Essay Questions    51.Present Value of 1  Periods3%4%5%6%7%8%9%10%12% 30.91510.88900.86380.83960.81630.79380.77220.75130.7118 40.88850.85480.82270.79210.76290.73500.70840.68300.6355 50.86260.82190.78350.74730.71300.68060.64990.62090.5674 60.83750.79030.74620.70500.66630.63020.59630.56450.5066 70.81310.75990.71070.66510.62270.58350.54700.51320.4523 80.78940.73070.67680.62740.58200.54030.50190.46650.4039 90.76640.70260.64460.59190.54390.50020.46040.42410.3606 100.74410.67560.61390.55840.50830.46320.42240.38550.3220 Future Value of 1  Periods3%4%5%6%7%8%9%10%12% 31.09271.12491.15761.19101.22501.25971.29501.33101.4049 41.12551.16991.21551.26251.31081.36051.41161.46411.5735 51.15931.21671.27631.33821.40261.46931.53861.61051.7623 61.19411.26531.34011.41851.50071.58691.67711.77161.9738 71.22991.31591.40711.50361.60581.71381.82801.94872.2107 81.26681.36861.47751.59381.71821.85091.99262.14362.4760 91.30481.42331.55131.68951.83851.99902.17192.35792.7731 101.34391.48021.62891.79081.96722.15892.36742.59373.1058 Present Value of an Annuity of 1  Periods3%4%5%6%7%8%9% 10%12% 32.82862.77512.72322.67302.62432.57712.53132.48692.4018 43.71713.62993.54603.46513.38723.31213.23973.16993.0373 54.57974.45184.32954.21244.10023.99273.88973.79083.6048 65.41725.24215.07574.91734.76654.62294.48594.35534.1114 76.23036.00215.78645.58245.38935.20645.03304.86844.5638 87.01976.73276.46326.20985.97135.74665.53485.33494.9676 97.78617.43537.10786.80176.51526.24695.99525.79505.3282 108.53028.11097.72177.36017.02366.71016.41776.14465.6502 Future Value of an Annuity of 1  Periods3%4%5%6%7%8%9%10%12% 33.09093.12163.15253.18363.21493.24643.27813.31003.3744 44.18364.24654.31014.37464.43994.50614.57314.64104.7793 55.30915.41635.52565.63715.75075.86665.98476.10516.3528 66.46846.63306.80196.97537.15337.33597.52337.71568.1152 77.66257.89838.14208.39388.65408.92289.20049.487210.089 88.89239.21429.54919.897510.26010.63711.02911.43612.300 910.15910.58311.02711.49111.97812.48813.02113.58014.776 1011.46412.00612.57813.18113.81614.48715.19315.93717.549 A company needs […]

  126. Renton Co. uses special journals to record its transactions. They use the perpetual inventory system. Shown below are the purchasing and cash disbursement transactions for current month of May:  May 1 Purchased merchandise for cash from Zillah Co. $5,400, check no. 1133.   2 Purchased office equipment from Echo Co. on credit, $7,200, terms n/60. Invoice dated May 1.   6 Paid Fox, Inc., […]

  71. Superior has provided the following information for its recent year of operation: ? The common stock account balance at the beginning of the year was $20,000 and the year-end balance was $25,000. ? The additional paid-in capital account balance increased $2,500 during the year. ? The retained earnings balance at the beginning of the year was $75,000 and the year-end balance was $91,000. ? […]

  11) The stand-alone revenue allocation method is a weighted average method.   12) The incremental revenue-allocation method uses product-specific information pertaining to products in the bundle to determine the weights used to allocate the bundled revenues to those individual products.   13) The first-ranked product is termed the incremental product in the incremental revenue-allocation method. 14) ________ is a package of two or more […]

  51.Information is considered material if: a.it would have a bearing on decisions of those who use the financial statements. b.there is a substantial likelihood that a reasonable investor would not be concerned about the information. c.an item is so insignificant that users would likely ignore it. d.the FASB explicitly rules the transaction or item to be material. 52.Why would a company recognize the cost […]

  71. Which of the following would be reported in the investing section of a cash flow statement?  A. Cash received from customers. B. Cash received from the issue of stock. C. Cash paid to repay a bank loan. D. Cash paid to acquire stock of another company. 72. Which of the following statements is correct?  A. The payment of a cash dividend reduces net income. B. Cash received from an issuance of […]

  93. Which of the following errors would cause the Balance Sheet   columns of a work sheet to be out of balance?  A. Entering an asset amount in the Income Statement Debit column. B. Entering a liability amount in the Income Statement Credit column. C. Entering an expense amount in the Balance Sheet   Debit column. D. Entering a revenue amount in the Balance Sheet   Debit column. E. Entering a liability amount […]

  31.Carmelo Inc. has an inventory turnover ratio of 25. Carmelo’s average number of day’s inventory is:                   Less than 10.                   Between 10 and 12.                    More than 12.                   Unable to be determined based on this limited information.   32.Under generally accepted accounting principles, a company can choose a cost flow assumption for valuing cost of goods sold that can result in different […]

  81. The objectivity concept requires that  A. business transactions must be consistent with the objectives of the entity B. the Financial Accounting Standards Board must be fair and unbiased in its deliberations over new accounting standards C. accounting principles must meet the objectives of the Security and Exchange Commission D. amounts recorded in the financial statements must be based on independently verifiable evidence 82. Denzel Jones is the major stockholder […]

  Use the information below to answer the following question(s).   Moeller Electric manufactures light fixtures. The following information pertains to the company’s manufacturing overhead data.   Budgeted output units 30,000 fixtures Budgeted machine-hours 10,000 hours Budgeted variable manufacturing overhead costs for 30,000 fixtures $80,625     Actual output units produced 44,000 fixtures Actual machine-hours used 10,000 hours Actual variable manufacturing overhead costs $121,000   […]