Accounting 2!!!!

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The type of income statement that classifies items as operating and non-operating is the ______ income statement.

Multiple - step

Regarding a bank reconciliation, which one of the following is an item recorded by the company but not by the bank?

Checks outstanding

Allowance for Uncollectible Accounts is:

A contra asset account

Cost of Goods Sold is:

An expense account.

Shupe Inc. estimates uncollectible accounts based on the percentage of accounts receivable. What effect will recording the estimate of uncollectible accounts have on the accounting equation?

Decrease assets and decrease stockholders equity

At the end of a reporting period, Gamble Corporation determines that its ending inventory has a cost of $300,000 and a net realizable value of $230,000. What would be the effect(s) of the adjustment to write down inventory to net realizable value?

Decrease total assets and net income

The following data were obtained from the bank statement and from the process of reconciling it: Bank service charges = $20 Deposit outstanding = $150 Interest earned on the bank account = $10 Checks outstanding = $400 Which items should be deducted from and added to the bank balance in completing the reconciliation?

Deduct checks outstanding; add deposit outstanding

129. If A sells to B, and B obtains title while goods are in transit, the goods were shipped _______. If C sells to D, and C maintains title until the goods arrive at D's door then the goods were shipped _______.

FOB shipping point; FOB destination

Issuing common stock for cash is considered a(n):

Financing cash flow

Which of the following is incorrect regarding LIFO and FIFO?

In a period of increasing costs, assets will be greater under LIFO than FIFO.

Which of the following is true regarding LIFO and FIFO?

In a period of rising costs, LIFO results in lower net income than FIFO

Identify the likely advantage(s) of extending credit to customers.

Increase sales

Separation of duties refers to:

Individuals who have physical responsibility for assets should not also have access to accounting records.

Good Inc., sold inventory for $1,200 that was purchased for $700. Good records which of the following when it sells inventory using a periodic inventory system?

No entry is required for cost of goods sold and inventory

Which of the following is true concerning inventory cost flow assumptions?

None of the other answers are true

Providing services to customers on account is considered a(n):

Not a cash flow

In a periodic inventory system, the entry at the time of a sale to record the cost of inventory sold includes a:

Not recorded at this time of the sale

When using an aging method for estimating uncollectible accounts:

Older accounts are considered less likely to be collected

Which measure reflects profitability from normal operations and a key performance measure for predicting the future profit-generating ability of a company?

Operating income

Which element of the fraud triangle do companies have the greatest ability to eliminate?

Opportunity

The direct write-off method is an acceptable method for what purpose?

Tax reporting

Which of the following would NOT represent good controls over cash receipts?

The employee that receives cash and checks should also deposit them in the bank

The Sarbanes-Oxley Act requires that companies must:

The reliability if financial statements.

Consider the following inventory data for two companies: Nichols Inc., Winters Inc., Beginning inventory $120,000 $150,000 Ending inventory 80,000 100,000 Purchases 240,000 310,000 Which of these companies had the higher inventory turnover ratio? Nichols' cost of goods sold = $120,000 + $240,000 - $80,000 = $280,000. Nichols' inventory turnover ratio = $280,000/[($120,000 + $80,000)/2] = 2.80. Winters' cost of goods sold = $150,000 + $310,000 - $100,000 = $360,000. Winters' inventory turnover ratio = $360,000/[($150,000 + $100,000)/2] = 2.88.

Winters

Which of the following is recorded by a credit to Accounts Receivable?

Write-offs of bad debts

Cash flows from investing activities do not include:

Borrowing

For accounts receivable, the longer an account is outstanding, the:

More likely it will prove uncollectible.

The following information pertains to Julia & Company: March 1 Beginning inventory = 30 units @ $5 March 3 Purchased 15 units @ $4 March 9 Sold 25 units @ $8 What is the cost of goods sold for Julia & Company assuming it uses LIFO? Cost of goods sold = (15 × $4) + (10 × $5) = $110.

$110

Cash flows from financing activities include:

Dividends paid

On January 1, 2018, Alice & Co. lends $5,000 to an employee and accepts a 24-month, 10% note. At the end of 2018, what effect will the adjustment for accrued interest revenue have on the Alice & Co.'s financial statements?

Increases stockholders equity

The components of internal control do not directly include:

Inflation adjustment.

A company's plans to minimize theft and enhance the accuracy of accounting information are referred to as:

Internal controls.

In a perpetual inventory system, the purchase of inventory is debited to:

Inventory

Gershwin Wallcovering Inc. shipped the wrong shade of paint to a customer. The customer agreed to keep the paint upon being offered a 15% price reduction. Gershwin would record this reduction by crediting Accounts Receivable and debiting:

Sales Allowances

When customers purchase products on account, Spitz Manufacturing offers them a 2% reduction in the amount owed if they pay within 10 days. This is an example of a:

Sales Discount

The direct write-off method is used when:

Uncollectible accounts are not anticipated or are immaterial

Suppose that Hastings Corporation overstates its ending inventory for 2018. What effect will this have on the reported amount of cost of goods sold for 2018?

Understate cost of goods sold

Which employees are the ones who must take final responsibility for the establishment and success of internal controls?

top executives

Which of the following items would cause the balance of cash in the bank statement not to equal the balance of cash in the accounting records?

All of the other answers would cause cash balances to differ

The first step in using a balance sheet approach to estimate bad debts is to calculate the desired ending balance in which account?

Allowance for uncollectible accounts.

Which accounting concept does the direct write-off method violate?

An attempt to match revenues and their related expenses.

What effect would an adjustment to record inventory at the lower of cost and net realizable value have on the company's financial statements?

An increase in expense

If a company understates its ending balance of inventory in year 1 and it records inventory correctly in year 2, which one of the following is true?

Cost of goods sold is overstated in year 2

After evaluating the lower of cost and net realizable value of inventory, the accountant prepares a year-end adjustment. That adjustment would:

Reduce the company's stockholders equity

The purpose of recording an allowance for uncollectible accounts is to:

Report accounts receivable at net realizable value

Which of the following would NOT represent good controls over cash disbursements?

Require only one signature for checks, especially larger ones.

Which of the following would not be considered good internal control for cash receipts?

Requiring the employee receiving cash from customers to also deposit the cash into the company's bank account.

If a company overstates its ending balance of inventory in year 1 and it records inventory correctly in year 2, which one of the following is true?

Retained earnings is overstated in year 1.

A trade discount results in:

Revenue being recorded for the discounted price

What is the most likely reason for a company to have an increase in average collection period?

The company has become more lenient in its credit policies and is extending credit terms to maintain customers.

Which of the following items would cause the balance of cash in the bank statement to be greater than the balance of cash in the accounting records?

The company wrote checks that have not cleared the bank

The phrase "cooking the books" is commonly used to refer to:

The company's financial statements being presented in a deceptive form.

The balance of the Cost of Goods Sold account at the end of the year represents:

The cost of inventory sold in the current year

The percentage-of-credit-sales method for estimating uncollectible accounts is sometimes described as:

The income statement method

The receivables turnover ratio indicates:

The number of times during a year that the average accounts receivables were collected

The primary difference between the periodic and perpetual inventory systems is:

The perpetual system maintains a continual record of inventory transactions, whereas the periodic system records these transactions only at the end of the period.

The amount of revenue recorded at the time of a sale will be greatest when the customer pays with a:

The revenue will be the same amount for each of the payment methods

Which of the following would increase the gross profit ratio?

The sales price a product increases by a higher percentage that does its cost of goods sold

Merchandise sold FOB destination indicates that:

The seller holds title until merchandise is received at the buyer's location

Merchandise sold FOB shipping point indicates that:

The seller transfers title to the buyer once the merchandise is shipped.

The inventory turnover ratio measures:

The times per period the average inventory balance is sold

The lower of cost and net realizable value rule causes losses in the value of inventory to be recognized in the period when:

The value of inventory declines below cost

What is the primary purpose of a bank reconciliation?

To ensure the bank balance per reconciliation is equal to the company balance per reconciliation

Toppleson Manufacturing reports a receivables turnover ratio of 14.5. The industry average is 10.7. What most likely is causing this difference?

Toppleson has effective procedures related to selling goods on account

Truman Co. sells a large number of common household items, while Stapleton sells a small number of expensive items. The two companies report the same dollar amount for ending inventory and gross profit for the year. Which of the following is most likely true?

Truman has a higher inventory turnover ratio, and Stapleton has a higher gross profit ratio.

The largest expense on a retailer's income statement is typically:

Cost of goods sold

The inventory turnover ratio is measured as:

Cost of goods sold divided by average inventory

On March 17, Jackal Lumber sold building materials to Fredo Limited for $15,000 with terms of 3/10, net 20. What amount did Jackal record as revenue on March 25 when Fredo paid for the building materials? No revenue recorded on March 25. The revenue would have been recorded on March 17.

The following information pertains to Lightning Inc., at the end of the year: -Credit Sales: $60,000 -Accounts Payable: 10,000 -Accounts Receivable: 7,000 -Allowance for Uncollectible Accounts: 400 credit -Cash Sales: 20,000 Lightning uses the percentage-of-credit-sales method and estimates 1% of sales are uncollectible. What is the ending balance of the allowance account after the year-end adjustment? Allowance for Uncollectible Accounts = $400 + ($60,000 × 1%) = $1,000.

$1,000

On December 31, 2018, Coolwear Inc. had balances in Accounts Receivable and Allowance for Uncollectible Accounts of $48,400 and $940, respectively. During 2019, Coolwear wrote off $820 in accounts receivable and determined that there should be an allowance for uncollectible accounts of $1,140 at December 31, 2019. Bad debt expense for 2019 would be: Bad debt expense = $1,140 - ($940 - $820) = $1,020.

$1,020

On December 31, 2018, Larry's Used Cars had balances in Accounts Receivable and Allowance for Uncollectible Accounts of $53,600 and $1,325, respectively. During 2019, Larry's wrote off $1,465 in accounts receivable and determined that there should be an allowance for uncollectible accounts of $1,280 at December 31, 2019. Bad debt expense for 2019 would be: Bad debt expense = $1,280 - ($1,325 - $1,465) = $1,420.

$1,420

On October 1, 2018, Stripes Inc. lends $100,000 to another company and accepts a 24-month, 6% note. What is the amount of interest revenue Stripes will report in its 2018 income statement? $100,000 × 6% × 3/12 = $1,500

$1,500

$1,700.

Inventory records for Dunbar Incorporated revealed the following: Date Transaction Number of Units Unit Cost 1. Apr. 1 2. Beginning inventory 3. 500 4. $2.40 1. Apr. 20 2. Purchase 3. 400 4. 2.50 Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming weighted- average cost would be (round weighted-average unit cost to four decimals and final answer to the nearest whole dollar): Weighted-average cost = [(500 × $2.40) + (400 × $2.50)]/900 = $2.4444. Cost of goods sold = 700 × $2.4444 = $1,711 (rounded).

$1,711

$1,720.

On May 31, Money Corporation's Cash account showed a balance of $10,000 before the bank reconciliation was prepared. After examining the May bank statement and items included with it, the company's accountant found the following items: Checks outstanding: $2,250 Deposits outstanding: $1,900 NSF check: $100 Service fees: $40 Error: Money Corp. wrote a check for $30 but recorded it incorrectly for $300. What is the amount of cash that should be reported in the company's balance sheet as of May 31? Cash balance = $10,000 - $100 - $40 + $270 = $10,130.

$10,130

Given the information in the table below, what is the company's gross profit? Sales revenue $350,000 Accounts receivable $280,000 Ending inventory $230,000 Cost of goods sold $180,000 Sales returns $50,000 Sales discount $20,000 Net sales = $350,000 - $50,000 - $20,000 = $280,000. Gross profit = $280,000 - $180,000 = $100,000.

$100,000

The following information relates to inventory for Shoeless Joe Inc. Date Quantity Price March 1 Beginning Inventory - 20 - $2 March 7 Purchase - 15 - 3 March 11 Sale - 30 - 7 March 12 Purchase - 15 - 6 At what amount would Shoeless report cost of goods sold using the weighted-average cost flow assumption? (Round your answer to the nearest dollar) Total cost = [($2 × 20) + ($3 × 15) + ($6 × 15)] = $175. Total units = 20 + 15 + 15 = 50. Weighted-average = $175/50 = $3.50. Cost of goods sold = $3.50 × 30 = $105.

$105.

Using the information below, determine the ending inventory value applying the lower of cost and net realizable value. Inventory Item Quantity Cost Net Realizable Value Cutlets 200 $12 $14 Chops 400 $16 $14 Shanks 300 $15 $12 Cutlets = $12 × 200 = $2,400. Chops = $14 × 400 = $5,600. Shanks = $12 × 300 = $3,600. Ending inventory = $2,400 + $5,600 + $3,600 = $11,600.

$11,600

The following information relates to inventory for Shoeless Joe Inc. Date Quantity Price March 1 Beginning Inventory - 20 - $2 March 7 Purchase - 15 - 3 March 11 Sale - 25 - 7 March 12 Purchase - 20 - 4 At what amount would Shoeless report ending inventory using FIFO cost flow assumptions? Ending inventory = ($3 × 10) + ($4 × 20) = $110.

$110

On September 1, 2018, Middleton Corp. lends cash and accepts a $1,000 note receivable that offers 12% interest and is due in six months. How much interest revenue will Middleton Corp. report during 2019 Interest revenue = $1,000 × 12% × 2/12 = $20.

$20

Beginning inventory is $30,000. Purchases of inventory during the year are $50,000. Cost of goods sold is $60,000. What is ending inventory? $30,000 + $50,000 - $60,000 = $20,000

$20,000

Northwest Fur Co. started the year with $94,000 of merchandise inventory on hand. During the year, $400,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Northwest paid freight-in charges of $7,500. Merchandise with an invoice amount of $5,000 was returned for credit. Cost of goods sold for the year was $380,000. What is ending inventory? Beginning inventory ($94,000) + purchases ($400,000) + freight ($7,500) - purchase returns ($5,000) - purchase discounts ($3,950) - cost of goods sold ($380,000) = $112,550. Purchase discounts = ($400,000 - $5,000) × 1% = $3,950.

$112,550.

LeGrand Corporation reported the following amounts in its income statement: Sales revenue $440,000 Advertising expense 60,000 Interest expense 10,000 Salaries expense 55,000 Utilities expense 25,000 Income tax expense 45,000 Cost of goods sold 180,000 What was LeGrand's operating income? Operating income = $440,000 - $180,000 - ($60,000 + $55,000 + $25,000) = $120,000.

$120,000

Consider the following inventory transactions for September: Beginning inventory - 15 units @ $3.00 Purchase on September 12 - 20 units @ $3.50 Purchased on September 23 - 10 units @ $4.00 For the month of September, the company sold 35 units. What is cost of goods sold under the weighted-average cost method (round the weighted-average unit cost to four decimals and final answer to the nearest whole dollar)? Weighted-average cost = [(15 × $3.00) + (20 × $3.50) + (10 × $4.00)]/45 = 3.4444. Cost of goods sold = 35 × $3.4444 = $121 (rounded).

$121

The current year's beginning and ending balances for Allowance for Uncollectible Accounts is $23,000 and $27,000, respectively. If the amount of Bad Debt Expense for the year is $18,000, what is the amount of actual bad debts for the year? Beginning balance ($23,000) + Bad Debt Expense ($18,000) - Ending balance ($27,000) = Actual write-offs ($14,000

$14,000

Beginning inventory is $40,000. Purchases of inventory during the year are $200,000. Ending inventory is $100,000. What is cost of goods sold? $40,000 + $200,000 - $100,000 = $140,000

$140,000.

Baker Fine Foods has beginning inventory for the year of $12,000. During the year, Baker purchases inventory for $150,000 and ends the year with $20,000 of inventory. Baker will report cost of goods sold equal to: Cost of goods sold = beginning inventory ($12,000) + purchases ($150,000) - ending inventory ($20,000) = $142,000.

$142,000.

At December 31, Tremble Music had account balances in Accounts Receivable of $300,000 and in Allowance for Uncollectible Accounts of $1,000 (credit) before any adjustments. An analysis of Tremble's December 31 accounts receivable suggests that 5% of the account balances are not expected to be collected. The balance of Allowance for Uncollectible Accounts after adjustment will be: ($300,000 × 5%) = $15,000.

$15,000

Suppose at the end of the year before any adjusting entries, a company has a balance in Allowance for Uncollectible Accounts of $5,000 (debit). During the year, the company reported the following amounts: Credit sales to customers = $550,000 Cash collections from customers = $540,000 Actual bad debts = $20,000 What was the balance of Allowance for Uncollectible Accounts at the beginning of the year? Beginning ($15,000) = Ending before adjustment ($-5,000) + Actual ($20,000)

$15,000

At December 31, Tremble Music had account balances in Accounts Receivable of $300,000 and in Allowance for Uncollectible Accounts of $1,000 (debit) before any adjustments. An analysis of Tremble's December 31 accounts receivable suggests that 5% of the account balances are not expected to be collected. The balance of Allowance for Uncollectible Accounts after adjustment will be: ($300,000 × 5%) = $15,000.

$15,000.

Tyler Toys has beginning inventory for the year of $18,000. During the year, Tyler purchases inventory for $230,000 and has cost of goods sold equal to $233,000. Tyler's ending inventory equals: Ending inventory = beginning inventory ($18,000) + purchases ($230,000) - cost of goods sold ($233,000) = $15,000.

$15,000.

$16,660.

Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning inventory 1,000 $7.20 Mar. 10 Purchase 600 7.25 Mar. 16 Purchase 800 7.30 Mar. 23 Purchase 600 7.35 Marvin sold 2,300 units of inventory during the month. Cost of goods sold assuming weighted- average cost would be (round weighted-average unit cost to four decimals and final answer to the nearest whole dollar): Weighted-average cost = [(1,000 × $7.20) + (600 × $7.25) + (800 × $7.30) + (600 × $7.35)]/3,000 = $7.2667. Cost of goods sold = 2,300 × $7.2667 = $16,713 (rounded).

$16,713

$16,760.

Consider the following information pertaining to OldWest's inventory: Product Quantity Cost Net Realizable Value - Revolvers 16 $120 $150 - Spurs 23 27 22 - Hats 12 56 40 At what amount should OldWest report its inventory? (16 × $120) + (23 × $22) + (12 × $40) = $2,906.

$2,906.

The balance in the Colt Company's Cash account on August 31 was $19,700, before the bank reconciliation was prepared. After examining the August bank statement and items included with it, the company's accountant found: Checks outstanding: $4,300 NSF check: $140 Note collected by bank for the Colt Company: $1,200 Deposits outstanding: $1,800 Bank service fees: $60 What is the amount of cash that should be reported in the balance sheet as of August 31? Book balance ($19,700) - bank service fees ($60) - NSF check ($140) + note collected ($1,200) = $20,700.

$20,700

The balance shown in the August bank statement of Colt Company was $23,200. After examining the August bank statement and items included with it, the company's accountant found: Checks outstanding: $$4,300 NSF check: $140 Note collected by bank for the Colt Company: $1,200 Deposits outstanding: $1,800 Bank service fees: $60 What is the amount of cash that should be reported in the balance sheet as of August 31? Bank balance ($23,200) + deposits outstanding ($1,800) - checks outstanding ($4,300) = $20,700.

$20,700

Consider the following year-end information for Spitzer Corporation: Cost of goods sold $420,000 Sales revenue 800,000 Nonoperating expenses 10,000 Operating expenses 170,000 Income tax expense 80,000 What amount will Spitzer report for operating income? Operating income = $800,000 - $420,000 - $170,000 = $210,000.

$210,000

Crimson Inc. recorded credit sales of $750,000, of which $600,000 is not yet due, $100,000 is past due for up to 180 days, and $50,000 is past due for more than 180 days. Under the aging of receivables approach, Crimson Inc. expects it will not collect 1% of the amount not yet due, 10% of the amount past due for up to 180 days, and 20% of the amount past due for more than 180 days. The allowance account had a debit balance of $1,000 before adjustment. After adjusting for bad debt expense, what is the ending balance of the allowance account? ($600,000 × 1%) + ($100,000 × 10%) + ($50,000 × 20%) = $26,000.

$26,000

LeGrand Corporation reported the following amounts in its income statement: Sales revenue $440,000 Advertising expense 60,000 Interest expense 10,000 Salaries expense 55,000 Utilities expense 25,000 Income tax expense 45,000 Cost of goods sold 180,000 What was LeGrand's gross profit? Gross profit = $440,000 - $180,000 = $260,000.

$260,000.

The following information pertains to Lindsey Corp. at the end of the year: Credit Sales: $150,000 -Accounts Payable: 20,000 -Accounts Receivable: 30,000 -Allowance for Uncollectible Accounts: 800 debit -Cash Sales: 5,500 Lindsey Corp. uses the percentage-of-credit-sales method and estimates that 2% of the credit sales are uncollectible. After the year-end adjustment, what amount of bad debt expense would Lindsey report for the year? Bad debt expense = $150,000 × 2% = $3,000.

$3,000

Suppose that the balance of a company's Allowance for Uncollectible Accounts was $6,200 (credit) at the end of the year, prior to any adjustments. The company estimated that the total of uncollectible accounts in its accounts receivable was $44,300 at the end of the year. What amount of bad debt expense would appear in the company's year-end income statement? Bad Debt Expense = $44,300 - $6,200 = $38,100.

$38,100

Lewis Inc. had the following information taken from various accounts at the end of the year: Sales discounts: $41,000 Deferred revenues: $32,000 Total sales: $459,000 Purchase discounts: $15,000 Sales allowances: $35,000 Accounts receivable; $205,000 What was Lewis Inc.'s net revenues for the year? Net revenues = $459,000 - $41,000 - $35,000.

$383,000.

On October 1, 2018, Stripes Inc. lends $100,000 to another company and accepts a 24-month, 6% note. What is the amount of interest revenue Stripes will report in its 2020 income statement? $100,000 × 6% × 9/12 = $4,500

$4,500

Garber Plumbers offers a 20% trade discount when providing $2,000 or more of plumbing services to its customers. In March 2018, Garber provided $4,000 of plumbing services to Red Oak Inc., and $1,500 of services to Cyril Inc., Each of these customers was granted credit terms of 2/10, net 30. If both customers paid for the plumbing services within the discount period, what was the net revenues amount for these two transactions? Trade discount = $4,000 × 20% = $800. Sales revenue = ($4,000 - $800) + $1,500 = $4,700. Sales discount = $4,700 × 2% = $94. Net revenues = $4,700 - $94 = $4,606.

$4,606

$40

The following information pertains to Lightning Inc., at the end of December: - Credit Sales: $60,000 - Accounts Payable: 10,000 - Accounts Receivable: 7,000 - Allowance for Uncollectible Accounts: $400 credit - Cash Sales: 20,000 Lightning uses the aging method and estimates it will not collect 2% of accounts receivable not yet due, 10% of receivables less than 30 days past due, and 40% of receivables greater than 30 days past due. The accounts receivable balance of $7,000 consists of $3,500 not yet due, $2,000 less than 30 days past due, and $1,500 greater than 30 days past due. What is the appropriate amount of Bad Debt Expense? Bad Debt Expense = ($3,500 × 2%) + ($2,000 × 10%) + ($1,500 × 40%) - $400 = $470.

$470

Boynton Jewelers reported the following amounts at the end of the year: total sales = $550,000; sales discounts = $12,000; sales returns = $44,000; sales allowances = $17,000. What was the company's net revenues for the year? Net revenues = $550,000 - $12,000 - $44,000 - $17,000 = $477,000.

$477,000

$480.

Inventory records for Dunbar Incorporated revealed the following: 1.Date 2. Transaction 3. Number of Units 4. Unit Cost 1. Apr. 1 2. Beginning inventory 3. 500 4. $2.40 1. Apr. 20 2. Purchase 3. 400 4. 2.50 Dunbar sold 700 units of inventory during the month. Ending inventory assuming weighted- average cost would be (round weighted-average unit cost to four decimals and final answer to the nearest whole dollar): Weighted-average cost = [(500 × $2.40) + (400 × $2.50)]/900 = $2.4444. Ending inventory = 200 × $2.4444 = $489 (rounded).

$489

$5,040.

Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning inventory 1,000 $7.20 Mar. 10 Purchase 600 7.25 Mar. 16 Purchase 800 7.30 Mar. 23 Purchase 600 7.35 Marvin sold 2,300 units of inventory during the month. Ending inventory assuming weighted- average cost would be (round weighted-average unit cost to four decimals and final answer to the nearest whole dollar): Weighted-average cost = [(1,000 × $7.20) + (600 × $7.25) + (800 × $7.30) + (600 × $7.35)]/3,000 = $7.2667. Ending inventory = 700 × $7.2667 = $5,087 (rounded).

$5,087

Inventory records for Marvin Company revealed the following: 1. Date 2. Transaction 3. Number of Units 4. Unit Cost Mar. 1 Beginning inventory 1,000 $7.20 Mar. 10 Purchase 600 7.25 Mar. 16 Purchase 800 7.30 Mar. 23 Purchase 600 7.35 Marvin sold 2,300 units of inventory during the month. Ending inventory assuming FIFO would be: Ending inventory = (100 × $7.30) + (600 × $7.35) = $5,140.

$5,140.

At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $311,000 and in Allowance for Uncollectible Accounts of $970 (credit) before any adjustments. An analysis of Amy Jo's December 31 accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable. Bad debt expense for the year should be: ($311,000 × 2%) - $970 = $5,250

$5,250.

Given the information below, what is the gross profit? Sales revenue $320,000 Accounts receivable 50,000 Ending inventory 100,000 Cost of goods sold 250,000 Sales Returns 20,000 Sales revenue ($320,000) - Sales returns ($20,000) - Cost of goods sold ($250,000) = $50,000.

$50,000

$500.

On October 1, 2018, Stripes Inc. lends $100,000 to another company and accepts a 24-month, 6% note. What is the amount of interest revenue Stripes will report in its 2019 income statement? $100,000 × 6% × 12/12 = $6,000

$6,000

McConnell's Bakeries had the following balances on December 31, 2018, before any adjustment: Accounts Receivable = $100,000; Allowance for Uncollectible Accounts = $4,100 (credit). McConnell's estimates uncollectible accounts based on an aging of accounts receivable as shown below: -- Age Group(days past due) 1. Not yet due 2. 0-30 3. 31-60 4. More than 60 -- Accounts Receivable 1. $50,000 2. $20,000 3. $18,000 4. $12,000 -- Estimated Percent Uncollectible 1. 4% 2. 8% 3. 10% 4. 40% What amount of bad debt expense did McConnell's record in its December 31, 2018, adjustment to the allowance account? Estimated uncollectible = ($50,000 × 4%) + ($20,000 × 8%) + ($18,000 × 10%) + ($12,000 × 40%) = $10,200. Bad debt expense = $10,200 - $4,100 = $6,100.

$6,100

The following information was taken from the bank reconciliation for Mooner Sooner Inc. at the end of the year: Bank balance: $8,000 Checks outstanding: $5,800 Note collected by the bank: $1,500 Service fee: $20 Deposits outstanding: $4,000 NSF check (bad check) returned for $300 What is the correct cash balance that should be reported in Mooner Sooner's balance sheet at the end of the year? Bank balance ($8,000) + deposits outstanding ($4,000) - checks outstanding ($5,800) = $6,200.

$6,200

At December 31, Gill Co. reported accounts receivable of $238,000 and an allowance for uncollectible accounts of $600 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: ($238,000 × 3%) - $600 = $6,540.

$6,540

On February 1, 2018, Middleton Corp. lends cash and accepts a $1,000 note receivable that offers 12% interest and is due in six months. How much interest revenue will Middleton Corp. report during 2018?

$60

LeGrand Corporation reported the following amounts in its income statement: Sales revenue $440,000 Advertising expense 60,000 Interest expense 10,000 Salaries expense 55,000 Utilities expense 25,000 Income tax expense 45,000 Cost of goods sold 180,000 What was LeGrand's net income? Net income = $440,000 - $180,000 - ($60,000 + $55,000 + $25,000) - $10,000 - $45,000 = $65,000.

$65,000.

The following information pertains to Sooner Company's cash balance and bank reconciliation as of August 31: Company balance before reconciliation: $5,000 Checks outstanding: $2,500 Notes collected by the bank: $2,200 Service fee: $50 Deposits outstanding: $2,000 What is the correct cash balance for Sooner Company? Cash = $5,000 + $2,200 - $50 = $7,150.

$7,150

At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $311,000 and in Allowance for Uncollectible Accounts of $970 (debit) before any adjustments. An analysis of Amy Jo's December 31 accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable. Bad debt expense for the year should be: ($311,000 × 2%) + $970 = $7,190

$7,190

At December 31, Gill Co. reported accounts receivable of $238,000 and an allowance for uncollectible accounts of $600 (debit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: ($238,000 × 3%) + $600 = $7,740.

$7,740

Ryerson Co. provides goods and services to customers during the year totaling $100,000. Also during the year, customers are granted discounts, returns, and allowance of $20,000. At the end of the year, Ryerson estimates that an additional $5,000 in discounts, returns, and allowances will occur next year as a result of sales transactions this year. What is the amount of net revenues Ryerson will report in its current-year income statement? Net revenues = $100,000 - $20,000 - $5,000 = $75,000.

$75,000

Eric Company has the following information: Total revenues: $860,000 Sales returns and allowances: $50,000 Sales discounts: $30,000 Ending inventory: $100,000 What is the amount of net revenues for Eric Company? Net revenues = $860,000 - $50,000 - $30,000 = $780,000.

$780,000

On December 31, 2018, Andy Inc. has a debit balance of $1,500 for the Allowance for Uncollectible Accounts before any year-end adjustment. Andy Inc. also has the following information for its accounts receivable and the estimated percentages of bad debts for different past-due amounts: -- Age Group (days past due) 1. 0-30 2. 31-60 3. 61-90 -- Accounts Receivable 1. $50,000 2. $20,000 3. $10,000 -- Estimated Percent Uncollectible 1. 5% 2. 10% 3. 20% What is the amount of bad debt expense to be reported on Andy Inc.'s financial statements for 2018 using the aging method? Estimated uncollectible = ($50,000 × 5%) + ($20,000 × 10%) + ($10,000 × 20%) = $6,500. Bad Debt Expense = $6,500 + $1,500 = $8,000.

$8,000

Ravens Inc. has net sales of $200,000, cost of goods sold of $120,000, selling expenses of $6,000, and nonoperating expenses of $2,000. What is the company's gross profit? $200,000 - $120,000 = $80,000

$80,000

The following information relates to inventory for Shoeless Joe Inc. Date Quantity Price March 1 Beginning Inventory - 20 - $2 March 7 Purchase - 15 - 3 March 11 Sale - 25 - 7 March 12 Purchase - 20 - 4 At what amount would Shoeless report gross profit using LIFO cost flow assumptions? Sales revenue = $25 × 7 = $175. Cost of goods sold = ($4 × 20) + ($3 × 5) = $95. Gross profit = $175 - $95 = $80.

$80.

The following information pertains to Julia & Company: March 1 Beginning inventory = 30 units @ $5 March 3 Purchased 15 units @ $4 March 9 Sold 25 units @ $8 What is the ending inventory balance for Julia & Company assuming that it uses FIFO? Ending inventory = (15 × $4) + (5 × $5) = $85.

$85

Lebaron Co.'s beginning inventory is $2,000 and its ending inventory is $1,000. The inventory turnover is 6 times. Cost of goods sold for the year must equal: $X/[($2,000 + $1,000)/2] = 6 times $X = $9,000

$9,000

A company collects a customer's account within the discount period. Indicate how this transaction would affect (1) assets, (2) stockholders' equity, and (3) revenues.

(1) Decrease, (2) Decrease, (3) Decrease

A company records a sales return from a credit customer. Indicate how this transaction would affect (1) assets, (2) stockholders' equity, and (3) revenues.

(1) Decrease, (2) Decrease, (3) Decrease

A company provides services on account. Indicate how this transaction would affect (1) assets, (2) stockholders' equity, and (3) revenues.

(1) Increase, (2) Increase (3) Increase

Martha Inc.'s sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. Martha's inventory turnover ratio equals: $20,000/[($1,600 + $2,400)/2] = 10 times

10 times

The following balances come from the financial statements of Way Industries: Sales revenue $850,000 Accounts receivable $280,000 Beginning inventory $50,000 Ending inventory $30,000 Net purchases $460,000 Sales returns $50,000 Sales discount $20,000 Given this information, what is the company's inventory turnover ratio? Inventory turnover ratio = cost of goods sold ($480,000)/average inventory ($40,000) = 12.0. Cost of goods sold = beginning inventory + net purchases - ending inventory.

12.0

Consider the following inventory data: Beginning inventory $150,000 Ending inventory 100,000 Purchases 310,000 What is the average days in inventory for the year? Cost of goods sold = $150,000 + $310,000 - $100,000 = $360,000. Inventory turnover ratio = $360,000/[($150,000 + $100,000)/2] = 2.88. Average days in inventory = 365/2.88 = 126.7 days (rounded).

126.7 days.

Anthony Corporation reported the following amounts for the year: Net sales $296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's average days in inventory is (round to the nearest whole day): Average days in inventory = 365/inventory turnover ratio (2.76) = 132 (rounded).

132 days

Red Company has the following information: Net credit sales = $400,000 Net income = $100,000 Average total assets = $80,000 Average accounts receivable = $20,000 What is Red's average collection period (rounded to the nearest whole day)? Turnover ratio = $400,000/$20,000 = 20 Collection period = 365 days/20 = 18 days (rounded)

18 days

At the beginning of the year, Vici Ventures had accounts receivable of $220,000. At the end of the year, the company had accounts receivable of $340,000. During the year, Vici had total sales of $1,000,000, 70% of which were credit sales. What was Vici's receivables turnover ratio for the year? [($1,000,000 × .70)/($220,000 + $340,000)/2] = 2.50.

2.50

Anthony Corporation reported the following amounts for the year: Net sales $296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's inventory turnover ratio is: Inventory turnover ratio = cost of goods sold ($138,000)/average inventory ($50,000) = 2.76.

2.76

Terastar Corp. reports the following amounts: Cash: $10,000 Total Assets: $50,000 Total Liabilities: $35,000 What is the ratio of cash to noncash assets? $10,000/($50,000 - $10,000) = 25%

25%

The formula for average collection period is:

365 days divided by the receivable turnover ratio

Nu Company reported the following data for its first year of operations: Net sales $2,800 Cost of goods sold 1,680 Operating expenses 880 Ending inventories 820 What is Nu's gross profit ratio? [Net sales ($2,800) - cost of goods sold ($1,680)]/net sales ($2,800) = 0.40.

40%

Anthony Corporation reported the following amounts for the year: Net sales $296,000 Cost of goods sold 138,000 Average inventory 50,000 Anthony's gross profit ratio is: Gross profit ratio = gross profit ($296,000 - $138,000)/net sales ($296,000) = 53.4% (rounded).

53.4%

Sandburg Veterinarian reports the following information for the year: Net credit sales: $120,000 Average accounts receivable: 20,000 Cash collections on credit sales: 100,000 What is Sandburg's receivables turnover ratio? Receivables turnover ratio = net credits sales ($120,000)/average accounts receivable ($20,000) = 6.0.

6.0

Beverage International reports net credit sales for the year of $240,000. The company's accounts receivable balance at the beginning of the year equaled $20,000 and the balance at the end of the year equaled $30,000. What is Beverage International's receivables turnover ratio? Receivables turnover ratio = net credit sales ($240,000)/average accounts receivable [($20,000 + $30,000)/2] = 9.6.

9.6

Which of the following would NOT be recorded as a cash sale?

A customer who buys on account

When $2,500 of accounts receivable are determined to be uncollectible, which of the following should the company record to write off the accounts using the allowance method?

A debit to allowance for uncollectible accounts and a credit tp accounts receivable

When a sale is made to a customer who pays with a debit card, the company records:

A debit to cash

When a sale is made to a customer who pays with a check, the company records:

A debit to cash.

The primary reason for the popularity of LIFO is that it gives:

A income tax obligation when inventory costs are rising

The primary difference between a note receivable and an account receivable is:

A note receivable is evidenced by a written debt instrument

Allowing only certain individuals to have passwords to conduct online purchases is an example of which preventive control?

E-commerce controls.

A common example of restricted cash includes cash set aside by the company for the specific purpose of:

All of the other answers represents examples of restricted cash

The balance of cash reported in the balance sheet would include which of the following?

All of the other answers would be reported in the balance of cash

A(n) ______ receivable is an informal credit arrangement with trade customers, whereas a(n) ______ receivable is a formal signed credit arrangement between a creditor and a debtor.

Account; Note

Collections of accounts receivable that previously have been written off are credited to:

Accounts Receivable

The amount of cash owed to a company by its customers from the sale of products or services on account is commonly referred to as:

Accounts Receivable

Cash may not include:

Accounts receivable

Common examples of cash equivalents include all of the following except:

Accounts receivable

Fleming Corp. provided services on account. The transaction would be recorded with a debit to:

Accounts receivable

The direct write-off method is not normally an acceptable method for GAAP because it fails to report:

Accounts receivable for their net realizable value

If the direct write-off method is used to account for uncollectible accounts, which of the following statements is false?

Accounts receivable will be reported at their net realizable value

When preparing a bank reconciliation, a deposit outstanding would be:

Added to the banks cash balance

The method of estimating uncollectible accounts based on the length of time the amount is owed by the customer is referred to as the:

Aging method

Which of the following is correct regarding a petty cash fund?

All of the answers are correct regarding a petty cash fund

The choice of inventory cost flow assumptions affects which of the following amounts?

All of the other answers are affected by the inventory cost flow assumption

Which of the following items may be classified as nonoperating revenues and expenses?

All of the other answers are classified as non-operating revenues and expenses.

Which of the following items are classified as receivables?

All of the other answers are classified as receivables

Which of the following considerations may influence a manager's choice of the inventory cost flow assumption for a company that experiences rising prices?

All of the other answers are considerations for the choice of inventory cost flow assumptions.

Suppose a customer is unable to pay its account on time, so the company accepts a six-month interest-bearing note receivable to replace the customer's account receivable. Over the next six months, what effect will accepting the note receivable have on the company's financial statements?

All of the other answers are financial statements effects that will occur

A manufacturer's inventory consists of what type of inventory?

All of the other answers are included in a manufacturers inventory

A company is most likely to utilize the specific identification method if its inventory consists of:

All of the other answers are reasons to utilize the specific identification method.

Using a perpetual inventory systems, the sale of inventory on account is recorded with a:

All of the other answers are recorded with the sale of inventory on account

Operating income is calculated as net sales minus.

All of the other answers are subtracted from the net sales to calculate operating income

If the estimate of uncollectible accounts at the end of the current year is too high, which of the following is true in the following year?

All of the other answers are true in the following year

Fraudulent reporting by management could include:

All of the other answers could include fraudulent reporting.

Which of the following provides an accurate match?

All of the other answers provide an accurate match

When accounting for employee purchases, effective internal controls could include which of the following?

All of the other answers represent effective internal controls

A company might hold a large amount of cash relative to noncash assets for which of the following reasons?

All of the other answers represent reasons for large cash holdings 155

A note receivable is reported in the balance sheet:

As either a current asset or long term asset depending on the expected collection date

On September 1, 2018, Heartford Construction lends $50,000 to a customer with 9% interest. The note and interest are due in twelve months. The note receivable is recorded for $50,000 on September 1, and the following year-end adjusting entry is made on December 31, 2018: Interest Receivable: 4,500 Interest Revenue: 4,500 At the end of 2018, which of the following is true?

Assets are overstated

Kelton Inc. purchases inventory for $2,000 and incurs shipping costs of $100 for the goods to be delivered. To record this transaction, the company debits Inventory for $2,000, debits Selling Expenses for $100, and credits Cash for $2,100. Which of the following statements is correct?

Assets are understated

The cost of unsold inventory at the end of the year is classified as a(n) ______ in the ______.

Assets; Balance Sheet

Having an independent party assess each year the adequacy of the company's internal control procedures is an example of which detective control?

Audits

The lower of cost and net realizable value method for inventory was developed to:

Avoid reporting inventory at an amount that exceeds the benefits it provides.

Under the allowance method, which of the following does not change the balance in the Accounts Receivable account?

Bad debt expense adjustment

One advantage of the allowance method for accounting for uncollectible accounts is that the company reports:

Bad debt expense in the same period as the credit sale

A company's cash balance is reported in which two financial statements?

Balance sheet and statement of cash flows

Compared to other methods of estimating uncollectible accounts, the aging of accounts receivables method tends to:

Be more accurate

Cost of goods sold equals:

Beginning inventory + net purchases - ending inventory.

FIFO is considered a balance sheet approach for reporting inventory because it:

Better approximates the value of ending inventory

Cash flows from investing do not include cash flows from:

Borrowing

Under the principle of lower of cost and net realizable value, when a company has 10 units of inventory A with net realizable value of $50 and a cost of $60, what is the adjustment? Need to reduce inventory cost to the lower net realizable value. 10 × $10 = $100

C. Debit Cost of Goods Sold $100; credit Inventory $100.

The asset most susceptible to theft is:

Cash

A bank reconciliation reconciles the bank statement with the company's:

Cash account in the balance sheet

The term commonly used to refer to short-term investments that have a maturity date no longer than three months from the date of purchase is:

Cash equivalents

Which of the following is NOT correct regarding the reporting of cash?

Cash flows from buying and selling investments and long-term productive assets are called operating cash flows

Which of the following best describes restricted cash?

Cash that is not available to be used for current operations

Cash transactions recorded by the bank but not yet recorded by the company include all of the following except

Checks outstanding

Which of the following is considered cash for financial reporting purposes?

Checks received from customers

Which of the following would NOT need to be accounted for in a bank reconciliation?

Checks written by the company and recorded by the bank

A company's ratio of net sales (cash and credit sales) to average accounts receivable can be interpreted as management's ability to:

Collect cash from all sales to customers

A framework for designing an internal control system is provided by the:

Committee of sponsoring organizations.

Below are trends in operation cash flows for three companies. Company 1 Year 1: $100,000 Year 2: $150,000 Year 3: $50,000 $300,000 Company 2 100,000 Year 1: $100,000 Year 2: $100,000 Year 3: $100,000 $300,000 Company 3 Year 1: $90,000 Year 2: $100,000 Year 3: $110,000 $300,000 Based on an analysis of operating risk, which company's management is likely motivated to have the largest ratio of cash to noncash Company 1 Company 2 Company 3 assets?

Company 1

Company A is identical to Company B in every regard except that Company A uses FIFO and Company B uses LIFO. In an extended period of rising inventory costs, which of the following is true of Company A compared to Company B?

Company A's gross profit is higher and inventory turnover is lower.

The practice of using the lower of cost and net realizable value to evaluate inventory reflects which of the following accounting principles?

Conservatism

The account "Allowance for Uncollectible Accounts" is classified as a(n):

Contra asset to accounts receivable in the balance sheet

The component of internal control that includes the policies and procedures that help ensure that management's directives are being carried out is:

Control activities.

Gross profit is calculated as net sales minus:

Cost of goods sold

The cost of the goods that a company sold during a period is shown in its financial statements as ___________ and the cost of the goods that a company still has on hand at the end of the year is shown in the financial statements as ____________.

Cost of goods sold; inventory

The income statement approach for estimating bad debts uses a percentage of

Credit sales

A customer purchased a $2,000 item at ApplianceWorld, paying with a credit card. ApplianceWorld is charged a 2% fee by the credit card company. When recording this sale, ApplianceWorld would:

Credit sales revenue for $2,000

At the end of the month, employees have made the following expenditures from the petty cash fund and with company-issued credit cards. None of these transactions has been recorded previously. Supplies (petty cash) = $50 Delivery (petty cash) = $75 Advertising (credit card) = $1,100 Equipment (credit card) = $4,200 Accounting for these employee purchases would include a:

Credit to Petty Cash for $125

Credit to accounts payable for $5,300

At the beginning of 2018, the balance in Jackson Enterprises' Allowance for Uncollectible Accounts was $31,800. During 2018, the company wrote off $38,000 of accounts receivable. Writing off the individual bad debts would include a:

Credit to accounts receivable

Using the allowance method, writing off an actual bad debt would include a:

Credit to accounts receivable

After preparing a bank reconciliation, the collection of a note by the bank on a company's behalf would be recorded with a:

Credit to notes receivable

The normal balance of the account "Allowance for Uncollectible Accounts" is a _______ because _______.

Credit; it is a contra account to Accounts Receivable (a debit account)

Which method is not allowed under Generally Accepted Accounting Principles for the purpose of accounting for uncollectible accounts?

Direct write-off method

Credit sales are recorded as:

Debit Accounts Receivable, credit service revenue

At the end of the year, Mark Inc. estimates future bad debts to be $6,500. The Allowance for Uncollectible Accounts has a credit balance of $2,500 before any year-end adjustment. What adjustment should Mark Inc. record for the estimated bad debts at the end of the year? Bad Debt Expense = $6,500 - $2,500 = $4,000.

Debit Bad Debt Expense, $4,000; credit Allowance for Uncollectible Accounts $4,000.

Which of the following is recorded upon receipt of a payment on April 7, 2018, by a customer who pays a $900 invoice dated March 3, 2018, with terms 2/10, n/60? No discount is recorded because payment is made after 10 days.

Debit Cash $900

Good Inc., sold inventory for $1,200 that was purchased for $700. Good records which of the following when it sells inventory using a perpetual inventory system?

Debit Cost of Goods Sold $700; credit Inventory $700.

Under the direct write-off method, what adjustment is made at the time an actual bad debt occurs?

Debit bad debt expense, credit accounts receivable

The amount of a company's receivables is influenced by several variables, including all of the following except:

Dividend payments to stockholders

At the time a $400 petty cash fund is being replenished, the company's accountant finds vouchers totaling $350 and petty cash of $50. The vouchers include: postage, $100; business lunches, $150; delivery fees, $75; and office supplies, $25. Which of the following is not recorded when recognizing expenditures from the petty cash fund?

Debit petty cash, $350

McGregor Company allows customers to pay with credit cards. The credit card company charges McGregor 3% of the sale. When a customer uses a credit card to pay McGregor $200 for services provided, McGregor would:

Debit service fee expense for $6

Using a perpetual inventory system, the entry to record the return of inventory previously purchased on account includes a:

Debit to Accounts Payable.

Using the income statement approach for accounting for uncollectible accounts, a company estimates that 2.5% of credit sales will eventually become uncollectible. If credit sales during the year are $400,000 and accounts receivable at the end of the year are $80,000, the adjustment for estimated uncollectible accounts will require a:

Debit to Bad Debt Expense for $10,000.

After preparing the bank reconciliation, an NSF check would result in which of the following when recording the adjustment to the company's cash balance?

Debit to accounts receivable

A company's adjustment for uncollectible accounts at year-end would include a:

Debit to bad debt expense

At the end of 2018, Murray State Lenders had a balance in its Allowance for Uncollectible Accounts of $4,500 (debit) before any adjustment. The company estimated its future uncollectible accounts to be $12,000 using the percentage-of-receivables method. Murray State's adjustment on December 31, 2018, to record its estimated uncollectible accounts included a: Bad Debt Expense = $12,000 + $4,500 = $16,500.

Debit to bad debt expense of $16,500; credit to allowance for uncollectible accounts of $16,500

At the end of 2018, Murray State Lenders had a balance in its Allowance for Uncollectible Accounts of $4,500 (credit) before any adjustment. The company estimated its future uncollectible accounts to be $12,000 using the percentage-of-receivables method. Murray State's adjustment on December 31, 2018, to record its estimated uncollectible accounts included a: Bad Debt Expense = $12,000 - $4,500 = $7,500.

Debit to bad debt expense of $7,500; credit t o allowance for uncollectible accounts of $7,500

In a perpetual inventory system, the entry at the time of a sale to record the cost of the inventory sold includes a:

Debit to cost of goods sold

Timkin creates the following accounts receivable aging report at the end of the year: -- Age Less than 30 days 31-60 days 61+ days -- Amount $6,000 $4,000 $2,000 -- Estimated uncollectible 5% 10% 25% Prior to adjusting entries, the Allowance for Uncollectible Accounts has a debit balance of $500. The year-end adjustment would include a: Estimated uncollectible = ($6,000 × 5%) + ($4,000 × 10%) + ($2,000 × 25%) = $1,200. Adjustment to Bad Debt Expense = $1,200 + $500 = $1,700.

Debit to debt expense for $1,700

Using a perpetual inventory system, the purchase of inventory on account is recorded with a:

Debit to inventory

Hughes Aircraft sold a four-passenger airplane for $380,000, receiving a $50,000 down payment and a 12% note for the balance. This transaction would include a:

Debit to notes receivable

After preparing a bank reconciliation, the service fee charged by the bank would be recorded with a:

Debit to service fees expenses

Identify the likely disadvantage(s) of extending credit to customers.

Delay or failure to collect cash

Cash transactions that have been recorded by the company but not the bank include:

Deposits outstanding

The Sarbanes-Oxley Act requires that companies must:

Document internal controls and assess their adequacy each year.

What is the concept behind separation of duties in establishing internal controls?

Employee fraud is less likely to occur when access to assets and access to accounting records are separated.

Providing employees with appropriate guidance to ensure they have the knowledge necessary to carry out their job duties is an example of which preventive control?

Employee management

Which of the following would NOT represent good controls over cash disbursements?

Employees responsible for making cash disbursements should also be in charge of cash receipts

Which of the following is NOT a design feature of effective internal controls?

Ensure the company's price advantage over competitors.

Which of the following best describes the goal of internal controls?

Ensuring the business is profitable

Inventory does not include:

Equipment used in the manufacturing of assets for sales

In accounting for inventory, net realizable value equals:

Estimated selling price less any costs of completion, disposal, and transportation

Accounts receivable are normally reported at the:

Expected amount to be received

The cost of inventory sold during the current year classified as a(n) ______ in the ______.

Expense; Income Statement

The direct write-off method is generally not permitted for financial reporting purposes because:

Expenses (bad debts) are not properly matched with the revenues (credit sales) that they help to generate.

In a period of rising costs, which inventory valuation method would a company likely choose if they want to have the highest possible balance of inventory on the balance sheet?

FIFO

In a period when inventory costs are falling, the lowest taxable income is most likely reported by using the inventory method of:

FIFO

In a period when inventory costs are rising, the inventory method that most likely results in the highest ending inventory is:

FIFO

The inventory cost flow assumption that generally best matches the physical flow of inventory is:

FIFO

The inventory method that will always produce the same amount for cost of goods sold in a periodic inventory system as in a perpetual inventory system would be:

FIFO

Which inventory cost flow assumption generally results in the highest reported amount for cost of goods sold when inventory costs are falling?

FIFO

Which inventory method is better described as having a balance sheet focus and why is it considered as such?

FIFO; better approximates the value of ending inventory

Payment of dividends to stockholders is considered a(n):

Financing cash flow

The statement of cash flows reports cash flows from the activities of:

Financing, investing, and operating

The three elements present in every fraud are commonly referred to as the ___________.

Fraud Triangle

During periods when inventory costs are rising, ending inventory will most likely be:

Greater under FIFO than LIFO

A company's lower ratio of cash to noncash assets most likely represents which characteristic of management?

Greater willingness to take risk.

Bill Inc.'s correct ending balance for the inventory account at the end of 2018 should be $5,000, but the company incorrectly stated it as $3,000. In 2019, Bill correctly recorded its ending balance of the inventory account. Which one of the following is true?

Gross profit is overstated by $2,000 in 2019

Occupational fraud:

I the use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization's resources.

One of the major differences between service companies and retail or manufacturing companies is that retailers and manufacturers must account for:

Inventory

Ending inventory is equal to the cost of items on hand plus:

Items in transit sold FOB destination

The inventory cost flow assumption that is least likely to match the physical flow of inventory for most companies is:

LIFO

Which inventory cost flow assumption more realistically matches the current cost of inventory with current sales revenue?

LIFO

The disclosure that shows the difference in the cost of inventory between LIFO and FIFO is referred to as the:

LIFO reserve

Which inventory method is better described as having an income statement focus and why is it considered as such?

LIFO; better approximates inventory cost necessary to generate revenue

During periods when inventory costs are rising, cost of goods sold will most likely be:

Lower under average cost than LIFO

Under the provisions of the Sarbanes-Oxley Act, auditors must do which of the following?

Maintain working papers for at least seven years following an audit.

A perpetual inventory system measures cost of goods sold by:

Making entries to the inventory account for each purchase and sale

A potential risk of a company with a high ratio of cash to noncash assets is:

Management may not foresee any growth opportunities.

What type of company purchases raw materials and makes goods to sell?

Manufacturer

Suppose Company A places an order with Company B on May 12. On May 14, Company B ships the ordered goods to Company A with terms FOB destination. The goods arrive at Company A on May 17. Company A begins selling the goods to customers on May 19 and pays Company B on May 20. When would Company B record the sale of goods to Company A?

May 17

The component of internal control that includes the formal procedures for reporting control deficiencies is:

Monitoring.

An increase in a company's receivables turnover ratio typically means the company is:

More effectively granting and collecting credit to customers

The type of income statement that reports a series of subtotals such as gross profit, operating income, and income before taxes is a ______ income statement.

Multiple - step

Under the provisions of the Sarbanes-Oxley Act, corporate executives:

Must personally certify the company's the company's financial statements.

The formula for the receivables turnover ratio is:

Net credit sales divided by average accounts receivable

The amount of cash that is actually expected to be collected on accounts receivable is referred to as:

Net realizable value

The percentage-of-receivables method for accounting for uncollectible accounts focuses on the:

Net realizable value of accounts receivable

Under the direct write-off method, what adjustment is made at the end of the year to account for possible future bad debts?

No adjustment is made

Suppose a customer is unable to pay its account on time, so the company accepts a six-month interest-bearing note receivable to replace the customer's account receivable. What effect will accepting the note receivable have on the company's financial statements at the time of acceptance?

No change in total assets

Lail Inc. accounts for bad debts using the allowance method. On June 1, Lail Inc. wrote off Andrew Green's $2,500 account. Based on Lail's estimation, Andrew Green will never pay any portion of the balance in his account. What effect will this write-off have on Lail Inc.'s balance sheet at the time of the write-off?

No effect

Richard LLC accounts for possible bad debts using the allowance method. When an actual bad debt occurs, what effect does it have on the accounting equation?

No effect on the accounting equation.

A company collects an account receivable previously written off. Indicate how this transaction would affect (1) assets, (2) stockholders' equity, and (3) revenues.

No effect, (2) No effect, (3) No effect

After preparing a bank reconciliation, a check outstanding for the payment of advertising would be recorded with a:

No entry is needed

Consider the following cash flow items: Pay amount owed to bank for previous borrowing. Pay utility costs. Purchase equipment to be used in operations. Purchase office supplies. Pay one year of rent in advance. Pay workers' salaries. Pay for research and development costs. Pay taxes to the IRS. Sell common stock to investors. How many of these cash flow items involve investing activities? Purchase equipment to be used in operations.

One

Ace Bonding Company purchased inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. How should Ace record the purchase using a periodic inventory system? A. Purchases 2,000 Accounts Payable 2,000 B. Cost of Goods Sold 2,000 Deferred Revenue 1,000 Sales Revenue 3,000 C. Cost of Goods Sold 2,000 Accounts Payable 2,000 D. Cost of Goods Sold 2,000 Gain 1,000 Accounts Payable

Option A

Ace Bonding Company purchased inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. How should Ace record the purchase using a perpetual inventory system? A. Inventory 2,000 Accounts Payable 2,000 B. Cost of Goods Sold 2,000 Deferred Revenue 1,000 Sales Revenue 3,000 C. Cost of Goods Sold 2,000 Accounts Payable 2,000 D. Cost of Goods Sold 2,000 Gain 1,000 Accounts Payable 3,000

Option A

Barton Health Services provided care to a patient worth $1,200. Because the patient was over the age of 65, Barton granted the patient a 20% discount and the customer paid the correct amount in cash. How would Barton record the service transaction? A. - Cash: 960 - Service Revenue: 960 B. - Cash: 960 - Trade Discount: 240 - Service Revenue:1,200 C. - Cash: 1,200 - Service Revenue: 1,200 D. - Cash: 1,200 - Trade Discount: 240 - Service Revenue: 960

Option A

On May 1, Ace Bonding Company purchased inventory costing $2,000 on account with terms 2/10, n/30. On May 18, Ace pays for this inventory and records which of the following using a periodic inventory system? A. Accounts Payable 2,000 Cash 2,000 B. Accounts Payable 1,960 Purchase Discounts 40 Cash 2,000 C. Accounts Payable 2,000 Purchase Discounts 40 Cash 1,960 D. Cash 2,000 Accounts Payable 2,000 There is no purchase discount because payment is not within the 10-day discount period.

Option A

On May 1, Ace Bonding Company purchased inventory costing $2,000 on account with terms 2/10, n/30. On May 18, Ace pays for this inventory and records which of the following using a perpetual inventory system? A. Accounts Payable 2,000 Cash 2,000 B. Accounts Payable 1,960 Inventory 40 Cash 2,000 C. Accounts Payable 2,000 Inventory 40 Cash 1,960 D. Cash 2,000 Accounts Payable 2,000 There is no purchase discount because payment is not within the 10-day discount period

Option A

Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 12? A. Accounts Receivable: 46,000 Sales Revenue: 46,000 B. Accounts Receivable: 46,000 Sales Revenue: 45,540 Sales Discounts: 460 C. Accounts Receivable; 45,540 Sales Revenue: 45,540 D. Accounts Receivable: 45,540 Sales Discounts: 460 Sales Revenue: 46,000

Option A

Davis Hardware Company uses a periodic inventory system. How should Davis record the sale of inventory costing $620 for $960 on account? A. Cost of Goods Sold 620 Purchases 620 Accounts Receivable 960 Sales Revenue 960 B. Accounts Receivable 960 Sales Revenue 960 C. Purchases 620 Gain 340 Sales Revenue 960 D. Accounts Receivable 960 Sales Revenues 620 Gain 340

Option B

Davis Hardware Company uses a perpetual inventory system. How should Davis record the return of inventory previously purchased on account for $200? A. Inventory 200 Accounts Payable 200 B. Accounts Payable 200 Inventory 200 C. Purchase Returns 200 Accounts Payable 200 D. Accounts Payable 200 Purchase Returns 200

Option B

Davis Hardware Company uses a perpetual inventory system. How should Davis record the sale of inventory costing $620 for $960 on account? A. Inventory 620 Cost of Goods Sold 620 Sales Revenue 960 Accounts Receivable 960 B. Accounts Receivable 960 Sales Revenue 960 Cost of Goods Sold 620 Inventory 620 C. Inventory 620 Gain 340 Sales Revenue 960 D. Accounts Receivable 960 Sales Revenues 620 Gain 340

Option B

On July 1, 2018, Herzog Mining lends cash and accepts a $9,000 note receivable that offers 10% interest and is due in nine months. How would Herzog record the transaction on April 1, 2019, when the borrower pays Herzog the correct amount owed? A. Cash: 9,675 Notes Receivable: 9,000 Interest Revenue: 675 B. Cash: 9,675 Notes Receivable: 9,000 Interest Revenue: 225 Interest Receivable: 450 C. Cash: 9,675 Notes Receivable: 9,000 Interest Receivable: 675 D. Cash: 9,675 Notes Receivable: 9,675

Option B

On November 10 of the current year, Flores Mills provides services to a customer for $8,000 with credit terms 2/10, n/30. The customer made the correct payment on November 17. How would Flores record the collection of cash on November 17? A. Cash: 7,840 Accounts Receivable: 7,840 B. Cash: 7,840 Sales Discounts: 160 Accounts Receivable: 8,000 C. Cash: 7,840 Sales Revenue: 160 Accounts Receivable: 8,000 D. Cash; 8,000 Accounts Receivable: 8,000 Sales discount = $8,000 × 2% = 160.

Option B

On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. How would Flores record the sale on November 10? A. - Accounts Receivable: 7,840 - Sales Revenue: 7,840 B. - Accounts Receivable: 8,000 - Sales Revenue: 8,000 C. - Accounts Receivable: 7,840 - Cash Discounts: 160 - Sales Revenue: 8,000 D. - Accounts Receivable: 8,000 - Cash Discounts: 160 Sales Revenue: 7,840

Option B

During the year, Bears Inc. recorded credit sales of $500,000. Before adjustments at year-end, Bears has accounts receivable of $300,000, of which $50,000 is past due, and the allowance account had a credit balance of $2,500. Using the aging of receivables approach, what would be the adjustment assuming Bears expects it will not to collect 5% of the amount not yet past due and 20% of the amount past due? A. Bad Debt Expense: 22,500 Allowance for Uncollectible Accounts: 22,500 B. Bad Debt Expense: 25,000 Allowance for Uncollectible Accounts: 25,000 C. Bad Debt Expense: 20,000 Allowance for Uncollectible Accounts: 20,000 D. Allowance for Uncollectible Accounts: 20,000 Bad Debt Expense: 20,000 ($250,000 × 5%) + ($50,000 × 20%) - $2,500 = $20,000.

Option C

On April 1, Robert LLC purchased two units of inventory, A and B. The cost of unit A was $650, and the cost of unit B was $625. On April 30, Robert LLC had not sold the inventory. The net realizable value of unit A was now $685 while the net realizable value of unit B was $550. The adjustment associated with the lower of cost and net realizable value on April 30 will be: A. Cost of Goods Sold 40 Inventory 40 B. Inventory 40 Cost of Goods Sold 40 C. Cost of Goods Sold 75 Inventory 75 D. Inventory 75 Cost of Goods Sold 75 Need to reduce inventory cost to the lower net realizable value for unit B. $625 - $550 = $75.

Option C

On February 1, 2018, Sanger Corp. lends cash and accepts a $2,000 note receivable that offers 10% interest and is due in six months. What would Sanger record on August 1, 2018, when the borrower pays Sanger the correct amount owed? A. Cash: 2,000 Interest Revenue: 100 Notes Receivable: 2,100 B. Cash: 2,100 Notes Receivable: 2,100 C. Cash: 2,100 Interest Revenue; 100 Notes Receivable: 2,000 D. Cash: 2,200 Notes Receivable: 2,200 Interest revenue = $2,000 × 10% × 6/12 = $100.

Option C

On July 8, Ray Inc. sold 100 printers to Office Rental Company at $600 each and offered a 2% discount for payment within 10 days. On July 15, Office Rental Company paid the full amount in cash. What should Ray Inc. record on July 15? A. - Cash: 60,000 - Accounts Receivable: 60,000 B. - Cash: 58,800 - Accounts Receivable: 58,800 C. - Cash: 58,800 - Sales Discounts: 1,200 - Accounts Receivable: 60,000 D. - Cash: 60,000 - Sales Discounts: 1,200 - Sales Revenue: 58,000 Sales discount = $600 × 100 printers × 2% = $1,200.

Option C

On May 1, Ace Bonding Company purchased inventory costing $2,000 on account with terms 2/10, n/30. On May 8, Ace pays for this inventory and records which of the following using a periodic inventory system? A. Accounts Payable 2,000 Cash 2,000 B. Accounts Payable 1,960 Purchase Discounts 40 Cash 2,000 C. Accounts Payable 2,000 Purchase Discounts 40 Cash 1,960 D. Cash 2,000 Accounts Payable 2,000 Purchase discount = $2,000 × 2% = $40.

Option C

On May 1, Ace Bonding Company purchased inventory costing $2,000 on account with terms 2/10, n/30. On May 8, Ace pays for this inventory and records which of the following using a perpetual inventory system? A. Accounts Payable - 2,000 Cash - 2,000 B. Accounts Payable - 1,960 Inventory - 40 Cash - 2,000 C. Accounts Payable - 2,000 Inventory - 40 Cash - 1,960 D. Cash - 2,000 Accounts Payable - 2,000 Purchase discount = $2,000 × 2% = $40.

Option C

Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 23, assuming the customer made the correct payment on that date? A. Cash: 45,540 Sales Revenue: 460 Accounts Receivable: 46,000 B. Cash: 46,000 Sales Discounts: 460 Accounts Receivable: 46,000 Interest Revenue: 460 C. Cash: 45,540 Sales Discounts: 460 Accounts Receivable: 46,000 D. Cash: 46,000 Accounts Receivable: 45,540 Sales Revenue: 460 $46,000 × 1% = 460; $46,000 - 460 = $45,540.

Option C

Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on June 10, assuming the customer made the correct payment on that date? A. Cash: 46,000 Accounts Receivable: 45,540 Discounts Receivable: 460 B. Cash: 46,000 Accounts Receivable: 45,540 Interest Revenue: 460 C. Cash: 46,000 Accounts Receivable: 46,000 D. Cash: 46,460 Accounts Receivable: 46,000 Interest Revenue: 460 No discount is recorded because payment is made after 15 days.

Option C

Davis Hardware Company uses a periodic inventory system. How should Davis record the return of inventory previously purchased on account for $200? A. Inventory 200 Accounts Payable 200 B. Accounts Payable 200 Inventory 200 C. Purchase Returns 200 Accounts Payable 200 D. Accounts Payable 200 Purchase Returns 200

Option D

Niva Company has the following information for its inventories A, B, C, and D: 1. Quantity 2. Historical Cost 3. Net Realizable Value A 1. 15 2. 20 3. 25 B 1. 20 2. 35 3. 30 C 1. 40 2. 25 3. 40 D 1. 25 2. 50 3. 35 The necessary adjustment associated with the lower of cost and net realizable value would be: A. Inventory 675 Cost of Goods Sold 675 B. Cost of Goods Sold 675 Inventory 675 C. Inventory 475 Cost of Goods Sold 475 D. Cost of Goods Sold 475 Inventory 475 Need to reduce inventory cost to the lower net realizable value for items B and D. (20 × $5) + (25 × $15) = $475.

Option D

On August 1, 2018, Turner Manufacturing lends cash and accepts a $6,000 note receivable that offers 8% interest and is due in nine months. How would Turner record the year-end adjustment to accrue interest in 2018? A. Interest Revenue: 360 Interest Receivable: 360 B. Interest Receivable: 480 Interest Revenue: 480 C. Interest Receivable; 360 Interest Revenue: 360 D. Interest Receivable; 200 Interest Revenue: 200 Interest revenue = $6,000 × 8% × 5/12 = $200.

Option D

On November 10 of the current year, Flores Mills provides services to a customer for $8,000 with credit terms 2/10, n/30. The customer made the correct payment on December 5. How would Flores record the collection of cash on December 5? A. Cash: 7,840 Accounts Receivable: 7,840 B. Cash; 7,840 Sales Discounts: 160 Accounts Receivable: 8,000 C. Cash: 7,840 Sales Revenue: 160 Accounts Receivable: 8,000 D. Cash: 8,000 Accounts Receivable: 8,000 No sales discount is awarded because payment is not received within 10 days.

Option D

The primary distinction between operating activities and nonoperating activities in a multiple- step income statement is whether the activity is:

Part of primary business operations.

Operating cash flows would exclude:

Payment of dividends

Checking actual outcome of individuals or processes against their expected outcome is an example of which detective control?

Performance reviews.

A minor amount of cash kept on hand to pay for small purchases is referred to as a:

Petty cash fund

Which of the following is NOT a reason why a bank reconciliation is necessary?

Petty cash has a low balance

Keeping supplies in a locked room with access allowed only to authorized personnel is an example of which preventive control?

Physical controls.

The distinction between operating and nonoperating income relates to:

Principal activities of the reporting entity.

Giving only management the right to make purchases over a certain amount is an example of which preventive control?

Proper authorization.

A company-issued debit card or credit card is often referred to as a:

Purchase card

Investing cash flows would include which of the following?

Purchase of a building with cash

In a periodic inventory system, the purchase of inventory is debited to:

Purchases

Which of the following does not represent a major provision of the Sarbanes-Oxley Act?

Quarterly financial statements

Having management periodically determine whether the amount of physical assets of the company match the accounting records is an example of which detective control?

Reconciliations.

Which of the following is an example of detective controls?

Reconciliations.

Which of the following is not an example of preventive controls?

Reconciliations.

A good internal control system would require that the employee who handles cash must not be involved in:

Reconciling the bank statement

On September 1, 2018, Heartford Construction lends $50,000 to a customer with 10% interest. The note and interest are due in twelve months. The note receivable is recorded for $50,000 on September 1, but no other adjustments are made in 2018. At the end of 2018, which of the following is true?

Revenues are understated

The component of internal control that identifies internal and external factors that could prevent a company's objectives from being achieved is:

Risk assessment.

Which of the following sales would typically be reported as a cash sale?

Sale with credit card

Gershwin Wallcovering Inc. shipped the wrong shade of paint to a customer. The customer agreed to keep the paint upon being offered a 15% price reduction. The price reduction is an example of a:

Sales Allowance

Tom's Textiles shipped the wrong material to a customer, who refused to accept the order. Upon receipt of the material, Tom's would credit Accounts Receivable and debit:

Sales Returns

Tom's Textiles shipped the wrong material to a customer, who refused to accept the order. This is an example of a:

Sales return

Which of the following best describes credit sales?

Sales to customers using credit cards

What key piece of legislation was passed in response to corporate accounting scandals by Enron, WorldCom, and others?

Sarbanes-OxleyAct.

The gross profit ratio will typically be higher for companies that:

Sell products that are more highly specialized

Fleming Corp. provided services on account. The transaction would be recorded with a credit to:

Service Revenue

Cash equivalents refer to:

Short-term investments that have a maturity date no longer than three months from the date of purchase

The inventory costing method that matches each unit of inventory with its actual cost is referred to as the _____ method.

Specific identification

Which of the following is correct with respect to a bank reconciliation?

Subtract NSF checks from the company's balance

The LIFO conformity rule states that if LIFO is used for:

Tax purposes, it must be used for financial reporting

The gross profit ratio measures:

The amount by which the sale of inventory exceeds its cost per dollar of sales.

Prior to year-end adjusting entries, what would explain the Allowance for Uncollectible Accounts having a debit balance?

The amount of actual uncollectible accounts in the current year was greater than the estimate of uncollectible accounts made at the end of the prior year.

The distinction between the direct write-off method and the allowance method is:

The amount of bad debt expense reported in each year

Which of the following best describes accounts receivable?

The amount of cash owed to a company by its customers from the sale of products or services on account

Which of the following statements is true with respect to the percentage-of-credit-sales method for estimating uncollectible accounts?

The amount recorded for bad debt expenses does not depend on the balance of the allowance for uncollectible accounts

If a company understates its count of ending inventory in Year 1, which of the following is true?

The balance of retained earning is correct at the end of year 2

The percentage-of-receivables method for estimating uncollectible accounts is sometimes described as:

The balance sheet method

Which of the following items would cause the balance of cash in the bank statement not to equal the balance of cash in the accounting records?

The company deposited a customer check that was found by the bank to have insufficient funds.

Consider the following cash flow items: Pay amount owed to bank for previous borrowing. Pay utility costs. Purchase equipment to be used in operations. Purchase office supplies. Purchase one year of rent in advance. Pay workers' salaries. Pay for research and development costs. Pay taxes to the IRS. Sell common stock to investors. How many of these cash flow items involve financing activities? (1) Pay amount owed to bank for previous borrowing and (2) Sell common stock to investors.

Two

Identify the condition(s) that must exist for a sale and the related receivable to be recognized.

Two of the other answers are conditions that must exist

The act of collusion refers to:

Two or more people acting in coordination to circumvent internal controls.

Which of the following is NOT involved in the replenishment of the petty cash fund?

Weekly payroll checks will be recorded

The inventory cost flow assumption that results in a random mixture of goods being included in the balance of inventory and cost of goods sold is:

Weighted - average

Which employees have an impact on the operation and effectiveness of internal controls?

all employees

The three elements of the fraud triangle are:

all of the other answers are elements of the fraud triangle.

The Sarbanes-Oxley Act (SOX) mandates which of the following?

all of the other answers represent mandates of the sarbanes-oxley Act.

LIFO is considered an income statement approach for reporting inventory because it:

better approximates inventory cost necessary to generate revenue

The company's ratio of cash to noncash assets increased in the current year from 20% to 30%? Which of the following represents the most likely reason for this increase?

management forecast additional operating volatility in future periods

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