ACCT 201 Final Exam 2025 – Complete Coverage of Plant
Assets, Intangible Assets, and Key Accounting Principles
University of Phoenix
CR |Company |earned |revenues |of |$170,000, |paid |dividends |of |$20,000, |incurred |expenses |of |$50,000, |
and |purchased |$10,000 |of |assets |during |December. |How |much |is |net |income |from |December? |- |
verified |answers120,000
The |*principle* |of |a |$4,000, |9%, |60-day |note |receivable |dated |July |3 |is: |- |verified |answers4,000
If |the |transaction |causes |an |assets |account |to |decrease, |which |of |the |following |related |effects |may |
occur? |- |verified |answersAn |increase |of |equal |amount |in |another |asset |account
The |adjusted |trial |balance |for |LR |Company |at |the |end |of |the |current |fiscal |year |contains |the |following
|accounts:
| 5 |year |bonds |payable |8% |1,600,000 |
| Interest |payable |50,000
| Premium |on |bonds |payable |150,000
| Notes |payable |due |in |3 |months |40,000
| Notes |payable |due |in |5 |years |145,000
| Mortgage |payable |($15,000 |due |currently) |
| 300,000 |(285,000)
| Salaries |payable |18,000
| Taxes |payable |25,000
The |total |long |term |liabilities |reported |on |the |balance |sheet |are: |- |verified |answers2,180,000
The |financial |statement |that |presents |the |assets, |liabilities, |and |owner's |equity |at |a |particular |date |is:
|- |verified |answersBalance |Sheet
If |the |market |interest |rate |is |10%, |a |$10,000, |12%, |10 |year |bond |that |pays |interest |semiannually |
would |sell |at |an |amount: |- |verified |answersGreater |than |face |value
HD |Spa |bought |equipment |costing |$15,000 |on |January |1, |total |depreciation |during |the |year |totaled |
$3,000. |After |making |the |journal |entry |to |record |depreciation |, |what |is |the |ending |balance |in |the |
equipment |account? |- |verified |answers15,000
, Which |of |the |following |groups |of |accounts |have |normal |credit |balances? |- |verified |answersrevenues, |
liabilities, |and |retained |earnings
Which |of |the |following |would |appear |on |the |income |statement |of |both |a |merchandising |company |
and |a |service |company? |- |verified |answersOperating |expenses
Which |of |the |following |is |TRUE? |- |verified |answersA |journal |is |a |chronological |record |of |individual |
business |transactions
If |sales |revenues |are |$500,000, |cost |of |goods |sold |is |$320,000, |and |operating |expenses |are |$80,000, |
the |gross |profit |is: |- |verified |answers180,000
Given |the |following |account |balances |at |year |end, |compute |the |total |intangible |assets |on |the |balance
|sheet |of |KE |Company:
|
| Cash |1,500,000
| Accounts |Receivables |4,000,000
| Trademarks |1,000,000
| Goodwill |2,500,000
| Research |&Development |Costs |2,000,000 |- |verified |answers3,500,000
Which |of |the |following |are |all |nominal |(temporary) |accounts? |- |verified |answersrevenues, |expenses, |
and |dividends
On |December |31, |MR |Inc. |has |the |following |information |available: |Service |Revenue, |$100,000; |
Salaries |Expense, |$15,000; |Utilities |Expense, |$10,000; |and |dividends, |$20,000. |After |closing |these |
accounts, |the |resulting |balance |in |the |income |summary |would |be? |- |verified |answers$75,000 |Debit |
Balance
If |the |month |end |Bank |Statement |shows |a |balance |of |$36,000, |outstanding |checks |are |$10,000, |a |
deposit |of |$4,000 |was |in |transit |at |month |end, |and |a |check |for |$600 |was |erroneously |charged |by |the |
bank |against |the |account, |the |correct |balance |in |the |bank |account |at |month |end |is: |- |verified |
answers$30,600
Net |income |from |the |income |statement |appears |on: |- |verified |answersThe |retained |earnings |
statement
If |the |shipping |terms |are |FOB |shipping |point |and |the |freight |bill |is |$200, |the |purchaser |of |the |
merchandise |inventory |using |a |perpetual |inventory |system |would |record |payment |of |the |fright |bill |
with |a |debit |to: |- |verified |answersMerchandise |inventory |and |Credit |to |cash |for |$200
Which |of |the |following |would |cause |cash |per |the |bank |statement |to |be |smaller |than |the |balance |of |
cash |shown |in |the |accounting |records? |- |verified |answersDeposits |in |transit
Based |on |the |following |data, |what |is |the |amount |of |current |assets?
| Accounts |Payable |$31,000 |
Assets, Intangible Assets, and Key Accounting Principles
University of Phoenix
CR |Company |earned |revenues |of |$170,000, |paid |dividends |of |$20,000, |incurred |expenses |of |$50,000, |
and |purchased |$10,000 |of |assets |during |December. |How |much |is |net |income |from |December? |- |
verified |answers120,000
The |*principle* |of |a |$4,000, |9%, |60-day |note |receivable |dated |July |3 |is: |- |verified |answers4,000
If |the |transaction |causes |an |assets |account |to |decrease, |which |of |the |following |related |effects |may |
occur? |- |verified |answersAn |increase |of |equal |amount |in |another |asset |account
The |adjusted |trial |balance |for |LR |Company |at |the |end |of |the |current |fiscal |year |contains |the |following
|accounts:
| 5 |year |bonds |payable |8% |1,600,000 |
| Interest |payable |50,000
| Premium |on |bonds |payable |150,000
| Notes |payable |due |in |3 |months |40,000
| Notes |payable |due |in |5 |years |145,000
| Mortgage |payable |($15,000 |due |currently) |
| 300,000 |(285,000)
| Salaries |payable |18,000
| Taxes |payable |25,000
The |total |long |term |liabilities |reported |on |the |balance |sheet |are: |- |verified |answers2,180,000
The |financial |statement |that |presents |the |assets, |liabilities, |and |owner's |equity |at |a |particular |date |is:
|- |verified |answersBalance |Sheet
If |the |market |interest |rate |is |10%, |a |$10,000, |12%, |10 |year |bond |that |pays |interest |semiannually |
would |sell |at |an |amount: |- |verified |answersGreater |than |face |value
HD |Spa |bought |equipment |costing |$15,000 |on |January |1, |total |depreciation |during |the |year |totaled |
$3,000. |After |making |the |journal |entry |to |record |depreciation |, |what |is |the |ending |balance |in |the |
equipment |account? |- |verified |answers15,000
, Which |of |the |following |groups |of |accounts |have |normal |credit |balances? |- |verified |answersrevenues, |
liabilities, |and |retained |earnings
Which |of |the |following |would |appear |on |the |income |statement |of |both |a |merchandising |company |
and |a |service |company? |- |verified |answersOperating |expenses
Which |of |the |following |is |TRUE? |- |verified |answersA |journal |is |a |chronological |record |of |individual |
business |transactions
If |sales |revenues |are |$500,000, |cost |of |goods |sold |is |$320,000, |and |operating |expenses |are |$80,000, |
the |gross |profit |is: |- |verified |answers180,000
Given |the |following |account |balances |at |year |end, |compute |the |total |intangible |assets |on |the |balance
|sheet |of |KE |Company:
|
| Cash |1,500,000
| Accounts |Receivables |4,000,000
| Trademarks |1,000,000
| Goodwill |2,500,000
| Research |&Development |Costs |2,000,000 |- |verified |answers3,500,000
Which |of |the |following |are |all |nominal |(temporary) |accounts? |- |verified |answersrevenues, |expenses, |
and |dividends
On |December |31, |MR |Inc. |has |the |following |information |available: |Service |Revenue, |$100,000; |
Salaries |Expense, |$15,000; |Utilities |Expense, |$10,000; |and |dividends, |$20,000. |After |closing |these |
accounts, |the |resulting |balance |in |the |income |summary |would |be? |- |verified |answers$75,000 |Debit |
Balance
If |the |month |end |Bank |Statement |shows |a |balance |of |$36,000, |outstanding |checks |are |$10,000, |a |
deposit |of |$4,000 |was |in |transit |at |month |end, |and |a |check |for |$600 |was |erroneously |charged |by |the |
bank |against |the |account, |the |correct |balance |in |the |bank |account |at |month |end |is: |- |verified |
answers$30,600
Net |income |from |the |income |statement |appears |on: |- |verified |answersThe |retained |earnings |
statement
If |the |shipping |terms |are |FOB |shipping |point |and |the |freight |bill |is |$200, |the |purchaser |of |the |
merchandise |inventory |using |a |perpetual |inventory |system |would |record |payment |of |the |fright |bill |
with |a |debit |to: |- |verified |answersMerchandise |inventory |and |Credit |to |cash |for |$200
Which |of |the |following |would |cause |cash |per |the |bank |statement |to |be |smaller |than |the |balance |of |
cash |shown |in |the |accounting |records? |- |verified |answersDeposits |in |transit
Based |on |the |following |data, |what |is |the |amount |of |current |assets?
| Accounts |Payable |$31,000 |
