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Accounting Expert Answers & Study Resources : Page 77

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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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11) When the market interest rate is 13% and the coupon rate is 10%, a bond sells at A) a discount. B) a premium. C) par. D) liquidation value. E) Cannot be determined without more information 12) Bond interest payments are typically made A) annually. B) semiannually. C) monthly. D) quarterly. E) weekly. 13) When the market interest rate is 7% and.

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  • 11) When the market interest rate 13% and the coupon
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34) Tall Trees Gear uses the periodic inventory method and recorded the following inventory and purchase transactions for the month of August, 20X3. Date         Transaction              Units     Unit Cost Aug 1  Beginning inventory 2,800 units @ $1.10 Aug 3  Purchases 500 units@ $1.20 Aug 10  Purchases 300 units@ $1.30 Aug 17  Purchases 400 units@ $1.40 Aug 24.

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  • 34) Tall Trees Gear uses the periodic inventory method and
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7) MLJ Manufacturing has prepared the following depreciation schedule: Straight-line depreciation schedule of snow blowers Annual depreciationBook value $85,000 Year 1 $21,25063,750 Year 2 21,25042,500 Year 3 21,25021,250 Year 4 21,250 0 Suppose at the beginning of year 3, MLJ Manufacturing no longer believes the snow blowers will last 4 years, but instead decides the snow blowers will.

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  • 7) MLJ Manufacturing has prepared the following depreciation schedule: Straight-line depreciation
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Learning Objective 7.2 Questions 1) The calculation of cost of goods sold under the periodic system is A) beginning inventory + purchases. B) beginning inventory + ending inventory - purchases. C) beginning inventory + ending inventory + purchases. D) beginning inventory + purchases - ending inventory. E) ending inventory + purchases - beginning inventory. 2) Which of.

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  • Learning Objective 7.2 Questions 1) The calculation of cost of goods
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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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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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Learning Objective 7.9 Questions 1) What order does inventory typically travel in an organization? A) Raw materials, customer, finished goods, work in process B) Raw materials, work in process, customer, finished goods C) Raw materials, work in process, finished goods, customer D) Work in process, raw materials, finished goods, customer E) Work in process, finished goods,.

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  • Learning Objective 7.9 Questions 1) What order does inventory typically travel
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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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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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44) Hartman Manufacturing acquired a vehicle on January 1, 20X2, for $78,000. The machine is estimated to have a 6-year life, with a residual value of $6,000. Hartman Manufacturing is not certain whether to use the straight-line or double-declining-balance method of depreciation. Straight-Line Double-Declining-Balance Depreciation Book Depreciation Book Date Expense Value Expense Value 01/01/2X02.

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  • 44) Hartman Manufacturing acquired a vehicle January 1, 20X2, for
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Learning Objective 7.8 Questions 1) An increase in the replacement cost of the inventory held during the current period is called a A) holding gain. B) holding loss. C) unusual gain. D) operating gain. E) operating loss. 2) With inflation, a LIFO liquidation will A) decrease net income. B) increase cost of goods sold. C) increase gross profit. D) increase inventory. E).

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  • Learning Objective 7.8 Questions 1) An increase in the replacement cost
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