Remaining Time: 2 hours 30 minutes, 22 seconds. Question Completion Status: QUESTION 15 What are the correct amounts missing from the condensed income statement of Arch Company Arch Company $315,000 Net income Sales Gross profit Operating expenses Cost of goods sold 430,000 545,000 a. Sales: 5860,000; Operating expenses $115,000 b. Sales: 8975,000, Operating expenses: $230,000 Sales: 3975,000; Operating expenses $115.000 d. Sales: $860,000, Operating expenses $230,000 QUESTION 16 The counting cycle requires three trial balances be done. In what order should they be prepared a unadjusted, adyusted, post-closing b. post closing, adyusted, adjusted adjusted post-closing adjusted d. pou-closing, nausted, adjusted QUESTION 17 Which of the following is included in the process by which accounting provides information to users a. All of the above b. Record economic data about business activities and events Assessers' information needs and design the accounting information system to meet r eeds d. Prepare account reports for users QUESTION 18 Remaining Time: 2 hours. 29 minutes, 59 seconds. Question Completion Status QUESTION 18 Cost flow is in the reverse order in which costs were incurred when using a. Lasti, first-out ob, average cost O first-in, first-out d. weighted average QUESTION 19 Which of the following accounts carry a normal debut balance? Inventory. Cont of Goods Sold. Customer Refunde Payable, and Sales O Delivery Expense, Customer Refunds Payable. Estimated Retum vetery Sales c. Inventory. Delivery Expense, Cost of Goods Sold, and stimated Return tovestory O Ses Tu Pyable, Inventory, Delivery Expens, and Customer Refunds Payable to QUESTION 20 Dollar Cowold merchandise to Pound Co. on account, $25.500, terme 2/15, net 45. Pound Co. paid the invoice within the scopened What is the sales amount to be recorded in the aber a $25,500 526 010 116.000 d. 524,990 QUESTION 21 Pierce Company sold to Santos Company merchandise on account FOB shopping post, 2/10, net 30 for $20,000. Pierce prepaid the $500 shipping charge. Which of the following entries does Pierce make a card this al a Accounts Receivable Station, debit $20,000, Sales, credit $20.000 Accounts Receivable Saston, debit 519,000, Sales, credit 519.600, and Accounts Receivable State, de 1500, Cash, credit $500 Accounts Recevable Stanton, debit 520,000; Sales, credit 520,000, and Delivery Expense, debit $500 Cash credit $500 d. Accounts Receivable Stanton, debit 520.100, Sales, credit $20,100 Click Save and submit to send mit Chick Save All A r t Wallander Remaining Time: 2 hours, 29 minutes, 37 seconds. Question Completion Status: QUESTION 22 Gently Laser Clinic purchased laser equipment for 58,500 and paid $2.250 down with the remainder to be paid later. The correct entry would be Equipment 8.500 a. Accounts Payable 6,250 Cash 2,250 Cash 2,250 ob, Accounts Payable 6,250 Equipment 8,500 Equipment Expense 8,500 Accounts Payable 2.250 Cash 6,250 Equipment 2.250 2,250 Cash QUESTION 23 The following units of an inventory item were available for sale during the year. Use this information to answer the following questions Beginning inventory 10 units $55 First purchase 25 units $50 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold The ending inventory cost rounded to nearest dollar using average cost is a $1,375 b. $1,263 OG $1,150 d. $1.353 QUESTION 24 Jefferson uses the percent of sales method of estimating uncollectible expenses. Based on past history, 26 of credit sales are expected to be uncollectible Sales for the current year are 55 550,000 Which of the board XCIOD Remaining Time: 2 hours. 29 minutes. 13 seconds. Question Completion Status: $1353 QUESTION 24 .550.000. Which of the following is correct Jefferson uses the percent of sales method of estimating uncollectible expenses. Based on past history, 26 of credit sales are expected to be collectible Sales for the current years a. Uncollectable accounts are estimated to be $111.000 b. Bu debt expense is estimated to be 55.550 debt expense is estimated to be $11.100 d. Uncollectible accounts are estimated to be $55,500 QUESTION 25 The following totals for the mouth of J y were taken from the payroll repter of May Company Salaries expense Social security and Medicare taxes withheld Income taxes withheld Retirement savings Salaries subject to federal and state unemployment taxes of 62 percent $16,000 2,125 3,000 8,000 The try to record the accrual of employer's payroll taxes would include a debutto a Social Security and Medicare Tax Payable for $2,125 b. Payroll Tax Expense for $1,809 Payroll Tax Expense for $2,621 d. Payroll Tax Expense for $2.369 QUESTION 26 Calculate the roofit for Macy Company based on the following 5764 cod CharSubmittee and submit Chow All A t walan Remaining Time: 2 hours 30 minutes, 22 seconds. Question Completion Status: QUESTION 15 What are the correct amounts missing from the condensed income statement of Arch Company Arch Company $315,000 Net income Sales Gross profit Operating expenses Cost of goods sold 430,000 545,000 a. Sales: 5860,000; Operating expenses $115,000 b. Sales: 8975,000, Operating expenses: $230,000 Sales: 3975,000; Operating expenses $115.000 d. Sales: $860,000, Operating expenses $230,000 QUESTION 16 The counting cycle requires three trial balances be done. In what order should they be prepared a unadjusted, adyusted, post-closing b. post closing, adyusted, adjusted adjusted post-closing adjusted d. pou-closing, nausted, adjusted QUESTION 17 Which of the following is included in the process by which accounting provides information to users a. All of the above b. Record economic data about business activities and events Assessers' information needs and design the accounting information system to meet r eeds d. Prepare account reports for users QUESTION 18 Remaining Time: 2 hours. 29 minutes, 59 seconds. Question Completion Status QUESTION 18 Cost flow is in the reverse order in which costs were incurred when using a. Lasti, first-out ob, average cost O first-in, first-out d. weighted average QUESTION 19 Which of the following accounts carry a normal debut balance? Inventory. Cont of Goods Sold. Customer Refunde Payable, and Sales O Delivery Expense, Customer Refunds Payable. Estimated Retum vetery Sales c. Inventory. Delivery Expense, Cost of Goods Sold, and stimated Return tovestory O Ses Tu Pyable, Inventory, Delivery Expens, and Customer Refunds Payable to QUESTION 20 Dollar Cowold merchandise to Pound Co. on account, $25.500, terme 2/15, net 45. Pound Co. paid the invoice within the scopened What is the sales amount to be recorded in the aber a $25,500 526 010 116.000 d. 524,990 QUESTION 21 Pierce Company sold to Santos Company merchandise on account FOB shopping post, 2/10, net 30 for $20,000. Pierce prepaid the $500 shipping charge. Which of the following entries does Pierce make a card this al a Accounts Receivable Station, debit $20,000, Sales, credit $20.000 Accounts Receivable Saston, debit 519,000, Sales, credit 519.600, and Accounts Receivable State, de 1500, Cash, credit $500 Accounts Recevable Stanton, debit 520,000; Sales, credit 520,000, and Delivery Expense, debit $500 Cash credit $500 d. Accounts Receivable Stanton, debit 520.100, Sales, credit $20,100 Click Save and submit to send mit Chick Save All A r t Wallander Remaining Time: 2 hours, 29 minutes, 37 seconds. Question Completion Status: QUESTION 22 Gently Laser Clinic purchased laser equipment for 58,500 and paid $2.250 down with the remainder to be paid later. The correct entry would be Equipment 8.500 a. Accounts Payable 6,250 Cash 2,250 Cash 2,250 ob, Accounts Payable 6,250 Equipment 8,500 Equipment Expense 8,500 Accounts Payable 2.250 Cash 6,250 Equipment 2.250 2,250 Cash QUESTION 23 The following units of an inventory item were available for sale during the year. Use this information to answer the following questions Beginning inventory 10 units $55 First purchase 25 units $50 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold The ending inventory cost rounded to nearest dollar using average cost is a $1,375 b. $1,263 OG $1,150 d. $1.353 QUESTION 24 Jefferson uses the percent of sales method of estimating uncollectible expenses. Based on past history, 26 of credit sales are expected to be uncollectible Sales for the current year are 55 550,000 Which of the board XCIOD Remaining Time: 2 hours. 29 minutes. 13 seconds. Question Completion Status: $1353 QUESTION 24 .550.000. Which of the following is correct Jefferson uses the percent of sales method of estimating uncollectible expenses. Based on past history, 26 of credit sales are expected to be collectible Sales for the current years a. Uncollectable accounts are estimated to be $111.000 b. Bu debt expense is estimated to be 55.550 debt expense is estimated to be $11.100 d. Uncollectible accounts are estimated to be $55,500 QUESTION 25 The following totals for the mouth of J y were taken from the payroll repter of May Company Salaries expense Social security and Medicare taxes withheld Income taxes withheld Retirement savings Salaries subject to federal and state unemployment taxes of 62 percent $16,000 2,125 3,000 8,000 The try to record the accrual of employer's payroll taxes would include a debutto a Social Security and Medicare Tax Payable for $2,125 b. Payroll Tax Expense for $1,809 Payroll Tax Expense for $2,621 d. Payroll Tax Expense for $2.369 QUESTION 26 Calculate the roofit for Macy Company based on the following 5764 cod CharSubmittee and submit Chow All A t walan