ADM 1340 Lecture 3: ADM1340 – March 3
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1. The amount shown in the balance sheet debit column ofworksheet for Merchandise Inventoryâ is:
A. the Cost of Goods Sold. B. net purchasesâ + beginningmerchandise inventory. C. the ending inventory. D. the beginninginventory.
2. Credit terms of 3â/15 ân/30 meanâ that:
A. a 3â% discount is allowed if the bill is paid within between15 and 30 days. B. a 3â% discount is allowed if the bill is paidafter 15 days. C. a 3â% discount is allowed if the customer paysthe bill within 15 âdays, or the entry amount is due within 30days. D. a 3â% discount is allowed if the bill is paid within 30days.
3. Cash has a normal balance of $1,600. After collecting $100â,the balance in the accountâ is:
A. debit $1,700. B. credit $1,700. C. credit $1,500. D. debit$1,500.
4. Tina's Event Planning bought a computer worth $4,000 with anexpected life of 4 years and a residual value of $1,000. What isthe adjusting journal entry after the firstâyear? (Round your finalanswer to the wholeâ dollar.)
A.
Depreciation Expense | 750 |
ââââââââAccumulatedâ Depreciation, Computer | 750 |
B.
Depreciation Expense | 750 |
ââââââââComputer | 750 |
C.
Computer | 750 |
ââââââââDepreciation Expense | 750 |
D.
Computer | 750 |
ââââââââAccumulatedâ Depreciation, Computer | 750 |
Figure 22-1
Total Output | Total Revenue | Total Cost |
0 | $0 | $1,000 |
1 | $1,700 | $2,000 |
2 | $3,300 | $2,800 |
3 | $4,800 | $3,500 |
4 | $6,200 | $4,000 |
5 | $7,500 | $4,500 |
6 | $8,700 | $5,200 |
7 | $9,800 | $6,000 |
8 | $10,800 | $7,000 |
9 | $11,700 | $9,000 |
Using Figure 22-1, in order to increase profit the firm should increase output until the ____ unit of output.
Select one:
a. fifth
b. sixth
c. seventh
d. eighth
e. ninth
For a straight-line, downward-sloping demand curve, total revenue is maximized
Select one:
a. where demand is price-elastic.
b. at the midpoint of the demand curve.
c. where demand is price-inelastic.
d. at the horizontal intercept of the demand curve.
e. None of the above.