п»їModule 2 HomeworkTotal Points: 40
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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