c0) What is the cost of goods sold, per unit, assuming the LIFO m of costing? Purchase 2 Beginning Purchase 3 Inventory 100 Purchase 1 Sale Quantity 200 300 100 50 Cost Per Unit $150 $175 $200 $220 a. $150 b. $175 c. $200 d. $220 1) What is the cost of goods sold, per unit, assuming the FIFO m. of costing? Beginning Purchase 1 Purchase 2 Purchase 3 Sale Inventory Quantity 100 200 300 100 50 Cost Per Unit $150 $175 $200 $220 a. $150 b. $175 c. $200 d. $220 2) Which of the following is a method to estimate uncollectible accounts? a. Percentage of Cash Sales b. Aging of Receivables c. Either A of B 3) What two accounts are impacted when recording the estimate f uncollectible accounts? a. Accounts receivable and retained earnings (revenue) b. Cash and retained earnings (revenue) c. Accounts payable and retained earnings (bad debt expense) d. Allowance for doubtful accounts and retained earnings (bac expense) 4) When using the percent of sales what is the uncollectible accou balance based on the following: Cash Sales: $450,000 Credit Sales: $1,500,000 Expected Uncollectible Accounts: 6% a. $85,000 b. $90,000 c. $117.000 d. $101,000 3) What is the allowance for doubtful accounts based on the following? Uncollectible Percentage Current 1-30 Days Past Due 31 - 90 Days Past Due 90+Days Past Due Balance 10000 15,000 7500 1 ,500 15 Totals 34.000 a. $2,960 b. $1,900 c. $2,825 d. $2,300 6) What is the net realizable value of the accounts receivable belo Accounts receivable balance: $225,000 Cash Sales: $17,500 Allowance for uncollectible accounts: $12,500 a. $212,500 b. $225,000 7) Which of the following is a long lived asset? a. Cash b. Equipment c. Inventory d. Accounts Receivable 3) Which of the following would be capitalized into the cost of a lived asset? a. Year 1 Insurance Premiums b. Maintenance Labor Costs c. Year 2 Routine Maintenance Costs d. Installation Costs 9) When recording depreciation what account combination is used a. Accumulated Depreciation and Retained Earnings (Depreci Expense) b. Equipment (Asset) and Accounts Payable c. Equipment (Asset) and Cash d. Accumulated Depreciation and Equipment (Asset) 0) What two accounts are used to calculate the net book value of long-lived asset? a. Cash and Equipment b. Equipment and Accounts Payable c. Equipment and Accumulated Deprecation d. Equipment and Retained Earnings 1) Which of the following is a tangible asset? a. Vehicles b. Goodwill c. Accumulated Deprecation d. All of the above 2) Which of the following is a deprecation method? a. Straight Line b. Net Realizable Value c. Fair Market Value Adjusted d. All of the above 3) Which of the following accounts is the contra-account that wou paired with a long-lived asset? a. Accumulated Depreciation b. Accounts Payable c. Retained Earnings (Maintenance Expense) d. All of the above 4) Which of the following is an intangible asset? a. Equipment b. Patents c. Buildings d. All of the above 5) What is the double declining balance depreciation expense in y for the following asset? Cost: $35,000 Useful Life: 15 Years Salvage Value: $5,000 a. $5,333 b. $2,000 c. $4,667 d. $3,100 6) Depreciation expense reflects: a. The spreading of cost over the assets useful life b. The decrease in market value for long lived assets c. The cash paid for maintenance in a given year d. All of the above 7) In year 1 which deprecation method will generate the largest depreciation expense? Cost: $35.000 Useful Life: 15 Years Salvage Value: $5,000 a. Additional Information is Needed to Answer this Question b. Year 1 Deprecation is not different between methods c. Straight Line d Double Declining Balance In year I which deprecation method will generate the largest depreciation expense? Cost: $35,000 Useful Life: 15 Years Salvage Value: $5,000 a. Additional Information is Needed to Answer this Question b. Year 1 Deprecation is not different between methods c. Straight Line d. Double Declining Balance What is the straight-line depreciation expense in year 4 for the following asset? Cost: $275,000 Useful Life: 15 Years Salvage Value: $15,000 a. $18,000 b. $17,333 c. $14,000 d. $5,000 ) What is the accumulated depreciation after 12 years of straight- deprecation on the following asset? Cost: $65,000 Useful Life: 20 Years Salvage Value: $5,000 a. $13,000 b. $24,667 c. $36,000 d. $25,000 ) Which of the following is a long-lived asset of Tiffin University c0) What is the cost of goods sold, per unit, assuming the LIFO m of costing? Purchase 2 Beginning Purchase 3 Inventory 100 Purchase 1 Sale Quantity 200 300 100 50 Cost Per Unit $150 $175 $200 $220 a. $150 b. $175 c. $200 d. $220 1) What is the cost of goods sold, per unit, assuming the FIFO m. of costing? Beginning Purchase 1 Purchase 2 Purchase 3 Sale Inventory Quantity 100 200 300 100 50 Cost Per Unit $150 $175 $200 $220 a. $150 b. $175 c. $200 d. $220 2) Which of the following is a method to estimate uncollectible accounts? a. Percentage of Cash Sales b. Aging of Receivables c. Either A of B 3) What two accounts are impacted when recording the estimate f uncollectible accounts? a. Accounts receivable and retained earnings (revenue) b. Cash and retained earnings (revenue) c. Accounts payable and retained earnings (bad debt expense) d. Allowance for doubtful accounts and retained earnings (bac expense) 4) When using the percent of sales what is the uncollectible accou balance based on the following: Cash Sales: $450,000 Credit Sales: $1,500,000 Expected Uncollectible Accounts: 6% a. $85,000 b. $90,000 c. $117.000 d. $101,000 3) What is the allowance for doubtful accounts based on the following? Uncollectible Percentage Current 1-30 Days Past Due 31 - 90 Days Past Due 90+Days Past Due Balance 10000 15,000 7500 1 ,500 15 Totals 34.000 a. $2,960 b. $1,900 c. $2,825 d. $2,300 6) What is the net realizable value of the accounts receivable belo Accounts receivable balance: $225,000 Cash Sales: $17,500 Allowance for uncollectible accounts: $12,500 a. $212,500 b. $225,000 7) Which of the following is a long lived asset? a. Cash b. Equipment c. Inventory d. Accounts Receivable 3) Which of the following would be capitalized into the cost of a lived asset? a. Year 1 Insurance Premiums b. Maintenance Labor Costs c. Year 2 Routine Maintenance Costs d. Installation Costs 9) When recording depreciation what account combination is used a. Accumulated Depreciation and Retained Earnings (Depreci Expense) b. Equipment (Asset) and Accounts Payable c. Equipment (Asset) and Cash d. Accumulated Depreciation and Equipment (Asset) 0) What two accounts are used to calculate the net book value of long-lived asset? a. Cash and Equipment b. Equipment and Accounts Payable c. Equipment and Accumulated Deprecation d. Equipment and Retained Earnings 1) Which of the following is a tangible asset? a. Vehicles b. Goodwill c. Accumulated Deprecation d. All of the above 2) Which of the following is a deprecation method? a. Straight Line b. Net Realizable Value c. Fair Market Value Adjusted d. All of the above 3) Which of the following accounts is the contra-account that wou paired with a long-lived asset? a. Accumulated Depreciation b. Accounts Payable c. Retained Earnings (Maintenance Expense) d. All of the above 4) Which of the following is an intangible asset? a. Equipment b. Patents c. Buildings d. All of the above 5) What is the double declining balance depreciation expense in y for the following asset? Cost: $35,000 Useful Life: 15 Years Salvage Value: $5,000 a. $5,333 b. $2,000 c. $4,667 d. $3,100 6) Depreciation expense reflects: a. The spreading of cost over the assets useful life b. The decrease in market value for long lived assets c. The cash paid for maintenance in a given year d. All of the above 7) In year 1 which deprecation method will generate the largest depreciation expense? Cost: $35.000 Useful Life: 15 Years Salvage Value: $5,000 a. Additional Information is Needed to Answer this Question b. Year 1 Deprecation is not different between methods c. Straight Line d Double Declining Balance In year I which deprecation method will generate the largest depreciation expense? Cost: $35,000 Useful Life: 15 Years Salvage Value: $5,000 a. Additional Information is Needed to Answer this Question b. Year 1 Deprecation is not different between methods c. Straight Line d. Double Declining Balance What is the straight-line depreciation expense in year 4 for the following asset? Cost: $275,000 Useful Life: 15 Years Salvage Value: $15,000 a. $18,000 b. $17,333 c. $14,000 d. $5,000 ) What is the accumulated depreciation after 12 years of straight- deprecation on the following asset? Cost: $65,000 Useful Life: 20 Years Salvage Value: $5,000 a. $13,000 b. $24,667 c. $36,000 d. $25,000 ) Which of the following is a long-lived asset of Tiffin University