71. Beginning inventory, purchases and sales data for tennis rackets are as follows: Apr 3 Inventory 12 units @ $25 11 Purchase 13 units @ $27 14 Sale 18 units 21 Purchase 9 units @ $30 25 Sale 10 units […]
103.A company had revenues of $75,000 and expenses of $62,000 for the accounting period. The owner withdrew $8,000 in cash during the same period. Which of the following entries could not be a closing entry? A.Debit Income Summary $13,000; credit Owner’s, Capital $13,000. B.Debit Income Summary $75,000; credit Revenues $75,000. C.Debit Revenues $75,000; credit Income Summary $75,000. D.Debit Income Summary $62,000, credit Expenses […]
51.Perfectly effective hedges using interest rate swaps will always a.exactly match maturity dates with the underlying debt. b.minimize interest expense. c.maximize gains in bond values caused by interest rate fluctuations. d.all of the above. 52.McCourt Investment Advisors purchased newly issued bonds on October 1, 2005, paying $108,983. The bonds had a face value of $100,000, maturing on September 30, 2010, and pay interest semiannually […]
95. Receipts from cash sales of $7,500 were recorded incorrectly in the cash receipts journal as $5,700. This item would be included on the bank reconciliation as a(n) A. deduction from the balance per company’s records B. addition to the balance per bank statement C. deduction from the balance per bank statement D. addition to the balance per company’s records 96. Receipts from cash sales of $7,500 […]
149. (CMA adapted, Jun 90 #3) 2com Company is a manufacturer of highly specialized products for networking video-conferencing equipment. Production of specialized units are, to a large extent, under contract, with standard units manufactured to marketing projections. Maintenance of customer equipment is an important area of customer satisfaction. With the recent downturn in the computer industry, the video-conferencing equipment segment has suffered, causing a slide […]
145.On March 12, Klein Company, Inc. sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Klein uses the perpetual inventory system. Babson pays the invoice on March 17, and takes the appropriate discount. The journal entry that Klein makes on March 17 is: A.Cash7,800 Accounts receivable7,800 […]
171. Roper Electronics received its bank statement for the month of August with an ending balance of $11,740.00. Roper determined that check #613 for $155.00 and check #601 for $420.00 were both outstanding. Also, a $6,900.00 deposit for August 30th was in transit as of the end of the month. Northern Regional Bank also collected a $5,000.00 notes receivable on August 1st that was issued […]
111. Jurisdiction-specific corporate laws limit directors’ freedom to declare dividends. Without these limits, directors might dissipate the firm’s assets for the benefit of A. common shareholders, harming other nonshareholding stakeholders. B. creditors, harming other stakeholders.C. employees, harming other stakeholders.D. management, harming other stakeholders.E. customers, harming other stakeholders. 112. Contracts with bondholders, other lenders, and preferred shareholders often limit dividend payments and thereby compel the retention of earnings. Which of […]
11) Teddy Company uses a standard cost system. In May, $234,000 of variable manufacturing overhead costs were incurred and the flexible-budget amount for the month was $240,000. Which of the following variable manufacturing overhead entries would have been recorded for May? A) Accounts Payable Control and other accounts240,000 Work-in-Process Control240,000 B) Work-in-Process Control240,000 Variable Manufacturing Overhead Allocated240,000 C) Work-in-Process Control234,000 Accounts Payable Control and […]
73. Under modified accrual accounting, revenues are recognized when measurable and: A)Earned. B)Available. C)Collected. D)Expenditures have been made. 74. When accounting for the General Fund, the Encumbrances Control account is credited when: A)A purchase order is approved. B)A purchase order is filled or canceled. C)An invoice is paid. D)The budget is approved. 75.The City of Pine Cove levied property taxes for the fiscal year […]
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john michaelllhttps://bit.ly/3vjFW1X
2 years ago
02.03.2022
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