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1 Question 74 (1 25 points) 5 Equipment with a cost of $320,000 has an estimated salvage value of $20,000 and an estimated life of 4 years or 15,000 hours. It is to be depreciated using the units of-activity method. What is the amount of depreciation for the first full year, during which the equipment was used 3.000 hours? 10 11 12 1) $66,000 2) $60,000 13 14 5 3) $80,000 16 17 18 4) $90,400 19 20 21 Question 75 (1.25 points) Listen 2 23 24 Which of the following would not create a cash flow? 1) Sale of equipment at book value. ble within one year 3 Question 70 (1.25 points) waren Clair Company purchased merchandise with an invoice price of $2,000 and credit terms of 2/10, n/30. Assuming a 360 day year, what is the implied annual interest rate inherent in the credit terms? 9 10 12 1) 24% 2) 4% 13 14 15 : 3) 7296 16 17 18 4) 36% 19 20 21 Question 71 (1.25 points) Listen 2 23 24 Which inventory method generally results in costs allocated to ending inventory that will approximate their current cost? 1) Average Cost Method 2 3 Question 67 (1.25 points) 5 7 8 20 11 Financial information is presented below: Operating Expenses $ 35,000 Sales Returns and Allowances 12.000 Sales Discounts 3,000 Sales Revenue 140,000 Cost of Goods Sold 80.000 Gross profit would be 13 14 15 16 17 18 19 20 21 1) $57,000. ! 2) $48,000 23 24 3) $60,000 4) $45,000 1 2010 >) 5204050 10 11 1 3) 5240.450 4) $200.000 13 Question 61 (1.25 points) 16 12 TA Listen 19 20 21 In its simplest form, an account consists of all of the following except 1) left side 23 24 2) explanation column 3) right (credit) side 1 2 2 Question 54 (1.25 points) sten 6 The maturity value of a $20,000, 9%, 40-day not receivable dated July 3 is . 1) $30,300 10 11 2) $23,000 12 3) $30,000 13 14 15 4) $20,200 16 17 18 - Question 55 (1.25 points) Listen 19 20 21 All of the following are significant contributions that the journal makes to the recording process except: 23 24 1) The journal discloses the complete effect of a transaction in one place. 2) The journal provides a chronological record of transactions. 1 2 3 Question 45 (1.25 points) Listen 5 6 . 8 9 Letty Company has the following inventory data: July 1 Inventory 20 units at $19-$ 380 July 7 Purchases 70 units at $20-$1,400 July 22 Purchases 10 units at $22-$220 $2.000 A physical count of merchandise inventory on July 30 reveals that there are 60 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is 10 11 13 14 15 1) $820 16 17 18 2) $1190 29 20 21 3) $1,450 - 4) $970 23 24 Question 46 (1.25 points) Listen Question 44(1 25 points 5 6 Jett has the following inventory data July 1 Beginning inventory 20 units at $120 July 5 Purchases 120 units at $112 July 14 Sale 30 units July 21 Purchases 60 units at $115 July 30 Sale 56 units Assuming that a periodic Inventory system is used, what is the cost of goods sold on a LIFO basis. 10 11 12 14 15 1) $7,348 - 2) $7,328 17 18 3) $15,412 20 21 1 4) $15,392 23 24 Question 45 (1.25 points) Listen Letty Company has the following inventory data: 1 2 2 List 3 10 6 Lee Company sells merchandise on account for $2.500 to Kelly Company with credit terms of 2/10, n/30. Kelly Company returns $500 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? 6 2 1) $2,450 11 2) $1,960 3) $2.460 14 15 4) $2.000 2 18 Question 44(1.25 points) 21 Listen 24 Jett has the following inventory data: July 1 Beginning inventory 20 units at $120 July 5 Purchases 120 units at $112 July 14 Sale 80 units July 21 Purchases 60 units at $115 July 30 Sale 56 units Accriming that a periodic inventorsstomisensed water the cost of cada caldan Question 41 (1.25 points) 2 3 The Interest on a 58,000,6%, 90-day note receivable is 5 6 1) $480 7 9 2) $80 10 11 12 3) $120 : 13 15 4) $240 ! 16 17 18 Question 42 (1.25 points) Listen 19 20 21 The date on which a cash dividend becomes a binding legal obligation is on the 1) last day of the fiscal year end. 22 23 24 2) declaration date. 3) date of record Page 1 1 2 3 Question 36 (1.25 points) Listen 5 6 A company just starting in business purchased three merchandise inventory items at the following prices. First purchase 580: Second purchase $90: Third purchase 585. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be 2 2 I 1) $70. 10 11 12 2) $62 13 14 15 3) $50. 16 17 18 4) $60. 19 20 21 Question 37 (1.25 points) Listen 2 23 24 Use the following data to calculate the current ratio. Gaddis, Inc. Balance Sheet December 31, 2012 Cash $50,000 Accounts Payable 50.000 Llen 3 Homer Company purchased equipment for $40,000 on January 1, 2012, and will use the double-declining balance method of depreciation. It is estimated that the equipment will have a 5-year life and a $2,000 salvage value at the end of its useful life. The amount of depreciation expense recognized in the year 2012 will be 5 6 9 1) $16,000 10 12 2) $15,200 3) $8,000 13 14 15 4) $20,000 16 17 18 Question 31 (1.25 points) 9 20 21 Listen The effect of a stock dividend is to 23 24 1) decrease total assets and stockholders' equity. 2) increase the book value per share of common stock