phenixdragon

Using the following balance sheet and income statement data, what is the earnings per share?

Current assets $ 9,000 Net income $ 12,000

Current liabilities 4,000 Stockholders’ equity 27,000

Average assets 44,000 Total liabilities 6,000

Total assets 30,000

Average common shares outstanding was 10,000

A $1.20

B $2.00

C $0.83

D $0.44

On July 31st, 2010, Fenton Company had a cash balance per books of $6,140. The statement from Jackson State Bank on that date showed a balance of $7,695.80. A comparison of the bank statement with cash account revealed the following facts.

1. The bank service charge for July was $25.

2. The bank collected a note receivable of $1,500 for Fenton Company on July 15, plus $30 of interest. The bank made a $10 charge for the collection. Fenton has not accrued any interest on the note.

3. The July 31 receipts of $1,193.10 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.

4. Company check No. 2480 issued to H. Coby, a creditor, for $384.

5. Checks outstanding on July 31 totaled $1,980.10.

6. On July 31 the bank statement showed an NSF charged of $690 for a check received by the company from P. Figura, a customer, on account.

Instructions

(a) Prepare the bank reconciliation as of July 31.

(b) Prepare the necessary adjusting entries at July 31.

The financial statements of Tootsie Roll in Appendix A at the back of this book contain the following selected accounts, all in thousands of dollars.

Common Stock $24,586

Accounts Payable 11,572

Accounts Receivable 32,371

Selling, Marketing, and Administrative Expenses 97,821

Prepaid Expenses 6,551

Property, Plant, and Equipment 201,401

Net Sales 492,742

Instructions

(a) What is the increase and decrease side for each account? What is the normal balance for each account?

A trial balance _________

A) is a list of accounts with their balances at a given point in time.

B) will not balance if a correct journal entry is posted twice.

C) will tell you if a transaction is not posted at all.

D) proves the factual accuracy of journalized transactions.

The cost of assets consumed or services used is also known as _________.

A) a revenue.

B) an expense.

C) a liability.

D) an asset.

Which of the following is a primary user of accounting information with a direct financial interest in the business?

A) Taxing authority

B) Creditor

C) Regulatory agency

D) Labor union

The financial statements of Tootsie Roll in Appendix A at the back of this book contain the following selected accounts, all in thousands of dollars.

Common Stock $24,586

Accounts Payable 11,572

Accounts Receivable 32,371

Selling, Marketing, and Administrative Expenses 97,821

Prepaid Expenses 6,551

Property, Plant, and Equipment 201,401

Net Sales 492,742

Instructions

(a) What is the increase and decrease side for each account? What is the normal balance for each account?

(b) Identify the probably other account in the transaction and the effect on that account when:

(1) Accounts Receivable is decreased.

(2) Accounts Payable is decreased.

(3) Prepaid Expenses is increased.

(c) Identify the other account(s) that ordinarily would be involved when:

(1) Interest Expense is increased.

(2) Property, Plant, and Equipment is increased.

On April 1 Flint Hills Travel Agency Inc. was established. These transactions were completed during the month.

1. Stockholders invested $25,000 cash in company in exchange for common stock.

2. Paid $900 cash for April office rent.

3. Purchased office equipment for $2,800 cash.

4. Purchased $200 of advertising in Chicago Tribune, on account.

5. Paid $500 cash for office supplies.

6. Earned $10,000 for services provided: Cash of $1,000 is received from customers, and the balance of $9,000 is billed to customers on account.

7. Paid $400 cash dividends.

8. Paid Chicago Tribune amount due in transaction (4).

9. Paid employees salaries $1,200.

10. Received $9,000 in cash from customers billed previously in transaction (6).

Instructions

(a) Prepare a tabular analysis of the transactions using these column headings: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, and Retained Earnings (with separate columns for Revenues, Expenses, and Dividends). Include margin explanations for any changes in Retained Earnings.

(b) From an analysis of the Retained Earnings columns, compute the net income or net loss for April.

Where can I find a dealer/seller who imports cars from Japan to sell in the US? I am looking for an imported Honda Integra that is imported from Japan. I remember knowing a few sellers/companies a few years ago but I can't remember the names now.

Diane Wynne is a bookkeeper for Bates Company, Inc. Diane has been trying to get the company’s balance sheet to balance. She finally got it to balance, but she still isn’t sure that it is correct.

BATES COMPANY, INC.

Balance Sheet

For the Month Ended December 31, 2010

Assets

Equipment $20,500

Cash 10,500

Supplies 2,000

Accounts payable    (5,000)

Total assets $28,000

Liabilities and Stockholders’ Equity

Common stock $12,000

Accounts Receivable (6,000)

Dividends (2,000)

Notes payable 14,000

Retained earnings 10,000

Total liabilities and stockholders’ equity $28,000

Explain why this balance sheet is incorrect and what she needs to do to correct it.

Match the following terms to their meanings:

Matching Answer:

1: Composition of the material is not mixed uniformly.

2: Contains two or more elements with a definite composition.

3: Contains two or more substances that do not change their identities.

4: Cannot be separated into simpler substances by chemical methods.

5: Composition of the material is uniformly mixed.

Potential Matches:

A: Element

B: Mixture

C: Compound

D: Heterogeneous

E: Homogeneous

You have been working long hours in the laboratory and have finally purified the enzyme "paper-ase" which you have determined will breakdown notebook paper. What are the four levels of protein structure found in this enzyme? Describe and differentiate between the types of bonds and interactions that are involved in each level of protein structure.

For the following reaction, answer the following questions:

H2SO4(aq) + 2 NaOH(aq) à Na2SO4(aq) + 2 H2O(l)

a.) Which reactant is the acid? How do you know? What are some characteristics of acids?

b.) Which reactant is the base? How do you know? What are some characteristics of bases?

c.) How many moles of the base are required to completely react with the acid?

A) a testable explanation of a natural phenomenon

B) a test in which only specific conditions are allowed to vary

C) a theory that has been confirmed

D) unable to be tested in a controlled manner

E) the same as a theory

You are given the following DNA sequence which is the template for mRNA: - GTT - ACA- GCT- CTA-

What is the corresponding polypeptide sequence?

A) make galactose from lactose.

B) convert -galactose to -galactose.

C) convert galactose to glucose.

D) make lactose from galactose.

E) convert galactose to glycogen.

A) monosaccharide.

B) polysaccharide.

C) trisaccharide.

D) disaccharide.

E) phosphosaccharide.

A) uracil pairs with thymine.

B) the mRNA produced is identical to the parent DNA.

C) the mRNA produced is complementary to one strand of the DNA.

D) both strands of the DNA are copied.

E) a double helix containing one parent strand and one daughter strand is produced.

A) -T-C-T-U-C-T-.

B) -A-C-A-U-C-A-.

C) -T-C-T-A-C-A-.

D) -U-C-U-A-C-U-.

E) -A-G-A-T-G-A-.

A) guanine

B) adenine

C) cytosine

D) ribose

E) thymine