x + pf7bXcTELHA9Wws TAKP5BkqMSIKWIROWK9g/viewform?hr submission=ChkliqmeweUBEhA5v7u Notes or accounts receivables that result from sales transactions are often called a. sales receivables b. non trade receivables c. trade receivables d. merchandise receivables A company just starting business made the following four inventory purchases in June: June 1 150 units Y 5.200 June 10 200 units 7.800 June 15 200 units 8,400 June 28 150 units 6,600 Total Y 28,000 - A physical count of merchandise Inventory on June 30 reveals that there are 200 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is a Y8.000 b 20.000 7,670 OO d VROOD f7bxc7EDHAWTARPSBkqvxM6SEKWERCOWK9g/viewform?hr submission=ChilimeweUBES c. 17,670 d. V8,000 In preparing its bank reconciliation for the month of April 2011. Franklin, Inc. has available the following information - Balance per bank statement. 4/30/11 $39.140 NSF check returned with 4/30/11 bank statement 450 Deposits in transit. 4/30/11 5,000 Outstanding checks, 4/30/11 5,200 Bank service charges for April 20 What should be the adjusted cash balance at April 30, 2011? a. $39,370 b. $38,940 c. $38,490 d. $38,470 Write your name in the blank below Able Towing Company purchased a tow truck for $75,000 on January 1, 2010. was originally depreciated on a straight-line basis over 10 years with an assumed of 115 000 on December 31, 2012, before adjusting entrenad qopl7bXc7EbHAWWSTAKP5BkqMSEKWIROWK9g/viewform?hr submission Chkljqmewe UBEHASev Able Towing Company purchased a tow truck for $75,000 on January 1, 2010. It was originally depreciated on a straight-line basis over 10 years with an assumed residual value of $15.000. On December 31, 2012, before adjusting entries had been made, the company decided to change the remaining estimated life to 4 years (including 2012) and the residual value to $2.500. What was the depreciation expense for 2012? a $7,500 b. $6,000. c. $18.750 d. $15,125 A credit balance in Cash Over and Short is reported as ain) a assel OO b. liability c. miscellaneous expense O d. miscellaneous revenue The four subdivisions for plant assets are 7bXc7ELHASWwsTAKPSBkquidMSEKW.Rcowk9g/viewform?hr submission=Chkljqmewe UBEHA15e c. miscellaneous expense. d. miscellaneous revenue. The four subdivisions for plant assets are a, land, land improvements, buildings, and equipment b. intangibles, land, buildings, and equipment c. furnishings and fixtures, land, buildings, and equipment OO d. property, plant, equipment, and land Which one of the following is not an objective of a system of internal controls? a Safeguard company assets OO b. Overstate liabilities in order to be conservative c. Enhance the accuracy and reliability of accounting records Od. Increase efficiency of operations A truck was purchased for 120,000 and it was estimated to have a 124.000 residual value at the end of its useful life, Monthly depreciation expense of f7bXcEbHASWwsTAKP5Bkqv_MSIKWEROWK9g/viewform?hr_submission=ChkljamewelBthe A truck was purchased for 120,000 and it was estimated to have a 24.000 residual value at the end of its useful life. Monthly depreciation expense of 42,000 was recorded using the straight-line method. The annual depreciation rate is a. 20% b.2% C. 8 d. 25% The cost of land does not include a real estate brokers' commission OOO b. annual property taxes c.accrued property taxes assumed by the purchaser d title fees O The term "FOB denotes tree on board The term "FOB denotes O a. free on board. O b. freight on board. O c. free only (to) buyer. O d. freight charge on buyer. The book value of an asset is equal to the a. asset's fair value less its historical cost. b. blue book value relied on by secondary markets. c. replacement cost of the asset. d. asset's cost less accumulated depreciation Beginning inventory plus the cost of goods purchased equ