please answer 326, 320, 322, 308, 309, 315, and 316

323) Northern purchased the entire business of Southern including all its assets and liabilities for $600,000. Below is information related to the two companies Northern Fair value of assets $1,050,000 $800,000 575,000 Fair value of liabilities 300,000 Reported assets 800,000 650,000 Reported liabilities 500,000 250,000 Net Income for the year 50,000 60,000 How much goodwill did Northern pay for acquiring Southen? A) $300,000. b) $200,000 C)S150,000. 324) The following financial information is from ABC Company: Accounts Payable $55,000 Land Land, ca uipment,Patent Inventory $10,500 Accounts Receivable $7,500 Equipment $8,000 Deferred Revenue $58,500 $20,000 Short-term Investments Notes Receivable (due in 8 months) $45,500 $2,000 Interest Payable $75,0001 Patents What is the amount of long-Jerm assets assuming the accounts above reflect normal activity? A) $342,500. D) S98,000. C) $273,500. B) Si 73,000. 25) Which ratio is strongly influenced by the long term Debt of a company B) Both ROI and ROE D) ROI ROE Neither ROl nor ROE 326) In the USA, Goodwill on a financial statement A) must be internally developed, not bought B) can be bought or internally developed C) must be bought, not internally developed 50 iventory luin v . 317) Ifmanagement can estimate the amount of loss that will occur due to litigation againgt the y, and the likelihood of the loss is probable, a contingent liability should be Disclosed and reported as a liability B) Reported as a liability, but not disclosed. C) Disclosed, but not reported as a liability D) Neither disclosed nor reported as a liability 318) Assuming a current ratio of 1.2 and an acid-test ratio of 0.80, how will an increase in accounts receivable affect each ratio? A) Decrease the current ratio and increase the acid-test ratio. B) No change to the current ratio and decrease the acid-test ratio. C) Decrease the current ratio and decrease the acid-test ratio D Increase the current ratio and increase the acid-test ratio. 319) A company had the following cash flows for the year: (a) Purchased inventory, $60,000 (b) Sold goods to customers, $90,000 or (c) Received loan from a local bank, $150,000 (d) Purchased land, $180,000 (e) Purchased treasury stock, $40,000 (t) Paid dividends, $10,000 (B) Sold delivery truck, $30,000 What amount would be reported for net investing cash flows on the Statement of Cash Flows? A) $30,000 B) ($190,000). C) (S180,000). D)XS150,000) 320) The balance sheet of ABC reports total assets of $450,000 and $$50,000 at the beginning and end of the year, respectively. The return on assets for the year is 10%, what is ABC's net income for the year? A) $5,500,000. C) $50,000 B) $55,000. D) $5,000,000. 321) Leverage A) Increases maximum returns and decreases risk B) Increases maximum returns and decreases risk Increases maximum returns and increases risk (150,0 D) Decreases maximum returns and increases risk 322) For a journal entry with only two lines, the following entry is valid Decrease in Revenue, Increase in Expense. A) True B) False D) S5,000,00 40 308) Permanent accounts are found A) On both the Balance Sheet and Income Statements B) On the Income Statement C) On neither the Balance Sheet and Income Statements D) On the Balance Sheet 309) When a company spends money to fix an appliance under warranty, they Credit Cash and Debit: B) an income account A) an asset C) an expense D) a liability 310) When a company delivers a product or service for which a customer has previously paid, the company records the following: A) A debit to an asset account and a credit to a revenue account BDA debit to a liability account and a credit to a revenue account. C) A debit to a revenue account and a credit to an asset account. D) A debit to a revenue account and a credit to a liability account. 311) ABC's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory wa's $1,600 and its ending inventory is $2,400. ABC's inventory turnover ratio equals: A) 30 times. C) 20 times. D) 5 times. B)10 times. 312) A company orders office supplies in June. Those supplies are received and paid for in Jily! The supplies are used in August. In which month should the company record supplies expense? A) June. C) Evenly over the three months. July August. 313) What is expensed in a Sales Office A) Nothing Everything B) Period Costs D) Product Costs 314) LAST year a company made an error in its ending inventory A) This years Balance Sheet will be wrong but the Income Statement will be correct B) Neither this year's Balance Sheet nor Income Statement will be wrong Both this year's Balance Sheet and Income Statement will be wrong h is year's Balance Sheet will be correct but the Income Statement will be wrongs 315) Which of the following statements is a snapshot A) Statement of Cash Flows C) Income statement B) Balance Sheet D) All 3 statements 316) ABC's beginning inventory is $2,000 and its ending inventory is $1,000. The inventory turnover its 6 times. Cost of goods sold for the year must equal: A) $18,000 D) S9,000 C) $12,000. B) $6,000. 40