Final Exam Part I_ Multiple Choice
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Final Exam Part I: Multiple Choice
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Unit 11: Final Exam: Summative Case Analysis 18 March - 24 March
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Final Exam Part I: Multiple Choice
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Question 1
Complete
Marked out of 1.00
Callable preferred shares
Select one:
a. Have rights to participate in any new share issuance.
b. Usually have voting rights.
c. May be called or redeemed at the option of the issuing corporation.
d. May be redeemed at any time at the shareholder’s option.
3/24/24, 4:18 PM
Final Exam Part I: Multiple Choice
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Question 2
Complete
Marked out of 1.00
On January 1, 2020, Raptors Corp. changed its inventory valuation method from weighted-average cost to
FIFO for ±nancial statement and income tax purposes, to make their reporting as reliable and more relevant.
The change resulted in a $ 900,000 increase in the beginning inventory at January 1, 2020. Assume a 25%
income tax rate. The cumulative effect of this accounting change reported for the year ended December 31,
2020 is
Select one:
a. $225,000
b. $0
c. $675,000
d. $900,000
Question 3
Complete
Marked out of 1.00
The times interest earned ratio measures
Select one:
a. An enterprise’s ability to meet interest payments as they come due.
b. The percentage of total assets ±nanced by creditors.
c. The amount of interest expense related to long-term debt.
d. The pro±tability of an enterprise.
3/24/24, 4:18 PM
Final Exam Part I: Multiple Choice
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Question 4
Complete
Marked out of 1.00
On September 1, 2021, Espresso Corp. issued a $1,800,000, 12% note to Big 5 Bank, payable in three equal
annual principal payments of $600,000. On this date, the bank's prime rate was 11%. The ±rst payment for
interest and principal was made on September 1, 2022. At December 31, 2022, Espresso should record
accrued interest payable of
Select one:
a. $ 48,000
b. $ 44,000
c. $ 66,000
d. $ 72,000
Question 5
Complete
Marked out of 1.00
Which of the following is NOT considered to be an accounting error?
Select one:
a. Changing depreciation methods from declining balance to straight line
b. Changing from the cash basis to the accrual basis
c. Failing to accrue wages payable at year end
d. Expensing the cost of a new machine
3/24/24, 4:18 PM
Final Exam Part I: Multiple Choice
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Question 6
Complete
Marked out of 1.00
If bonds are initially sold at a discount and the straight-line method of amortization is used, interest expense
in the earlier years will be
Select one:
a. The same as it would have been had the effective-interest method of amortization been used.
b. Less than it would have been had the effective-interest method of amortization been used.
c. Higher than it would have been had the effective-interest method of amortization been used.
d. Less than the stated rate of interest.
Question 7
Complete
Marked out of 1.00
On January 1, 2020, Jeep Corp. issued $ 2,000,000, 5% bonds, which mature on January 1, 2027. The bonds
were issued for $2,120,045 to yield 4%. Jeep uses the effective-interest method of amortizing bond premium.
Interest is payable annually on December 31. At December 31, 2020, the adjusted balance in the Bonds
Payable account should be
Select one:
a. $ 2,104,847
b. $ 2,120,045
c. $ 2,000,000
d. $ 2,135,243
3/24/24, 4:18 PM
Final Exam Part I: Multiple Choice
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Question 8
Complete
Marked out of 1.00
Which of the following is NOT a potential advantage of leasing?
Select one:
a. 100% ±nancing at ±xed rates
b. Cheaper ±nancing
c. No tax advantages for the lessor
d. Protection against obsolescence
3/24/24, 4:18 PM
Final Exam Part I: Multiple Choice
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Question 9
Complete
Marked out of 1.00
Information concerning the capital structure of Catan Corporation follows
D
ec. 31, 2020
D
ec. 31, 2019
Common shares outstanding
100,000 shares
100,000 shares
Convertible preferred shares outstanding
10,000 shares
10,000 shares
9% convertible bonds
$ 2,000,000
$ 2,000,000
During 2020, Catan paid dividends of $ 1.00 per common share and $ 2.50 per preferred share. The preferred
shares are non-cumulative, and convertible into 20,000 common shares. The 9% convertible bonds are
convertible into 50,000 common shares. Net income for calendar 2020 was $500,000. Assume the income
tax rate is 30%. Basic earnings per share for 2020 is
Select one:
a. $ 3.65
b. $ 4.75
c. $ 3.33
d. $ 5.00
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Your first internship assignment is to prepare two schedules for Windsor Blue Co., a manufacturing company. You have a file that
contains a copy of last year's work for both schedules; you plan to follow the same format as last year, hoping the staff accountant had
it right. You also have access to the full set of financials for Windsor Blue, and you can dig further into any of the accounts via the
accounting system, too.
Here's the information you have pulled, with the same items as last year.
DM Inventory
WIP Inventory
FG Inventory
DM purchases
DL costs
Production supervisor salary
Utility costs in production space
Depreciation on manufacturing facility and equipment
Beginning of Year
End of year
$9,200
$10,000
21,000
13,000
6,300
8,000
153,000
232,000
56,000
14,000
42,000
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Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total
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$12.82.
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A process with no beginning work in process, completed and transferred out 85200 units during a period and had 50100 units in the
ending work in process inventory that were 20% complete. The equivalent units of production for the period for conversion costs were:
O 95220 equivalent units.
O 135300 equivalent units.
O 70200 equivalent units.
O 85200 equivalent units.
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Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at
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The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football.
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Blossom Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022.
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• $2088 produce,
• $1678 protein,
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• $3914 dairy.
The following Thursday she does ending inventory and finds that she has $3464 in food. She looks at her sales and finds that she made
$30541 over the same 7 day period. What is her total food cost?
Select one:
a. $12,744
K b. $16,208
c. $8,550
d. $9,280
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Buddy Company uses the allowance method to account for uncollectible receivables. At the beginning of the year,
Allowance for Bad Debts had a credit balance of $800. During the year Buddy wrote off uncollectible receivables of
$2,100. Buddy recorded Bad Debts Expense of $2,800. Buddy's year-end balance in Allowance for Bad Debts is
$1,500. Buddy's ending balance of Accounts Receivable is $20,300. Compute the net realizable value of Accounts
Receivable at year-end.
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Find the volume of each prism. Write the letter of the exercise in the box above the
answer at the bottom of the page.
4.5 cm
A
6 cm
5.8 cm
25 in.
P
T
10 m
N
8m
6.4 cm
30
25 in.
A
8 cm
30 in.
20 in.
30 in.
6.2 cm
20 in.
9.6 cm
12 cm
N
7.5 mi
4.3 cm
H
DOA
B = 52 m²
B = 19.7 cm²
5 in.
6 in.
8.5 in.
83.8 cm³
357.12 cm3
76.8 cm³
8,800 in 3
92.31 cm3
84.71 cm³
156.6 cm³
114.5 in.3
364.5 m3
7,500 in.3
127.5 in.3
15,000 in.3
390
m³
160 m³
349.22 cm³
MATHEMATICS 6 | FOURTH QUARTER I PROBLEM SET 1
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Sheffield Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become
uncollectible. Accounts receivable are $430,800 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,864.
(a) Prepare the adjusting journal entry to record bad debt expense for the year.
(b) If the allowance for doubtful accounts had a debit balance of $887 instead of a credit balance of $2,864, prepare the adjusting journal entry for
bad debt expense.
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Ayayai Mowers Ltd. agreed to sell the City of Halifax four riding mowers and 20 push lawn mowers. The contract price was $72,00O.
Ayayai normally sells its riding mowers for $14,400 and its push lawn mowers for $960. The contract required the City of Halifax to
pay Ayayai once all of the merchandise has been delivered to the city's public works yard. Ayayai's management does not expect any
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1. From the following Trial balance , you are require to prepare the final accounts for the year ended 31st December 2020.
Grades
Particulars
Amount (Dr)
Amount(Cr)
4,80,000
Сapital
Drawings
Land & Building
People
1,35,000
4,50,000
Pages
Account
Creditors
3,15,000
Files
Plant& Machinery
1,20,000
Purchase returns
7,950
Syllabus
Bills receivable
18,000
Dashboard
Sales
6,54,000
Quizzes
Opening stock
1,20,000
1,53,000
78,000
1,500
3,000
1,14,000
10,200
79,800
1,35,000
3,600
6,000
18,000
11,850
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Purchase
Wages
Carriage outwards
Carriage inwards
Salaries
Calendar
Discount
Inbox
Bank balance
Debtors
Bad debts
Sales returns
Furniture
Advertisements
Total
14,56,950
14,56,950
Adjustments:
Stock on 31st December,2020 is Rs. 1,05,000
Machinery & Furniture to be depreciated @ 10%.
Wages outstanding is Rs. 4,50O
Prepaid Advertisement is Rs.1,500
A…
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Unit VI Assignment Instructions: This assignment involves answering a series of questions, and each question provides you with an opportunity to accomplish the following course learning outcome: 8. Critique interview techniques. Be sure to answer each question, save all of your work in this template, and submit it in Blackboard for grading. 1. After answering the last question, Jason said thank you and the interview was over. Briefly describe one or more techniques that Jason could have used to improve the conclusion of his interview. Your response should be at least 75 words. 2. Danielle was interviewing for a position, and the interviewer asked for her salary requirements. As Danielle was not expecting to hear that question, she mumbled for a minute before eventually saying $40,000.00, which is low for someone with her experience. Briefly describe one or more techniques…
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Exercise 1-14 (Part Level Submission)
g 2021
Cheyenne Corp., a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2019.
Revenues during 2019-camping fees
$190,400
Notes payable
$81,600
1-4
Revenues during 2019-general store
63,920
Expenses during 2019
204,000
1-5
1-6
Accounts payable
14,960
Supplies on hand
3,400
Cash on hand
27,200
Common stock
27,200
Original cost of equipment
143,480
Retained earnings
?
1-8
e1-9
e 1-11
w14
v 1-5
Fair value of equipment
190,400
v (a)
Your answer is correct.
Determine Cheyenne Corp.'s net income for 2019.
11
14 (Part
mission)
Cheyenne Corp.'s net income
50320
-4A (Part
mission)
SHOW LIST OF ACCOUNTS
SHOW SOLUTION
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Journalizing Installment Notes
On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note
payment consists of $5,720 of interest and $8,350 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.
b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.
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A couple needs $50,000 as a down payment for a home. If they invest the $35,000 they have at 8% compounded quarterly, how long will it take for the money to
grow to $50,000? (Round your answer to the nearest whole number.)
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Close Date: Wed, Sep 29, 2021, 11:59 PM
Question 9 of 15
If the margin on an item is 22.00%, calculate the rate of markup of the item.
Round to two decimal places if necessary
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Models B: Lesson 2 - Other Forms of Compensation
Target due: 1/14/21 16.66%
A O 3) Choose the correct answer.
-Maribel is offered a job as a paralegal at an annual base salary of $47,000. In
addition, the company will pay the following benefits: a retirement contribution that is
10.5% of Maribel’Ms base salary, disability insurance totaling $338, medical
insurance totaling $6,500, and a year-end bonus of 17% of her base salary. What is
the annual value of this job to Maribel?
O $47,000
O $66,435
$58,773
$66,763
$58,435
口
O 4) Choose the correct answer.
M
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The following is Green Co.'s Pre-Closing Trial Balance as of December 31, 2017. Green's accounting period is a month,
the month of December 2017. (Note that the accounts are not
thus the balances in the temporary accounts are for
listed in their normal sequence -- rather they are listed in alphabetical sequence.)
Account Name
_Debit_
Credit_
Gradin
Accounts Payable
26,000
Accounts Receivable
28,850
Cash
10,000
Common Stock
12,500
Cost of Goods Sold
68,000
Equipment
73,000
150
Interest Expense
Interest Payable
500
Inventory
45,000
Note Payable
21,000
Retained Earnings
53,000
Sales Revenue
179,000
Supplies Expense
7,000
Wages Expense
60,000
Total
292,000
292,000
Place the accounts in the correct order.
Use the editor to formor your onswer
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d. $2.68
The ingredients for your skillet brownie cost $1.89. You want your food cost percentage for this item to be 30% or lower. What's the lowest
price you can charge? Round to the nearest cent.
Select one:
a. $5.98
b. $6.00
c. $6.30
O d. $5.67
The price the product costs after processing is the
Select one:
a. Contribution Margin
b. Food Cost
c. Edible Portion Price
d. As Purchased Price
The price you pay for the product is the
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Cash Discount Calculations
On June 1, Forest Company sold merchandise with a list price of $30,000. For
each of the sales terms below, determine the proper amount of cash received:
Credit Terms
Date Paid
1
2/10, n/30
June 8
2
1/10, n/30
June 15
3
1/15, n/30
June 14
4
n/30
June 28
1 $
2 $
3 $
4 $
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