{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-09-12T00:03:55-04:00", "answer_date": "2024-09-12 00:03:55", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "10325280", "url": "\/study-help\/questions\/question-1-a-5-year-fixed-asset-was-purchased-on-10325280", "question_creation_date_js": "2024-09-12T00:03:55-04:00", "question_creation_date": "Sep 12, 2024 12:03 AM", "meta_title": "[Solved] QUESTION 1 A 5 year fixed asset was purch | SolutionInn", "meta_description": "Answer of - QUESTION 1 A 5 year fixed asset was purchased on Jan 1 of Year 1 and immediately placed into service. The cost was $5, | SolutionInn", "meta_keywords": "question,1,5,year,fixed,asset,purchased,jan,immediately,placed,service,cost", "question_title_h1": "QUESTION 1 A 5 year fixed asset was purchased on Jan 1 of Year 1 and immediately placed into service. The cost was $5,000 and", "question_title": "QUESTION 1 A 5 year fixed asset was purchased on Jan 1", "question_title_for_js_snippet": "QUESTION 1 A 5 year fixed asset was purchased on Jan 1 of Year 1 and immediately placed into service The cost was $5,000 and had no salvage value What is the Net Book Value at the end of year 1 using straight line depreciation 8 points QUESTION 2 Select the asset accounts from the list Property Inventory Bank Notes Tax expense Prepaid expenses 8 points QUESTION 3 The asset section of the balance sheet is arranged in order of liquidity profitability highest balance first lowest balance 5 points QUESTION 4 A company needs to have $100,000 in the bank for an expected capital expenditure in 5 years How much money should the company invest today with an expected rate of return of 10 compounded semi annually 8 points QUESTION 5 A receipt of cash from a customer that has already been equally accrued on accounts receivable will Decrease the current ratio Increase the current ratio Current Ratio remains the same What is the current ratio 5 points QUESTION 6 Turnover ratios are generally calculated for each of the following assets except Accounts Recievable Inventory Cash Plant and Equipment 5 points QUESTION 7 A financial tool used to help determine profitability of individual products and help to improve decisions regarding those products is the breakeven analysis True False 10 points QUESTION 8 Corporation A had NET sales of $2,400 for the year, cost of goods sold of $800, and interest expense of $500 for last year What is the Gross Profit if sales were $3,000 for the current year if the relationships remain the same 8 points QUESTION 9 What are the different methods for calculating depreciation exponential Double Declining Balance Sum of the years' digits Ignor Depreciation if you want straight line 8 points QUESTION 10 What causes a decrease in Accounts Receivable Customer purchase items on Credit Payments from customers on prior purchase Customers purchase items with Cash Company spending cash on Inventory 5 points QUESTION 11 There is a Decrease in Long Term Debt if a company pays extra on a Long term note due to a very high interest rate True False 5 points QUESTION 12 Calculate the Beginning Cash Balance given the following information Beginning Cash Balance (1 1 XX) Sources of Funds $35,000 Uses of Funds $10,000 Ending Cash Balance $100,000 8 points QUESTION 13 If a product sales price decrease while COGS remains constant, what happens the breakeven point and the revenue generated from the same amount of sales Sales Revenue will increase, Breakeven will decrease Sales Revenue will decrease, Breakeven will decrease Sales Revenue will Increase, Breakeven will increase Sales Revenue will decrease, Breakeven will increase 5 points QUESTION 14 If the company has a breakeven goal of 2000 units, what price per unit should the product be priced at for a fixed cost of $30000 and a per unit cost of $20 Fixed Cost $30,000 Variable Cost $20 unit Unit Sales Price $ FIND 8 points QUESTION 15 The Return on Assets ratio will increase if the net income of Company B increases $100,000 while the Assets Decrease $100,000 True False 5 points QUESTION 16 There is a Decrease in Long Term Debt if a company pays extra on a Long term note due to a very high interest rate True False 5 points QUESTION 17 Short term debt is debt a company owes that is due within 1 year True False 5 points QUESTION 18 Cash flow can be impaired by slowing down payments to suppliers True False 5 points QUESTION 19 Units Cost Inventory, Jan 1 8000 $11 Purchase June 21 13000 $12 Purchase Dec 21 5000 $13 If 11000 units are on hand at the end of the year, what is the cost of ending inventory using FIFO inventory system 8 points QUESTION 20 Units Cost Inventory, Jan 1 8000 $11 Purchase June 21 13000 $12 Purchase Dec 21 5000 $13 If 11000 units are on hand at the end of the year, what is the cost of ending inventory using LIFO inventory system 8 points QUESTION 21 Calculate the Net Income given the following Information Revenue $6000 Gross Margin Percentage 20 G E expenses $850 Depreciation Expense $195 8 points QUESTION 22 Differentiate between the Governmental and for profit Financial statements Identify the primary statements for each and briefly describe what they convey to the reader ", "question_description": "

QUESTION 1<\/p>

  1. A 5 year fixed asset was purchased on Jan 1 of Year 1 and immediately placed into service. The cost was $5,000 and had no salvage value. What is the Net Book Value at the end of year 1 using straight line depreciation? <\/p> <\/li> <\/ol>

    8 points <\/p>

    QUESTION 2<\/p>

    1. Select the asset accounts from the list.<\/p>
      <\/td> <\/td>

      Property <\/p> <\/td> <\/tr>

      <\/td> <\/td>

      Inventory<\/p> <\/td> <\/tr>

      <\/td> <\/td>

      Bank Notes<\/p> <\/td> <\/tr>

      <\/td> <\/td>

      Tax expense<\/p> <\/td> <\/tr>

      <\/td> <\/td>

      Prepaid expenses<\/p> <\/td> <\/tr> <\/tbody> <\/table> <\/li> <\/ol>

      8 points <\/p>

      QUESTION 3<\/p>

      1. The asset section of the balance sheet is arranged in order of:<\/p>
        <\/td> <\/td>

        liquidity<\/p> <\/td> <\/tr>

        <\/td> <\/td>

        profitability<\/p> <\/td> <\/tr>

        <\/td> <\/td>

        highest balance first<\/p> <\/td> <\/tr>

        <\/td> <\/td>

        lowest balance<\/p> <\/td> <\/tr> <\/tbody> <\/table> <\/li> <\/ol>

        5 points <\/p>

        QUESTION 4<\/p>

        1. A company needs to have $100,000 in the bank for an expected capital expenditure in 5 years. How much money should the company invest today with an expected rate of return of 10% compounded semi-annually?<\/p> <\/li> <\/ol>

          8 points <\/p>

          QUESTION 5<\/p>

          1. A receipt of cash from a customer that has already been equally accrued on accounts receivable will:<\/p>
            <\/td> <\/td>

            Decrease the current ratio<\/p> <\/td> <\/tr>

            <\/td> <\/td>

            Increase the current ratio<\/p> <\/td> <\/tr>

            <\/td> <\/td>

            Current Ratio remains the same<\/p> <\/td> <\/tr>

            <\/td> <\/td>

            What is the current ratio<\/p> <\/td> <\/tr> <\/tbody> <\/table> <\/li> <\/ol>

            5 points <\/p>

            QUESTION 6<\/p>

            1. Turnover ratios are generally calculated for each of the following assets except:<\/p>
              <\/td> <\/td>

              Accounts Recievable<\/p> <\/td> <\/tr>

              <\/td> <\/td>

              Inventory<\/p> <\/td> <\/tr>

              <\/td> <\/td>

              Cash<\/p> <\/td> <\/tr>

              <\/td> <\/td>

              Plant and Equipment <\/p> <\/td> <\/tr> <\/tbody> <\/table> <\/li> <\/ol>

              5 points <\/p>

              QUESTION 7<\/p>

              1. A financial tool used to help determine profitability of individual products and help to improve decisions regarding those products is the breakeven analysis. <\/p>

                True<\/p>

                False<\/p> <\/li> <\/ol>

                10 points <\/p>

                QUESTION 8<\/p>

                1. Corporation A had NET sales of $2,400 for the year, cost of goods sold of $800, and interest expense of $500 for last year. <\/p>

                  What is the Gross Profit if sales were $3,000 for the current year if the relationships remain the same?<\/p> <\/li> <\/ol>

                  8 points <\/p>

                  QUESTION 9<\/p>

                  1. What are the different methods for calculating depreciation<\/p>
                    <\/td> <\/td>

                    exponential<\/p> <\/td> <\/tr>

                    <\/td> <\/td>

                    Double-Declining Balance<\/p> <\/td> <\/tr>

                    <\/td> <\/td>

                    Sum of the years' digits<\/p> <\/td> <\/tr>

                    <\/td> <\/td>

                    Ignor Depreciation if you want<\/p> <\/td> <\/tr>

                    <\/td> <\/td>

                    straight-line<\/p> <\/td> <\/tr> <\/tbody> <\/table> <\/li> <\/ol>

                    8 points <\/p>

                    QUESTION 10<\/p>

                    1. What causes a decrease in Accounts Receivable?<\/p>
                      <\/td> <\/td>

                      Customer purchase items on Credit<\/p> <\/td> <\/tr>

                      <\/td> <\/td>

                      Payments from customers on prior purchase<\/p> <\/td> <\/tr>

                      <\/td> <\/td>

                      Customers purchase items with Cash<\/p> <\/td> <\/tr>

                      <\/td> <\/td>

                      Company spending cash on Inventory<\/p> <\/td> <\/tr> <\/tbody> <\/table> <\/li> <\/ol>

                      5 points <\/p>

                      QUESTION 11<\/p>

                      1. There is a Decrease in Long Term Debt if a company pays extra on a Long term note due to a very high interest rate.<\/p>

                        True<\/p>

                        False<\/p> <\/li> <\/ol>

                        5 points <\/p>

                        QUESTION 12<\/p>

                        1. Calculate the Beginning Cash Balance given the following information:<\/p>

                          Beginning Cash Balance (1\/1\/XX): ?<\/p>

                          Sources of Funds: $35,000<\/p>

                          Uses of Funds: $10,000<\/p>

                          Ending Cash Balance: $100,000<\/p> <\/li> <\/ol>

                          8 points <\/p>

                          QUESTION 13<\/p>

                          1. If a product sales price decrease while COGS remains constant, what happens the breakeven point and the revenue generated from the same amount of sales. <\/p>
                            <\/td> <\/td>

                            Sales Revenue will increase, Breakeven will decrease<\/p> <\/td> <\/tr>

                            <\/td> <\/td>

                            Sales Revenue will decrease, Breakeven will decrease<\/p> <\/td> <\/tr>

                            <\/td> <\/td>

                            Sales Revenue will Increase, Breakeven will increase<\/p> <\/td> <\/tr>

                            <\/td> <\/td>

                            Sales Revenue will decrease, Breakeven will increase<\/p> <\/td> <\/tr> <\/tbody> <\/table> <\/li> <\/ol>

                            5 points <\/p>

                            QUESTION 14<\/p>

                            1. If the company has a breakeven goal of 2000 units, what price per unit should the product be priced at for a fixed cost of $30000 and a per unit cost of $20?<\/p>

                              Fixed Cost: $30,000<\/p>

                              Variable Cost $20 \/ unit<\/p>

                              Unit Sales Price $ FIND<\/p> <\/li> <\/ol>

                              8 points <\/p>

                              QUESTION 15<\/p>

                              1. The Return on Assets ratio will increase if the net income of Company B increases $100,000 while the Assets Decrease $100,000. <\/p>

                                True<\/p>

                                False<\/p> <\/li> <\/ol>

                                5 points <\/p>

                                QUESTION 16<\/p>

                                1. There is a Decrease in Long Term Debt if a company pays extra on a Long term note due to a very high interest rate.<\/p>

                                  True<\/p>

                                  False<\/p> <\/li> <\/ol>

                                  5 points <\/p>

                                  QUESTION 17<\/p>

                                  1. Short term debt is debt a company owes that is due within 1 year.<\/p>

                                    True<\/p>

                                    False<\/p> <\/li> <\/ol>

                                    5 points <\/p>

                                    QUESTION 18<\/p>

                                    1. Cash flow can be impaired by slowing down payments to suppliers.<\/p>

                                      True<\/p>

                                      False<\/p> <\/li> <\/ol>

                                      5 points <\/p>

                                      QUESTION 19<\/p>

                                      1. Units Cost<\/p>

                                        Inventory, Jan 1 8000 $11<\/p>

                                        Purchase June 21 13000 $12<\/p>

                                        Purchase Dec 21 5000 $13<\/p>

                                        If 11000 units are on hand at the end of the year, what is the cost of ending inventory using FIFO inventory system.<\/p>

                                        <\/p> <\/li> <\/ol>

                                        8 points <\/p>

                                        QUESTION 20<\/p>

                                        1. Units Cost<\/p>

                                          Inventory, Jan 1 8000 $11<\/p>

                                          Purchase June 21 13000 $12<\/p>

                                          Purchase Dec 21 5000 $13<\/p>

                                          If 11000 units are on hand at the end of the year, what is the cost of ending inventory using LIFO inventory system?<\/p> <\/li> <\/ol>

                                          8 points <\/p>

                                          QUESTION 21<\/p>

                                          1. Calculate the Net Income given the following Information<\/p>

                                            Revenue: $6000<\/p>

                                            Gross Margin Percentage: 20%<\/p>

                                            G&E expenses: $850<\/p>

                                            Depreciation Expense: $195<\/p> <\/li> <\/ol>

                                            8 points <\/p>

                                            QUESTION 22<\/p>

                                            1. Differentiate between the Governmental and for-profit Financial statements. Identify the primary statements for each and briefly describe what they convey to the reader.<\/p> <\/li> <\/ol>", "transcribed_text": "", "related_book": { "title": null, "isbn": null, "edition": null, "authors": null, "cover_image": null, "uri": null, "see_more_uri": "" }, "free_related_book": { "isbn": "", "uri": "", "name": "", "edition": "" }, "question_posted": "2024-09-12 00:03:55", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/business-communication-essentials\/8-what-are-10-ways-to-deal-with-objections-lo-1996733", "description": "8. What are 10 ways to deal with objections? (LO 11-4 and LO 11-5)", "stars": 0 }, { "url": "\/to-study-damage-to-aircraft-collide", "description": "To study damage to aircraft that collide with large birds, you design a test gun that will accelerate chicken-sized objects so that their displacement along the gun barrel is given by x = (9.0 X 103...", "stars": 3 }, { "url": "\/study-help\/questions\/question-1-a-5-year-fixed-asset-was-purchased-on-10325280", "description": "QUESTION 1 A 5 year fixed asset was purchased on Jan 1 of Year 1 and immediately placed into service. The cost was $5,000 and had no salvage value. What is the Net Book Value at the end of year 1...", "stars": 3 }, { "url": "\/study-help\/questions\/please-prepare-this-in-excel-spreadsheet-and-attach-thank-you-7941559", "description": "Please prepare this in excel spreadsheet and attach. Thank you very much. Please provide clear explanations.", "stars": 3 }, { "url": "\/study-help\/questions\/a-federally-assisted-disaster-relief-program-is-trying-to-streamline-5706820", "description": "A Federally assisted disaster relief program is trying to streamline its services and provide one-stop shopping for residents with special needs. As part of this effort, program planners decide to...", "stars": 3 }, { "url": "\/study-help\/questions\/explain-the-nature-of-human-resource-management-9755756", "description": "Explain the nature of human resource management.", "stars": 3 }, { "url": "\/study-help\/questions\/write-a-note-on-quality-circles-9755757", "description": "Write a note on Quality circles.", "stars": 3 }, { "url": "\/study-help\/questions\/evaluate-the-various-ways-available-to-make-the-quality-circle-9755758", "description": "Evaluate the various ways available to make the quality circle effective.", "stars": 3 }, { "url": "\/study-help\/questions\/describe-how-to-measure-the-quality-of-work-life-9755759", "description": "Describe how to measure the quality of work life.", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/a-machine-with-a-salvage-value-of-4000-and-10325279", "next": "\/study-help\/questions\/wergo-corp-is-considering-two-mutually-exclusive-projects-projects-a-10325281" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "QUESTION 1 A 5 year fixed asset was purchased on Jan 1", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/question-1-a-5-year-fixed-asset-was-purchased-on-10325280" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }" } }