1. carter company sells merchandise on account for $3,000 to hannah

1.  Carter Union dispose-ofs movables on completionity for $3,000 to Hannah Union delay security conditions of 2/10, n/30. Hannah Union avail $450 of movables that was injured, parallel delay a restrain to regulate the completionity delayin the abatement date. What entrance does Carter Union compel upon reception of the restrain?

 

Cash 2,550 Accounts Receivable 2,550

Cash 2,940 Sales Discounts 60 Sales Avail and Allowances 450 Accounts Receivable 2,550

Cash 2,499 Sales Avail and Allowances 501 Accounts Receivable 3,000

Cash 2,499 Sales Avail and Allowances 450 Sales Discounts 51 Accounts Receivable 3,000

 

2.  On November 2, 2012, Kasdan Union has money sales of $4,500 from movables having a consume of $2,700. The entries to chronicles the day's money sales allure apprehend:

 

a $2,700 security to Consume of Movables Sold.

a $4,500 security to Cash.

a $2,700 security to Inventory.

a $4,500 debit to Accounts Receivable.

 

3.  Income from operations is unseemly avail short

 

operating expenses.

financing expenses.

other expenses and losses.

other expenses.

 

4.  If a union determines consume of movables sold each interval a sale occurs, it

 

must feel a computer completionitying classification.

uses a cabal of the eternal and dateic schedule classifications.

uses a eternal schedule classification.

uses a dateic schedule classification.

 

5.  The collation of a $800 completionity behind the 2 percent abatement date allure remainder in a

 

debit to Money for $784.

security to Accounts Receivable for $800.

security to Money for $800.

debit to Sales Discounts for $16.

 

6.  When movables are returned that describe to a previous money sale,

 

Sales Avail and Allowances allure be securityed.

the money completionity allure be securityed.

Accounts Receivable allure be securityed.

the Sales Avail and Allowances completionity should not be used.

 

7.  Rae Union made a escheatment of movables on security from Tyree Corporation on August 3, for $7,000, conditions 2/10, n/45. On August 10, Rae compels the divert liquidation to Tyree. The entrance on August 10 for Rae Union is

 

Accounts Payable 7,000 Escheatment Avail and Allowances 140 Money 6,860

Accounts Payable 6,860 Money 6,860

Accounts Payable 7,000 Schedule 140 Money 6,860

Accounts Payable 7,000 Money 7,000

 

8.  Indrisano's Used Cars uses the local identification round of consumeing schedule. During March, Indrisano escheatmentd three cars for $6,000, $7,200, and $9,600, honorively. During March, two cars are sold for a completion of $17,300. Indrisano determines that at March 31, the $7,200 car is stationary on influence. What is Indrisano’s unseemly avail for March?

 

$4,100

$2,100

$500

$1,700    

 

9.  Which of the subjoined statements is set-right delay honor to inventories?

 

The FIFO round assumes that the consumes of the highest movables habitual are the developed to be sold.

Under FIFO, the extent schedule is naturalized on the past items escheatmentd.

It is generally good-natured-natured trade skillful-treatment to dispose-of the most of-late habitual movables earliest.

FIFO rarely coincides delay the real material round of schedule.

 

10.  Netta Shutters has the subjoined schedule notice. 

Nov. 1  Inventory 15 items @ $8.00

         8  Purchase 60 items @ $8.30 

       17  Purchase 30 items @ $8.40 

       25  Purchase 45 items @ $8.80

 

A material calculate of movables schedule on November 30 reveals that there are 45 items on influence. Assume a dateic schedule classification is used. Consume of movables sold (rounded to the rectilinear dollar) subordinate the mean-consume round is

 

$889.

$897.

$886.

$870.

 

11.  At May 1, 2013, Kibbee Union had commencement schedule consisting of 100 items delay a item consume of $7. During May, the union escheatmentd schedule as follows: 400 items at $7 300 items at $8 The union sold 500 items during the month for $12 per item. Kibbee uses the mean consume round. The mean consume per item for May is

 

$7.500.

$7.000.

$7.375.    

$8.000.

 

12.  The throng end that allure be most trying to expound in the area of schedule completionitying is:

 

LIFO.

ownership of movables.

costs to apprehend in schedule.

FIFO.

 

13.  A union upright starting in trade escheatmentd three movables schedule items at the subjoined charges. Earliest escheatment $80; Second escheatment $95; Third escheatment $85. If the union sold two items for a completion of $250 and used FIFO consumeing, the unseemly avail for the date would be

 

$85.

$70.

$75.      

$77.

 

14.  GAAP defines communicate for lower-of-cost-or communicate essentially as

 

estimated dispose-ofing charge in the settled round of trade.

net realizable appreciate.

replacement consume.

replacement consume short consumes of classification.

 

15.  Partridge Bookstore had 500 items on influence at January 1, consumeing $18 each. Purchases and sales during the month of January were as follows: 

 

Date        Purchases           Sales 

Jan. 14                                375  @ $28 

        17     250 @ $20 

        25     250 @ $22 

        29                                 260 @ $32

 

Partridge does not protect eternal schedule chronicless. According to a material calculate, 365 items were on influence at January 31. The consume of the schedule at January 31, subordinate the FIFO round is:

$7,800.     

$7,300.

$8,030.

$6,570.

 

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