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QUESTION 11 XYZ company purchased factory equipment on April 1, 2020, for $160,000. It is estimated that the equipment will have a $20,000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2020, is O a $16,000 O b. $14,000 O c. $12,000. O d. $10,500. QUESTION 12 10 po For most companies, current liabilities are paid within a. the operating cycle out of current assets. O b. the operating cycle through the creation of other current liabilities Ocone year through the creation of other current liabilities O d.one year or the operating cycle out of current assets QUESTION 13 10 po Matthias Company uses the units-of-activity method in computing depreciation A new plant asset is bought for $48,000 that will produce an estimated 100,000 units over its useful life. The estimated salvage value at the end of its useful life is $4,000. Calculate the depreciation cost per unit O a $4.40 O b. $4.80 O c. $.48 O d. $.44 QUESTION 19 Sales taxes that are collected by a retailer are expenses O a. of the retailer Ob.of the customers. O c. of the government. O d. that are not recognized by the retailer until they are submitted to the government. QUESTION 20 10 poir Jake Company's Land account decreased $150,000 because of a cash sale for $150,000, the Equipment account increased $60,000 as a result of a cash purchase, and the Bonds Payable account increased $120,000 from the issuance of bonds for cash at face value. The net cash provided by investing activities is a. $150,000 O b. $210,000 O c. $90,000 d. $270,000 O WORDS QUESTION 22 10 pa Advance payments received from customers are generally classified as a(n) O a. revenue. O b. current asset. O c expense. O d.current liability QUESTION 23 10 Lakeside, Inc. has 25,000 shares of 6%, $100 par value, noncumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2021. There were no dividends declared in 2020. The board of directors declares and pays a $250,000 dividend in 2021. Calculate the amount of dividends received by the common stockholders in 2021 O a. $0 b. $250,000 O c. $100,000 O d. $150,000 QUESTION 24 Sales taxes collected by a retailer are reported as O a contingent liabilities. Ob revenues O c.expenses O d.current liabilities. QUESTION 25 All of the following are generally considered as current liabilities except O a. accounts payable. Ob.notes payable. O c. bonds payable. O d. unearned revenues. QUESTION 26 10 pois A plant asset costing $288,000 was acquired by a company. It is estimated to have a $36,000 salvage value at the end of its 8-year useful life. The annual depreciation expense recorded for the third year using the double declining- balance method would be O a. $35,436 O b. $27,570 c. $24,120 O d. $40,500. QUESTION 27 One of the following income statement figures would probably be the best indicator of a company's future performance Which is it? 10 po Total revenues Income from operations Net income Gross profit QUESTION 28 Murdoch Corp. issues 2,000 shares of $10 par value common stock at $16 per share. When this transaction is recorded credits are made to 10 point O a. Common Stock $32,000 O b. Common Stock $20,000 and Paid-in Capital in Excess of Par $12,000 Oc Common Stock $20,000 and Pald-in Capital in Excess of Stated Value $12,000. Od. Common Stock $20,000 and Retained Earnings $12.000 QUESTION 29 10 poin Given the following data for the Queen Company Current liabilities $ 400 Long-term debt 480 Common stock 700 Retained earnings 920 Total liabilities & stockholders equity $2500 How would common stock appear on a common-size balance sheet? a. 20% O b. 28% O c. 30% d. 70%