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I'm looking for help on my Accounting quiz due tomorrow. I'm in America, so I need this asap. I've asked someone already but they haven't

I'm looking for help on my Accounting quiz due tomorrow. I'm in America, so I need this asap. I've asked someone already but they haven't answered. I need help quick!

image text in transcribed FINANCIAL ACCOUNTING QUIZ 7 There are only 8 questions on this quiz, but you will get two points "free" to make it a 10 point quiz. 1. A company purchases land and a building on the land. The land is appraised at $80,000, and the building at $120,000. If the cost of the property is $190,000 in total, then the portion of the cost allocable to the land is: a. $84,210 c. $76,000 b.$105,790 d. $114,000 2. B Company purchased a machine on January 1, 2013 for $5,000. The original estimated useful life was four years, and the residual value was estimated to be $1,000. B Company uses straightline depreciation. On January 1, 2015 (2 years later), B Company increases the estimated useful life by three years, and the residual value is reduced to $250. B Company should now record how much depreciation in 2015? a. $350 c. $400 b. $450 d. $550 3. Jill Hamlin borrowed $40,000 from the bank on August 16, issuing the bank a 12% note. The entry to record accrued interest on the note on August 31 (15 days later) would include: a. debit Interest Expense for $197.26 b. debit Interest Payable for $197.26 c. credit Interest Expense for $407.67 d. credit Interest Payable for $407.67 4. During April, Koduck Cameras sold 250 instant cameras for $200 each. Each camera had cost Koduck $100 to manufacture, and carried a one-year warranty. If 6% typically need to be replaced over the warranty period, and twelve are actually replaced during April, for what amount in April should Koduck debit Product Warranty Expense? a. $2,400 c. $4,800 b. $1,200 d. $1,500 5. Refer to number 4 above. The journal entry to be recorded when twelve of the units were actually replaced during the month would include: a. a credit to Cash for $1,200 b. a debit to Warranty Expense for $1,500 c. a debit to Estimated Product Warranty Liability for $1,200 d. a credit to Inventory for $1,500 6. Interest is compounded quarterly on $100 deposited in the bank at 12% annual interest. After five years, the bank account will have grown to $100 times what future value factor? a. 20 periods at 3 percent c. 10 periods at 6 percent b. 5 periods at 12 percent d. 15 periods at 4 percent 7. 8. Use the Future Value Single table to answer question 7. What is the future value of $400 deposited today at 12% compounded monthly for 2 years. a. $506.80 c. $508.00 b. $501.60 d. $504.80 An investment earning 6% interest compounded quarterly, will accumulate to a greater amount in the future than an equal investment earning 6% compounded semi-annually (assume that the two alternatives would be invested for the same amount of time). a. True b. False

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