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Author Archives: Anonymous

What is the boiling point change for a solution containing 0…

What is the boiling point change for a solution containing 0.763 moles of naphthalene (a nonvolatile, nonionizing compound) in 250. g of liquid benzene? (Kb = 2.53°C/m for benzene)

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UNK Corporation uses the following trial balance to prepare…

UNK Corporation uses the following trial balance to prepare its annual financial statements.                               UNK Corporation                          Adjusted Trial Balance                           December 31, 2023   Drs Crs Accounts Payable   $45,000 Accounts Receivable $20,000   Accumulated Depreciation – Equipment   50,000 Allowance for Doubtful Accounts   1,000 Cash 64,500   Cash dividends 14,000   Common stock   150,000 Cost of goods sold 82,000   Depreciation expense 7,000   Equipment 250,000   Gain on sale of equipment   2,500 Merchandise inventory 24,000   Notes payable (due 9/30/30)   41,000 Prepaid rent 3,000   Retained earnings   32,000 Salaries and Wages expense 23,000   Sales returns & allowances 10,000   Sales revenue   184,000 Supplies 2,000   Unearned sales revenue   4,000 Utilities expense 10,000         TOTALS $509,500 $509,500 According to the table above, Total stockholders’ equity for the UNK Company at December 31, 2023 is:

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Notification by the bank that a deposited customer check was…

Notification by the bank that a deposited customer check was returned NSF requires that the company make the following adjusting entry:

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The balance in the Accumulated Depreciation account represen…

The balance in the Accumulated Depreciation account represents

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Kennedy Company issued stock to Ed Kennedy in exchange for h…

Kennedy Company issued stock to Ed Kennedy in exchange for his investment of $25,000 cash in the business. The company recorded revenues of $185,000, expenses of $140,000, and had paid dividends of $10,000. What was Kennedy’s net income for the year?

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Selected comparative statement items for Willow Products Com…

Selected comparative statement items for Willow Products Company are presented  below. All balance sheet items are as of December 31. Willow uses 365 days for a year when calculating financial ratios Current Year Previous Year Net credit sales 800,000 720,000 Cost of goods sold 480,000 440,000 Interest  expense 7,000 5,000 Net income 60,000 42,000 Accounts receivable 120,000 100,000 Inventory 85,000 75,000 Total assets 600,000 500,000 Total common stockholders’ equity 430,000 320,000 The average collection period for Willow Products Company for the Current Year is:

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Cost of goods sold is reported on the:

Cost of goods sold is reported on the:

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The primary purpose of the statement of cash flows is to

The primary purpose of the statement of cash flows is to

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On January 1, 2023, Pinkley Company sells office furniture f…

On January 1, 2023, Pinkley Company sells office furniture for $150,000 cash. The office furniture originally cost $375,000 when purchased on January 1, 2016. Depreciation is recorded by the straight-line method over 10 years with a salvage value of $37,500. What gain should be recognized on the sale?

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On August 3, Mountain Goats Tree service received cash from…

On August 3, Mountain Goats Tree service received cash from customers who were billed in July. The entry to record this transaction would include a

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