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Question : 127.Here the trial balance for McLeary Corporation: McLeary Corporation Trial Balance : 1244310

Accounting

 

 

127.Here is the trial balance for McLeary Corporation:

 

McLeary Corporation

Trial Balance

January 31, 20×7

Cash

$3,000

 

Accounts Receivable

2,000

 

Art Supplies

3,000

 

Office Supplies

5,000

 

Prepaid Rent

7,000

 

Prepaid Insurance

5,000

 

Art Equipment

5,000

 

Office Equipment

3,000

 

Accounts Payable

 

$10,000

Common Stock

 

5,000

Retained Earnings

 

5,000

Dividends

?

 

Advertising Fees Earned

 

?

Wages Expense

?

 

Utilities Expense

5,000

 

Telephone Expense

3,000

 

 

$       A

$           B

 

If the trial balance showed a balance of $7,000 in the Dividends account and a balance of $10,500 in the Wages Expense account, what would be the amount of Advertising Fees Earned for the period?

 

a.

$48,500

b.

$23,500

c.

$38,500

d.

$53,500

 

 

 

128.Here is the trial balance for McLeary Corporation:

 

McLeary Corporation

Trial Balance

January 31, 20×7

Cash

$11,000

 

Accounts Receivable

2,000

 

Art Supplies

3,000

 

Office Supplies

5,000

 

Prepaid Rent

7,000

 

Prepaid Insurance

5,000

 

Art Equipment

5,000

 

Office Equipment

3,000

 

Accounts Payable

 

$10,000

Common Stock

 

5,000

Retained Earnings

 

5,000

Dividends

?

 

Advertising Fees Earned

 

?

Wages Expense

?

 

Utilities Expense

5,000

 

Telephone Expense

3,000

 

 

$       A

$          B

 

On the trial balance, total assets equal

 

a.

$31,000.

b.

$49,000.

c.

$51,000.

d.

$41,000.

 

 

 

129.Here is the trial balance for McLeary Corporation:

 

McLeary Corporation

Trial Balance

January 31, 20×7

Cash

$3,000

 

Accounts Receivable

2,000

 

Art Supplies

3,000

 

Office Supplies

5,000

 

Prepaid Rent

7,000

 

Prepaid Insurance

5,000

 

Art Equipment

5,000

 

Office Equipment

3,000

 

Accounts Payable

 

$10,000

Common Stock

 

5,000

Retained Earnings

 

5,000

Dividends

?

 

Advertising Fees Earned

 

?

Wages Expense

?

 

Utilities Expense

5,000

 

Telephone Expense

3,000

 

 

$       A

$           B

 

If the trial balance showed a balance of $8,000 in the Wages Expense account and a balance of $40,500 in the Advertising Fees Earned account, what would be the amount of A?

 

a.

$55,500

b.

$50,500

c.

$60,500

d.

$65,500

 

 

 

 

 

130.Here is the trial balance for McLeary Corporation:

 

McLeary Corporation

Trial Balance

January 31, 20×7

Cash

$3,000

 

Accounts Receivable

2,000

 

Art Supplies

3,000

 

Office Supplies

5,000

 

Prepaid Rent

7,000

 

Prepaid Insurance

5,000

 

Art Equipment

5,000

 

Office Equipment

3,000

 

Accounts Payable

 

$10,000

Common Stock

 

5,000

Retained Earnings

 

5,000

Dividends

?

 

Advertising Fees Earned

 

?

Wages Expense

?

 

Utilities Expense

5,000

 

Telephone Expense

3,000

 

 

$       A

$           B

 

If the trial balance showed a balance of $4,000 in the Wages Expense account and a balance of $30,000 in the Advertising Fees Earned account, what would be the amount of Dividends?

 

a.

$14,000

b.

$5,000

c.

$25,000

d.

$19,000

 

 

 

131.Which of the following errors will not cause the debit and credit columns of the trial balance to be unequal?

 

a.

A debit entry was recorded in the wrong account.

b.

The account balance was carried to the wrong column of the trial balance.

c.

The balance of an account was incorrectly computed.

d.

A debit was entered in an account as a credit.

 

 

 

132.The primary purpose of the trial balance is to test the

 

a.

recording of transactions.

b.

equality of debit and credit entries in the journal.

c.

analysis of transactions.

d.

equality of debit and credit balances in the ledger.

 

 

 

133.A $120 credit item is posted as a debit. The trial balance column totals therefore will differ by

 

a.

$120.

b.

$240.

c.

$480.

d.

$0.

 

 

 

134.Which of the following errors will not cause the debit and credit columns of a trial balance to be unequal?

 

a.

The trial balance was incorrectly summed.

b.

Only part of an entry was posted.

c.

A debit was posted to an account as a credit.

d.

An entry was posted twice.

 

 

 

135.Which of the following errors will cause a trial balance to be out of balance?

 

a.

The bookkeeper forgot to record a transaction.

b.

A credit was posted to an account as a debit.

c.

The bookkeeper forgot to post an entry to the ledger.

d.

A debit to Office Equipment was incorrectly debited to Office Supplies.

 

 

 

136.Which of the following errors will cause a trial balance to be out of balance?

 

a.

Incorrectly recording the purchase of land for cash as a debit to Cash and a credit to Land

b.

Placing a debit balance amount into the credit balance column of the ledger

c.

Posting a debit to Land as a debit to Machinery

d.

Omitting an entire transaction

 

 

 

 

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July 1, 2023
    

 

71) Suppose the change in the government's debt-to-GDP ratio in a given year is 0.026. This figure tells us that the government's debt-to-GDP ratio has

A) fallen by 0.026%.

B) risen by 0.026%.

C) risen by 2.6 percentage points.

D) fallen by 2.6 percentage points.

E) risen by 0.026 percentage points.

72) Suppose the government's debt-to-GDP ratio on January 1 of Year 1 is 32%. The change in the debt-to-GDP ratio during Year 1 is -0.037. On January 1 of Year 2 the government's debt-to-GDP ratio is

A) 31.963%.

B) 32. 037%.

C) 28.3%.

D) 35.7%.

E) Not enough information to determine.

73) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 50%.

C) fallen by 50%.

D) risen by 0.5 percentage points.

E) fallen by 0.5 percentage points.

74) Consider the following data about government debt and deficit in a given year:

A) 82 percentage points.

B) 8.2 percentage points.

C) 0.82 percentage points.

D) 2.8 percentage points.

E) 0.28 percentage points.

75) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 0.2 percentage points.

C) fallen by 0.2 percentage points.

D) risen by 2 percentage points.

E) fallen by 2 percentage points.

76) Suppose that the real rate of interest on government bonds is 4% and the growth rate of real GDP is 2%. If the government has a positive stock of outstanding debt and its policy objective is to hold the debt-to-GDP ratio constant at its current level, it must

A) eliminate the overall deficit.

B) run an annually balanced budget.

C) run a cyclically balanced budget.

D) run a primary budget deficit.

E) run a primary budget surplus.

77) Suppose the government's objective is to hold its debt-to-GDP ratio constant at its current level of 30%. If the real interest rate on government bonds is 4% and the growth rate of real GDP is 2%, the government must

A) run a primary budget deficit of 0.6% of GDP.

B) run an overall budget deficit of 6.0% of GDP.

C) run an overall budget surplus of 6.0% of GDP.

D) run a primary budget surplus of 0.6% of GDP.

E) balance the overall budget.

78) Suppose that the real rate of interest is 3% and the growth rate of real GDP is 1%. If the government has a positive stock of outstanding debt and its goal is to hold the debt-to-GDP ratio constant at its current level, then it

A) must run a cyclically balanced budget.

B) must run an annually balanced budget.

C) must run a primary budget deficit.

D) must run a primary budget surplus.

E) must eliminate the overall deficit.

79) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is less than the growth rate of real GDP, then

A) debt-service payments will be eliminated.

B) the debt-to-GDP ratio is certainly negative.

C) the debt-to-GDP ratio will certainly rise.

D) the debt-to-GDP ratio will certainly fall.

E) real GDP will certainly rise.

80) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is more than the growth rate of real GDP, then

A) the debt-to-GDP ratio will certainly fall.

B) debt-service payments will be eliminated.

C) the debt-to-GDP ratio is certainly negative.

D) the debt-to-GDP ratio will certainly rise.

E) the effect on the debt-to-GDP ratio is uncertain.

 

 

default image
July 1, 2023
    

 

71) Suppose the change in the government's debt-to-GDP ratio in a given year is 0.026. This figure tells us that the government's debt-to-GDP ratio has

A) fallen by 0.026%.

B) risen by 0.026%.

C) risen by 2.6 percentage points.

D) fallen by 2.6 percentage points.

E) risen by 0.026 percentage points.

72) Suppose the government's debt-to-GDP ratio on January 1 of Year 1 is 32%. The change in the debt-to-GDP ratio during Year 1 is -0.037. On January 1 of Year 2 the government's debt-to-GDP ratio is

A) 31.963%.

B) 32. 037%.

C) 28.3%.

D) 35.7%.

E) Not enough information to determine.

73) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 50%.

C) fallen by 50%.

D) risen by 0.5 percentage points.

E) fallen by 0.5 percentage points.

74) Consider the following data about government debt and deficit in a given year:

A) 82 percentage points.

B) 8.2 percentage points.

C) 0.82 percentage points.

D) 2.8 percentage points.

E) 0.28 percentage points.

75) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 0.2 percentage points.

C) fallen by 0.2 percentage points.

D) risen by 2 percentage points.

E) fallen by 2 percentage points.

76) Suppose that the real rate of interest on government bonds is 4% and the growth rate of real GDP is 2%. If the government has a positive stock of outstanding debt and its policy objective is to hold the debt-to-GDP ratio constant at its current level, it must

A) eliminate the overall deficit.

B) run an annually balanced budget.

C) run a cyclically balanced budget.

D) run a primary budget deficit.

E) run a primary budget surplus.

77) Suppose the government's objective is to hold its debt-to-GDP ratio constant at its current level of 30%. If the real interest rate on government bonds is 4% and the growth rate of real GDP is 2%, the government must

A) run a primary budget deficit of 0.6% of GDP.

B) run an overall budget deficit of 6.0% of GDP.

C) run an overall budget surplus of 6.0% of GDP.

D) run a primary budget surplus of 0.6% of GDP.

E) balance the overall budget.

78) Suppose that the real rate of interest is 3% and the growth rate of real GDP is 1%. If the government has a positive stock of outstanding debt and its goal is to hold the debt-to-GDP ratio constant at its current level, then it

A) must run a cyclically balanced budget.

B) must run an annually balanced budget.

C) must run a primary budget deficit.

D) must run a primary budget surplus.

E) must eliminate the overall deficit.

79) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is less than the growth rate of real GDP, then

A) debt-service payments will be eliminated.

B) the debt-to-GDP ratio is certainly negative.

C) the debt-to-GDP ratio will certainly rise.

D) the debt-to-GDP ratio will certainly fall.

E) real GDP will certainly rise.

80) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is more than the growth rate of real GDP, then

A) the debt-to-GDP ratio will certainly fall.

B) debt-service payments will be eliminated.

C) the debt-to-GDP ratio is certainly negative.

D) the debt-to-GDP ratio will certainly rise.

E) the effect on the debt-to-GDP ratio is uncertain.

 

 

default image
July 1, 2023
    

 

71) Suppose the change in the government's debt-to-GDP ratio in a given year is 0.026. This figure tells us that the government's debt-to-GDP ratio has

A) fallen by 0.026%.

B) risen by 0.026%.

C) risen by 2.6 percentage points.

D) fallen by 2.6 percentage points.

E) risen by 0.026 percentage points.

72) Suppose the government's debt-to-GDP ratio on January 1 of Year 1 is 32%. The change in the debt-to-GDP ratio during Year 1 is -0.037. On January 1 of Year 2 the government's debt-to-GDP ratio is

A) 31.963%.

B) 32. 037%.

C) 28.3%.

D) 35.7%.

E) Not enough information to determine.

73) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 50%.

C) fallen by 50%.

D) risen by 0.5 percentage points.

E) fallen by 0.5 percentage points.

74) Consider the following data about government debt and deficit in a given year:

A) 82 percentage points.

B) 8.2 percentage points.

C) 0.82 percentage points.

D) 2.8 percentage points.

E) 0.28 percentage points.

75) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 0.2 percentage points.

C) fallen by 0.2 percentage points.

D) risen by 2 percentage points.

E) fallen by 2 percentage points.

76) Suppose that the real rate of interest on government bonds is 4% and the growth rate of real GDP is 2%. If the government has a positive stock of outstanding debt and its policy objective is to hold the debt-to-GDP ratio constant at its current level, it must

A) eliminate the overall deficit.

B) run an annually balanced budget.

C) run a cyclically balanced budget.

D) run a primary budget deficit.

E) run a primary budget surplus.

77) Suppose the government's objective is to hold its debt-to-GDP ratio constant at its current level of 30%. If the real interest rate on government bonds is 4% and the growth rate of real GDP is 2%, the government must

A) run a primary budget deficit of 0.6% of GDP.

B) run an overall budget deficit of 6.0% of GDP.

C) run an overall budget surplus of 6.0% of GDP.

D) run a primary budget surplus of 0.6% of GDP.

E) balance the overall budget.

78) Suppose that the real rate of interest is 3% and the growth rate of real GDP is 1%. If the government has a positive stock of outstanding debt and its goal is to hold the debt-to-GDP ratio constant at its current level, then it

A) must run a cyclically balanced budget.

B) must run an annually balanced budget.

C) must run a primary budget deficit.

D) must run a primary budget surplus.

E) must eliminate the overall deficit.

79) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is less than the growth rate of real GDP, then

A) debt-service payments will be eliminated.

B) the debt-to-GDP ratio is certainly negative.

C) the debt-to-GDP ratio will certainly rise.

D) the debt-to-GDP ratio will certainly fall.

E) real GDP will certainly rise.

80) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is more than the growth rate of real GDP, then

A) the debt-to-GDP ratio will certainly fall.

B) debt-service payments will be eliminated.

C) the debt-to-GDP ratio is certainly negative.

D) the debt-to-GDP ratio will certainly rise.

E) the effect on the debt-to-GDP ratio is uncertain.

 

 

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