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Secure Good Grades in Accounting
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25. 1)A 15 g bullet is shot into a 5085 g wooden block standing on a frictionless surface. The block,...1)A 15 g bullet is shot into a 5085 g wooden block standing on a frictionless surface. The block, with the bullet in it, acquires a velocity of 1 m/s. Calculate the velocity of the bullet before striking the block.?2)What is the force on the head of a nail that is struck by a 1.5 kg hammer moving at 7 m/s. (The hammer is brought to rest in 0.001 s.)?
A) 10.5 N
B) 105 N
C) 1050 N
D) 10500 N
E) 105000 N
F) I haven’t a clue.
3)A blue-green photon (484nm) is absorbed by a free hydrogen atom, initially at rest.
What is the recoil speed of the hydrogen atom after absoribing the photon?
4)A heat engine with a thermal efficiency of 25 % does 100j of work per cycle.
Part A
How much heat is extracted from the hot reservoir per cycle?
Part B
How much heat is exhausted to the cold reservoir per cycle?
26. In which of the following situations would you prefer to be the lender?
1) If the nominal rate of interest is 2 percent, and the expected inflation rate is -10 percent, the real rate of interest is
A) 2 percent.
B) 8 percent.
C) 10 percent.
D) 12 percent.
2) In which of the following situations would you prefer to be the lender?
A) The interest rate is 9 percent and the expected inflation rate is 7 percent.
B) The interest rate is 4 percent and the expected inflation rate is 1 percent.
C) The interest rate is 13 percent and the expected inflation rate is 15 percent.
D) The interest rate is 25 percent and the expected inflation rate is 50 percent.
27. John Smith worked in the stockyard of a large building supply company. One day he unexpectedly left...
John Smith worked in the stockyard of a large building supply company. One day he unexpectedly left for California, never to return. His foreman seized the opportunity to continue to submit time cards for John to the payroll department. Each week, as part of his normal duties, the foreman received the employee paychecks from payroll and distributed them to the workers on his shift. Because John was not present to collect his paycheck, the foreman forged John’s name and cashed it.
Required
Describe two control techniques to prevent or detect this fraud scheme.
28. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an...
f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.)
29. You have #33,556.25 in a brokerage account, and you plan to deposit an additional $5,000 at the e...
You have #33,556.25 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $220,000. You expect to earn 12% annually on the account. How many years will it take to reach your goal?
30. Net Income and Change in Owner's Equity Wilhelm Kohl started a business in May 20- called Kohl's...
Net Income and Change in Owner's Equity Wilhelm Kohl started a business in May 20- called Kohl's Home Repair. Kohl hired a part-time college student as an assistant. Kohl has decided to use the following accounts for recording transactions: The following transactions occurred during May: Invested cash in the business, $25, 088. Purchased a used van for cash, $6, 127. Purchased equipment on account, $4, 020. Received cash for services rendered, $7.324 paid cash on account owed from transaction (c), $2, 263, Paid rent for the month, $848.
31. Smiles Entertainment had the following accounts and balances at December 31: Using the informati...
Smiles Entertainment had the following accounts and balances at December 31: Using the information in the table, calculate the company's reported net income $6, 550. $4.450. $1, 400. $12.200 $5.250.
32. Use the following data to find the direct labor rate variance if the company produced 3,500 units...
Use the following data to find the direct labor rate variance if the company produced 3,500 units during the period Direct labor standard (4 hrs.@ $6.90/hr.) Actual hours worked Actual rate per hour $27.60 per unit 12,050 $7.30
33. Rockwall RV Center's accounting records include the following accounts at December 31, 2016 Jour...
Rockwall RV Center's accounting records include the following accounts at December 31, 2016 Journalize the required closing entries for Rockwall. Determine the ending balance in the Rockwall, Capital account.
34. Complete the full accounting cycle (LO3–4LO3–3, 3–4, 3–5, 3–6, 3–7) P3–8B The general ledger of...
Complete the full accounting cycle (LO3–4LO3–3, 3–4, 3–5, 3–6, 3–7)
P3–8B The general ledger of Pipers Plumbing at January 1, 2018, includes the following account
balances:
Required:
1. Set up the necessary T-accounts and enter the beginning balances from the trial balance. In addition to the accounts shown, the company has accounts for Dividends, Service Revenue, Salaries Expense,
Utilities Expense, Supplies Expense, and Depreciation Expense.
2. Record each of the summary transactions listed above.
3. Post the transactions to the accounts.
4. Prepare an unadjusted trial balance.
5. Record adjusting entries. Depreciation for the year on the machinery is $8,000. Plumbing supplies
remaining on hand at the end of the year equal $1,100. Of the $10,000 paid in advance by customers,
$7,000 of the work has been completed by the end of the year.
6. Post adjusting entries.
7. Prepare an adjusted trial balance.
8. Prepare an income statement for 2018 and a classified balance sheet as of December 31, 2018.
9. Record closing entries.
10. Post closing entries
11. Prepare a post-closing trial balance.
35. 21.Internal controls for handling sales returns and allowances do not include a.computing bad debt..
21.Internal controls for handling sales returns and allowances do not include
a.computing bad debt expense using the percentage of credit sales
b.verifying that the goods have been returned
c.authorizing the credit memo by management
d.using the original sales invoice to prepare the sales returns slip
22.The printer ran out of preprinted sales invoice forms and several sales invoices were not printed. The best internal control to detect this error is
a.a batch total of sales invoices to be prepared compared to the actual number of sales invoices prepared
b.sequentially numbered sales invoices
c.visual verification that all sales invoices were prepared
d.none of the above will detect this error
23.Which department prepares the bill of lading?
a.sales
b.warehouse
c.shipping
d.credit
24.A remittance advice is
a.used to increase (debit) an account receivable by the cash received
b.is a turn-around document
c.is retained by the customer to show proof of payment
d.none of the above
25.A weekly reconciliation of cash receipts would include comparing
a.the cash prelist with bank deposit slips
b.the cash prelist with remittance advices
c.bank deposit slips with remittance advices
d.journal vouchers from accounts receivable and general ledger
26.At which point is supervision most critical in the cash receipts system?
a.accounts receivable
b.general ledger
c.mail room
d.cash receipts
27.EDI trading partner agreements specify all of the following except
a.selling price
b.quantities to be sold
c.payment terms
d.person to authorize transactions
28.A cash prelist is
a.a document that records sales returns and allowances
b.a document returned by customers with their payments
c.the source of information used to prepare monthly statements
d.none of the above
29.An advantage of real-time processing of sales is
a.the cash cycle is lengthened
b.current inventory information is available
c.hard copy documents provide a permanent record of the transaction
d.data entry errors are corrected at the end of each batch
30.Commercial accounting systems have fully integrated modules. The word “integrated” means that
a.segregation of duties is not possible
b.transfer of information among modules occurs automatically
c.batch processing is not an option
d.separate entries are made in the general ledger accounts and the subsidiary ledgers
36. (a) The top of your head is about 30 cm above your heart. What is the blood pressure difference...
(a) The top of your head is about 30 cm above your heart. What is the blood pressure difference between your heart and the top of your head?
(b) To keep blood from pooling in their lower legs on plane trips, some people wear compression socks. These socks are sold by the pressure they apply; a typical rating is 20 mm Hg. Over what vertical distance can this pressure move the blood?
37. Ram, Rahim and Anthony were in partnership sharing profits and losses in the ratio of 1/2, 1/3 and..
Ram, Rahim and Anthony were in partnership sharing profits and losses in the ratio of 1/2, 1/3 and 1/6 respectively. They decided to dissolve the partnership firm on 31.3.2015, when the Balance Sheet of the firm appeared as under :
Liabilities ~ Assets ~
Sundry Creditors 5,67,000 Goodwill 4,56,300
Bank Overdraft 6,06,450 Plant and Machinery 6,07,500
Joint Life Policy Reserve 2,65,500 Furniture 64,650
Loan from Mrs. Ram 1,50,000 Stock 2,36,700
Capital Accounts : Sundry Debtors 5,34,000
Ram 4,20,000 Joint Life Policy 2,65,500
Rahim 2,25,000 Commission Receivable 1,40,550
Anthony 1,20,000 7,65,000 Cash in Hand 48,750
23,53,950 23,53,950
The folowing details are relevant for dissolution :
(i) The joint life policy was surrendered for ~ 2,32,500.
(ii) Ram took over goodwill and plant and machinery for ~ 9,00,000.
(iii) Ram also agreed to discharge bank overdraft and loan from Mrs Ram.
(iv) Furniture and stocks were divided equally between Ram and Rahim at an agreed valuation of ~ 3,60,000.
(v) Sundry debtors were assigned to firm’s creditors in full satisfaction of their claims.
(vi) Commission receivable was received in toto in time.
(vii) A bill discounted was subsequently returned dishonoured and proved valueless ~ 30,750 (including ~ 500 noting charges).
(viii) Ram paid the expenses of dissolution amounting to ~ 18,000.
(ix) Anthony agreed to receive ~ 1,50,000 in full satisfaction of his rights, title and interest in the firm.
You are required to show accounts relating to closing of books on dissolution of the firm.
38. 116. During January, Sundown Corporation had sales of $300,000 and a cost of goods available...
116. During January, Sundown Corporation had sales of $300,000 and a cost of goods available for sale of $600,000. The company consistently earns a gross profit rate of 45%. Using the gross profit method, the estimated inventory at January 31 amounts to:
A. $135,000.
B. $435,000.
C. $165,000.
D. $465,000.
117. Colonial uses the retail method to estimate its monthly cost of goods sold and month-end inventory. At August 31, the accounting records indicate the cost of goods available for sale during the month (beginning inventory plus purchases) totaled $270,000. These goods had been priced for resale at $675,000. Sales in August totaled $450,000. The estimated inventory at August 31 is:
A. $48,000.
B. $90,000.
C. $120,000.
D. $270,000.
118. Garden World uses the retail method to estimate its monthly cost of goods sold and month-end inventory. At May 31, the accounting records indicate the cost of goods available for sale during the month (beginning inventory plus purchases) totaled $540,000. These goods had been priced for resale at $900,000. Sales in May totaled $480,000. The estimated inventory at May 31 is:
A. $540,000.
B. $252,000.
C. $420,000.
D. $288,000.
During the current year, Carl Equipment Stores had net sales of $600 million, a cost of goods sold of $500 million, average accounts receivable of $75 million, and average inventory of $50 million.
119. Carl Equipment's inventory turnover rate is:
A. 6.7 times.
B. 10 times.
C. 12 times.
D. 1.2 times.
120. Assuming a 365-day year, the number of days required for Carl Equipment to convert its average inventory into cash is:
A. 36.5.
B. 73.0.
C. 24.3.
D. 304.2.
During the current year, Carl Equipment Stores had net sales of $500 million, a cost of goods sold of $400 million, average accounts receivable of $60 million, and average inventory of $50 million.
121. Carl Equipment's inventory turnover rate is:
A. 6.7 times.
B. 8 times.
C. 10 times.
D. 1.25 times.
122. Assuming a 365-day year, the number of days required for Carl Equipment to convert its average inventory into cash is:
A. 36.5.
B. 45.6.
C. 54.4.
D. 292.
Midwest Office Products uses the retail method to estimate ending inventory in its monthly financial statements. The following information is available for the month ended May 31:
123. Determine the cost ratio that should be used in estimating the May 31 inventory using the retail method.
A. 63.8%.
B. 69.4%
C. 66.0%.
D. 68.4%.
124. Estimate the cost of the May 31 inventory using the retail method.
A. $116,964.
B. $137,400.
C. $150,425.
D. $204,000.
125. Estimate the cost of goods sold for May using the retail method.
A. $137,400.
B. $150,400.
C. $205,236.
D. $319,600.
Soriano Company had net sales of $300,000 for the month (after returns and allowances of $1,500 and sales discounts of $3,250). Beginning inventory for the month was $60,000; purchases for the month were $175,000; and gross profit was 43%.
126. What were the gross sales for the month?
A. $129,000.
B. $171,000.
C. $300,000.
D. $304,750.
127. What were the goods available for sale for the month?
A. $129,000.
B. $171,000.
C. $235,000.
D. $304,750.
128. What was the gross profit for the month?
A. $129,000.
B. $171,000.
C. $235,000.
D. $304,750.
129. What was the cost of goods sold for the month?
A. $129,000.
B. $171,000.
C. $235,000.
D. $304,750.
130. What was the ending inventory for the month?
A. $60,000.
B. $64,000.
C. $129,000.
D. $175,000.
