61) Refer to Table 11-11. What is the correct journal entry to record the purchase of inventory if Maudlin Sales uses a periodic inventory system? A) Inventory 80,000 Notes payable 80,000 B) Purchases 80,000 Notes payable 80,000 C) Purchases 86,400 Accounts payable 86,400 D) Inventory 86,400 Notes payable […]
51.Which of the following items will not appear on a cash budget? A. Expected cash collections B. Expected cash payments C. Expected credit sales D. Financing activities 52.Dobson Company expects to begin operating on January 1. The company’s master budget contained the following operating expense budget: Sales commissions are paid in cash in the month following the month in which the expense is […]
81. A company rents a building with a total of 100,000 square feet, which are evenly divided between two floors. The space on the first floor is considered twice as valuable as that on the second floor. The total monthly rent for the building is $30,000. How much of the monthly rental expense should be allocated to a department that occupies 10,000 square feet on […]
48) Harriet has been reviewing the accounting system for her company and she is very concerned about the accounting for spoilage. It appears that spoilage is accounted for only at the end of the processing cycle. While this concept is acceptable in general, Harriet believes that a better method can be found to properly account for the spoilage when it occurs. She believes that […]
54.When a new company was formed, one partner contributed some used equipment he owned. The equipment was appraised at $44,000 and $50,000 by two different dealers. The accountant entered the equipment at $44,000 in the financial records of the partnership. This is an example of A. the materiality constraint. B. the conservatism constraint. C. the matching principle. D. industry practice constraint. […]
Learning Objective 8-7 1) PDG Corporation had a return on equity of 18%. Beginning and ending shareholders’ equity for the corporation were $570,000 and $560,000 respectively. There were 350,000 common shares and no preferred shares outstanding. What was net income for the year? A) $101,700 B) $63,000 C) $3,138,888.89 D) $1,944,444.44 2) Team Shirts had a return on equity of 23%. Average […]
Multiple Choice Questions The following budget for the 80,000-unit normal production level was prepared by the Montgomery Corporation for September: During September, the Production Department actually produced 90,000 units at a total manufacturing cost of $165,000. 113. Which of the following is not an accurate budgeted amount for an output level of 90,000 units? A. Total overhead cost, $86,900 B. Total manufacturing costs, […]
61. A corporation has $80,000 in total assets, $36,000 in total liabilities, and a $12,000 credit balance in retained earnings. What is the balance in the contributed capital account? A. $56,000 B. $44,000 C. $48,000 D. $32,000 62. The duality (or duality of effects) concept states that A. both the income statement and balance sheet are impacted by every transaction. B. every transaction has an impact on assets and stockholders’ equity. C. there […]
101. On December 30, Year 1, PBE Company entered into a contract to purchase inventory over the next year. This is an example of a(n) A. debit to an intangible asset B. debit to a tangible asset C. credit to a current liability D. executory contract E. anticipatory contract 102. A prefabricated steel storage shed is purchased for $20,000 cash and a $80,000 interest-bearing note payable over a 5-year […]
111. A company paid $0.75 in cash dividends per share. Its earnings per share is $3.50, and its market price per share is $37.50. Its dividend yield equals: A. 4.7%. B. 2.0%. C. 9.3%. D. 21.4%. E. 46.7%. 112. Book value per share: A. Reflects the value per share if a company is liquidated at balance sheet amounts. B. Is assets divided by equity. C. Is assets divided by the number of common shares […]
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