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Keller ACCT 504 Week 4 Midterm with Answers

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ACCT 504 Week 4 Midterm Answers

  1. (TCO A) Assets include
  2. (TCO B) For 2014, CAP Corporation reported net income of $96,000; net sales $1,440,000; and weighted average shares outstanding of 9,600. There were no preferred dividends. What was the 2014 earnings per share?
  3. (TCO C) Selling a long-term asset is an example of a(n)
  4. (TCO D) The ending Retained Earnings balance is found on which of the following statements?
  5. (TCO E) Which of the following describes the normal balance and classification of the Accumulated Depreciation account?
  6. (TCO F) Which of the following items is handled as a deferral?
  7. (TCO A) XYZ Company recorded the following events involving a recent merchandise purchase.
  8. (TCO B) In periods of rising prices, which of the following inventory methods results in the lowest income taxes?
  9. (TCO A) On a classified balance sheet, which is the least liquid asset listed below?
  10. (TCO E) Which of the following is a component of internal control?
  11. (TCOs A and E) Your friend, Ellen, has hired you to evaluate the following internal control procedures.
    Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which internal control procedure relates to each of the internal controls.

    For the weaknesses, you also need to state a recommendation for improvement.
  12. (TCOs E and F) Please prepare the following journal entries. Indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit.

    (1) Investors invest $70,000 in exchange for 1,000 shares of common stock.
    (2) Company paid a utility bill for $2,000. 
    (3) The unadjusted balance of the Supplies account is $5,200 and the total cost of supplies on hand is $4,000.
    (4) Company received $5,000 for services performed.
    (5) The company needs to record $15,000 for depreciation.
  13. (TCOs B and D) The following items are taken from the financial statements of Ashe Company for 2012:

    Equipment

    $100,000

    Accounts Receivable

    12,000

    Accounts Payable

    9,000

    Cost of Goods Sold

    72,000

    Utilities Expense

    11,000

    Depreciation Expense

    17,000

    Insurance Expense

    9,000

    Common Stock

    200,000

    Dividends

    12,000

    Rent Expense

    3,000

    Note Payable (due 2014)

    40,000

    Advertising Expense

    14,000

    Prepaid Insurance

    17,000

    Retained Earnings (beginning)

    44,000

    Accumulated Depreciation

    50,000

    Salaries Expense

    60,000

    Salaries Payable

    3,500

    Net sales

    205,000

    Supplies

    4,000

    Supplies Expense

    5,000

     

     



    Instructions

    (a) Calculate the net income. (18 points)
    (b) Calculate the balance of Retained Earnings that would appear on a balance sheet at December 31, 2012. (7 points)
    (c) Calculate the gross profit percentage. (5 points)

  14. (TCO D) The following items are taken from the financial statements of SRW Company for 2012:

      

    Cash

    $375,000

    Accounts Receivable

    125,000

    Prepaid Insurance

    100,000

    Accounts Payable

    88,000

    Unearned Service Revenue

    15,000

    Equipment, net of accumulated depreciation

    177,000

    Common Stock

    125,000

    Retained Earnings 12/31/2011

    106,000

    Long-term debt

    336,500

    Service revenue

    225,000

    Cost of Goods Sold

    62,500

    Rent expense

    30,000

    Supplies expense

    8,000

    Insurance expense

    18,000

    Instructions
      
    (a) Please create a classified Balance Sheet in good form for the year ended 2012. (25 points)

    (b) Please calculate the current ratio.  (5 points)

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