Fa Trial

Topics: Balance sheet, Depreciation, Revenue Pages: 144 (27881 words) Published: August 27, 2013
* Question 1
0 out of 10 points
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| Winston Corp. had $1,800 of supplies on hand at January 1. During the year, supplies with a cost of $4,000 were purchased. At December 31, the actual supplies on hand amount to $1,300. After the adjustments are recorded and posted at December 31, determine the balances in the Supplies and Supplies Expense accounts.  

Supplies ; Supplies ExpenseAnswer| | | |
| Selected Answer:|    [None Given]|
Correct Answer:|    $1,300;  $4,500|
Response Feedback:| $1,800 (Supplies at Jan. 1) + $4,000 (Amount purchased) - $1,300 (Supplies at Dec. 31) = $4,500 (Supplies Expense)|
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* Question 2
0 out of 10 points
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| Which of the following is the attribute used to measure many assets that are recognized on a balance sheet, because it is more objective and verifiable?Answer| | | | | Selected Answer:|    [None Given]|

Correct Answer:|    Historical cost|
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* Question 3
0 out of 10 points
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| Failure to record amounts earned for services provided to customers but not yet paid results in which of the followingAnswer| | | | | Selected Answer:|    [None Given]|
Correct Answer:|    Total assets being understated|
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* Question 4
0 out of 10 points
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| The asset account, Supplies, has a balance of $700 on January 1. During January, the company purchased $16,000 of supplies on account and the liability was appropriately recorded. A count of supplies at the end of January indicates a balance of $900. Which one of the following is a correct amount to be reported on the company's financial statements for the month ending January 31?Answer| | | | | Selected Answer:|    [None Given]|

Correct Answer:|    Supplies Expense - $15,800|
Response Feedback:| $700 (Beginning Balance) + $16,000 (Purchases) - $900 (Ending Balance) = $15,800|
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* Question 5
0 out of 10 points
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| Quan uses a periodic inventory system. At the end of April, Quan had 20 units on hand.   April  1| On hand, 10 units @ $2 each| $20|
   19| Purchased 90 units @ $3 each| 270|
 |   Goods available for sale| $290|

 
If Quan, Inc. uses the weighted average cost inventory method, how much is cost of goods sold for April?Answer| | | | | Selected Answer:|    [None Given]|
Correct Answer:|    $232|
Response Feedback:| ($290/100) x 80 = $232|
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* Question 6
0 out of 10 points
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| Givens Corp. is a merchandising company that uses the periodic inventory system. Selected account balances are listed below:   Sales| $500,000|
Purchases| 225,000|
Inventory (beginning)| 16,000|
Inventory (ending)| 30,000|
Operating Expenses| 148,000|
Income Tax Expense| 10,000|
Retained Earnings (beginning)| 53,000|
Dividends| 15,000|

Refer to the information for Givens Corp.
 
Calculate the gross profit.Answer| | | |
| Selected Answer:|    [None Given]|
Correct Answer:|    $289,000|
Response Feedback:| $500,000 Sales - [($16,000+$225,000-$30,000) Cost of goods sold] = $289,000|
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* Question 7
0 out of 10 points
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| For what reason would retailers like The Gap select an accounting period that ends on or near the end of January?Answer| | | | | Selected Answer:|    [None Given]|
Correct Answer:|    Business activity has reached a slow period that is suited to the preparation of its financial statements at the end of the year.|
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* Question 8
0 out of 10 points
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| Which one of the following ratios is a common analytical tool used by merchandise corporations, but not by service corporations?Answer| | | | | Selected Answer:|    [None Given]|
Correct Answer:|    Gross profit ratio|
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* Question 9
0 out of 10 points
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| The following data concerns Cubano Corporation for 2014:   Credit sales during the year...
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