Question

Should be easy, answer question and give ashort explanation

I give 1 star if you just guess

Using the following transactions, calculatethe net income.

1. Bill Co. paid $3,700 for one month rent
2. Bill Co. paid $2,900 for two weeks wages
3. Bill Co. performed $6,900 in consulting services onaccount
4. Bill Co billed a customer $3,200 for servicesperformed
5. Bill Co. received $6,900 in payment for item 3
6. Bill Co performed services and immediately collected$3,700
7. Bill Co. paid $670 for advertising in the local paper

$20,700

$13,430

$13,800

$6,530

$10,230

On August 1, Olivera Company soldmerchandise in the amount of $4,600 to Wyne, with credit terms of3/10, n/30. The cost of the items sold is $3,700. Olivera uses theperpetual inventory system. On August 4, Wyne returns some of themerchandise. The selling price of the merchandise is $460 and thecost of the merchandise returned is $370.The entry or entries thatOlivera must make on August 4 is:

Sales returns andallowances	370
Accounts receivable		370

Sales returns andallowances	460
Accounts receivable		460

Accounts receivable	460
Sales returns and allowances		460

Sales returns andallowances	460
Accounts receivable		460
Merchandise inventory	370
Cost of goods sold		370

Accounts receivable	460
Sales returns and allowances		460
Cost of goods sold	370
Merchandise inventory		370

For the year ended December 31, 2010, Mason Company has implementedan employee bonus program equal to 7% of Mason's net income, whichemployees will share equally. Mason's net income (pre-bonus) isexpected to be $2,500,000, and bonus expense is deducted incomputing net income. What is the amount that needs to be recordedfor estimated bonus liability for 2010?

$115,000

$40,000

$163,551

$48,697

$175,000

A parcel of land is offered for sale at $151,000, is assessed fortax purposes at $113,000, is recognized by its purchasers as beingworth $141,000, and is purchased for $138,000. The land should berecorded in the purchaser's books at:

$144,000.

$113,000.

$138,000.

$141,000.

$151,000.


A company had cash sales of $49,563, credit sales of $38,576, salesreturns and allowances of $7,118 and sales discounts of $4,393. Thecompany's net sales for this period equal:

$76,628

$99,650

$83,746

$81,021

$88,139

At the end of the day, the cashregister's record shows $1,300, but the count of cash in the cashregister is $1,120. The correct entry to record the cash sales forthe day is:

Cash	180
Sales		180

Cash	1,120
Sales		1,120

Cash	1,300
Sales		1,300

Cash	1,120
Cash over and short	180
Sales		1,300

Cash	1,300
Sales		1,120
Cash over and short		180

A machine originally had an estimated useful life of 7 years, butafter 2 complete years, it was decided that the original estimateof useful life should have been 9 years. At that point theremaining cost to be depreciated should be allocated over theremaining:

11 years

13 years

9 years

7 years

4 years

What would be the account balance in the revenue ledger accountafter the following transactions?

Performed services and lefta bill	$5,000
Performed services andcollected immediately	$3,900
Performed services andbilled customer	$2,600
Performed services onaccounts	$6,800
Received partial payment onaccount	$1,900

$18,300 Credit

$16,400 Debit

$18,300 Debit

$20,200 Credit

$16,400 Credit

A company sells leaf blowers for $150each. Each unit has a 3 year warranty that covers replacement ofdefective parts. It is estimated that 6% of all leaf blowers soldwill be returned under the warranty at an average cost of $15 each.During October, the company sold 300,000 leaf blowers. 600 leafblowers were serviced under the warranty during October at a totalcost of $30,000. The balance in the Estimated Warranty Liabilityaccount on October 1 was $15,000. What is the company's warrantyexpense for the month of October?

	$259,750.
	$270,000.
	$30,000.
	$300,000.
	$265,000.