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In the file MGT 449 Week 5 Discussion Questions you will find
right solution of the following questins:
1. What are the most important steps an organization must
follow to implement a quality program? How does the role of
management affect implementation?
2. How does a formalized quality program create a
competitive advantage for an organization? How would you
recommend an organization overcome resistance to change
when implementing such a plan?
3. changes would you make to improve the quality in your
department or organization?
Business - Accounting
31.A company raised $50,000 in cash by taking a one-year
loan of $10,000 and a 5-year loan of $40,000. Which of the
following is the correct journal entry to record this
transaction?
Debit short-term debt $40,000; debit retained earnings
$10,000; credit cash $50,000
Debit short-term debt $50,000; credit cash $50,000
Debit cash $50,000; credit long-term debt $50,000
Debit cash $50,000; credit short-term debt $10,000; credit
2. long-term debt $40,000
32.Which one of the following statements describes the rules
about posting transactions into T-accounts in the ledger?
For assets, debits are entered on the left; for liabilities,
credits are entered on the left
For assets, credits are entered on the left; for liabilities,
debits are entered on the left
Debits on the left; credits on the right
Credits on the left; debits on the right
33.Baxtra, Inc. pays $20,000 in cash as interest to its lenders
during 2005. According to U.S. GAAP, in which section of the
statement of cash flows would this payment be included?
The operating section
The financing section
The investing section
Depends on whether cash flow statement is direct or indirect
method.
3. 34.Taylor Company had a salaries payable balance of $18,000
on December 31, 2004. During 2005, it paid $50,000 in cash
as salaries, and recorded a salary expense of $50,000. Its
December 31, 2005 salaries payable balance is:
$50,000
$18,000
$100,000
Cannot be determined from the information provided
35.On April 30, 2005, Zono Electronics, Inc. made a payment
of $3,500 to Imperial Distributors, a supplier. Choose the
statement that best describes the recording of this financial
transaction by Imperial Distributors.
Debit cash $3,500; credit accounts payable $3,500
Debit accounts receivable $3,500; credit cash $3,500
Debit accounts payable $3,500; credit cash $3,500
Debit cash $3,500; credit accounts receivable $3,500
36.Sardi Company estimates its 2005 tax expense to be
$80,000. It makes a cash payment of $20,000 to the tax
authorities on December 31, 2005. How should this
4. transaction be recorded by Sardi?
Debit tax expense $80,000; credit cash $60,000; credit taxes
payable $20,000
Debit tax expense $80,000; credit cash $20,000; credit taxes
payable $60,000
Debit tax expense $80,000; credit cash $20,000
Debit tax expense $80,000; credit cash $20,000; credit
accounts payable $60,000
37.On June 1, 2005, Planet Music has accounts payable of
$45,000. During the month, debits of $3,000 and credits of
$11,000 were made to the account. At the end of June 2005,
what was the accounts payable balance?
A credit balance of $53,000
A debit balance of $42,000
A credit balance of $56,000
A debit balance of $53,000
38.Barnaby Sons receives a large shipment of goods from its
supplier. It pays $58,000 at the time of delivery and promises
to pay the remaining $42,000 within the next two months.
What is appropriate journal entry for this transaction?
5. Debit cash $42,000; debit inventory $16,000; credit accounts
payable $58,000;
Debit inventory $100,000; credit cash $58,000; credit
accounts payable $42,000
Debit accounts payable $58,000; credit cash $42,000; credit
inventory $16,000
Debit accounts payable $58,000; debit cash $42,000; credit
inventory $100,000
39.Annie's Fitness sells a set of free weights to a customer for
$1,000. The customer pays $600 in cash and puts the rest on
her store credit account. Which one of the following
statements describes the most appropriate accounting for
the transaction?
Debit cash $600; debit accounts receivable $400; credit cost
of good sold $1000
Debit cash $600; debit accounts receivable $400; credit
revenues $1,000
Debit revenues $1,000; credit cash $600; credit accounts
receivable $400
Debit cash $600; debit accounts receivable $400; credit
inventory $1,000
6. You can save some cash by not purchasing your school books
until after class has started. Sometimes, the "required" book
is not really needed. This happens a lot when you're taking
online classes. You can often earn good grades by using
nothing more than online resources and lecture notes....
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