The following information is available for Wonderway, Inc., for 2010 (A+)

The following information is available for Wonderway, Inc., for 2010.

Factory rent $29,900

Company advertising $20,900

Wages paid to laborers $84,100

Depreciation for president’s vehicle $8,110

Indirect production labor $1,890

Utilities for factory $30,200

Production supervisor salary $30,300

President’s salary $61,400

Direct materials used $34,700

Sales commissions $7,600

Factory insurance $12,900

Depreciation on factory equipment $27,800

Requirement 1:

Calculate the direct labor cost for Wonderway

Requirement 2:

Calculate the manufacturing overhead cost for Wonderway

Requirement 3:

Calculate the prime cost for Wonderway

Requirement 4:

Calculate the conversion cost for Wonderway

Requirement 5:

Calculate the total manufacturing costs for Wonderway

Requirement 6:

Calculate the period expenses for Wonderway

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Seth’s Skateboard Company has provided the following information about its company (A+)

Seth’s Skateboard Company has provided the following information about its company.

Required:

For each of the following costs, choose \”Yes\” or \”No\” to indicate the category of product cost (or period cost) and whether it is a prime cost, conversion cost, both, or neither.

Direct Material

Direct Labor

Manufacturing Overhead

Period Cost

Prime Cost

Conversion Cost

Production Supervisor Salary

?

?

?

?

?

?

Cost of Fiber Glass

?

?

?

?

?

?

Wages of Assembly Person

?

?

?

?

?

?

Sale Commission

?

?

?

?

?

?

Cost of High Grade Wheels

?

?

?

?

?

?

Screws

?

?

?

?

?

?

Factory Rent

?

?

?

?

?

?

Wages of Stake Board Painter

?

?

?

?

?

?

Factory Utilities

?

?

?

?

?

?

Utilities for Corporate Office

?

?

?

?

?

?

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Paul, Inc. acquired 100% of Ernie’s Inc. net assets on January 1, 2009 for $300,000 (A+ Guaranteed)

Paul, Inc. acquired 100% of Ernie’s Inc. net assets on January 1, 2009 for $300,000 in cash and paid 10,000 for acquisition cost. The following facts relate to the acquisitions:

Accounts Receivable 50,000
Inventory 80,000
Equipment, Net 50,000
Land and Building, Net 120,000
Total Assets $300,000
Bonds Payable 90,000
Common stock 100,000
Retained earnings 110,000
Total Liabilities and Stockholders’ Equity $300,000
Fair value of acquired net assets:
Accounts receivable $50,000
Inventory 100,000
Equipment 30,000
Land and building 180,000
Customer list 30,000
Bonds payable 100,000

In 3–5 pages, complete the following:

  1. Determine and provide the proper accounting entry to record the subsidiary on Paul’s books on January 1, 2009 as if Ernie was dissolved.
  2. Determine and provide the proper accounting entry to record the subsidiary on Ernie’s books on January 1, 2009 as if Ernie was dissolved.
  3. While acquisitions are often friendly, there are numerous occasions when a party does not want to be acquired. Discuss possible defensive strategies that firms can implement to fend off a hostile takeover attempt.

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The Robinson Company has the following current assets and current liabilities (A+ Guaranteed)

The Robinson Company has the following current assets and current liabilities for these two years:

2010 2011
Cash and marketable securities $50,000 $50,000
Accounts receivable $300,000 $350,000
Inventories $350,000 $500,000
Total current assets $700,000 $900,000

Accounts payable $200,000 $250,000
Bank loan 0 150,000
Accruals 150,000 200,000
Total current liabilities $350,000 $600,000
If sales in 2010 were $1.2 million, sales in 2011 were $1.3 million, and cost of goods sold was 70 percent of sales, how long were Robinson’s operating cycles and cash conversion cycles in each of these years? What caused them to change during this time?
OC=(Accounts Receivable)/(Sales/365)+Inventory/(COGS/365)
OC_2010=300,000/(1,200,000/365)+350,000/(840,000/365)=243 days
OC_2011=350,000/(1,300,000/365)+500,000/(910,000/365)=299 days
CCC_2010=300,000/(1,200,000/365)+350,000/(840,000/365)-200,000/(840,000/365)=156 days
CCC_2011=350,000/(1,300,000/365)+500,000/(910,000/365)-250,000/(910,000/365)=199 days

Suppose the Robinson Company had a cost of goods sold of $1,000,000 in 2010 and $1,200,000 in 2011.
a. Calculate the inventory turnover for each year. Comment on your findings
Inventory turnover for 2010 =COGS/Inventory = $1,000,000/350,000=2.857
Inventory turnover for 2011 =COGS/Inventory = $1,200,000/500,000=2.4
b. What would have been the amount of inventories in 2011 if the 2010 turnover ratio had been maintained?

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Tribke Enterprises collected the following data from its financial reports for 2012 (A+ Guaranteed)

Tribke Enterprises collected the following data from its financial reports for 2012:


Stock price                                                        $18.37
Inventory balance                                         $300,000
Expenses (excluding COGS)                    $1,120,000
Shares outstanding                                         290,000
Average issue price of shares                             $5.00
Gross margin %                                                       40%
Interest rate                                                               8%
TIE ratio                                                                      8
Inventory turnover                                                   12 x
Current ratio                                                              1.5
Quick ratio                                                                 .75
Fixed asset turnover                                                  1.5

Complete the following abbreviated financial statements, and calculate per share ratios indicated.
(Hint: Start by subtracting the formula for the quick ratio from that for the
current ratio and equating that to the numerical difference.)

Set up an income statement that includes revenue, COGS, GM, EBIT, EBT, and EAT. Set up a balance sheet that includes Current assets, Fixed assets, Total assets, current liabilities, long-term debt, Equity (paid in capital*, and retained earnings), total equity, and total liabilities & equity.

*Paid-in capital = Common Stock + Paid-in Excess

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ACC 340 Final Exam – The essential steps in performing a systems study are (in order of occurrence)

ACC 340 Final Examination

1.  The essential steps in performing a systems study are (in order of occurrence):

a)  Analysis, design, implementation and initial operation, follow‑up

b)  Design, planning, follow‑up, analysis, and implementation

c)  Planning, system specification, analysis, production, implementation

d)  Planning, analysis, design, implementation, and follow‑up

2. Which of the following is intended to solve the problem that financial data used in one application is not easily transferable to other applications?

  a)   XMP

  b)  ERP

  c)  XBRL

  d)  XMLP

3.  Information systems auditors are:

a)  Auditors who are concerned with analyzing risks associated with computerized information systems

b)  Individuals who often work closely with financial auditors

c)  Auditors who have a lot of technical expertise related to information technology

d)  all of the above

4.  Which of the following is not an ability of client/server computing?

a)  Alter data stored elsewhere on the network

b)  Process a transaction that may affect data stored on both client and server computers

c)  Query or manipulate the warehoused data on the server

d)  Increased networking capabilities between different file formats on multiple systems

5.  Software that enables businesses and government agencies to transmit and manipulate financial data on an organization-wide basis best describes:

a.  Communication software

b.  CAD software

c.  Enterprise resource planning (ERP) software

d.  Programming software

6.  All of the following are programming languages except: 

a.  Java

b.  HTML

c.  C++

d.  COBOL

e.  ERP

7.   Data flow diagrams:

a)  Accomplish the same purpose as system flowcharts

b)  Are different from system flowcharts since they focus on a logical view of the information system

c)  Are useless for planning a new system

d)  Are never used in analyzing an existing system

8.   All of the following are controls for end-user computing except:

a)  Formally evaluate large projects

b)  Formalize documentation standards

c)  Limit the number of employees authorized to create end-user applications

d)  all of the above are important controls

9.  The textbook identified seven reasons why documentation of an AIS is important.  For which of the following reasons would the user guides, procedure manuals and operating instructions be most important?

a)  Depicting how the system works

b)  Training users

c)  Designing new systems

d)  Standardizing communications with others

10.   Business organizations are recognizing the value of sales data and are purchasing software solutions to gather, maintain, and use these data to provide better service and promote customer loyalty. These software solutions are called:

a)    Customer relations data solutions

b)    Customer relationship management solutions

c)    Sales data management solutions

d)    none of the above

11.  Which of the following statements best describes business process outsourcing?

a)    A company focuses on its core business processes and contracts with another firm to do the other processes

b)    Companies frequently outsource core business processes

c)    Due to networked enterprises and advanced technology, more employees may work from their homes or alternate locations

d)    Initially, companies engaged in business process outsourcing to offer employees more opportunities to travel and more career choices for advancement

12.    Networked enterprises and globalization have enabled a new business model called “business-without-boundaries.”  Which of the following statements describes this business model?

a)    Companies no longer have all of their employees in one location

b)    It is called offshoring and companies contract with firms in other countries to do such business processes as human resources, payroll, and accounting

c)    Companies are under a great deal of scrutiny to manage costs and generate revenue so they contract with foreign firms to do various business processes at a lower cost to the company

d)    all of the above statements describe this model

13. Which of the following is not a concern of the financing process?

a)  Effective cash management

b)  Optimizing an organization’s cost of capital

c)  Minimizing an organization’s borrowings

d)  Projecting cash flows

14. Business process reengineering efforts sometimes fail because:

a.  Management gets too involved in the process

b.  Management is too optimistic regarding its expectations from its implementation

c.  Management support can never overcome employee resistance

d.  Employees will never accept change

15.    Which of the following technologies are now used in conjunction with automated production process systems to increase efficiencies?

a)    Radio frequency technology

b)  Bar code scanners

c)  RF IDs and advanced electronic tags

d)  all of the above

e)  none of the above

16. According to the chapter, which of these statements is most accurate?

a)  Most computer abuse is performed as retaliation against employers

b)  Very little computer crime is committed for personal gain

c)  Some computer abuse is performed simply to meet a challenge

d)  We catch most computer abusers with good accounting controls

17.Which of the following is probably the primary reason accountants should be concerned about computer crime and abuse?

a)  They might lose their job if they don’t detect computer crime or abuse in their organization

b)  They might lose their professional credibility and license if computer crime or abuse continues for a long time in their organization and they do not detect it

c)  They are responsible for designing, implementing, and monitoring the control procedures for AISs

d)  none of the above

18.One of the major crimes identified by the Computer Fraud and Abuse Act of 1986 is intent to illegally obtain information or tangible property through the use of computers. Which of the following methods might accomplish this type of crime if the perpetrator can change data before, during, or after they are entered into a computer system?

a)  Salami technique

b)  Data diddling

c)  Shoulder surfing

d)  Trojan horse program

19.Regarding a company’s audit trail, which of the following statements is true?

a)  Because of the complexities involved in establishing an audit trail, a good audit trail normally makes it more difficult for an individual to follow the flow of a company’s business transactions through the company’s information system

b)  In actuality, the audit trail established within a company’s information system is an unimportant element of the company’s internal control system

c)  When a company’s audit trail becomes more difficult to follow, this causes an increase in the risk of errors or irregularities taking place in the processing of accounting transactions and not being detected

d)  A company’s policies and procedures manual should not be part of its audit trail since confidential information is included within this manual

20.Which of the following statements is true regarding timely performance reports?

a.  In many companies, these reports are the major means of providing information to management concerning the actual operations of the companies’ internal control systems

b.  These reports should only include monetary data

c.  Since these reports fail to provide feedback to management on the operations of previously implemented internal control procedures, other techniques are needed to provide this feedback to managers

d.  The complexity that a computer introduces into a company’s information system will typically prevent the preparation of timely performance reports for the company’s management

21.  _________________ describes the policies, plans, and procedures implemented by a firm to protect its assets.

a)  Internal control

b)  SAS No. 94

c)  SOX, Section 404

d)  Enterprise risk management

22. General controls within IT environments that affect personnel include:

a)  Use of computer accounts

b)  Separation of duties

c)  Informal knowledge of employees

d)  all of the above affect personnel

23.  Which of the following best describes a fundamental control weakness often associated with automated data processing systems?

a.  Automated­ data processing equipment is more subject to systems error than manual processing is subject to human error

b.  Automated data processing equipment processes and records similar transactions in a similar manner

c.  Automated data processing procedures for detection of invalid and unusual transactions are less effective than manual control procedures

d.  Functions that would normally be separated in a manual system are combined in an automated data processing system

24. The textbook identifies a number of issues that should be considered when developing a security policy.  One of the issues is “identify threats”.  Which of the following is not an example of this issue?

a)    What assets need to be protected

b)    What are the sources of potential security problems

c)    External threats are viruses, worms, retaliations from former employees

d)    Internal threats are misuse of assets by employees and embezzlement

25    Which of these is not a phase in the life cycle of an information system?

a)   Planning

b)   Analysis

c)   Control

d)   Implementation

26.   A poorly-planned information system can result in:

a)  Employee resistance and even sabotage

b)  Inflexible systems that are hard to maintain or modify

c)  Systems that solve the wrong problems

d)  all of these

27.  Which of the following is not a general objective in the design of an information system?

a)  A system should provide information which is timely and relevant for decision making by management and operating personnel

b)  The output of a system should be highly accurate

c)  A system should have sufficient capacity to accommodate levels of normal activity; any additional capacity proves too costly in the long run

d)  A system should be as simple as permitted so that its structure and operation can be easily understood and its procedures easily accomplished

e)  A system should be flexible to accommodate changes of a reasonable magnitude when required

28.  A computerized AIS is harder to audit than a manual system for all of the following reasons except:

a)  The file information is not human readable

b)  The volume of transaction records and master file records is usually much larger in computerized systems than in manual systems

c)  An audit trail does not exist in a computerized AIS

d)  Computerized systems often use remote real-time data processing, thus complicating the tracing of transaction records to their sources

29. Which of the following is not one of the groups of SOX compliance requirements?

a)  requirements to use an IT auditor to evaluate controls

b)  regulations governing executive reporting and conduct

c)  rules about financial statement reporting

d)  audit committee/corporate governance requirements

30. Three common techniques auditors use to test computer programs are:

a)  Test data, integrated test facilities, and parallel simulation

b)  Test data, edit checks, and integrated test facilities

c)  Test data, program change control, and parallel simulation

d)  Program change control, edit checks, and parallel simulation

31.  The term data encryption refers to:

a)  Storing data in safe places called “crypts”

b)  Transforming data into secret codes

c)  Scrambling data in random ways that cannot be unscrambled

d)  none of these

32. The term key in the context of data encryption refers to:

a)  A physical key similar to a house key

b)  A logical key similar to the primary key of a data file

c)  A mathematical function used for encryption purposes

d)  A computer function key that can be found on keyboards

33.    All of the following are benefits of XBRL except:

a)  Companies can file financial information in one format, avoiding the errors that may come from reentering data multiple times

b)  The SEC accepts XBRL-format for electronic filing of financial statement reports

c)  XBRL permits the automatic and reliable exchange of financial information across all software formats and technologies, including the Internet

d)  all of the above are benefits of XBRL

e)  none of the above are benefits of XBRL

34.  All of these are reasons why databases are important to AISs except:

a)  AIS databases store valuable information

b)  Many AISs are large and therefore potentially unwieldy

c)  The databases of some organizations are very complex

d)  The hard disk space used to store AIS databases is comparatively expensive

e)  all of these are reasons why databases are important to AISs

35.  A major advantage of relational databases is:

a)  All records are stored together

b)  No pointers are used

c)  An expandable index is used

d)  It closely resembles a flat file

36.   In recent years many businesses have formed a common information source within their business organization called a database.  One of the advantages of building databases is the simultaneous updating of files with common data elements.  Another major advantage of the database concept is that:

a)  Database systems can be used in microcomputers as well as on large computers

b)  Database systems are simple to install and maintain

c)  Database systems are generally less expensive than separate file maintenance systems

d)  Less duplication of data occurs with a database system

e)  Fewer skilled people are required to run a database system than any other system

37.  The process of data normalization refers to:

a)  Eliminating data errors and other problems from “normal data”

b)  Scaling data to values between zero and one

c)  Storing data in normal storage media such as hard disks

d)  none of these

38. Database management systems are important to accountants because:

a)  They automate file storage tasks and enable managers to generate worthwhile financial reports

b)  They eliminate data redundancy

c)  They are unique data structures which accountants have never used before

d)  They are easy to develop and therefore save money

e)  They are energy efficient

39.  Which of these is true about finding data in multimedia databases?

a)  It is not possible to search them because graphics have no text keys for searching

b)  It is not possible to search them because audio objects have no text keys for searching

c)  It is possible to search for items in them because such characteristics as “speaker” or “subject” can be used as search parameters

d)  It is possible to search for items in them if the name of the embedded graphics or audio file is also know

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The objectives of financial reporting are met in large part by a set of financial statements (A+ Guaranteed)

Question 1

The objectives of financial reporting are met in large part by a set of financial statements. Of the following which is not one of these statements?

Select one:

a. Statement of Cash Flows

b. Statement of Financial Position

c. Federal Income Tax Return

d. Income Statement

Question 2

The primary assurance that financial statements issued by management are complete and reliable is by:

Select one:

a. An audit performed by a certified public accountant

b. An audit performed by the IRS

c. Internal controls

d. Generally accepted accounting principles

Question 3

During the current year, the assets of The Big Dial increase by $132,000, and the liabilities increase by $80,000. As a result, owners’ equity:

Select one:

a. Increases by $52,000 during the year

b. Decreases by $52,000 during the year

c. Increases by $212,000 during the year

d. Is $52,000 at the end of the year

Question 4

A business purchases land and building, giving in exchange $225,000 cash and a note payable for $95,000. This transaction:

Select one:

a. Increases owners’ equity

b. Decreases total assets

c. Decreases total liabilities

d. Increases total assets

Question 5

The account balances for HydroTech as of May 31, 2001, are listed below in random order:

Accounts Payable…………$10,000

Accounts Receivable………12,000

Building………………………40,000

Cash…………………………..6,000

Equipment…………………..16,000

Land………………………….50,000

Notes Payable………………28,000

Capital Stock……………….86,000

Refer to the above data. The balance in the Asset account is:

Select one:

a. $86,000

b. $124,000

c. $144,000

d. Some other amount

Question 6

The account balances for HydroTech as of May 31, 2001, are listed below in random order:

Accounts Payable…………$10,000

Accounts Receivable………12,000

Building………………………40,000

Cash…………………………..6,000

Equipment…………………..16,000

Land………………………….50,000

Notes Payable………………28,000

Capital Stock……………….86,000

On June 3, HydroTech collected $7,000 of its accounts receivable and paid $4,000 of its accounts payable. In addition, $2,400 of additional stock was issued for cash.

Refer to the above data. On June 4, the balance in the Cash account is:

Select one:

a. Some other amount

b. $11,400

c. $9,000

d. $5,400

Question 7

The account balances for HydroTech as of May 31, 2001, are listed below in random order:

Accounts Payable…………$10,000

Accounts Receivable………12,000

Building………………………40,000

Cash…………………………..6,000

Equipment…………………..16,000

Land………………………….50,000

Notes Payable………………28,000

Capital Stock……………….86,000

On June 3, HydroTech collected $7,000 of its accounts receivable and paid $4,000 of its accounts payable. In addition, $2,400 of additional stock was issued for cash. On June 4, another $3,000 of stock was issued for cash.

Refer to the above data. On June 5, the balance in the Capital Stock Account is:

Select one:

a. $79,000

b. Some other amount

c. $81,400

d. $91,400

Question 8

The account balances for HydroTech as of May 31, 2001, are listed below in random order:

Accounts Payable…………$10,000

Accounts Receivable………12,000

Building………………………40,000

Cash…………………………..6,000

Equipment…………………..16,000

Land………………………….50,000

Notes Payable………………28,000

Capital Stock……………….86,000

On June 3, HydroTech collected $7,000 of its accounts receivable and paid $4,000 of its accounts payable. In addition, $2,400 of additional stock was issued for cash. One June 4, another $3,000 of stock was issued for cash. On June 5, new equipment costing $5,000 was acquired. A cash payment was made for $1,000 and a Note Payable of $4,000 was issued for the balance. In a trial balance prepared on June 5, the sum of the credit column is:

Note: Be sure to take into account all transactions from June 3, 4 and 5.

Select one:

a. $123,000

b. $125,000

c. $129,400

d. Some other amount

Question 9

The account balances for HydroTech as of May 31, 2001, are listed below in random order:

Accounts Payable…………$10,000

Accounts Receivable………12,000

Building………………………40,000

Cash…………………………..6,000

Equipment…………………..16,000

Land………………………….50,000

Notes Payable………………28,000

Capital Stock……………….86,000

On June 3, HydroTech collected $7,000 of its accounts receivable and paid $4,000 of its accounts payable. In addition, $2,400 of additional stock was issued for cash. One June 4, another $3,000 of stock was issued for cash. On June 5, new equipment costing $5,000 was acquired. A cash payment was made for $1,000 and a Note Payable of $4,000 was issued for the balance. The trial balance prepared on June 5, would, therefore, be as follows:

HydroTech

Trial Balance

June 5, 2001

 Debit  Credit
 Cash  13,400
 Accounts Receivable  5,000
 Equipment  21,000
 Land  50,000
 Building  40,000
 Accounts Payable  6,000
 Notes Payable  32,000
 Capital Stock  91,400
TOTAL  129,400  129,400
On June 6, the bookkeeper for HydroTech makes this entry:
 Supplies  6,300
 Cash  1,500
 Accounts Payable  4,800
 As a result of this transaction:

Select one:

a. Increases total assets $6,300

b. Decreases total assets

c. Involves the sale of supplies for $6,300

d. Increases liabilities

Question 10

On March 2, purchased auto cleaning supplies from Pip Boys for $240 on account. How would this transaction be recorded in the two-column journal for Marc’s Detailing?

Select one:

a. None of the above

b. Debit Supplies for 240, credit Accounts Receivable for 240

c. Debit Accounts Receivable for 240, credit Supplies for 240

d. Debit Supplies for 240, credit Accounts Payable for 240

Question 11

On March 4, collected an account receivable of $470 from a customer, At-Your-Service Limousines. How would this transaction be recorded in the two-column journal for Marc’s Detailing?

Select one:

a. None of the above

b. Debit Accounts Payable for 470, credit Cash for 470

c. Debit Accounts Receivable for 470, credit Cash for 470

d. Debit Cash for 470, credit Accounts Receivable for 470

Question 12

On March 5, Paid $320 in partial payment of an account payable to Sears for equipment purchased in February.How would this transaction be recorded in the two-column journal for Marc’s Detailing?

Select one:

a. Debit Accounts Payable for 320, Credit Cash for 320

b. Debit Accounts Receivable for 320, Credit Cash for 320.

c. Debit Cash for 320, Credit Accounts Payable for 320

d. Debit Equipment for 320, Credit Accounts Payable for 320

Question 13

On March 7, Issued capital stock in exchange for $2,500 cash. How would this transaction be recorded in the two-column journal for Marc’s Detailing?

Select one:

a. Debit Accounts Payable for 2,500, credit Drawing for 2,500

b. Debit Cash for 2,500, credit Capital Stock 2,500

c. Debit Accounts Receivable for 2,500, credit Capital Stock for 2,500.

d. Debit Capital Stock for 2,500, credit Cash for 2,500.

Question 14

On March 9, purchased office equipment from Jerome’s Warehouse for $3,300; paid $1,000 cash and issued a note payable due in 90 days for the balance. How would this transaction be recorded in the two-column journal for Marc’s Detailing?

Select one:

a. Debit Office Equipment for 3,300, credit Cash for 1,000, credit Notes Payable for 2,300.

b. Debit Cash for 1,000, debit Accounts Receivable for 2,300, credit Office Equipment for 3,300.

c. Debit Cash for 1,000, debit Notes Payable for 2,300, credit Office Equipment for 3,300.

d. Debit Office Equipment for 3,300, credit Cash for 1,000, credit Notes Receivable for 2,300

Question 15

West Coast Potters purchased a kiln on February 1 for $7,200 which is guaranteed to have a useful life of 10 years. Assuming adjusting entries are prepared monthly, what is the book value of the kiln on June 30?

Select one:

a. $7,200

b. $6,480

c. $300.

d. $6,900.

Question 16

Village Square Cinema sells books of movie tickets for $100, which contain tickets to admission to 20 movies. During July, 50 books of tickets were sold for $5,000 and this amount was credited to Unearned Admissions Revenue. By the end of July, it was determined that 400 movie tickets had been used by customers who had purchased the ticket books. The July 31 adjusting entry is:

Select one:

a. Debit Admissions Revenue $2,000 and credit Unearned Admissions Revenue $2,000

b. Debit Unearned Admissions Revenue $4,000 and credit Admissions Revenue $4,000.

c. Debit Admissions Revenue $3,000 and credit Unearned Admissions Revenue $3,000.

d. Debit Unearned Admissions Revenue $2,000 and credit Admissions Revenue $2,000.

Question 17

A December 31 trial balance (before December adjustments) shows Office Supplies of $600 and Office Supplies Expense of $1,010. A December adjusting entry recorded office supplies expense of $170. After the December adjusting entries have been posted, what is the proper balance in the Office Supplies account on December 31?

Select one:

a. $840.

b. $770.

c. $1,180.

d. $430.

Question 18

Net income of Samurai Company was $40,000 before any year-end adjusting entries were made. The following adjustments are necessary: interest accrued on a company savings account, $110; portion of insurance expiring, $300; portion of fees collected in advance now earned, $2,400. Net income as shown in the income statement for the current year should be:

Select one:

a. $42,210

b. $38,010

c. $41,990

d. $37,410

Question 19

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The adjusting entry to recognize interest owed by Bradley Tools to the bank for May was omitted in month-end procedures. As a result of this error, Bradley’s

Select one:

a. May net income is overstated and May 31 liabilities understated

b. May expenses are understated and May 31 ownerâ??s equity understated.

c. May net income is understated and May 31 assets overstated.

d. May expenses are understated and May 31 assets overstated.

Question 20

The accountant for Timesure Inc. prepared the following trial balance at January 31, 2000, after one month of operations:
 Debit  Credit
Cash  5,400
Accounts Receivable  4,200
Unexpired Insurance  1,800
Office Equipment  18,000
Unearned Cosulting Fees  3,000
Capital Stock  15,300
Retained Earnings, January 1, 2000  0
Dividends  3,000
Consulting Fees Earned  25,000
Salaries Expense  7,400
Utilities Expense  1,400
Rent Expense  1,800
Supplies Expense  300
 TOTALS  43,000  43,300

What adjusting journal entry should be made to record consulting services rendered to a client in January, not yet billed or recorded, $1,900?

Select one:

a. Debit Unearned Consulting Fees Earned for 1,900.and credit Consulting Fees Earned for 1,900.

b. Debit Cash for 1,900 and credit Consulting Fees Earned for 1,900.

c. Debit Accounts Receivable for 1,900 and credit Consulting Fees Earned for 1,900.

d. Debit Accounts Receivable for 1,900 and credit Unearned Consulting Fees Earned.for 1,900.

Question 21

The accountant for Timesure Inc. prepared the following trial balance at January 31, 2000, after one month of operations:
 Debit  Credit
Cash  5,400
Accounts Receivable  4,200
Unexpired Insurance  1,800
Office Equipment  18,000
Unearned Cosulting Fees  3,000
Capital Stock  15,300
Retained Earnings, January 1, 2000  0
Dividends  3,000
Consulting Fees Earned  25,000
Salaries Expense  7,400
Utilities Expense  1,400
Rent Expense  1,800
Supplies Expense  300
 TOTALS  43,000  43,300

What adjusting journal entry should be made to record the posrtion of insurance expiring in January, $150?

Select one:

a. Debit Insurance Expense for 150 and credit Cash for 150.

b. None of the above.

c. Debit Insurance Expense for 150 and credit Unexpired Insurance for 150.

d. Debit Unexpired Insurance for 150 and credit Insurance Expense for 150.

Question 22

The accountant for Timesure Inc. prepared the following trial balance at January 31, 2000, after one month of operations:
 Debit  Credit
Cash  5,400
Accounts Receivable  4,200
Unexpired Insurance  1,800
Office Equipment  18,000
Unearned Cosulting Fees  3,000
Capital Stock  15,300
Retained Earnings, January 1, 2000  0
Dividends  3,000
Consulting Fees Earned  25,000
Salaries Expense  7,400
Utilities Expense  1,400
Rent Expense  1,800
Supplies Expense  300
 TOTALS  43,000  43,300

What adjusting journal entry should be made to record the portion of Income Taxes Expense for January of $2,000.

Select one:

a. Debit Income Taxes Payable and credit Cash for 2,000.

b. Debit Income Taxes Expense for 2,000 and credit Income Taxes Payable for 2,000

c. Debit Prepaid Taxes and credit Cash for 2,000.

d. None of the above.

Question 23

Presented below is the adjusted trial balance of TWK, Inc. at December 31:

 Debit  Credit
Cash 10
Accounts Receivable 20
Equipment  200
Accounts Payable  15
Capital Stock  100
Retained Earnings 50
Dividends  5
Service Revenue  180
Salaries Expense  80
Depreciation Expense  20

Refer to the above data. Which accounts are closed to income summary?

Select one:

a. All accounts that are not nominal.

b. All accounts.

c. Revenues and expenses

d. Revenues, expenses, and dividends.

Question 24

Presented below is the adjusted trial balance of TWK, Inc. at December 31:

 Debit  Credit
Cash 10
Accounts Receivable 20
Equipment  200
Accounts Payable  15
Capital Stock  100
Retained Earnings 50
Dividends  5
Service Revenue  180
Salaries Expense  60
Depreciation Expense  20

Refer to the above data. What is the balance in income summary before it is closed to retained earnings?

Select one:

a. $100

b. $65

c. $180.

d. $75

Question 25

Presented below is the adjusted trial balance of TWK, Inc. at December 31:

 Debit  Credit
Cash 10
Accounts Receivable 20
Equipment  200
Accounts Payable  15
Capital Stock  100
Retained Earnings 50
Dividends  5
Service Revenue  180
Salaries Expense  80
Depreciation Expense  20
Supplies Expense 10

Refer to the above data. What is the balance in retained earnings at December 31?

Select one:

a. $115

b. $70

c. $50.

d. $65.

 

Here’s the SOLUTION

 

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