Posted: June 15th, 2022

MD University College BMGT ACCT 220 A cash dividend of $500 was declared and paid to stockholders

Question Assignment 17:A cash dividend of $500 was declared and paid to stockholders. The proper journal entry to document the declaration is _______________.Question Assignment 17 choices:debit Capital Inventory 500 and credit score Cash 500debit Cash 500 and credit score Dividends 500debit Dividends 500 and credit score Cash 500debit Cash 500 and credit score Capital Inventory 500Question Assignment 18 (1 level)If $three,000 has been earned by an organization’s employees for the reason that final payday in an accounting interval, the mandatory adjusting entry could be _______________.Question Assignment 18 choices:debit an expense and credit score a liabilitydebit an expense and credit score an assetdebit a legal responsibility and credit score an assetdebit a legal responsibility and credit score an expenseQuestion 19 (1 level)The accrual foundation of accounting _______________.Question Assignment 19 choices:acknowledges revenues solely when cash is receivedis utilized by virtually all companiesrecognizes bills solely when cash is paid outrecognizes revenues when gross sales are made or companies are carried out, and acknowledges bills solely when cash is paid outQuestion 20 (1 level)The necessity for adjusting entries relies on _______________.Question Assignment 20 choices:the matching principlesource documentsthe cash foundation of accountingactivity that has already been recorded within the correct accountsQuestion 21 (1 level)Which of the next statements is fake relating to the closing course of?Question Assignment 21 choices:The Dividends account is closed to Earnings Abstract.The closing of expense accounts leads to a debit to Earnings Abstract.The closing of revenues leads to a credit score to Earnings Abstract.The Earnings Abstract account is closed to the Retained Earnings account.Question Assignment 22 (1 level)Which of the next statements is true relating to the categorized steadiness sheet?Question Assignment 22 choices:Present belongings embrace cash, accounts receivable, and gear.Plant, property, and gear is one class of long-term belongings.Present liabilities embrace accounts payable, salaries payable, and notes receivable.Stockholders’ fairness is subdivided into present and long-term classes.Question Assignment 23 (1 level)The underlying assumptions of accounting embrace all the next besides _______________.Question Assignment 23 choices:enterprise entitygoing concernmatchingmoney measurement and periodicityQuestion 24 (1 level)Malloy Firm started the accounting interval with $60,000 of merchandise, and the online price of purchases was $240,000. A bodily stock confirmed $72,000 of merchandise unsold on the finish of the interval. The price of items offered of Malloy Firm for the interval is _______________.Question Assignment 24 choices:$300,000$228,000$252,000$168,000None of the aboveQuestion 25 (1 level)A categorized earnings assertion consists of all of the next main sections besides _______________.Question Assignment 25 choices:Working revenuesCost of items soldOperating expensesNon-operating revenues and expensesCurrent assetsQuestion 26 (1 level)A enterprise bought merchandise for $12,000 on account; phrases are 2/10, n/30. If $2,000 of the merchandise was returned and the remaining quantity due was paid inside the low cost interval, the acquisition low cost could be _______________.Question Assignment 26 choices:$240$200$1,200$1,000$three,600Question Assignment 27 (1 level)Malloy Firm started the accounting interval with stock of three,000 models at $30 every. Throughout the interval, the corporate bought a further 5,000 models at $36 every and offered four,600 models. Assume the use of periodic stock process. The price of ending stock utilizing weighted-average is _______________.Question Assignment 27 choices:$114,750$157,600$122,400$109,650None of the aboveQuestion 28 (1 level)Malloy Firm started the accounting interval with stock of three,000 models at $30 every. Throughout the interval, the corporate bought a further 5,000 models at $36 every and offered four,600 models. Assume the use of periodic stock process. The price of items offered utilizing weighted-average is _______________.Question Assignment 28 choices:$147,200$160,350$155,250$114,000None of the aboveQuestion 29 (1 level)Throughout a interval of rising costs, which stock technique could be anticipated to give the very best internet earnings?Question Assignment 29 choices:Weighted-averageFIFOLIFOSpecific identificationCannot determineQuestion 30 (1 level)The next data is said to the financial institution reconciliation of the Acme Firm:Steadiness per financial institution assertion$1,951.20Steadiness per ledger1,869.60Deposits in transit271.20Excellent checks427.80NSF examine61.20Service expenses13.80The adjusted/appropriate cash steadiness is _______________.Question Assignment 30 choices:$1,794.60$1,719.60$1,638.00$1,713.00$1,876.20Question Assignment 31 (1 level)In a financial institution reconciliation, deposits in transit needs to be _______________.Question Assignment 31 choices:deducted from the steadiness per booksdeducted from the steadiness per financial institution statementadded to the steadiness per ledgeradded to the steadiness per financial institution statementdisregarded within the financial institution reconciliation

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