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Neo
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I am in need of someone whos specialty is in accounting to

Resolved Question:

I am in need of someone who's specialty is in accounting to look at nine questions.
Submitted: 3 years ago.
Category: Homework
Expert:  Neo replied 3 years ago.
Good day!

Please let me know how I can help you.

Customer: replied 3 years ago.
Neo are you still there
Expert:  Neo replied 3 years ago.
I am here.

Customer: replied 3 years ago.
Ok these questions are all multiple choice.

Attachment: 2011-12-03_033153_merchandise_inventory.doc



Attachment: 2011-12-03_033247_merchandise_inventory.doc


Merchandise inventory
Answer
a.
is a long-term asset.
b.
is a current asset.
c.
includes supplies.
d.
is classified with investments on the balance sheet.
e.
must be sold within one month.

3 points

Question 2

  1. The credit terms 2/10, n/30 are interpreted as
    Answer
    a.
    2% cash discount if the amount is paid within 10 days, with the balance due in 30 days.
    b.
    10% cash discount if the amount is paid within 2 days, with the balance due in 30 days.
    c.
    30% discount if paid within 2 days.
    d.
    30% discount if paid within 10 days.
    e.
    2% discount if paid within 30 days.

3 points

Question 3

  1. A company purchased $1,800 of merchandise on December 5. On December 7, it returned $200 worth of merchandise. On December 8, it paid the balance in full, taking a 2% discount. The amount of the cash paid on December 8 equals
    Answer
    a.
    $200.
    b.
    $1,564.
    c.
    $1,568.
    d.
    $1,600.
    e.
    $1,800.

3 points

Question 4

  1. A debit to Sales Returns and Allowances and a credit to Accounts Receivable
    Answer
    a.
    reflect an increase in the amount due from a customer.
    b.
    recognizes that a customer returned merchandise and/or received an allowance.
    c.
    requires a debit memorandum to recognize the customer's return.
    d.
    is recorded when a customer takes a discount.
    e.
    reflects an increase in net sales.

3 points

Question 5

  1. Multiple-step income statements
    Answer
    a.
    are required by the FASB.
    b.
    contain more detail than a simple listing of revenues and expenses.
    c.
    are required for the perpetual inventory system.
    d.
    list cost of goods sold as an operating expense.
    e.
    can only be used in perpetual inventory systems.

3 points

Question 6

  1. Merchandise inventory includes
    Answer
    a.
    all goods owned by a company and held for sale.
    b.
    all goods in transit.
    c.
    all goods on consignment.
    d.
    only damaged goods.
    e.
    only items that are on the shelf.

3 points

Question 7

  1. Physical inventory counts
    Answer
    a.
    are not necessary under the perpetual system.
    b.
    are necessary to measure and adjust for inventory shrinkage.
    c.
    must be taken at least once a month.
    d.
    require the use of hand-held portable computers.
    e.
    are not necessary under the cost-to-benefit constraint.

3 points

Question 8

  1. The full disclosure principle
    Answer
    a.
    requires that when a change in inventory valuation method is made, the notes to the financial statements report the type of change, why it was made, and its effect on net income.
    b.
    requires that companies use the same accounting method for inventory valuation period after period.
    c.
    is not subject to the materiality principle.
    d.
    is only applied to retailers.
    e.
    is also called the consistency principle.

3 points

Question 9

  1. A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6, they purchased 6 unitsx at $25 each. On November 5, 8 units were sold for $55 each. Using the Weighted Average perpetual inventory methods, what was the value of the inventory on November 30?
    Answer
    a.
    $304.00
    b.
    $404.00
    c.
    $322.72
    d.
    $280.00
    e.
    $276.00

3 points

Question 10

  1. The conservatism principle
    Answer
    a.
    requires that when there are more than one equally likely estimates of amounts expected to be received or paid in the future, then the less optimistic amount should be used.
    b.
    requires that a company use the same accounting methods period after period.
    c.
    requires that revenues and expenses be reported in the period in which they are earned or incurred.
    d.
    requires that all items of a material nature be included in financial statements.
    e.
    requires that all inventory items be reported at full cost.

3 points

Question 11

  1. Acme Company has an agreement with a major credit card company which calls for cash to be received immediately upon deposit of Acme customers' credit card sales receipts. The credit card company receives 3.5% of card sales as its fee. If Acme has $2,000 in credit card sales, which of the following statements is true?
    Answer
    a.
    Acme debits Cash for $2,000.
    b.

    Acme debits Cash for $1,930.

    c.
    Acme debits Accounts Receivable - Credit Card Co. $2,000.
    d.
    Acme debits Accounts Receivable - Credit Card Co. $1,930.
    e.
    Acme credits Sales $1,930.

3 points

Question 12

  1. A promissory note
    Answer
    a.
    is a short-term investment for the maker.
    b.
    is a liability to the payee.
    c.
    is another name for an installment receivable.
    d.
    cannot be used in payment of an account receivable.
    e.
    is a written promise to pay a specified amount of money at a certain date.

3 points

Question 13

  1. A company receives a 10%, 90-day note for $1,500. The total interest due upon the maturity date is
    Answer
    a.
    $37.50.
    b.
    $150.00.
    c.
    $75.00.
    d.
    $50.00.
    e.
    $87.50.

3 points

Question 14

  1. The matching principle requires
    Answer
    a.
    that expenses be ignored if their effect on the financial statements are less important than revenues to the financial statement user.
    b.
    the use of the direct write-off method for bad debts.
    c.
    that bad debts be discolsed in the financial statements.
    d.
    the use of the allowance method of accounting for bad debts.
    e.
    that bad debts not be written off.

3 points

Question 15

On December 31 of the current year, a company's unadjusted trial balance included the following: Accounts Receivable, debit balance of $97,250; Allowance for Doubtful Accounts, credit balance of $951. What amount should be debited to Bad Debts Expense, assuming 6% of outstanding accounts receivable at the end of the current year will be uncollectible?
Answer
a.
$951
b.
$3,992
c.
$4,884
d.
$5,835
e.
$6,786
Expert:  Neo replied 3 years ago.
Please check question number 9 for any typo.

Customer: replied 3 years ago.
ok I will check
Customer: replied 3 years ago.
Neo is the question not worded right
Expert:  Neo replied 3 years ago.
I am arriving to an answer which is not in the choices.

Customer: replied 3 years ago.
ok maybe there is a typo
Expert:  Neo replied 3 years ago.
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