University of Phoenix
ACC/400 Accounting for Decision Making
PLEASE PUT YOUR ANSWERS ON THE STAND OUT SPREADSHEET
PORTION I — MULTIPLE CHOICE -2 pts each (40 points)
Designate the best answer for every single of the subsequent questions.
1 ) A measure of a provider's solvency is a
a. acid-test proportion.
b. current ratio.
c. times interest earned ratio.
d. asset turnover ratio.
2 . Allocation for Uncertain Accounts is presented while a(n)
a. addition to Accounts Receivable around the balance sheet. b. operating charge on the cash flow statement.
c. deduction by Sales around the income affirmation.
d. en contra asset for the balance sheet.
a few. The economic statements of the Colter Making Company information net revenue of $400, 000 and accounts receivable of $80, 000 and $40, 500 at the beginning of the year and end of 12 months, respectively. What is the receivables turnover rate for Colter? a. 6. 7 moments
c. five times
d. almost eight times
5. Lexter Organization has a balance of $65, 000 in Accounts Receivable and a $5, 000 credit equilibrium in Allocation for Uncertain Accounts. When a specific client's account having a balance of $500 is usually written off as uncollectible, the cash (or net) realizable value with the accounts receivable will be a. $64, 500.
b. $60, 500.
c. $65, 500.
d. $60, 500.
5. Martin Textile acquired machinery to get $50, 000 eight in years past. It was anticipated to have a good life of ten years, zero salvage benefit, and was depreciated making use of the straight-line approach. At the end of its 8th year useful it was retired from support and directed at a rubbish dealer. The entry to record the retirement incorporates a a. debit to Loss on Removal for $10, 000.
n. debit to Machinery for $50, 500.
c. charge to Depreciation Expense to get $10, 1000.
d. credit to Gathered Depreciation—Machinery intended for $40, 000.
6. The price tag on a obvious should be amortized over
a. 40 years.
m. the shorter of its legal your life or it is useful existence. c. the longer of its legal life or its beneficial life. m. its useful life.
7. On This summer 1, 3 years ago, Low Corporations sold gear with an original cost of $85, 000 to get $40, 1000. The equipment was purchased January 1, 06\, and was depreciated making use of the straight-line method assuming a five year useful lifestyle and $5, 000 repair value. The mandatory entries intended for 2007 include a a. charge to Accrued Depreciation—Equipment to get $16, 1000. b. credit to Gain on Sale of Equipment for $21, 500. c. credit to Cash for $40, 000.
m. debit to Depreciation Expenditure for $8, 000.
8. On the Balance Sheet the current portion of long-term debts should a. be paid immediately.
b. be reclassified as a current liability.
c. be classified as a long lasting liability.
deb. not always be separated from the long-term part of debt.
on the lookout for. Bonds which have been subject to retirement at a stated amount prior to maturity at the accessibility to the issuer are called a. options.
w. early retirement bonds.
c. callable a genuine.
10. The Coup Company released a five-year interest-bearing note payable for $50, 000 on January 1, 2006. Each January the company is necessary to pay $10, 000 around the note. How will this take note be reported on the 12 , 31, 06\, balance sheet? a. Long-term Personal debt, $50, 1000
b. Long lasting Debt, $40, 000
c. Long-term Debts, $30, 500; Long-term Debt due inside one year, $12, 000 g. Long-term Financial debt of $40, 000; Long lasting Debt credited within one full year, $10, 500
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