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post university acc 111 final exam all 3 parts

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Question;Final exam paart 1;?;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?;Selected Answer;Correct Answer;?;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;3 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?;?;?;?;?;?;Final exam part2;?;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?;Response Feedback;Retained;earnings is an equity account, not an asset.;?;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;Final exam part 3;?;?;?;?;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?;Selected Answer;Correct Answer;?;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;3 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?

 

Paper#44747 | Written in 18-Jul-2015

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