Economic Resources Multiple Choice Homework Help
- July 26, 2017
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1. Alliance Software began 2011 with accounts receivable of $115,000. All sales are made on credit. Sales and cash collections from customers for the year were $780,000 and $700,000, respectively. Cost of goods sold for the year was $450,000. What was Alliance’s receivables turnover ratio (rounded) for 2011?
A. 6.78
B. 2.90
C. 5.03
D. 4.00
2. Chez Fred Bakery estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2011, Chez Fred’s credit sales and collections were $125,000 and $131,000, respectively. What was the balance of accounts receivable on January 1, 2011, if $180 in accounts receivable were written off during 2011 and if the allowance account had a balance of $750 on 12/31/11?
A. $31,000
B. $5,820
C. $31,180
D. 138,000
3. Data below for the year ended December 31, 2011, relates to Houdini Inc. Houdini started business January 1, 2011, and uses the LIFO retail method to estimate ending inventory.
Cost Retail
Beginning inventory $66,000 $104,000
Net purchases 280,000 420,000
Net markups 20,000
Net markdowns 40,000
Net sales 375,000
Current period cost-to-retail percentage is
A. 63.6%.
B. 63.5%.
C. 68.7%.
D. 70.0%.
4. Sullivan Corporation has determined its year-end inventory on a FIFO basis to be $500,000. Information pertaining to that inventory is as follows:
Selling price $520,000
Disposal costs 30,000
Normal profit margin 60,000
Replacement cost
440,000
What should be the carrying value of Sullivan’s inventory?
A. $490,000
B. $440,000
C. $430,000
D. $500,000
5. Ramen, Inc., adopted dollar-value LIFO (DVL) as of January 1, 2011, when it had a cost inventory of $600,000. Its inventory as of December 31, 2011, was $667,800 at year-end costs and the cost index was 1.06. What was DVL inventory on December 31, 2011?
A. $667,800
B. $631,800
C. $636,000
D. $630,000
6. Cashmere Soap Corporation had the following items listed in its trial balance at 12/31/11:
Currency and coins $ 650
Balance in checking account
2,600
Customer checks waiting to be deposited 1,200
Treasury bills, purchased on 11/1/11,
mature on 4/30/12 3,000
Marketable equity securities 10,200
Commercial paper, purchased on 11/1/11,
mature on 1/30/12 5,000
What amount will Cashmere Soap include in its year-end balance sheet as cash and cash equivalents?
A. $9,450
B. $12,450
C. $19,650
D. $7,450
7. On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available:
Sales, January 1 through July 8 $700,000
Inventory, January 1 130,000
Purchases, January 1 through July 8 640,000
Gross profit ratio 30%
What is the estimated inventory on July 8 immediately prior to the fire?
A. $192,000
B. $280,000
C. $490,000
D. $510,000
8. Baker Inc. acquired equipment from the manufacturer on 10/1/11 and gave a noninterest-bearing note in exchange. Baker is obligated to pay $918,000 on 4/1/12 to satisfy the obligation in full. If Baker accrued interest of $9,000 on the note in its 2011 year-end financial statements, what is its imputed annual interest rate?
A. 4%
B. 5%
C. 6%
D. 2%
9. False Value Hardware began 2011 with a credit balance of $32,000 in the allowance for sales returns account. Sales and cash collections from customers during the year were $650,000 and $610,000, respectively. False Value estimates that 6% of all sales will be returned. During 2011, customers returned merchandise for credit of $28,000 to their accounts.
What is the balance in the allowance for sales returns account at the end of 2011?
A. $39,000
B. $21,000
C. $43,000
D. $11,000
10. Prunedale Co. uses a periodic inventory system. Beginning inventory on January 1 was overstated by $32,000, and its ending inventory on December 31 was understated by $62,000. These errors were not discovered until the next year. As a result, Prunedale’s cost of goods sold for this year was
A. Understated by $30,000.
B. Overstated by $94,000.
C. Overstated by $30,000.
D. Understated by $94,000.
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11. Data related to the inventories of Costco Medical Supply is presented below:
Surgical
Equipment Surgical
Supplies Rehab
Equipment Rehab
Supplies
Selling price $260 $120 $340 $165
Cost 170 90 250 162
Replacement cost
240 80 235 158
Disposal cost 30 5 25 10
Normal gross profit ratio 30% 30% 30% 20%
In applying the LCM rule, the inventory of surgical supplies would be valued at
A. $115.
B. $69.
C. $90.
D. $80.
12. Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. Oswego uses the gross method of accounting for cash discounts.
What entry would Oswego make on June 10, assuming the customer made the correct payment on that date?
a. Cash 46,000
Accounts receivable 45,540
Discounts receivable 460
b. Cash 46,000
Accounts receivable 45,540
Interest revenue 460
c. Cash 46,000
Accounts receivable 46,000
d. Cash 46,460
Accounts receivable 46,000
Interest revenue 460
A. Option b
B. Option a
C. Option d
D. Option c
13. Nu Company reported the following pretax data for its first year of operations.
Net sales 2,800
Cost of goods available for sale 2,500
Operating expenses 880
Effective tax rate
40%
Ending inventories:
If LIFO is elected 820
If FIFO is elected 1,060
What is Nu’s net income if it elects LIFO?
A. $144
B. $240
C. $288
D. $480
14. GG, Inc., uses LIFO. GG disclosed that if FIFO had been used, inventory at the end of 2011 would have been $15 million higher than the difference between LIFO and FIFO at the end of 2010. Assuming GG has a 40% income tax rate, its reported
A. cost of goods sold for 2011 would have been $15 million higher if it had used FIFO rather than LIFO for its financial statements.
B. cost of goods sold for 2011 would have been $9 million higher if it had used FIFO rather than LIFO for its financial statements.
C. net income for 2011 would have been $15 million higher if it had used FIFO rather than LIFO for its financial statements.
D. net income for 2011 would have been $9 million higher if it had used FIFO rather than LIFO for its financial statements.
15. At December 31, 2010, Gill Co reported accounts receivable of $216,000 and an allowance for uncollectible accounts of $8,400. During 2011, accounts receivable increased by $22,000, and $7,800 of bad debts were written off. An analysis of Gill Co.’s December 31, 2011, accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. Bad debt expense for 2011 would be
A. $600.
B. $7,800.
C. $7,140.
D. $6,540.
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