Of the following inventories turn into Cost of Goods Sold directly (may have more than one answer)? Multiple Choice Finished Goods Inventory Work in Process Inventory None Raw Materials Inventory ABC reports income tax expense of $800,000. Income tax payable at the beginning and end of the year are $50,000 and $70,000, respectively. What is the amount of cash paid for income taxes? Numeric Response In accounting the word 'capitalize' means (may have more than one answer): Multiple Choice take the chance to gain advantage from treat as capital O treat as an asset provide a company with capital ABC paid $2,000 interest on short-term notes payable, $10,000 interest on long-term bonds, and $6,000 in dividends on its common stock. ABC would report cash outflows from activities, as follows: Multiple Choice Operating, $12,000; Financing $6,000. Operating, $2,000; Financing $16,000. Operating, $0; Financing $18,000. Operating, $18,000; Financing $0. Return on assets equals: Multiple Choice Gross profit ratio * Asset turnover Profit margin * Asset turnover. Gross profit ratio * Inventory turnover. Profit margin * Inventory turnover. A Capital (Financing) Lease will have which of these expenses (may have more than one answer)? Check All That Apply Interest Expense Depreciation Expense Rental Expense Salaries Expense In a Financing Lease the Lessee records an Asset and a Liability Multiple Choice . True False Accounts Payable $55,000 Land $90,000 $10,500 $7,500 Inventory Accounts Receivable Equipment Deferred Revenue $8,000 $58,500 Short-term Investments $20,000 Notes Receivable (due in 8 months) $45,500 Interest Payable $2,000 Patents $75,000 What is the total amount of property, plant, and equipment assuming the accounts above reflect normal activity? Numeric Response When a company makes an end-of-period adjusting entry that includes a credit to Prepaid Rent, the debit is usually made to Multiple Choice Rent Payable. O Rent Receivable. O Cash O Rent Expense Where do we put gains/losses on the purchase of Treasury Stock (cost method)? Multiple Choice O Additional Paid in Capital / Retained Earnings there is no gain or loss on purchase of Treasury Stock adjustments to total Equity Income Statement