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Type: Posts; User: jamesk486
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So salaries payable is 18,000?
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Lol.. im sorry.. I thought the answer was b, not c... c is the right answer... but why cs over retained earnings?
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Taylor Company had a salaries payable balance of $18,000 on December 31, 2004. During 2005, it paid $50,000 in cash as salaries, and recorded a salary expense of $50,000. Its December 31, 2005...
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Kirby, Inc. records a sale with a gross margin of $1,400. Which one of the followingstatements correctly describes the effect of such a sale on its balance sheet?
A. The gross margin account...
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On March 31, 2005, Cars, Inc. owes Preston Devices, one of its suppliers, $25,000 for previous purchases. During April 2005, Preston sells Cars devices with a sales price of $10,000 and a cost to...
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Today is January 1, 2011. On January 1 of the years 2012 through 2021 you are to receive$50,000. If the cash flows are discounted at 10% a year, what is the present value of these cash flows as of...
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A tool rental shop can rent 30 floor sanders per day at a daily rate of $12 per sander. For each additional $2 a day charged per sander, one fewer sander is rented. If the store wants to maximize its...
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On January 1 of the years 2012, 2013, 2014 you will invest $10,000. What will your investment be worth on January 1, 2014 if the rate of return is 10%?
just want to make sure if the equation is...
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A company made $100,000 profit this year. If they anticipate that profits will increase by 6% a year going forward, how long will it take for the profits to double?
A. Between 9 and 10 years
B....
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basically you are saying that they bought more than they sold, and since the amt they bought = total payments, the total payments is more than they sold.
Therefore the answer would have to be D?
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Not sure though.. we don't know if the company paid cash or not...
Does anyone understand the question?
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I thought it was B because long debt is paid off so total debt declines and probably cash was used to pay it off so assts would decline.
Since current ratio is Current Assets/Current Liabilities,...
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I thought it was C but I'm not sure if my logic is right. I assumed that since the store bought inventory on credit, they would have to repay back through cash during 2005.
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Well I thought that the answer was b.. since cash has increased and current ratio is current asset / current liabilities, the total ratio would be smaller.
That's my opinion but not sure if it is...
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A record store buys all of its inventory on credit. During 2005, the store's inventory account increased by $10,000. Which of the following statements must be true for Planet Music during 2005?
...
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A company makes a cash sale with a positive gross margin. Which one of the following statements describes the effect of the sale on the company?
A. Current ratio increases
B. Current ratio...
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Oops I also forgot the last choice
D. Current ratio increases; total debt to equity ratio increases
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A company pays off a long-term debt in full. Which one of the following statements describes the effect of the sale on the company?
A. Current ratio decreases; total debt to equity ratio increases...
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