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QUESTION 2 The statement of cash flows reports the O revenues minus expenses for the accounting period changes that occurred in shareholders' equity during the accounting period O economic resources, obligations, and net worth O cash collected and cash paid during the periodQUESTION 12 List the steps of the accounting cycle in chronological order. 1st A. Prepare the unadjusted trial balance 2nd B. Prepare the post-closing trial balance 3rd C. Record entries in the journal 4th D. Record and post the closing entries E. Post entries to the general ledger 5th F. Prepare the financial statements 6th G. Prepare the adjusted trial balance 7th H. Record and post adjusting entries 8thQUESTION 22 Stockit' Inc. uses the first-in. rst-out method and had the following inventory activity for June Beginning Inventory. June 1 3000 units @ $10 each Purchase, June 15 1000 units @ $12 each Sale. June 25 8,000 units @ $25 each Show the effect ofthe entry tot the purchase of Inventory on account for June 15. Be sure to answer each: if I10 effect. select "0 No Effect". V Assets A. Debit Accounts Receivable 84,000 7 v Liabilities B. Debit Cash 84.000 _ v Shareholders' Equity c. Debit Cost of Goods Sold 84,000 D. Credit Accounts Receivable 84000 E. Debit Accounts Payable 84000 F. Credit Accounts Receivable 84000 G. Debit Inventory 84000 H. Credit Accounts Payable 84000 |. 0 No Effect J. Credit Cost of Goods sold 84000 QUESTION 23 Which statement below best explains credit terms of 2.-'10, n30? (3 The buyer will receive a 2 percent discount if it pays within 10 days. '7.) The buyer will receive a 2 percent discount if it pays Within 30 days. '1') The buyer will receive a 10 percent discount if it pays within 30 days. Cf.- The buyer will receive a 10 percent discount if it pays within 2 days. QUESTION 27 The entry to write off an account under the allowance method for estimating doubtful accounts LJ reduces net Income C.) has no effect on total assets or net income e) increases net income e3 reduces total assets QUESTION 28 Booked Solid, Inc, has the following account balances at the end of the year before adjustments: Accounts Receivable $60000 Allowance for DoubtfulAccounts $800 credit balance Sales $600000 Doubtful Accounts Expense $0 Management estimates that 8% of accounts receivable will be uncollectible, After the correct adjusting entry has been made, what is total Doubtful Accounts Expense on the income statement for the year? QUESTION 29 Using the accounts receivable method. Curl Up and Dye Inc. estimates that its adjusted Allowance for Doubtful Accounts should equal $4.000 Prior to adjustment the Allowance for Doubtful Accounts has a $900 debit balance. Determine the amount and on which yearend nancial statement the line item appears. , v Doubtful Accounts Expense A. 84000; Balance Sheet - v Allowance for Doubtful Accounts 3. 54:0002 Income Statement C. 8900. lncome Statement D. S4000; Income Statement E. 5900; Balance Sheet F. 84000. Statement of Cash Flows 6. 83.100; Income Statement H. 53.100; Balance Sheet QUESTION 30 The ending inventory of Papa Razzi Co. is 55?.000. lfthe beginning inventory was $54,000 and the goods available for sale totaled 5122.000. the Cost of Goods Sold equals . '7') $68000 '13 $65000 '1') $119000 '7.) $54000 '7.) None of the above. QUESTION 33 3tecord the effect of each of the following sales of long-term assets on the accounting equation: Asset Liabili Shareholders s ties ' Equity A $100000 truck was depreciated usmg straight-line and assuming a 5year life and $10000 salvage value After 3 years of $ $ $ depreciation was recorded: it was sold for $40000 cash (on the 1stday of the 4th year). 7 i Be sure to answer each; if no effect, select "0 No Effect". _ v Assets A. Debit Gain (Loss) on Sale of Equipment 6000; Credit Depreciation Expense 54000 B. Credit Gain (Loss) on Sale of Equipment 60000 C. Debit Cash 40.000: Debit Accumulated Depreciation 54.000: Credit Equipment 100.000 0. Debit Gain (Loss) on Sale of Equipment 6000 E. Debit Gain (Loss) on Sale of Equipment 14.000 F. Debit Cash 40.000; Credit Equipment 40.000 G. 0 No effect H. Credit Gain (Loss) on Sale of Equipment 6:000 7 v Liabilities - V Shareholders' Equity QUESTION 34 On September 1' Sea the World Cruises: lnc.. lent $5,000 on a T-month, 9% note with interest and principal due at maturity. Calculate the amount of interest In the adjusting entry for the year ended December 31, ROUND YOUR ANSWER TO THE NEAREST WHOLE DOLLAR. QUESTION 36 On September 30, Year 1, Eel Electric, Inc., borrowed $20,000 at 12% with interest and principal due in four months. Show the effect of this note on Eel Electric's financial statements as of and for the year ended December 31, Year 1. Income Statement A. Interest Payable $600 and Notes Payable $20,000 Statement of Cash Flows B. Interest Expense $600 Balance Sheet C. Interest Payable $(600) and Notes Payable $(20,000) D. Issuance of Notes Payable $(20,000) E. Interest Payable $1,800 F. Interest Expense $1,800 and Notes Payable $20,000 G. Interest Payable $(1,800) and Notes Payable $(20,000) H. Issuance of Notes Payable $20,000 1. Interest Expense $1,800QUESTION 41 In Year 1, Stock to the Hand, Inc., issued 100,000 shares of the 1,000,000 shares of $0.50 par value common stock it is allowed to sell. The total received from issuing its common stock is $500,000. Stock to the Hand bought back 2,000 shares of its stock at a cost of $7 each. Show the effect of the purchase of treasury stock on the accounting equation: If no effect, be sure to select "No Effect". Assets A. 0 No Effect Liabilities B. (1,000) Common Stock, (13,000) Additional Paid-in Capital Shareholders' Equity c. 2,000 Common Stock; (12,000) Treasury Stock D. 14,000 Common Stock; (14,000) Treasury Stock E. (14,000) Cash F. 14,000 Cash G. (10,000) Treasury Stock H. (14,000) Treasury StockQUESTION 42 In Year 1, Stock to the Hand, Inc., issued 70,000 shares of the 600,000 shares of $0.70 par value common stock it is allowed to sell. The total received from issuing its common stock is $700,000. Stock to the Hand bought back 7,000 shares of its stock at a cost of $17 each. It also declared and paid a $0.60 per share dividend to its common shareholders. What is the number of shares issued? QUESTION 43 On June 30, the board of directors of Dive Inn, Inc., declared a cash dividend of $0.20 per share on its $2 par value, 100,000 common shares outstanding. The date of record is the close of business on July 7, payable July 31. The entry to record the declaration of the dividend on June 30 includes (Select all that apply.) debit Dividends $200,000 There is no entry made on June 30. debit Dividends Payable $20,000 credit Dividends Payable $2,000 credit Cash $200,000 credit Dividends Payable $20,000 credit Cash $20,000 O debit Dividends $20,000QUESTION 44 ,ox. Stock & Bagel, In: '3, balance sheet reported the following amounts on its year-end balance sheet Common Stock. $0.10 par value, 2000.000 authorized, 7? issued 3 30000 Additional Paidin Capital 00.000 Retained Earnings 500:000 -ldw man}.r shares of stock were issued? QUESTION 46 Shareholders' Equity: Common Stock, $1 par value, 1,000,000 authorized, 150,000 shares issued ? Additional Paid-in Capital 160,000 Retained Earnings 70,000 Treasury Stock (10,000 shares at $4 each) Shareholders' Equity ? Shareholders' Equity equals $ QUESTION 47 The line item Repurchase of Treasury Stock is reported in the O liability section of the balance sheet O financing activites section of the statement of cash flows financing activities section of the income statement O contra-asset section of the balance sheetQUESTION 49 Which section(s) of the statement of cash flows differ(s) using the direct method rather than the indirect method. O A. Operating, Investing, and Financing O B. Investing O C. Operating O D. Investing and Financing O E. Financing O F. Operating and FinancingQUESTION 50 Sure Lock Loan, Inc. uses the indirect method to prepare its statement of cash flows. Presented below are selected items from its financial statements. 12/31/20X3 12/31/20X2 Accounts receivable $43,000 $38,000 Prepaid insurance $5,000 $3,000 Wages payable $16,000 $13,500 Interest payable $52,000 $4,800 Sales revenue $230,000 Cost of goods sold $165,000 Wages expense 98,000 Insurance expense $8,200 Interest expense $80,200 Calculate the amount related to interest that will be added to or subtracted from Net Income in preparing the Cash from Operating Activities using the indirect method. If subtracted from Net Income, enter as a negative amount