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Hi I need help with an accounting hw quiz. 2hr dead line. Are you avail to help?


10. Corresponds to CLO 3(b)
Swift Builders, Inc. uses the completed-contract method of accounting for a $450,000 contract that it expects will take two years to complete. At December 31, 2013, the end of the first year of the contract, additional information related to the project includes: costs incurred to date were $290,000; estimated costs to complete were $180,000; billings to date were $325,000; collections to date were $300,000. What amount should Swift recognize as gross profit or loss for 2013? (Points : 6)
$ -0-
a $20,000 loss
a $40,000 loss
a $110,000 loss





11. Corresponds to CLO 3(c)
Miller Company appropriately uses the installment method of accounting to recognize income in its financial statements. Pertinent data relating to this method of accounting includes: installment sales totaled $400,000 for 2013 and $500,000 for 2014; cost of sales were $260,000 for 2013 and $300,00 for 2014; in 2013 Miller collected $280,000 from 2013 sales; in 2014 Miller collected $100,000 from 2013 sales and $300,000 from 2014 sales. What amount should Miller report as realized gross profit on the 2014 income statement? (Points : 6)
$155,000
$120,000
$98,000
$35,000





12. Corresponds to CLO 3(d)
In consignment sales, the consignee (Points : 6)
records the merchandise as an asset on its books.
recognizes revenue when it ships merchandise to the consignor.
upon sale of the merchandise, has a liability for the net amount due the consignor.
records a liability for the merchandise held on consignment.





13. Corresponds to CLO 4(a)
If Collier Costumes, Inc. has the following items at year-end, how much should it report as cash on the balance sheet?



Cash in bank $25,700
Cash on hand $620
Post-dated checks $1,680
Certificates of deposit $80,000

(Points : 6)
$80,000
$28,000
$26,320
$620





14. Corresponds to CLO 4(b)
At December 31, 2013, Vega Vaccum Corporation has cash in bank of 104,000, restricted cash in a separate account of $19,000, and a bank overdraft at another bank of $500. How much should it report as cash on the balance sheet? (Points : 6)
$123,000
$122,500
$104,500
$104,000





15. Corresponds to CLO 4(c)
Which of the following is not classified as cash on the balance sheet? (Points : 6)
Postage stamps
Post-dated checks
Cash restricted for plant expansion
All of the above





16. Corresponds to CLO 4(d)
The month-end bank statement for Guthrie Motors shows a balance of $125,000 and a bank service charge of $40. Outstanding checks are $35,000, a deposit of $10,000 was in transit at month end, and a check for $1,500 was erroneously charged by the bank against the account. The correct balance in the bank account at month end is (Points : 6)
$101,500
$ 101,460
$98,500
$98,460





17. Corresponds to CLO 5(a)
As of December 31, Gammelguard Corporation has outstanding accounts receivable of $2.4 million. Sales on credit during the year were $9 million. The allowance for doubtful accounts has a credit balance of $20,0000. If the company estimates that 7% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year? (Points : 6)
$630,000
$188,000
$168,000
$148,000





18. Corresponds to CLO 5(b)
As of December 31, Wiliams Corporation has outstanding accounts receivable of $3.6 million. Sales on credit during the year were $12.5 million. The allowance for doubtful accounts has a credit balance of $62,000. If the company estimates that 1% of its net credit sales will be uncollectible, what will be the amount of bad debt expense recognized for the year? (Points : 6)
$63,000
$125,000
$187,000
$360,000





19. Corresponds to CLO 5(c)
Kandris Corporation had a balance in accounts receivable of $450,000 and a balance in allowance for doubtful accounts of $34,000, when management decided the accounts receivable from Dunn Corporation of $1,800 had become uncollectible. What journal entry should Kandris Corporation make to write-off the uncollectible account? (Points : 6)
Debit Allowance for Doubtful Accounts, credit Accounts Receivable, $1,800
Debit Allowance for Doubtful Accounts, credit Bad Debt Expense, $1,800
Debit Bad Debt Expense, credit Allowance for Doubtful Accounts, $1,800
Debit Accounts Receivable, credit Allowance for Doubtful Accounts, $1,800
Submitted: 11 months ago.
Category: Homework
Expert:  Linda_us replied 11 months ago.
Thank you for requesting me. I am looking into it.
Customer: replied 11 months ago.


Thank you

Expert:  Linda_us replied 11 months ago.
For questions 17 please check the following figure " accounts has a credit balance of $20,0000"

It should be $20,000
Customer: replied 11 months ago.


yes 20,000 is correct.

Expert:  Linda_us replied 11 months ago.
Linda_us, Finance, Accounts & Homework Tutor
Category: Homework
Satisfied Customers: 7038
Experience: Post Graduate Diploma in Management (MBA)
Linda_us and 11 other Homework Specialists are ready to help you
Customer: replied 11 months ago.


I had to put more in the additional information block. There was a 5000 character limit. I will be giving you a good or excellent rating either way, but do I have to pay again for questions 20-32?

Customer: replied 11 months ago.


Sorry for the confusion.

Expert:  Linda_us replied 11 months ago.
Please post your remaining questions.
Customer: replied 11 months ago.

At December 31, Norman Industrial Inc. had account balances before year-end adjusting entries for accounts receivable and the related allowance for doubtful accounts of $920,000 and $79,000 respectively. An aging of accounts receivable indicated that $100,000 of the December 31, receivables are expected to be uncollectible. The net realizable value of accounts receivable after adjustment is (Points : 6) $1,020,000 $820,000 $841,000 $999,000















21. Corresponds to CLO 6(a) The following is a record of Axis Corporation's inventory transactions for the current month:

 























June 1Balance, 300 units @ $65 eachJune 16Sale, 400 units @ $90
June 14Purchase 800 units @ $68 eachJune 20Sale, 500 units @ $90
June 25Purchase 250 units @ $70

 


Axis uses the periodic inventory system. Using the FIFO method, what is the amount of cost of goods sold for the month?


(Points : 6)

$61,700 $60,300 $58,500 $31,100
















22. Corresponds to CLO 6(b) The following is a record of Meyer Corporation's inventory transactions for the current month:





















October 1Balance, 600 units @ $24 eachOctober 9Sale, 600 units @ $51
October 12Purchase 550 units @ $26 eachOctober 19Sale, 500 units @ $51
October 25Purchase 700 units @ $27 each

Meyer uses the periodic inventory system. Using the LIFO method, what is the amount of ending inventory on October 31?


(Points : 6)

$18,300 $20,200 $18,000 $29,300
















23. Corresponds to CLO 6(c) The following is a record of Tiller Corporation's inventory transactions for the current month:





















January 1Balance, 500 units @ $10 eachJanuary 5Sale, 290 units @ $25
January 11Purchase, 300 units @ $12 eachJanuary 13Sale, 250 units @ $25
January 23Purchase, 400 units @ $13 eachJanuary 27Sale, 310 units @ $25

Tiller uses the periodic inventory system. Using the weighted-average inventory method, what is the cost of goods sold for the month of January?


(Points : 6)

$14,004 $9,775 $4,085 $4,025
















24. Corresponds to CLO 6(d) The following is a record of Caulder Corporation's inventory transactions for the current month:

 























March 1Balance, 500 units @ $40 eachMarch 12Sale, 200 units @ $85
March 16Purchase, 300 units @ $42 eachMarch 22Sale, 350 units @ $85
March 28Purchase, 300 units @ $43 each

Caulder uses the perpetual inventory system. Using the LIFO method, what is the ending inventory on March 31?


(Points : 6)

$22,900 $22,100 $22,600 $23,400
















25. Corresponds to CLO 7(a) In the context of dollar-value LIFO, when inventory in base year dollars decreases, (Points : 6)

The LIFO reserve increase A LIFO layer is liquidated A LIFO layer is created The LIFO price index decreases
















26. Corresponds to CLO 7(b) Hemmer Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2011. Its inventory at that date was 450,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:























DateInventory at Current PricesCurrent Price Index
December 31, 2012$513,600107
December 31, 2013$580,000125
December 31, 2014$650,000130

What is the ending inventory at December 31, 2012 under dollar-value LIFO?


(Points : 6)

$464,000 $464,980 $482,100 $497,080
















27. Corresponds to CLO 7(c) Inventories are primarily accounted for at cost on the balance sheet. In a departure from the cost basis, inventory is accounted for at market when (Points : 6)

There is any decrease in the future utility Mangement wants to decrease the value of ending inventory There is a decrease in the future utility below the original cost Management wants to defer profits to a future period
















28. Corresponds to CLO 7(d) If the historical cost of product X is $55, the selling price of product X is $90, the costs to sell product X are $14, the replacement cost for product X is $50, and the normal profit margin is 30% of sales price, what is the market value that should be used in the lower-of-cost-or-market comparison? (Points : 6)

$50 $49 $76 $55
















29. Corresponds to CLO 8(a) Energy Solutions Corporation estimates the cost of its physical inventory at November 30 for use in an interim financial statement. Management uses a gross profit rate on sales of 40%. The following information is available:

 

















Inventory, November 1$500,000
Purchases during November$650,000
Sales during November$900,000

 


The estimated cost of inventory at November 30 is


(Points : 6)

$360,000 $540,000 $610,000 $650,000
















30. Corresponds to CLO 8(b) How is the gross profit method used as it relates to inventory valuation? (Points : 6)

To provide an inventory value of LIFO inventories. To estimate inventories for annual statements. To verify the accuracy of the perpetual inventory records. To verify the accuracy of the physical inventory.
















31. Corresponds to CLO 8(c) Arrow Corporation uses the conventional retail inventory method to value its merchandise inventory. The following information is available for the current year:

 













































CostRetail
Beginning Inventory$30,000$50,000
Purchases$180,000$250,000
Freight-In$2,500----
Net Markups $8,500
Net Markdowns $10,000
Employee Discounts $1,000
Sales $205,000

 


What is the cost to retail ratio?


(Points : 6)

68.88% 68.07% 70.35% 70.83%
















32. Corresponds to CLO 8(d) Capital City Corporation uses the conventional retail inventory method to determine its ending inventory at cost. The following information is available for the current year:

































CostRetail
Beginning Inventory$350,000$500,000
Purchases$1,600,000$2,440,000
Net Markups $60,000
Net Markdowns $30,000
Sales $2,350,000

Capital City determines that the cost-to-retail ratio is 65%. What is the ending inventory at cost?


(Points : 6)

$620,000 $350,000 $470,000 $403,000


Expert:  Linda_us replied 11 months ago.
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Linda_us, Finance, Accounts & Homework Tutor
Category: Homework
Satisfied Customers: 7038
Experience: Post Graduate Diploma in Management (MBA)
Linda_us and 11 other Homework Specialists are ready to help you
Expert:  Linda_us replied 11 months ago.
Can you please check figures for Q26 once again.
Expert:  Linda_us replied 11 months ago.

Updated Expected 26 as figure seems incorrect.

Click again on above link.

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