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Accounting Expert Answers & Study Resources : Page 39

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21.A betterment does not add to the physical layout of an asset. 22.The replacement of tires on a truck is considered an ordinary repair. 23.Ordinary repairs usually result in a debit to the appropriate Accumulated Depreciation account. 24.Small expenditures for what ordinarily are considered revenue expenditures frequently are treated as capital expenditures. 25.Extraordinary repairs.

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  • 21.A betterment does not add to the physical layout of
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11.Which of the following descriptions would not fit the definition of a liability? a.Obligation to deliver services already paid for b.Result of past transaction c.Future obligation for future salary payments d.Present obligation for future payment 12.Usually, failure to record a liability means failure to record a(n) a.revenue. b.note. c.expense. d.asset. 13.Which of the following does not represent a liability? a.An obligation.

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  • 11.Which of the following descriptions would not fit the definition
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71.Use this information to answer the following question. PeriodsPresent Value of $1 at 7 PercentPresent Value of Ordinary Annuity of $1 at 7 Percent 10.9350.935 20.8731.808 30.8162.624 What is the present value of receiving $400 at the end of each year for three years? a.$1,122.00 b.$326.40 c.$979.20 d.$1,049.60 72.Use this information to answer the following question. PeriodsPresent Value of $1 at.

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  • 71.Use this information to answer the following question. PeriodsPresent Value of
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24.The following totals for the month of March were taken from the payroll register of the Foothill Company: Salaries (all subject to social security and Medicare taxes)$14,000 Federal income taxes withheld3,500 Medical insurance deductions700 Life insurance deductions400 Salaries subject to unemployment taxes11,000 Medicare tax rate1.45% Social security tax rate6.2% Prepare journal entries without explanations to record the following..

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  • 24.The following totals for the month of March were taken
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31.Use this information to answer the following question. The following totals for the month of November were taken from the payroll register of Levine Company: Salaries expense$12,000 Social security and Medicare taxes withheld550 Income taxes withheld2,500 Medical insurance deductions250 Life insurance deductions200 Salaries subject to federal and state unemployment taxes of 6.2 percent4,000 The journal entry to record.

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  • 31.Use this information to answer the following question. The following totals
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  1.What is a contingent liability, and how does it relate to the discounting of a note receivable at the bank? 2.What purpose is served by a factoring arrangement? What does it mean to factor accounts receivable with recourse? 3.The following data exist for Conner Company: 20102009 Accounts Receivable$ 80,000$ 90,000 Sales510,000410,500 Calculate the receivable turnover and.

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  •   1.What a contingent liability, and how does it relate to
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21.Prepare journal entries without explanations for the following transactions involving notes payable for Gomez Company, whose fiscal year ends June 30. June20Paid a trade account payable with a 90-day, 9 percent $60,000 note. Interest is in addition to the face value. 30Made end-of-year adjusting entry to accrue interest expense for the note. 30Made.

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  • 21.Prepare journal entries without explanations for the following transactions involving
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TRUE/FALSE 1.Working capital equals current assets plus current liabilities. 2.Payables turnover is measured in number of days. 3.The payables turnover is the number of times, on average, that accounts payable are paid in an accounting period. 4.The days' payable shows how long, on average, a company takes to pay its accounts payable. 5.All liabilities involve.

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  • TRUE/FALSE 1.Working capital equals current assets plus current liabilities. 2.Payables turnover measured
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30.In the journal provided, prepare the entries for the following transactions. (Omit explanations.) Dec.1Sold merchandise on account to Katurah Wells for $600. 12Received payment of $400 from Katurah Wells. 31Made adjusting entry for Uncollectible Accounts Expense, using the percentage of net sales method. Net sales for the year totaled $14,000, uncollectible accounts are.

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  • 30.In the journal provided, prepare the entries for the following
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12.State whether each situation below implies a definitely determinable liability (D), an estimated liability (E), a contingent liability (C), or no liability at all (X). _____ 1. Lawsuit filed against the company _____ 2. Payroll liabilities _____ 3. Unearned revenues _____ 4. Accounts payable _____ 5. Product warranty liability _____ 6. Dividend to be declared in.

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  • 12.State whether each situation below implies a definitely determinable liability
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  MULTIPLE CHOICE 1.Which of the following is not a component of free cash flow? a.Purchases of plant assets b.Net income c.Dividends d.Net cash flows from operating activities 2.If net cash flows from operating activities total $104,000, purchases of plant assets total $30,000, dividends total $12,000, and sales of plant assets total $17,000, the free cash flow.

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  •   MULTIPLE CHOICE 1.Which of the following not a component of free
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31.Unearned revenue arises from the acceptance of payment in advance for a service to be performed. 32.The product warranty liability is an example of an estimated liability. 33.Current liabilities are classified as either definitely determinable liabilities or contingent liabilities. 34.A liability for dividends exists only when the board of directors declares them. 35.Wages are.

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  • 31.Unearned revenue arises from the acceptance of payment in advance
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41.All of the following are estimated liabilities except a.liability for vacation pay. b.payroll liabilities. c.product warranty liability. d.property tax liability. 42.During July, Audio City sold 200 radios for $50 each. Each radio had cost Audio City $30 to purchase and carried a two-year warranty. If 5 percent typically need to be replaced over the warranty.

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  • 41.All of the following estimated liabilities except a.liability for vacation pay. b.payroll
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21.Which of the following would be considered a capital expenditure? a.Cost to acquire a printing press b.Cost to lubricate a machine c.Cost to replace some light bulbs d.Cost to paint the factory wall 22.An expenditure to lengthen the useful life of a company vehicle would require a a.credit to Company Vehicles. b.debit to Cash. c.debit to Depreciation Expense. d.debit.

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  • 21.Which of the following would be considered a capital expenditure? a.Cost
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71.Equipment is purchased for $120,000. It has a five-year useful life and a $20,000 residual value. Under the double-declining-balance method, what is the depreciation expense for year 3? a.$17,280 b.$15,360 c.$14,400 d.$12,800 72.Estimated residual value is ignored entirely under which of the following methods of depreciation? a.Production b.Straight-line c.Tax depreciation d.Double-declining-balance 73.When calculating a partial year's depreciation, the length of.

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  • 71.Equipment purchased for $120,000. It has a five-year useful life
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51.A machine was purchased for $40,000. It has a current carrying value of $26,000 and had a depreciable cost of $36,000. Its estimated residual value must have been a.$4,000. b.$10,000. c.$14,000. d.impossible to determine from the facts given. 52.A building was purchased for $230,000. It currently has accumulated depreciation of $40,000 and had a residual.

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  • 51.A machine was purchased for $40,000. It has a current
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61.A business accepts a 9 percent, $25,000 note due in 120 days. Assuming simple interest, how much (amount rounded) will the business receive when the note falls due? a.$25,000 b.$25,075 c.$25,740 d.$27,260 62.Which of the following statements is true regarding the time value of money? a.Compound interest will produce equal amounts of interest each period on.

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  • 61.A business accepts a 9 percent, $25,000 note due in
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41.Which of the following most appropriately describes depreciation? a.Decline in value of plant asset b.Allocation of cost of plant asset c.Physical deterioration of plant asset d.Gradual obsolescence of plant asset 42.All of the following are needed for the computation of depreciation except a.residual value. b.estimated useful life. c.cost. d.current market value. 43.The depreciable cost of an asset is a.the unexpired cost.

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  • 41.Which of the following most appropriately describes depreciation? a.Decline in value
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21.Use this information to answer the following question. The transactions below pertain to Broyer Company, whose fiscal year ends September 30. Sept.10Received cash for a 90-day, 12 percent, $25,000 note payable. Interest is in addition to the face value. 30Made end-of-year adjusting entry to accrue interest expense. The September 30 adjusting entry, rounded to.

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  • 21.Use this information to answer the following question. The transactions below
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31.The construction of a new wing on an existing building is described as a(n) a.addition. b.extraordinary repair. c.revenue expenditure. d.betterment. 32.The Land account would include all of the following costs except a.drainage costs. b.commissions paid to real estate agents. c.the cost of building a fence. d.the cost of tearing down a building. 33.The Equipment account would include all of the.

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  • 31.The construction of a new wing an existing building described
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  MULTIPLE CHOICE 1.Which of the following is not a component of the operating cycle? a.Sales to customers b.Collection of accounts receivable c.Recognition of depreciation d.Purchases from suppliers 2.All of the following are measures of liquidity except a.the quick ratio. b.return on assets. c.the current ratio. d.working capital. 3.Which of the following most likely would be classified as a current liability? a.Mortgage payable b.Dividends.

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  •   MULTIPLE CHOICE 1.Which of the following not a component of the
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51.Which of the following most likely is an estimated liability? a.Liability for vacation pay b.Payroll liabilities c.Unearned revenues d.Current portion of long-term debt 52.Which of the following is both an estimated liability and a contingent liability? a.Co signature on $500 loan b.Current portion of long-term debt c.Warranty liability d.Liability for dividends 53.Purchase agreements are a.estimates. b.commitments. c.liabilities. d.contingencies. 54.A customer is injured using a company's.

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  • 51.Which of the following most likely an estimated liability? a.Liability for
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51.When depreciation rates are revised, all years of the asset's life are affected by the new computation. 52.Group depreciation is an appropriate method for a large company calculating depreciation on office equipment. 53.Depreciation for tax purposes is identical to depreciation for financial reporting purposes. 54.Federal tax law allows the rapid write-off of plant.

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  • 51.When depreciation rates revised, all years of the asset's life
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