Match the accounting terms with the description by entering the proper letter in the space provided.A. Account form balance sheet B. Adjusting entries or adjustmentsC. Book value D. Contra account E. Contra asset account F. Depreciation G. Prepaid expenses H. Report form balance sheet I. Salvage value J. Straight-line depreciation K. Worksheet _____ 1. Allocation of an asset's cost in equal amounts to each accounting period of the asset's useful life_____ 2. Journal entries made to update accounts for items that were used or expired during the accounting period_____ 3. An estimate of the amount that could be received by selling or disposing of an asset at the end of its useful life_____ 4. A balance sheet that lists assets on the left and liabilities and owner's equity on the
right _____ 5. An account with a normal balance that is opposite that of a related account_____ 6. A form used to gather all data needed at the end of an accounting period to prepare financial statements_____ 7. That portion of an asset's original cost that has not yet been depreciated_____ 8. Expense items acquired, recorded, and paid for in advance of their use_____ 9. An asset account with a credit balance, which is contrary to the normal balance of an asset account_____ 10. A balance sheet that lists the asset accounts first, followed by liabilities and owner's equity_____ 11. Allocation of the cost of a long-term asset to operations during itsexpected useful life
What will be an ideal response?
(1) J, (2) B, (3) I, (4) A, (5) D, (6) K, (7) C, (8) G, (9) E, (10) H, (11) F
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What is the business and social case that can be made to consumers as to why paying more for Fair trade products might be the right thing to do?
What will be an ideal response?
Alice typically mows her own lawn whereas her neighbor pays to have her yard mown by ABC Law Service. Alice notices one day that an apparently new employee of ABC is mowing Alice's yard by mistake. She says nothing. When the employee asks for payment, Alice refuses on the basis that the yard mowing was a mistake and that she has no contract with ABC. Which of the following is true regarding
whether ABC could recover against Alice? a. ABC likely has no rights against Alice. b. ABC could recover against Alice based on breach of contract. c. ABC could likely recover on a theory of quantum meruit. d. ABC could likely recover against Alice based on a negligence theory.
Jackson Manufacturing Company had a beginning inventory of $20,000. During the year, the company recorded inventory purchases of $95,000 and cost of goods sold of $60,000. The ending inventory must equal:
A. $32,000. B. $30,000. C. $31,000. D. $55,000.