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charter oak acc101 full course [ all week test part 1, all discussion, midterm and final

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Question;Week 1 discussionCase 2.5, p. 81-82, Ethics and Window DressingDue on or before Sunday, 11:59 p.m. (ET) of Week 1.Week 2Case 3.2, pp. 136-137, Measuring Income FairlyDue on or before Sunday, 11:59 p.m. (ET) of Week 2Week 3Case 4.2, p. 188, The Concept of Materiality.Due on or before Sunday, 11:59 p.m. (ET) of Week 3.Week 4Case 5.1, p. 239, Adequate DisclosureDue on or before Sunday, 11:59 p.m. (ET) of Week 4.Week 8Case 8.1, p. 379, It's Not Right, But At Least It's Consistent.Due on or before Sunday, 11:59 p.m. (ET) of Week 8.Week 9Case 9.1, p. 425, Are Useful Lives "Flexible?"Due on or before Sunday, 11:59 p.m. (ET) of Week 9.Week 10Case 10.4, p. 480,Off-Balance Sheet FinancingDue on or before Sunday, 11:59 p.m. (ET) of Week 10Week 11Case 11.2, p. 517,Factors Affecting the Market Prices of Common Stock.Due on or before Sunday, 11:59 p.m. (ET) of Week 11.Week 12Case 12.6, p. 560, Managing ProfitabilityDue on or before Sunday, 11:59 p.m. (ET) of Week 12Week 13Case 13.1, p. 616, Another look at Allison CorporationDue on or before Sunday, 11:59 p.m. (ET) of Week 13.Week 14Case 14.2, p. 677/8,Evaluating Debt Paying AbilityDue on or before Sunday, 11:59 p.m. (ET) of Week 14.all week testA complete set of financial statements for Hartman Company, at December 31, 2001, would include each of the following, except:Answer? Question 21.37 out of 1.37 points2. Which financial statement is at a specific date?Answer? Question 31.37 out of 1.37 points3. In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a management accounting report ismore likely to:Answer? Question 40 out of 1.37 points4. The auditor's report on the published financial statements of a large corporation should be viewed as:Answer? Question 51.37 out of 1.37 points5. Generally accepted accounting principles are intended to assist accountants in preparing financial statements that:Answer? Question 61.37 out of 1.37 points6. Suppose a number of your friends have organized a company to develop and sell a new software product. They have asked you to loan them $10,000 to help get the company started, and have promised to repay your $10,000 plus 15% interest in one year. Of the following, which amount may be described as the return on your investment?Answer? Question 71.37 out of 1.37 points7. The nature of an asset is best described as:Answer? Question 80 out of 1.37 points8. If a company purchases equipment for $50,000 by issuing a note payable:Answer? Question 90 out of 1.37 points9. The valuation of assets in the balance sheet is based primarily upon:Answer? Question 101.37 out of 1.37 points10. The owner of Seafood Restaurant purchased a new car for his daughter who is away at college at a cost of $19,000 and reported this amount as Delivery Vehicle in the restaurant's balance sheet. The reporting of this item in this manner violated the:Answer? Question 111.37 out of 1.37 points11. If cash flows from operating activities is a negative amount:Answer? Question 121.37 out of 1.37 points12. Which of the following will not cause a change in the owners' equity of a business?Answer? Question 131.37 out of 1.37 points13. Which of the following transactions would cause a change in owners' equity?Answer? Question 141.37 out of 1.37 points14. An expense is:Answer? Question 151.37 out of 1.37 points15. A transaction caused an increase in both assets and owners' equity. This transaction could have been:Answer? Question 161.37 out of 1.37 points16. The concept of adequate disclosure means that:Answer? Question 171.37 out of 1.37 points17. If cash increases during a year, it must mean that:Answer? Question 181.37 out of 1.37 pointsUse the following to answer questions 18-19:At December 31, 2000, the accounting records of Breher Corporation contain the following items:Accounts Payable $ 24,000 Accounts Receivabe $ 60,000f 3.812 points5. For the last several years Goldschmidt Corporation has operated with a gross profit rate of 35%. On January 1 of the current year the company had on hand inventory with a cost of $300,000. Purchases of merchandise during January amounted to $96,000, and sales for the month were $180,000. With the gross profit method, the estimated inventory at January 31 is:Answer? Question 63.812 out of 3.812 points6. The recent annual report of Quest Corporation disclosed a LIFO reserve of $25 million. Assuming that Quest pays income taxes at a rate of 40%, using LIFO has:Answer? Question 73.812 out of 3.812 pointsUse the following to answer questions 7 - 9:At the end of last year, Tech-Toys had merchandise costing $120,000 in inventory. During January of the current year, the company purchased merchandise costing $82,000, and sold merchandise that it had purchased at a total cost of $64,000. Tech Toys uses a perpetual inventory system.18. Refer to the above data. The total amount debited to the Inventory account during January was:Answer? Question 83.812 out of 3.812 points8. Refer to the above data. The balance in the Inventory account at January 31 was:Answer? Question 93.812 out of 3.812 points9. Refer to the above data. The amount of goods transferred from the Inventory account to the Cost of Goods Sold account during January was:Answercharter oak acc101 week 9 test part 1?1. A gain is recognized on the disposal of plant assets when:Answer? Question 23.812 out of 3.812 points2. Ross Construction traded in a machine on a similar asset, paying cash for the difference between the list price and the trade-in allowance. The cost assigned to the new asset for income tax purposes is equal to the:Answer? Question 33.812 out of 3.812 points3. Expenditures for research and development intended to lead to new products of commercial value:Answer? Question 43.812 out of 3.812 points4.. Silverado Company purchased equipment having an invoice price of $8,000. The terms of sale were 2/10, n/30, and Silverado paid within the discount period. In addition, Silverado paid $100 delivery charge, $130 installation charge, and $550 sales tax. The amount recorded as the cost of this equipment is:Answer? Question 53.812 out of 3.812 points5. Land and a warehouse were acquired for $890,000. What amounts should be recorded in the accounting records for land and for the warehouse if an appraisal showed the estimated values to be $350,000 for the land and $650,000 for the warehouse?Answer? Question 63.812 out of 3.812 points6. On March 2, 2000, Farlow Industries purchased a fleet of automobiles at a cost of $360,000. The cars are to be depreciated by the straight-line method over five years with no salvage value. Farlow uses the half-year convention to compute depreciation for fractional periods. The book value of the fleet of automobiles at December 31, 2001, will be:Answer? Question 70 out of 3.812 points7. On April 8, 2000, Arco Corp. acquired equipment at a cost of $120,000. The equipment is to be depreciated by the straight-line method over five years with no provision for salvage value. Depreciation for fractional years is computed by rounding the ownership period to the nearest month. Depreciation expense recognized in 2000 will be:Answer? Question 83.812 out of 3.812 points8. Del Rey Imports sold a depreciable plant asset for cash of $25,000. The accumulated depreciation amounted to $60,000, and a loss of $5,000 was recognized on the sale. Under these circumstances, the original cost of the asset must have been:Answer? Question 93.812 out of 3.812 points9. Total stockholders' equity of Concord Company is $3,000,000. The fair market value of Concord's net identifiable assets (assets less liabilities) is $4,000,000. Wheeler Corporation makes an offer to purchase Concord's entire business for $4,800,000. In this situation:Answer="msonormal">week 111. On September 1, 2000, Galaxy Corporation's common stock was selling at a market price of $150 per share. On that date, Galaxy announced a 3 for 2 stock split. At what price would you expect the stock to trade immediately after the split goes into effect?Answer? Question 22.45 out of 2.45 points2. When treasury stock is reissued at a price above cost:Answer? Question 32.45 out of 2.45 points3. Alpha Corporation is authorized to issue 2,000,000 shares of $3 par value capital stock. The corporation issued half the stock for cash at $8 per share, earned $90,000 during the first three months of operation, and declared a cash dividend of $15,000. The total paid-in capital of Alpha Corporation after three months of operation is:Answer? Question 42.45 out of 2.45 points4. Bijou Corporation issued 200,000 shares of $5 par value common stock at the time of its incorporation. The stock was issued for cash at a price of $20 per share. During the first year of operations, the company sustained a net loss of $100,000. The year-end balance sheet would show the balance of the Common Stock account to be:Answer? Question 52.45 out of 2.45 points5. Adella Corporation has outstanding 50,000 shares of $1 par value common stock as well as 10,000 shares of 6%, $100 par value cumulative preferred stock. At the beginning of the year, the balance in retained earnings was $500,000, and one year's dividends were in arrears. Net income for the current year is $260,000. Compute the balance in retained earnings at the end of the year if Adella Corporation pays a dividend of $2 per share on its common stock this year.Answer? Question 62.45 out of 2.45 pointsUse the following to answer question 6:On January 1, 2002, Moon Corporation issued 80,000 shares of its total 200,000 authorized shares of $3 par value common stock for $10 per share. On December 31, 2002, Moon Corporation's common stock is trading at $15 per share.6. Refer to the above data. Assuming Moon Corporation did not issue any more common stock in 2002, how does the increase in value of its outstanding stock affect Moon?Answer? Question 72.45 out of 2.45 pointsUse the following to answer questions 7 - 10:Shown below is information relating to the stockholders' equity of Surf Corporation as of December 31, 2001:8% cumulative preferred stock, $100 par,Callable at $106 $ 200,000Common stock, $10 par, 500,000 sharesAuthorized, 80,000 shares issued and outstanding 800,000Additional paid-in capital: common stock 300,000Retained earnings (Deficit) (20,000)Dividends in arrears 16,0007. Refer to the above data. How many shares of preferred stock are issued and outstanding?Answer? Question 82.45 out of 2.45 points8. Refer to the above data. What was the original issue price per share of common stock?Answer? Question 92.45 out of 2.45 points9. Refer to the above data. Compute total paid-in capital.Answer? Question 102.45 out of 2.45 points10. Refer to the above data. Total stockholders' equity is:Answer? Question 112.45 out of 2.45 points11. Which of the following individuals has the most power to influence corporate policy on a long-term basis?Answer? Question 122.45 out of 2.45 points12. The overall effect of declaring and distributing a cash dividend includes each of the following except:Answer? Question 132.45 out of 2.45 points13. The financial statements of a corporation that failed during the current year to pay any dividends on its cumulative preferred stock should:Answer? Question 142.45 out of 2.45 points14. Which of the following best describes the book value of a share of stock?Answer?week 13Use the following to answer questions 1-4:The financial statements of Wines, Inc., provide the following information for the current year:Dec.31 Jan.1Accounts receivable....................................................... $210,000 $180,000Inventory....................................................................... 200,000 190,000Prepaid expenses............................................................ 14,000 10,000Accounts payable (for merchandise)................................ 176,000 161,000Accrued expenses payable.............................................. 13,000 19,000Net sales........................................................................ 2,900,000Cost of goods sold.......................................................... 1,500,000Operating expenses (including depreciation of $40,000)..... 300,0001. Refer to the above data. Compute the amount of cash received from customers during the current year.Answer? Question 22.144 out of 2.144 points2. Refer to the above data. Compute the amount of Wine's cash payments for purchases of merchandise during the current year.Answer? Question 32.144 out of 2.144 points3. Refer to the above data. Compute the amount of Wine's cash payments for operating expenses.Answer? Question 42.144 out of 2.144 points4. Refer to the above data. Wine's net cash flow from operating activities for the current year is:Answer? Question 52.144 out of 2.144 pointsUse the following to answer questions 5-8:An analysis of Elmont Corporation's Investment in Marketable Securities account during 2005 disclosed the following:Debit entries......................................................................... $150,000Credit entries........................................................................ 230,000Elmont's 2005 income statement included a $30,000 gain on sale of marketable securities and $20,000 dividend income from marketable securities. All payments and proceeds relating to marketable securities transactions were in cash.5. Refer to the above data. The amount of cash paid by Elmont Corporation in 2005 for the purchase of marketable securities was:Answer? Question 62.144 out of 2.144 points6. Refer to the above data. The cash proceeds received by Elmont Corporation in 2005 for the sale of marketable securities was:Answer? Question 72.144 out of 2.144 points7. Refer to the above data. How should the transactions involving marketable securities be classified in Elmont's statement of cash flows for 2005?Answer? Question 80 out of 2.144 points8. Refer to the above data. Based solely on the above information, Elmont's net cash flow from investing activities for 2005 is:Answer? Question 92.144 out of 2.144 pointsUse the following to answer questions 9-12:An analysis of changes in selected balance sheet accounts of Gotham Corporation shows the following for the current year:Plant and Equipment accounts:Debit entries to asset accounts............................................ $210,000Credit entries to asset accounts........................................... 320,000Debit entries to accumulated depreciation accounts(resulting from sale of plant assets)................................... 30,000Credit entries to accumulated depreciation accounts(representing depreciation for the current year)................. 80,000Gotham's income statement for the current year includes a $4,000 gain on disposal of plant assets. All payments and proceeds relating to purchase or sale of plant assets were in cash.9. Refer to the above data. The amount of cash paid by Gotham to acquire plant assets during the current year was:Answer? Question 102.144 out of 2.144 points10. Refer to the above data. Total cash proceeds received by Gotham from sales of plant assets during the current year amounted to:Answer? Question 112.144 out of 2.144 points11. Refer to the above data. How should purchases, sales, and depreciation of plant assets be classified in Gotham's statement of cash flows for the current year? (Assume the direct method is used by Gotham.)Answer? Question 122.144 out of 2.144 points12. Refer to the above data. Based solely on the data provided above, Gotham's net cash flow from investing activities for the current year is:Answer? Question 130 out of 2.144 pointsUse the following to answer questions 13-15:During 2006, the cash flows related to Dodge Data, Inc.'s lending and borrowing activities are summarized as follows:Cash lent to borrowers.......................................................... $85,000Payment to retire bonds payable............................................ 175,000Proceeds from borrowing at bank (note payable).................... 105,000Interest received from borrowers........................................... 15,000Interest payments made on bonds payable.............................. 20,00013. Refer to the above data. On the basis of the above information alone, what is Dodge Data's net cash flow from financing activities?Answer? Questionmidterm and finalhe objectives of financial reporting are to provide informationAnswer? Question 20 out of 6.29 points2. Investors and creditors are interested in the probability that their original investment or loan will eventually be returned, and that they will receive a reasonable return while their funds are invested or borrowed. These expectations are collectively referred to as:Answer? Question 36.29 out of 6.29 points3. The basic purpose of generally accepted accounting principles is to:Answer? Question 46.29 out of 6.29 points4. The concept of adequate disclosure means that:Answer? Question 50 out of 6.29 points5. Which of the following is correct if a company purchases equipment for $70,000 cash?Answer? Question 60 out of 6.29 points6. If a transaction causes an asset account to decrease, which of the following related effects may occur?Answer? Question 70 out of 6.29 points7. If cash increases during a year, it must mean that:A) There was positive net income on the income statementB) Retained earnings increasedC) The net worth of a company increased.D) None of the three statements above must necessarily be true.Answer? Question 86.29 out of 6.29 points8. On June 27, Healthy Life Services, Inc. performed extensive tests on lab specimens submitted by several customers and sent invoices totaling $5,200, due in 30 days:Answer? Question 96.29 out of 6.29 points9. Master Equipment has a $17,400 liability to Arrow Paint Co. When Master Equipment makes a partial payment of $7,600 on this liability, which of following is true about the journal entry made by Master to record this transaction?Answer? Question 106.29 out of 6.29 points10. On June 18, Baltic Arena paid $6,600 to Marvin Maintenance, Inc. for cleaning the arena following a monster truck show held on June 9th. This transaction:Answer? Question 116.29 out of 6.29 pointsUse the following to answer questions 11-13:Montauk Oil Co. reports these account balances at December 31, 2010Accounts Payable.................................................. $ 110,000Accounts Receivable.............................................. 100,000Buildings................................................................ 240,000Capital Stock.......................................................... 340,000Cash...................................................................... 80,000Equipment.............................................................. 160,000Land...................................................................... 200,000Notes Payable........................................................ 260,000Retained Earnings.................................................. 70,000On January 2, 2011, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 on its accounts payable.11. Refer to the above data. In a trial balance prepared at December 31,2010, the total of the debit column is:A) $1,540,000.B) $700,000.C) $1020,000.D) $780,000.Answer? Question 126.29 out of 6.29 pointsUse the following to answer questions 11-13:Montauk Oil Co. reports these account balances at December 31, 2010:Accounts Payable.................................................. $ 110,000Accounts Receivable.............................................. 100,000Buildings................................................................ 240,000Capital Stock.......................................................... 340,000Cash...................................................................... 80,000Equipment.............................................................. 160,000Land...................................................................... 200,000Notes Payable........................................................ 260,000Retained Earnings.................................................. 70,000On January 2, 2011, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 of its accounts payable.12. Refer to the above data. In a trial balance prepared on January 3, 2011, the total of the debit column is:A) $740,000.B) $1,570,000.C) $760,000.D) $370,000.Answer? Question 136.29 out of 6.29 pointsUse the following to answer questions 11-13:Montauk Oil Co. reports these account balances at December 31, 2010:Accounts Payable.................................................. $ 110,000Accounts Receivable.............................................. 100,000Buildings................................................................ 240,000Capital Stock.......................................................... 340,000Cash...................................................................... 80,000Equipment.............................................................. 160,000Land...................................................................... 200,000Notes Payable........................................................ 260,000Retained Earnings.................................................. 70,000On January 2, 2011, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 of its accounts payable.13. Refer to the above data. On January 3, 2011, total liabilities are:A) $370,000.B) $350,000.C) $300,000.D) $70,000.Answer? Question 140 out of 6.29 points14. The concept of materiality:Answer? Question 156.286 out of 6.286 points15. As of January 31, Logan Company owes $600 to We-Rent-All for equipment used during January. If no adjustment is made for this item at January 31, how will Logan's financial statements be affected?Answer? Question 166.29 out of 6.29 points16. Rose Corp. has a note receivable from Jewel Co for $80,000. The note matures in 5 years and bears interest of 6%. Rose is preparing financial statements for the month of June. Rose should make an adjusting entry:Answer? Question 176.286 out of 6.286 pointsUse the following to answer questions 17-19:Rockville Company adjusts its accounts at the end of each month. The following information has been assembled in order to prepare the required adjusting entries at December 31:(1) A one-year bank loan of $360,000 at an annual interest rate of 12% had been obtained on December 1.(2) The company's pays all employees up-to-date each Friday. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $5,900.(3) On December 1 rent on the office building had been paid for four months. Monthly rent is $3,000.(4) Depreciation of office equipment is based on a lifetime of six years. The balance in the Office Equipment account is $7,200, no change has occurred in the account during the year.(5) Fees of $7,600 were earned during the month for clients who had paid in advance.17. What amount of interest expense has accrued on the bank loan?A) $2,400B) $3,000.C) $3,600.D) $4,200.Answer? Question 180 out of 6.29 pointsUse the following to answer questions 17-19:Rockville Company adjusts its accounts at the end of each month. The following information has been assembled in order to prepare the required adjusting entries at December 31:(1) A one-year bank loan of $360,000 at an annual interest rate of 12% had been obtained on December 1.(2) The company's pays all employees up-to-date each Friday. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $5,900.(3) On December 1 rent on the office building had been paid for four months. Monthly rent is $3,000.(4) Depreciation of office equipment is based on a lifetime of six years. The balance in the Office Equipment account is $7,200, no change has occurred in the account during the year.(5) Fees of $7,600 were earned during the month for clients who had paid in advance.18. By what amount will the book value of the office equipment decline after the appropriate December adjustment is recorded?A) $1,200.B) $0.C) $100.D) Some other amount.Answer? Question 190 out of 6.286 pointsUse the following to answer questions 17-19:Rockville Company adjusts its accounts at the end of each month. The following information has been assembled in order to prepare the required adjusting entries at December 31:(1) A one-year bank loan of $360,000 at an annual interest rate of 12% had been obtained on December 1.(2) The company's pays all employees up-to-date each Friday. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $5,900.(3) On December 1 rent on the office building had been paid for four months. Monthly rent is $3,000.(4) Depreciation of office equipment is based on a lifetime of six years. The balance in the Office Equipment account is $7,200, no change has occurred in the account during the year.(5) Fees of $7,600 were earned during the month for clients who had paid in advance.19. Failure to make the appropriate adjustment to the Salary Expense account will result in:A) Understating net income for December by $5,900.B) Understating net income for January by $5,900.C) Overstating total liabilities at December 31.D) Overstating the balance in Cash at December 31.Answer? Question 206.286 out of 6.286 pointsUse the following to answer questions 20-21:Shown below is a trial balance for Dependable, Inc., on December 31, after the first year of operations, after adjusting entries:Trial Balance Dependable, Inc.December 31, 2005Cash $ 6,200Accounts receivable 5,100Office equipment 9,000Accumulated Depreciation $ 2,400Accounts payable 3,100Capital Stock 9,000Retained earnings -0-Dividends 3,000Fees earned 18,200Salaries expense 6,400Advertising expense 1,300Depreciation expense 1,700$32,700 $32,70020. Refer to the above data. Net income for the period equals:Answer? Question 210 out of 6.286 points21. Refer to the above data. Retained earnings at December 31 equals,Answer? Question 226.286 out of 6.286 points22. If current assets are $140,000 and current liabilities are $100,000, the current ratio will be:A) 71%.B) $40,000.C) 1:4:1.D) $240,000Answer? Question 236.286 out of 6.286 points23. If current assets are $90,000 and current liabilities are $30,000, working capital will be:A) 33.3%.B) 3:1.C) $60,000.D) $120,000.Answer? Question 246.286 out of 6.286 points24. The following information is available:Sales............................................................ $300,000Net Income.................................................. $ 15,000Retained Earnings......................................... $ 30,000Avg. Stockholders? Equity............................. $100,000Dividends..................................................... $ 5,000What is the return on equity?A) 5%.B) 20%.C) 25%.D) 15%.Answer? Question 256.29 out of 6.29 points25. The cost of delivering merchandise to the customer is:Answer? Question 266.286 out of 6.286 points26. Emily Products uses a perpetual inventory system. At year-end the Inventory account had a balance of $257,000, but a complete year-end physical inventory indicated goods on hand costing only $251,000. Emily should:Answer? Question 270 out of 6.286 points27. At the beginning of the year, California Coat Co. had an inventory of $100,000. During the year, the company purchased merchandise costing $650,000. Net sales for the year totaled $1,000,000, and the gross profit rate was 45%. The cost of goods sold and the ending inventory, respectively, were:Answer? Question 286.286 out of 6.286 points28. At the beginning of 2005, Hudson Hardware has an inventory of $200,000. Because sales growth was strong during 2004, the owner wants to increase inventory on hand to $250,000 at December 31, 2005. If net sales for 2005 are expected to be $1,000,000, and the gross profit rate is expected to be 35%, compute the cost of the merchandise the owner should expect to purchase during 2005.A) $600,000.B) $700,000.C) $900,000.D) Some other amount.Answer? Question 290 out of 6.286 points29. If cost of goods sold is $240,000 and the gross profit rate is 40%, what is the gross profit?A) $160,000B) $560,000C) $240,000D) Some other amount.Answer? Question 300 out of 6.286 points30. In order to achieve internal control over cash receipts:Answer? Question 316.286 out of 6.286 pointsUse the following to answer questions 31-32:The Cash account in the ledger of Novake, Inc. showed a balance of $9,300 at June 30. The bank statement, however, showed a balance of $11,700 at the same date. The only reconciling items consisted of a $2,100 deposit in transit, a bank service charge of $20, and a large number of outstanding checks.31. Refer to the above data. What is the "adjusted cash balance" at June 30?Answer? Question 320 out of 6.286 points32. Refer to the above data. Upon completion of the bank reconciliation, a journal entry will be required to update the depositor's accounting records. This entry will include:Answer? Question 330 out of 6.286 points33. Romeo Inc. had accounts receivable of $250,000 and an allowance for doubtful accounts of $9,700 just before writing off as worthless an account receivable from Juliet Company of $1,500. After writing off this receivable what would be the balance in Romeo's Allowance for Doubtful Accounts?Answer? Question 346.286 out of 6.286 points34. On January 1, Pierce Farms established a petty cash fund of $450, which it replenishes at the end of each month. When a surprise count of the petty cash fund is made on March 5, the petty cash box contains $80 in cash and receipts for the following items:Delivery expense.......................................... $28Typewriter repairs........................................ 45Office supplies............................................. 26This situation indicates:A) Approximately $270 of petty cash has been invested in cash equivalents.B) There were approximately $270 in cash disbursements made from the petty cash fund for the first two months of the year.C) The petty cash expense recognized for the month of March is approximately $270.D) There is approximately $270 of petty cash that is missing and unaccounted for at March 5.Answer? Question 356.286 out of 6.286 points35. Juliet Inc. had accounts receivable of $300,000 and an allowance for doubtful accounts of $18,500 just before writing off as worthless an account receivable from Arrow Company of $1,200. The net realizable values of the accounts receivable before and after the write-off were:A) $281,500 before and $280,300 after.B) $281,500 before and $281,500 after.C) $300,000 before and $298,800 after.D) $318,500 before and $317,300 after.Answerfinal examUse the following to answer questions 1-2:Snappy, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:Quantity Unit Cost Total CostBeginning inventory (Jan. 1) 15 $ 10 $ 150Purchase (Jan. 11) 10 12 120Purchase (Jan. 20) 18 15 270Total 43 $ 540On January 14, Snappy, Inc. sold 22 units of this product. The other 21 units remained in inventory at January 31.1. Refer to the above data. Assuming that Snappy uses the FIFO flow assumption, the cost of goods sold to be recorded at January 14 is:A) $306.B) $234.C) $318.D) Some other amount.Answer? Question 20 out of 6.286 pointsUse the following to answer questions 1-2:Snappy, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:Quantity Unit Cost Total CostBeginning inventory (Jan. 1) 15 $ 10 $ 150Purchase (Jan. 11) 10 12 120Purchase (Jan. 20) 18 15 270Total 43 $ 540On January 14, Snappy, Inc. sold 22 units of this product. The other 21 units remained in inventory at January 31.2. Refer to the above data. Assuming that Snappy uses the LIFO flow assumption, the cost of goods sold to be recorded at January 14 is:A) $222.B) $234.C) $318.D) Some other amount.Answer? Question 36.286 out of 6.286 points3. On Saturday, June 30, PK Pool Supplies sold merchandise to John Krock on account. The sales price was $5,300, and the cost of goods sold was $4,200. The sales revenue was recorded immediately, but the entry recording the cost of goods sold was dated Monday, July 2. As a result, net income for June was:A) Overstated by $5,300.B) Overstated by $4,200.C) Overstated by $1,100.D) Not affected, but the net income for July is understated.Answer? Question 46.286 out of 6.286 points4. In a period of rising prices, a company is m

 

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