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Study Resources (Accounting)

AT3- 1 Achievement Test 3 ____11.Tebough Company reported the following balances at January 31, 2014: Sales Revenue$16,700 Sales Returns and Allowances350 Sales Discounts280 Cost of Goods Sold9,200 How much is net sales for January? a.$16,070. b.$6,870. c.$16,350. d.$16,700. ____              12.Which of the following accounts is not included in the computation of net sales? Freight-out. Sales Discounts.               c.Sales Revenue.               d.Sales Returns and Allowances. ____              13.Given the.
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AT1- 1 Achievement Test 1 PART III — SHORT PROBLEMS (10 points) Instructions: Present the solutions, with appropriate supporting calculations, for each of the following independent problems. 1.Given the following information, compute the balance in the Owner’s Capital account at January 1, 2014 for Handley Lawn Service. Owner’s Capital—December 31, 2014$170,000 Owner’s investments during 201430,000 Owner’s withdrawals.
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AT7- 1 Achievement Test 7 PART III — STOCK SPLITS, DIVIDENDS, AND RESTRICTIONS OF RETAINED EARNINGS (15 points) Instructions: Match each item/event pair below with the indicated change in the item. An individual classification may be used more than once, or not at all. For each dividend, assume that both declaration and payment or.
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AT5- 1 Achievement Test 5 PART I — MULTIPLE CHOICE (24 points) Instructions: Designate the best answer for each of the following questions. ____              1.Randall Company bought real estate, on which there was an old office building, for $400,000. It paid $30,000 in cash as a down payment and signed an 8% mortgage for.
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AT6- 1 Achievement Test 6 PART I — MULTIPLE CHOICE (28 points) Instructions: Designate the best answer for each of the following questions. ____              1.Employer payroll taxes include federal income tax withholding, federal unemployment taxes, and pension funding. state income tax withholding, deductions for charitable contributions, and federal unemployment taxes. c.FICA taxes, federal unemployment taxes, and state.
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G - 1 Time Value of Money 31.Justine Company is considering purchasing machinery. The machinery will produce the following cash flows: Year 1$100,000 Year 2$140,000 Justine requires a minimum rate of return of 12%. What is the maximum price Justine should pay for this machinery? a.$200,893. b.$191,326. c.$240,000. d.$203,717. 32.If Donna Bradford invests $21,029.40 now and she will receive $60,000.
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AT4- 1 Achievement Test 4 PART II — INTERNAL CONTROL OVER CASH RECEIPTS AND DISBURSEMENTS (10 points) Six internal control principles related to cash transactions are discussed in the textbook. These principles, with code letters, are: CodeInternal Control Principle AEstablishment of responsibility BSegregation of duties CDocumentation procedures DPhysical, mechanical, and electronic controls EIndependent internal verification FHuman resource controls Instructions: Match.
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G - 1 Time Value of Money MATCHING               82.Match the items below by entering the appropriate code letter in the space provided. A.AnnuitiesD.Present value of a single amount B.DiscountingE.Present value of an annuity C.Compound interestF.   Simple interest _____1.The value today of a future amount to be received or paid. _____2.A series of equal dollar amounts to be.
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AT6- 1 Achievement Test 6 PART III — DIVISION OF EARNINGS (20 points) Drew, Eaton, and Howard formed a partnership. When applicable, the articles of co-partnership state that salaries are to be paid first, interest on partners' capital second, with the remainder to be divided equally. The cases below are independent. 1.Net income for.
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AT3- 1 Achievement Test 3 PART V — INVENTORY: SHORT PROBLEMS (10 points) Instructions: Complete the requirements specified for each of the following independent situations. 1.Fill in the missing labels by printing in the answer spaces provided. ______________________________ +  Purchases  –  Purchases discounts  –  Purchases returns and allowances +  Freight-in  =  ____________________________ B.Net purchases  + .
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AT1- 1 Achievement Test 1 PART I — MULTIPLE CHOICE (54 points) Instructions: Designate the best answer for each of the following questions. ____              1."GAAP" refers to General Association of Accounting Practitioners. General Accounting and Auditing Principles.               c.Generally Accepted Accounting Principles.               d.Guidelines for American Accounting Procedures. ____              2.The requirement that only transaction data capable of being expressed.
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AT4- 1 Achievement Test 4 PART VI—MATCHING: ACCOUNTING INFORMATION SYSTEMS TERMINOLOGY (12 points) Instructions: Match the terms given below with the definitions or descriptions that follow by placing the appropriate letter in the space provided. A.Control accountD.Special journal B.Cost effectivenessE.Subsidiary ledger C.FlexibilityF.Usefulness ____              1.Used to record similar types of transactions ____              2.The accounting system should accommodate a variety.
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AT2- 1 Achievement Test 2 PART III—ADJUSTING ENTRIES (24 points) The ledger accounts given below, with an identification number for each, are used by Sun Cleaning. Instructions: Prepare appropriate adjusting entries for the year ended December 31, 2014, by replacing the appropriate identification number(s) in the debit and credit columns provided and the dollar.
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AT5- 1 Achievement Test 5 PART V — DEPRECIATION METHODS (13 points) Cryer’s Frozen Goods purchased a machine on January 1, 2014, at a total cost of $500,000. The machine has an estimated useful life of 5 years or 900,000 units of output and a salvage value of $50,000. Instructions: Complete the following table.
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AT6- 1 Achievement Test 6 PART V — INTEREST ON SHORT-TERM NOTES PAYABLE (16 points) The following cases are independent and relate to short-term notes payable. Principal and interest are to be paid at maturity in all cases. Fill in the missing items in the table below. If no number is required, enter.
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AT1- 1 Achievement Test 1 ____              11.Which of the following is an account for which its normal balance is a credit?               a.Prepaid Insurance.               b.Accounts Receivable.               c.Unearned Service Revenue.               d.Rent Expense. ____              12.Which of the following is false with regard to a general journal?               a.It helps to prevent errors since the debit and credit.
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AT7- 1 Achievement Test 7 PART I — MULTIPLE CHOICE (34 points) Instructions: Designate the best answer for each of the following questions. ____              1.Restrictions of retained earnings may result from each of the following except:                             a.contractual restrictions.                             b.legal restrictions.                             c.voluntary restrictions.                             d.prior period adjustment restrictions. ____              2.Jamie, Inc. has 10,000.
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AT5- 1 Achievement Test 5 PART VI — PLANT ASSETS: SHORT PROBLEMS (15 points) Instructions: Complete the requirements specified for each of the following independent situations. 1.Mellies Company purchased land and an office building on September 1 for a combined cash price of $2,200,000. The land had a cost of $1,300,000 and the building.
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AT5- 1 Achievement Test 5 PART IV — NOTES RECEIVABLE (10 points) Instructions: Prepare journal entries to record the following events, rounding to the nearest dollar if necessary: April1Annstar Company received a 7%, 6-month $50,000 note dated April 1 from a customer whose account balance was in default. Oct.1The note is honored and no interest.
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AT4- 1 Achievement Test 4 PART V — SPECIAL JOURNALS (8 points) Instructions: Indicate in which journal the transactions given below would be recorded by placing the appropriate journal abbreviation in the space provided. AbbreviationJournal GGeneral Journal CRCash Receipts Journal SSales Journal CPCash Payments Journal PPurchases Journal ____              1.Recorded adjusting entries ____              2.Sold merchandise to customer on account ____              3.Received cash on.
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AT7- 1 Achievement Test 7 ____              11.Treasury stock is reported in the balance sheet as a deduction from:                             a.capital stock.                             b.additional paid-in capital.                             c.retained earnings.                             d.paid-in capital and retained earnings. ____              12.Watkins, Inc. paid $48,000 to buy back 9,000 shares of its $1 par value common stock. This stock.
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AT7- 1 Achievement Test 7 PART IV — EARNINGS PER SHARE (12 points) 1.Picket Industries had 300,000 common shares and 10,000 preferred shares outstanding throughout 2014. The preferred stock is not cumulative and received dividends of $40,000 for the year. If net income was $280,000, earnings per share equals: $              . 2.Powder Corporation declared, but had.
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AT5- 1 Achievement Test 5 PART VII — ASSET PURCHASES AND DISPOSITIONS (15 points) a1.Winder Construction gave up a used crane and $82,000 cash for a new crane. The old crane cost $210,000, had $84,000 of accumulated depreciation, and a fair market value of $136,000. The exchange had commercial substance. In recording this.
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AT7- 1 Achievement Test 7 PART II — DIVIDEND COMPUTATIONS (24 points) Oceanview Wholesale Merchandise had 20,000 shares of 6%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2014. These data apply to each of the independent situations below. 1.Assuming that total dividends declared in 2014.
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AT4- 1 Achievement Test 4 PART VII –– SPECIAL JOURNALS (10 points) Listed below are various column headings that may appear in special journals. Using the following code letters, identify for each column heading (1) the special journal where the column heading would appear, and (2) whether the amounts entered under the column.
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AT3- 1 Achievement Test 3 PART II — BASIC INVENTORY COMPUTATIONS (18 points) Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made:         Purchases              Sales        May6300units at $7.20May4275units 14400units at $9.108300units 21100units.
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G - 1 Time Value of Money MULTIPLE CHOICE QUESTIONS 11.Jack Birch invested his inheritance at 4% annual interest and left the money invested without withdrawing any of the interest for 10 years. At the end of the 10 years, Jack withdrew the accumulated amount of money plus the accumulated interest of $35,000..
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AT5- 1 Achievement Test 5 PART III — ACCOUNTS RECEIVABLE (18 points) 1. UNCOLLECTIBLE ACCOUNTS Instructions: Present the journal entries specified below; show supporting calculations. The trial balance of Harlem Company at December 31, 2014 includes the following: DebitsCredits Accounts Receivable .................................              $80,000 Allowance for Doubtful Accounts .......................                            $   3,000 Sales (all on credit) ..................................                            700,000 Sales Returns.
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AT3- 1 Achievement Test 3 PART I — MULTIPLE CHOICE (36 points) Instructions: Designate the best answer for each of the following questions. ____              1.When a customer returns merchandise purchased on credit, the               a.customer should credit Accounts Payable.               b.seller should credit Sales Returns and Allowances.               c.customer should credit Accounts Receivable.               d.seller should credit Accounts.
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AT4- 1 Achievement Test 4 PART I — MULTIPLE CHOICE (30 points) Instructions: Designate the best answer for each of the following questions. ____              1.The use of a cash register for cash receipts is an example of the internal control principle of segregation of duties. documentation procedures.               c.physical, mechanical, and electronic controls.               d.independent internal verification.               ____             .
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AT2- 1 Achievement Test 2 PART II — WORKSHEET COMPLETION (12 points) Instructions: Complete the partial worksheet presented below, inserting additional labels as needed. LAWN BUTLER Partial Worksheet For the Month Ended April 30, 2014 Adjusted Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 6,500 Accounts Receivable 2,000 Supplies 3,075 Prepaid Insurance 2,000 Prepaid Rent 500 Equipment 35,000 Accum. Depreciation—Equip. 4,000 Notes Payable 14,000 Accounts Payable 12,000 Unearned Service Revenue 2,000 Salaries and Wages Payable 1,300 Interest Payable 50 Owner’s Capital 9,825 Owner’s Drawing 2,000 Service Revenue 20,300 Interest Expense 400 Salaries.
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G - 1 Time Value of Money Ex. 71 Bradford Corporation is considering several investments. Instructions (a)One investment returns $15,000 per year for 5 years and provides a return of 10%. What is the cost of this investment? (b)Another investment cost $70,000 and returns a certain amount per year for 10 years, providing an 8% return..
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AT1- 1 Achievement Test 1 PART II — JOURNAL ENTRIES (26 points) The ledger accounts given below, with an identification number for each, are used by Young Company. Instructions: Indicate the appropriate entries for the month of May by placing the appropriate identification number(s) in the debit and credit columns provided. Item 0 is.
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AT6- 1 Achievement Test 6 PART II — PAYROLL COMPUTATIONS (18 points) Employees at BJ’s Grill are paid 1.5 times their regular pay rate for each hour worked in excess of 40 hours per week. The FICA tax rate is 8% of the first $100,000 of gross earnings. The state unemployment tax rate.
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G - 1 Time Value of Money Exercises Ex. 58 (a)What is the present value of $40,000 due seven years from now, discounted at 9%? (b)What is the present value of $120,000 due five years from now, discounted at 12%? Ex. 59 Lainey Company is considering an investment which will return a lump sum of $300,000 six.
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AT2- 1 Achievement Test 2 PART IV—CLOSING ENTRIES (8 points) Instructions: Place a "D" (Debit) or "C" (Credit) in the space provided to indicate whether the account would be debited or credited to close the account at yearend. Insert an X in the space provided if the account is not closed. _____              1.Cash              8.Interest.
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AT6- 1 Achievement Test 6 aPART IV — ADMISSION/WITHDRAWAL OF PARTNERS (18 points) 1.Tompson, Gregson, and Timer are partners who share profits 50%, 25%, and 25%. Their capital balances were $117,000, $78,000, and $45,000, respectively, before Timer's retirement. Tompson and Gregson each paid Timer $30,000 from their personal assets to buy half his.
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G - 1 Time Value of Money COMPLETION STATEMENTS               77.Interest that is computed on the principal and on any interest earned that has not been paid or withdrawn is __________________________.               78.The process of determining the present value is referred to as _________________ the future amount.               79.______________ are a series of equal dollar.
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G - 1 Time Value of Money 41.Kang Company has just purchased equipment that requires annual payments of $50,000 to be paid at the end of each of the next 4 years. The appropriate discount rate is 15%. What is the present value of the payments? a.$142,749. b.$200,000. c.$58,718. d.$187,668. 42.Striegel Company has purchased equipment that requires.
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AT2- 1 Achievement Test 2 PART V—BALANCE SHEET CLASSIFICATIONS (17 points) Instructions: Match the account titles given below with the appropriate balance sheet classification. An individual classification may be used more than once, or not at all. An account may also not appear in the balance sheet. Classifications CACurrent AssetsCLCurrent Liabilities PPEProperty, Plant and EquipmentLTLLong-term Liabilities LTILong-term.
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AT3- 1 Achievement Test 3 PART IV — CLOSING ENTRIES (10 points) Below is a partial listing of accounts in the general ledger of Warton Batteries Co. Instructions: Place an X in the appropriate column to designate whether the account should be closed at year end and, if so, whether the appropriate closing entry.
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AT2- 1 Achievement Test 2 PART I — MULTIPLE CHOICE (39 points) Instructions: Designate the best answer for each of the following questions. ____              1.The Accumulated Depreciation account is a(n)               a.operating expense.               b.contra asset.               c.asset.               d.liability. ____              2.A post-closing trial balance contains               a.balance sheet or permanent accounts.               b.balance sheet and income statement accounts.               c.permanent and.
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AT3- 1 Achievement Test 3 PART III — JOURNAL ENTRIES (26 points) The ledger accounts given below, with an identification number for each, are used by Tune Toys, which uses a perpetual inventory system. Instructions: Prepare appropriate entries for the month of August by placing the appropriate identification number(s) in the debit and credit.
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AT1- 1 Achievement Test 1 PART IV — TYPES OF ACCOUNTS (10 points) Instructions: Place a check in the appropriate columns to designate whether each of the following accounts: (1) has a debit or credit normal balance; and (2) is an asset, liability, or owner's equity account. ———————————————————————————————————————————     (1)               (2)           Owner's AccountDebitCreditAssetLiabilityEquity ———————————————————————————————————————————               1.Notes Payable ———————————————————————————————————————————               2.Rent Expense ———————————————————————————————————————————               3.Owner’s.
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AT5- 1 Achievement Test 5 PART II—MATCHING (5 points) Instructions: Match the cash expenditures given below with the appropriate accounting treatment. An individual classification may be used more than once, or not at all. Treatments A.Record the expenditure as an asset and depreciate it. B.Record the expenditure as an asset and amortize it. C.Record the expenditure as.
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AT4- 1 Achievement Test 4 PART III — BANK RECONCILIATION WITH ENTRIES (20 points) Instructions: Given the information provided below, prepare (1) a bank reconciliation in proper format and (2) the necessary journal entries for the month of April for Hanlon Mowers. 1.Balance per Bank on April 30—$20,601 2.Balance per Books on April 30—$19,262 3.Total outstanding.
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