Question : 131. The journal entry a company uses to record pension rights : 1246524

131. 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 CashB. debit Pension Expense; credit Unfunded Pension LiabilityC. debit Pension Expense; credit Unfunded Pension Liability and CashD. debit Pension Expense; credit Cash

132. Zennia 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 $165,000.  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. $165,000B. $82,500C. $0D. $13,750

133. Quick assets include  A. cash; cash equivalents, receivables, prepaid expenses, and inventoryB. cash; cash equivalents, receivables, and prepaid expensesC. cash; cash equivalents, receivables, and inventoryD. cash; cash equivalents, and receivables

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

135. Another name for the quick ratio is  A. quick cash ratioB. current ratioC. working capital ratioD. acid-test ratio

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

Accounts payable

$  30,000

Accounts receivable

60,000

Accrued liabilities

5,000

Cash

30,000

Intangible assets

50,000

Inventory

69,000

Long-term investments

80,000

Long-term liabilities

100,000

Marketable securities

30,000

Fixed assets

670,000

Prepaid expenses

1,000

 A. 3.4B. 3.0C. 2.2D. 1.8

137. Research Company sells merchandise with a one year warranty.  In 2009, 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 2009 and 70% in 2010.  In the 2009 income statement, Searches should show warranty expense of A. $25,000B. $7,500C. $17,500D. $0

138. During September, Excom sold 100 radios for $50 each.  Each radio cost Excom $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 Excom debit Product Warranty Expense? A. $50B. $150C. $30D. $120

139. The Crafter Company had the following assets and liabilities as of December 31, 2009: 

ASSETS

Cash

$35,000

Accounts receivable

15,000

Inventory

30,000

Equipment

50,000

LIABILITIES

Current portion of long-term debt

10,000

Accounts payable

2,000

Long-term debt

25,000

Determine the quick ratio for the end of the year (rounded to one decimal point). A. 6.7B. 13.0C. 4.2D. 3.5

140. Elgin Company sells merchandise with a one year warranty.  In 2009, 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 2009 and 70% in 2010.  In the 2009 income statement, Elgin should show warranty expense of  A. $7,500B. $17,500C. $25,000D. $0