Question
1. Assume the following cost of goods sold data for a company: 2015 $1,300,000 2014 1,200,000 2013 1,000,000 If 2013 is the base year, what
1. Assume the following cost of goods sold data for a company:
2015 | $1,300,000 |
2014 | 1,200,000 |
2013 | 1,000,000 |
If 2013 is the base year, what is the percentage increase in cost of goods sold from 2013 to 2015?
30% or 70 or 130 or 20
2. The following data is available for BOX Corporation at December 31, 2014:
Common stock, par $10 (authorized 30,000 shares) | $250,000 |
Treasury stock (at cost $15 per share) | $1,200 |
Based on the data, how many shares of common stock are outstanding?
$30,000 or 24,920 or 25,000 or 29,920
3. Thayer Company purchased a building on January 2 by signing a long-term $2,520,000 mortgage with monthly payments of $23,100. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be
$2,499,000 or 2,496,900 or 2,517,900 or 2,520,000
4. The following totals for the month of April were taken from the payroll records of Metz Company.
Salaries | $30,000 |
FICA taxes withheld | 2,295 |
Income taxes withheld | 6,600 |
Medical insurance deductions | 1,200 |
Federal unemployment taxes | 240 |
State unemployment taxes | 1,500 |
The entry to record accrual of employers payroll taxes would include a
credit to payroll tax expense for $4,035 or credit to FICA taxes payable for 1,740 or credit to payroll tax expense for 1,740 or debit to payroll tax expense
5. If a plant asset is retired and is fully depreciated
no gain or loss on disposal will be recorded.
a gain on disposal will be recorded.
phantom depreciation must be taken as though the asset were still on the books.
a loss on disposal will be recorded.
6. Brevard Corporation purchased a taxicab on January 1, 2013 for $25,500 to use for its shuttle business. The cab is expected to have a five-year useful life and no salvage value. During 2014, it retouched the cab's paint at a cost of $1,200, replaced the transmission for $3,000 (which extended its life by an additional 2 years), and tuned-up the motor for $150. If Brevard Corporation uses straight-line depreciation, what annual depreciation will Brevard report for 2014?
$4100 or 5100 or 3900 or 4125.
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