Showing 111 to 120 of 142 Questions
  • The following information was drawn from the balance sheets of two companies:Requireda. Compute the debt to assets ratio to measure the level of financial risk of both companies.b. Compare the two ratios computed in Requirement a to identify which company has the higher level of financialrisk.

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  • The following information was drawn from the balance sheets of two companies:Required a. Compute the debt to assets ratio to measure the level of financial risk of both companies. b. Compare the two ratios computed in Requirement a to identify which company has the higher level of financialrisk.

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  • The following transactions pertain to Boykin Corporation for 2013: Jan. 1 Began operations when the business acquired $25,000 cash from the issue of common stock. Mar. 1 Paid rent for office space for two years, $8,400 cash. Apr. 14 Purchased $400 of supplies on account. June 30 Received $12,000 cash in advance for services to be provided

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  • The following transactions pertain to Chef Training Company for 2013: Jan. 30 Established the business when it acquired $37,500 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $12,000 cash. Apr. 10 Purchased $2,650 of supplies on account. July 1 Received $25,000 cash in advance for services to be prov

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  • The following trial balance was prepared from the ledger accounts of Smith Inc.:The accountant for Smith, Inc., made the following errors during May 2013:1. The cash purchase of land for $3,000 was recorded as a $5,000 debit to Land and a $3,000 credit to Cash.2. A $1,600 purchase of supplies on account was properly recorded as a debit

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  • The following trial balance was prepared from the ledger accounts of Zumba Company:When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors:1. The company received $470 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was

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  • The trial balance of Pacilio Security Services Inc. as of January 1, 2013 had the following normal balances:Cash …………………………………… $8,900Accounts Receivable ………………….. 1,500Supplies ……………………………….. 65Prepaid Rent ………………………….. 800Land ………

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  • Toyo Company is holding land that cost $900,000 for future use. However, plans have changed and the company may not need the land in the foreseeable future. The president is concerned about the return on assets. Current net income is $425,000 and total assets are $3,500,000. Required a. Write a memo to the company president explaining th

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  • Two introductory accounting students were arguing about how to record a transaction involving an exchange of cash for land. Trisha stated that the transaction should have a debit to Land and a credit to Cash; Tony argued that the reverse (debit to Cash and credit to Land) represented the appropriate treatment.RequiredWhich student was cor

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  • Understanding real-world annual reportsRequiredUse the Target Corporation’s annual report in Appendix B to answer the following questions:a. What was Target’s debt to assets ratio for its fiscal-year ended January 29, 2011 (2010) and 2009? b. What was Target’s return on assets ratio for 2010 and 2009? c. What was Target’s return o

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