I need help with Accounting questions please - Business 110

timer Asked: Oct 12th, 2015
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Question description

2. Equipment with a cost of $150,000 has an accumulated depreciation of $100,000. What is

 the historical cost of the equipment?

a. $150,000

b. $50,000

c. $200,000

d. $100,000

4. The adjusted trial balance columns:

a. help to ensure the ledger is still in balance

b. help to identify any errors that may have been made during adjustment

c. show updated account balances to aid in preparation of the financial statements

d. All of the above.

10. The entry to close income summary (net loss) was entered in reverse—income summary was

 debited and capital was credited. This error will cause:

a. income summary to have a credit balance

b. income summary to have a debit balance

c. the assets to be overstated

d. the liabilities to be overstated

12. Closing entries will:

a. increase the owner’s capital

b. decrease the owner’s capital balance

c. either increase or decrease owner’s capital

d. not affect the owner’s capital balance

22. Bob Hill’s hourly rate is $25.00, and he worked 38 hours during the week. What is his gross

 pay for the week?

a. $950

b. $780

c. $1,000

d. $975

24. Which of the below allowances would have the least amount of taxes withheld for federal

 income tax purposes?

a. S-1

b. S-0

c. S-3

d. S-2

25. Blue’s Tax Service has two types of employees: management and clerical support. The

 company estimates that it will pay the clerical support $300,000 next year and the managers

 $255,000. For every $100, the company pays $0.14 into the workers’ compensation

 insurance. Calculate the amount of workers’ compensation insurance.

a. $777

b. $336

c. $441

d. None of the above

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Duke University

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