ACCT 201 Final Exam (Chapters 7, 8, 10)
with answers 100% guaranteed pass
Which |of |the |following |is |an |exclusive |right |to |manufacture |a |product |or |to |use |a |process? |(Ch. |7) |- |
verified |answersPatent
How |much |depreciation |should |be |recorded |in |the |first |year |for |a |delivery |truck |purchased |on |April |1
|with |a |cost |of |$30,000, |an |expected |life |of |five |years |and |an |estimated |residual |value |of |$5,000? |
Assume |the |straight-line |method |is |used. |(Ch. |7) |- |verified |answers$3,750
How |much |depreciation |should |be |recorded |for |the |first |year |for |a |delivery |truck |with |a |cost |of |
$30,000, |an |expected |life |of |six |years, |and |an |estimated |residual |value |of |$6,000? |Assume |the |
double-declining-balance |method |is |used. |(Ch. |7) |- |verified |answers$10,000
If |an |asset |is |sold |at |the |end |of |its |first |year |of |use |which |depreciation |method |would |result |in |the |
highest |amount |of |gain |(or |lowest |amount |of |loss) |assuming |the |asset |is |used |fairly |evenly |over |its |
life? |- |verified |answersDouble-declining-balance
Papa's |Pizza |has |the |following |items |for |the |past |year: |Net |sales |are |$24,128, |net |income |is |$2,223, |
total |assets |at |the |beginning |of |year |are |$14,898, |and |total |assets |at |the |end |of |year |are |$15,465. |
What |is |the |profit |margin? |(Ch. |7) |- |verified |answers9.2%
On |October |1, |a |company |signs |a |$10,000, |5%, |6-month |note |payable. |How |much |interest |would |be |
recorded |by |December |31 |of |the |same |year? |(Ch. |8) |- |verified |answers$125
Which |of |the |following |items |is |typically |paid |by |the |employer |only? |- |verified |answersFederal |and |
state |unemployment |taxes
A |home |improvement |store |sells |some |merchandise |to |a |customer. |The |price |of |the |merchandise |is |
$200 |and |the |sales |tax |rate |is |6.5%. |How |much |would |be |recorded |in |the |sales |tax |payable |account? |-
|verified |answers$13.00
The |current |ratio |is: |- |verified |answersComputed |as |current |assets |divided |by |current |liabilities
Equipment |was |sold |for |$50,000. |The |equipment |was |originally |purchased |for |$85,000. |At |the |time |of
|the |sale, |the |equipment |had |accumulated |depreciation |of |$30,00. |What |is |the |amount |of |the |gain |or |
loss |to |be |recorded |on |the |sale |of |equipment? |- |verified |answersLoss |of |$5,000
Kansas |Enterprises |purchased |equipment |for |$80,500 |on |January |1, |2024. |The |equipment |is |expected |
to |have |a |five-year |service |life, |with |a |residual |value |of |$8,100 |at |the |end |of |five |years.
Using |the |double-declining |balance |method, |depreciation |expense |for |2024 |would |be: |(Do |not |round |
your |intermediate |calculations) |- |verified |answers$32,000
, Equipment |with |a |cost |of |$390,000 |and |estimated |residual |value |of |$60,000 |is |expected |to |have |a |
service |life |of |30,000 |hours. |During |August, |the |equipment |was |operated |700 |hours. |What |amount |
should |be |recorded |as |depreciation |expense |for |the |month? |- |verified |answers$7,700
A |company |purchased |new |equipment |for |$60,000. |The |company |paid |cash |for |the |equipment. |Other
|costs |associated |with |the |equipment |were: |transportation |costs, |$1,000; |sales |tax |paid, |$3,000; |and |
installation |cost, |$2,500. |The |total |capitalized |cost |reported |for |the |equipment |was: |- |verified |
answers$66,500
A |company |purchased |a |machine |for |$100,000 |on |October |1, |2024. |The |estimated |service |life |is |10 |
years |with |a |$10,000 |residual |value. |The |company |records |partial-year |depreciation |based |on |the |
number |of |months |in |service. |Depreciation |expense |for |the |year |ended |December |31, |2024, |using |
straight-line |depreciation, |is: |- |verified |answers$2,250
1- |Rock |Adventures |has |15 |employees |each |working |40 |hours |per |week |and |earning |$30 |an |hour. |
Federal |income |taxes |are |withheld |at |15% |and |state |income |taxes |at |6%. |FICA |taxes |are |7.65% |and |
unemployment |taxes |are |3.8% |of |the |first |$7,000 |earned |employee. |What |is |the |employer's |total |
payroll |tax |expense |for |the |first |week |of |January? |- |verified |answers$2,061
Which |of |the |following |is |not |a |current |liability?
A. |A |note |payable |due |in |2 |years
B. |Sales |tax |payable
C. |Accounts |payable
D. |Current |portion |of |long-term |debt |- |verified |answersA |note |payable |due |in |2 |years
Which |of |the |following |is |not |an |employer |payroll |cost?
A. |Federal |and |state |income |taxes
B. |Employer |contributions |to |a |retirement |plan
C. |Federal |and |state |unemployment |taxes
D. |FICA |taxes |- |verified |answersFederal |and |state |income |taxes
The |Copper |Grill |has |the |following |current |assets: |cash, |$12 |million; |receivables, |$57 |million; |
inventory, |$50 |million; |and |other |current |assets |$4 |million. |The |Copper |Grill |has |the |following |
liabilities: |accounts |payable, |$38 |million; |current |portion |of |long-term |debt, |$6 |million; |and |long-term |
debt, |$12 |million. |
Based |on |these |amounts, |calculate |the |current |ratio |and |the |acid-test |ratio |for |The |Copper |Grill. |- |
verified |answers2.8, |1.57
with answers 100% guaranteed pass
Which |of |the |following |is |an |exclusive |right |to |manufacture |a |product |or |to |use |a |process? |(Ch. |7) |- |
verified |answersPatent
How |much |depreciation |should |be |recorded |in |the |first |year |for |a |delivery |truck |purchased |on |April |1
|with |a |cost |of |$30,000, |an |expected |life |of |five |years |and |an |estimated |residual |value |of |$5,000? |
Assume |the |straight-line |method |is |used. |(Ch. |7) |- |verified |answers$3,750
How |much |depreciation |should |be |recorded |for |the |first |year |for |a |delivery |truck |with |a |cost |of |
$30,000, |an |expected |life |of |six |years, |and |an |estimated |residual |value |of |$6,000? |Assume |the |
double-declining-balance |method |is |used. |(Ch. |7) |- |verified |answers$10,000
If |an |asset |is |sold |at |the |end |of |its |first |year |of |use |which |depreciation |method |would |result |in |the |
highest |amount |of |gain |(or |lowest |amount |of |loss) |assuming |the |asset |is |used |fairly |evenly |over |its |
life? |- |verified |answersDouble-declining-balance
Papa's |Pizza |has |the |following |items |for |the |past |year: |Net |sales |are |$24,128, |net |income |is |$2,223, |
total |assets |at |the |beginning |of |year |are |$14,898, |and |total |assets |at |the |end |of |year |are |$15,465. |
What |is |the |profit |margin? |(Ch. |7) |- |verified |answers9.2%
On |October |1, |a |company |signs |a |$10,000, |5%, |6-month |note |payable. |How |much |interest |would |be |
recorded |by |December |31 |of |the |same |year? |(Ch. |8) |- |verified |answers$125
Which |of |the |following |items |is |typically |paid |by |the |employer |only? |- |verified |answersFederal |and |
state |unemployment |taxes
A |home |improvement |store |sells |some |merchandise |to |a |customer. |The |price |of |the |merchandise |is |
$200 |and |the |sales |tax |rate |is |6.5%. |How |much |would |be |recorded |in |the |sales |tax |payable |account? |-
|verified |answers$13.00
The |current |ratio |is: |- |verified |answersComputed |as |current |assets |divided |by |current |liabilities
Equipment |was |sold |for |$50,000. |The |equipment |was |originally |purchased |for |$85,000. |At |the |time |of
|the |sale, |the |equipment |had |accumulated |depreciation |of |$30,00. |What |is |the |amount |of |the |gain |or |
loss |to |be |recorded |on |the |sale |of |equipment? |- |verified |answersLoss |of |$5,000
Kansas |Enterprises |purchased |equipment |for |$80,500 |on |January |1, |2024. |The |equipment |is |expected |
to |have |a |five-year |service |life, |with |a |residual |value |of |$8,100 |at |the |end |of |five |years.
Using |the |double-declining |balance |method, |depreciation |expense |for |2024 |would |be: |(Do |not |round |
your |intermediate |calculations) |- |verified |answers$32,000
, Equipment |with |a |cost |of |$390,000 |and |estimated |residual |value |of |$60,000 |is |expected |to |have |a |
service |life |of |30,000 |hours. |During |August, |the |equipment |was |operated |700 |hours. |What |amount |
should |be |recorded |as |depreciation |expense |for |the |month? |- |verified |answers$7,700
A |company |purchased |new |equipment |for |$60,000. |The |company |paid |cash |for |the |equipment. |Other
|costs |associated |with |the |equipment |were: |transportation |costs, |$1,000; |sales |tax |paid, |$3,000; |and |
installation |cost, |$2,500. |The |total |capitalized |cost |reported |for |the |equipment |was: |- |verified |
answers$66,500
A |company |purchased |a |machine |for |$100,000 |on |October |1, |2024. |The |estimated |service |life |is |10 |
years |with |a |$10,000 |residual |value. |The |company |records |partial-year |depreciation |based |on |the |
number |of |months |in |service. |Depreciation |expense |for |the |year |ended |December |31, |2024, |using |
straight-line |depreciation, |is: |- |verified |answers$2,250
1- |Rock |Adventures |has |15 |employees |each |working |40 |hours |per |week |and |earning |$30 |an |hour. |
Federal |income |taxes |are |withheld |at |15% |and |state |income |taxes |at |6%. |FICA |taxes |are |7.65% |and |
unemployment |taxes |are |3.8% |of |the |first |$7,000 |earned |employee. |What |is |the |employer's |total |
payroll |tax |expense |for |the |first |week |of |January? |- |verified |answers$2,061
Which |of |the |following |is |not |a |current |liability?
A. |A |note |payable |due |in |2 |years
B. |Sales |tax |payable
C. |Accounts |payable
D. |Current |portion |of |long-term |debt |- |verified |answersA |note |payable |due |in |2 |years
Which |of |the |following |is |not |an |employer |payroll |cost?
A. |Federal |and |state |income |taxes
B. |Employer |contributions |to |a |retirement |plan
C. |Federal |and |state |unemployment |taxes
D. |FICA |taxes |- |verified |answersFederal |and |state |income |taxes
The |Copper |Grill |has |the |following |current |assets: |cash, |$12 |million; |receivables, |$57 |million; |
inventory, |$50 |million; |and |other |current |assets |$4 |million. |The |Copper |Grill |has |the |following |
liabilities: |accounts |payable, |$38 |million; |current |portion |of |long-term |debt, |$6 |million; |and |long-term |
debt, |$12 |million. |
Based |on |these |amounts, |calculate |the |current |ratio |and |the |acid-test |ratio |for |The |Copper |Grill. |- |
verified |answers2.8, |1.57
