Please help, I have to submit this in 3 hours or so! can add extra tutoring credits if needed!

1. Given the following information for the year ended 12/31/X3:

12/31/X3
Balances
DR (CR)
Sales Revenues	$(210,000)
Selling and Administrative Expense	42,000
Sales Discounts	6,000
Sales Returns and Allowances	11,000
Cost of Goods Sold	125,000
Interest Expense	4,000

Determine the 20X3 gross margin. 26,000 68,000 22,000 39,000 none of these Use the following information for next five questions: Jones Furniture Store (assume Jones uses a perpetual accounting system):

Jan. 2	Jones purchased 20 tables at $300 each on account, terms of 1/10, N/30.
Jan. 10	Jones paid for the 20 tables purchased on January 2, net of the discount.
Jan. 14	Jones sold to a customer on account with terms of 3/10, N/30, five of the tables purchased on January 2 at a sales price of $500 each.
Jan. 16	The customer returned one of the tables sold on January 14 because it was the wrong color, receiving full credit on his account.
Jan. 23	The customer paid the remaining amount due after the January 16 return, less the discount for early payment.

2. The journal entry by Jones for the January 2 purchase would be:

Option A	Cost of Goods Sold	6,000
Accounts Payable	6,000
Option B	Inventory	6,000
Cash	6,000
Option C	Purchases	6,000
Accounts Payable	6,000
Option D	Purchases	6,000
Cash	6,000

Option C Option B Option A Option D none of these 3. The journal entry by Jones for the January 10 payment would include a credit to Cash for $6,000 Inventory for $60 Accounts Payable for $6,000 Sales Discounts for $60 none of these 4. The journal entry(ies) by Jones for the January 14 sale would include debits to both Sales Revenue and Inventory Accounts Receivable and Inventory Accounts Receivable and Sales Revenue Sales Revenue and Cost of Goods Sold none of these 5. The journal entry(ies) by Jones for the January 16 transaction would typically include debits to both Sales Revenues and Sales Returns and Allowances Accounts Receivables and Cost of Goods Sold Sales Discounts and Cost of Goods Sold Sales Returns and Allowances and Inventory none of these 6. The journal entry by Jones for the January 23 receipt would include a credit to Cash for $1,940 Accounts Receivable for $2,000 Accounts Receivable for $1,940 Sales Discounts for $60 Cash for $2,000 Use the following information for the next three questions. Jimbo buys spicy hot dogs in bulk and sells them to street vendors. The table lists his January inventory transactions:

1/1	Beginning inventory	2,000 cases at $10/case
1/8	Sales	1,700 cases
1/11	Purchase	1,000 cases at $11/case
1/14	Sales	1,100 cases
1/21	Purchase	1,200 cases at $12/case
1/26	Sales	1,100 cases

7. Assuming the perpetual FIFO inventory method is used from inception, the amount of Cost of Goods Sold for the 1/14 sale would be $12,000 $11,000 $11,800 $12,100 none of these 8. Assuming the perpetual LIFO inventory method is used from inception, the amount of Cost of Goods Sold for the 1/14 sale would be $13,200 $11,000 $11,800 $12,100 none of these 9. Assuming the perpetual LIFO inventory method is used from inception, determine the cost of Jimbos ending January inventory. $3,600 $300 $3,200 $3,000 none of these 10. In a period of deflation (i.e. the per unit cost of inventory purchases decreases over time) which inventory method will produce the highest ending inventory balance for that period assuming not all inventory is sold? moving Average LIFO FIFO all methods would generate the same ending inventory balance 11. In 20X5 a company had sales revenues of $550,000 of which 70% were on account. At 12/31/X5 the following ending balances adjustment were available:

DR	CR
Accounts Receivable	$70,000
Allowance for Uncollectible Accounts	$700

The accounts receivable aging reflects:

Balance	% estimated to be uncollectible
Current	38,000	2%
130 days past due	12,000	4%
3160 days past due	9,000	10%
Over 60 days	11,000	30%

Given the information above, the 12/31/X5 adjusting entry for uncollectible accounts based on the aging percents provided would include a debit to Bad Debt Expense of $5,440 $5,000 $4,740 $6,140 none of these 12. Which of the following is true of the Allowance for Uncollectible Accounts account? it may have a debit balance at year end following the adjustment for estimated uncollectible accounts receivable its balance following the year end adjustment should reflect an estimate of uncollectible receivables as of the end of the year it is a contra-revenue account it is a nominal or income statement account none of these 13. A debit balance in the Allowance for Uncollectible Accounts account before the year end adjustment for the current years uncollectible accounts expense means that the current year write-offs of uncollectible accounts receivable were less than the prior years ending allowance for uncollectible accounts balance the prior years estimated uncollectible accounts receivable must have been overestimated the direct write-off rather than the allowance method was used to account for uncollectible receivables that the prior years estimated uncollectible accounts receivable must have been underestimated 14. The journal entry to record the write-off of an uncollectible receivable under the allowance method would involve the following accounts as indicated:

Option A	Allowance for Uncollectible Accounts	xx
Uncollectible Accounts Expense	xx
Option B	Allowance for Uncollectible Accounts	xx
Accounts Receivable	xx
Option C	Uncollectible Accounts Expense	xx
Allowance for Uncollectible Accounts	xx
Option D	Uncollectible Accounts Expense	xx
Accounts Receivable	xx

Option A Option B Option C Option D none of these 15. In the purchase of a used truck for $15,000, additional costs incurred in its acquisition included $250 delivery costs, $900 of sales tax, and $300 for an engine overhaul that was deemed necessary prior to its initial use. It is expected that annual recurring engine maintenance costs will run approximately $250 per year beginning one year following the date of acquisition. The total capital expenditures for the truck which should be included in the asset amount to $15,250 $15,000 $16,700 $16,450 $16,150 16. On July 1, 20X5 a company purchased equipment for $25,000. The equipment has a 10 year estimated useful life at which time its salvage value is estimated to be $5,000. Assuming the company uses the straight line method of depreciation, the companys journal entry for the equipments depreciation for the year ended 12/31/X6 would include a credit to Accumulated Depreciation for $2,000 Depreciation Expense for $2,000 Accumulated Depreciation for $3,000 Equipment for $2,000 none of these Use the following information for the next two questions: At 12/31/X8 the following information for a building purchased 10 years previous is available: Calculate the buildings book value at 12/31/X8.

Original cost upon acquisition	$650,000
Current appraised value at 12/31/X8	$750,000
Estimated salvage value at the end of 40 year estimated life	$250,000
Accumulated depreciation at 12/31/X8	$100,000

17. Calculate the buildings book value at 12/31/X8. $650,000 $400,000 $750,000 $550,000 none of these 18. If the building is sold on 12/31/X8 at a price of $725,000, the accompanying journal entry to record the sale will include a debit to Gain on Sale of building for $175,000 Gain on Sale for $75,000 Building for $650,000 Accumulated Depreciation for $100,000 none of these 19. The year end adjusting entry for depreciation of operating assets is required under the realization concept revenue recognition principle cash basis of accounting current valuation method matching principle 20. Internal controls are policies and procedures designed to produce accurate accounting records are the responsibility of a companys management to develop and implement are policies and procedures designed to safeguard a companys assets all of these are true 21. Sales taxes collected from customers upon the sale of merchandise are typically included on the selling companys books as an expense a revenue a liability all of these 22. If $100,000 is borrowed for 9 months at an annual rate of 8% interest all due at maturity, then the full amount of cash including principal and interest to be paid at maturity amounts to $106,000 $108,000 $8,000 $6,000 none of these 23. On January 1, 20X4 a company purchased a building for $250,000 borrowing $200,000 from the bank to be used with its own existing cash for the purchase. The $200,000 bank mortgage has a 10 year term and bears an annual interest rate of 8% compounded monthly. Payments of principal and interest amounting to $2,426.55 are to be made at the end of each month beginning 1/31/X4. Determine the balance of the mortgage payable at 3/1/X4 assuming the monthly payment was properly paid and recorded at the end of January and February (round answer to the nearest cent.) $198,906.78 $195,146.90 $197,806.28 $200,000.00 $197,342.23 24. Given the following information for the December 20X1 payroll payable on January 15, 20X2:

Gross salary	$1000
Employee FICA tax	75
Federal income tax withholding	170
State income tax withholding	80
Net pay	$675
Employer FICA tax	$75
Employer federal & state unemployment taxes	$38

The amount to be debited to "Salaries Expense" for the December, 20X1 payroll is $788 $675 $1,113 $1,675 none of these 25. The issuance of bonds by a corporation is an example of debt financing equity financing none of these 26. Preferred stock issued by a corporation is classified for financial statement purposes as debt financing equity financing none of these 27. The issuance of 200 shares of $1 par value common stock for $10 per share would be recorded with the following journal entry:

Option A	Cash	2,000
Common stock	2,000
Option B	Cash	2,000
Common stock, par value $1	200
Retained earnings	1,800
Option C	Cash	2,000
Common stock, par value $1	200
Gain on the sale of stock	1,800
Option D	Cash	2,000
Common stock, par value $1	200
Paid-in capital in excess of par	1,800

Option A Option B Option C Option D Use the following information for the next two questions. A company has the following outstanding stock at the end of both 20X7 and 20X8:

• preferred stock (6%, $100 par value, 1,000 shares issued and outstanding)
• common stock ($1 par value, 200,000 shares issued and outstanding)

No dividends were declared or paid in 20X7. 28. If the companys preferred stock is non-cumulative and the 20X8 dividend declared amounts to a total of $20,000, how much will go to preferred stockholders? $12,000 $6,000 $20,000 $8,000 $14,000 29. If the companys preferred stock is cumulative and 20X7 dividends are the only dividends in arrears, what portion of a 20X8 dividend declaration of $20,000 will go to the common stockholders? $14,000 $12,000 $8,000 $6,000 $20,000 30. Dividends become a liability on the date of payment dividends are never a liability because a company is not legally required to pay dividends even when declared or recorded on the date of declaration on the date of record 31. If gross margin of $35,000 is 28% of net sales revenues, then net sales revenues must be $25,200 $125,000 $9,800 $100,000 none of these Use the following information for the next 5 questions. XYZ Company Balance Sheet as of December 31, 20X7 & 20X8

Assets:	20X7	20X8
Current assets:
Cash	$10,000	$12,000
Accounts receivable	20,000	25,000
Inventory	16,000	24,000
Prepaid insurance	4,000	3,000
50,000	64,000
Property & equipment	76,000	84,000
Total assets	$126,000	$148,000
Liabilities and Stockholders Equity:
Current liabilities:
Accounts payable	$15,000	$17,000
Other payables	3,000	7,000
18,000	24,000
Long term notes payable	35,000	40,000
Total liabilities	53,000	64,000
Stockholders equity
Capital stock, 2,400 shares outstanding	24,000	24,000
Retained earnings	49,000	60,000
73,000	84,000
Total liabilities and stockholders equity	$126,000	$148,000

XYZ Company Income Statement for the years ended December 31, 20X7 & 20X8

20X7	20X8
Sales Revenues	$200,000	$250,000
Cost of Goods Sold	120,000	140,000
80,000	110,000
Selling and admin. expenses	40,000	45,000
40,000	65,000
Income tax expense	15,000	25,000
Net income	25,000	40,000

*Dividends paid in 20X8 amounted to $29,000. 32. Calculate the 12/31/X8 current ratio (round to nearest tenth). 2.5 1.5 .5 2.7 none of these 33. Calculate the accounts receivable turnover assuming all sales during the year are made on account (round to the nearest tenth). 12.5 10.0 11.1 8.9 none of these 34. Calculate the 20X8 average number of days of inventory on hand (round to the nearest tenth of a day). 52.1 62.6 7.0 56.2 35. Calculate the 20X8 EPS (round to nearest penny). $4.58 $25.00 $10.42 $16.67 none of these 36. Calculate the % increase in accounts receivable during the year ended 20X8. 10% 125% 50% 20% none of these 37. If a companys per unit cost of inventory purchases increased during the year, yet Cost of Goods Sold as a % of sales revenues was lower than the prior year, then for the current year sales volume must have increased gross margin as a % of sales revenues must have decreased sales price per unit must have increased all of these 38. If a company improves their timely collection of accounts receivables reducing the average period of time receivables are outstanding then receivables turnover has increased decreased remained unchanged cannot be determined from information provided 39. Which of the following best measures a companys liquidity? debt to equity ratio vertical analysis of the income statement acid-test ratio book value per share 40. A companys P/E ratio measures a companys liquidity is used to measure a companys stock price relative to its earnings is rarely used by value oriented investors is calculated by dividing the companys book value per share by its EPS measures a companys leverage