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ACC 200 Final Exam | Questions And Answers Latest {} A+ Graded | 100% Verified
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ACC 200 Final Exam | Questions And Answers Latest {2024- 2025} A+ Graded | 100%Verified
Receivables turnover ratio - net credit sales / average accounts receivables
Inventory turnover ratio - costs of goods sold / average inventory
Current ratio - current assets / current liabilities
Debt to equity ratio - total liabilities / stockholders' equity
Times interest earned ratio - net income + interest expense + tax expense / interest expense
Gross profit ratio - gross profit / net sales
Return on assets - net income / average total assets
Asset turnover - net sales / average total assets
Return on equity - net income / average stockholders' equity
Dividend Yield - dividends per share / stock price
Earnings per share - net income - preferred stock dividends / average shares of common stock
outstanding
Net Income - Revenues - Expenses
For the year ended December 31st, 2018 - Income Statement and Statement of Stockholders' Equity
, Issue common stock in exchange for cash of $2,500. - Debit - Cash : 2,500
Credit - Common Stock : 2,500
Purchase sewing equipment by signing a note with the local bank, $2,200. - Debit - Equipment : 2,200
Credit - Note Payable : 2,200
Pay rent of $550 for March. - Debit - Rent Expense : 550
Credit - Cash : 550
Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations
will cost Martha $750. Martha is not required to pay for the alterations until the work is complete. - No
journal entry.
Purchase sewing supplies for $125 on account. This material will be used to provide services to
customers. - Debit - Supplies : 125
Credit - Accounts Payable : 125
Ute delivers altered dresses to Martha and receives $750. - Debit - Cash : 750
Credit - Service Revenue : 750
Ute agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Ute
receives $650 from Bob and promises the suits to be completed by March 25. - Debit - Cash : 650
Credit - Deferred Revenue : 650
Ute delivers 10 altered business suits to Bob. - Debit - Deferred Revenue : 650
Credit - Service Revenue : 650
Pay utilities of $90 for the current period. - Debit - Utilities Expense : 90
Credit - Cash : 90
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