Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

problem 1: A company issued a $10,000, 90-day, non-interest-bearing note to the bank. The bank discounted the note by 10% (annualized percentage). What were the proceeds? Suppose 360 days in a year:

a. $9,000
b. $9,750
c. $10,000
d. $10,250

problem 2: ABC Company’s equipment was obtained for $200,000 and has a current book value of $125,000. The estimated market value of the equipment is $140,000 and the replacement cost of the equipment is $225,000. At what amount must the equipment be reported on the balance sheet?

a. $125,000
b. $140,000
c. $200,000
d. $225,000

problem 3: Unearned revenue is categorized as the given type of account:

a. Current Asset
b. Liability
c. Long-Term Asset
d. Revenue

problem 4: The total contract price for a construction project was $10,000,000 with an estimated construction cost of $7,500,000. Throughout the current year 30% of the project was completed and the cost incurred was $2,750,000. By using the percentage of completion technique of accounting, what amount of income would be identified for the year for this project:

a. $250,000
b. $750,000
c. $825,000
d. $2,500,000

problem 5: Acme Company is a business entity which has a reasonable expectation of continuing its business at a profit for an indefinite period of time. This is an illustration of the application of which of the given accounting concepts:

a. Business entity
b. Consistency
c. Going concern
d. Materiality

problem 6: Albert and Brian invest $150,000 and $75,000 correspondingly in a partnership and agree to a division of net income which provides for an allowance of interest at 8% on the original investments, salary allowances of $12,000 and $20,000 correspondingly and with the remainder divided equally (all in a given year). What would be Albert’s share of net income of $65,000 in a year:

a. $12,000
b. $31,500
c. $32,500
d. $34,000

problem 7: Deferred revenues of $100,000 were received and appropriately recorded in the ledger of the company. At the end of the accounting period, 20% of the deferred revenue had been earned, however unrecorded. The adjusting entry will need:

a. A debit to Cash and credit to Revenues for $20,000.
b. A debit to Unearned Revenues and a credit to Accounts Payable for $20,000.
c. A debit to Unearned Revenues and a credit to Cash for $20,000.
d. A debit to Unearned Revenues and a credit to Revenues for $20,000.

problem 8: Throughout its first year of operation, XYZ Company elected to use the straight line depreciation method for financial reporting purposes and the sum-of-the-years digits method to find out taxable income. The income tax rate is 35% and the amount of depreciation expense is $80,000 under the straight line method and $120,000 under the sum-of-the-years digits method. Determine the amount of income tax deferred to future years:

a. $14,000
b. $28,000
c. $40,000
d. $80,000

problem 9: The bonds payable account has a balance of $750,000 and the discount on bonds payable account has a balance of $150,000. Determine the carrying amount of the bonds:

a. $600,000
b. $750,000
c. $900,000
d. $1,050,000

problem 10: Assets total $700,000, liabilities total $150,000, and contributed capital totals $250,000. Determine the dollar amount of retained earnings:

a. $100,000
b. $300,000
c. $400,000
d. $550,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92838

Have any Question? 


Related Questions in Accounting Basics

Accounting questionin germany and china separate

Accounting Question: In Germany and China separate institutions established by law carry out the roles of public accounting and auditing. What is the impact of this professional practice on the usefulness of internationa ...

In your own words explain the recording process and the

In your own words, explain the recording process and the accounting equation to someone who has no accounting experience. Then, give your opinion on the elements or areas that might cause the most confusion or be the mos ...

Assignmentuncollectible accountsusing your text and at

Assignment Uncollectible Accounts Using your text and at least one scholarly source, prepare a two to three page paper (excluding title and reference page), in APA format, on the following: • Explain the difference betwe ...

Assignment gaap applicationsinternal controlrecall that in

Assignment: GAAP Applications Internal Control Recall that in Units 2 and 3, you completed the accounting cycle for Dustin Larkin of Quixote Consulting. Quixote Consulting is a part-time consulting business that recently ...

Focus of the final paperyouve just been hired onto abc

Focus of the Final Paper You've just been hired onto ABC Company as the corporate controller. ABC Company is a manufacturing firm that specializes in making cedar roofing and siding shingles. The company currently has an ...

Cost accounting systemsconsider the places of employment of

Cost Accounting Systems Consider the places of employment of the team members or businesses with which the team is familiar and the industries in which they operate. Create a 12-slide presentation, including detailed spe ...

Choose any one of the following topic and express your

Choose any one of the following topic and express your views on the same: Which areas of Agriculture, Food and Animal feed would you focus for syndicated research and why? OR What would it really take to feed the growing ...

Payrolllocate a payroll processing company you may either

Payroll Locate a payroll processing company. You may either contact one in person, by telephone, or conduct an Internet search. Write a brief report describing the advantages and disadvantages of using a payroll processi ...

Accountingthe accepted microsoft office versions for this

Accounting The accepted Microsoft Office versions for this assignment are Microsoft Office 2013 (for PC) and Microsoft Office for Mac 2011 (for Macintosh). Students may use a more recent version if available. Select a pe ...

Niagular corp just reported a net income of 8500000 amp its

Niagular Corp. just reported a net income of $8,500,000 & its current stock price is $25.75 per share. Niagular Corp. is forecasting an increase of 25% for its net income next year, but it also expects it will have to is ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen