How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Linda_us Your Own Question

Linda_us
Linda_us, Finance, Accounts & Homework Tutor
Category: Homework
Satisfied Customers: 7019
Experience:  Post Graduate Diploma in Management (MBA)
Type Your Homework Question Here...
Linda_us is online now
A new question is answered every 9 seconds

I need the answers to Penn Fosters Financial Accounting exams

Resolved Question:

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

Welcome and thanks for requesting me. Can you please post the complete question?

 

Regards

 

Linda

Customer: replied 1 year ago.

what do you need


 


 

Expert:  Linda_us replied 1 year ago.
I would need the detail rather than just the exam numbers.
Customer: replied 1 year ago.

The records of Ashley Boutique showed a net loss of $30,000; depreciation expense of $25,000; and an


increase in supplies on hand of $5,000. The amount of net cash flow from operating activities using the


indirect method is


A.



$15,000.


B.



$20,000.


C.



($10,000).


D.



($15,000).


2.



Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current


market value of $3,000. Which of the following is not part of the journal entry for this transaction?



A.



Crediting common stock for $2,400


B.



Debiting equipment for $3,000


C.



Crediting paid-in capital in excess of par common for $600


D.



Crediting common stock for $3,000


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.



33.3% and 44.4%


B.



44.4% and 33.3%


C.



300% and 225%


D.



225% and 300%


4.



What are the rate of return on stockholders' equity and the rate of return on common stockholders'


equity (rounded to the nearest one-tenth of a percent) given the following information:



Net Income $350,000


Preferred Dividends 20,000


Common Stock 48,000


Common Stockholders’ Equity 1/1/2011 4,400,000


Total Stockholders’ Equity 1/1/2011 5,300,000


Total Stockholders’ Equity 12/31/2011 5,500,000


A.



Return on Stockholders' Equity: 5.6 %; Return on Common Stockholders' Equity: 6.7%


B.



Return on Stockholders' Equity: 6.5 %; Return on Common Stockholders' Equity: 7.6%


C.



Return on Stockholders' Equity: 7.8 %; Return on Common Stockholders' Equity: 8.9%


D.



Return on Stockholders' Equity: 8.1 %; Return on Common Stockholders' Equity: 9.2%


5.



Casey Company has an accounts receivable turnover of 36 days, an inventory turnover of 77 days, and


an accounts payable turnover of 40 days. Casey's cash conversion cycle is _______ day(s).



A.



81


B.



73


C.



153


D.



1


6.



Casey Company has 5,000 shares of treasury cost that it purchased for $13 per share. It later resold


2,000 of those shares for $17 per share. The amount to be credited to Paid-in Capital—Treasury Stock is



A.



$34,000.


B.



$8,000.


C.



$30,000.


D.



$26,000.


7.



Operating expenses—other than depreciation—for the year were $335,000. Prepaid expenses decreased


by $7,000. Cash payments for operating expenses to be reported on the cash flow statement using the



direct method would be



A.



$328,000.


B.



$7,000.


C.



$335,000.


D.



$342,000.


8.



Rick Company has declared a $40,000 cash dividend to shareholders. The company has 5,000 shares of


$20 par, 6% preferred stock, and 10,000 shares of $15 par common stock. The preferred stock is



noncumulative. How much will be distributed to the preferred and common stockholders on the date of



payment?



A.



$40,000 preferred; $0 common


B.



$0 preferred; $40,000 common


C.



$6,000 preferred; $34,000 common


D.



$34,000 preferred; $6,000 common


9.



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%


10.



Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current


market value of $3,000. Which of the following is



not


part of the journal entry for this transaction?



A.



Crediting Common Stock for $3,000


B.



Crediting Common Stock for $2,400


C.



Debiting Equipment for $3,000


D.



Crediting Paid-in Capital in Excess of Par—Common for $600


11.



To determine why net income and cash on the balance sheet don't equal, an accountant can prepare


a/an



A.



statement of retained earnings.


B.



income statement.


C.



balance sheet.


D.



statement of cash flows.


12.


 


If total assets are $6,000, what is the common-size figure of cash

Expert:  Linda_us replied 1 year ago.
Can you post the remaining questions as well. Also let me know what your deadline for these questions.
Customer: replied 1 year ago.

 


12.



If total assets are $6,000, what is the common-size figure of cash, assuming that cash has a balance of


$2,400?



A.



40.0%


B.



60.0%


C.



120.0%


D.



100.0%


13.



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.



40% and 20%


C.



50% and 67%


D.



10% and 30%


14.



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.



$880,000.


B.



$850,000.


C.



$910,000.


D.



$940,000.


15.



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


16.



Ryan Industries has an inventory turnover of 112 days, an accounts payable turnover of 73 days, and


an accounts receivable turnover of 82 days. Ryan's cash conversion cycle is _______ days.



A.



9


End of exam



B.



121


C.



103


D.



43


17.



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.


18.



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



debited to retained earnings on the date of declaration is



A.



$131,250.


B.



$183,750.


C.



$52,500.


D.



$78,750.


19.



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.



$131,250.


B.



$183,750.


C.



$52,500.


D.



$78,750.


20.



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.



0.933.


D.

Expert:  Linda_us replied 1 year ago.

I got all 20 questions. Do you have more ?

 

Please let me know you deadline.

Customer: replied 1 year ago.


yes i have some more....my deadline is 09/10/2012


 


thank youSmile


 


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


A. extraordinary repair.


B. capital expense.


C. betterment.


D. ordinary repair.


2. 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. +$710.


D. +$810.


3. 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.


4. If a $6,000, 10%, 10-year bond was issued at 104 on October 1, 2011, how much interest will accrue on


December 31 if interest payments are made annually?


A. None


B. $104


C. $500


D. $150


5. If the amount extracted from a coal mine was different every year for four years, you would


A. use the same depletion expense rate per unit each year.


B. recompute the depletion expense rate per unit each year.


C. debit depletion expense for the same amount each year.


D. credit accumulated depletion— coal mine for the same amount each year.


6. 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. $5,200.


B. $9,333.


C. $4,667.


D. $10,400.


7. Brandon Company completed an aging of its accounts receivable and came up with an estimated amount


of $6,342. The credit sales for the period are $85,000. The balance in the allowance for doubtful accounts


is a debit of $817. If Brandon uses 5% of credit sales as its estimating uncollectable accounts, how much


will the credit be to the allowance for doubtful accounts if Brandon uses the estimate of aging receivables


as its method of estimating uncollectable accounts?


A. $4,250


B. $5,067


C. $5,525


D. $7,159


8. Which of the following marketable securities are reported at market value on the balance sheet date?


A. Available-for-sale and trading securities


B. Held-to-maturities securities


C. Trading securities


D. Available-for-sale securities


9. Which of the following would be considered a cash equivalent?


A. Time deposits


B. Currency


C. Money orders


D. Checks


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


service charge of $50. Casey's book balance shows outstanding checks of $5,288 and deposits in transit of


$9,325. The bank-side reconciliation would show cash of


A. $47,304.


B. $43,267.


C. $43,217.


D. $39,230.


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


A. estimated


B. known


C. settled


D. contingent


12. Which of the following would not be considered a contingent liability?


A. Mortgage payable


B. Pending legal action


C. Potential fines from the EPA


D. Cosigning a loan


13. 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. 3.34.


C. 5.34.


D. 4.64.


14. 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.


15. Use the _______ principle to estimate warranty liabilities.


A. matching


B. objectivity


C. entity


D. conservatism


16. 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. $1,605.00.


B. $1,584,88.


C. $20.13.


D. $1,520.13.


17. 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. $36,250.


B. $31,250.


C. $35,500.


D. $33,350.


E18. Research and development costs (R&D) are generally


A. listed as "current assets" on the balance sheet.


B. expensed and become part of the income statement.


C. listed as "other intangibles" on the balance sheet.


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


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


A. An obligation that's estimated in amount


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


C. A note payable with no specified maturity date


D. An obligation to provide goods or services in the future


20. 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. $1,949


B. $2,457


C. $541


D. $991nd of. Which of the following

Expert:  Linda_us replied 1 year ago.
How many total question do we have?
Customer: replied 1 year ago.


40 questionSmile

Customer: replied 1 year ago.
Relist: Incomplete answer.
when I am going to recive the awnswers?
Customer: replied 1 year ago.


hi Linda when I am going to recive the answers for this 40 questions

Expert:  Linda_us replied 1 year ago.
I will complete this assignment and post the solution tonight.
Customer: replied 1 year ago.


ok thank youSmile

Expert:  Linda_us replied 1 year ago.
You are welcome.
Expert:  Linda_us replied 1 year ago.
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
If you've already paid for this answer, simply Login.
Linda_us, Finance, Accounts & Homework Tutor
Category: Homework
Satisfied Customers: 7019
Experience: Post Graduate Diploma in Management (MBA)
Linda_us and 10 other Homework Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
< Last | Next >
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg Linda_us's Avatar

    Linda_us

    Finance, Accounts & Homework Tutor

    Satisfied Customers:

    3121
    Post Graduate Diploma in Management (MBA)
  • http://ww2.justanswer.com/uploads/ComputersGuru/2010-02-13_051118_Photo41.JPG LogicPro's Avatar

    LogicPro

    Engineer

    Satisfied Customers:

    3035
    Expert in Java C++ C C# VB Javascript Design SQL HTML
  • http://ww2.justanswer.com/uploads/lanis/2009-4-1_233717_phput9xef_c1pm.jpg Lani S.'s Avatar

    Lani S.

    Tutor

    Satisfied Customers:

    2457
    Registered Nurse, Internet Researcher, Private Tutor
  • http://ww2.justanswer.com/uploads/chooser77/2009-08-18_162025_Chris.jpg Chris M.'s Avatar

    Chris M.

    M.S.W. Social Work

    Satisfied Customers:

    2341
    Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

    F. Naz

    Chartered Accountant

    Satisfied Customers:

    1975
    Experience with chartered accountancy
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

    Bizhelp

    CPA

    Satisfied Customers:

    1873
    Bachelors Degree and CPA with Accounting work experience