ACC 100 Unit 4 Final Exam Milestone Sophia course Click below link for Answers https://www.sobtell.com/q/tutorial/default/206892-acc-100-unit-4-final-exam-milestonesophia-course https://www.sobtell.com/q/tutorial/default/206892-acc-100-unit-4-final-exam-milestonesophia-course 1 Ed, the owner of of Ed's Electronics, purchased 35 DVD players at $12 each. He paid the invoice in full within 20 days, which reduced the price of each DVD player to $10.
Which of the following amounts would be recorded in the purchases account of Ed's Electronics?
$350
$420
$525
$595
Merchandising: Purchases, Sales, Discounts, Returns and Allowance 2
Based on the information from the last six months (shown here), which of the following is the current ratio?
9.08
7.31
6.46
9.24
Ratio Analysis 3 Which of the following is a benefit of Robert having a subsidiary purchases ledger for his food and beverage supply company?
Determining which vendors Robert supplies most frequently
Calculating whether a client should be issued credit
Calculating the total amount spent paying monthly payroll
Determining how often customers make cash payments
Sales & Purchases Subsidiary Ledger 4 Which of the following is responsible for conducting an independent examination of a company's financial statements and records?
Stakeholder
Auditor
Controller
Bookkeeper
Accounting in Practice 5 A company's sales for the year were $549,650 and a credit to Allowance for Bad Debt for $16,489.50 was made.
Based on this entry, what percentage of sales is considered uncollectible?
3.5%
2.5%
3%
4%
Allowance Method: Percentage of Net Credit Sales and Percentage of Receivables 6 As she updates her accounting documents at the end of the accounting period, what kind of documentation does Jody need to make if she discovers an unrecorded receipt for the $275 purchase of a new window?
Adjusting entry
Supply expense
Accrued revenue
Owner withdrawal
Adjusting Entries 7 Which of the following is NOT true of a natural balance?
Each account is associated with only one account group.
Each individual account has a natural balance.
An account increase occurs on the opposite side of the account's natural balance.
Each account group has a natural balance.
Natural Balance 8 Which of the following describes unearned revenues?
$45,000 in total payroll owed to employees on May 1
$1,500 in sales tax collected
$3,500 paid to a company for services it will provide next week
The accounts payable totals $9,500
Current Liabilities 9
Which inventory method was used to calculate cost of goods sold, based on the information above?
LIFO
Weighted average
FIFO
Specific ID
Inventory Cost Flow Assumptions 10 With respect to financial statements, which of the following statements is true of depreciation?
Accumulated depreciation is credited below the referenced asset.
Land is depreciated on a 25-year schedule.
The residual value of the asset is determined by the government.
Depreciation can be taken beyond the residual value of the asset.
Depreciation 11 Which of the following about inventory turnover is true?
It measures the number of times that the inventory is sold and replaced.
It measures the inventory that is sold and replaced.
It measures the inventory that is bought and replaced.
It measures the number of times that the inventory is replaced.
Ratio Analysis 12 Bart paid $150,000 for a piece of equipment for his business. Bart's income statement puts the straight line depreciation rate at 20%, and the equipment is expected to have a residual value of $1,000 at the end of its useful life, which is expected to be five years.
Using double declining balance depreciation, what is the value of the piece of equipment at the end of year one?
$60,000
$100,000
$90,000
$120,000
Accelerated Depreciation
13 Which one of the businesses below would be best served by the periodic inventory method?
Online mass consumer goods retailer
Fish market
Restaurant
Construction equipment dealer
Inventory Accounting Methods 14 On September 30, 2018, Grover began preparing a trial balance worksheet.
Which step occurs immediately after he prepares the income statement?
Closing Entries
Trial Balance
Adjusting Entries
Balance Sheet
End of Period Activities 15 LONG TERM ASSET ASSET: BALANCING MACHINE COST $9,000 PREPAID INSURANCE
$750
MAINTENANCE COSTS
$900
ACCULUMATED DEPRECIATION$1,500 BOOK VALUE
_____
Using the information shown here, which of the following is the book value of the balancing machine?
$8,100
$8,250
$7,500
$7,350
Financial Reporting of Long Term Assets 16 If a company had a beginning balance of $69,000 on its statement of changes in owner's equity, the owner had drawings of $15,000 and the ending balance was $76,000, how much net income was recorded?
$91,000
$22,000
$61,000
$76,000
Preparing Statements of Changes in Owner's Equity 17 Which illustration below correctly shows Paula opening her baby clothing store with a monetary investment of $9,250.00?
Journal Entries
18 If Tom earned $1,890 in revenue from selling running shoes at last weekend's triathlon expo.
Where would this accounting event be recorded?
$1,890 would be marked on the credit side of the accounts payable.
$1,890 would be marked on the debit side of the revenue account.
$1,890 would be marked on the debit side of the accounts payable.
$1,890 would be marked on the credit side of the revenue account.
Debit and Credit 19
Based on the information above, calculate the Cost of Goods Purchased.
$9,550
$13,375
$13,450
$9,475
Expanded Income Statement 20 Examine the partial balance sheet vertical analysis below.
Based on the information shown, what is the correct amount and percentage of accounts payable?
$20,000; 25%
$22,000; 25%
$18,000; 22.5%
$20,000; 20%
Vertical Analysis and Horizontal Analysis 21 What is the name of the accounting system documented in the 15th century by Luca Pacioli?
Double-entry
Monetary unit
Cost
Managerial
Origins and Ethics 22 As she prepared financial documents to be discussed at her company's annual shareholders' meeting, Linda added an appendix to the financial overview that details all financial transactions in the last fiscal year.
Which of the accounting principles below is she observing?
Matching Principle
Time Period Principle
Full Disclosure Principle
Measurement Principle
ual Framework and Principles 23 An account that is not closed at the end of the accounting period is called a(n) __________.
expense account
temporary account
permanent account
income summary account
Closing Entries 24 Which of the following best describes a non-profit organization?
One in which the leadership is governed by a board of directors
One that relies solely on private donations for the organization’s financial needs
One that reinvests profit into the organization instead of distributing it to owners
One in which the workforce is made up of volunteers
Businesses and Organizations 25 Which of the principles below does Val follow when she reviews her records to make sure that recorded accounting events correspond to the actual costs?
Measurement principle
Matching principle
Time period principle
Full disclosure principle
ual Framework and Principles 1 What is the total of Tim’s assets if he has recorded $9,000 in liabilities and $3,000 as equity on a balance sheet?
$3,000
$6,000
$15,000
$12,000
Preparing Balance Sheets
I need help with this question
2
Based on the information above, which of the following is the straight line depreciation of the equipment?
$7,500
$7,000
$7,700
$7,300
Straight Line Depreciation I need help with this question
3 If Tonya purchased 200 decorative pillows at $12 each and sold 75 of the pillows for $20 each, what is the cost of goods sold?
$1,100
$2,400
$900
$1,500
Merchandising I need help with this question
4 Which of the following is NOT a good use of a T-account?
Analyzing a complicated transaction, prior to recording the event in the general journal
Prior to recording an entry, to see the effect of the debits and credits on each account
To make sure the debits and credits in each transaction are equal
Transferring final balances of accounts to the company's financial records
T-Accounts, Cash Entries I need help with this question
5
Based on the information below, calculate the Cost of Goods Purchased.
$38,000
$34,000
$25,000
$29,000
Expanded Income Statement I need help with this question
6 Consider the following information:
Cash = $6,000 Beginning Balance = $200,000 Capital added = $15,000
Revenues = $10,000 Expenses = $5,000 Net Income = $56,000 Owner’s Withdrawals = $60,000 What is the ending balance on the Statement of Changes in Owner's Equity for this data?
$224,000
$211,000
$221,000
$216,000
Preparing Statements of Changes in Owner's Equity I need help with this question
7 Japeth's statement of changes in owner's equity shows net income of $25,000, owner's drawings of $5,000 and an ending balance of $65,000.
What was Japeth's beginning balance?
$70,000
$65,000
$95,000
$45,000
Statement of Changes in Owner's Equity I need help with this question
8 Which of the following concerning unearned revenues is NOT true?
Adjusting entries are made at the end of a period to report unearned revenues.
They are found on a balance sheet.
They are recorded as a revenue account entry.
They are receipts for services or products that will be performed or delivered at a future date.
Current Liabilities I need help with this question
9
Which illustration below correctly shows Jen opening her frozen yogurt store with a monetary investment of $5,000?
Journal Entries I need help with this question
10 What is the formula for the rate of return on sales?
Gross Income / Net Sales
Gross Income / Gross Sales
Net Income / Gross Sales
Net Income / Net Sales
Ratio Analysis I need help with this question
11 Roberta sold goods costing $35,500, her expenses totaled $2,500 and her freight in totaled $750. Her company's average stock of goods during the same period was $9,500.
The inventory turnover ratio for Roberta's company is __________.
3.74
3.47
3.39
3.55
Merchandising Financial Statement Analysis I need help with this question
12 Which of the following is a violation of the Sarbanes-Oxley Act?
Merging with a competitor
Declaring bankruptcy
Giving shares of stock to employees
Not reporting financial information about a business
Origins and Ethics I need help with this question
13
Using these end of period figures, which of the following is the rate of return on sales?
1.70
2.59
1.42
1.20
Ratio Analysis I need help with this question
14 Which of the following is NOT depreciated because it does not get used up?
Automobiles
Land
Buildings
Land fixtures
Depreciation I need help with this question
15 Which image below shows the correct general ledger account for Accounts Receivable?
Posting to the General Ledger I need help with this question
16 What is the total of Tim’s liabilities if he has recorded $50,000 in assets and $40,000 equity on a balance sheet?
$10,000
$90,000
$100,000
$20,000
Preparing Balance Sheets I need help with this question
17 The bookkeeper for Dr. Mark Scholz, DVM, informed the veterinarian that the business' revenue for the day was $18,920.
Which statement below best describes how the bookkeeper would record this?
$18,920 would be recorded on the debit side of the owner's equity account.
$18,920 would be recorded on the credit side of the revenue account.
$18,920 would be recorded on the debit side of the purchases account.
$18,920 would be recorded on the credit side of the cash account.
Debit and Credit I need help with this question
18 The statues and garden decorations in the warehouse belonging to Woodman’s Flowers and Gifts are considered which of the following?
Equity
Assets
Profits
Expenses
Account Groups I need help with this question
19
Based on the information in this portion of an expanded income statement, what is the total of the Goods Available for Sale?
$92,000
$167,000
$138,000
$104,000
Expanded Income Statement I need help with this question
20
Using the FIFO method and the information in this image, what is the Cost of Goods Sold during December?
$60,000
$80,000
$65,000
$95,000
FIFO I need help with this question
21 What type of adjustment will Kyle make to his trial balance worksheet for $2,500 he was paid on October 12, for work that he will start on December 1?
Depreciation
Supplies
Accrued revenues
Unearned revenue
Adjusting Entries I need help with this question
22 Which of the following is NOT a requirement of the General Accepted Accounting Principles (GAAP) for financial statements?
They must be relevant.
They must be comparable.
They must be principled.
They must be reliable.
Governance
I need help with this question
23 What is the total of the owner's equity if the balance sheet shows liabilities of $38,000 and assets of $74,000?
$36,000
$38,000
$112,000
$2,000
Preparing Balance Sheets I need help with this question
24
Using the LIFO method and the information in this image, what is the Cost of Goods Sold during December?
$105,000
$95,000
$80,000
$60,000
LIFO I need help with this question
25 A company's year-end data shows the following amounts. Current assets $65,000 Current liabilities
$25,000
Net income
$7,500
Net sales
$125,000
Total assets
$150,000
Based on this information, what is the company's current ratio?
1.9
2.3
6.0
2.6