please anwer 301, 302, 303, 276, 277, and 279
301) ABC has beginning inventory for the year of $12,000. During the year, ABC purchases inventory equal to: A) $158,000 C) $150,000 D) $170,000 B) $142,000 302) At the end of a reporting period, ABC determines that its ending inventory has a cost of $300,000 and a net realizable value of $230,000. What would be the effect(s) of the adjustment to write down inventory to net realizable value? A) Decrease net income. C) Increase retained earnings. B) Decrease total assets and net income D) Decrease total assets 303) During the first two years, ABC drove the company truck 15,000 and 22,000 miles, respectively; to deliver merchandise to its customers. The company originally purchased the trick for $17s,000. If the truck has an estimated life of 10 years or 300,000 miles, with an estimated residual value of $25,000, what amount of deprecation expense should ABC record in the second year using the activity-based method? A) $16,000. B) $18,500 C) $7,500. D)S11,000. Iculation of Ending Inventory has an effect on which satetments (ignore taxes) (more than one possible correct answer) usi se income Income Statement Balance Sheet Statement of Changes in Equity C) Cash Flow Statement Hes respoctave to 305) Which of the following never pa A) C Corporation posible core than one Partnership Corporationiie 306) Assuming a current ratio of 1.0, how will the purchase of inventory with cash affect the ratio? ANo change to the current ratio. B) Increase the current ratio. C) Decrease the current ratio. D) Could either increase or decrease the current ratio. 307) What is the most likely reason for a company to have an increase in average collection period? The company has become more lenient in its credit policies and is extending cfedit ternis to maintain customers. B) The company has incurred additional marketing expenses to attract customiers C) The company has tightened its credit policies for its customers. D) Customers are paying in a timelier manner. ffect the ratio? perio cre dit terhy t 40 273) ABC, sold inventory for $1,200 that was purchased for $700. ABC records which of the following n it sells inventory using a perpetual inventory system? A Debit Cost of Goods Sold $700, credit Inventory $700 B) Debit Inventory $700; credit Cost of Goods Sold $700. C) Debit Cost of Goods Sold $1,200; credit Inventory $1,200. D) No entry is required for cost of goods sold and inventory. 274) Which accounting number has the single greatest impact on stock prices? B) Total revenues. C) Total assets. A) Net income. D) Total dividends. 275) ABC has a $5 million liability at December 31, 2018, of which $1 million is payable in each of the next five years. ABC reports the liability on the balance sheet as a: A) S4 million current liability and a S1 million long-term liability. B SI million current liability and a $4 million long-term liability. C) $5 million long-term liability. D) $5 million current liability 276) Unearned Revenue usually turns into A) Liability C) Expense B) Asset D) Revenue Total div ends 277) Net income (in millions) $175 vano", cacho he Preferred stock dividends (in millions) $25 Common shares outstanding (in millions) 250 Stock price $10.00 What is the company's price-carnings ratio? A) 16.7. B) 14.3. C) 15.0 D) 5.7 278) In a Stock Dividend A) Assets decrease, Liabilities increase. B) Assets decrease, Liabilities decrease. Assets don't change, Liabilities don't change. D) Assets increase, Liabilities decrease. E) Assets increase, Liabilities increase. 279) Which is riskier when raising money for a business A) there is no general rule, it depends on the terms of the borrowing or issuing the shares B) Borrowing is always riskier than issuing shares C) Issuing shares is always riskier than borrowing D 57 40
