following Options: Which of the following is generally not considered a current liability?
Select Any One Of the Following Options: A snapshot at a point in time of an entity?s assets, liabilities and owner?s equity is referred to as what?
Select Any One Of the Following Options: Woodridge Companies purchased a new machine that was on sale for $100,000. The CEO?s brother installed the
Select Any One Of the Following Options: On January 1, 2019, Flip-Flop Inc. purchased a trademark from Cool Shoe Inc. for $200,000. They paid for the purc
Refer to Bellingham Incorporated’s December 31, 2019 Balance Sheet shown below. Bellingham began 2019 with the following non-current asset balances:
Select Any One Of the Following Options: Which of the following is not a requirement for an asset to be recorded on the balance sheet?
Select Any One Of the Following Options: On December 31, 2018, Blais Industries had long-term debt totaling $120,000 on their balance sheet. During 2019
Presented below is the 2019 income statement for Melissa’s Magic Markers. During the year, Melissa’s Magic Markers charged $30 in depreciation and $10
Select Any One Of the Following Options: Which options correctly complete the sentence? In most cases, revenue is earned when a sale has taken place. Th
Select Any One Of the Following Options: Choose the best option to complete the following sentence. The conservatism concept dictates that gain conting
Select Any One Of the Following Options: Stephen?s Suitcases has the following ratios: Net Income/Sales = 0.100 Sales/Total Assets = 1.100 Return on Equi
Select Any One Of the Following Options: In March, Ruthie?s Radios learn that a sale of $75 made in February will never be paid by the customer. What is th
Select Any One Of the Following Options: Quinlan Electric purchases machinery for $220,000 that is to be depreciated at straight-line depreciation for 5 yea
Refer to Charhofe’s December 31, 2019 Income Statement shown below. Charhofe ended 2019 with a balance in their interest payable account of $14 millio
Select Any One Of the Following Options: Manning Inc. owes $200,000 to one of its creditors. Since it has limited resources, Manning agrees to issue $100,0
Select Any One Of the Following Options: Assume that Melissa?s Magic Markers purchases a new piece of factory equipment for $150,000. The salvage valu
Refer to Charhofe’s December 31, 2019 Income Statement shown below. If Charhofe was able to increase sales at a greater rate than cost of goods sold, ho
The next question refers to Charhofe’s December 31, 2019 Income Statement. What is the 2019 gross margin percentage for Charhofe Industries?
efer to Alpha’s cash T-Account for 2019 shown below. For 2019, what was Alpha’s cash flow from financing?
Select Any One Of the Following Options: Which of the following statements about Goodwill are true? I. It is amortized over its useful life. II. It will be $0 for
Select Any One Of the Following Options: Choose the option to correctly complete the following sentence. Schmidt Industries received cash from a custom
Select Any One Of the Following Options: Choose the option to correctly complete the sentence. Compared to the straight-line depreciation method, an ac
Select Any One Of the Following Options: Choose the option to correctly complete the following sentence. If the purchase price is _________ the __________ va
Stephen’s Suitcases acquired Tara’s Totes on 1/1/2018. Stephen’s Suitcases paid $400,000 for Tara’s Totes. Tara’s Totes had the following balance sheet item
Refer to Alpha’s cash T-Account for 2019 shown below. For 2019, what was Alpha’s cash flow from investing?
Select Any One Of the Following Options: Choose the option to correctly complete the sentence. Assume that Stephen?s Suitcases manufactured 2,500 suit
Refer to Charhofe’s December 31, 2019 Income Statement shown below. For 2019, what was Charhofe’s return on sales (also referred to as their net profit m
Refer to Bellingham Incorporated’s December 31, 2019 Balance Sheet shown below. Bellingham’s inventory balance on December 31, 2018 was $70,000. Th
Select Any One Of the Following Options: Choose the option to correctly complete the sentence. Ruthie?s Radios had a Retained Earnings balance of $50,00
Select Any One Of the Following Options: In determining when revenue is recognized, what two conditions must be satisfied according to the realization co
Select Any One Of the Following Options: Assume that Stephen?s Suitcases purchases a new piece of factory equipment for $300,000. The salvage value is $
Refer to Alpha’s cash T-Account for 2019 shown below. Based on the cash T-account for 2019, which of the following statements is true?
Select Any One Of the Following Options: The realized or realizable criterion is satisfied if the seller has received payment or reasonably expects to be paid.
Refer to Bellingham Incorporated’s December 31, 2019 Balance Sheet shown below. Bellingham began 2019 with $240,000 in owner’s equity. During the yea
Select Any One Of the Following Options: Which of the following describes the fundamental accounting equation?
Select Any One Of the Following Options: Xylem Technologies purchased a trademark from Phloem Semiconductor for $5 million. How should this new pur
nt balance of $7 million. If it ended 2019 with a taxes payable account balance of $10 million, how much did it pay in taxes in 2019?
uity ratio on December 31, 2019?
100 gift certificate to a customer on December 2. On December 2, Ruthie?s Radios will debit _________ and credit __________.

cial customer order, occur as described below: ? September 1, 2019: Sanford receives the special order for 300 football helmets at a selling price of $100 each, including de
cial customer order, occur as described below: ? September 1, 2019: Sanford receives the special order for 300 football helmets at a selling price of $100 each, including de
ich one of the following line items would be included in the operating section of Alpha's 2019 indirect method statement of cash flows?
r $200,000. They paid for the purchase with $100,000 in cash and $100,000 in Flip-Flop common stock. If Flip-Flop has long-term debt on their balance sheet, which of the
d earnings. In 2019, they paid out a special dividend totaling $90 million. What is the retained earnings balance as of December 31, 2019?
uncertain whether to recognize an expense or about the amount of an expense, the _________ concept encourages it to pro-actively estimate the cost and record the expens
oncept says that every accounting transaction has two sides that must be recorded.
ntory that has been recorded on their balance sheet at $156,000. The fact that Amy?s inventory is not reflected at a value that would be realized if it were required to be so
0. The annual depreciation expense for this building is $50,000 and the journal entry to record the depreciation expense is made once a year on December 31. On Decembe
0, non-current assets of $400,000 and total liabilities of $200,000. What is the amount of owner?s equity as of December 31, 2018?

is referred to as what?
The CEO?s brother installed the machine and charged Woodridge $10,000. If the regular price of the machine is $110,000 and the cost to install it should have been $20,0
r $200,000. They paid for the purchase with $100,000 in cash and $100,000 in Flip-Flop common stock. How would the transaction be recorded by Flip-Flop?
wing non-current asset balances: Plant and Equipment (net) $360,000; Patents (net) $55,000. No long-term assets were purchased or sold during the year. What is the depr

n their balance sheet. During 2019, they paid $10,000 in interest on that debt and $50,000 in principal. During the year they also issued new long-term debt totaling $20,00
ged $30 in depreciation and $10 in amortization. What is Melissa’s Magic Markers’ 2019 EBITDA to total interest coverage ratio?
d when a sale has taken place. This is when: I. the customer has agreed to buy the goods or services. II. the goods or services have been delivered. III. the seller has perform
oncept dictates that gain contingencies ____________.
tal Assets = 1.100 Return on Equity = 0.231 What is Stephen?s Suitcases Total Assets/Owners? Equity ratio?
paid by the customer. What is the journal entry that Ruthie?s Radios should record?
raight-line depreciation for 5 years. The estimated residual value of the machine after 5 years is estimated at $20,000. What is the book value of the asset after 2 years?
rest payable account of $14 million. During 2019 it paid $9 million in interest to its creditors. What was the balance of the interest payable account at the end of 2018?
s, Manning agrees to issue $100,000 worth of common stock and to pay $100,000 in cash to make payment. How would this repayment be recorded in Manning?s financia
ent for $150,000. The salvage value is $30,000 and the useful life is 6 years. What is the annual depreciation expense under the straight-line method?
r rate than cost of goods sold, how would gross margin percentage be impacted?
or Charhofe Industries?

er its useful life. II. It will be $0 for a firm that has never purchased another firm. III. It can generally be attributed directly to a patent or trademark.
ries received cash from a customer for a product to be delivered next month. According to the realization concept this revenue has been
t-line depreciation method, an accelerated method of depreciation (such as the double-declining balance method) will result in a _______________ depreciation expense in th
price is _________ the __________ value of the net assets acquired, the excess purchase price is recorded as _________ called Goodwill.
d the following balance sheet items on 1/1/2018. What is the amount of Goodwill that Stephen’s Suitcases should record at the time it purchases Tara’s Totes?

uitcases manufactured 2,500 suitcases in January of 2019 at a cost of $50 each, and 1,100 suitcases in July of 2019 at a cost of $60 each. Stephen?s Suitcases sold 3,000 su
so referred to as their net profit margin)?
cember 31, 2018 was $70,000. They purchased $40,000 worth of inventory in 2019 and during the year there were no inventory related write-downs or losses. What was th
tained Earnings balance of $50,000 at the end of 2018. The firm paid a dividend of $10,000 during 2019. The balance in Retained Earnings at the end of 2019 was $35,000.
ed according to the realization concept?
or $300,000. The salvage value is $60,000 and the useful life is 6 years. What is the Year 2 depreciation expense under the double-declining balance method?
ments is true?
or reasonably expects to be paid.
in owner’s equity. During the year they issued $30,000 in new common stock and paid $10,000 in dividends. If their net income for 2019 was $40,000, what was their retai

million. How should this new purchase be classified on the balance sheet for Xylem?
g price of $100 each, including delivery at a future convenient time and location. The customer, with whom Sanford has had a long-term, trouble-free relationship, pays $5,
g price of $100 each, including delivery at a future convenient time and location. The customer, with whom Sanford has had a long-term, trouble-free relationship, pays $5,

their balance sheet, which of the following describes the effect of the transaction on Flip-Flop Inc.?

te the cost and record the expense.

alized if it were required to be sold immediately to pay bills is referred as the ___________.
ar on December 31. On December 31, 2007, after making the 2007 journal entry for depreciation expense, what is the balance in the accumulated depreciation account?

install it should have been $20,000, how should Woodridge record the value of the asset on their balance sheet?
rded by Flip-Flop?
during the year. What is the depreciation and amortization expense for 2019?

w long-term debt totaling $20,000. What is the balance in their long-term debt account at the end of 2019?

elivered. III. the seller has performed substantially all of its obligations to the buyer.

alue of the asset after 2 years?

account at the end of 2018?
e recorded in Manning?s financial statements?

______ depreciation expense in the first year and a ______________ net asset balance for the asset at the end of the first year.

chases Tara’s Totes?

tephen?s Suitcases sold 3,000 suitcases during 2019. Stephen?s Suitcases uses the FIFO method of accounting for inventory and cost of goods sold (COGS). At the end of

ite-downs or losses. What was the cost of goods sold in 2019?

at the end of 2019 was $35,000. Assuming no other changes to the Retained Earnings account during 2019, Ruthie?s Radios had _________ during 2019.

g balance method?

was $40,000, what was their retained earnings balance on December 31, 2018?
rouble-free relationship, pays $5,000 as a deposit, and agrees to pay the rest on delivery. Sanford immediately orders $20,000 worth of helmets from its supplier and pays
rouble-free relationship, pays $5,000 as a deposit, and agrees to pay the rest on delivery. Sanford immediately orders $20,000 worth of helmets from its supplier and pays

mulated depreciation account?

oods sold (COGS). At the end of 2019, Stephen?s Suitcases reports inventory of ________ and COGS of __________.

_ during 2019.
elmets from its supplier and pays a $5,000 deposit for them. ? September 20, 2019: Sanford pays a $15,000 balance due to the supplier upon delivery of the helmets to its w
elmets from its supplier and pays a $5,000 deposit for them. ? September 20, 2019: Sanford pays a $15,000 balance due to the supplier upon delivery of the helmets to its w
on delivery of the helmets to its warehouse. ? October 1, 2019: The customer calls for delivery of the helmets and pays the balance of $25,000 when they arrive at the custo
on delivery of the helmets to its warehouse. ? October 1, 2019: The customer calls for delivery of the helmets and pays the balance of $25,000 when they arrive at the custo
,000 when they arrive at the customer site. On September 20, 2019, upon delivery of the helmets from the supplier and the payment of the balance due, how should the tr
,000 when they arrive at the customer site. On September 1, 2019, which one of the following accounting entries, related to the $20,000 order placed with the supplier, sho
e balance due, how should the transaction be recorded in Sanford?s financial accounting system?
rder placed with the supplier, should be recorded in Sanford's financial accounting system?