ACC 290 tutorial as discussed - 13607

Solution Posted by
argument

argument

Rating : No Rating
Solution Detail
Price: $25.00
  • From: Business,
  • Posted on: Fri 31 Aug, 2012
  • Request id: None
  • Purchased: 0 time(s)
  • Average Rating: No rating
Request Description

1) Which financial statement is used to determine cash generated from operations?

2) In terms of sequence, in what order must the four basic financial statements be prepared?

3) In classifying transactions, which of the following is true in regard to assets?

4) An increase in an expense account must be

5) ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry?

6) In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $600. The cash account has a

7) Which ledger contains control accounts?

8) Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on account. Which ledger would ABC use to keep track of the details of Smith’s account?

9) Under the cash basis of accounting,

10) Under the accrual basis of accounting,

11) The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is

12) Greese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count  of office supplies revealed $1,100 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be

13) Based on the account balance below, what is the total of the debit and credit  columns of the adjusted trial balance?

Service revenue $3,300 Equipment $6,400

Cash 1,525 Prepaid insurance 1,225

Unearned revenue 5,320 Depreciation expense 640

Salary 1,050 Accum. depreciation 1,280

Common stock 390 Retained earnings 550

14) An adjusted trial balance

15) Given the following adjusted trial balance, net income for the year is:

Debit Credit

Cash $781

Accounts receivable 1,049

Inventory 1,562

Prepaid rent 43

Property, plant & equipment 150

Accumulated depreciation 26

Accounts payable 41

Unearned revenue 61

Common stock 103

Retained earnings 3,305

Service revenue 134

Interest revenue 28

Salary expense 80

Travel expense 33

Total $3,698 $3,698

16) Given the following adjusted trial balance, what will be the totals for the debit and credit columns of the post-closing trial balance?

Debit Credit

Cash $1,562

Accounts receivable 2,098

Inventory 3,124

Prepaid rent 86

Property, plant, & equipment 300

Accumulated depreciation $52

Accounts payable 82

Unearned revenue 172

Common stock 206

Retained earnings 6,610

Service revenue 218

Interest revenue 56

Salary expense 160

Travel expense 66

Totals $7,396 $7,396

17) Given the following adjusted trial balance:

Debit Credit

Cash $781

Accounts receivable 1,049

Inventory 1,562

Prepaid rent 43

Property, plant & equipment 150

Accumulated depreciation $26

Accounts payable 41

Unearned revenue 61

Common stock 103

Retained earnings 3,305

Service revenue 134

Interest revenue 28

Salary expense 80

Travel expense 33

Total $3,698 $3,698

After closing entries have been posted, the balance in retained earnings will be

18) Net income is recorded on the work sheet under the

19) At the beginning of the year, Uptown Athletic had an inventory of $400,000.

During the year, the company purchased goods costing $1,500,000. If Uptown  

Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be

20) During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $30,000. If the company’s cost of goods sold for the y ear was $450,000, purchases would have been

21) At the beginning of the year, Wildcat Athletic had an inventory of $200,000.

During the year, the company purchased goods costing $700,000. If Wildcat

Athletic reported ending inventory of $300,000 and sales of $1,000,000, their cost of goods sold and gross profit rate would be

22) The entry to record of sale of $900 with terms of 2/10, n/30 will include a

23) Dobler Company uses a periodic inventory system. Details for the inventory account for the

Units Per unit price Total

Balance, 1/1/2012 200 $5.00 $1,000

Purchase, 1/15/2012 100 5.3 530

Purchase, 1/28/2012 100 5.5 550

An end of the month (1/31/2012), inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory?

24) The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as

25) A consistent application of an inventory costing method enhances

26) The accountant at Patton Company has determined that income before income taxes amounted to $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?

27) A very small company would have the most difficulty in implementing which of the following internal control activities?

28) A system of internal control

29) The custodian of a company asset should

30) The Sarbanes Oxley Act (2002) applies to

Solution Description

1) Which financial statement is used to determine cash generated from operations?

2) In terms of sequence, in what order must the four basic financial statements be prepared?

3) In classifying transactions, which of the following is true in regard to assets?

4) An increase in an expense account must be

Attachments
ACC 290.docx
ACC 290.docx