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Final Exam:A company has liabilities of $ 23 500 and Stockholders Equity of & 56, 500




1- A company has liabilities of $ 23 500 and Stockholders Equity of & 56, 500. How much does the company have in Assets?;2- Beginning Retained Earnings are $ 65, 000, sales are $ 29,500, expenses are $ 33,000, and dividends paid are $ 3,500. How much is the net income or loss of the company?;3- The account ?Salaries Expense" began with a zero balance and then had the following changes: increase of $ 450, decrease of 175, increase of 600 and an increase of 350. What is the final balance of the Salaries Expense" account, and is it a debit or credit?;4- A $ 375 purchase of supplies on account was recorded by debiting supplies for $ 375 and crediting Cash for $ 375. What is the journal entry needed to correct this error?;5- Allied, Inc. bought a two-year insurance policy on August 1 for $ 3600. What is the adjusting journal entry on December 31?;6- A company started the year with no supplies. During the year they bought 200 worth of supplies on account and later paid $ 150.00 of this debt. If there were 40 worth of supplies left at the end of the year, what is the supply expense for the period?;7-ABC Corporation has received an invoice for $ 4, 500 with terms of 3/15, n/50. If ABC pays the invoice on the seventeenth day, what is the effect on the cash account and will the cast account be debited or credited?;9-Assuming average cost, what is the cost of goods sold for June 14 Sale?;10- A company has $ 4,500 in net sales, $ 3, 200 in gross profit, $ 1,300 in ending inventory is $20,000, and the cost of goods sold is $ 50,000. What is the company's cost of goods sold?;11- Goods available for sale are $ 40 000, beginning inventory is 16,000.00 ending inventory is $ 20, 000, and the cost of goods sold is $ 50, 000. What is the inventory turn over?;12- Which element of internal control deals with establishing procedures for things such as handling of incoming checks, and which element deals with the oversight of the internal control systems?;13- What is an audit opinion?;14- A company has $ 235,000 in credit sales. The company uses the allowance method to account for uncollectible accounts. The allowance for Doubtful now has a $ 7,250 credit balance. If the company estimates 7% of credit sales will be uncollectible, what is the amount of the journal entry to record estimated uncollectible accounts?;15- Bestway, Inc. had credit sales of $142, 000 for the period. the balance in Allowance for Doubful Accounts is a debit of $ 643. If Bestway estimates that 2% of credit sales will be uncollectible accounts?;16- An asset has a cost of $ 50,000, with a residual value of $ 10,000. It has a life of 5 years and was purchased on January 1. Under double-declining-balance, what is the asset's fourth full year of depreciation expense?;17- A truck costing $ 56,000 has accumulated depreciation of $ 50,000. The truck is sold for $ 8,500. What is the journal entry for this transaction?;18- On January 1, Bixby Machine singed a $ 210,000, 6%, 30-yeear mortgage that requires semiannual payments of $ 7,585 on June 30 and Decembre 31 of each year. What is the correct journal entry for recording the second semiannual payment (round interest calculation to the nearest dollar)?;19- On January 1, $ 500,000 of 8%, 10-year bonds were sold for 530,000. The bonds require semiannual interest payments on June 30 and December 31. What is the correct entry for recording the June 30 interest payment on the bonds?;20 - Motor Works, has declared a $ 20,000 cas dividend to shareholders. The company has 5,000 shares of $15-par, 10% preferred stock and 10,000 shared of 20-par common stock. The preferred stock is non-cumultive. How much will the preferrd and common stockholder receive on the date of payment?;21- Allied Industries, Inc. has 250,000 shares of $7-par common stock oustanding. they have declared a 7% stock divident. the current market price of the common stock is $11/share. what is the amount that will be credited to Paid-in Capital in Excess of par Common Stock on the date of declaration?;22- Accounts receivable amount to $215,000 for the beginning of the year and $ 245,000 for the end of the year. Income reproted on the income statement for the year is $ 300,000. How much is the cash flow operating on the cash flow statement using the indirect method?;23- Operating expenses other than depreciation for the year were $ 400,000. Accrued expenses increased by $ 35,000. What are the cash payments for operating expenses reproted on the cash flow statement using the direct method?;24- Rd Line Inc, has a cash balance of $ 80,000, short-term investments of $ 20,000,net receivables of $ 60,000 and inventory of $ 450,000. Current liabilities total $200,000. What is Rel Line's quick ratio?;25- what are the earning per share for river city, inc (to the nearest cent)?


Paper#19247 | Written in 18-Jul-2015

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