Question : 151. Under the perpetual inventory system, all purchases of merchandise debited : 1251865

151. Under the perpetual inventory system, all purchases of merchandise are debited to the account entitled A. Merchandise Inventory B. Cost of Merchandise Sold C. Cost of Merchandise Available for Sale D. Purchases 152. When the perpetual inventory system is used, the inventory sold is debited to A. supplies expense B. cost of merchandise sold C. merchandise inventory D. sales 153. Under a perpetual inventory system A. accounting records continuously disclose the amount […]

March 31, 2023

Accounting

Question : 141.Ryan Company deposits all cash receipts the day they received : 1258868

141.Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan’s June bank statement shows $18,361 on deposit in the bank. Ryan’s comparison of the bank statement to its cash account revealed the following: Deposit in transit$1,450 Outstanding checks$837 Additionally, a $29 check written and recorded by the company correctly was recorded by the […]

March 31, 2023

Accounting

Question : 58.In a company’s bank reconciliation, an outstanding check a check : 1254463

58.In a company’s bank reconciliation, an outstanding check is a check that: A. is guaranteed for payment by the bank. B. has been issued by the company but has not been presented to the bank for payment. C. has been presented to the bank for payment but has not been reported on the bank statement. D. has been written for an amount that is greater than the balance […]

March 31, 2023

Accounting

Question : 105. The amount of cash to be reported the balance sheet : 1227206

105. The amount of cash to be reported on the balance sheet at June 30 is the A. total of the cash column in the cash receipts journal as of June 30B. adjusted balance appearing in the bank reconciliation for June 30C. total of the cash column in the cash payments journal as of June 30D. balance as of June 30 on the bank statement 106. Which of the following would […]

March 31, 2023

Accounting

Question : 121.Use this adjusted trial balance to answer the following question. Dan’s : 1244526

121.Use this adjusted trial balance to answer the following question. Dan’s Marina Adjusted Trial Balance December 31, 20×7 Cash $ 2,500 Accounts Receivable 3,500 Supplies 1,500 Prepaid Insurance 2,500 Dock 12,000 Accumulated Depreciation–Dock $ 3,000 Accounts Payable 6,000 Common Stock 10,000 Dividends 4,000 Boat Rentals 17,000 Depreciation Expense–Dock 1,000 Wages Expense 6,500 […]

March 31, 2023

Accounting

Question : 108. A donor gave $ 1,000,000 to a private not-for-profit : 1255317

108. A donor gave $ 1,000,000 to a private not-for-profit organization to be held in endowment. In addition, the governing board permanently designated $ 500,000 to the endowment. In the Statement of Financial Position, how should these amounts be classified? A)Permanently Restricted: $1,500,000; Unrestricted: $ – 0 – B)Permanently Restricted: $1,000,000; Unrestricted: $ 500,000 C)Permanently Restricted: $ 500,000; Unrestricted: $1,000,000 D)Permanently Restricted: $ – […]

March 31, 2023

Accounting

Question : 21) Calculate the allocation of packaged price Game A in : 1186074

21) Calculate the allocation of packaged price Game A in Package 3, using selling prices as the base. A) $34.20 B) $30.00 C) $25.00 D) $22.80 E) $19.00 22) Calculate the revenue allocation for Game A in Package 1, using physical units as the base. A) $12.57 B) $13.97 C) $20.84 D) $22.00 E) $23.16 23) Calculate the allocation of packaged price for […]

March 31, 2023

Accounting

Question : 194.General Co. entered into the following transactions involving short-term notes : 1258979

194.General Co. entered into the following transactions involving short-term notes payable.On May 14, General purchased $40,000 merchandise from Steller Co., terms are 2/15, n/30. General uses the perpetual inventory system. On May 29, General replaced the May 14 account payable with a 60-day, $36,000 note bearing 8% annual along with paying $4,000 in cash. On July 28, General paid the amount due […]

March 31, 2023

Accounting

Question : Multiple Choice Questions 176. The statement of cash flows designed to assist : 1229439

Multiple Choice Questions 176. The statement of cash flows is designed to assist users in assessing each of the following, except: A. The ability of a company to remain liquid. B. The major sources of cash receipts during the period. The company’s profitability. D. The reasons why net cash flow from operating activities differ from net income. 177. Which of the following is not included […]

March 31, 2023

Accounting

Question : 117. Parson Services Corporation was organized January 1, Year 8. The : 1245879

117. Parson Services Corporation was organized on January 1, Year 8. The unadjusted trial balance on December 31, Year 8 after recording transactions that occurred during Year 8 is as follows. Parson Services CorporationUnadjusted Trial BalanceDecember 31, Year 8 Cash$125,000 Fees Receivable112,000 Notes Receivable115,000 Office Supplies Inventory11,800 Prepaid Insurance12,200 Furniture and Equipment155,000 Accumulated Depreciation0 Accounts Payable$113,000 Common Stock365,000 Fee Revenues195,000 Rent Expense19,500 Office Salaries Expense […]

March 31, 2023

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