Managerial Accounting Information Systems Multiple Choice Homework Help
- July 26, 2017
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- Category: Accounting QA
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1. Shady Lane’s income tax payable account decreased from $14 million to $12 million during 2011. If its income tax expense was $80 million, what would be shown as an operating cash flow under the direct method?
A. A cash outflow of $80 million
B. A cash outflow of $82 million
C. A cash outflow of $12 million
D. A cash outflow of $78 million
2. Misty Company reported the following before-tax items during the current year:
Sales $600
Operating expenses 250
Restructuring charges 20
Extraordinary loss 50
Misty’s effective tax rate is 40%.
What would be Misty’s net income for the current year?
A. $112
B. $148
C. $168
D. $198
3. Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these sales aren’t reasonably assured and bad debt losses can’t be reasonably predicted. It’s unlikely that repossessed merchandise will be in salable condition. Therefore, Reliable uses the cost recovery method. Merchandise costing $30,000 was sold for $55,000 in 2010. Collections on this sale were $20,000 in 2010, $15,000 in 2011, and $20,000 in 2012.
In 2010, Reliable would recognize gross profit of
A. $8,090.
B. $25,000.
C. $0.
D. $8,333.
4. On October 28, 2011, Mercedes Company committed to a plan to sell a division that qualified as a component of the entity according to GAAP regarding discontinued operations and was properly classified as held for sale on December 31, 2011, the end of the company’s fiscal year. The division’s loss from operations for 2011 was $2,000,000.
The division’s book value and fair value less cost to sell on December 31 were $3,000,000 and $2,500,000, respectively. What before-tax amount(s) should Mercedes report as loss on discontinued operations in its 2011 income statement?
A. None
B. $2,500,000 loss
C. $500,000 impairment loss included in continuing operations and a $2,000,000 loss from discontinued operations
D. $2,000,000 loss
5. Indiana Co. began a construction project in 2011 that will provide it $150 million when it is completed in 2013. During 2011, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project.
In 2012, Indiana incurred costs of $58.5 million and estimated an additional $40.5 million in costs to complete the project. Using the percentage-of-completion method, Indiana recognized _______ on the project in 2012.
A. $1.5 million gross profit
B. $6 million gross profit
C. $15 million gross profit
D. $13.5 million gross profit
6. On May 1, Foxtrot Co. agreed to sell the assets of its Footwear Division to Albanese Inc. for $80 million. The sale was completed on December 31, 2011.
The following additional facts pertain to the transaction:
* The Footwear Division qualifies as a component of the entity according to GAAP regarding discontinued operations.
* The book value of Footwear’s assets totaled $48 million on the date of the sale.
* Footwear’s operating income was a pretax loss of $10 million in 2011.
* Foxtrot’s income tax rate is 40%.
Suppose that the Footwear Division’s assets had not been sold by December 31, 2011, but were considered held for sale. Assume that the fair value of these assets at December 31 was $40 million. In the 2011 income statement for Foxtrot Co., it would report a loss from discontinued operations of
A. $3 million loss
B. $18 million loss
C. $10.8 million loss
D. $10 million loss
7.Misty Company reported the following before-tax items during the current year:
Sales $600
Operating expenses 250
Restructuring charges 20
Extraordinary loss 50
Misty’s effective tax rate is 40%.
What would be Misty’s income before extraordinary item(s)?
A. $198
B. $210
C. $360
D. $330
8. Kunkle Company wishes to earn 20% annually on its investments. If it makes an investment that equals or exceeds that rate, it considers it a success. Assume that it invests $2 million and gets $500,000 in return at the end of each year for x years. What is the minimum value of x for which it will consider the investment a success? Assume that it can’t invest for fractional parts of a year.
A. 7 years
B. 6 years
C. 9 years
D. 4 years
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9.Hong Kong Clothiers reported revenue of $5,000,000 for its year ended December 31, 2011. Accounts receivable at December 31, 2010 and 2011, were $320,000 and $355,000, respectively. Using the direct method for reporting cash flows from operating activities, Hong Kong Clothiers would report cash collected from customers of
A. $4,965,000.
B. $5,035,000.
C. $5,045,000.
D. $5,000,000.
10.In its first year of operations Acme Corp. had income before tax of $400,000. Acme made income tax payments totaling $150,000 during the year and has an income tax rate of 40%. What would be the balance in income tax payable at the end of the year?
A. $10,000 debit.
B. $150,000 credit.
C. $160,000 credit.
D. $10,000 credit
11. The full disclosure principle requires a balance between
A. relevance and cost effectiveness.
B. timeliness and predictive value.
C. comparability and consistency.
D. reliability and neutrality.
12. Ace Bonding Company purchased merchandise inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. Indicate how Ace should record the purchase by selecting one of the options listed below.
a. Inventory 2,000
Accounts payable 2,000
b. Cost of goods sold 2,000
Deferred revenue 1,000
Sales in advance 3,000
c. Cost of goods sold 2,000
Inventory payable 2,000
d. Cost of goods sold 2,000
Profit 1,000
Sales payable 3,000
A. Option b
B. Option a
C. Option d
D. Option c
13. Dave’s Duds reported cost of goods sold of $2,000,000 this year. The inventory account increased by $200,000 during the year to an ending balance of $400,000. What was the cost of merchandise that Dave purchased during the year?
A. $1,800,000
B. $1,600,000
C. $2,400,000
D. $2,200,000
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