A company receives a 10%, 90-day note for $1,500

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QUESTION 1

1. A company receives a 10%, 90-day note for $1,500. The total interest due on the maturity date is:

[removed]		$ 37.50
[removed]		$150.00
[removed]		$ 75.00
[removed]		$ 50.00
[removed]		$ 87.50

4 points

QUESTION 2

1. MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. TechCom’s journal entry to record the sales portion of the transaction is:

A) Accounts Receivable 7,800

Sales 7,800

B) Accounts Receivable 7,930

Sales 7,930

C) Notes Receivable 7,800

Sales 7,800

D) Notes Receivable 7,930

Sales 7,930

E) Notes Receivable 7,800

Interest Receivable 130

Sales 7,930

[removed]		Item A
[removed]		Item B
[removed]		Item C
[removed]		Item D
[removed]		Item E

4 points

QUESTION 3

1. Depreciation:

[removed]		Measures the decline in market value of an asset.
[removed]		Measures physical deterioration of an asset.
[removed]		Is the process of allocating to expense the cost of a plant asset.
[removed]		Is an outflow of cash from the use of a plant asset.
[removed]		Is applied to land.

4 points

QUESTION 4

1. When originally purchased, a vehicle had an estimated useful life of 8 years. The vehicle cost $23,000 and its estimated salvage value is $1,500. After 4 years of straight-line depreciation, the asset’s total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals:

[removed]		$ 5,375.00
[removed]		$ 2,687.50
[removed]		$ 5,543.75
[removed]		$10,750.00
[removed]		$ 2,856.25

4 points

QUESTION 5

1. Dell had net sales of $35,404 million. Gross sales total $37,576. Its average total assets for the period were $14,502 million. Dell’s total asset turnover equals:

[removed]		0.40
[removed]		0.35
[removed]		2.59
[removed]		2.44
[removed]		3.50

4 points

QUESTION 6

1. A company purchased a rope braiding machine for $190,000. The machine has a useful life of 8 years and a residual value of $10,000. It is estimated that the machine could produce 750,000 units of climbing rope over its useful life. In the first year, 105,000 units were produced. In the second year, production increased to 109,000 units. Using the units-of-production method, what is the amount of depreciation that should be recorded for the second year?

[removed]		$25,200
[removed]		$26,160
[removed]		$26,660
[removed]		$27,613
[removed]		$53,160

4 points

QUESTION 7

1. A copyright:

[removed]		Gives its owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus 70 years.
[removed]		Is an exclusive right granted to its owner to manufacture and sell a device or to use a process for 20 years.
[removed]		Is an exclusive right granted to its owner to manufacture and sell a device or to use a process for 70 years.
[removed]		Is the amount by which the value of a company exceeds the fair market value of a company’s net assets if purchased separately.
[removed]		Gives its owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus 20 years.

4 points

QUESTION 8

1. Extraordinary repairs:

[removed]		Are revenue expenditures.
[removed]		Extend an asset’s useful life beyond its original estimate.
[removed]		Are credited to accumulated depreciation.
[removed]		Are additional costs of plant assets that do not materially increase the asset’s life.
[removed]		Are expensed as incurred.

4 points

QUESTION 9

1. Huffington Company purchased and installed a machine on January 1, 2008, at a total cost of $95,000. Straight-line depreciation is taken each year for three years assuming a five year life and no salvage value. The machine is sold for $30,500 cash on July 1, 2011. What is the gain or loss on sale of machinery?

[removed]		$2,000 loss
[removed]		$64,500 loss
[removed]		$64,500 gain
[removed]		$2,000 gain
[removed]		$7,500 loss

4 points

QUESTION 10

1. A company had $7,000,000 in net income for the year. Its net sales were $11,200,000 for the same period. Calculate its profit margin.

[removed]		17.5%.
[removed]		28%.
[removed]		62.5%.
[removed]		160%.
[removed]		$18.2 million.

4 points

QUESTION 11

1. A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company later returned $275 worth of merchandise and paid the invoice within the 2% cash discount period. The total amount paid for this merchandise is:

[removed]		$3,725.00.
[removed]		$3,925.00.
[removed]		$3,995.00.
[removed]		$4,000.50.
[removed]		$4,075.00.

4 points

QUESTION 12

1. Herald Company had sales of $135,000, sales discounts of $2,000, and sales returns of $3,200. Herald Company’s net sales equals:

[removed]		$5,200.
[removed]		$129,800.
[removed]		$133,000.
[removed]		$135,000.
[removed]		$140,200.

4 points

QUESTION 13

1. Which of the following statements concerning inventory systems are true?

[removed]		The periodic inventory system continually updates inventory records.
[removed]		The perpetual inventory system updates inventory records at the end of a period.
[removed]		The periodic inventory system updates inventory at the end of a period.
[removed]		The perpetual inventory system continually updates inventory records.
[removed]		Both C and D are true statements.

4 points

QUESTION 14

1. On October 1, Robertson Company sold merchandise in the amount of $5,800 to Alberts, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses the periodic inventory system. Alberts pays the invoice on October 8, and takes the appropriate discount. The journal entry that Robertson makes on October 8 is:

[removed]		Item A.
[removed]		Item B.
[removed]		Item C.
[removed]		Item D.
[removed]		Item E.

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July 1, 2023

1) Members of OSHA's $100,000 club have:

A) invested more than $100,000 in health and safety equipment for employees.

B) purchased health and safety insurance coverage of at least $100,000.

C) received fines of $100,000 or more for safety or health violations.

D) paid more than $100,000 in workers' compensation claims.

2) Workplace safety is a significant issue because approximately ________ employees were injured on the job in 2009.

A) 3,000,000

B) 1,000,000

C) 500,000

D) 250,000

3) According to the doctrine of contributory negligence, employers were:

A) not responsible for an employees' injury when another employee's negligence caused the injury.

B) not liable for an employee's injuries when that employee's own negligence caused the injury.

C) responsible for compensating employees for all work-related illnesses and accidents.

D) not responsible for any employees' injuries under any circumstances.

4) Workers' compensation laws vary by state, but all are built on the theory that:

A) employees' personal health insurance should pay the medical costs of any injuries.

B) work-related accidents are costs of doing business and should be paid for by employers.

C) governments are responsible for paying the medical costs related to an employee's injuries.

D) employers are not responsible for employee injuries resulting from the employee's own negligence.

5) Which of the following is a true statement about workers' compensation?

A) Workers' compensation laws are federally mandated and enforced by OSHA.

B) Non-union firms are not required to carry workers' compensation insurance.

C) Workers' compensation is not mandatory in all U.S. states.

D) Most states had workers' compensation programs by 1911.

6) Workers' compensation:

A) pays only if the worker cannot.

B) is considered a no-fault system.

C) is mandatory in all fifty states.

D) covers employees' medical costs with Medicaid.

7) The primary goal of state workers' compensation laws is best described as:

A) providing a means for injured workers to receive care and income without having to sue.

B) determining the cause of work-related accidents and minimizing future accidents.

C) ensuring that employers are not held responsible for accidents caused by worker negligence.

D) spreading the cost of workplace accidents among all workers in the state.

8) The ________ holds that employers are not held liable for an employee's injuries when the negligence of another employee contributed to or caused the accident.

A) doctrine of contributory negligence

B) fellow-servant rule

C) general duty provision

D) "no-fault" rule

9) Which of the following is most likely true?

A) Workers' compensation is a federal program. OSHA is the organization that helps individual states meet workers' compensation standards.

B) Workers' compensation is a federal program that provides compensation to employees injured on the job. OSHA is a federal program that creates and enforces safety standards in the work place.

C) OSHA is a federal program that creates safety standards for work environments. Workers' compensation programs are created by the individual states to provide compensation for employees injured on the job.

D) OSHA is a federal program that provides compensation for employees injured on the job. Workers' compensation programs are state programs that provide compensation for employees injured on the job.

10) Workers' compensation:

A) replaces the worker's entire income until he/she is able to work again.

B) provides benefits for permanent, but not temporary, impairment.

C) gives survivors burial allowances and income benefits.

D) covers medical expenses up to $100,000.