Archives: Quiz
Accounting Chapter 10 Steamboat Company issued the following ten-year
61 110) On October 1, 2019, Jack Company issued a $5,000, 6%, bond payable. The interest is payable annually each September 30 and the bond matures in five years. The annual accounting period for the company ends December 31. Complete […]
Accounting Chapter 10 Lower premium amortization would exist in the
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 80) On January 1, 2019, a company issued $400,000 of 10-year, 12% bonds. The interest is payable semiannually on June […]
Accounting Chapter 10 Assuming no adjusting journal entries have
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 53) Assuming no adjusting journal entries have been made, the journal entry to record the cash interest payment on the […]
Accounting Chapter 10 An advantage of issuing a bond relative
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. Financial Accounting, 10e (Libby) Chapter 10 Reporting and Interpreting Bond Securities 1) An advantage of issuing a bond relative to […]
Accounting Appendix A would require that the equity method be used
58 January 12, 2020: Investments 500 Unrealized gain 500 Cash 13,500 Investments 13,500 Stock Fair Value at 12/31/19 Fair Value at 1/12/20 Bailey 13,000 13,500 $13,500 — $13,000 = $500 Difficulty: 2 Medium Topic: Fair value method―Available for sale securities […]
Accounting Appendix A The balance sheet of Mini Company was as follows
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 80) On January 1, 2019, Shelley Company paid $650,000 cash for 100% of the outstanding common stock of SCD Company. […]
Accounting Appendix A Rye Company purchased 15% of Lena Company’s
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 49) Phillips Corporation purchased 1,000,000 shares of Martin Corporation’s common stock, which constitutes 10% of Martin’s voting stock on June […]
Accounting Appendix A The extent of influence and control over
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. Financial Accounting, 10e (Libby) Appendix A Reporting and Interpreting Investments in Other Corporations 1) The extent of influence and control […]
Accounting Chapter 9 Average Age Accounts Payable Assume That Cash
60 113) Halbur Company reported total assets of $150,000, current assets of $60,000, total stockholders’ equity of $60,000, and noncurrent liabilities of $65,000. (show computations): 1. Determine the current liabilities. 2. Compute working capital. Answer: 1. Total assets $150,000 = […]
Accounting Chapter 9 Rusty Corporation purchased a rust-inhibiting
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 84) Rusty Corporation purchased a rust-inhibiting machine by paying $50,000 cash on the purchase date and agreeing to pay $10,000 […]
Accounting Chapter 9 How should a contingent liability that
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 51) Mission Corp. borrowed $50,000 cash on April 1, 2019, and signed a one-year 12%, interest- bearing note payable. The […]
Accounting Chapter 9 Cash received from customers may result in a current
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. Financial Accounting, 10e (Libby) Chapter 9 Reporting and Interpreting Liabilities 1) When a liability is initially recorded, it is recorded […]
Accounting Chapter 8 The financial statements of Franklin Company
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 115) The financial statements of Franklin Company contained the following errors: Item December 31, 2019 December 31, 2020 Depreciation expense […]
Accounting Chapter 8 Amanda Company purchased a computer that cost
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 87) Which of the following statements is correct with respect to a loss on the sale of a depreciable asset? […]
Accounting Chapter 8 Which of the following is true when a company
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 49) Which of the following is true when a company constructs an asset for its own use? A) Labor and […]
Accounting Chapter 8 Tangible long-lived productive assets differ
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. Financial Accounting, 10e (Libby) Chapter 8 Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Natural Resources 1) Tangible long-lived […]
Accounting Chapter 7 Company Prepared Income Statements That Reflected Pretax
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 74 Answer: A. a. EI: $28,800 ÷ 4,000 units = $7.20; 1,400 × $7.20 = $10,080. COGS: $28,800 — 10,080 […]
Accounting Chapter 7 McMillan Company uses the periodic inventory
61 112) McMillan Company uses the periodic inventory system. It has compiled the following information in order to prepare the financial statements at December 31, 2019: Gross sales during 2019 $2,000,000 Sales returns and allowances during 2019 50,000 Beginning inventory, […]
Accounting Chapter 7 JJ Enterprises began the year with 480 units
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 82) RJ Corporation has provided the following information about one of its inventory items: Date Transaction Number of Units Cost […]
Accounting Chapter 7 Fifo d Cost Goods Sold Would Have Been
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 49) Under the LIFO cost flow assumption during a period of rising costs, which of the following is false? A) […]
Accounting Chapter 7 The use of raw materials in the manufacturing
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. Financial Accounting, 10e (Libby) Chapter 7 Reporting and Interpreting Cost of Goods Sold and Inventory 1) The use of raw […]
Accounting Chapter 6 Chicago Company has hired you to reconcile its
76 122) Chicago Company has hired you to reconcile its bank statement and cash account. At June 30, 2019, the Cash account on the books showed the following: Cash account Date Explanation Debits Credits Balance June 1 Balance $5,600 June […]
Accounting Chapter 6 Indicate whether each of the accounts listed
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 61 Answer: A. Bad debt expense = $8,000 = 1% × $800,000. B. Multiple-step income statement: Lilo Corporation Income Statement […]
Accounting Chapter 6 The Tanner Company’s April 30 pre-reconciliation
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 71) The Tanner Company’s April 30 pre-reconciliation cash balance on its books was $35,000. While preparing the April 30 bank […]
Accounting Chapter 6 Which of the following journal entries correctly
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 42) Which of the following journal entries correctly records bad debt expense? A) Bad debt expense xxx Accounts receivable xxx […]
Accounting Chapter 6 When goods are shipped FOB shipping point
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. Financial Accounting, 10e (Libby) Chapter 6 Reporting and Interpreting Sales Revenue, Receivables, and Cash 1) When goods are shipped FOB […]
Accounting Chapter 5 Complete the following balance sheet by entering
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 106) Complete the following balance sheet by entering the appropriate amounts in the blanks provided. ASSETS Cash $15,000 Accounts receivable […]
Accounting Chapter 5 Which of the following statements regarding international
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 79) Which of the following would not be included on an income statement? A) Accumulated depreciation. B) Insurance expense. C) […]
Accounting Chapter 5 Which of the following is not reported as an operating
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 51) The Callie Company has provided the following information: Operating expenses were $231,000; Cost of goods sold was $376,000; Net […]
Accounting Chapter 5 The Securities & Exchange Commission requires
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. Financial Accounting, 10e (Libby) Chapter 5 Communicating and Interpreting Accounting Information 1) External users of accounting information include decision makers […]
Accounting Chapter 4 Bass Company paid a two-year insurance premium
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 125) On July 1, 2019, Bass Company paid a two-year insurance premium. On that date the following journal entry was […]
Accounting Chapter 4 Center Company is completing the accounting cycle
61 113) Center Company is completing the accounting cycle at the end of the annual accounting period, December 31, 2019. Adjusting entries have not been made during the year so three adjusting entries must be made at this date to […]
Accounting Chapter 4 Ryan Company paid the premium on a three-year
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 77) On December 31, 2019, Krug Company prepared adjusting entries that included the following items: Depreciation expense: $31,000. Accrued sales […]
Accounting Chapter 4 Which of the following does not correctly
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 45) Which of the following does not correctly describe an adjusting journal entry that debits depreciation expense and credits accumulated […]
Accounting Chapter 4 Income taxes incurred but not yet paid at the end
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. Financial Accounting, 10e (Libby) Chapter 4 Adjustments, Financial Statements, and the Quality of Earnings 1) At the time of the […]
Accounting Chapter 3 Garret Company has provided the following
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 108) Garret Company has provided the following selected information for the year ended December 31, 2019: Cash collected from customers […]
Accounting Chapter 3 Which of the following journal entries is
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 78) Which of the following journal entries is correct when a company has incurred an expense for work performed but […]
Accounting Chapter 3 Smith Corporation has provided the following
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 50) Smith Corporation has provided the following information: Cash sales totaled $125,000. Credit sales totaled $279,000. Cash collections from customers […]
Accounting Chapter 3 A retail store would likely have a shorter
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. Financial Accounting, 10e (Libby) Chapter 3 Operating Decisions and the Accounting System 1) The operating cycle is the time that […]
Accounting Chapter 2 For each of the transactions listed below
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 130) For each of the transactions listed below, indicate whether it is an investing (I) or financing (F) activity on […]
Accounting Chapter 2 Which of the following would be classified
61 117) Which of the following would be classified as investing cash flows on a statement of cash flows? 1. Acquiring a building by signing a long-term mortgage payable. 2. Lending cash to others. 3. Issuing stock for cash. 4. […]
Accounting Chapter 2 Superior has provided the following information
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 89) Superior has provided the following information for its recent year of operation: The common stock account balance at the […]
Accounting Chapter 2 Which of the following describes the primary objective
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 53) Which of the following statements is false? A) Absent evidence to the contrary, a company is expected to continue […]
Accounting Chapter 2 The primary objective of financial reporting is to
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. Financial Accounting, 10e (Libby) Chapter 2 Investing and Financing Decisions and the Accounting System 1) The primary objective of financial […]
Accounting Chapter 1 period when an expense appears on the income
60 Answer: 1. Cash used in operating activities. 2. Cash used in investing activities. 3. Amount collected from customers $90,000 Payment of salaries (18,000) Payment of rent (5,000) Payment of other expenses (12,000) Payment for van (30,000) Increase in cash […]
Accounting Chapter 1 Rock Company’s cash balance increased from
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 80) During the current year, Rock Company’s cash balance increased from $79,000 to $91,300. Rock’s net cash flow from operating […]
Accounting Chapter 1 Lena Company has provided the following data
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 46) Lena Company has provided the following data for its 2019 operations (ignore income taxes): 2019 revenues were $99,000. 2019 […]
Accounting Chapter 1 Atlantic The End The Year And What
Copyright © 2020 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. Financial Accounting, 10e (Libby) Chapter 1 Financial Statements and Business Decisions 1) A business entity’s accounting system creates financial accounting […]
Business Law Chapter 27 Which of the following is an example of secondary
McInnes/Kerr/VanDuzer: Managing the Law: The Legal Aspects of Doing Business, Fourth Edition Chapter 27: Organized Labour e. Yes. Employers are always at liberty to discharge any employee deemed to have behaved improperly during a strike. Answer: c Diff: 3 Type: […]
Business Law Chapter 27 After Heated Argument Between Picketers And
McInnes/Kerr/VanDuzer: Managing the Law: The Legal Aspects of Doing Business, Fourth Edition Chapter 27: Organized Labour True/False Questions 1) Every worker in Canada has the right to join a union. a. True b. False Answer: b Diff: 1 Type: TF […]