A new merchandising business, Dazzle Corporation started its operations last January 1, 2020. Presented below is information concerning the financial condition of Dazzle Corporation for the calendar year 2020: Prepare adjusting entries.
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A new merchandising business, Dazzle Corporation started its operations last January 1, 2020. Presented below is information concerning the financial condition of Dazzle Corporation for the calendar year 2020:
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- For the Asset Turnover ratio, which of the following best describes net assets? multyple choice Fixed Assets + Current assets foxed Asseta +Current assets -Current fabilities Current assets -Current liubitbes Fared assets +Current assets- Cerent lubilities Long term11. Which type of financial assets are purchased only with the intent of selling them in the near future? DAFVTPL financial assets ⒸBFVTOCI Financial assets C. Amortized Cost financial assets OD. Investment accounted for using the equity methodWhat to put in the income statement based on this list? InventoryBuildings & ImprovementsAccumulated Depreciation - Buildings & ImprovementsFurniture & FixturesAccumulated Depreciation - Furniture & FixturesOffice EquipmentAccumulated Depreciation - Office EquipmentAccounts PayableLoans PayableAccrued LiabilitiesSalaries PayableEmployee Benefits PayablePaid-Up Share Capital - CommonAdditional Paid in CapitalRetained EarningsSalesFees and Surcharges & FinesOther Income & GainsMiscellaneous IncomeCost of SalesInterest ExpenseOffice Supplies ExpenseTravel and TransportationTaxes and LicensesProfessional FeesRent ExpenseMeeting and ConferencesBad Debts ExpenseDepreciation Expense - B&IDepreciation Expense - FFDepreciation Expense - OEEmployees Benefit ExpenseSalaries & WagesCommunicationMiscellaneous ExpensesIncome Summary
- Q29 Backlog depreciation is debited to: a. Current cost is calculated and debited to P&L a/c b. Historical cost is calculated and debited to P&L a/c c. Current cost reserve account d. Asset a/cPLEASE USE ACCOUNTS FROM THIS LIST Accumulated Other Comprehensive IncomeAllowance for Investment ImpairmentBond Investment at Amortized CostCashDividends ReceivableDividend RevenueFV-NI InvestmentsFV-OCI InvestmentsGain on Disposal of Investments in AssociateGain on Disposal of Investments - Cost/Amortized CostGain on Disposal of Investments - FV-NIGain on Disposal of Investments - FV-OCIGain or Loss in Value of Investment PropertyGST ReceivableInterest ExpenseInterest IncomeInterest PayableInterest ReceivableInvestment in AssociateInvestment Income or LossLoss on Discontinued OperationsLoss on Disposal of Investments - Cost/Amortized CostLoss on Disposal of Investments - FV-NILoss on Disposal of Investments - FV-OCILoss on ImpairmentNo EntryNote Investment at Amortized CostOther InvestmentsRecovery of Loss from ImpairmentRetained EarningsUnrealized Gain or LossUnrealized Gain or Loss - OCIValuing assets at the amount of cash or equivalents paid or the fair value of the consideration given to acquire them at the time of acquisition most closely describes which measurement of fi nancial statement elements? A . Current cost
- Mark for Review Question 26 of 30 The ratio quantifies the degree of available liquid assets is Liquidity coverage ration Temporay assets to total assets O Temporary assets to volatile liabilities Veiatie liabilities to total assetsWHat is the Fixed Assets Turnover Ratio ? given Noncurrent Assets Equity securities - at fair value through other comprehensive income 8, 21 16,267,140 Due to related parties - noncurrent portion 8, 21 347,927,681 Property and equipment - net 9 6,390,497,964 Deferred tax assets 19 64,994,497 Retirement benefits asset 18 16,267,140 Other non-current assets 10, 21 30,221,963 Available for sale investment 10 - Total Noncurrent Assets 6,849,909,245 Revenue 2,104,932,423shith 아 he folguoing Ore ColrectT onty Loot Asset Entryin the Ac DR Accounts To recald a decreave an frease a decrease CR y Capitat DR an increase Thablitie a dea ease DR enty an inoroase s and ri J and (i) U and (iri) lohidh of the folowiy Statenent is Correct? A Cohen assets iacreasd. are debited B When assets increare. are Crodited C lohen acatsincreave, are debited and credited 2 Lohich ledger antries record the purchave of a machiere boughtoncredit Cr Machinery Oroditos C Dr Creditors GPurchae A De Creditors O D. Modhierg cr (25 What istu purpose of double antry bookkeoping? ATo apply te ckual B To aboidarroo aspect Corcopt papore books of prime antry accuratoly こ
- Common size analysis of the balance sheet expresses each item as a percentage of the _____________. Total Asset Revenue Base year figure Current assetLong term assets without any physical existence but, possessing a value are called Current assets O Fixed assets O Investments O Intangible assets O At the batance sheet date, the balance on the Accumutated Provision for Depreciation Account is Simply deducted from the asset in the Balance Sheet Transferred to Depreciation Account Transferred to the Asset Account O Transferred to Profit and Loss Account"Accrued interest income" would normally appear in the financial statement under *Current assetsNoncurrent assetsRevenueEquity