accounting

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We normally record a long-term asset at the:

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Sandwich Express incurred the following costs related to its purchase of a bread machine: Cost of equipment: $20,000; Sales tax (8%): 1,600; Shipping: 2,200; Installation: 1,400;
At what amount should they record the bread machine

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Research and development costs generated internally:

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Which of the following expenditures should be recorded as an expense?

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Which of the following will maximize net income by minimizing depreciation expense in the first year of the asset's life?

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The book value of an asset is equal to the:

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The balance in the Accumulated Depreciation account represents

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Which of the following statements is true regarding the amortization of intangible assets?

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Equipment originally costing $95,000 has accumulated depreciation of $30,000. If it sells the equipment for $55,000, the company should record:

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The return on assets is equal to the:

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Which of following companies earn revenues by selling inventory?

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At the beginning of the year, Bennett Supply has inventory of $3,500. During the year, the company purchases an additional $12,000 of inventory. An inventory count at the end of the year reveals remaining inventory of $4,000. What amount will Bennett report for cost of goods sold?

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Which of the following levels of profitability in a multiple-step income statement represents revenues from the sale of inventory less the cost of that inventory?

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Madison outlet has the following inventory transactions for the year:
What amount would Madison report for cost of goods sold using FIFO?

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Which inventory cost flow assumption generally results in the lowest reported amount for cost of goods sold when inventory costs are rising?

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Using a perpetual inventory system, the purchase of inventory on account would be recorded as:

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At the end of a reporting period, Maxwell Corporation determines that its ending inventory has a cost of $1,000 and a market value of $800. What would be the effect(s) of the adjustment to write down inventory to market value?

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For the year, Simmons Incorporated reports net sales of $100,000, cost of goods sold of $80,000, and an average inventory balance of $40,000. What is Simmons' gross profit ratio?

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Using a periodic inventory system, the purchase of inventory on account would be recorded as:

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Suppose Ajax Corporation overstates its ending inventory amount. What effect will this have on the reported amount of cost of goods sold in the year of the error?

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Accounts receivable are best described as:

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On March 17, Fox Lumber sells materials to Whitney Construction for $12,000, terms 2/10, n/30. Whitney pays for the materials on March 23. What amount would Fox record as revenue on March

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On March 17, Fox Lumber sells materials to Whitney Construction for $12,000, terms 2/10, n/30. Whitney pays for the materials on March 23. What is the amount of net revenues (sales minus sales discounts) as of March 23?

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Suppose the balance of Allowance for Uncollectible Accounts at the end of the current year is $400 (credit) before any adjustment. The company estimates future uncollectible accounts to be $3,200. At what amount would bad debt expense be reported in the current year's income statement?

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Suppose the balance of Allowance for Uncollectible Accounts at the end of the current year is $400 (debit) before any adjustment. The company estimates future uncollectible accounts to be $3,200. At what amount would bad debt expense be reported in the current year's income statement?

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Kidz Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible. What is the total estimate of uncollectible accounts using the aging method?

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The direct write-off method is generally not permitted for financial reporting purposes because:

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On January 1, 2012, Roberson Supply borrows $10,000 from Nees Manufacturing by signing a 9% note due in eight months. Calculate the amount of interest revenue Nees will record on September 1, 2012, the date that the note is due

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Fraudulent reporting by management could include:

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The Sarbanes-Oxley Act (SOX) mandates which of the following?

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What is the concept behind separation of duties in establishing internal control?

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Which of the following is considered cash for financial reporting purposes?

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Which of the following generally would not be considered good internal control of cash receipts?

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Which of the following adjusts the bank's balance of cash in a bank reconciliation?

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Which of the following adjusts the company's balance of cash in a bank reconciliation?

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The purpose of a petty cash fund is to:

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Operating cash flows would include which of the following?

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A company's free cash flow is calculated as

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Baker Fine Foods has beginning inventory for the year of $12,000. During the year, Baker purchases inventory for $170,000 and ends the year with $24,000 of inventory. Baker will report cost of goods sold equal to:

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Target uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. At the end of the year, Target determined that the ending inventory balances under FIFO and LIFO are $2,970 and $1,490, respectively. At what amount would Target record as a LIFO adjustment for the difference to convert the ending inventory balance from FIFO to LIFO for external reporting purposes?

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NFur CO. started the year with $97,950 of merchandise inventory on hand. During the year, $400,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. NFur paid freight-in charges of $7,500. Merchandise with an invoice amount of $5,000 was returned for credit. Cost of goods sold for the year was $380,000. What is ending inventory?

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What effect would an adjustment to record inventory at the lower-of-cost-or-market have on the company's financial statements?

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Merchandise sold FOB shipping point indicates that

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Which of the following would be recorded as land improvements?

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Davis Hardware Company uses a perpetual inventory system. How should Davis record the sale of inventory costing $620 for $960 on account ?

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Angus Steakhouse purchased land for $75,000 cash. They also incurred realtor commissions of $4,000, property taxes of $5,000, and title insurance of $500. The $5,000 in property taxes includes $4,000 in back taxes paid by Angus on behalf of the seller and $1,000 due for the current year after the purchase date. For what amount should Angus record the land?

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Kansas Enterprises purchased equipment for $ 60,000 on Jan. 1, 2015. The equipment is expected to have a four-year life, with a residual value of $4,000 at the end of four years:
Using the straight-line method, the book value at December 31, 2016 would be:

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Kansas Enterprises purchased equipment for $ 60,000 on Jan. 1, 2015. The equipment is expected to have a four-year life, with a residual value of $4,000 at the end of four years
Using the double-declining balance method, depreciation expense for 2016 would be:

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The factors used to compute depreciation expense for an asset are:

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Which of the following best describes credit sales?

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A company provides services account. Indicate how this transaction would affect the following 5 financial statement items:

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Lewis Inc. had the following information taken from various accounts for 2015:
Sales Discounts: $44,000
Unearned Revenues: $32,000
Total Sales: $459,000
Purchase Discounts: $15,000
Sales allowances: $35,000
Accounts Receivable: $205,000
What was Lewis Inc's net revenues in 2015?

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On July 8, Ray inc sold 100 printers to Office Rental Company at $600each and offered a 3% discount for payment within 10 days. On july 15, Office Rental Company paid the full amount in cash. What should Ray Inc. record on July 15th?

dhjska

We normally record a long-term asset at the:

Sandwich Express incurred the following costs related to its purchase of a bread machine: Cost of equipment: $20,000; Sales tax (8%): 1,600; Shipping: 2,200; Installation: 1,400; At what amount should they record the bread machine

Research and development costs generated internally:

Which of the following expenditures should be recorded as an expense?

Which of the following will maximize net income by minimizing depreciation expense in the first year of the asset's life?

The book value of an asset is equal to the:

The balance in the Accumulated Depreciation account represents

Which of the following statements is true regarding the amortization of intangible assets?

Equipment originally costing $95,000 has accumulated depreciation of $30,000. If it sells the equipment for $55,000, the company should record:

The return on assets is equal to the:

Which of following companies earn revenues by selling inventory?

At the beginning of the year, Bennett Supply has inventory of $3,500. During the year, the company purchases an additional $12,000 of inventory. An inventory count at the end of the year reveals remaining inventory of $4,000. What amount will Bennett report for cost of goods sold?

Which of the following levels of profitability in a multiple-step income statement represents revenues from the sale of inventory less the cost of that inventory?

Madison outlet has the following inventory transactions for the year: What amount would Madison report for cost of goods sold using FIFO?

Which inventory cost flow assumption generally results in the lowest reported amount for cost of goods sold when inventory costs are rising?

Using a perpetual inventory system, the purchase of inventory on account would be recorded as:

At the end of a reporting period, Maxwell Corporation determines that its ending inventory has a cost of $1,000 and a market value of $800. What would be the effect(s) of the adjustment to write down inventory to market value?

For the year, Simmons Incorporated reports net sales of $100,000, cost of goods sold of $80,000, and an average inventory balance of $40,000. What is Simmons' gross profit ratio?

Using a periodic inventory system, the purchase of inventory on account would be recorded as:

Suppose Ajax Corporation overstates its ending inventory amount. What effect will this have on the reported amount of cost of goods sold in the year of the error?

Sandwich Express incurred the following costs related to its purchase of a bread machine: Cost of equipment: $20,000; Sales tax (8%): 1,600; Shipping: 2,200; Installation: 1,400;
At what amount should they record the bread machine

Madison outlet has the following inventory transactions for the year:
What amount would Madison report for cost of goods sold using FIFO?