Acct 370 quiz 2 - Study guides, Class notes & Summaries

Exam (elaborations) Liberty University ACCT 370 Quiz 2 Power answer Liberty University ACCT 370 Quiz 2 Power answer A+ Guarantee: Corona Industries purchased a stamping machine on January 2, 20X1, for $100,000. It made an initial payment of $20,000 and financed the balance over 5 years at State Bank. The loan terms were for annual payments of $16,000 plus 10% interest, payable on December 31 each year. The year 20X4 proves to be a difficult year and on December 1, 20X4 Corona negotiates...

Liberty University ACCT 370 Quiz 2 Power answer Liberty University ACCT 370 Quiz 2 Power answer A+ Guarantee: Corona Industries purchased a stamping machine on January 2, 20X1, for $100,000. It made an initial payment of $20,000 and financed the balance over 5 years at State Bank. The loan terms were for annual payments of $16,000 plus 10% interest, payable on December 31 each year. The year 20X4 proves to be a difficult year and on December 1, 20X4 Corona negotiates a debt restructurin...

Liberty University ACCT 370 Quiz 1 Power answer Liberty University ACCT 370 Quiz 1 Power answer A+ Guarantee: When adjusting accrual earnings to obtain cash flows from operations, an increase in Prepaid Rent Expense is subtracted to arrive at cash flow from operations. The Barden Company provides the following trial balance as of December 31, 20X1. Debit Credit Cash and cash equivalents $345,000 Accounts receivable 115,000 Inventory 120,000 Prepaid insurance 7,500 Prepaid rent 40...

Liberty University ACCT 370 Quiz 4 Power answer Liberty University ACCT 370 Quiz 4 Power answer A+ Guarantee: Yanita Company, an IFRS reporting firm, has three bank accounts. The respective account balances are as follows: Account 1: $50,000; Account 2: $70,000; Account 3: $(10,000). Consistent with IFRS, cash and cash equivalents are equal to: Madrid Incorporated’s 20X1 income statement reported income tax expense of $635,375. During 20X1, Madrid’s income taxes payable account inc...

Exam (elaborations) Liberty University ACCT 370 Quiz 1 Power answer Liberty University ACCT 370 Quiz 1 Power answer A+ Guarantee: When adjusting accrual earnings to obtain cash flows from operations, an increase in Prepaid Rent Expense is subtracted to arrive at cash flow from operations. The Barden Company provides the following trial balance as of December 31, 20X1. Debit Credit Cash and cash equivalents $345,000 Accounts receivable 115,000 Inventory 120,000 Prepaid insurance 7,50...

Exam (elaborations) Liberty University ACCT 370 Quiz 4 Power answer Liberty University ACCT 370 Quiz 4 Power answer A+ Guarantee: Yanita Company, an IFRS reporting firm, has three bank accounts. The respective account balances are as follows: Account 1: $50,000; Account 2: $70,000; Account 3: $(10,000). Consistent with IFRS, cash and cash equivalents are equal to: Madrid Incorporated’s 20X1 income statement reported income tax expense of $635,375. During 20X1, Madrid’s income taxes...