A Company Receives A 10%, 90-Day Note For $1,500

QUESTION 1

1.      A company receives a 10%, 90-day note for $1,500. The total interest due on the maturity date is:

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[removed] $ 37.50
[removed] $150.00
[removed] $ 75.00
[removed] $ 50.00
[removed] $ 87.50

4 points   

QUESTION 2

1.       MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. TechCom’s journal entry to record the sales portion of the transaction is:

A)   Accounts Receivable            7,800

Sales                                          7,800

B)   Accounts Receivable                 7,930

Sales                                           7,930

C)   Notes Receivable                    7,800

Sales                                          7,800

D)  Notes Receivable                     7,930

Sales                                          7,930

E)  Notes Receivable                    7,800

Interest Receivable                      130

Sales                                            7,930

 

[removed]   Item A
[removed] Item B
[removed] Item C
[removed] Item D
[removed] Item E

4 points   

QUESTION 3

1.      Depreciation:

[removed] Measures the decline in market value of an asset.
[removed] Measures physical deterioration of an asset.
[removed] Is the process of allocating to expense the cost of a plant asset.
[removed] Is an outflow of cash from the use of a plant asset.
[removed] Is applied to land.

4 points   

QUESTION 4

1.      When originally purchased, a vehicle had an estimated useful life of 8 years. The vehicle cost $23,000 and its estimated salvage value is $1,500. After 4 years of straight-line depreciation, the asset’s total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals:

[removed]  $ 5,375.00
[removed] $ 2,687.50
[removed] $ 5,543.75
[removed] $10,750.00
[removed] $ 2,856.25

4 points   

QUESTION 5

1.      Dell had net sales of $35,404 million. Gross sales total $37,576.  Its average total assets for the period were $14,502 million. Dell’s total asset turnover equals:

[removed] 0.40
[removed] 0.35
[removed] 2.59
[removed] 2.44
[removed] 3.50

4 points   

QUESTION 6

1.      A company purchased a rope braiding machine for $190,000. The machine has a useful life of 8 years and a residual value of $10,000. It is estimated that the machine could produce 750,000 units of climbing rope over its useful life. In the first year, 105,000 units were produced. In the second year, production increased to 109,000 units. Using the units-of-production method, what is the amount of depreciation that should be recorded for the second year?

[removed] $25,200
[removed] $26,160
[removed] $26,660
[removed] $27,613
[removed] $53,160

4 points   

QUESTION 7

1.      A copyright:

[removed] Gives its owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus 70 years.
[removed] Is an exclusive right granted to its owner to manufacture and sell a device or to use a process for 20 years.
[removed] Is an exclusive right granted to its owner to manufacture and sell a device or to use a process for 70 years.
[removed]  Is the amount by which the value of a company exceeds the fair market value of a company’s net assets if purchased separately.
[removed] Gives its owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus 20 years.

4 points   

QUESTION 8

1.      Extraordinary repairs:

[removed] Are revenue expenditures.
[removed] Extend an asset’s useful life beyond its original estimate.
[removed] Are credited to accumulated depreciation.
[removed] Are additional costs of plant assets that do not materially increase the asset’s life.
[removed] Are expensed as incurred.

4 points   

QUESTION 9

1.       Huffington Company purchased and installed a machine on January 1, 2008, at a total cost of $95,000.  Straight-line depreciation is taken each year for three years assuming a five year life and no salvage value.  The machine is sold for $30,500 cash on July 1, 2011.  What is the gain or loss on sale of machinery?

[removed] $2,000 loss
[removed] $64,500 loss
[removed] $64,500 gain
[removed] $2,000 gain
[removed] $7,500 loss

4 points   

QUESTION 10

1.      A company had $7,000,000 in net income for the year. Its net sales were $11,200,000 for the same period. Calculate its profit margin.

[removed] 17.5%.
[removed] 28%.
[removed] 62.5%.
[removed] 160%.
[removed] $18.2 million.

4 points   

QUESTION 11

1.      A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company later returned $275 worth of merchandise and paid the invoice within the 2% cash discount period. The total amount paid for this merchandise is:

[removed] $3,725.00.
[removed] $3,925.00.
[removed] $3,995.00.
[removed] $4,000.50.
[removed] $4,075.00.

4 points   

QUESTION 12

1.      Herald Company had sales of $135,000, sales discounts of $2,000, and sales returns of $3,200. Herald Company’s net sales equals:

[removed] $5,200.
[removed] $129,800.
[removed] $133,000.
[removed] $135,000.
[removed] $140,200.

4 points   

QUESTION 13

1.      Which of the following statements concerning inventory systems are true?

[removed] The periodic inventory system continually updates inventory records.
[removed] The perpetual inventory system updates inventory records at the end of a period.
[removed] The periodic inventory system updates inventory at the end of a period.
[removed] The perpetual inventory system continually updates inventory records.
[removed] Both C and D are true statements.

4 points   

QUESTION 14

1.      On October 1, Robertson Company sold merchandise in the amount of $5,800 to Alberts, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses the periodic inventory system. Alberts pays the invoice on October 8, and takes the appropriate discount. The journal entry that Robertson makes on October 8 is:

[removed] Item A.
[removed] Item B.
[removed] Item C.
[removed] Item D.
[removed] Item E.

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