Accounting Trial Balance And Sales Multiple Choice Questions Homework Help
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1.A $190 credit to Office Equipment was credited to Fees Earned by mistake. By what amounts are the accounts under- or overstated as a result of this error?
a. Office Equipment, overstated $190; Fees Earned, overstated $190.
b. Office Equipment, overstated $380; Fees Earned, understated $190.
c. Office Equipment, understated $380; Fees Earned, overstated $190.
d. Office Equipment, understated $190; Fees Earned, overstated $190.
e. Office Equipment, overstated $190; Fees Earned, understated $190.
2.On April 30, Holden Company had an Accounts Receivable balance of $19,600. During the month of May, total credits to Accounts Receivable were $53,600 from customer payments. The May 31 Accounts Receivable balance was $14,600. What was the amount of credit sales during May?
3.On April 1, a company paid the $2,052 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31? (Round your answer to 1 decimal places.)
4.At the beginning of January of the current year, Thomas Law Center’s ledger reflected a normal balance of $52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be:
5.Stride Along has total assets of $425 million. Its total liabilities are $110 million. Its equity is $315 million. Calculate the debt ratio.
6.The following information is available for the Travis Travel Agency. After closing entries are posted, what will be the balance in the Jay Travis, Capital account?
Total revenues $128,000
Total expenses 61,500
Jay Travis, Capital 75,000
Jay Travis, Withdrawals 16,500
7.A company normally sells its product for $30 per unit. However, the selling price has fallen to $25 per unit. This company’s current inventory consists of 100 units purchased at $26 per unit. Replacement cost has now fallen to $23 per unit. Calculate the value of this company’s inventory at the lower of cost or market.
8.Use the information in the adjusted trial balance presented below to calculate current assets for Jones Company:
Accounts receivable 17,000
Prepaid insurance 7,600
Accumulated Depreciation – Equipment 55,000
Accounts payable 18,000
Interest payable 2,900
Unearned revenue 6,000
Long-term notes payable 40,000
J. Jones, Capital 141,700
Totals 263,600 263,600
9.A company has net sales and cost of goods sold of $754,000 and $544,600, respectively. Its net income is $17,730. The company’s gross margin and operating expenses are ________ and ___________, respectively.
a. $191,670; $209,400
b. $227,130; $526,870
c. $736,270; $191,670
d. $209,400; $191,670
e. $526,870; $227,130
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10.A company purchased $4,400 worth of merchandise. Transportation costs were an additional $400. The company later returned $325 worth of merchandise and paid the invoice within the 1% cash discount period. The total amount paid for this merchandise is:
Based on the following information from Raptor Company’s balance sheet, calculate the current ratio.
Current assets $ 87,000
Long-term investments 50,000
Plant assets 250,000
Current liabilities 39,000
Long-term liabilities 90,000
Raptor, Capital 258,000
11.Herald Company had sales of $141,000, sales discounts of $3,200, and sales returns of $4,400. Herald Company’s net sales equals:
12.Thelma Company reported cost of goods sold for Year 1 and Year 2 as follows:
Year 1Year 2
Beginning inventory$ 123,000 $ 130,600
Cost of goods purchased 250,600 278,000
Cost of goods available for sale 373,600 408,600
Ending inventory 130,600 135,600
Cost of goods sold$ 243,000 $ 273,000
Thelma Company made two errors: 1) ending inventory at the end of Year 1 was understated by $15,600 and 2) ending inventory at the end of Year 2 was overstated by $6,600. Given this information, the correct cost of goods sold figure for Year 2 would be:
13.Bentley records adjusting entries on December 31 year end. At December 31, employees had earned $12,500 of unpaid and unrecorded salaries. The next payday is January 3, during which $31,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual.
a. Debit Salaries expense $12,500; credit Salaries payable $12,500.
b. Debit Salaries expense $18,500; debit Salaries payable $12,500; credit Cash $31,000.
c. Debit Salaries payable $18,500; credit Cash $18,500.
d. Debit Salaries payable $12,500, credit Salaries expense $12,500.
e. Debit Salaries expense $18,500; credit Salaries payable $18,500.
14.The Unadjusted Trial Balance columns of a work sheet total $84,500. The Adjustments columns contain entries for the following:
1. Office supplies used during the period, $1,450.
2. Expiration of prepaid rent, $950.
3.Accrued salaries expense, $750.
4. Depreciation expense, $1,050.
5. Accrued service fees receivable, $650.
The Adjusted Trial Balance columns total is:
15.The following information is available for Holland Company at December 31:
Money market fund balance$ 2,920
Certificate of deposit maturing June 30 of next year$ 16,300
Postdated checks from customers$ 1,800
Cash in bank account$ 23,731
NSF checks from customers returned by bank$ 780
Cash in petty cash fund $ 330
Inventory of postage stamps $ 31
U.S. Treasury bill purchased on December 15 and maturing
on February 28 of following year
Based on this information, Holland Company should report Cash and Cash Equivalents on December 31 of:
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