Question : 131. The journal entry a company uses to record partially funded : 1233968

131. The journal entry a company uses to record partially funded pension rights for its salaried employees, at the end of the year is 
A. debit Salary Expense; credit Cash
B. debit Pension Expense; credit Unfunded Pension Liability
C. debit Pension Expense; credit Unfunded Pension Liability and Cash
D. debit Pension Expense; credit Cash

132. The journal entry a company uses to record pension rights that have not been funded for its salaried employees, at the end of the year is 
A. debit Salary Expense; credit Cash
B. debit Pension Expense; credit Unfunded Pension Liability
C. debit Pension Expense; credit Unfunded Pension Liability and Cash
D. debit Pension Expense; credit Cash

133. Zeno Company provides its employees with varying amount of vacation per year, depending on the length of employment. The estimated amount of the current year’s vacation cost is $182,400. The journal entry to record the adjusting entry required on December 31, the end of the current year, to record the current month’s accrued vacation pay is 
A. $182,400
B. $91,200
C. $0
D. $15,200

134. Geno Company provides its employees with varying amount of vacation per year, depending on the length of employment. The estimated amount of the current year’s vacation cost is $190,000. The journal entry to record the adjusting entry required on December 31, the end of the current year, to record the current month’s accrued vacation pay is 
A. $190,000
B. $20,000
C. $0
D. $15,200

135. Quick assets include 
A. cash; cash equivalents, receivables, prepaid expenses, and inventory
B. cash; cash equivalents, receivables, and prepaid expenses
C. cash; cash equivalents, receivables, and inventory
D. cash; cash equivalents, and receivables

136. Which of the following is the most desirable quick ratio? 
A. 1.20
B. 1.00
C. 0.95
D. 0.50

137. Another name for the quick ratio is 
A. quick cash ratio
B. current ratio
C. working capital ratio
D. acid-test ratio

138. Based on the following data, what is the acid-test ratio, rounded to one decimal point?

Accounts payable$  30,000

Accounts receivable60,000

Accrued liabilities5,000

Cash30,000

Intangible assets50,000

Inventory69,000

Long-term investments80,000

Long-term liabilities100,000

Marketable securities30,000

Fixed assets670,000

Prepaid expenses1,000

 
A. 3.4
B. 3.0
C. 2.2
D. 1.8

139. Searches Company sells merchandise with a one year warranty. In 2007, sales consisted of 2,500 units. It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2007 and 70% in 2008. In the 2007 income statement, Searches should show warranty expense of 
A. $25,000
B. $7,500
C. $17,500
D. $0

140. During September, Eltronics sold 100 radios for $50 each. Each radio cost Eltronics $30 to purchase, and carried a two-year warranty. If 5% typically need to be replaced over the warranty period and one is actually replaced during September, for what amount in September would Eltronics debit Product Warranty Expense? 
A. $50
B. $150
C. $30
D. $120