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2020. 10. 12. $45: MidTerm Exam Mid-Term Exam Total assets for our company are $500,000, and total liabilities are $250,000. The company paid $50,000 in dividends during the year. What does the total owner's equity equal? 0 $250,000 0 $300,000 0 $700,000 0 $750,000 Our company paid $16,000 in dividends this year. The beginning and ending retained earnings balances were $46,000 and $80,000, respectively. The company issued no common stock. Calculate the company's net income for this year. 0 $18,000 0 $34,000 0 $50,000 0 $96,000 https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 1l19 2020.10.12. 9H5: MidTerm Exam These questions are based on the following information compiled for our company at the end of the current year: Cash $2,000 Accounts receivable $3,050 Equipment $100 Vehicle $4,000 Accounts payable $1,000 Unearned revenue $1,500 Common stock $1,000 Retained earnings $4,150 (Balance as of January 1 of the current year) Dividends $500 Service revenue $4,000 Salaries expense $1,500 Rent expense $300 Advertising expense $200 Calculate the dollar amount for net income on our current year's income statement (December 31). [*1E\"] v I__I Calculate the dollar amount for retained earnings on our balance sheet at the end of the current year (December 31). [A-IEH] v I__I Calculate the dollar amount for total assets on our balance sheet at the end of the current year (December 31). [A-IEH] V I__I https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 2/19 2020.10.12. 9H5: MidTerm Exam 'I-E- 4 1'3 Which of the following accounts is increased with a credit? 0 cash 0 prepaid insurance 0 salaries expense 0 unearned revenue On August 21, we paid four months' rent in advance, which totaled $3,200. What account would we debit when we journalize this entry? 0 rent expense 0 cash 0 prepaid rent 0 account payable On September 5, we received an $11,400 payment on account. What account would we debit when we journalize this entry? 0 accounts payable https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 3/19 2020. 10. 12. FX: Mid-Term Exam O cash O accounts receivable O fees earned D J2 7 On September 11, we performed $5,750 of service and billed our customer. What account would we debit when we journalize this entry? service revenue O cash accounts receivable O retained earnings D 42 8 On September 22, we purchased supplies on account for $1, 150. What account would we debit when we journalize this entry? O supplies O cash O accounts payable O supplies expense D 2 9 https://psu.instructure.com/courses/2072678/quizzes/3935972/take 4/192020.10.12. 9H5: MidTerm Exam Which of the following types of accounts have a normal debit balance? 0 assets and liabilities O liabilities and expenses 0 revenues and liabilities O expenses and dividends Our company signed a contract on June 15, 2018, to perform services beginning on June 16. We will earn $12,000 per month and receive payment for our first month's services on July 15, 2018. What dollar amount of service revenue should we record on our June 30, 2018 adjusting entry? 0 $12,000 0 $6,000 0 $1,200 0 $0 D EEr 11 132! Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $3,000 of the $5,000 had been earned during the current year. What account and amount would we debit when we record this adjusting entry in the general journal? 0 unearned revenue, $2,000 0 service revenue, $2,000 https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 5/19 2020. 10. 12. $45: MidTerm Exam Q unearned revenue, $3,000 0 service revenue, $3,000 On December 31, we had accrued taxes of $6,000. What account would we debit when we record the adjusting entry for accrued taxes on December 31? 0 cash 0 income taxes expense 0 income taxes payable O accounts payable Annual depreciation on equipment amounted to $27,950 for the current year. What account would we credit when we record this adjusting entry in the general journal? 0 depreciation expense 0 equipment 0 cash 0 accumulated depreciation, equipment https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 6/19 2020.10.12. Cash Accounts receivable Equipment Accounts payable Common stock Retained earnings Dividends Service revenue Salaries expense Advertising expense 9H5: MidTerm Exam Use the following adjusted trial balance compiled for our company on December 31 of the current year to answer these questions. Debit Credit $1,000 $2,000 $3,250 $2,500 $1,500 $250 $4,500 $1,100 $900 [+1 EII ] V Select the correct closing entry for revenues from the table below: Debit Credit A Service revenue $3,000 Income summary $3,000 B Income summaw $4,500 Service revenue $4,500 C Income summary $3,000 Service revenue $3,000 D Service revenue $4,500 https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 7/19 2020. 10. 12. 9H5: MidTerm Exam Income summary $4,500 [AlEH] I__I the table below: Debit Credit A Salaries expense $1,100 Advertising expense $900 Income summary $2,000 B Income summary $2,000 Salaries expense $1,100 Advertising expense $900 C Expenses $2,000 Income summary $2,000 D Income summary $2,000 Expenses $2,000 [Adan V Select the correct entry to close income summary from the table below: Debit Credit A Retained earnings $2,500 Income summary $2,500 B Income summary $2,500 Retained earnings $2,500 C Income summary $4,500 https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke V Select the correct closing entry for expenses from 8/19 2020. 10. 12. 7/ X: Mid-Term Exam Revenue $4,500 D Net income $4,000 Retained earnings $4,000 [ MY EH ] Select the correct closing entry for dividends from the table below: Debit Credit A Dividends $250 Income summary $250 B Dividends $250 Retained earnings $250 C Income summary $250 Dividends $250 D Retained earnings $250 Dividends $250 D 2 2 15 Which of the following accounts appears on the income statement of a merchandiser? O dividends O cost of goods sold supplies inventory O retained earnings https://psu.instructure.com/courses/2072678/quizzes/3935972/take 9/192020.10.12. 9H5: MidTerm Exam EFT-16 1E On August 1, our company purchases $1,000 worth of merchandise inventory on credit with the terms 3/10, n/30. What is the amount we would credit to cash if we pay this invoice on August 9? 0 $1,000 0 $997 0 $990 0 $970 Our company purchases $4,000 worth of merchandise inventory on credit with the terms 2/10, n/30. Transportation costs were an additional $200. Our company returned $300 worth of merchandise. What is the total cost of this merchandise if our company paid the invoice within the discount period? 0 $3,426 0 $3,826 0 $4,018 0 $4,410 https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 10/19 2020.10.12. 9H5: MidTerm Exam Our company uses a perpetual inventory system. On July 3, we sold merchandise with a cost of $3,300 for $6,600 to a customer on account. The terms of the sale were 2/1 0, n/30. What account and amount would we debit to record the sales revenue for this transaction? 0 sales revenue, $6,600 0 accounts receivable, $6,600 0 cost of goods sold, $3,300 0 merchandise inventory, $3,300 Our company uses a perpetual inventory system. On July 3, we sold merchandise with a cost of $3,000 for $6,500 to a customer on account. The terms of the sale were 2/10, n/30. What account and amount would we debit to record the cost of goods sold for this transaction? 0 sales revenue, $6,500 0 merchandise inventory, $3,000 0 cost of goods sold, $3,000 0 accounts receivable, $6,500 Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 11/19 2020.10.12. 9H5: MidTerm Exam Sale on August 21 150 units I What would be the company's ending merchandise inventory in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method? 0 $4,900 0 $5,950 0 $10,950 0 $12,000 Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 100 units at $75 per unit Purchase on February 14 100 units at $80 per unit Sale on August 21 150 units What would be the company's cost of goods sold in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method? 0 $4,000 0 $3,750 0 $11,500 0 $11,750 https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 12l19 2020.10.12. 9H5: MidTerm Exam Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 100 units at $75 per unit Purchase on February 14 100 units at $80 per unit Sale on August 21 150 units What would be the company's ending merchandise inventory in dollars on December 31 if the company used perpetual, first in, rst out (FIFO) method? 0 $4,000 0 $3,750 0 $11,500 0 $11,750 Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit Sale on August 21 150 units What would be the company's cost of goods sold in dollars on December 31 if the company used perpetual, rst in, first out (FIFO) method? https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 13/19 2020.10.12. 9H5: MidTerm Exam 0 $4,900 0 $5,950 0 $10,950 0 $12,000 Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit Sale on August 21 120 units What would be the company's ending merchandise inventory in dollars on December 31 if the company used perpetual, weighted average (WA) costing method? 0 $9,900 0 $7,000 0 $9,218 0 $7,682 Our company had the following balances and transactions during the current year related to merchandise inventory. https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 14/19 2020. 10. 12. FIX: Mid-Term Exam Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit Sale on August 21 120 units What would be the company's cost of goods sold in dollars on December 31 if the company used perpetual, weighted average (WA) costing method? O $7,000 O $7,682 O $9,218 O $9,900 D JE 26 Our company signed a 60-day 6% note for $20,000. Using a 360-day year, what is the total interest due on the maturity date? O $100 O $200 O $400 O $1,200 D JE 27 Our company has an account receivable for $12,500 that we have now deemed uncollectible. We use the direct write-off method. Which of the following accounts would we debit to record the write-off? https://psu.instructure.com/courses/2072678/quizzes/39359 15/192020.10.12. 9H5: MidTerm Exam 0 accounts receivable O allowance for doubtful accounts 0 bad debt expense 0 cash Our company uses the percentage of sales method to estimate bad debt expense for the year. Our allowance for bad debts account has a credit balance of $1,000 prior to the adjusting entry for bad debt expense. We have estimated that 2% of net credit sales will be uncollectible for the current year. Net credit sales for the year totaled $200,000. What amount will be debited to bad debt expense when we record the adjusting entry? 0 $3,000 0 $4,000 0 $5,000 0 $6,000 D EE 29 1E1 Our company uses the percentage of receivables method to estimate bad debt expense for the year. We had the following account balances on our unadjusted trial balance at the end of the year (December 31): accounts receivable, debit balance of $150,000; allowance for bad debts, debit balance of $1 ,000. We estimate that 3.5% of accounts receivable at the end of the year are uncollectible. What will be the balance in allowance for bad debts after the adjusting entry is recorded? 0 $4,000 https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 16/19 2020. 10. 12. F X: Mid-Term Exam O $4,250 O $5,250 O $6,250 D JE 30 The two methods used to estimate bad debt are: O FIFO and LIFO O allowance method and double-declining balance method O allowance method and direct write-off method O direct write-off method and units of production method D 2 31 On January 1, our company purchased a truck for $85,000. The estimated useful life of the truck is 4 years. The residual value at the end of 4 years is estimated to be $5,000. What is the depreciation expense for the second year of use if we use the straight-line method? O $40,000 O $22,250 O $20,000 O $37,500 D JE 32 https://psu.instructure.com/courses/2072678/quizzes/3935972/take 17/192020.10.12. 9H5: MidTerm Exam Use the following information to answer these questions. On January 1, our company purchased a truck for $95,000. The estimated useful life of the truck is 5 years. The residual value at the end of 5 years is estimated to be $15,000. What is the depreciation expense for the second year of use if we use the double- declining balance method? [HEll] v What is the balance in accumulated depreciation at the end of the second year of use if we use the double-declining balance method? [HEll] v What is the book value at the end of the second year of use if we use the double- declining balance method? [HEll] v Tel-E- 33 1E On January 1 of the current year (Year 1), our company acquired a truck for $75,000. The estimated useful life of the truck is 5 years or 100,000 miles. The residual value at the end of 5 years is estimated to be $5,000. The actual mileage for the truck was 22,000 miles in Year 1 and 27,000 miles in Year 2. What is the depreciation expense for the second year of use (Year 2) if we use the units of production method? 0 $14,000 0 $15,400 0 $16,800 0 $18,900 https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 18/19