Final Review

If you want an indication of the direction a business is​ taking, you would use

Common Stock is most likely to have which of the following​ characteristics?

Sealy issued 55,000 shares of common stock. Later it bought back 22,000 shares & sold 3,200 Treas shares a month later.

Which of the following statements is FALSE about a​ 3-for-1 stock​ split?

Fisher signed a 9-month note payable on Sept 23. What accounts relating to the the N/P will be reported in 12/31 stmts?

In a bank​ reconciliation, a $500 outstanding check is:

Capitalizing the cost of overhauling an engine, which extends its useful life, involves increasing what account type?

Alamo Furniture issued​ $500,000 in bonds payable at par. The journal entry to record the semiannual interest payment is

The sum of ending inventory and cost of goods sold is

Atlantic corp declared a cash dividend. What is the journal entry?

An adjusting entry recorded June salary exp that will be paid in July. What is the effect of the June entry?

Bonds with a face value of $100,000 are issued at 103. The statement of cash flows would report a cash inflow of

The discount on a bond payable becomes what over the life of the bond?

The Doctor Corp purchased $5MM of Treasury Stock. How is this reported on the statement of cash flows?

A company declares a​ 10% stock dividend. The debit to Retained Earnings is an amount equal to

A company sold 10,000 jars of honey for $15 per jar. They paid $11.50 per jar of honey. What is the cost of goods sold?

Which statement shows the company's financial position at the end of the year?

Total assets are 24MM, with 14MM being​ long-term assets. Current Liab are 5MM and total Liab are 17.5MM. Current Ratio?

The bookkeeper wrote a check for $750 to pay for repairs. The check was incorrectly recorded as $75. Entry to correct?

In a bank​ reconciliation, $35 interest revenue earned on your bank balance is

Fred Co receives cash from customers before building their new deck. _________ account should be credited.

When using the indirect method to calculate net cash provided by operating​ activities, a decrease in Accounts Rec is

A stock dividend

On Jan 1st, $2,400 was prepaid for six months of rent.​ Books are closed monthly. The Feb adjusting entry would include:

Which of the following is NOT a financial transaction for Gerbig Pet Grooming Corp?

Accrued Expenses Payable is what type of account?

True or False?All contingent liabilities should be reported as liabilities, even those that are unlikely to occur.

Cruise Co failed to record depreciation of equipment. How does this affect the financial statements?

The purchase of a new delivery truck with cash would appear on the statement of cash flows as​ a/an

Ivy Co purchases a truck and signs a note payable at the dealership for the total cost. What is the financial impact?

V Co has 75,000 current assets and​ long-term assets of 100,000. Total liabilities are 40,000. ​Stockholders' equity is?

To calculate the debt ratio, you would need Total Liabilities and

A credit entry to an account will?

Which of the following accounts would be closed at the end of the​ period?

The costs of doing business are classifed​ as:

Fred Co builds the new deck for the customer who prepaid. The entry would be a debit to Unearned Revenue and a credit to

Which of the following is an intangible​ asset?

How would the issuance of common stock for cash affect the accounting​ equation?

Bonds with a​ 5% stated interest rate were issued when the market rate of interest was​ 8%. This bond was issued at a

On an indirect method statement of cash​ flows, a loss on the sale of plant assets is

A company offers Credit terms of 5/10, n/30. Which of the following statements is CORRECT?

Which of the following would be recorded if using accrual accounting but NOT if using the cash basis accounting?

FastClean Corp has 310,000 in​ revenues, 145,000 in​ expenses, and 11,000 in dividend payments in a year. Net income is?

Jan 13 Bee Co sold and shipped product on account for​ $9,000. The terms where FOB shipping​. How is Bee Co impacted?

Expressing Equipment as a percentage of total assets is an example of

What item flows from the income statement to the statement of retained​ earnings?

In a period of declining​ prices,