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April 25, 2014

Homework Help: accounting

Posted by Shawn Williams on Sunday, December 2, 2012 at 5:24pm.

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

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