Answer:
Part 2 Which of the following transactions does not involve an accrual?
- Recording the pre-payment of two years' worth of insurance. THIS IS AN ASSET EXCHANGE TRANSACTION SINCE IT CREATES AN ASSET ACCOUNT, PREPAID INSURANCE, THAT DECREASES AS TIME PASSES
Part 3 The recognition of an expense may be accompanied by which of the following?
- An increase in liabilities. EXPENSES ARE NOT ALWAYS PAID IMMEDIATELY, FOR EXAMPLE UTILITIES, THEY FORM A SHORT TERM LIABILITY UNTIL PAID.
Part 4 The adjusting entry to recognize work completed on unearned revenue involves which of the following?
- A decrease in liabilities and an increase in equity. UNEARNED REVENUE IS A LIABILITY ACCOUNT, AND AS THE WORK IS COMPLETED, REVENUE SHOULD INCREASE, THEREFORE EQUITY WILL INCREASE.
Part 5 Which of the following would cause net income on the accrual basis to be different from (either higher or lower than) "cash provided by operating activities" on the statement of cash flows?
- Paid advertising expense. IF THE COMPANY PAID ADVERTISING EXPENSES ON ACCOUNT.
Explanation:
Answer:
Instructions are listed below
Explanation:
Giving the following information:
You have just made a $1,500 contribution to your retirement account. Assume you earn a rate of return of 8.7 percent and make no additional contributions.
To find the final value we need to use the following formula:
FV= PV*(1+i)^n
A) n= 25
FV= 1500* (1.087^25)= 12073.41
B) n= 20
FV= 1500*(1.087^20)= $7955.77
Answer:
c) -$877,874d
Explanation:
Net present value is the present value of after tax cash flows from an investment less the amount invested.
NPV can be calculated using a financial calculator
Cash flow in :
Year 0 = $-2,225,000
year 1 = $375,000
year 2 = $425,000
year 3 = $400,000
year 4 = $475,000
I = 9%
NPV = $-877,873.94
Answer:
Specialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency. Many countries, for example, specialize in producing the goods and services that are native to their part of the world, and they trade them for other goods and services.
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Answer:
The correct answer is C.
Explanation:
Giving the following information:
A machine with a cost of $65,000 has an estimated residual value of $5,000 and an estimated life of 4 years or 18,000 hours.
To calculate the depreciation expense for each year, we need to use the following formula:
Annual depreciation= 2*[(book value)/estimated life (years)]
Year1= [(65,000 - 5,000)/4]*2= $30,000
Year2= [(60,000 - 30,000)/4]*2= $15,000
