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post acc111 final exam all parts [ not including answer for part 3 qustion 3 and 5 ]




Question;? Question;1;3 out of 3 points;The accounting equation is;? Question;2;3 out of 3 points;The Statement of Retained;earnings shows;? Question;3;3 out of 3 points;The Income Statement shows;? Question;4;3 out of 3 points;Which of the following regarding;retained earnings is false?;? Question;5;3 out of 3 points;In regard to current liabilities;which of the following is false?;? Question;6;3 out of 3 points;Which of the following are;current assets?;? Question;7;3 out of 3 points;In reference to accrual;accounting which of the following is true?;? Question;8;3 out of 3 points;During November 200X John painted;a barn. The customer does not pay John;until January this next year. Which of;the following statements is correct?;? Question;9;3 out of 3 points;Payment of a dividend will;? Question;1;3 out of 3 points;A company was recently formed;with $ 50,000 cash contributed to the company by stock-holders. The company;then borrowed $ 20,000 from a bank and bought $ 10,000 of supplies on account.;The company also purchased $ 50,000 of equipment by paying $ 20,000 in cash and;issuing a note for the remainder. What is the amount of total assets to be;reported on the balance sheet?;? Question;2;3 out of 3 points;A company purchases $23,000 of;supplies in the current month and promises to pay for them next month. How would the company record a liability for;the supplies?;? Question;3;3 out of 3 points;A company was recently formed;with $ 100,000 cash contributed to the company by stock-holders. The company;then borrowed $ 50,000 from a bank and bought a $ 20,000 vehicle for cash. They also purchased $10,000 of equipment by;paying $ 2,000 in cash and issuing a note for the remainder. What is the amount;of total assets to be reported on the balance sheet?;? Question;4;3 out of 3 points;A company has net sales of;$500,000 and cost of goods sold of $400,000.;The company?s gross profit percentage is;? Question;5;3 out of 3 points;A $ 1,000 sale is made on May 1;with terms 2/ 10, n/ 30. What amount, if received on May 9, will be considered;payment in full?;? Question;6;3 out of 3 points;The 200X records of Thompson;Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and;ending inventory of $8,000. The cost of;purchases for 200X was;? Question;7;3 out of 3 points;Post Company began the current;month with $10,000 in inventory, then purchased inventory at a cost of;$35,000. The inventory at the end of the;month was $20,000. The cost of goods sold would be;? Question;8;3 out of 3 points;A company lends its CEO $150,000;for 3 years at a 6% annual interest rate.;Interest payments are to be made twice a year. Each interest payment will be for;? Question;9;0 out of 3 points;Post Company lends Blue Company;$40,000 on April 1, accepting a 4 month, 4.5% interest note. Post Company;prepares financial statements on April 30. What adjusting entry should they;make?;? Question;10;3 out of 3 points;On January 1, 200X Jones Company;purchased a machine for $20,000. The;machine had a salvage value of $2,000 and a useful life of 5 years. Using straight line depreciation, the accounting;entry for recording depreciation expense for 200X would be;? Question;11;3 out of 3 points;Post Company uses straight- line;depreciation for all of its depreciable assets.;Post sold a piece of machinery on December 31, 2009, that it purchased;on January 1, 2009 for $ 2,000. The asset had a five year life and zero;residual value. Accumulated depreciation;was $400. If the sales price of the used machine was $ 1,200, the resulting;gain or loss on disposal was which of the following amounts?;? Question;12;3 out of 3 points;On July 1, 200X you enter into a;note payable of $200,000 with a 5% annual interest rate. Your interest expense for 200X will be;? Question;13;3 out of 3 points;Post Company issues a 6 year, 6%;$200,000 bond at par on July 31. How;much interest will be paid over the life of the bond?;? Question;1;Needs Grading;Sales Revenue $1000;Beginning Inventory $400;Purchases $500;Available for Sale?;Ending Inventory $300;Cost of Goods Sold?;Gross Profit?;Operating Expenses $100;Net Income?;Selected;Answer: Available for Sale-;$800;Cost of Goods Sold- ($300);Gross Profit- $500;Net Income- $300;Correct Answer;Sales $1000;Beginning inventory $400;Plus purchases $500;Cost of goods available for sale $900;Less ending inventory ($300);Cost of goods sold;($600);Gross profit $400;Operating expenses;($100);Net income $300;Response Feedback: [None;Given];? Question;2;Needs Grading;Assume you serve on the board of;a local golf and country club. In preparation for renegotiating the club?s bank;loans, the president indicates that the club needs to increase its operating;cash flows before the end of the current year. The club?s treasurer reassures;the president and other board members that he knows a couple of ways to boost;the club?s operating cash flows. First, he says, the club can sell some of its;accounts receivable to a collections company that is willing to pay the club;$97,000 up front for the right to collect $1 00,000 of the overdue accounts.;That will immediately boost operating cash flows. Second, he indicates that the;club paid about $200,000 last month to relocate the 18th fairway and green;closer to the clubhouse. The treasurer indicates that although these costs have;been reported as expenses in the club?s own monthly financial statements, he;feels an argument can be made for reporting them as part of land and land;improvements (a long-lived asset) in the year-end financial statements that;would be provided to the bank. He explains that, by recording these payments as;an addition to a long-lived asset, they will not be shown as a reduction in;operating cash flows.;Required;1. Does the sale of accounts receivable to generate;immediate cash harm or mislead anyone?;Would you consider it an ethical business activity?;2. What category in the statement of cash flows is used when;reporting cash spent on long-lived assets, such as land improvements? What;category is used when cash is spent on expenses, such as costs for regular;upkeep of the grounds?;3. What facts are relevant to deciding whether the costs of;the 18th hole relocation should be reported as an asset or as an expense? Is it;appropriate to make this decision based on the impact it could have on;operating cash flows?;4. As a member of the board, how would you ensure that an;ethical decision is made?;? Question;3;Needs Grading;Following is the adjusted trial;balance of Post Company. Based on this;information prepare a Balance Sheet, Income Statement and Statement of Retained;Earnings.;POST COMPANY;ADJUSTED TRIAL BALANCE;Debit Credit;Cash 80,000;Accounts Receivable 11,100;Prepaid Insurance 1,500;Equipment 4,000;Accumulated Depreciation 200;Supplies 500;Accounts Payable;700;Wages Payable 300;Unearned Revenue;1,500;Contributed Capital;80,000;Retained Earnings;0;Sales 17,000;Gas Expense 400;Supply Expense 300;Insurance Expense 200;Depreciation Expense 200;Wage Expense 500;Dividends 1,000;99,700 99,700;? Question;4;Needs Grading;Explain the closing entry process and prepare the closing;entries in journal form based on the information in question 3.;? Question;5;Needs Grading;POST INC. BANK RECONCILIATION;Cash balance per bank $8,500;Cash balance per books (general ledger) $7,320;Outstanding checks $2,150;Check mailed to the bank for deposit had;not reached the bank;by the statement;date. $600;NSF check returned by the bank for;accounts receivable $200;July interest earned on the bank statement $10;Check no. 700 for misc. expense cleared;the bank for $200;erroneously recorded;in the Matrix books;for $20;Prepare a bank reconciliation.;Shown the accounting entries that must be made by Matrix in;journal entry and T-Account format.;Selected;Answer: [None Given];Response Feedback: [None;Given]


Paper#38125 | Written in 18-Jul-2015

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