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QUESTION 2: 14%

FIFO LIFO INVENTORY

 

In its ancient month of operations, Bethke Association made three forfeitures of wares in the aftercited sequence: (1) 187 units at $11, (2) 481 units at $12, and (3) 133 units at $13.

Assuming there are 300 units on agency, appraise the require of the bound register below the FIFO order and LIFO order. Bethke uses a occasional register arrangement.

  

FIFO

 

LIFO

The require of the bound register

 

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QUESTION 3: 5%

RECEIVABLES

 

What is the dissimilitude among an proposition receivable and a silence receivable?

QUESTION 4: 9%

PLANT ASSETS & DEPLETION

 

Corales Association acquires a exhibition traffic at a require of $79,800. The traffic is expected to keep a salvage treasure of $9,600 at the end of its 4-year helpful history.
Compute annual derogation outlay for the ancient and assist years using the straight-line order.

Annual derogation for the ancient and assist years

 

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Franceour Mining Co. forfeitured for $7,107,600 a mine that is estimated to keep 35,538,000 tons of ore and no salvage treasure. In the ancient year, 5,707,600  tons of ore are extracted and sold.

 

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Calculate depletion require per ton. (Round vindication to 2 decimal places, e.g. 0.50.)

Depletion require per ton

 

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QUESTION 5: 7%

PAYROLL

 

Beth Corbin’s established hourly wage reprimand is $20, and she receives an hourly reprimand of $30 for performance in redundancy of 40 hours. During a January pay determination, Beth performances 48 hours. Beth’s federal expiation tax retention is $96.00, and she has no unconstrained impoverishment. Use January 15 for the end of the pay determination and the reimbursement date.

Prepare the annals entries to annals (a) Beth’s pay for the determination and (b) the reimbursement of Beth’s expiation. (Assume FICA reprimand of 7.65%. Round your vindications to 2 decimal places, e.g. 15.25. Belief proposition titles are automatically secondary when totality is entered. Do not roughen manually.)

No.

Date

Account Titles and Explanation

Debit

Credit

(a) 

Jan. 15

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(b) 

Jan. 15

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MULTIPLE CHOICE QUESTIONS” 1% each

 

(There is no QUESTION 6)

 

Question 7: When the fundholders endow money in the affair, what is the effect?

a    Liabilities extension and fundholders’ equity extensions

b    Both effects and liabilities extension

c    Both effects and fundholders’ equity extension

d    None of the overhead

 

Question 8: The bound counterpoise in retained rights is shown in the:

a.       Income proposition

b.      Statement of retained rights

c.       Balance equivocation

d.      Both (b) and (c)

e.       Both (a) and (c)

f.       (a), (b) and (c)

 

 

Question 9: A money dividend of $500 was avowed and hired to fundholders. The rectify annals minute to annals the affirmation is:

a.   DR Principal fund 500 and CR Money 500

b.   DR Money 500 and CR Dividends 500

c.   DR Dividends 500 and CR Money 500

d.   DR Money 500 and CR Principal fund 500

 

Question 10: If $3,000 has been earned by a association’s performanceers gone the last payday in an propositioning determination, the requisite adjusting minute would be:

a.   Default an outlay and belief a amenability.

b.   Default an outlay and belief an asset.

c.   Default a amenability and belief an asset.

d.   Default a amenability and belief an outlay.

 

 

Question 11: The accrual recital of propositioning:

a.   Recognizes fruitss singly when money is ordinary

b.   Is used by approximately all companies

c.   Recognizes outlays singly when money is hired out

d.   Recognizes fruitss when sales are made or utilitys are done and recognizes outlays singly when money is hired out.

 

Question 12: The need for adjusting entries is domiciled on:

a.   The matching substance

b.   Source documents

c.   The money recital of propositioning

d.   Activity that has already been annalsed in the suited propositions.

 

Question 13: Which of the aftercited propositions is bogus respecting the noncommunication rule?

a.   The Dividends proposition is shut to Expiation Summary.

b.   The noncommunication of outlay propositions issues in a default to Expiation Summary.

c.   The noncommunication of fruitss issues in a belief to Expiation Summary.

d.   The Expiation Summary proposition is shut to the Retained Rights proposition.

 

Question 14: Which of the aftercited propositions is gentleman respecting the classified counterpoise equivocation?

a.   General effects grasp money, propositions receivable, and equipment.

b.   Plant, suitedty, and equipment is one predicament of long-term effects.

c.   General liabilities grasp propositions payable, salaries payable, and silences receivable.

d.   Stockholders' equity is subdivided into general and long-term categories.

 

Question 15: The belowlying assumptions of propositioning grasps all the aftercited negative:

a.   Affair being

b.   Going regard

c.   Matching

d.   Money delineation and occasionality

 

 

 

 

Question 16: Frick Association began the propositioning determination delay $60,000 of wares, and net require of forfeitures was $240,000. A visible register showed $72,000 of wares unsold at the end of the determination. The require of chattels sold of Frick Association for the determination is:

a.   $300,000

b.   $228,000

c.   $252,000

d.   $168,000

e.   None of the overhead

 

Question 17: A classified expiation proposition consists of all of the aftercited elder sections negative for:

a.   Operating fruitss

b.   Require of chattels sold

c.   Operating outlays

d.   Non-operating fruitss and outlays

e.   General effects

 

Question 18: A affair forfeitured wares for $12,000 on proposition; conditions are 2/10, n/30. If $2,000 of the wares was returned and the cherishing totality due was hired delayin the abatement determination, the forfeiture abatement would be:

a.   $240

b.   $200

c.   $1,200

d.   $1,000

e.   $3,600

 

Question 19: Frick Association began the propositioning determination delay register of 3,000 units at $30 each. During the determination, the association forfeitured an added 5,000 units at $36 each and sold 4,600 units. Assume the use of occasional register process. The require of bound register using weighted-average is:

a.   $114,750

b.   $157,600

c.   $122,400

d.   $109,650

e.   None of the overhead

 

 

 

 

 

 

Question 20: Frick Association began the propositioning determination delay register of 3,000 units at $30 each. During the determination, the association forfeitured an added 5,000 units at $36 each and sold 4,600 units. Assume the use of occasional register process. The require of chattels sold using weighted-average is:

a.   $147,200

b.   $160,350

c.   $155,250

d.   $114,000

e.   None of the overhead

 

Question 21: During a determination of exaltation appraisements, which register order rule be expected to surrender the first net expiation?

a.   Weighted-average

b.   FIFO

c.   LIFO

d.   Specific identification

e.   Cannot determine

 

Question 22: The aftercited information: cognate to the bank pacification of the Flip Company:

Balance per bank proposition

$1,951.20

Balance per ledger

1,869.60

Deposits in transit

271.20

Outstanding checks

427.80

NSF check

61.20

Service mandible

13.80

The adjusted/rectify money counterpoise is:

a.   $1,794.60

b.   $1,719.60

c.   $1,638.00

d.   $1,713.00

e.   $1,876.20

 

Question 23: In a bank pacification, deposits in transit should be:

a.   Deducted from the counterpoise per books 

b.   Deducted from the counterpoise per bank proposition

c.   Added to the counterpoise per ledger

d.   Added to the counterpoise per bank proposition

e.   Disregarded in the bank pacification

 

 

 

 

 

Question 24: After the bank pacification is fitted, the minute to annals bank utility mandible would keep a belief to:

a.   Bank Utility Charge Outlay

b.   Money

c.   Petty Money

d.   Money Short and Over

e.   None of the overhead

 

Question 25: Frick Association estimates uncollectible propositions using the percentage-of-receivables order and expects that 5 percent of uncollected receivables achieve be uncollectible for 2010. The counterpoise in Accounts Receivable is $200,000, and the expiation proposition has a $3,000 belief counterpoise antecedently structure at year-end. The uncollectible propositions outlay for 2010 achieve be:

a    $7,000

b.   $10,000

c.   $13,000

d.   $9,850

e.   None of the overhead

 

Question 26: Frick Association issued its own $10,000, 90-day, non interest-bearing silence to a bank. If the silence is abatemented at 10 percent, the proceeds to Frick are:

a.   $10,000

b.   $9,000

c.   $9,750

d.   $10,250

e.   None of the overhead

 

Question 27: On 2010 July 1, Frick Association forfeitured equipment for $400,000, and installation and testing requires totaled $40,000. The equipment has an estimated helpful history of 10 years and an estimated salvage treasure of $40,000. If Frick uses the double-declining-derogation order, the derogation outlay for 2010 is:

a.   $88,000

b.   $72,000

c.   $36,000

d.   $44,000

e.   $40,000

 

Question 28: The issue of annalsing a principal worth as a fruits worth is an:

a.   Overproposition of general year's outlay

b.   Underproposition of general year's outlay

c.   Underproposition of aftercited year's net expiation

d.   Overproposition of general year's net expiation

e.   None of the overhead

 

 

 

 

 

 

 

Question 29: A traffic requireing $45,000 and having an estimated salvage treasure of $4,500 and an ancient history of five years is exchanged for a new traffic. The money appraisement of the new traffic is $57,000, and a trade-in expiation of $22,500 is ordinary. The old traffic has been depreciated for three years using the straight-line order. The new traffic would be annalsed at:

a.   $55,200

b.   $57,000

c.   $34,500

d.   $43,200

e.   None of the overhead

 

Question 30: Which of the aftercited is not an service of the corporeprimand construct of construction?

a.   Continuous being of the being

b.   Limited amenability of fundholders

c.   Government method

d.   Easy exchange of ownership

 

Question 31: Treasury fund should be shown on the counterpoise equivocation as a(n):

a.   Reduction of the corporation's fundholders' equity

b.   General asset

c.   General amenability

d.   Investment asset

 

 

 

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