For each of the following entries, enter the letter of the explanation that most closely describes it in the space beside each entry

For each of the following entries, enter the letter of the explanation that most closely describes it in the space beside each entry. To record payment of a prepaid expense. To record this period's use of a prepaid expense. To record this period's depreciation expense. To record receipt of unearned revenue.
To record this period's earning of prior unearned revenue. To record an accrued expense. To record payment of an accrued expense. To record an accrued revenue. To record receipt of an accrued revenue.

Smolira Golf Corp. has 25,000 shares of common stock outstanding, and the market price for a share

Smolira Golf Corp. has 25,000 shares of common stock outstanding, and the market price for a share of stock at the end of 2015 was $58. What is the price–earnings ratio? What are the dividends per share? What is the market-to-book ratio at the end of 2015? If the company’s growth rate is 9 percent, what is the PEG ratio?








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Satellite Systems modified its model Z2 satellite to incorporate a new communication device

Satellite Systems modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures:

  Basic research to develop the technology           $3,900,000 

  Engineering design work            1,180,000 

  Development of a prototype device     590,000 

  Testing and modification of the prototype         390,000 

  Legal fees for patent application             79,000 

  Legal fees for successful defense of the new patent     39,000 

       Total               $6,178,000 

During your year-end review of the accounts related to intangibles, you discover that the company has capitalized all the above as costs of the patent. Management contends that the device represents an improvement of the existing communication system of the satellite and, therefore, should be capitalized.

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Consider the following transactions associated with accounts receivable and the allowance for uncollectible accounts

Consider the following transactions associated with accounts receivable and the allowance for uncollectible accounts.

Required:

For each transaction, indicate whether it would increase (I), decrease (D), or have no effect by leaving the cell blank, on the account totals. (Hint: Make sure the accounting equation, Assets = Liabilities + Stockholders’ Equity, remains in balance after each transaction.)


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