malupiton2022

malupiton2022

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malupiton2022Harvard University

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1. To increase the enzyme's affinity for a biological membrane, I would mutate...

MERCHANDISING

The following information is taken from the ledger of ACE Trading Co. as of December 31, 2020, after its first year of operations:
 
Cash  520,100
Accounts receivable                       690,000
Notes receivable                           170,500
Prepaid insurance                           80,000
Store supplies                              100,750
Office supplies                              150,210
Furniture and Fixtures                   830,500
Accounts payable                          450,000
Notes payable                               500,000
J. King, capital                                   ? 
J. King, drawing (debit)                 380,000
Sales                                          3,800,000 
Sales returns  allowances               130,050
Purchases                                   2,840,500 
Purchase discount                          230,000
Transportation-in                           180,600
 Store salaries                               360,400 
Advertising                                    140,500 
Transportation -out                          80,700
Office salaries                                240,800 
Rent expense                                 360,000 
Other office expenses                       50,540
Interest income                                 1,800
            
Adjusting information on December 31,2020 is given below:
1. Merchandise on hand per physical count, P 565,000
2. Accrued interest on notes receivable, P 2,900
3. Unexpired insurance, P 35,000
4. Rent expense includes P 55,000 paid in advance
5. Accrued office salaries, P12,500
6. Unpaid telephone bill for the month, P4,500.
7. Inventory of office supplies, P 34,500
8. Depreciation of furniture and fixtures is 10% per annum
9. Estimated uncollectible accounts is 5% of outstanding accounts receivable.
10. Accrued interest in notes payable, P 4,500.
 
Required:
1. Prepare a 10-column worksheet using the direct extension method.
2. Prepare a statement of comprehensive income and statement of financial position.
3. Prepare closing journal entries.

 

Answer was attached.
Answer: D. opportunity cost

_____________ is a costmanagement technique in which the firm determines the required costfor a product or service in order to earn a desired profit when themarketplace establishes the product's selling price.
A. Relevant costing
B. Product costing
C. Differential costing
D. Target costing

______________ can bemeasured as the income that could have been earned on an asset,based on the potential rate of return that is lost or sacrificedwhen one alternative use of the asset is chosen over another.
A. Target cost
B. Sunk cost
C. Opportunity cost
D. Allocated cost

_____________ costsbetween two alternative projects are those that would result fromselecting one alternative instead of the other.
A. Allocated
B. Differential
C. Sunk
D. Irrelevant

Which of the followingcost classifications would not be considered relevant in comparingdecision alternatives?
A. Opportunity cost.
B. Differential cost.
C. Sunk cost.
D. None of the above.

In considering whether toaccept a special order at a price less than the normal sellingprice of the product and where the additional sales will make useof present idle capacity, which of the following costs will not berelevant?
A. Direct labor.
B. Direct materials.
C. Variable manufacturing overhead.
D. Fixed manufacturing overhead that cannot be avoided.

A cost classified "fordecision making purposes" would include:
A. period cost.
B. opportunity cost.
C. controllable cost.
D. inventoriable cost.

Relevant costs indecision-making:
A. are future costs that represent differences between decisionalternatives.
B. result from past decisions.
C. should not influence the decision.
D. none of the above.

A cost is consideredrelevant if:
A. it is positive.
B. it is sunk.
C. it makes a difference.
D. it can't be changed.

If a cost is irrelevant toa decision, the cost could not be a:
A. fixed cost.
B. sunk cost.
C. differential cost.
D. variable cost.

The potential rental valueof space used in the manufacturing process:
A. is a variable production cost.
B. is an unavoidable production cost.
C. is a sunk production cost.
D. is an opportunity cost if production is notoutsourced.

Answer: A B A C D C B B B A
Answer: 1. a) dephosphorylating 2. c 3 a
Answer: a.
Answer: c) S phase inhibitor c) E2F
Answer: Sunk cost.
Answer: E. Sunk cost.
Answer: e.mitosis, cytokinesis,
Answer: acetylating
Answer: Opportunity cost.
Answer: 1. E. Mitosis 2, D. Synthesis (S)
Answer: E. Sunk cost
Answer: B. out-of-pocket cost.
Answer: the plant manager's salary.

15. The adjusted trial balance combines the trial balance itemswith the adjusting entries to determine the adjusted balances.

True
False
references

The December 31, 2010 worksheet for Fran's Fine Dining showed thefollowing amounts related to the Supplies Expense account:
(a). In the Trial Balance debit column: $745
(b). In the Adjustments debit column: $125
(c). In the Adjusted Trial Balance debit column: $870

What is the proper balance in the Supplies Expense account onJanuary 1, 2011, after all closing entries for 2010 have beenposted, but before any 2011 transactions are recorded?
$0.
$745.
$125.
$870.
Which account appears on the After-Closing Trial Balance?
Retained Earnings, Beginning of Year.
Dividends.
Service Revenue.
Unearned Revenue.
references
Which statement is true about an adjusted trial balance?
Revenue accounts and expense accounts should notappear on the adjusted trial balance.
It is prepared before adjusting entries.
Balance sheet items are presented before incomestatement items.
Accumulated depreciation should equaldepreciation expense.
Which statement is true about an adjusted trial balance?
Revenue accounts and expense accounts should notappear on the adjusted trial balance.
It is prepared before adjusting entries.
Balance sheet items are presented before incomestatement items.
Accumulated depreciation should equaldepreciation expense.

23.Retained Earnings at the end of a period:
Is equal to the balance in the Retained Earningsaccount in the adjusted trial balance at the end of a period.
Appears in the income statement for theperiod.
Is equal to Retained Earnings at the beginningof the period, minus net income (or plus net loss) for theperiod.
Is determined in the statement of RetainedEarnings.


25.Dolphin Co. received $1,500 in fees during 2009, 1/3 of whichwas earned in 2010, the rest was earned when received. The companyshould report which of the following amounts as income in 2009?
$500.
$0.
$1,500.
$1,000.
reference
Answer: True
Answer: B)the beginning balance of retained earnings
Answer: c. balance sheet in the long-term liabilities section
Answer: False
Answer: 1. D) Balance sheet 2. True
Answer: The company has net income.
Answer: Allowed by the SEC for use in the United States by non-U.S. companies
Answer: b.
Answer: Amount collected from the sale of a building
Answer: d)all of the above are examples.
Answer: a) Cost of using a copy machine
Answer: depreciation of factory equipment
Answer: Documentation ensures allmisstatements are discovered.
Answer: D. purchase of inventory
Answer: C. payment of dividends to shareholders

7._____ A company had a book balance at October 31st of $9,320. The bank statement showed the following: interest revenue of $25, a $150 NSF check, a note collected by the bank of $500, and service charges of $20. What is the reconciled cash balance on October 31st?

A. $8,625

B. $10,015

C. $9,675

D. $8,675

8._____Which of the following items would you deduct from the bank statement balance to calculate the reconciled cash balance on the bank reconciliation?

A. Deposits in transit

B. Book error – a $300 check recorded as $175

C. Bank service charges

D. None of the above

9._____In reconciling the March bank statement, the supervisor discovered that the bookkeeper had recorded a check written for $32 as $23 in the cash disbursements journal. For the bank reconciliation, the $9 error should be:

A. Added to the balance per bank statement

B. Added to the balance per general ledger

C. Deducted from the balance per bank statement

D. Deducted from the balance per general ledger

10._____In reconciling the October bank statement, the supervisor discovered that the bookkeeper had recorded a check written for $257 as $275 in the cash disbursements journal. For the bank reconciliation, the $18 error should be:

A. Added to the balance per bank statement

B. Added to the balance per general ledger

C. Deducted from the balance per bank statement

D. Deducted from the balance per general ledger

11._____Which of the following would you add to the balance per general ledger to arrive at the reconciled cash balance in the bank reconciliation?

A. Bank service charge

B. Collection of a note by bank

C. “NSF” checks

D. Deposits in transit

Answer: C. $9,675
Answer: b. the costs previously incurred to process the units to thispart.
Answer: c. Target costing is an interactive process.
Answer: Earn the maximum profit.

Question 6

A company is trying to decide whether to sell partiallycompleted goods in their current state or incur additional costs tofinish the goods and sell them as complete units. Which of thefollowing is not relevant to the decision?

A)

The selling price of the completed units.

B)

The costs incurred to process the units to this point.

C) The selling price of thepartially completed units.

D) The costs that will be incurred to finish the units.

Question 7

YXZ Company’s market for the Model 55 has changed significantly,and YXZ has had to drop the price per unit from $275 to $135. Thereare some units in the work in process inventory that have costs of$160 per unit associated with them. YXZ could sell these units intheir current state for $100 each. It will cost YXZ $10 per unit tocomplete these units so that they can be sold for $135 each.
Which of the following is the amount of sunk costs in thisproblem?

A)

$160 per unit

B)

$10 per unit

C)

$125 per unit

D)

$100 per unit

Question 8

Ricket Company has 1,500 obsolete calculators that are carriedin inventory at a cost of $13,200. If these calculators areupgraded at a cost of $9,500, they could be sold for $22,500.Alternatively, the calculators could be sold “as is” for $9,000.What is the net advantage or disadvantage of reworking thecalculators?

A) $13,000 advantage

B) $4,000 advantage

C)

$9,200 disadvantage

D) $200 disadvantage

Question 9

Which is the proper order of steps in the target costingprocess?

A)

Analyze customer needs and wants, determine the desired profit,find the target cost, and design the product.

B)

Design the product, analyze customer needs and wants, determinethe desired profit, find the target cost.

C)

Analyze customer needs and wants, find the target cost, designthe product, determine the desired profit.

D)

Analyze customer needs and wants, determine the desired profit,design the product, find the target cost.

Question 10

Which of the following is not a valid criticism of cost pluspricing?

A) It is difficult to determine the appropriate markup.

B) The method is difficult.

C) The firm’s demand curve is ignored in setting the price andquantity.

D)

The method employs circular reasoning.

Answer: C) The selling price of thepartially completed units.
Answer: deducted from balance per bank statement
Answer: d. All of the above
Answer: A) the company's sales are increasing.

1. Under ASC Topic 606, which of the following is not a criteria for revenue recognition?

a. Collectibility is probable.

b. Rights regarding goods or services have been identified.

c. The shipping terms are clearly stated in the contract.

d. Delivery has occurred or services have been rendered.

2. In the case of sales where the customer is billed before delivery of the goods,

a. the seller should always recognize revenue before the products are delivered to the customer.

b. the goods belong to the customer and revenue recognition is deferred until delivery.

c. the seller may recognize revenue if control of the goods has been transferred to the customer even though physical delivery has not taken place.

d. revenue will not be recognized until the goods are shipped to the customer.

3. Which of the following statements is not true regarding ASC Topic 606?

a. Long-term construction contracts is an area where the new standard clearly differs from existing guidance.

b. Current guidance on long-term contracts gives more flexibility to firms for determining when revenue is recognized.

c. The new standard precludes the use of percentage-of-completion method for long-term construction contracts.

d. Adoption for calendar reporting entities is first required for calendar 2018.

4. Which of the following statements is true prior to ASC Topic 606 regarding accounting for revenue recognition?

a. At the end of a long-term construction project, "retained earnings" will be the same whether the completed-contract or the percentage-of-completion method of accounting is used for the project.

b. Under GAAP, the completed-contract method is always an acceptable alternative to the percentage-of-completion method of accounting for a long-term construction project.

c. Input measures are not applicable to any revenue recognition accounting method.

d. Net asset balances will be the same no matter what revenue recognition method is used.

5. Under U.S. GAAP, cash interest from investments is reported on the statement of cash flows as part of investing activities whereas under IFRS, cash interest from investments is reported as part of financing activities.

True or False

Answer: c. The shipping terms are clearly stated in the contract.

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