11) When using the high-low method, the two observations used are the high and low observations of the: A) cost driver B) dependent variables C) slope coefficient D) residual term   12) When using the high-low method, the denominator of the equation that determines the slope is the: A) dependent variable B) independent variable C) difference between the high and low observations of the […]

  21.Trading securities were purchased on April 1 for $900. On December 31, the market value of those securities is $700. Which of the following is part of the adjusting entry necessary on December 31? a.Debit Unrealized Loss on Trading Securities for $700 b.Debit Realized Loss on Trading Securities for $200                   Credit Trading Securities for $200                   Credit Unrealized Loss on Trading Securities for […]

  Multiple Choice Questions  21.Present Value of 1  Periods3%4%5%6%7%8%9%10%12% 30.91510.88900.86380.83960.81630.79380.77220.75130.7118 40.88850.85480.82270.79210.76290.73500.70840.68300.6355 50.86260.82190.78350.74730.71300.68060.64990.62090.5674 60.83750.79030.74620.70500.66630.63020.59630.56450.5066 70.81310.75990.71070.66510.62270.58350.54700.51320.4523 80.78940.73070.67680.62740.58200.54030.50190.46650.4039 90.76640.70260.64460.59190.54390.50020.46040.42410.3606 100.74410.67560.61390.55840.50830.46320.42240.38550.3220 Future Value of 1  Periods3%4%5%6%7%8%9%10%12% 31.09271.12491.15761.19101.22501.25971.29501.33101.4049 41.12551.16991.21551.26251.31081.36051.41161.46411.5735 51.15931.21671.27631.33821.40261.46931.53861.61051.7623 61.19411.26531.34011.41851.50071.58691.67711.77161.9738 71.22991.31591.40711.50361.60581.71381.82801.94872.2107 81.26681.36861.47751.59381.71821.85091.99262.14362.4760 91.30481.42331.55131.68951.83851.99902.17192.35792.7731 101.34391.48021.62891.79081.96722.15892.36742.59373.1058 Present Value of an Annuity of 1  Periods3%4%5%6%7%8%9% 10%12% 32.82862.77512.72322.67302.62432.57712.53132.48692.4018 43.71713.62993.54603.46513.38723.31213.23973.16993.0373 54.57974.45184.32954.21244.10023.99273.88973.79083.6048 65.41725.24215.07574.91734.76654.62294.48594.35534.1114 76.23036.00215.78645.58245.38935.20645.03304.86844.5638 87.01976.73276.46326.20985.97135.74665.53485.33494.9676 97.78617.43537.10786.80176.51526.24695.99525.79505.3282 108.53028.11097.72177.36017.02366.71016.41776.14465.6502 Future Value of an Annuity of 1  Periods3%4%5%6%7%8%9%10%12% 33.09093.12163.15253.18363.21493.24643.27813.31003.3744 44.18364.24654.31014.37464.43994.50614.57314.64104.7793 55.30915.41635.52565.63715.75075.86665.98476.10516.3528 66.46846.63306.80196.97537.15337.33597.52337.71568.1152 77.66257.89838.14208.39388.65408.92289.20049.487210.089 88.89239.21429.54919.897510.26010.63711.02911.43612.300 910.15910.58311.02711.49111.97812.48813.02113.58014.776 1011.46412.00612.57813.18113.81614.48715.19315.93717.549 Interest may be […]

    81. The amount of federal income taxes withheld from an employee’s paycheck is determined by:  A. The employee’s annual earnings rate and number of withholding allowances. B. The employer’s merit rating. C. The employee’s annual earnings rate and merit rating. D. Multiplying  gross pay by 6.2%. E. The employee’s credit rating.     82. An employee earned $47,000 during the year working for an employer. The FICA tax for […]

  106.Sales less sales discounts less sales returns and allowances equals:    A.Net purchases. B.Cost of goods sold. C.Net sales. D.Gross profit. E.Net income. 107.Garza Company had sales of $135,000, sales discounts of $2,000, and sales returns of $3,200. Garza Company’s net sales equals:    A.$5,200. B.$129,800. C.$133,000. D.$135,000. E.$140,200. 108.On May 1, Shilling Company sold merchandise in the amount of $5,800 to Anders, with credit terms […]

    41.Mr. J’s Bagels invested in a new oven for $14,000. The oven reduced the amount of time for baking which increased production and sales for five years by the following amounts of cash inflows:  Using the averaging method, the payback period for the investment in the oven would be:    A. 5.0 years.   B. 2.3 years.   C. 2.0 years.   D. 0.5 years.     42.Which of […]

  31. A(n) __________ leases the right to use its intellectual property to another firm. A) Licensor B) Licensee C) Franchisee D) Contractor E) Expatriate 32. A company that exports, as a means to sell its products in foreign markets will A) Have a direct investment in a foreign market. B) Increase sales volume allowing for better management of the costs associated with research and […]

  43.Below are the adjusted accounts of Millennium Realtors, Inc., for the month ended May 31, 20×7, listed in alphabetical order:   Accounts Payable $   400   Dividends      $ 1,000 Accounts Receivable 3,600   Income Taxes Expense 100 Accumulated Depreciation–     Income Taxes Payable 100   Office Equipment 4,000   Land 1,500 Cash 1,150   Office Equipment 10,000 Commissions Revenue 7,500   Salaries […]

  Multiple Choice Questions   1.The accounting period is the time a. the Controller decides to close the books. b. between selling a product to a customer and collecting the cash from the customer. c. that it usually takes to journalize and post events to the ledger. d. covered by the income, cash flow, and shareholders’ equity statements. 2.An event that affects assets, liabilities, or […]

    71. In December, 2014, Quebecor Printing received magazine subscriptions for 2015 from a customer, who paid $500 in cash. What would be the appropriate journal entry for this event? a. Debit Cash, $500; credit Subscription Revenue, $500. b. Debit Cash, $500; credit Unearned Revenue, $500. c. Debit Subscription Revenue, $200; credit Cash, $200. d. No journal entry is necessary.       72. […]