A bank that is authorized to accept amounts payable to the federal government is a:
Phildell Phoenix is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,288. FICA tax for social security is 6.2% and the FICA tax for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $1,375.17. What is the amount of the employer's payroll taxes liabilities?
Obligations due to be paid within one year or the company's operating cycle, whichever is longer, are:
When a bond sells at a premium, the:
Sales taxes payable:
The amount of federal income taxes withheld from an employee's paycheck is determined by:
Bonds that give the issuer an option of retiring them before they mature are:
A company issues 9%, 20-year bonds with a par value of $750,000. The current market rate is 9%. The amount of interest owed to the bondholders for each semiannual interest payment is____________.
A contingent liability:
Describe how to account for and report on contingent liabilities.
Identify the advantages and disadvantages of bond financing
A company had net sales of $600,000, total sales of $750,000, and an average accounts receivable of - $5.29
A company had net sales of $600,000, total sales of $750,000, and an average accounts receivable of $75,000. Its accounts receivable turnover equals _____.
A credit sale of $3,275 to a customer would result in:
On October 29 of the current year, a company concluded that a customer's $4,400 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on this company's net income and total assets assuming the allowance method is used to account for bad debts?
Newton Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Newton Company wrote off the $3,000 uncollectible account of its customer, P. Best. On July 10, Newton received a check for the full amount of $3,000 from Best. On July 10, the entry or entries Newton makes to record the recovery of the bad debt is:
The quality of receivables refers to:
A company had average total assets of $897,000. Its gross sales were $1,090,000 and its net sales were $1,000,000. The company's total asset turnover equals:
Plant assets are:
A machine originally had an estimated useful life of 5 years, but after 3 complete years, it was decided that the original estimate of useful life should have been 10 years. At that point the remaining cost to be depreciated should be allocated over the remaining:
When originally purchased, a vehicle had an estimated useful life of 8 years. The vehicle cost $23,000 and its estimated salvage value is $1,500. After 4 years of straight-line depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals:
Describe how accounts receivable arise and how they are accounted for, including the use of a subsidiary ledger and an allowance account.
Explain the purpose of and method of depreciation for partial years.
A company owns $100,000 of 9% bonds that pay interest on October 1 and April 1. The amount of intere - $5.29
Consolidated financial statements:
A company owns $100,000 of 9% bonds that pay interest on October 1 and April 1. The amount of interest accrued on December 31 (the company's year-end) would be:
Equity securities are:
Doherty Corporation had net income of $30,000, net sales of $1,000,000, and average total assets of $500,000. Its return on total assets is ____.
Long-term investments include:
The controlling investor is called the:
Investments in trading securities:
The price of one currency stated in terms of another currency is called a(n):
Return on total assets measures a company's ability to:
If the exchange rate for Canadian and U.S. dollars is 0.82777 to 1, this implies that 3 Canadian dollars will buy ____ worth of U.S. dollars.
Define the foreign exchange rate between two currencies. Explain its effect on business transactions conducted in a foreign currency.
Identify three out of four types of classifications for non-influential investments in securities.
The price-earnings ratio is calculated by dividing:
Shamrock Company had a net income of $30,000. On January 1, the number of shares of common stock outstanding was 8,000. On April 1, the company issued an additional 2,000 shares of common stock. There were no other stock transactions. The company's earnings per share is:
Preferred stock on which the right to receive dividends is forfeited for any year that the dividends are not declared is referred to as:
A proxy is:
The Discount on Common Stock account reflects:
Owners of preferred stock often do not have:
Prior period adjustments are reported in the:
The right of common shareholders to protect their proportionate interest in a corporation by having the first opportunity to buy additional proportionate shares of common stock issued by the corporation is called a:
A company had a beginning balance in retained earnings of $43,000. It had net income of $6,000 and paid out cash dividends of $5,625 in the current period. The ending balance in retained earnings equals:
The date a board of directors votes to pay a dividend is called the date of:
Explain how both a stock split and a stock dividend affect the computation of the weighted average number of shares outstanding.
What are the rights generally granted to common stockholders?
Statements that show the effects of proposed transactions as if the transactions had already occurre - $5.29
Statements that show the effects of proposed transactions as if the transactions had already occurred are called
On April 1, 2007, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2007?
Accounts payable appear on which of the following statements?
Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is:
The recurring steps performed each accounting period, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, is referred to as the:
Determine the net income of a company for which the following information is available for the month of May
Two common subgroups for liabilities on a classified balance sheet are
A company purchased a new truck at a cost of $42,000 on July 1, 2008. The truck is estimated to have a useful life of 6 years and a salvage value of $3,000. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the truck for the year ended December 31, 2008?
If assets are $99,000 and liabilities are $32,000, then equity equals:
Discuss how accrual accounting enhances the usefulness of financial statements.
What is the usual order in which financial statements are prepared from the adjusted trial balance? Why are they prepared in that order?