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25. 11) All of the following are current assets except : A) cash. B) accounts receivable. C) buildings..
11) All of the following are current assets except:
A) cash.
B) accounts receivable.
C) buildings.
D) prepaid rent.
12) All of the following are property, plant and equipment except:
A) office supplies.
B) land.
C) buildings.
D) equipment.
13) Debts that are due to be paid within one year or within the entity's operating cycle, whichever is longer, are called:
A) current liabilities.
B) liquid liabilities.
C) quick liabilities.
D) deferred liabilities.
Table 4-2
The ledger accounts for Alice's Rentals include the following normal balances as of December 31, 2014:
Accumulated amortization$ 2,000
Cash 7,300
Equipment15,000
Alice Normanson, Capital 9,300
Alice Normanson, Withdrawals 2,200
Prepaid rent 3,600
Accounts payable7,800
Supplies 1,200
Unearned revenue1,600
Notes payable (due Dec. 31, 2018)7,500
14) Referring to Table 4-2, what are the total current assets and total assets for Alice's Rentals?
A) $12,100 and $25,100
B) $8,500 and $25,100
C) $8,500 and $21,500
D) $12,100 and $27,100
15) Referring to Table 4-2, what are the total current liabilities and total liabilities for Alice's Rentals?
A) $7,800 and $16,900
B) $9,400 and $16,900
C) $7,800 and $15,300
D) $9,400 and $18,900
Table 4-4
Selected accounting data as at December 31, 2014 for Huma Delivery follows:
Cash$11,000
Accounts payable8,000
Accounts receivable5,500
Salary payable6,300
Supplies1,200
Unearned revenue2,200
Prepaid rent4,600
Mortgage payable (due 2018)5,500
Equipment22,000
J. Huma, Capital19,900
Accum. amort.-equipment6,100
Service revenue29,000
Salary expense8,000
Furniture12,000
Accum. amort.-furniture4,000
Amortization expense6,800
Utilities expense4,300
Rent expense5,600
16) Referring to Table 4-4, current assets and total assets are:
A) $17,700 and $46,200, respectively
B) $17,700 and $41,600, respectively
C) $22,300 and $46,200, respectively
D) $22,300 and $56,300, respectively
17) Referring to Table 4-4, current liabilities and total liabilities are:
A) $14,300 and $5,500 respectively
B) $14,300 and $19,800 respectively
C) $14,300 and $22,000 respectively
D) $16,500 and $22,000 respectively
Table 4-6
Selected accounting data as at December 31, 2014 for Martineau Delivery follows:
Cash$25,000
Accounts payable33,000
Accounts receivable34,000
Salary payable7,500
Supplies6,600
Unearned revenue16,500
Prepaid rent4,000
Mortgage payable (due 2018)48,000
Equipment52,000
C. Lexus, Capital10,000
Accum. amort.-equipment12,000
Service revenue69,000
Salary expense31,000
Accum. amort.-furniture6,000
Furniture49,400
18) Referring to Table 4-6, the current assets and total assets are:
A) $69,600 and $153,000 respectively
B) $65,600 and $153,000 respectively
C) $65,600 and $79,400 respectively
D) $69,600 and $77,400 respectively
19) Referring to Table 4-6, the current liabilities and total liabilities are:
A) $61,000 and $109,000 respectively
B) $40,500 and $88,500 respectively
C) $40,500 and $105,000 respectively
D) $57,000 and $105,000 respectively
20) Intangible assets are classified on the balance sheet as:
A) long-term assets.
B) property, plant and equipment.
C) current assets.
D) a component of owner’s equity.
26. In India balance sheet audit is synonymous to _______________. A.Annual audit. B.Continuous audit...
In India balance sheet audit is synonymous to _______________.
A.Annual audit.
B.Continuous audit.
C.Detailed audit.
D.Statutory audit.
27. Assume that your parents wanted to have $160,000 saved for
Assume that your parents wanted to have $160,000 saved for college by your eighteenth birthday and they started saving on your first birthday. They saved the same amount each year on your birthday and earned 8% per year on their investments.
a. How much would they have to save each year to reach their goal?
b. If they think you will take five years instead of four to graduate and decide to have $200,000 saved just in case, how much more would they have to save each year to reach their new goal?
28. The management of Mecca Copy, a photocopying center located
The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year:
The beginning balance of retained earnings was $28,000, net income is budgeted to be $ 11,500 and dividends are budgeted to be $ 4,800
Required:
Prepare the company’s budgeted balance sheet.
29. On January 1, 2017, Prasad SpA had the following equity accounts. Share Capital-Ordinary (€25 par...
On January 1, 2017, Prasad SpA had the following equity accounts. Share Capital-Ordinary (€25 par value, 48,000 shares issued and outstanding)....€1,200,000 Share Premium-Ordinary.......................................................................200,000 Retained Earnings.................................................................................600,000 During the year, the following transactions occurred. Feb. 1 Declared a €1 cash dividend per share to shareholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 5-for-1 share split. Prior to the split, the market price per share was €36. July 1 Declared a 10% share dividend to shareholders of record on July 15, distributable July 31. On July 1, the market price was €7 per share. July 31 Issued the shares for the share dividend. Dec. 1 Declared a €0.40 per share dividend to shareholders of record on December 15, payable January 5, 2018. 31 Determined that net income for the year was €350,000. Instructions (a) Journalize the transactions and the closing entries for net income and dividends. (b) Enter the beginning balances, and post the entries to the equity accounts. (c) Prepare an equity section at December 31.
30. 171.If a plant asset is sold before it is fully depreciated, a.only a gain on disposal can occur....
171.If a plant asset is sold before it is fully depreciated,
a.only a gain on disposal can occur.
b.only a loss on disposal can occur.
c.either a gain or a loss can occur.
d.neither a gain nor a loss can occur.
172.If a plant asset is retired before it is fully depreciated, and the residual value received is less than the asset's book value,
a.a gain on disposal occurs.
b.a loss on disposal occurs.
c.there is no gain or loss on disposal.
d.additional depreciation expense must be recorded.
173.A company sells a plant asset which originally cost ¥420,000 for ¥140,000 on December 31, 2014. The Accumulated Depreciation account had a balance of ¥168,000 after the current year's depreciation of ¥42,000 had been recorded. The company should recognize a
a.¥280,000 loss on disposal.
b.¥112,000 gain on disposal.
c.¥112,000 loss on disposal.
d.¥70,000 loss on disposal.
174.If disposal of a plant asset occurs during the year, depreciation is
a.not recorded for the year.
b.recorded for the whole year.
c.recorded for the fraction of the year to the date of the disposal.
d.not recorded if the asset is scrapped.
175.If a fully depreciated plant asset is still used by a company, the
a.estimated remaining useful life must be revised to calculate the correct revised depreciation.
b.asset is removed from the books.
c.accumulated depreciation account is removed from the books but the asset account remains.
d.asset and the accumulated depreciation continue to be reported on the statement of financial position without adjustment until the asset is retired.
176.Which of the following statements is not true when a fully depreciated plant asset is retired?
a.The plant asset's book value is equal to its estimated residual value.
b.The accumulated depreciation account is debited.
c.The asset account is credited.
d.The plant asset's original cost equals its book value.
177.If a plant asset is retired before it is fully depreciated, and no residual or scrap value is received,
a.a gain on disposal will be recorded.
b.phantom depreciation must be taken as though the asset were still on the books.
c.a loss on disposal will be recorded.
d.no gain or loss on disposal will be recorded.
178.The book value of an asset will equal its fair value at the date of sale if
a.a gain on disposal is recorded.
b.no gain or loss on disposal is recorded.
c.the plant asset is fully depreciated.
d.a loss on disposal is recorded.
179.A truck costing $154,000 was destroyed when its engine caught fire. At the date of the fire, the accumulated depreciation on the truck was $70,000. An insurance check for $175,000 was received based on the replacement cost of the truck. The entry to record the insurance proceeds and the disposition of the truck will include a
a.Gain on Disposal of $21,000.
b.credit to the Truck account of $84,000.
c.credit to the Accumulated Depreciation account for $70,000.
d.Gain on Disposal of $91,000.
180.On July 1, 2014, Hale Kennels sells equipment for $110,000. The equipment originally cost $300,000, had an estimated 5-year life and an expected residual value of $50,000. The accumulated depreciation account had a balance of $175,000 on January 1, 2014, using the straight-line method. The gain or loss on disposal is
a.$15,000 gain.
b.$10,000 loss.
c.$15,000 loss.
d.$10,000 gain.
31. Five selected transactions for the current month are indicated b
Five selected transactions for the current month are indicated by letters in the following accounts in a job order cost accounting system:
Describe each of the fivetransactions.
32. The standard output of production EXE is 25 units per hour in a manufacturing department of a...
The standard output of production EXE is 25 units per hour in a manufacturing department of a company employing 100 workers. The standard wage rate per labour hour is Rs.6.
In a 42 hours week, the department produced 1040 units of the product despite 5% of the time paid were lost due to an abnormal reason. The hourly wage rate actually paid were Rs.6.20, Rs.6 and Rs.5.70 respectively to 10, 30 and 60 of the workers. Compute various relevant labour variances.
33. Earned but unbilled fees at July 31 were $1,400 (b) Depreciation for the month was $200 (c )...
Earned but unbilled fees at July 31 were $1,400
(b) Depreciation for the month was $200
(c ) One-twelfth of the insurance expired
(d) An inventory count showed $300 of cleaning supplies remaining on July 31
(e) Accrued but unpaid employee salaries were $500
34. ACC 308 Final Project Scenario Overview: You just began a position as a financial accountant at P...
ACC 308 Final Project Scenario
Overview: You just began a position as a financial accountant at Peyton Approved. In this role, your first task is to prepare the company’s financials for the year-end audit. Additionally, the company is interested in expanding its business within the next year. They would like your support in assessing their ability to meet their goals.
Refer to the data below and use the Final Project Workbook that includes the income statement, balance sheet, retained earnings statement and cash flow statement to complete the final project and associated milestones.
Peyton Approved Financial Data: Preliminary Financial Statements have already been prepared (2017 statements in the Final Project Workbook). Final adjusting entries have not yet been made. See table for possible adjustments that indicate what will be recorded at 12/31/17 (fiscal year end). Use the following to complete year-to-year documentation and notes for managing depreciation, inventory, and long-term debt.
On 12/03/2017, a mixer with a cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift. As of 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental destruction. |
Note about later borrowing - financials will show loan from parents repaid and use of bank financing. |
For notes to the financial statements and Management Analysis Memo, consider the following:
Peyton Approved uses the following accounting practices:
Inventory: Periodic, LIFO for both baking and merchandise
Baking supplies: $27,850 ending inventory
Equipment: Straight line method used for equipment
Business Financing Information: Use this information to calculate interest rates and insurance information, and to assess their impact on the company’s financial obligations:
6% interest note payable was made on Jan 31, 2017, and is due Feb 1, 2019.
5-year loan was made on June 1, 2016. Terms are 7.5% annual rate, interest only until due date.
Insurance: Annual policy covers 12 months, purchased in February, covering March 2017 to February 2018. No monthly adjustments have been made.