11) The most acceptable way to measure bad debts is by: A) the direct write-off method. B) the percent-of-sales method. C) the allowance method. D) none of the above. 12) When evaluating the collectability of accounts receivable: A) the uncollectible-account expense is a contra account. B) the allowance for uncollectible accounts is an operating expense in the selling, general and administrative category. C) the […]
153. The comparative balance sheet of Barry Company, for 2011 and the preceding year ended December 31, 2010, appears below in condensed form: Year Year 2011 2010 Cash $ 72,000 $ 42,500 Accounts receivable (net) 61,000 70,200 Inventories 121,000 105,000 Investments ….. 100,000 Equipment 515,000 425,000 Accumulated depreciation-equipment (153,000) (175,000) $616,000 $567,700 Accounts payable $ 59,750 $ 47,250 Bonds payable, due 2011 ….. […]
31) What is the change in operating income from 2014 to 2015? A) $2,200,000 U B) $3,875,000 F C) $2,200,000 F D) $3,875,000 U 32) What is the revenue effect of the growth component? A) $2,625,000 F B) $1,250,000 U C) $2,625,000 U D) $1,250,000 F 33) What is the cost effect of the growth component? A) $375,000 U B) $1,506,250 U […]
Genent Industries, Inc. (GII), developed standard costs for direct material and direct labor. In 2015, GII estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container. Budgeted quantityBudgeted price Direct materials0.30 pounds$20 per pound Direct labor0.20 hours$12 per hour During July, GII produced and sold 3,000 containers using 1,000 pounds of direct materials at an average […]
51. A formal written statement of management’s plans for the future, expressed in financial terms, is a: A. gross profit report B. responsibility report C. budget D. performance report 52. The budget process involves doing all the following except: A. establishing specific goals B. executing plans to achieve the goals C. periodically comparing actual results with the goals D. dismissing all managers who fail to achieve operational goals specified in the budget 53. The budgetary […]
61.After preparing the financial statements for the current year, the accountant for Exquisite Gems closed the Dividends account at year-end by debiting Income Summary and crediting the Dividends account. What is the effect of this entry on current-year net income and the balance in the Retained Earnings account at year-end? A.Net income is overstated and the balance in the Retained Earnings account is […]
150. The following information is available for the Ehrens Corporation: EHRENS CORPORATION Balance Sheets At December 31 2013 2012 Assets: Cash $ 24,640 $ 23,040 Accounts receivable 32,180 29,400 Merchandise inventory 73,125 61,710 Long-term investments 55,900 56,400 Equipment 175,500 145,500 Accumulated depreciation (33,550) (31,200) Total assets $327,795 $284,850 Liabilities: Accounts payable $ 65,000 $ 40,380 Incomes taxes […]
64.Minerva Company was authorized to issue 100,000 shares of common stock. The company had issued 25,000 shares of stock when it purchased 5,000 shares of treasury stock. The number of outstanding shares of common stock was: A. 95,000. B. 30,000. C. 25,000. D. 20,000. 65.Church Company declared and paid a cash dividend. Which of the following choices accurately reflects how this event would affect the company’s financial statements? […]
115. When a company pays utilities of $1,800 in cash, the transaction is recorded as: a. Debit Utilities Expense $1,800, credit Utilities Payable $1,800. b. Debit Utilities Payable $1,800, credit Cash $1,800. c. Debit Cash $1,800, credit Utilities Expense $1,800. d. Debit Utilities Expense $1,800, credit Cash $1,800. 116. Assume that cash is paid for rent to cover the next year. […]
11) A business purchases equipment for cash of $100,000. This transaction will cause: A) cash to be credited for $100,000. B) equipment to be credited for $100,000. C) capital to be credited for $100,000. D) capital to be debited for $100,000. 12) A business acquires equipment costing $10,000 by making a $2,000 down payment and issuing a note for the balance. This transaction will cause: […]
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