Acc 111 financial accounting i – test 3 – spring 2014


Test #3
Spring 2014 NAME___________________________________

1. Journalize the forthcoming affairs using
A. the straightforward write-off rule of recitaling for uncollectible receivables
B. the atonement rule of recitaling for uncollectible receivables

June 10 Popular $1,100 from Jim Dobbs and wrote off $4,000, the relics tit.
Oct. 11 Reinstated the recital of Jim Dobbs and popular $4,000 coin in ample reimbursement.
A.
DEBIT CREDIT
B:
DEBIT CREDIT

2. Determine the completionity of cause due at ripeness and the ripeness prize on the forthcoming still n esss coxcombical the year to own 360 days:

Face Term Cause Profit Maturity
Amount of Still n ess Rate Totality Value
(a) $6,000 60 days 9%
(b) $9,000 90 days 8%

3. Journalize the forthcoming affairs for Solley Company.
a. Popular a $4,800.00, 90-day, 9% still n ess from Alan Hibbetts in reimbursement of his recital.
b. Popular the completionity due from Hibbetts on his still n ess.
DEBIT CREDIT

4. Classify each of the forthcoming costs associated delay long-lived goods as one of the forthcoming:
A. Buildings
B. Machinery and Equipment
C. Fix
D. Fix Improvements

______19. Fees remunerated to contriver to sketch new employment building

_____ 20. Cost of insurance during the fabric of new employment building

_____ 21. Interest on coin borrowed to finance fabric of new employment building

_____ 22. Sales Taxes remunerated on new factory equipment

_____ 23. Freight costs remunerated on dissipation of new equipment

_____ 24. Repairs made to used employment equipment at acquisition

_____ 25. Costs to overlook a new member of fix for a new occupation location

_____ 26. Costs of empire permits required to expand fix for a new occupation location

_____ 27. Dissipation figure of fix dissipationd for new occupation site

_____ 28. Landscaping at new occupation location

5. Determine the deterioration cost for the primitive year two years for equipment costing $500,000, delay a activity of 5 years, and residual prize of $50,000, using (a) the envelop declining-counterpoise rule and (b) the straight-line rule.
(a) Year 1

Year 2

(b) Year 1

Year 2

6. A crew had ungathered accumulation as follows during each of its primitive three years of operations: 2,500 distributes of 10% cumulative preferred accumulation, $100 par, and 50,000 distributes of $10 par base accumulation. The completionitys distributed as dividends are as follows:
Year 1 $12,000
Year 2 $28,000
Year 3 $60,000

Determine the completion dividends and per distribute dividends for each systematize of accumulation for each year by completing the catalogue.

Preferred Common
Total Per Distribute Completion Per Share

7. On April 1, 10,000 distributes of $5 par base accumulation were conclusiond at $22, and on April 7, 5,000 distributes of $50 par preferred accumulation were conclusiond at $104. Journalize the entries for April 1 and 7.

DEBIT CREDIT
8. On February 1 of the popular year, Motor, Inc. conclusiond 500 distributes of $2 par base accumulation to an advocate in reappear for preparing and filing the Articles of Incorporation. The prize of the services is $8,500. Journalize this affair.

DEBIT CREDIT
9. On April 10, a crew adscititious fix in remodel for 1,000 distributes of $20 par base accumulation delay a popular trade figure of $73. Journalize this affair.

DEBIT CREDIT

10. A fortification, which had 18,000 distributes of base accumulation ungathered, declared a 3-for-1 accumulation rive. Tally the forthcoming:
(a) What get be the sum of distributes ungathered forthcoming the rive? ___________________________
(b) If the base accumulation had a trade figure of $240 per distribute anteriorly the accumulation rive, what would be an trench trade figure per distribute forthcoming the rive? _________________________________

11. The limits of concern in junction delay a coin dividend of $65,000 on a fortification’s base accumulation are January 15, February 15, and March 15. Journalize the entries required on each limit.

DEBIT CREDIT

MULTIPLE CHOICE – Circle the melody of the best tally.
1. Under the oppidan contrive of occupation organization
a. ownership rights are amply transmitted.
b. a accumulationholder is personally impeded for the debts of the fortification.
c. accumulationholders’ acts can join the fortification flush though the accumulationholders own not been appointed as agents of the fortification.
d. accumulationholders yearning to retail their fortification distributes must get the acclaim of other accumulationholders.
2. The particularize charter allows a fortification to conclusion simply a incontrovertible sum of distributes of each systematize of accumulation. This completionity of accumulation is named
a. hoard accumulation
b. conclusiond accumulation
c. ungathered accumulation
d. verified accumulation

3. Par prize
a. is the monetary prize assigned per distribute in the oppidan charter.
b. represents what a distribute of accumulation is estimate.
c. represents the first retailing figure for a distribute of accumulation.
d. is established for a distribute of accumulation forthcoming it is conclusiond.

4. The limit on which a coin dividend becomes a joining constitutional belief is on the
a. assertion limit.
b. limit of proceedings.
c. reimbursement limit.
d. ultimate day of the fiscal year end.

5. The primitive intention of a accumulation rive is to
a. acception remunerated-in excellent
b. reduce the trade figure of the accumulation per distribute
c. acception the trade figure of the accumulation per distribute
d. acception retained earnings

6. Which of the forthcoming particularizements is not penny environing a 2-for-1 rive?
a. Par prize per distribute is abject to half of what it was anteriorly the rive.
b. Completion contributed excellent acceptions.
c. The trade figure get probably subside.
d. A accumulationholder delay ten distributes anteriorly the rive owns twenty distributes forthcoming the rive.

7. Which of the forthcoming beneath is an pattern of a excellent price?
a. cleaning the board in the aspect room
b. tune-up for a crew truck
c. replacing an engine in a crew car
d. replacing all burned-out imponderous bulbs in the factory 0

8. When a crew throws afar machinery that is ampley depreciated delay no residual prize, this affair would be proceedingsed delay the forthcoming entrance
a. claim Accumulated Depreciation; belief Machinery
b. claim Machinery; belief Accumulated Depreciation
c. claim Cash; belief Accumulated Depreciation
d. claim Deterioration Expense; belief Accumulated Depreciation

9. Which of the forthcoming beneath is an pattern of a excellent price?
a. cleaning the board in the aspect room
b. tune-up for a crew truck
c. replacing an engine in a crew car
d. replacing all burned-out imponderous bulbs in the factory

10. Atonement for Doubtful Accounts is systematizeified as a(n) ______ and has a ordinary ______ counterpoise.
a. equity, belief
b. contra-asset, claim
c. equity, claim
d. contra-asset, belief

11. The completionity of the promissory still n ess plus the cause earned on the due limit is named the
a. realizable prize
b. ripeness prize
c. aspect prize
d. net realizable prize

12. All of the forthcoming beneath are needed for the care of straight-line deterioration negative
a. cost
b. residual prize
c. estimated activity
d. units produced

 

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