71) Maxine, Inc. bought a machine on January 1, 2012 for $48,000. The machine is expected to last for 8 years, after which it will be worthless. What is the book value of the machine on Maxine’s balance sheet at December 31, 2012? A) $48,000 B) $44,000 C) $6,000 D) $42,000 72) Maxine, Inc. bought a machine on January 1, 2012 for […]
7) ________ would be a consideration in a make-or-buy decision. A) Excess capacity B) Rental income from unused facilities C) Variable factory overhead D) All of the above are correct. 8) If a company has excess capacity, the most it would pay for buying a product that it currently makes would be the: A) total variable cost of producing the product B) market […]
1. Which of the following is an internal event? A. Caddie salaries are paid by a country club. B. Dividends are distributed to a company’s stockholders. C. Potatoes used in a fast-food restaurant are purchased. D. Products are transferred from the assembly area to the painting station. 2. Which of the following is not an external event? A. A grocery store recognizes losses from spoilage. B. A grocery store runs ads in […]
21) Indicate the proper journal to use to record each of the following transactions. Use S for sales journal, P for purchases journal, CR for cash receipts journal, CP for cash payments journal, and G for general journal. a)Owner investment of cash________ b)Owner withdrawal of cash________ c)Payment of accrued salaries________ d)Sales of furniture in exchange for a note receivable________ e)Receipt of payment on account________ […]
88.Which of the following descriptions would not fit the definition of a liability? a. Present obligation for future payment. b. Result of past transaction. c. Obligation to deliver services already paid for. d. Future obligation for future salary payments. 89.Usually, failure to record a liability means failure to record a(n) a. revenue. b. asset. c. expense. d. note. […]
21) Sterling Supply uses a periodic inventory system. Sterling Supply sold 25 globes during March. Other data for March includes: Mar. 1 Balance 30 @ $12 11 Purchased 20 @ $15 25 Purchased 10 @ $10 Round per unit cost to two decimal places. Ending inventory under the weighted-average method is: A) $281.25. B) $155.00. C) $443.45. D) $168.75. 22) […]
Objective 18.5 1) The Peric Manufacturing Shop produces motorcycle parts. Typically, 12 pieces out of a job lot of 1,000 parts are spoiled. Costs are assigned at the inspection point, $40.00 per unit. Spoiled pieces may be disposed at $8.00 per unit. The spoiled goods must be inventoried appropriately when the normal spoilage is detected. The current job requires the production of 3,000 […]
148.Identify the statement below that is true. A.If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions. B.The trial balance is a book of original entry. C.Another name for the trial balance is the chart of accounts. D.The trial balance is a list of all accounts from the ledger with their balances at a […]
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20.12.2023
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