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(TCOs A, B, and C) Shareholders want answers to all of the following questions except for?

  • Keller ACCT 540 Professional Research for Accountants Midterm Answers

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(TCOs A, B, and C) Shareholders want answers to all of the following questions except for? 

(TCO C) Paying cash dividends is an example of a(n)

(TCO A) Assets include 

(TCO A) Which of the following should not be classified as a current liability? 

(TCO B) For 2012, LBJ Corporation reported net income of $75,000; net sales $750,000; and weighted average shares outstanding of 7,500. There were no preferred stock dividends. What was the 2012 earnings per share? 

(TCO D) Which of the following accounts has a normal balance of a credit? 

(TCO E) The accrual accounting term used to indicate an item paid in advance or the receipt of cash in advance is _____ 

(TCOs A and B) Specific identification would not likely be used by which of the following businesses? 

(TCOs A and B) LBJ Company recorded the following events involving a recent merchandise purchase.

- Received goods for $40,000, terms 2/10, n/30

- Returned $1,200 of the shipment for credit due to damaged goods 

(TCO A) In a period of declining prices, which of the following inventory methods generally results in the lowest gross profit figure? 

(TCO D) An account is an important accounting record where financial information is stored until needed. Briefly explain (1) the nature of an account, (2) the different types of accounts, and (3) the manner in which an account is increased and decreased, and the normal balance of each type of accounts. 

(TCOs B and E) The Caltor Company gathered the following condensed data for the year ended December 31, 2010. 

(TCOs D and E) Please prepare the following journal entries. Indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit. Investors invest $100,000 in exchange for 10,000 shares of common stock.

(TCO D) Your friend Wendy plans to open a hair salon. Wendy states that she does not have time to develop and implement a system of internal controls. Explain to Wendy the objectives of a system of internal control.Explain to Wendy at least four key controls she must establish to protect herself against fraud. You should state specific internal control procedures and relate your answer to her hair salon business. 

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