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Accounting Expert Answers & Study Resources : Page 135

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Learning Objective 7.1 Questions 1) Given the following data, what is cost of goods sold? Sales revenue $730,000 Beginning inventory 80,000 Ending inventory 95,000 Purchases of inventory160,000 A) $585,000 B) $145,000 C) $570,000 D) $175,000 E) $555,000 2) Given the following data, what is cost of goods sold? Sales revenue $10,000 Beginning inventory 3,000 Ending inventory 7,000 Purchases of inventory 5,000 A) $12,000 B) $ 9,000 C).

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  • Learning Objective 7.1 Questions 1) Given the following data, what cost
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Learning Objective 6.4 Questions 1) Consider the following information: Cash sales $ 59,000 Credit sales 510,000 Beginning Cash 18,000 Ending Cash 11,500 Beginning Retained Earnings 32,300 Ending Retained Earnings 41,700 Beginning Accounts Receivable 40,000 Ending Accounts Receivable 50,000 Net Income 64,000 What is the accounts receivable turnover? A) 1.20 B) 2.92 C) 11.33 D) 12.64 E) 13.78 2) Consider the following information: Cash sales $ 59,000 Credit sales 510,000 Beginning.

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  • Learning Objective 6.4 Questions 1) Consider the following information: Cash sales $
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Learning Objective 6.2 Questions 1) Lazareth Machine Metals sold inventory to Talla Manufacturing for $5,000 cash. Which of the following is the journal entry made by Lazareth Machine Metals? Assume the periodic inventory system is used. A) Cost of Goods Sold 5,000 Sales 5,000 B) Cash 5,000 Inventory 5,000 C) Accounts Receivable 5,000 Sales 5,000 D) Cash 5,000 Sales.

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  • Learning Objective 6.2 Questions 1) Lazareth Machine Metals sold inventory to
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11) Biscuit Bakery had the following activity in its inventory account during August 20X3. Cost per Date        Activity                 Units     Unit Cost     Total August 1  Beginning inventory100 $3.00$300 August 3  Purchase 403.10 124 August 7  Sale 50 August 12  Purchase 503.20160 August 16  Sale 70 August 23  Sale 40 August 30  Purchase 603.30198 What is the ending inventory balance at August.

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  • 11) Biscuit Bakery had the following activity in its inventory
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Learning Objective 7.5 Questions 1) The lower-of-cost-or-market practice is based on the A) consistency principle. B) entity concept. C) reliability principle. D) conservatism principle. E) historical cost concept. 2) The replacement costs have increased from $5.60 per unit to $6.20 per unit from the time 200 units of inventory were purchased. The year-end audit found 120 units.

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  • Learning Objective 7.5 Questions 1) The lower-of-cost-or-market practice based the A) consistency
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41) Units-of-production depreciation is the most popular form of accelerated depreciation. 42) Double-declining-balance depreciation computes annual depreciation by multiplying the asset's book value at the beginning of the year by two times the straight-line rate. 43) Land is always depreciated using double-declining-balance depreciation. 44) Hartman Manufacturing acquired a vehicle on January 1, 20X2,.

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  • 41) Units-of-production depreciation the most popular form of accelerated depreciation. 42)
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Learning Objective 6.6 Questions 1) Good accounting controls A) include all methods and procedures that facilitate management's planning and control of operations. B) help maximize efficiency and minimize waste, unintentional errors, and fraud. C) are not concerned with the accuracy of the financial records. D) are not concerned with safeguarding assets. E) All of the above.

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  • Learning Objective 6.6 Questions 1) Good accounting controls A) include all methods
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Learning Objective 8.7 Questions 1) A major expenditure made to equipment that extends its useful life beyond the original estimate is journalized by A) debiting repairs expense. B) debiting depreciation expense. C) debiting equipment. D) crediting depreciation expense. E) crediting accumulated depreciation. 2) Which of the following activities can be classified as a betterment? A) waxing a car B).

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  • Learning Objective 8.7 Questions 1) A major expenditure made to equipment
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25) Fill in the appropriate blank figures in the income statement below. Gross sales $7,500 Sales returns and allowances A Less: Cash discounts on sales 250 B _______________________ $7,100 Cost of goods sold Inventory, January 1, 2X10 200 Purchases (gross) $3,210 C _______________________ 275 Less: Cash discounts on purchases 280 Net Purchases D Add: Freight In 50 Total cost of merchandise acquired.

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  • 25) Fill in the appropriate blank figures in the income
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11) A policy that requires organizations to use procedures manuals to specify the flow of documents and provide information and instructions to facilitate adequate record-keeping is an example of A) adequate documentation. B) general authorization. C) specific authorization. D) proper procedures. E) an independent check. 12) Which of the following tasks is not commonly performed by.

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  • 11) A policy that requires organizations to use procedures manuals
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Learning Objective 8.1 Questions 1) Repairs made to equipment as part of yearly maintenance would be recorded in the journal by A) debiting equipment. B) debiting repairs expense. C) debiting depreciation expense. D) debiting accumulated depreciation. E) crediting accumulated depreciation. 2) Treating a capital expenditure as repairs and maintenance expense A) understates expenses and overstates owners' equity. B) understates.

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  • Learning Objective 8.1 Questions 1) Repairs made to equipment as part
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