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Accounting Expert Answers & Study Resources : Page 118

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11) Under which of the following inventory costing methods is the ending inventory valued on the cost of the most recent purchases? A) Specific identification B) Weighted-average C) Last-in, first-out D) First-in, first-out 12) Which of the following methods of inventory valuation requires the calculation of a new average cost after each purchase? A) Specific identification B).

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  • 11) Under which of the following inventory costing methods the
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Learning Objective 4-7 1) Generally Accepted Accounting Principles (GAAP) require every organization to prepare reversing entries. 2) Reversing entries ease the burden of accounting for transactions in a later period. 3) Reversing entries are dated on the first day of the new accounting period. 4) A reversing entry is: A) a journal entry used to.

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  • Learning Objective 4-7 1) Generally Accepted Accounting Principles (GAAP) require every
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11) An entity that buys goods and sells them to customers at a markup is a: A) merchandiser. B) service provider. C) manufacturer. D) producer. 12) Gross profit is calculated as the difference between net sales revenue and: A) purchases. B) cost of goods sold. C) cost of merchandise inventory. D) selling and administrative expenses. 13) The Gajet Store Inc..

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11) Which of the following inventory costing methods yields the highest net income during a period of rising inventory costs? A) Specific identification B) Weighted-average C) Last-in, first-out D) First-in, first-out 12) Which of the following inventory costing methods yields the lowest net income during a period of rising inventory costs? A) Specific identification B) Weighted-average C) Last-in,.

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  • 11) Which of the following inventory costing methods yields the
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11) An adjusted trial balance is given below. Debit Credit Cash $12,600 Accounts Receivable 2,400 Prepaid Rent 800 Merchandise Inventory 28,000 Accounts Payable $4,200 Salaries Payable 1,000 Notes Payable 800 Smith, Capital 13,800 Smith, Withdrawals 1,000 Sales Revenue 96,000 Sales Returns and Allowances 1,600 Sales Discounts 400 Cost of Goods Sold 25,000 Salaries Expense 21,000 Rent Expense 14,000 Selling Expense 8,500 Supplies Expense          500 Total $115,800 $115,800 What will be the final balance in the Smith, Capital account after recording the closing entries? A) $37,800 B) $12,700 C) $24,000 D) $36,800 12) Sales revenue.

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  • 11) An adjusted trial balance given below. Debit Credit
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11) Which of the following accounts will be included in a post-closing trial balance? A) Owner's Name, Withdrawals B) Salaries Expense C) Owner's Name, Capital D) Office Supplies Expense 12) The adjusted trial balance of Michael's Shutterbug Photography at December 31, 2015 is as follows: AccountsDebitCredit Cash$15,000 Accounts Receivable30,000 Prepaid Insurance7,500 Supplies3,200 Building160,000 Accumulated Depreciation—Building$12,000 Equipment75,000 Accumulated Depreciation—Equipment8,500 Land40,000 Accounts Payable12,000 Salaries Payable2,000 Unearned Service Revenue25,000 Mortgage Payable100,000 Michael, Capital21,290 Michael,.

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  • 11) Which of the following accounts will be included in
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31) The balances of select accounts of Sandra Company as at December 31, 2015 are given below: Notes Payable—short term $1,200 Salaries Payable 4,000 Notes Payable—long term 25,000 Accounts Payable 3,200 Unearned Revenue 2,000 Interest Payable 2,500 The unearned revenue is the amount of cash received for services to be rendered in January, 2016. What are the total current liabilities shown on the.

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  • 31) The balances of select accounts of Sandra Company as
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31) Which of the following account's balance is carried forward to the next accounting period? A) Accumulated Depreciation B) Depreciation Expense C) Owner's Name, Withdrawals D) Sales Revenue 32) Which is a permanent account? A) Wages Expense B) Salary Payable C) Service Revenue D) Utilities Expense 33) Which of the following accounts will be closed by debiting the Income Summary.

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  • 31) Which of the following account's balance carried forward to
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21) Which of the following accounts would appear in the income statement debit column? A) Unearned Service Revenue B) Service Revenue C) Depreciation Expense D) Prepaid Insurance 22) The following is the adjusted trial balance from the worksheet for Tuttle Photography. Tuttle Photography Worksheet For the Year Ended December 31, 2015 AccountsDebitCredit Cash$15,000 Accounts Receivable30,000 Prepaid Insurance7,500 Office Supplies3,200 Building160,000 Accumulated Depreciation—Building$12,000 Equipment75,000 Accumulated Depreciation—Equipment8,500 Land40,000 Accounts Payable12,000 Salaries Payable2,000 Unearned.

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  • 21) Which of the following accounts would appear in the
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11) The current ratio measures a company's: A) overall ability to pay liabilities. B) ability to pay current liabilities with current assets. C) the proportion of assets that are financed by debt. D) rate of cash flow. 12) The following contains information from the records of the Wellborn Engineers and Architects. Current Assets $74,000 Current Liabilities 44,000 Long-term Assets 95,000 Long-term Liabilities 60,000 Total.

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  • 11) The current ratio measures a company's: A) overall ability to
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21) Under which of the following categories would Accounts Payable appear? A) Long-term assets B) Current assets C) Long-term liabilities D) Current liabilities 22) Which of the following is a plant asset? A) Equipment B) Patents C) Trademark D) Accounts Receivable 23) The Notes Payable that are due within two years are classified as: A) current liabilities. B) current assets. C) long-term liabilities. D).

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  • 21) Under which of the following categories would Accounts Payable
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11) Which of the following accounts are included in an income statement? A) Land, Salaries Payable B) Owner's Name, Capital, Owner's Contribution C) Furniture, Cash D) Service Revenue, Utilities Expense 12) Property, plant and equipment are categorized as: A) current assets. B) fixed assets. C) long-term investments. D) short-term investments. 13) Patents, copyrights, and trademarks are examples of: A) short-term investments. B).

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  • 11) Which of the following accounts included in an income
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Learning Objective 3-4 1) An adjusted trial balance does not list the revenues and expenses of a business. 2) The adjusted trial balance helps to identify: A) account balances after adjustments. B) revenue accounts only. C) account balances before adjustments. D) amounts that are out of balance. 3) Deborah Consultants had the following accounts and account balances.

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  • Learning Objective 3-4 1) An adjusted trial balance does not list
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