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1.Business activities that either generate or use cash are classified as operating, investing or financing activities on the statement of cash flows. A) True B) False
2.Premium on Bonds Payable is an increase to the liability account. A) True B) False 3.Profitability is the company's ability to generate future revenues and meet long-term financial obligations. A) True B) False 4.A company can change from one acceptable accounting principle to another as long as the change improves the usefulness of information in its financial statements. A) True B) False 5.General standards or guidelines of comparisons include the 2 to 1 for the current ratio and 1 to 1 for the acid-test ratio. A) True B) False
6.A rough guideline states that for a company with no discounts offered, days' sales uncollected should not exceed 1 times the days in its credit period. A) True B) False 7.The payment pattern for installment notes that consists of accrued interest plus equal amounts of principal yields cash flows of equal amounts over the life of the note. A) True B) False 8.The cash flow on total assets ratio reflects the company's actual cash flows and therefore, is affected by the accounting constraints of recognition and measurement for net income. A) True B) False
ABC Corp distributed land to its sole shareholder, DEF Corp, in a liquidating distribution. At the time of the distribution, the land had a fair market value of $240,000 and ABC Corp's adjusted basis in the land was $200,000.
Lee needs money and therefore sells the note to Chicago National Bank, which demands interest on the note of 10% compounded semiannually. What is the amount Lee will receive on the sale of the note?
power grid engineering associates inc. provides consulting services to commercial electric utilities. the consulting
Prepare a production budget by quarter for the first 6 months of 2012 - Management desires to have ending finished goods inventory equal to 10% of the next quarter's expected unit sales.
a popular product of loring glassworks is a hand-decorated vase.the companys standard cost system calls for .75 hours
Given the EOQ, what is the average inventory? What is the annual inventory holding cost? In minimizing cost, how many orders would be made each year? What would be the annual ordering cost?
Indicate what accounts are increased and decreased by each transaction and journalize each transaction. (Omit explanations.)
hanna railroad co. is about to issue 277000 of 9-year bonds paying a 12 interest rate with interest payable
keeping abreast of the financial measures and metrics employed by a company allows employees to better understand its
During the year the City ordered and received $4,000 of supplies (of which $3,000 had been paid and $1,000 was unpaid) and had $500 of outstanding purchase commitments for supplies at year-end. In the Statement of Budget to Actual, the expenditure..
the accounting records of dolphin company revealed the following information total manufacturing costs 600000
bull create a scenario where using the high-low method results in flawed decisions for pricing or performance
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