Saturday
December 10, 2016

# Homework Help: Accounting

Posted by Shawn Williams on Sunday, December 2, 2012 at 5:21pm.

On July 1, 2013, a firm purchased a 1-year insurance policy for \$6,300 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2013, is
\$6,300.
\$3,150.
\$3,675.
\$2,100.
On January 2, 2014, a firm purchased equipment for \$12,500. Depreciation expense for the year ending December 31, 2014, given the straight-line method, a 4-year useful life, and a salvage value of \$2,300, is
\$3,125.
\$2,550.
\$2,300.
\$1,725.
On November 1, 2013, a firm accepted a 4-month, 10 percent note for \$780 from a customer with an overdue balance. The accrued interest recorded for this note for the year ended December 31, 2013, is
\$65.
\$78.
\$26.
\$13.
If an account has a debit balance of \$720 in the Trial Balance section of a worksheet and there is a credit entry of \$240 in the Adjustments section, the account balance in the Adjusted Trial Balance section of the worksheet is a
\$480 debit.
\$960 credit.
\$960 debit.
\$480 credit.
If an account has a debit balance of \$720 in the Trial Balance section of a worksheet and there is a debit entry of \$240 in the Adjustments section, the account balance in the Adjusted Trial Balance section of the worksheet is a
\$960 credit.
\$480 debit.
\$960 debit.
\$480 credit.
Hugh Morris Company pays weekly wages of \$17,500 every Friday for a five day week ending on that day. If the last day of the year is on Wednesday, the adjusting entry to record the accrued wages is:
debit Wages Expense \$10,500; credit Cash \$10,500
debit Wages Expense \$10,500; credit Drawing \$10,500
debit Wages Expense \$7,000; credit Cash \$7,000
debit Wages Expense \$10,500; credit Wages Payable \$10,500
Rose Bush Nursery purchased a delivery truck for \$32,300. The truck is expected to have a useful life of 5 years and a residual value of \$1,100. If the truck was purchased on June 1, 2013, what is the amount of depreciation expense for the truck for the year ended December 31, 2013? The company uses the straight-line method of depreciation.
\$1,100
\$3,640
\$3,120
\$6,240
On October 1, 2013, a firm accepted a 4-month, 9% note for \$44,000 from a customer with an overdue account balance. The accrued interest recorded for this note on December 31, 2013, is
\$3,960.00
\$330.00
\$990.00
No accrual is necessary
Prepaid Advertising has a debit balance in the Trial Balance section of the worksheet of \$3,500 and a credit entry of \$1,500 in the adjustments section of the worksheet, the balance of Prepaid Advertising in the Adjusted Trial Balance section of the worksheet is a
\$3,500 debit
\$1,500 debit
\$2,000 debit
\$2,000 credit
Abe & Anna Split Ice Cream Parlour paid \$2,150 cash for a 5-month advertising contract on September 30, 2013. The amount of advertising expense reported on the Income Statement for the year ending December 31, 2013, for this advertising contract is
\$1,290
\$1,720
\$430
\$2,150
The beginning capital balance shown on a statement of owner's equity is \$54,000. Net income for the period is \$16,000. The owner withdrew \$20,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is
\$50,000.
\$70,000.
\$90,000.
\$58,000.
The beginning capital balance shown on a statement of owner's equity is \$86,000. Net income for the period is \$36,000. The owner withdrew \$44,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is
\$78,000.
\$122,000.
\$166,000.
\$94,000
The beginning capital balance shown on a statement of owner's equity is \$290,000. Net income for the period is \$69,000. The owner withdrew \$34,500 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is
\$290,000.
\$359,000.
\$393,500.
\$324,500
A company reported gross profit of \$92,000, total operating expenses of \$49,000 and interest income of \$3,700. What is the income from operations?
\$39,300
\$46,700
\$43,000
\$35,600
At the end of the year Stan Still Stationery Store had the following balances: Sales \$590,000; Sales Discounts \$2,540; Sales Returns and Allowances \$14,600; Sales Salaries Expense \$65,000. The Net Sales for the year are:
\$575,400
\$507,860
\$572,860
\$587,460
• Accounting - Anonymous, Saturday, December 3, 2016 at 9:46pm

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