Which of the following are classified as Accounts Receivable (more than one possible correct answer) Monies that customers owe us from sale of merchandise Loans we made to a customer Tax refunds owed to us by the IRS Monies that customers owe us for providing a service Accounts Payable $55,000 Land $90,000 Inventory $10,500 Accounts Receivable $7,500 Equipment $8,000 Deferred Revenue $58,500 Short term Investments $20,000 Notes Receivable (due in 8 months) $45,500 Interest Payable $2,000 Patents $75,000 262) What is the total amount of property, plant, and equipment assuming the accounts above reflect normal activity A) $98,000 B) $110,000 C) $165,000 D) $90,000 Inventory records for ABC revealed the following Date Transaction Number of Units Unit Cost Apr 1 Beginning inventory 500 $2 40 Apr 20 Purchase 400 2 50 ABC sold 700 units of inventory during the month Ending inventory assuming LIFO would be A) $480 B) $500 C) $490 D) $470 A physical inventory count is necessary to calculate Cost of Goods Sold in Perpetual Inventory Accounting but not in Periodic Inventory Accounting in neither Periodic Inventory Accounting nor Perpetual Inventory Accounting in Periodic Inventory Accounting but not in Perpetual Inventory Accounting in both Periodic Inventory Accounting and in Perpetual Inventory Accounting ABC sells soccer goals to customers over the Internet History has shown that 2 of ABC's goals will need repair under the warranty program For the year, ABC has sold 4,000 goals and 45 have been repaired If the estimated cost to repair a goal is $200, what would be the warranty liability at the end of the year A) $16,000 B) $0 C) $9,000 D) $7,000

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Posted on Sep 04, 2024

Which of the following are classified as Accounts Receivable (more than one possible correct answer)?
1. Monies that customers owe us from sale of merchandise.
2. Loans we made to a customer.
3. Tax refunds owed to us by the IRS.
4. Monies that customers owe us for providing a service.

Accounts Payable	$55,000
Land	$90,000
Inventory	$10,500
Accounts Receivable	$7,500
Equipment	$8,000
Deferred Revenue	$58,500
Short-term Investments	$20,000
Notes Receivable (due in 8 months)	$45,500
Interest Payable	$2,000
Patents	$75,000

262) What is the total amount of property, plant, and equipment assuming the accounts above reflect normal activity?

A) $98,000. B) $110,000. C) $165,000. D) $90,000.

ABC sold 700 units of inventory during the month. Ending inventory assuming LIFO would be: A) $480. B) $500. C) $490. D) $470.

A physical inventory count is necessary to calculate Cost of Goods Sold
1. in Perpetual Inventory Accounting but not in Periodic Inventory Accounting
2. in neither Periodic Inventory Accounting nor Perpetual Inventory Accounting
3. in Periodic Inventory Accounting but not in Perpetual Inventory Accounting
4. in both Periodic Inventory Accounting and in Perpetual Inventory Accounting

ABC sells soccer goals to customers over the Internet. History has shown that 2% of ABC's goals will need repair under the warranty program. For the year, ABC has sold 4,000 goals and 45 have been repaired. If the estimated cost to repair a goal is $200, what would be the warranty liability at the end of the year?

A) $16,000. B) $0. C) $9,000. D) $7,000.