ACC 290 WEEK 5 Final Exam

Feb 3rd, 2012
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ACC 290 Final Exam Question 1 Jackson Company recorded the following cash transactions for the year: Paid $135,000 for salaries. Paid $60,000 to purchase office equipment. Paid $15,000 for utilities. Paid $6,000 in dividends. Collected $245,000 from customers. Question 2 Which of the following describes the classification and normal balance of the Unearned Rent Revenue account? Question 3 Posting Question 4 The following is selected information from L Corporation for the fiscal year ending October 31, 2014. Cash received from customers $300,000 Revenue earned 390,000 Cash paid for expenses 170,000 Cash paid for computers on November 1, 2013 that will be used for 3 years 48,000 Expenses incurred including any depreciation 216,000 Question 5 La More Company had the following transactions during 2013. • Sales of $4,500 on account • Collected $2,000 for services to be performed in 2014 • Paid $1,325 cash in salaries • Purchased airline tickets for $250 in December for

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ACC 290 Final ExamQ 94:Jackson Company recorded the following cash transactions for the year:Paid $ 135,000 for salaries.Paid $60,000 to purchase office equipment.Paid $ 15,000 For utilities.Paid $6,000 in dividends.Collected $24 5,000 from customers.What was Jackson's net cash provided by operating activities?$95,000Q 78:The following is selected information from L Corporation for the fiscal year ending October 31, 2014Based on the accrual basis of accounting, what is L Corporation's net income for the year ending October 31, 2014$174,000Q 81:La More Company had the Following transactions during 2013.- Sa les of $4,500 on account- Collected $2,000 For services to be performed in 2014- Paid $1,325 cash in salaries- Purchased ai rline tickets For $250 in December For a trip to take place in 2014What is La More's 2013 net income using cash basis accounting?$425Q 100:Which of the following is not a justification for adjusting entries?Adjusting entries are necessary to bring the general ledger accounts in line with the budget. Explanation: Budgets are used for managerial accounting purposes and should not be modified with adjusting entries. Q 120: The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $ 1,000 on hand. The adjusting entry that should be made by the company on June 30 isdebit Laundry Expense,

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