Kaplan ac113 unit 8 exam 2015

Aug 20th, 2016
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Question 1. Merchandise inventory is reported on the balance sheet in the section entitled _____. current assets fixed assets current liabilities stockholders' equity Question 2. Question : A machine with a useful life of 10 years and a residual value of $4,000 was purchased for $30,000. What is annual depreciation under the straight-line method? $3,000 $3,400 $2,600 $5,200 Question 3. Question : The Drilling Company purchased a mining site for $500,000 on July 1, 2010. The company expects to mine ore for the next 10 years and anticipates that a total of 100,000 tons will be recovered. The estimated residual value of the property is $80,000. During 2010, the company extracted 6,500 tons of ore. The depletion expense for 2010 is $37,700 $42,000 $32,500 $27,300 Question 4. Question : What type of account is Allowance for Doubtful Accounts? Contra asset Asset Revenue Expense Question 5. Question : Use the following data to calculate cost of merchandise sold under FIFO me

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Kaplan ac113 unit 8 exam 2015Report this Question as InappropriateQuestion 1. Merchandise inventory is reported on the balance sheet in the section entitled _____.current assetsfixed assetscurrent liabilitiesstockholders' equityQuestion 2. Question : A machine with a useful life of 10 years and a residual value of $4,000was purchased for $30,000. What is annual depreciation under the straight-line method?$3,000$3,400$2,600$5,200Question 3. Question : The Drilling Company purchased a mining site for $500,000 on July 1,2010. The company expects to mine ore for the next 10 years and anticipates that a total of100,000 tons will be recovered. The estimated residual value of the property is $80,000. During2010, the company extracted 6,500 tons of ore. The depletion expense for 2010 is$37,700$42,000$32,500$27,300Question 4. Question : What type of account is Allowance for Doubtful Accounts?Contra assetAssetRevenueExpenseQuestion 5. Question : Use the following data to calculate cost of merchandise sold under FIFOmethod.September 1 Beginning Inventory 15 units @ $20September 10 Purchases 20 units @ $25September 20 Purchases 25 units @ $28September 30 Ending Inventory 30 units$825$750$675$600Question 6. Question : A 60-day, 10% note for $6,000 dated April 15 is received from acustomer on account.The face value of the note is _______.: $6,100$5,400$5,900$6,000Question 7. Question : In reference to a promissory note, the person who makes the

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