post university acc 111 final exam all 3 parts

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Final exam paart 1

·
Question 1

3 out of 3 points

A
company was recently formed with $ 50,000 cash contributed to the company by
stock-holders. The company then borrowed $ 20,000 from a bank and bought $
10,000 of supplies on account. The company also purchased $ 50,000 of
equipment by paying $ 20,000 in cash and issuing a note for the remainder.
What is the amount of total assets to be reported on the balance sheet?

·
Question 2

3 out of 3 points

A
company purchases $23,000 of supplies in the current month and promises to
pay for them next month. How would the company record a
liability for the supplies?

Selected Answer:

Correct Answer:

·
Question 3

3 out of 3 points

A
company was recently formed with $ 100,000 cash contributed to the company by
stock-holders. The company then borrowed $ 50,000 from a bank and bought a $
20,000 vehicle for cash. They also purchased $10,000 of
equipment by paying $ 2,000 in cash and issuing a note for the remainder.
What is the amount of total assets to be reported on the balance sheet?

·
Question 4

3 out of 3 points

A
company has net sales of $500,000 and cost of goods sold of $400,000. The company’s gross profit percentage
is:

·
Question 5

3 out of 3 points

A
$ 1,000 sale is made on May 1 with terms 2/ 10, n/ 30. What amount, if
received on May 9, will be considered payment in full?

·
Question 6

3 out of 3 points

The
200X records of Thompson Company showed beginning inventory of $6,000, cost
of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was:

·
Question 7

3 out of 3 points

Post
Company began the current month with $10,000 in inventory, then purchased
inventory at a cost of $35,000. The inventory at the end of the month
was $20,000.The cost of goods sold would be:

·
Question 8

3 out of 3 points

A
company lends its CEO $150,000 for 3 years at a 6% annual interest rate. Interest payments are to be made
twice a year. Each interest payment will be for:

·
Question 9

3 out of 3 points

Post
Company lends Blue Company $40,000 on April 1, accepting a 4 month, 4.5%
interest note.Post Company prepares financial statements on
April 30.What adjusting entry should they make?

·
Question 10

3 out of 3 points

On
January 1, 200X Jones Company purchased a machine for $20,000. The machine had a salvage value of
$2,000 and a useful life of 5 years. Using straight line depreciation, the
accounting entry for recording depreciation expense for 200X would be:

·
Question 11

3 out of 3 points

Post
Company uses straight- line depreciation for all of its depreciable assets.Post sold a piece of machinery on
December 31, 2009, that it purchased on January 1, 2009 for $ 2,000. The
asset had a five year life and zero residual value. Accumulated depreciation was $400.If the sales price of the used
machine was $ 1,200, the resulting gain or loss on disposal was which of the
following amounts?

·
Question 12

3 out of 3 points

On
July 1, 200X you enter into a note payable of $200,000 with a 5% annual
interest rate. Your interest expense for 200X will be:

·
Question 13

3 out of 3 points

Post Company issues a 6 year, 6%, $200,000 bond
at par on July 31. How much interest will be paid over the life of the
bond?

·

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·

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Final exam part2

·
Question 1

3 out of 3 points

The
accounting equation is:

·
Question 2

3 out of 3 points

The
Statement of Retained earnings shows:

·
Question 3

3 out of 3 points

The
Income Statement shows:

·
Question 4

3 out of 3 points

Which
of the following regarding retained earnings is false?

Response Feedback:

Retained
earnings is an equity account, not an asset.

·
Question 5

3 out of 3 points

In
regard to current liabilities which of the following is false?

·
Question 6

3 out of 3 points

Which
of the following are current assets?

·
Question 7

3 out of 3 points

In
reference to accrual accounting which of the following is true?

·
Question 8

3 out of 3 points

During
November 200X John painted a barn. The customer does not pay John until
January this next year. Which of the following statements is correct?

·
Question 9

3 out of 3 points

Payment
of a dividend will:

Final exam part 3

·

·

·

·
Question 1

3 out of 3 points

A
company was recently formed with $ 50,000 cash contributed to the company by
stock-holders. The company then borrowed $ 20,000 from a bank and bought $
10,000 of supplies on account. The company also purchased $ 50,000 of
equipment by paying $ 20,000 in cash and issuing a note for the remainder.
What is the amount of total assets to be reported on the balance sheet?

·
Question 2

3 out of 3 points

A
company purchases $23,000 of supplies in the current month and promises to
pay for them next month. How would the company record a
liability for the supplies?

Selected Answer:

Correct Answer:

·
Question 3

3 out of 3 points

A
company was recently formed with $ 100,000 cash contributed to the company by
stock-holders. The company then borrowed $ 50,000 from a bank and bought a $
20,000 vehicle for cash. They also purchased $10,000 of
equipment by paying $ 2,000 in cash and issuing a note for the remainder.
What is the amount of total assets to be reported on the balance sheet?

·
Question 4

3 out of 3 points

A
company has net sales of $500,000 and cost of goods sold of $400,000. The company’s gross profit percentage
is:

·
Question 5

3 out of 3 points

A
$ 1,000 sale is made on May 1 with terms 2/ 10, n/ 30. What amount, if
received on May 9, will be considered payment in full?

·
Question 6

3 out of 3 points

The
200X records of Thompson Company showed beginning inventory of $6,000, cost
of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was:

·
Question 7

3 out of 3 points

Post
Company began the current month with $10,000 in inventory, then purchased
inventory at a cost of $35,000. The inventory at the end of the month
was $20,000.The cost of goods sold would be:

·
Question 8

3 out of 3 points

A
company lends its CEO $150,000 for 3 years at a 6% annual interest rate. Interest payments are to be made
twice a year. Each interest payment will be for:

·
Question 9

3 out of 3 points

Post
Company lends Blue Company $40,000 on April 1, accepting a 4 month, 4.5%
interest note.Post Company prepares financial statements on
April 30.What adjusting entry should they make?

·
Question 10

3 out of 3 points

On
January 1, 200X Jones Company purchased a machine for $20,000. The machine had a salvage value of
$2,000 and a useful life of 5 years. Using straight line depreciation, the
accounting entry for recording depreciation expense for 200X would be:

·
Question 11

3 out of 3 points

Post
Company uses straight- line depreciation for all of its depreciable assets.Post sold a piece of machinery on
December 31, 2009, that it purchased on January 1, 2009 for $ 2,000. The
asset had a five year life and zero residual value. Accumulated depreciation was $400.If the sales price of the used
machine was $ 1,200, the resulting gain or loss on disposal was which of the
following amounts?

·
Question 12

3 out of 3 points

On
July 1, 200X you enter into a note payable of $200,000 with a 5% annual
interest rate. Your interest expense for 200X will be:

·
Question 13

3 out of 3 points

Post Company issues a 6 year, 6%, $200,000 bond
at par on July 31. How much interest will be paid over the life of the
bond?

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