A company receives a 10%, 90-day note for $1,500

QUESTION 1

1.      A gang receives a 10%, 90-day music for $1,500. The completion concern due on the manliness determination is:

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$ 37.50

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$150.00

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$ 75.00

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$ 50.00

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$ 87.50

4 points   

QUESTION 2

1.       MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios attested a 60-day, 10% promissory music for $7,800. TechCom's narrative minute to proceedings the sales share of the proceeding is:

A)   Accounts Receivable            7,800

             Sales                                          7,800

B)   Accounts Receivable                 7,930

             Sales                                           7,930

C)   Notes Receivable                    7,800

             Sales                                          7,800

D)  Notes Receivable                     7,930

             Sales                                          7,930

E)  Notes Receivable                    7,800

     Interest Receivable                      130

            Sales                                            7,930

 

 

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  Item A

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Item B

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Item C

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Item D

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Item E

4 points   

QUESTION 3

1.      Depreciation:

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Measures the extricate in bareffect treasure of an asset.

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Measures natural recompense of an asset.

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Is the rule of allocating to outlay the require of a insert asset.

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Is an outflow of specie from the use of a insert asset.

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Is applied to place.

4 points   

QUESTION 4

1.      When initiatoryly purchased, a behavior had an believed beneficial estate of 8 years. The behavior require $23,000 and its believed salvage treasure is $1,500. After 4 years of straight-line diminution, the asset's completion believed beneficial estate was revised from 8 years to 6 years and there was no transmute in the believed salvage treasure. The diminution outlay in year 5 equals:

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 $ 5,375.00

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$ 2,687.50

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$ 5,543.75

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$10,750.00

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$ 2,856.25

4 points   

QUESTION 5

1.      Dell had net sales of $35,404 favorite. Gross sales completion $37,576.  Its medium completion property for the continuance were $14,502 favorite. Dell's completion asset turnaggravate equals:

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0.40

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0.35

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2.59

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2.44

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3.50

4 points   

QUESTION 6

1.      A gang purchased a rope braiding muniment for $190,000. The muniment has a beneficial estate of 8 years and a residual treasure of $10,000. It is believed that the muniment could result 750,000 units of climbing rope aggravate its beneficial estate. In the pristine year, 105,000 units were resultd. In the prevent year, formation extensiond to 109,000 units. Using the units-of-formation manner, what is the sum of diminution that should be proceedingsed for the second year?

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$25,200

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$26,160

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$26,660

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$27,613

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$53,160

4 points   

QUESTION 7

1.      A copyright:

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Gives its proprietor the scientific just to circulate and retail a harmonious or scholarly result during the estate of the motive plus 70 years.

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Is an scientific just granted to its proprietor to make and retail a invention or to use a rule for 20 years.

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Is an scientific just granted to its proprietor to make and retail a invention or to use a rule for 70 years.

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 Is the sum by which the treasure of a gang exceeds the untarnished bareffect treasure of a gang's net property if purchased individually.

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Gives its proprietor the scientific just to circulate and retail a harmonious or scholarly result during the estate of the motive plus 20 years.

4 points   

QUESTION 8

1.      Extraordinary repairs:

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Are return expenditures.

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Extend an asset's beneficial estate further its initiatory believe.

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Are faithed to accumulated diminution.

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Are joined requires of insert property that do not materially extension the asset's estate.

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Are outlayd as incurred.

4 points   

QUESTION 9

1.       Huffington Gang purchased and installed a muniment on January 1, 2008, at a completion require of $95,000.  Straight-line diminution is smitten each year for three years sumptuous a five year estate and no salvage treasure.  The muniment is sold for $30,500 specie on July 1, 2011.  What is the effect or privation on sale of munimentry?

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$2,000 privation

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$64,500 privation

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$64,500 effect

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$2,000 effect

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$7,500 privation

4 points   

QUESTION 10

1.      A gang had $7,000,000 in net pay for the year. Its net sales were $11,200,000 for the selfselfsame continuance. Calculate its improvement brink.

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17.5%.

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28%.

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62.5%.

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160%.

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$18.2 favorite.

4 points   

QUESTION 11

1.      A gang purchased $4,000 estimate of wares. Transportation requires were an joined $350. The gang later returned $275 estimate of wares and compensated the invoice amid the 2% specie remittance continuance. The completion sum compensated for this wares is:

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$3,725.00.

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$3,925.00.

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$3,995.00.

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$4,000.50.

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$4,075.00.

4 points   

QUESTION 12

1.      Herald Gang had sales of $135,000, sales remittances of $2,000, and sales receipts of $3,200. Herald Company's net sales equals:

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$5,200.

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$129,800.

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$133,000.

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$135,000.

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$140,200.

4 points   

QUESTION 13

1.      Which of the subjoined statements relating list rules are gentleman?

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The continuanceic list rule unceasingly updates list proceedingss.

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The constant list rule updates list proceedingss at the end of a continuance.

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The continuanceic list rule updates list at the end of a continuance.

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The constant list rule unceasingly updates list proceedingss.

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Both C and D are gentleman statements.

4 points   

QUESTION 14

1.      On October 1, Robertson Gang sold wares in the sum of $5,800 to Alberts, after a while faith stipulations of 2/10, n/30. The require of the items sold is $4,000. Robertson uses the continuanceic list rule. Alberts pays the invoice on October 8, and takes the alienate remittance. The narrative minute that Robertson makes on October 8 is:

  

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Item A.

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Item B.

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Item C.

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Item D.

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Item E.

 

 

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