19 Jun INTEREST AND DIVIDENDS EARNED DURING THE PERIOD ARE REPORTED ON THE INCOME STATEMENT FOR WHICH MARKETABLE SECURITIES?
After the mailroom employee opens the cash receipts, the remittance advices go to the
A. bank. B. controller. C. accounting department. D. treasurer.
2. The maturity value equals
A. the interest due minus interest paid. B. the principal plus all interest due. C. the principal plus interest paid. D. the interest due by the maturity date.
3. The following is selected data for Allied Industries: What is the return on assets (rounded to the nearest tenth of a percent) for 2014? Allied Industries 2014 2013 Sales $1,642,000 $1,743,000 Net Income $173,000 $191,000 Total Current Assets $177,000 $163,000 Property, Plant, and Equipment $724,000 $644,000
A. 19.2 B. 23.9 C. 25.3 D. 20.3
4. The processing of credit card and debit card transactions is generally done
A. over the Internet. B. at the retail site. C. at the financial institution of the retailer. D. by hired third parties.
5. A new vehicle was purchased on January 1 for $38,000. It has a salvage value of $7,000 and a useful life of 5 years. Using the straight-line method, how much will the depreciation expense for the vehicle be for the first year (to the nearest dollar)?
A. $633 B. $517 C. $7,600 D. $6,200
6. ACME Corporation lent $25,000 to Hastings, Inc. for 75 days at 7% interest on November 22, 2014. How much interest will have accrued to ACME Corporation on December 31, 2014, assuming a 360-day year?
A. $189.58 B. $204.52 C. $175.00 D. $364.58
7. Which of the following is a tangible asset?
A. Goodwill B. Franchise C. Copyright D. Land
8. The ________ verifies the amount of the deposit and the total amount posted to the cash account.
A. controller B. bank C. treasurer D. accounting department
9. Quick ratio is another name for the _______ ratio.
A. net B. current C. acid-test D. unadjusted
10. On January 1, $400,000 of 12%, 10-year bonds were sold for $380,000. The bonds require semiannual interest payments on June 30 and December 31. The journal entry for the June 30 interest payment is
A. debit Interest expense $23,000; debit Discount on bonds payable, $1,000; credit Cash, $24,000. B. debit Interest expense $25,000; credit Discount on bonds payable, $1,000; credit Cash, $24,000. C. debit Interest expense $25,000; credit Cash, $25,000. D. debit Interest expense $24,000; credit Cash, $24,000.
11. Fixed assets are also called _______ assets, or tangible assets.
A. natural B. plant C. property D. saleable
12. A three-month note dated June 12 will mature on
A. September 12. B. September 30. C. September 1. D. June 12.
13. Proceeds from credit card and debit card transactions are generally deposited into a business’s bank account within
A. three to five days. B. one to three days. C. a week. D. a month.
14. Subway restaurants and the Seattle Mariners are both examples of
A. copyrighted companies. B. franchises. C. trademarked entities. D. patents.
15. At the end of a/ an _______ lease, the lessee will return the asset to the lessor.
A. transferring B. incomplete C. operating D. capital
16. Under the allowance method, recording the receipt of cash after an account has been written off first requires that you
A. reinstate the customer’s account. B. debit Allowance for Doubtful Accounts. C. debit Bad Debt Expense. D. audit the customer’s account.
17. A company signs a note payable for $3,500 at 9% for 45 days. How much interest (to the nearest cent) will the company owe using a 360-day year?
A. $315.00 B. $39.38 C. $38.84 D. $354.38 End of exam
18. Renaud, Inc. has credit sales of $85,000 for the period. The balance in Allowance for Doubtful Accounts is a debit of $817. If Renaud uses the aging method to estimate uncollectible accounts and an aging of accounts receivable reflected an estimated amount of uncollectible accounts of $6,342, what is the credit to Allowance for Doubtful Accounts?
A. $4,250 B. $6,342 C. $5,525 D. $7,159
19. If an asset produces more revenue in its early years, the depreciation method best suited for this asset is the
A. double-declining balance method. B. expense method. C. units-of-production method. D. straight-line method.
20. Interest and dividends earned during the period are reported on the income statement for which marketable securities?
A. Trading securities B. All types of securities C. Held-to-maturity securities D. Available-for-sale securities
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.