Company X is in the business of selling paper goods. Record the journal entry to record the
Question:
- Company X is in the business of selling paper goods. Record the journal entry to record the sale of $1,000 of paper goods for Company X. The cost to produce the paper was $800.
- Company X paid $12,000 in January 2016 for an advertising campaign that will last from January 2016 through December 2016. Record the journal entries to be recorded in January.
- Which of the following are deducted from the bank balance in a bank reconciliation?
- Bank charges
- Deposits in transit
- Outstanding checks
- None of the above
- Company X purchased company service vehicle for $30,000 in January 2016. The service vehicles have a 3 year useful life with $0 salvage value. What is the net book value at December 31, 2016?
- $20,000
- $16,000
- $22,000
- $8,000
- On December 31, 2017 the service vehicle in question 4 was sold for $25,000. What is the gain recorded on the books?
- $11,000
- $15,000
- $8,000
- $25,000
- The service vehicle in question 5 was the only gain on sale recorded for 2017. What amount would be reflected on the Statement of Cash Flows using the direct method?
- $25,000
- $30,000
- $15,000
- $11,000
- Both A & D
- The service vehicle in question 5 was the only gain on sale recorded for 2017. What amount would be reflected on the Statement of Cash Flows using the indirect method?
- $25,000
- $30,000
- $15,000
- $11,000
- Both A & B
Use the following for questions 8 & 9
Company Y and Company Z are subsidiaries consolidated under Company X. In its December 31, 2016 trial balance, Company X had the following intercompany balances before eliminations:
Debit Credit
Receivable due from Company Y $30,000
Receivable due from Company Z $40,000
Intercompany payable due to Company Y $15,000
Intercompany payable due to Company Z $12,000
- What amount should Company X record for the intercompany receivable on its consolidated financial statements?
- $30,000
- $40,000
- $70,000
- $0
- $27,000
- Record the journal entry to eliminate the intercompany receivable.
- What are the 4 main financial statements?
- What are the 3 sections of the balance sheet?
- What is the difference between accrual accounting and cash accounting?
- Company X uses accrual accounting. The company received $50,000 cash in June for payment of services provided to customers in the month of May and provided $100,000 worth of services to customers in the month of June. What is the total revenue recorded in June?
- $50,000
- $100,000
- $150,000
- $0
Quantitative Methods for Business
ISBN: 978-0324651751
11th Edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey cam