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I need the answers to Penn Fosters Financial Accounting exams

Customer Question

I need the answers to Penn Fosters Financial Accounting exams 061689, 061690, 061691, 061692, 061693
Submitted: 1 year ago.
Category: Business and Finance Homework
Expert:  F. Naz replied 1 year ago.

F. Naz :

Please provide data thanks.

Customer:

Exam: 061690RR - ACCOUNTING FOR MERCHANDISING


When you have completed your exam and reviewed your answers, click



Submit Exam. Answers will not be recorded until you


hit



Submit Exam. If you need to exit before completing the exam, click Cancel Exam.


Questions 1 to 20:


Select the best answer to each question. Note that a question and its answers may be split across a page


break, so be sure that you have seen the



entire question and all the answers before choosing an answer.


1.


Which of the following would probably not cause inventory shrinkage?


A.


Spills of items


B.


Employee theft


C.


Correct counting of all inventory


D.


Spoilage of items


2.


Goods available for sale are $350,000; beginning inventory is $24,000; ending inventory is $32,000; and


cost of goods sold is $275,000. The inventory turnover is


A.


8.59.


B.


9.82.


C.


11.46.


D.


12.50.


3.


Which items may not limit the effectiveness of internal control systems in an organization?


A.


Properly designed controls


B.


Costs not worth benefits


C.


Collusion


D.


Overriding controls


4.


The balance sheet format that lists assets above liabilities is the _______ form.


A.


report


B.


liquidity


C.


account


D.


alphabetical


5.


Isaiah Sporting Goods uses the perpetual average cost method of determining inventory costs. Below is


the inventory record for Product C124:


Date Received Sold Cost/Unit Balance


April 22 534 $6.58 $3,513.72


May 17 433 $6.70 $2,901.10


June 21 389 $6.76 $2,629.64


August 2 436 $6.44 $2,807.84

F. Naz :

AS there are 5 exams therefore you are requested to post each exam with its fair value of $40 each, so they may be answered each separately, you may add my name before the posted question, you may upload all data at www.mediafire.com at once, I will answer on each post separately, thanks.

Customer:

6.


Meranda Corporation purchases $3,500 of inventory on account from Ashley Corporation. The journal


entry to record this purchase for Meranda under a perpetual inventory system is


A.


debit Inventory; credit Accounts Payable—Meranda.


B.


debit Accounts Payable-Ashley; credit Inventory.


C.


debit Inventory; credit Accounts Payable—Ashley.


D.


debit Inventory; credit Cash.


7.


If current assets decrease and current liabilities increase, the current ratio


A.


decreases.


B.


remains the same.


C.


will change based on the change in total assets.


D.


increases.


8.


Net sales times the historical gross profit percentage yields the estimated


A.


gross profit.


B.


beginning inventory.


C.


ending inventory.


D.


cost of goods sold.


9.


When a merchandiser sells on account, which of the following is not needed to record the transaction?


A.


Cash


B.


Cost of goods sold


C.


Accounts receivable


D.


Inventory


10.


The major difference in the statement of retained earnings between a service business and a


merchandising business is


A.


that the retained earnings statement of a merchandising business includes dividends.


B.


that the retained earnings statement of a service business includes dividends.


C.


nothing. There are no differences between the two.


D.


that the retained earnings statement of a merchandising business shows the cost of goods sold.


11.


Committing a fraud because the employee feels that it will be easy to do is indicative of which part of


the fraud triangle?


A.


Perceived pressure


B.


Realization

Customer:

12.


A company's gross profit percentage decreases from 58% to 51%. What does this mean?


A.


We can't determine anything definite from the information given.


B.


This means that net income will be lower.


C.


This means that there will be a net loss.


D.


This means that net income will be higher.


13.


Casey Company's beginning inventory and purchases during the fiscal year ended December 31, 2012,


were as follows: (



Note: The company uses a perpetual system of inventory.)


What is the cost of goods sold for Casey Company for 2012 using LIFO?


Units Unit Price Total Cost


January 1—Beginning Inventory 20 $12 $240


March 8—Sold 14


April 2—Purchase 30 $13 $390


June 5—Sold 25


Aug 6—Purchase 25 $14 $350


Sept 11—Sold 22


Total Cost of Inventory $980


Ending inventory is 14 units.


A.


$801


B.


$264


C.


$308


D.


$784


14.


Which of the following may not limit the effectiveness of internal control systems in an organization?


A.


Poorly designed controls


B.


Duties not segregated


C.


Costs not worth benefits


D.


Understanding of policies and procedures


15.


ABC Corporation pays an invoice for $350 in time to take a 3% discount. The journal entry to record


the payment of this invoice is


A.


debit Accounts Payable $340; credit Cash $340.


B.


debit Accounts Payable $340; debit Inventory $10; credit Cash $350.


C.


debit Accounts Payable $350; credit Cash $350.


D.


debit Accounts Payable $350; credit Inventory $10.50, credit Cash $339.50.


16.


In a balance sheet prepared in report form, liabilities must be listed after


A.


assets with long-term liabilities listed first.

Customer:

B.


stockholders' equity.


C.


assets in alphabetical order.


D.


assets with current liabilities listed first.


17.


Under a perpetual inventory system, the account to which transportation charges on incoming


merchandise is generally entered is


A.


FOB destination.


B.


delivery expense.


C.


FOB shipping.


D.


inventory.


18.


Which of the following is an incorrect statement if ending inventory is understated?


A.


Net income is understated.


B.


Income tax is understated.


C.


Cost of goods sold is overstated.


D.


Gross profit is overstated.


19.


To overstate earnings, a company can


A.


overstate expenses and overstate revenue.


B.


overstate receivables and understate payables.


C.


understate unearned revenue and understate property, plant, and equipment.


D.


understate expenses and understate revenue.


20.


Physical inventory counts must be done


A.


when using bar-code scan technology.


B.


when using the periodic method of inventory.


C.


regardless of method inventory.


D.


when using the perpetual method of inventory

Customer:

I am willing to pay $40 for each exam , however, I have not receive the answer for this exam I paid for yet. when will I get the answers to this exam?

F. Naz :

I am working on it and will come back soon

Expert:  F. Naz replied 1 year ago.
F. Naz, Bachelor's Degree
Satisfied Customers: 4254
Experience: Have completed B.COM and CA Finalist
F. Naz and other Business and Finance Homework Specialists are ready to help you
Expert:  F. Naz replied 1 year ago.
Waiting for your feedback and rating. Please post other exam questions by adding my name so they may be answered by me, thanks.
Customer: replied 1 year ago.

I had five answers wrong.

Expert:  F. Naz replied 1 year ago.
If you could tell me which one I may explain them thanks.
Customer: replied 1 year ago.


3, 13, 14,18, 20. I had the same answers you had but one. They did not give the correct answer. I can take the test over.

Expert:  F. Naz replied 1 year ago.
3 and 14 are same, for 13 the ending inventory should be 179 as per LIFO, but the answer is not given in the four options. 18 is right as the lower ending inventory will result in higher cost of goods sold and 20 is also right because without physcial count the ending inventory valuation is not possible under periodic inventory system, therefore in actual there are only wrong answer, thanks.
Customer: replied 1 year ago.

3, was a 13, was a 14, was b 18 was d 20 was c. I made a 90.



below is the next exam.


how much? thanks



Exam: 061691RR - THE VALUE OF MONEY


When


1.


Casey Company's bank statement shows a bank balance of $43,267. The statement shows a bank


service charge of $50 and a bank collection of $760 in Casey Company's behalf. Casey's book balance


should be adjusted by a total of


A.


–$710.


B.


+$760.


C.


+$810.


D.


+$710.


2.


Meranda Corporation purchases a machine for $125,000. It has an estimated salvage value of $10,000


and is expected to produce 50,000 units in its lifetime. During the first year of operation, it produced


14,500 units. To the nearest dollar, the depreciation for the first year under the units of production method


will be


A.


$33,350.


B.


$36,250.


C.


$35,500.


D.


$31,250.


3.


Brandon Corporation purchased a vein of mineral ore for $3,250,000. It is estimated that 15,000,000


tons of ore are available to be extracted. The salvage value is determined to be $400,000. The estimation


depletion expense for this year's extraction of 1,760,000 tons of ore (rounded to the nearest dollar) is


A.


$400,000.


B.


$334,400.


C.


$381,333.


D.


$428,267.


4.


Amanda Industries had total assets of $600,000; total liabilities of $175,000; and total stockholders'


equity of $425,000. Amanda Industries' debt ratio is


A.


29.2%.


B.


17.1%.


C.


70.8%.


D.


41.2%.


5.


A repair that extends the useful life of an asset would be considered a/an


A.


extraordinary repair.


 


B.


 


ordinary repair.


 


C.


 


capital expense.


 


D.


 


betterment.


 


6.


 


Which of the following would indicate poor internal control over accounts receivable?


 


A.


 


The same person handling cash receipts also records the accounts receivable transactions.


 


B.


 


The mailroom employees open the mail and give the cash receipts to another employee.


 


C.


 


The person handling cash receipts passes the receipts to someone who enters them into accounts receivable.


 


D.


 


The person who handles accounts receivable wouldn't write off accounts as uncollectable.


 


7.


 


A warranty is an example of a/an _______ liability.


 


A.


 


estimated


 


B.


 


known


 


C.


 


settled


 


D.


 


contingent


 


8.


 


A company receives a note payable for $3,500 at 9% for 45 days. How much interest (to the nearest


 


cent) will the customer owe using a 360-day year?


 


A.


 


$315.00


 


B.


 


$38.84


 


C.


 


$39.38


 


D.


 


$354.38


 


9.


 


Ryan Corporation made a basket purchase of three items. Item A was appraised at $35,000; item B was


 


appraised at $55,000; and item C was appraised at $60,000. The purchase price was $125,000. The


 


amount at which item B should be recorded is


 


A.


 


($55,000/$150,000) × $125,000.


 


B.


 


($55,000/$95,000) × $150,000.


 


C.


 


($55,000/$95,000) × $125,000.


 


D.


 


($55,000/$125,000) × $150,000.


 


10.


 


Taylor Company has given you the following information from its aging of accounts receivable. The


 


current amount in the allowance for doubtful accounts is a $958 credit.


 


Using this information, what is the amount of the journal entry to record the allowance for doubtful


 


accounts?


 


Current $24,400 2% uncollectible


 


31–60 days 7,350 8% uncollectible


 


61–90 days 3,380 15% uncollectible


 


91 and up 1,220 30% uncollectible


 


A.


 


$541


 


B.


 


$2,457


 


C.


 


$991


 


D.


 


$1,949


 


11.


 


A company purchased furniture on January 1, 2012. Its cost was $15,600, and it had a residual value


 


of $1,600. Its useful life is determined to be three years. Using double-declining balance depreciation, the


 


depreciation for 2012 to the nearest dollar will be


 


A.


 


$10,400.


 


B.


 


$9,333.


 


C.


 


$5,200.


 


D.


 


$4,667.


 


12.


 


Jewell Company has current assets of $56,000; long-term assets of $135,000; current liabilities of


 


$44,000; and long-term liabilities of $90,000. Jewell Company's debt ratio is


 


A.


 


239.3%.


 


B.


 


70.2%.


 


C.


 


78.6%.


 


D.


 


127.3%.


 


13.


 


Which of the following would be considered a cash equivalent?


 


A.


 


Money orders


 


B.


 


Time deposits


 


C.


 


Checks


 


D.


 


Currency


 


14.


 


Using a 360-day year, the maturity value of a 69-day note for $1,500 at 7% annual interest is (rounded


 


to the nearest cent)


 


A.


 


$20.13.


 


B.


 


$1,605.00.


 


C.


 


$1,584,88.


 


D.


 


$1,520.13.


 


15.


 


Research and development costs (R&D) are generally


 


A.


 


listed as "long-term assets" on the balance sheet.


 


B.


 


listed as "other intangibles" on the balance sheet.


 


C.


 


expensed and become part of the income statement.


 


D.


 


listed as "current assets" on the balance sheet.


 


16.


 


A truck costing $56,000 has accumulated depreciation of $50,000. The truck is scrapped for $500. The


 


journal entry to record this transaction is


 


A.


 


debit Loss on Disposal $6,000, debit Accumulated Depreciation - Truck for $50,000, and credit Truck for $56,000.


 


B.


 


debit Cash for $500, debit Loss on Disposal for $55,500, and credit Truck for $56,000.


 


C.


 


debit Cash for $500, debit Truck for $50,000, debit Loss on Disposal for $5,500, and credit Accumulated Depreciation -


 


Truck for $56,000.


 


D.


 


debit Cash for $500, debit Accumulated Depreciation - Truck for $50,000, debit Loss on Disposal for $5,500, and credit


 


 


Truck for $56,000.


 


17.


 


Margaret is a customer of Tammy Company. The company wrote off her account of $1,200 on August 15. On October 12, she sent in a payment of $560. What will Tammy Company record first to reinstate


her account?


 


A.


Debit Accounts Receivable/Margaret; credit Allowance for Doubtful Accounts.


 


B.


 


Debit Cash; credit Accounts Receivable/Margaret.


 


C.


 


Debit Allowance for Doubtful Accounts; credit Accounts Receivable/Margaret.


 


D.


 


Debit Uncollectible Accounts Expense; credit Accounts Receivable/Margaret.


 


18.


 


Rick Company has cash of $143,000; net accounts receivable of $89,000; short-term investments of


 


$35,000; and prepaid expenses of $40,000. It also has $50,000 in current liabilities and $80,000 in longterm


 


liabilities. The quick ratio for Rick Company is


 


A.


 


6.14.


 


B.


 


4.64.


 


C.


 


5.34.


 


D.


 


3.34.


 


19.


 


Ryan Corporation made a basket purchase of three items. Item A was appraised at $35,000; item B


 


was appraised at $55,000; and item C was appraised at $60,000. The purchase price was $125,000. The


 


amount at which item C should be recorded (rounded to the nearest dollar) is


 


A.


 


$83,300.


 


B.


 


$29,167.


 


C.


 


$50,000.


 


D.


 


$72,000.


 


20.


 


Which of the following would not be a liability according to FASB's definition of a liability?


 


A.


 


The signing of a three-year employment contract at a fixed annual salary


 


B.


 


A note payable with no specified maturity date


 


C.


 


An obligation that's estimated in amount


 


D.


 


An obligation to provide goods or services in the future


 

Expert:  F. Naz replied 1 year ago.
Waiting for your rating and the questions for next exam, thanks.
F. Naz, Bachelor's Degree
Satisfied Customers: 4254
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Customer: replied 1 year ago.

How do I pay for your assistant?


 


exam 061692RR


1. Earnings that a stockholder receives from a corporation are an example of which stockholder right?
A. Dividends
B. Preemption
C. Vote
D. Liquidation
2. If Rick's net sales increased from $40,000 to $80,000 and its operating expenses increased from $30,000
to $50,000, then vertical analysis based on net sales would show which of the following for operating
expenses for the two periods (to the nearest tenth of a percent)?
A. 160.0% and 133.3%
B. 62.5% and 75.0%
C. 133.3% and 160.0%
D. 75.0% and 62.5%
3. Rick Company's net sales decreased from $90,000 in year 1 to $45,000 in year 2, and its cost of goods
sold decreased from $30,000 in year 1 to $20,000 in year 2. Vertical analysis based on sales would show
which decreases in cost of goods sold for the two periods (rounded to the nearest tenth of a percent)?
A. 44.4% and 33.3%
B. 300% and 225%
C. 225% and 300%
D. 33.3% and 44.4%
4. If you own 500 shares (2% of a corporation's stock) and the corporation issues 15,000 new shares, how
many of the new shares can you purchase under preemptive right?
A. 0
B. 500
C. 800
D. 300
5. What is the rate of return on equity if net income is $22,700; preferred dividends are $3,000; sales are
$100,000; and average common stockholders' equity is $86,000?
A. 22.9%
B. 26.4%
C. 22.7%
D. 86.0%
6. Tammy Corporation has 350,000 shares of $3 par common stock outstanding. It has declared a 5%
stock dividend. The current market price of the common stock is $7.50/share. The amount that will be
credited to common stock on the date of declaration is
A. $78,750.
B. $183,750.
C. $131,250.
D. $52,500.
7. Tammy Company has a beginning accounts receivable balance of $65,000 and an ending accounts
receivable balance of $60,000. Net credit sales are $250,000. Tammy's accounts receivable turnover rate is
A. 4.000.
B. 3.846.
C. 4.167.
D. 2.000.
8. Brandon Company had extraordinary losses of $150,000. If its corporate tax rate is 30%, at which
amount will the losses be shown on the income statement?
A. Not enough information is given to answer the question.
B. $105,000
C. $150,000
D. $45,000
9. A company has $56,000 in cash; $12,000 in accounts receivable; $25,000 in short-term investments;
and $100,000 in merchandise inventory. The company also has $60,000 in current liabilities. The
company's quick ratio is
A. 3.217.
B. 1.550.
C. 1.133.
D. 0.933.
10. Accounts receivable amounted to $215,000 at the beginning of the year and $245,000 at the end of the
year. Income reported on the income statement for the year was $300,000. The cash flow from operating
activities on the cash flow statement using the indirect method is
A. $270,000.
B. $330,000.
C. $315,000.
D. $300,000.
11. For vertical analysis purposes, the base item on the income statement is
A. net income.
B. net sales.
C. gross profit.
D. total expenses.
12. Net sales at Kelly's Bakery increased from $40,000 to $60,000, and its cost of goods sold increased
from $20,000 to $40,000. Vertical analysis based on net sales would show which percentages for cost of
goods sold (rounded to the nearest %)?
A. 67% and 40%
B. 10% and 30%
C. 40% and 20%
D. 50% and 67%
13. Cost of goods sold for the year was $850,000. Inventory was $60,000 at the beginning of the year and
$90,000 at the end of the year. There were no changes in the amount in accounts payable for the year.
Cash payment for merchandise to be reported under the direct method is
A. $940,000.
B. $910,000.
C. $850,000.
D. $880,000.
14. The accuracy of the statement of cash flows can be verified by computing the change in the balance of
the
A. revenue accounts.
B. cash and cash equivalent accounts.
C. equity account.
D. asset and liability accounts.
15. Casey Company reported net income of $35,000; depreciation expenses of $20,000; an increase in
accounts payable of $2,000; and an increase in current notes receivable of $3,000. Net cash flows from
operating activities under the indirect method is
A. $54,000.
B. $56,000.
C. $50,000.
D. $55,000.
16. If total assets are $6,000, what is the common-size figure of cash, assuming that cash has a balance of
$2,400?
A. 60.0%
B. 40.0%
C. 100.0%
D. 120.0%
17. Isaiah Corporation's Accounts Receivable increased by $35,000, and its Accounts Payable decreased
by $18,000. What is the net effect on cash from operations under the indirect method?
A. +$35,000
End of exam
B. -$18,000
C. -$53,000
D. +$17,000
18. The Isaiah Corporation Stockholders' Equity section includes the following information:
Total par value of the preferred and common stock is
Preferred Stock $22,000
Paid-in Capital in Excess of Par—Preferred 2,980
Common Stock 48,000
Paid-in Capital in Excess of Par—Common 3,400
Retained Earnings 7,350
A. $70,000.
B. $77,350.
C. $76,380.
D. $83,730.
19. The Amanda Corporation Stockholders' Equity section includes the following information:
What was the total selling price of the preferred stock?
Preferred Stock $12,000
Paid-in Capital in Excess of Par— Preferred 2,700
Common Stock 15,000
Paid-in Capital in Excess of Par— Common 4,100
Retained Earnings 8,200
A. $16,100
B. $20,200
C. $14,700
D. $12,000
20. In a common-size income statement, selling expenses are 55%. This means that they're 55% of
A. net profit.
B. net income.
C. gross profit.
D. net sales.

Expert:  F. Naz replied 1 year ago.
Waiting for rating of previous answer to answer the new exam, please remember that I am not get paid if you do not rate the answer every time the answer is given, thanks.
Expert:  F. Naz replied 1 year ago.
To download your answer use the link below.
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Customer: replied 1 year ago.

How do I download the answer from the site? Do I have to sign up for this?

Expert:  F. Naz replied 1 year ago.
No just copy and paste the link on internet browswer and then enter.
Expert:  F. Naz replied 1 year ago.
Waiting for your rating and questions for another exam, thanks.
F. Naz, Bachelor's Degree
Satisfied Customers: 4254
Experience: Have completed B.COM and CA Finalist
F. Naz and other Business and Finance Homework Specialists are ready to help you
Customer: replied 1 year ago.


next exam.



1. Record the following transactions using the accounting


equation.


Example:


Assets = Liabilities + Equity


XXXX(cash) XXXX(accounts payable)


A. Amanda invests $17,000 cash into her merchandising


business.


B. She buys $6,500 of office equipment and $3,000 of office


supplies with cash from Office Depot.


C. Additional purchases were supplies for $35,000 on


account from various suppliers.


2. Journalize the following transactions and omit the explanations.


A. ABC Corporation purchased $15,000 of office furniture by


putting $7,000 down in cash and the rest on account on


April 8.


B. The corporation paid $60,000 for a two-year lease on


April 19.


C. The corporation had sales of $45,000, of which $35,000


were on account on April 20.


D. The corporation borrowed $25,000 by signing a note


payable on April 22.


E. The corporation paid $1,250 on one of its accounts


payable on April 26.


3. Prepare a trial balance from the following information for


Learn a New Language, Inc. for December 31, 2012.


Accounts payable $5,012


Common stock $9,692


Cash $3,928


Notes payable $1,439


Wages expense $777


Marketing expense $493


Equipment $8,345


Accounts receivable $1,142


Inventory $8,074


Sales $6,616




Financial Accounting


4. Compute the missing information from this post-closing trial


balance.


5. Journalize the following transactions using the perpetual


inventory method.


Aug. 6 Purchased $830 of inventory on account from


Johnston with terms of 2/10, n/30.


Aug. 8 Purchased $2,611 of inventory for cash from


Pillner Company.


Aug.15 Paid for August 6 purchase from Johnston.


Aug. 17 Purchased $1,743 of merchandise on account


from Luis Company with Terms of 3/15, n/45.


6. Given the following information, prepare a balance sheet for


Isaiah’s Tool Shed for the year ending December 31, 2012.


Cash $65,750 Retained Earnings $179,319


Common Stock $35,000 Equipment $27,500


Accounts Receivable $11,478 Accounts Payable $29,450


Land $30,000 Inventory $78,311


Prepaid Supplies $7,357 Income Taxes Payable $4,209


Office Computers $11,345 Other PPE $31,446


Accum. Depr. (all) $23,459 Prepaid Insurance $8,250


Cash $34,689


Accounts Receivable 9,467


Prepaid Rent 5,000


Prepaid Insurance (A)


Supplies 944


Accounts Payable $5,389


Wages Payable (B)


Common Stock 37,049


Retained Earnings 8,234


_______ _______


Total $52,356 $52,356


Final Examination


5


7. Rick Company’s beginning inventory and purchases during


the fiscal year ended December 31, 2012, were as follows:


(



Note: The company uses a perpetual system of inventory.)


What is the cost of goods sold for Rick Company for 2012


using LIFO?


8. Assume that in Year 1, the ending merchandise inventory is


overstated by $30,000. If this is the only error in Years 1


and 2, fill in the items below, indicating which items will be


understated, overstated, or correctly stated for Years 1 and


2.


Item Year 1 Year 2


Ending inventory ___________ _____________


Beginning inventory ___________ _____________


Cost of goods sold ___________ _____________


9. Below is a list of treatments of accounting topics. Place GAAP


on the line if the treatment is GAAP-based and place IFRS on


the line if the treatment is IFRS-based.


A. Interest and dividend income are reported in the


investing section of the cash flow statement.__________


B. Interest expense is reported in the financing section of


the cash flow statement. ___________


C. The use of LIFO is prohibited. ___________


Units Unit Price Total Cost


January 1—Beginning inventory 18 $24 $432


March 12—Sold 13


April 11—Purchase 45 $29 $1,305


June 20—Sold 33


Aug 16—Purchase 35 $27 $945


Sept 11—Sold 29


Total Cost of Inventory


Ending inventory is 23 units. $2,682


6




Financial Accounting


10. Record the necessary journal entries from the following bank


reconciliation information for July 31, 2011:


11. Journalize the following transactions for Tammy Company:


Sept. 1 Sold $3,500 of merchandise to Jim on account


Oct. 1 Exchanged Jim’s account receivable for a fourmonth,


8% note for $3,500


Dec. 31 Recorded accrued interest on Jim’s note


Feb. 1 Jim paid off his note with interest (round to


nearest dollar)


12. A truck was purchased on January 2 at a cost of $60,000.


It’s expected to be used for five years and to have a residual


value of $5,000 after 120,000 miles of service. The truck


was driven for 23,000 miles the first year and 25,000 miles


the second year. Calculate the depreciation expense to the


nearest dollar for the first and second years.


Method Year 1 Year 2


Straight-line ________ ________


Double-declining-balance ________ ________


Units-of-production ________ ________


Bank Balance, July 31, 2011 $36,739


Checkbook Balance, July 31, 2011 36,444


Bank collection of note receivable 1,200 + 165


interest


Bank service charge 35


Deposits in transit 2,400


Outstanding checks 1,245


NSF check from customer 330


Correction of book error (check #456 written for $160,


recorded at $610)—gas expense


13. Prepare the general journal entries for the following


transactions:


Jan. 2, 2011 Purchased land with a building on it for


$750,000. The land is worth $300,000.


Paid $150,000 cash down and signed a


mortgage payable for the balance.


Dec. 31, 2011 Depreciation is computed using the


straight-line method. The estimated


salvage value of the building is $75,000


and has an estimated life of 20 years.


July 1, 2012 The building and land are sold for $825,000


cash.


14. Journalize the following treasury stock transactions:


June 3 Reacquired 350 shares of $12 par common stock


at $10 per share.


June 7 Sold 180 shares of treasury stock for $16 per


share.


June 8 Sold 150 shares of treasury stock for $9 per


share.


15. Lowry Landscapes had net income of $50,000 for 2010.


Land was sold for $40,000, of which $3,000 was a gain.


The beginning cash balance was $53,000, and the ending


cash balance was $151,000. Depreciation expenses were


$11,000. Prepare a statement of cash flows for the year


ended December 31, 2010, for Lowry Landscapes using the


indirect method.


Expert:  F. Naz replied 1 year ago.
Thanks for asking me, but you have not rated the previous solution, thanks.
Expert:  F. Naz replied 1 year ago.
The last exam is not mcqs, but they are complete 15 question, therefore you are requested to post it as separate question and with its fair value of $150, thanks.

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