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Accounting Expert Answers & Study Resources : Page 207

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27) Santa Fe Tile Company had the following inventory purchases and sales during the month of May.  The company uses the periodic inventory method.   Purchases     Sales     Date Units Unit Cost Total Units Unit Price Total May 1 100 $4 $400 5 200 5 1,000 10 100 $10 $1,000 15 100 6 600 20 150 7 1,050 25 200 11 $2,200 30 160 8 1,280 710 $4,330 300 $3,200 If Santa Fe uses LIFO costing, how much was the Cost of goods sold for the month? A) $1,400 B) $1,850 C) $1,380 D) $1,640 28) Santa Fe.

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  • 27) Santa Fe Tile Company had the following inventory purchases
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11) Which of the following inventory costing methods yields the highest ending inventory when costs are rising during the accounting period? A) Specific-unit-cost B) Average-cost C) Last-In, First-Out D) First-In, First-Out 12) Which of the following inventory costing methods yields the lowest ending inventory when costs are rising during the accounting period? A) Specific-unit-cost B) Average-cost C) Last-In,.

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  • 11) Which of the following inventory costing methods yields the
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11) A petty cash fund was established with a $400 balance. It currently has cash of $10 and petty cash tickets as shown below. Travel expense $120 Office supplies $200 Equipment rental expense $70 The journal entry to replenish the account would be which of the following? A) Debit various expenses $390, credit Cash  $390 B) Debit various expenses.

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  • 11) A petty cash fund was established with a $400
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8) Which of the following entries would be used to account for uncollectible receivables using the allowance method? A) Allowance for uncollectible accounts is debited and Uncollectible accounts expense is credited. B) Uncollectible accounts expense is debited and Allowance for uncollectible accounts is credited. C) Uncollectible accounts expense is debited and Accounts receivable.

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  • 8) Which of the following entries would be used to
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8) The treasurer of a company is the chief accounting officer of that company. 9) The chief accounting officer of a company is the: A) controller. B) treasurer. C) external auditor. D) internal auditor. 10) The company officer who is responsible for writing checks is the: A) controller. B) treasurer. C) external auditor. D) internal auditor. 11) Which of the following.

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  • 8) The treasurer of a company the chief accounting officer
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5) Ending inventory for the current accounting period is understated by $2,700. What effect will this error have on Cost of goods sold and Net income? A) Cost of goods sold Net income Understated Understated B) Cost of goods sold Net income Overstated Overstated C) Cost of goods sold Net income Understated Overstated D) Cost of goods sold Net income Overstated Understated 6) Ending inventory for the current accounting period is.

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  • 5) Ending inventory for the current accounting period understated by
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18) The following information is from the 2013 records of Armadillo Camera Shop: Accounts receivable, December 31, 2013 $20,000 (debit) Allowance for uncollectible accounts, December 31, 2013 prior to adjustment 600 (debit) Net credit sales for 2013 95,000 Accounts written off as uncollectible during 2013 7,000 Cash sales during 2013 27,000 Uncollectible accounts expense is estimated by the aging-of-accounts-receivable method.  Management.

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  • 18) The following information from the 2013 records of Armadillo
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28) In the following situation, which internal control procedure needs strengthening? At Hofstra Services, the operations accountant is responsible for safeguarding and maintaining the pipe inventory and also to record inventory transactions into the journal.  A separate accounting clerk keeps records of the cash receipts and payments.  The treasurer signs checks.

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  • 28) In the following situation, which internal control procedure needs
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47) Please refer to the following bank reconciliation: Please prepare the adjusting entry for the first reconciling item (note collected by bank.) 48) Please refer to the following bank reconciliation: Please prepare the adjusting entry for the second reconciling item (interest revenue.) 49) Please refer to the following bank reconciliation: Please prepare the adjusting entry.

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  • 47) Please refer to the following bank reconciliation: Please prepare the
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21) The accounting principle that states that we should never anticipate gains is which of the following? A) Accounting conservatism B) Materiality concept C) Disclosure principle D) Consistency principle 22) Which of the following concepts states that a company must perform strictly proper accounting ONLY for significant items? A) Accounting conservatism B) Materiality concept C) Disclosure principle D) Consistency.

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  • 21) The accounting principle that states that we should never
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9) Under which of the following inventory costing methods is the Cost of goods sold based on the cost of the oldest purchases? A) Specific-unit-cost B) Average-cost C) Last-In, First-Out D) First-In, First-Out 10) Under which of the following inventory costing methods is ending inventory based on the cost of the oldest purchases? A) Specific-unit-cost B) Average-cost C).

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  • 9) Under which of the following inventory costing methods the
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8) Golden Oak Antique Shop has the following account balances at the end of the current accounting period. Beginning inventory $73,250 Net purchases 57,650 Net sales revenue 85,500 A normal gross profit for the company is $45%.  What is the company's estimated cost of goods sold for the accounting period? A) $92,425 B) $38,475 C) $47,025 D) $83,875 9) Callahan Computers stores.

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  • 8) Golden Oak Antique Shop has the following account balances
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