Component 2 Research

 Essay upon Module 2 Homework

п»їModule 2 HomeworkTotal Points: 40

Chapter several

1) Unearned revenues happen to be reported because liabilities around the balance sheet. В True or False

Solution: Unearned revenues are repayments provided to a company prior to the goods or services are provided. Unearned profits are financial obligations reported within the balance sheet. 2) Colby Firm has presented the following information: Operating revenues were $199, 700.

Working expenses had been $111, 500.

Interest price was $9, 200.

Gain from sale for plant and equipment was $3, 300.

Dividend repayments to Colby's stockholders were $7, 700.

Income tax expense was $36, 000.

How much was Colby's net income? В

A. В $39, 100

B. В $48, three hundred

C. В $52, 700

D. В $46, 800

3) During 2010, Sigma Company gained service earnings amounting to $700, 000, of which $630, 000 was collected in cash; the balance will be collected in January 2011. What amount if the 2010 cash flow statement report for service revenues? В A. В $630, 000

W. В $700, 000

C. В $70, 000

M. В $570, 500

4) Which of the pursuing journal entries is correct every time a company features incurred fascination expense nevertheless has not but paid the eye? В В В

A. В Option A

B. В Option B

C. В Option C

D. В Option D

5) Mama 06 Pizza Firm determined that dough, marinade, cheese and other ingredients priced at $8, seven hundred were accustomed to make pizzas during September. Which in the following transactions is fake with respect to the utilization of the ingredients? В A. В Cost of goods distributed was debited for $8, 700.

W. В Operating expenditures increased $8, 700.

C. В Operating cash flow decreased $8, 700.

G. В Supplies inventory was debited for $8, 700.

6) Which from the following accounts doesn't have a credit equilibrium? В A. В Gain available of area

B. В Investment income

C. В Unearned earnings

D. В Rent expense

7) Top Industry’s 2011 product sales revenue was $200, 1000 and 2010 sales income was $180, 000. Top's total possessions as of Dec 31, 2011 were $150, 000 and total possessions as of January 1, 2011 were $130, 000. What is Top's total asset turnover ratio? В A. В 1. 48

N. В 1. 33...


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