I need help with 11 questions (section 4) in accounting

Oct 14th, 2015
Business Finance
Price: $5 USD

Question description

3. Individual inventory items are tracked in the:

a. accounts receivable ledger

b. inventory ledger

c. accounts payable ledger

d. purchases journal

4. Which of the following goods should Pin Department Store include in its December 31 count?

a. goods held on consignment from ABC Wholesale

b. goods sold and shipped to Gray Brothers, in-transit F.O.B shipping point

c. goods that have been consigned to Dalton Brothers

d. goods in transit purchased F.O.B. destination point

8. Costs and assessments that should be charged to the land account include:

a. streets

b. parks

c. flood prevention

d. All of the above.

9. Which of the following assets would not be classified as property, plant, and equipment?

a. delivery truck

b. copyright

c. land

d. furniture

10. The amount to include in the entry to record the cost of a property, plant, and equipment asset

would include:

a. acquisition cost

b. freight

c. installation

d. All of the above.

13. What would be the depreciation expense in year 1, using units-of-production, for a molding

 machine that cost $18,000, had a useful life of 3 years, and an estimated total machine hours

 of 36,000? The salvage value is $3,000 and production in year 1 was 10,000 hours.

a. $5,000

b. $4,167

c. $6,000

d. $2,167

18. Sunrise Online issued 500 shares of its $10 common stock in exchange for equipment with a

 fair market value of $7,500. The entry to record the transaction would include a:

a. debit to Equipment for $5,000

b. debit to Common Stock for $5,000

c. credit to Paid-in Capital in Excess of Par Value for $2,500

d. credit to Common Stock Subscribed for $5,000

Unit 4 Examination

19. Dolly’s Best issued 200 shares of its $10 common stock in exchange for used packaging

 equipment with a fair market value of $2,400. The entry to record the acquisition of the

 equipment would include a:

a. debit to Equipment for $2,000

b. debit to Paid-in Capital in Excess of Par for $400

c. credit to Common Stock for $2,400

d. debit to Equipment for $2,400

21. In a comparative balance sheet, the ending Cash for 2012 was $315,000 and is $270,000

 for 2013. The net increase or decrease from 2012 to 2013 is:

a. 86.0%

b. 14.3%

c. 26.4%

d. 16.7%

24. If the average collection period is 35 days, this means:

a. from the date of purchase to the date of payment is 35 days

b. from the date of sale to the date of receipt of payment is 35 days

c. from the date of discount to the date of receipt of payment is 35 days

d. None of the above.

Unit 4 Examination

25. The inventory turnover ratio calculates:

a. how many times the inventory turns over in one period

b. number of times inventory is purchased in one period

c. the dollar amount of change in inventory in one period

d. None of the above.

Tutor Answer

(Top Tutor) Doctor Gabler
School: Carnegie Mellon University

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