Financial Accounting Issues Multiple Choice Questions Homework Help
- November 14, 2017
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- Category: Accounting QA
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1. Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $10,000 at the end of the year. If the balance of the Allowance for Doubtful Accounts is $2,000 credit before adjustment; what is the amount of bad debt expense for that period?
$10,000
$8,000
$12,000
$2,000
2. Brown Clinic purchases land for $120,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Brown Clinic record as the cost for the land?
$122,200
$120,000
$124,700
$122,500
3. Equipment was purchased for $60,000. Freight charges amounted to $2,800 and there was a cost of $8,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be
$14,160.
$11,760.
$9,840.
$9,600.
4. Ron’s Pharmacy has collected $600 in sales taxes during March. If sales taxes must be remitted to the state government monthly, what entry will Ron’s Pharmacy make to show the March remittance?
Dr Sales Tax Expense 600
Cr Cash 600
Dr Sales Taxes Payable 600
Cr Cash 600
Dr Sales Tax Expense 600
Cr Sales Taxes Payable 600
No entry required.
5. Lopez Corporation issues 500, 10-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a
debit to Cash of $500,000.
credit to Discount on Bonds Payable for $20,000.
credit to Bonds Payable for $480,000.
debit to Cash for $480,000.
6. If Kiner Company issues 1,000 shares of $5 par value common stock for $70,000, the account
Common Stock will be credited for $5,000.
Paid-in Capital in Excess of Par Value will be credited for $5,000.
Paid-in Capital in Excess of Par Value will be credited for $70,000.
Cash will be debited for $65,000.
7. Outstanding stock of the Apex Corporation included 20,000 shares of $5 par common stock and 5,000 shares of 6%, $10 par non-cumulative preferred stock. In 2006, Apex declared and paid dividends of $2,000. In 2007, Apex declared and paid dividends of $6,000. How much of the 2007 dividend was distributed to preferred shareholders?
$4,000
$7,000
$3,000
None of the above
8. Accounts receivable arising from sales to customers amounted to $35,000 and $40,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $120,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is
$120,000.
$125,000.
$155,000.
$115,000.
9. Wilton Company reported net income of $40,000 for the year. During the year, accounts receivable increased by $7,000, accounts payable decreased by $3,000 and depreciation expense of $5,000 was recorded. Net cash provided by operating activities for the year is
$30,000.
$45,000.
$39,000.
$35,000
10. One variation of the horizontal analysis is known as
nonlinear analysis.
vertical analysis.
trend analysis.
common size analysis.
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11. Vertical analysis is also known as
perpendicular analysis.
common size analysis.
trend analysis.
straight-line analysis.
12. The best way to study the relationships among the components within a financial statement is to prepare
a vertical analysis.
a trend analysis.
profitability analysis.
comparative analysis.
13. In vertical analysis, the base amount for studying salary & wages expense is generally
net sales.
salary & wages expense in a previous year.
gross profit.
net income.
14. A common measure of profitability is the
current ratio.
current cash debt coverage ratio.
return on common stockholders equity ratio.
debt to total assets.
15. Long-term creditors are usually most interested in evaluating
liquidity.
marketability.
profitability.
solvency.
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