Accounting Help
Krafty FoodsIncome StatementFor the Year Ended December 31, 2013($ in Millions)Operating revenues $_____________Cost of Sales $_____________Gross Profit $_____________Marketing, general and administrationExpenses $______________Operating Income $______________Interest and other debt expense, net $______________Income before taxes $______________Income tax expense $______________Net Income $_______________1.Which of the following is in accordance with generally accepted accounting principles?A)Accrual-basis accountingB)Cash-basis accountingC)Both accrual-basis and cash-basis accountingD)Neither accrual-basis nor cash-basis accounting2.Adjusting entries are requiredA)yearly.B)quarterly.C)monthly.D)every time financial statements are prepared.3.Accumulated Depreciation isA)an expense account.B)an owner’s equity account.C)a liability account.D)a contra asset account.4.Depreciation is the process ofA)valuing an asset at its fair value.B)increasing the value of an asset over its useful life in a rational and systematic manner.C)allocating the cost of an asset to expense over its useful life in a rational and systematic manner.D)writing down an asset to its real value each accounting period.5.Unearned revenue is classified asA)an asset account.B)a revenue account.C)a contra-revenue account.D)a liability account.6.At March 1, Psychocandy Inc. reported a balance in Supplies of $200. During March, the company purchased supplies for $750 and consumed supplies of $800. If no adjusting entry is made for suppliesA)owner’s equity will be overstated by $800.B)expenses will be understated by $750.C)assets will be understated by $250.D)net income will be understated by $800.7.Stone Roses Candies paid employee wages on and through Friday, January 26, and the next payroll will be paid in February. There are three more working days in January (29–31). Employees work 5 days a week and the company pays $1,500 a day in wages. What will be the adjusting entry to accrue wages expense at the end of January?A)Salaries and Wages Expense1,500Salaries and Wages Payable1,500B)Salaries and Wages Expense7,500Salaries and Wages Payable7,500C)Salaries and Wages Expense4,500Salaries and Wages Payable4,500D)No adjusting entry is required.8.The adjusted trial balance is preparedA)after financial statements are prepared.B)before the trial balance.C)to prove the equality of total assets and total liabilities.D)after adjusting entries have been journalized and posted.9.Closing entries may be prepared from all of the following exceptA)Adjusted balances in the ledgerB)Income statement and balance sheet columns of the worksheetC)Balance sheetD)Income and owner’s equity statements10.The income statement for the month of June, 2014 of Camera Obscura Enterprises contains the following information:Revenues$7,000Expenses:Salaries and Wages Expense$3,000Rent Expense1,500Advertising Expense800Supplies Expense300Insurance Expense100Total expenses5,700Net income$1,300The entry to close the expense accounts includes aA)debit to Income Summary for $1,300.B)credit to Rent Expense for $1,500.C)credit to Income Summary for $5,700.D)debit to Salaries and Wages Expense for $3,000.11.The income statement for the year 2014 of Fugazi Co. contains the following information:Revenues$70,000Expenses:Salaries and Wages Expense$45,000Rent Expense12,000Advertising Expense10,000Supplies Expense6,000Utilities Expense2,500Insurance Expense2,000Total expenses77,500Net income (loss)$(7,500)The entry to close the revenue account includes aA)debit to Income Summary for $7,500.B)credit to Income Summary for $7,500.C)debit to Revenues for $70,000.D)credit to Revenues for $70,000.12.A current asset isA)the last asset purchased by a business.B)an asset which is currently being used to produce a product or service.C)usually found as a separate classification in the income statement.D)an asset that a company expects to convert to cash or use up within one year.13.On a classified balance sheet, current assets are customarily listedA)in alphabetical order.B)with the largest dollar amounts first.C)in the order of liquidity.D)in the order of acquisition.14.Balance sheet accounts are considered to beA)temporary owner’s equity accounts.B)permanent accounts.C)capital accounts.D)nominal accounts.15.Income Summary has a credit balance of $17,000 in S. Sufjan Co. after closing revenues and expenses. The entry to close Income Summary isA)credit Income Summary $17,000, debit Owner’s Capital $17,000.B)credit Income Summary $17,000, debit Owner’s Drawings $17,000.C)debit Income Summary $17,000, credit Owner’s Drawings $17,000.D)debit Income Summary $17,000, credit Owner’s Capital $17,000.16.The net income (or loss) for the periodA)is found by computing the difference between the trial balance totals and the adjusted trial balance totals.B)is found by computing the difference between the income statement credit column and the balance sheet credit column on the worksheet.C)cannot be found on the worksheet.D)is found by computing the difference between the income statement columns of the worksheet.Instructions: Place a “D” (Debit) or “C” (Credit) on the answer sheet to indicate whether the accountwould be debited or credited for its balance in the closing process. Insert an X in the space providedif the account is not closed._____17. Net Summary ( Assume Net loss)____18.Cash____24.Interest Expense____19.Rent Expense____25.Unearned Subscription Revenue____20.Depreciation Expense____21.Equipment____22Owner’s Drawing____23.Accounts Receivable
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Research Paper – 8 pages/ Strictly no plagiarism/ 40 hours
The final portfolio project is a three- part activity. You will respond to three separate prompts but prepare your paper as one research paper. Be sure to include at least one UC library source per prompt (which means you’ll have at least 3 sources cited). Start your paper with an introductory paragraph.Prompt 1 “Blockchain” (2-3 pages): Explain the major components of blockchain. Be sure to include how blockchain is affecting a global economy and how you see it growing in the future.Prompt 2 “Big Data” (1-2 pages): Describe your understanding of big data and give an example of how you’ve seen big data used either personally or professionally. In your view, what demands is big data placing on organizations and data management technology? How does big data affect a global economy.Prompt 3 “Government and Policies” (1-2 pages): Discuss the role government plays in a global economy. Also, look at what policies are currently in place and then discussion what policies should be put in place..Conclude your paper with a detailed conclusion section. The paper needs to be approximately six to eight pages long, including both a title page and a references page (for a total of eight to ten pages). Be sure to use proper APA formatting and citations to avoid plagiarism.Your paper should meet these requirements:Be approximately six to eight pages in length, not including the required cover page and reference page.Follow APA 7 guidelines. Your paper should include an introduction, a body with fully developed content, and a conclusion.Support your answers with the readings from the course and at least two scholarly journal articles to support your positions, claims, and observations. The UC Library is a great place to find resources.Be clearly and well-written, concise, and logical, using excellent grammar and style techniques. You are being graded in part on the quality of your writing.
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Unit 5 Project
For this assignment,You will write a 4 – 5 paragraph essay discussing your opinion about the Wall and President Trump’s insistence on the importance of building this wall.Are you for it or against it?Why or why not?
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Deterministic operations research problem
Read article “Redesigning a Warehouse Network” posted on Blackboard under Course Material → Related Journal Papers. Answer the following questions in no more than two pages.1. What is the problem addressed in this paper? What are the benefits and drawbacks of warehouses consolidation in a distribution network?2. Briefly, in a few sentences (avoid symbols and equations as much as possible), describe the mathematical model developed in this paper. In particular, what is the objective, the sets, the decision variables, and the types of constraints in the model?3. What type of optimization model and what algorithm/software were used to solve it? What was the size of the problem?4. What kind of distribution the customer demand had?5. Who provided the data for the model parameters?6. Which solution was prescribed by the model for the 10-hours access time base line scenario (describe very briefly)?7. Since the model is not linear, parameter ranges cannot be readily obtained. Then, how sensitivity analysis is conducted (as in this paper)? For which parameters sensitivity analysis was performed?8. Assuming that any number between 8 and 13 hours of customer access time is acceptable/desirable, which access time would you pick, given the cost-service tradeoff obtained by sensitivity analysis in Fig 8?
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