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 Manal Elkhoshkhany Your Own Question

Manal Elkhoshkhany
Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9484
Experience:  More than 5000 online tutoring sessions.
3708793
Type Your Homework Question Here...
Manal Elkhoshkhany is online now
A new question is answered every 9 seconds

need help with some accounting questions (math)

Resolved Question:

I need help with some math questions - but they are accounting questions. Are there any experts that have a strong background in accounting that can help me with 20 questions - they are multiple choice? will add bonus when done.

Submitted: 2 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 2 years ago.

Hello

 

Please post the questions so that I can tell you if I can help

 

Thank you

Customer: replied 2 years ago.


Ok, here they are business tutor:


 


Which of the following journal entries is correct when common stock is sold for cash at a price greater than par value?


A) Cash - Common Stock / Gain on Sale of Stock
B) Cash - Additional Paid In Capital / Common Stock
C) Cash - Common Stock
D) Cash - Common Stock / Additional Paid In Capital


2.


Which of the following statements is false?


A) The common stock account has a credit balance.
B) The additional paid-in capital account has a credit balance.
C) Contributed capital consists of common stock and additional paid-in capital.
D) The par value of a stock represents the stock's fair value.


3.


Which of the following is true about gross profit (gross margin)?


A) It is net sales minus operating expenses.
B) It is net sales minus cost of goods sold.
C) It is the same as income from continuing operations.
D) It is net sales minus cost of goods sold and operating expenses.


4.


Which of the following best describes income from operations?


A) It includes the results of discontinued operations.
B) It includes extraordinary items.
C) It is sales minus cost of goods sold and income tax expense.
D) It is net sales minus cost of goods sold and operating expenses.


5.


The Callie Company has provided the following information:
· Operating expenses were $231,000;
· Cost of goods sold was $376,000;
· Net sales were $940,000;
· Interest expense was $32,000;
· Gain on sale of a building was $76,000;
· Income tax expense was $151,000.
What was Callie's gross profit?


A) $564,000
B) $188,000
C) $333,000
D) $232,000


6.


Which of the following transactions does not affect gross profit?


A) A customer returning merchandise that was sold for a profit.
B) The collection of cash on an account receivable which was paid for by the customer within the discount period.
C) The journal entry to record bad debt expense.
D) Selling inventory for less than its cost.


7.


Which of the following is not a component of the gross profit calculation?


A) Cost of goods sold
B) Sales returns and allowances
C) Allowance for doubtful accounts
D) Credit card discounts


8.


The Soft Company has provided the following information:
· Allowance for doubtful accounts increased $19,000 and accounts receivable increased $390,000 during the year.
· Accounts written off as uncollectible totaled $20,000.
· Net sales totaled $2,700,000.
· The gross profit percentage was 40%.
· Sales discounts were $100,000.
How much was Soft's gross profit?


A) $1,040,000
B) $1,072,400
C) $1,032,400
D) $1,080,000


9.


Redwing Company sold inventory costing $500 to a customer on account for $700. Which of the following correctly describes the collection of $686 cash when the customer takes advantage of a discount?


A) Operating expenses increase $14.
B) Accounts receivable decreases $686.
C) Current assets decrease $14.
D) Gross profit is not affected.


10.


Which of the following statements is correct?


A) Revenue is recognized at the time of shipment when goods are shipped FOB destination.
B) Sales returns and allowances are reported as operating expenses on an income statement.
C) Revenue is recorded when title and risks of ownership transfer to the buyer.
D) Sales discounts are reported as operating expenses on an income statement.


11.


Moore Company purchased an item for inventory that cost $20 per unit and was priced to sell at $30. It was determined that the replacement cost is $18 per unit. Using the lower-of-cost-or- market rule, what amount should be reported on the balance sheet for inventory?


A) $18
B) $20
C) $12
D) $30
Inventory is reported on the balance sheet at replacement cost when it is less than cost.


12.


Iris Company has provided the following information regarding two of its items of inventory at year-end:
· There are 100 units of Item A having a cost of $20 per unit and a replacement cost of $18 per unit.
· There are 50 units of Item B having a cost of $50 per unit and a replacement cost of $55 per unit.
How much is the ending inventory using lower of cost or market on an item-by-item basis?


A) $4,300
B) $4,500
C) $4,750
D) $4,550


13.


Carr Corporation has provided the following information for its most recent month of operation: sales $8,000; beginning inventory $1,000; ending inventory $2,000 and gross profit $5,000. How much were Carr's inventory purchases during the period?


A) $9,000
B) $5,000
C) $6,000
D) $4,000


14.


Which of the following costs does not become a part of cost of goods manufactured?


A) The cost of raw materials used.
B) The cost of factory overhead.
C) The cost of rent on the factory building.
D) The salary of the company president.


15.


Which of the following would not be a component of the year-end inventory balance?


A) Freight-in costs
B) Inventory inspection costs
C) Inventory preparation costs
D) Inventory related selling costs


16.


Which of the following accounts would not be considered a tangible asset?


A) Buildings
B) Land
C) Equipment
D) Patents


17.


Which of the following accounts would not be considered an intangible asset?


A) Goodwill
B) Patents
C) Research and development costs
D) Trademarks


18.


Which of the following transactions would not increase the fixed asset turnover ratio?


A) A profitable sale of inventory on account.
B) A profitable sale of inventory for cash.
C) Selling equipment used in the manufacturing process for a loss.
D) A decrease in cash-based operating expenses.


19.


A company has some bottling equipment which cost $8.5 million, has a net book value of $4.1 million, estimated future cash flows of $3.7 million, and a fair value of $3.1 million. How much is the asset impairment loss?


A) $5.4 million
B) $4.1 million
C) $0.4 million
D) $1.0 million


20.


A company has some bottling equipment which cost $8.5 million, has a net book value of $4.1 million, estimated future cash flows of $3.7 million, and a fair value of $3.1 million. Which of the following correctly describes the recording of the asset impairment loss?


A) The loss account is debited for $1.0 million and the asset account is credited for $1.0 million.
B) The loss account is debited for $0.4 million and the asset account is credited for $0.4 million.
C) The loss account is debited for $5.4 million and the asset account is credited for $5.4 million.
D) The loss account is debited for $4.8 million and the asset account is credited for $4.8 million


 


Hope you can help me. Thank you in advance. :)

Expert:  Manal Elkhoshkhany replied 2 years 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.
Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9484
Experience: More than 5000 online tutoring sessions.
Manal Elkhoshkhany and 11 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:

    4522
    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:

    4522
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/ComputersGuru/2010-02-13_051118_Photo41.JPG LogicPro's Avatar

    LogicPro

    Engineer

    Satisfied Customers:

    3458
    Expert in Java C++ C C# VB Javascript Design SQL HTML
  • 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:

    3124
    Post Graduate Diploma in Management (MBA)
  • 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:

    2385
    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:

    1988
    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:

    1876
    Bachelors Degree and CPA with Accounting work experience
  • http://ww2.justanswer.com/uploads/avremote/photoa.jpg Seanna's Avatar

    Seanna

    Tutor

    Satisfied Customers:

    1781
    3,000+ satisfied customers, all topics, A+ work
 
 
 

Related Homework Questions