Intro Accounting class 52 mutii-choice question. I went through and answered need a correct answers. Thanks

Final Check Question 1 (2 points) Cash may include coins, currency, undeposited negotiable instruments such as checks, bank drafts, and money orders. Question 1 options: True False Save Question 2 (2 points) Cash may include coins, currency, undeposited negotiable instruments such as checks and it excludes bank drafts, and money orders. Question 2 options: True False Save Question 3 (2 points) Most companies use checking accounts to handle their cash transactions. Question 3 options: True False Save Question 4 (2 points) A bank statement is a record of company bank account transactions. Question 4 options: True False Save Question 5 (2 points) A bank reconciliation compares the bank statement and our company's records and reconciles or balances to two account balances. Question 5 options: True False Save Question 6 (2 points) Outstanding checks are those issued by a depositor but not paid by the bank on which they are drawn. Question 6 options: True False Save Question 7 (2 points) The internal control does not require segregation of duties is an important way to prevent fraud. Question 7 options: True False Save Question 8 (2 points) The petty cash account is listed under current asset and it will have a normal debit balance. Question 8 options: True False Save Question 9 (2 points) The petty cash account is listed under current liabilities and it will have a normal debit balance. Question 9 options: True False Save Question 10 (2 points) The petty cash account is listed under current asset and it will have a normal credit balance. Question 10 options: True False Save Question 11 (2 points) The term trade receivables refers to any receivable generated by selling a product or providing a service to a customer. Question 11 options: True False Save Question 12 (2 points) The term trade receivables refers to any receivable generated by buying a product or providing a service to a customer. Question 12 options: True False Save Question 13 (2 points) The allowance method does not follow GAAP matching principle. Question 13 options: True False Save Question 14 (2 points) A contra asset account to the Accounts Receivable account is the Allowance for Doubtful Accounts. Question 14 options: True False Save Question 15 (2 points) The percentage-of-sales method estimates uncollectible accounts from the credit sales of a given period. Question 15 options: True False Save Question 16 (2 points) Bad Debt Expense = Net sales (total or credit) - Percentage estimated as uncollectible Question 16 options: True False Save Question 17 (2 points) The Allowance for Doubtful Accounts account can have either a debit or credit balance. Question 17 options: True False Save Question 18 (2 points) The credit card company charges a 4% fee on all credit card sales. How much credit card expense would company pay if total sales were 500,000 including cash sales of 100,000 and credit card sales of $400,000? Question 18 options: $4,000 $16,000 $20,000 $5,000 Save Question 19 (2 points) The credit card company charges a 2% fee on all credit card sales. How much credit card expense would company pay if total sales were 300,000 including cash sales of 100,000 and credit card sales of $200,000? Question 19 options: $10,000 $2,000 $8,000 $12,000 Save Question 20 (2 points) The credit card company charges a 1% fee on all credit card sales. How much credit card expense would company pay if total sales were 200,000 including cash sales of 100,000 and credit card sales of $100,000? Question 20 options: $100 $200 $2,000 $1,000 Save Question 21 (2 points) How much cash would a company receive if credit card sales were $600,000 and we are charged a 2% fee on credit card sales? Question 21 options: $12,000 $612,000 $588,000 $600,000 Save Question 22 (2 points) How much cash would a company receive if credit card sales were $400,000 and we are charged a 2% fee on credit card sales? Question 22 options: $400,000 $408,000 $8,000 $392,000 Save Question 23 (2 points) How much cash would a company receive if credit card sales were $500,000 and we are charged a 2.5% fee on credit card sales? Question 23 options: $12,500 $487,500 $512,500 $500,000 Save Question 24 (2 points) When a company uses the allowance method for writing off bad debts, they account they would DEBIT to write off an account would be: Question 24 options: Bad Debt Expense Sales Allowance for Doubtful Accounts Accounts Receivable Save Question 25 (2 points) When replenishing the petty cash fund, which of the following are true: Question 25 options: Cash is Debited Petty cash is Debited Expenses from the petty cash vouchers are Debited Petty cash is credited Save Question 26 (2 points) What is Cash Over and Short? Question 26 options: An expense account. A revenue account. An account used to balance the cash needed to replenish petty cash and the total of the petty cash vouchers used. All are correct. Save Question 27 (2 points) Inventory is considered what type of account? Question 27 options: Long term asset Current asset Equity Current Liability Save Question 28 (2 points) Which of the following items would NOT be considered inventory? Question 28 options: Computers for employee use T-shirts for a clothing company Cars for a car dealership Computer for an electronic store Save Question 29 (2 points) Which inventory method is required under GAAP? Question 29 options: FIFO LIFO Average Cost All are acceptable methods Save Question 30 (2 points) During one week ended May 8, 2016, Arnold Hanover worked 40 hours. His regular hourly rate is $15. These earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent. This employee also has some deductions including: $51 for federal income tax and $69 for health insurance. Deducted social security tax will be Question 30 options: $49.68 $39.68 $9.28 $24.68 Save Question 31 (2 points) During one week ended March 8, 2016, Eve Hayes worked 40 hours. His regular hourly rate is $18. These earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent. This employee also has some deductions including: $41 for federal income tax and $78 for health insurance. Deducted social security tax will be Question 31 options: $78.00 $446.16 $10.44 $44.64 Save Question 32 (2 points) During one week ended March 8, 2016, Adam Bruk worked 40 hours. His regular hourly rate is $18. These earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent. This employee also has some deductions including: $41 for federal income tax and $78 for health insurance. What is his gross pay for the week? Question 32 options: $720 $456.34 $545.92 $174.08 Save Question 33 (2 points) During one week ended March 8, 2016, Jesica Harvey worked 40 hours. His regular hourly rate is $18. These earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent. This employee also has some deductions including: $63 for federal income tax and $78 for health insurance. What is the total of his deductions for the week? Question 33 options: $55.08 $111.06 $196.08 $44.64 Save Question 34 (2 points) During one week ended March 8, 2016, Arnold Duke worked 40 hours. His regular hourly rate is $18. These earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent. This employee also has some deductions including: $63 for federal income tax and $78 for health insurance. What is his net pay for the week? Question 34 options: $111.78 $664.92 $523.92 $720 Save Question 35 (2 points) During one week ended March 8, 2016, Jesica Lobos worked 40 hours. His regular hourly rate is $18. These earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent. This employee also has some deductions including: $53 for federal income tax and $64 for health insurance. What is the amount of his Medicare Tax deduction for the week? Question 35 options: $44.64 $20.98 $104.4 $10.44 Save Question 36 (2 points) During the week ended December 16, 2016, Mike Roth worked 42 hours. His regular hourly rate is $22. Calculate the amount of FICA: Social Security Tax and Medicare Tax to be withheld from his gross pay. Apply a 6.2 percent as a social security tax rate using the annual limit of the contribution and benefit base. For earnings in 2016, this base is $118,500. Also, apply a 1.45 percent as a Medicare tax rate. The overtime pay is equal to 1.5 of regular pay rate. Question 36 options: $71.41 $58.65 $12.76 $72.36 Save Question 37 (2 points) During the week ended December 16, 2016, Allan Brody worked 40 hours. His regular hourly rate is $20. Calculate the amount of FICA: Social Security Tax and Medicare Tax to be withheld from his gross pay. Apply a 6.2 percent as a social security tax rate using the annual limit of the contribution and benefit base. For earnings in 2016, this base is $118,500. Also, apply a 1.45 percent as a Medicare tax rate. The overtime pay is equal to 1.5 of regular pay rate. Question 37 options: $11.6 $49.6 $61.2 0 Save Question 38 (2 points) Ella Smith earns $19 per hour and she worked 46 hours this pay period (one week). Note that she receives time-and-a-half (1.5) for any hours worked over 40 hours per week. What are Ella's gross earnings? Question 38 options: $760 $931 $1520 $1862 Save Question 39 (2 points) Adam Reck earns $36 per hour and she worked 47 hours this pay period (one week). Note that she receives time-and-a-half (1.5) for any hours worked over 40 hours per week. What are Adam's gross earnings? Question 39 options: $378 $2,880 $1,440 $1,818 Save Question 40 (2 points) Magnum Inc. sells a single product and it had a beginning inventory of 2,000 units with a total cost of $8,000. In March, 2017, 4,000 units were purchased at $5 each. Using LIFO, what is the value of the ending inventory of 2,000 units? Question 40 options: $10,000 $12,000 $8,000 $24,000 Save Question 41 (2 points) Luke Inc. sells a single product and it had a beginning inventory of 6,000 units with a total cost of $30,000. In April, 2017, 4,500 units were purchased at $5.5 each. Using LIFO, what is the value of the ending inventory of 4,000 units? Question 41 options: $20,000 $22,000 $22,500 $30,000 Save Question 42 (2 points) Merlin Inc. sells a single product and it had a beginning inventory of 4,000 units with a total cost of $36,000. In May, 2017, 5,500 units were purchased at $9.5 each. Using FIFO, what is the value of the ending inventory of 5,000 units? Question 42 options: $48,500 $36,000 $40,750 $47,500 Save Question 43 (2 points) Bello Inc. sells a single product and it had a beginning inventory of 8,000 units with a total cost of $32,000. In January, 2017, 2,800 units were purchased at $5 each. Using FIFO, what is the value of the ending inventory of 800 units? Question 43 options: $4,000 $3,200 $4,200 $7,200 Save Question 44 (2 points) A matching of the most recent costs to revenue results from the use of Question 44 options: FIFO and LIFO methods Only LIFO method Only FIFO method The Average Cost Method Save Question 45 (2 points) ECO Inc. had a beginning inventory of 100 units with a unit cost of $12. During the period, company purchased: 1. March, 2017- 60 units for $10 per unit; 2. April, 2017- 40 units for $12 per unit. Using the average cost method, calculate the value of the ending inventory of 60 units. Question 45 options: $684 $480 $660 $120 Save Question 46 (2 points) Mela Inc. had a beginning inventory of 800 units with a unit cost of $4.2. During the period, company purchased: 1. May, 2017- 140 units for $4 per unit; 2. June, 2017- 60 units for $4.5 per unit. Using the average cost method, calculate the value of the ending inventory of 200 units. Question 46 options: $900 $840 $800 $838 Save Question 47 (2 points) The lower-of-cost-or-market (LCM) method is an inventory costing method that values inventory at the higher of its historical cost or its current market (replacement) cost. Question 47 options: True False Save Question 48 (2 points) Under the lower of cost or market rule, market value is considered: Question 48 options: True False Save Question 49 (2 points) If the replacement value of the inventory is $100,000 and the inventory balance is $125,000, what amount should be reported for inventory using the lower-of-cost-or-market rule? Question 49 options: $100,000 $125,000 $25,000 $225,000 Save Question 50 (2 points) If the replacement value of the inventory is $80,000 and the inventory balance is $85,000, what amount should be reported for inventory using the lower-of-cost-or-market rule? Question 50 options: $85,000 $80,000 $5,000 $165,000 Save Question 51 (2 points) f the replacement value of the inventory is 250,000 and the inventory balance is 225,000, what adjusting entry would be required for inventory using the lower-of-cost-ormarket rule? Question 51 options: Debit Inventory and Credit of Goods Sold $25,000 Debit Inventory and Credit of Goods Sold $225,000 Credit Inventory and Debit of Goods Sold $25,000 No adjusting entry is needed Save Question 52 (2 points) A company can change inventory methods as often as they like to show the best possible financial results. Question 52 options: True False Save