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strayer acc100 week 2 ch 4 and 5 quiz

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solution


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Question;Question 1;The income statement for the year 2014 of Fugazi Co.;contains the following information;Revenues $70,000;Expenses;Salaries;and Wages Expense $45,000;Rent;Expense 12,000;Advertising;Expense 10,000;Supplies;Expense 6,000;Utilities;Expense 2,500;Insurance;Expense 2,000;Total;expenses 77,500;Net income (loss) ($7,500);At January 1, 2014, Fugazi reported owner?s equity of;$50,000. Owner drawings for the year totalled $10,000. At December 31, 2014;the company will report owner?s equity of;$17,500.;$40,000.;$32,500.;$42,500.;Student did not submit Show Work for this attempt;Question 2;The following items are taken from the financial statements;of the Postal Service for the year ending December 31, 2014;Accounts payable $;18,000;Accounts receivable 11,000;Accumulated depreciation ? equipment 28,000;Advertising expense 21,000;Cash 15,000;Owner?s capital (1/1/14) 102,000;Owner?s drawings 14,000;Depreciation expense 12,000;Insurance expense 3,000;Note payable, due 6/30/15 70,000;Prepaid insurance (12-month policy) 6,000;Rent expense 17,000;Salaries and wages expense 32,000;Service revenue 133,000;Supplies 4,000;Supplies expense 6,000;Equipment 210,000;The current assets should be listed on Postal Service?s;balance sheet in the following order;cash, prepaid insurance, supplies, accounts receivable.;cash, accounts receivable, prepaid insurance, supplies.;equipment, supplies, prepaid insurance, accounts receivable;cash.;cash, accounts receivable, prepaid insurance, equipment.;Student did not submit Show Work for this attempt;Question 3;Jawbreaker Company paid $940 on account to a creditor. The;transaction was erroneously recorded as a debit to Cash of $490 and a credit to;Accounts Receivable, $490. The correcting entry is;Accounts;Receivable........................................................................... 490;Cash............................................................................................... 490;Accounts;Payable............................................................................... 940;Cash............................................................................................... 940;Accounts;Receivable........................................................................... 490;Accounts;Payable............................................................................. 490;Accounts;Receivable........................................................................... 490;Accounts;Payable............................................................................... 940;Cash............................................................................................... 1,430;5;Show Work file with instructor comments: Instructor;did not annotate Show Work;CANCEL;Question 4;These are selected account balances on December 31, 2014.;Land (location of the corporation?s office building) $100,000;Land (held for future use) 150,000;Corporate Office Building 700,000;Inventory 200,000;Equipment 450,000;Office Furniture 150,000;Accumulated Depreciation 425,000;What is the total amount of property, plant, and equipment;that will appear on the balance sheet?;$975,000;$1,175,000;$1,400,000;$1,125,000;CANCEL;Question 5;The income statement for the month of June, 2014 of Camera;Obscura Enterprises contains the following information;Revenues $7,000;Expenses;Salaries;and Wages Expense $3,000;Rent;Expense 1,500;Advertising;Expense 800;Supplies;Expense 300;Insurance;Expense 100;Total;expenses 5,700;Net income $1,300;The entry to close the expense accounts includes a;credit to Income Summary for $5,700.;credit to Rent Expense for $1,500.;debit to Salaries and Wages Expense for $3,000.;debit to Income Summary for $1,300.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;CANCEL;uestion 6;After closing entries are posted, the balance in the owner's;capital account in the ledger will be equal to;the amount of the owner's capital reported on the balance;sheet.;the net income for the period.;zero.;the beginning owner's capital reported on the owner's equity;statement.;Student did not submit Show Work for this attempt;CANCEL;Question 7;A current asset is;an asset which is currently being used to produce a product;or service.;usually found as a separate classification in the income;statement.;an asset that a company expects to convert to cash or use up;within one year.;the last asset purchased by a business.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;CANCEL;Attempt of 1;GO;Question 8;Equipment is classified in the balance sheet as;a long-term investment.;a current asset.;property, plant, and equipment.;an intangible asset.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;nswer;CLOSE;Question 9;Current liabilities;are obligations that the company is to pay within the;forthcoming year.;are listed in the balance sheet, starting with accounts;payable.;are listed in the balance sheet in order of their expected;maturity.;should not include long-term debt that is expected to be;paid within the next year.;Question 10;Which of the following liabilities are not related to the;operating cycle?;Accounts payable;Utilities payable;Bonds payable;Salaries and wages payable;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;CANCEL;Question 1;If a purchaser using a perpetual system agrees to freight;terms of FOB shipping point, then the;Inventory account will not be affected.;seller will bear the freight cost.;carrier will bear the freight cost.;Inventory account will be increased.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;Question 2;A merchandising company using a perpetual system will make;one more adjusting entry than a service company does.;one less adjusting entry than a service company does.;different types of adjusting entries compared to a service;company.;the same number of adjusting entries as a service company;does.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;Question 3;When a seller grants credit for returned goods, the account;that is credited is;Sales Revenue.;Accounts Receivable.;Sales Returns and Allowances.;Inventory.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;CANCEL;Attempt of 1;GO;Question 4;Which of the following would not be classified as a contra;account?;Sales Discounts;Accumulated Depreciation;Sales Revenue;Sales Returns and Allowances;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;Question 5;Income from operations will always result if;gross profit exceeds operating expenses.;revenues exceed operating expenses.;the cost of goods sold exceeds operating expenses.;revenues exceed cost of goods sold.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;CANCEL;Question 6;A company shows the following balances;Sales Revenue $2,500,000;Sales Returns and Allowances;450,000;Sales Discounts 50,000;Cost of Goods Sold;1,400,000;What is the gross profit percentage?;44%;56%;70%;30%;Student did not submit Show Work for this attempt;SHOW SOLUTION;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;Answer;CLOSE;Question 7;Costner's Market recorded the following events involving a;recent purchase of merchandise;Received goods for $40,000, terms 2/10, n/30.;Returned $800 of the shipment for credit.;Paid $200 freight on the shipment.;Paid the invoice within the discount period.;As a result of these events, the company's inventory;increased by $ 38,612.;increased by $ 39,400.;increased by $ 38,416.;increased by $ 38,616.;Question 8;Financial information is presented below;Operating Expenses;$ 90,000;Sales Returns and Allowances;26,000;Sales Discounts 12,000;Sales 300,000;Cost of Goods Sold;158,000;Gross profit would be;$130,000.;$142,000.;$116,000.;$104,000.;Student did not submit Show Work for this attempt;SHOW SOLUTION;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;CANCEL;Answer;CLOSE;Question 9;Rae Company uses a perpetual inventory system made a;purchase of merchandise on credit from Tyree Corporation on August 3, for;$9,000, terms 2/10, n/45. On August 10, Rae makes the appropriate payment to;Tyree. The entry on August 10 for Rae Company is;Accounts Payable;9,000;Purchase Returns and Allowances 180;Cash 8,820;Accounts Payable;8,820;Cash 8,820;Accounts Payable;9,000;Inventory 180;Cash 8,820;Accounts Payable;9,000;Cash 9,000;Question 10;Kate Company uses a perpetual inventory system purchased;inventory from Phoebe Company. The shipping costs were $500 and the terms of;the shipment were FOB shipping point. Kate would have the following entry;regarding the shipping charges;Inventory 500;Cash 500;Freight-Out 500;Cash 500;Freight Expense;500;Cash 500;There is no entry on Kate's books for this transaction.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work

 

Paper#38560 | Written in 18-Jul-2015

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