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Question 3 0 out of 3 points Copper Company engaged in the following transactions during April: Performed services for cash $215,000 Performed services on credit 108,000 Purchased office supplies on account 56,000 Paid salaries in cash 129,000 Collected on account ?? Paid on account 38,000 If the balance in cash after these transactions is $115,000, how much cash was collected on account? Answers: a. $67,000 b. c. d. $62,000 $15,000 $29,000 Question 5 0 out of 3 points A company's five-day weekly payroll of $890 is paid on Fridays. Assume that the last day of the month falls on Tuesday. Which of the following is the required adjusting entry for the month end? . Answers: b. Debit Salaries Expense $534 and credit Salaries Payable $534 c. Debit Unpaid Salaries $356 and credit Salaries Payable $356. d. Debit Salaries Expense $356 and credit Salaries Payable $356. Question 10 0 out of 3 points Use this information to answer the following question. Account Name Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Freight-In Selling Expenses General and Administrative Expenses Debit Credit 150,000 5,000 25,000 4,000 6,000 15,000 55,000 In addition, beginning merchandise inventory was $11,000 and ending merchandise inventory was $7,000. Cost of goods sold for the period was . Answers: a. $31,000. b. $25,000 c. $38,000. d. $23,000. Question 14 0 out of 4 points Using the following transactions, calculate the ending balance of total assets: a. Opened business by investing $72,000 in cash. b. Paid one year's insurance in advance, $4,800. c. Billed customers for services rendered, $12,000. d. Received utility bill, to be paid next month, $800. e. Received $1,600 in advance of performing a service. f. Received $8,800 from customers billed in c. g. Paid $600 on the utility bill of d. h. Withdrawals of $4,000 were made by the owner. Answers: a. $81,000 credit b. $81,000 debit c. $72,000 debit d. $72,000 credit Question 16 0 out of 4 points Using the following transactions, calculate the ending balance of Cash: a. Opened business by investing $72,000 in cash. b. Paid one year's insurance in advance, $4,800. c. Billed customers for services rendered, $12,000. d. Received utility bill, to be paid next month, $800. e. Received $1,600 in advance of performing a service. f. Received $8,800 from customers billed in c. g. Paid $600 on the utility bill of d. h. Withdrawals of $4,000 were made by the owner. Answers: a. $72,000 debit b. $72,000 credit c. $73,000 credit d. $73,000 debit Question 17 0 out of 3 points During the most recent month, Ostriker Company began operations with a cash balance of $0 and made made cash sales of $81,000. During this same time period, the company paid $32,000 in cash expenses. Additionally, the company purchased supplies on account, $34,000, made sales on account, $90,000, and received cash on the credit sales $52,000. If cash at the end of the month totals $74,000, how much cash was paid on account? Answers: a. $27,000 b. $32,000 c. $52,000 d. $74,000 Question 21 1 out of 4 points Each of the following statements is justified by a concept or convention of accounting. Write the letter in the blank next to each statement corresponding to the concept or convention involved. a. Consistency b. Materiality c. Conservatism d. Full disclosure e. Cost-benefit Question This convention best enhances comparability of financial statements between years. A merger agreed on just after the balance sheet date nevertheless is reported in the notes to the financial statements. A company forgoes hiring another full-time accountant, which would add only slightly to the financial statements' accuracy. A company uses lower-of-cost-or-market to value inventory. A large company rounds its financial statement figures to the nearest $10,000. Question 22 2 out of 4 points The following lettered items represent a classification scheme for a balance sheet, and the numbered items represent accounts. Match each account to the category to which category it belongs. a. Current assets b. Investments c. Plant and equipment d. Intangible assets e. Current liabilities f. Long-term liabilities g. Owner's equity h. Not on balance sheet Question Accumulated Depreciation Revenues Received in Advance Interest Expense Wages Payable Owner's Capital Inventory Trademark Notes Payable (in five years) Depreciation Expense Prepaid Interest Land Held for Future Use Question 23 0 out of 4 points Match the following financial statement ratios with their definition. Question Working capital B. A measure of liquidity; current assets divided by current liabilities Current ratio C. A measure of profitability that shows the percentage of each sales dollar that results in net income Profit margin G. A measure of how efficiently assets are used to produce sales Return on Assets Debt to equity ratio E. A measure of profitability that shows the proportion of a company's assets that is financed by creditors and the proportion financed by owners Return on equity A. A measure of liquidity that shows the net current assets on hand to continue business operations Asset turnover F. A measure of profitability that relates the amount earned by a business to the owner's investment in the business D. A measure of profitability that shows how efficiently a company uses its assets to produce income Question 24 4 out of 4 points The following lettered items represent a classification scheme for a multistep income statement. For each account, match the letter indicating to which category it belongs. a. Revenues b. Cost of goods sold c. Selling expenses d. General and administrative expenses e. Other revenues and expenses f. Not on income statement 1. Depreciation Expense (for delivery truck) 6. Rent Expense (for main office) 2. Dividend Income 3. Cash 4. Interest Income 5. Prepaid Rent 7. Advertising Expense 8. Personnel Expense 9. Unearned Revenue 10. Sales Discounts Question Depreciation Expense (for delivery truck) Dividend Income Cash Interest Income Prepaid Rent Rent Expense (for main office) Advertising Expense Personnel Expense Unearned Revenue Sales Discounts Question 25 0 out of 4 points The following steps in the accounting cycle are presented out of order below. Arrange the steps in proper order. ______ a. Prepare an adjusted trial balance. ______ b. Record entries in the journal. ______ c. Adjust the accounts. ______ d. Prepare a trial balance. ______ e. Analyze business transactions from source documents. ______ f. Post entries to the ledger. Answers a. Prepare an Adjusted Trial Balance. c. Adjust the accounts. e. Analyze business transactions from source documents. b. Record the entries in the journal. f. Post the entries to the journal. d. Prepare a Trial Balance Question 27 0 out of 3 points Use this information pertaining to Tucson Company to answer the following question: 1. The corporation's Supplies account showed a beginning debit balance of $400 and supplies purchased of $1,600. There were $600 of supplies on hand at year end. 2.Depreciation on a building is estimated to be $10,000. 3.A one-year insurance policy was purchased for $4,800. Five months have passed since the purchase. 4.Accrued interest on a note receivable amounted to $200. 5.The company received a $3,600 advance payment during the year on services to be performed. By the end of the year, one-third of the services had been performed. The adjusting entry for the insurance policy is Answers: b. Insurance Expense Prepaid Insurance c. Prepaid Insurance Insurance Expense d. Insurance Expense Question 28 0 out of 3 points Use this information pertaining to Tucson Company to answer the following question. 1. The corporation's Supplies account showed a beginning debit balance of $400 and supplies purchased of $1,600. There were $600 of supplies on hand at year end. 2.Depreciation on a building is estimated to be $10,000. 3.A one-year insurance policy was purchased for $4,000. Six months have passed since the purchase. 4.Accrued interest on a note receivable amounted to $200. 5.The company received a $3,600 advance payment during the year on services to be performed. By the end of the year, one-third of the services had been performed. The adjusting entry to record the amount of service revenue earned during the accounting period is Answers: b. c. Service Revenue Unearned Revenue d. Unearned Revenue Unearned Revenue Question 30 0 out of 3 points If creditors' payment terms are 60 days, financing period is 20 days, and it takes 30 days to collect the amount from customers. What time does it take to sell the inventory? . Answers: a. 60 days. b. 20 days. c. 30 days. d. 50 days Tuesday, September 16, 2014 4:42:48 PM EDT