Dorman Company had the following items to report on its balance sheet: $\begin{array}{lr} \text { Employee advances } & \$ 1,580 \\ \text { Amounts owed by customers for the sale of services (due in } 30 \text { days) } & 3,050 \\ \text { Refundable income taxes } & 1,120 \\ \text { Interest receivable } & 950 \\ \text { Accepted a formal instrument of credit for services (due in } 18 \text { months) } & 2,220 \\ \text { A loan to company president } & 10,000 \end{array}$ Based on this information what amount should appear in the "Other Receivables" category?

A) $20300 B) $13650 C) $15030 D) $17250 A) $20300 B) $13650 C) $15030 D) $17250

Delightful Discs has the following inventory data: \[\begin{array} { r l r } \text { Nov. } 1 & \text { Inventory } & 30 \text { units } @ \$ 6.00 \text { each } \\ 8 & \text { Purchase } & 120 \text { units } @ \$ 6.45 \text { each } \\ 17 & \text { Purchase } & 60 \text { units } @ \$ 6.30 \text { each } \\ 25 & \text { Purchase } & 90 \text { units } @ \$ 6.60 \text { each } \end{array}\] A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand.Ending inventory under LIFO is

A) $657 B) $632 C) $1269 D) $1295 A) $657 B) $632 C) $1269 D) $1295

Barnett Company had the following records: \[\begin{array} { l c c } & \underline { 2022 } & \underline { 2021 } \\ \text { Ending inventory } & \$ 32,650 & \$ 30,490 \\ \text { Cost of goods sold } & 306,300 & 313,600 \end{array}\] What is Barnett's inventory turnover for 2022? (rounded)

A) 9.4 times B) 9.7 times C) 9.9 times D) 10.0 times A) 9.4 times B) 9.7 times C) 9.9 times D) 10.0 times

Use the following information regarding Black Company and Red Company to answer the question "Which of the following is Black Company's "cost of goods sold" for 2021 (to the closest dollar)?" \[\begin{array}{l} \begin{array} { | l | c | c | c | } \hline & \text { Year } & \begin{array} { c } \text { Inventory } \\ \text { Turnover } \end{array} & \text { Ending Inventory } \\ \hline \text { Black Company } & 2020 & & \$ 26,340 \\ \hline & 2021 & 8.7 & \$ 29,890 \\ \hline & 2022 & 8.4 & \$ 30,100 \\ \hline \\ \hline \text { Red Company } & 2020 & & \$ 25,860 \\ \hline & 2021 & 7.0 & \$ 24,750 \\ \hline & 2022 & 7.5 & \$ 22,530 \\ \hline \end{array} \end{array}\]

A) $252840 B) $260043 C) $244601 D) $260957 A) $252840 B) $260043 C) $244601 D) $260957

Trumpeting Trumpets has the following inventory data: \[\begin{array} { r l l } \text { July } 1 & \text { Beginning inventory } & 50 \text { units at } \$ 120 \\ 5 & \text { Purchases } & 300 \text { units at } \$ 112 \\ 14 & \text { Sale } & 200 \text { units } \\ 21 & \text { Purchases } & 150 \text { units at } \$ 115 \\ 30 & \text { Sale } & 140 \text { units } \end{array}\] Assuming that a periodic inventory system is used what is the cost of goods sold on a FIFO basis?

A) $18320 B) $18370 C) $38480 D) $38530 A) $18320 B) $18370 C) $38480 D) $38530

Exam 6: Reporting and Analyzing Long-Lived Assets

The following information is related to December 31 2021 balances. Accounts receivable \ 3,150,000 Allowance for doubtful accounts 270,000 Cash realizable value \ 2,880,000 During 2022 sales on account were $870000 and collections on account were $516000.Also during 2022 the company wrote off $48000 in uncollectible accounts.An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $324000.Bad debt expense for 2022 is

(Multiple Choice)

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Question 61

Dorman Company had the following items to report on its balance sheet: Employee advances \ 1,580 Amounts owed by customers for the sale of services (due in 30 days) 3,050 Refundable income taxes 1,120 Interest receivable 950 Accepted a formal instrument of credit for services (due in 18 months) 2,220 A loan to company president 10,000 Based on this information what amount should appear in the "Other Receivables" category?

(Multiple Choice)

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Question 62

The inventory turnover is calculated by dividing cost of goods sold by

(Multiple Choice)

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Question 63

Manufactured inventory that has begun the production process but is not yet completed is

(Multiple Choice)

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Question 64

Which of these would cause the inventory turnover ratio to increase the most?

(Multiple Choice)

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Question 65

At December 31 2022 Mohling Company's inventory records indicated a balance of $632000.Upon further investigation it was determined that this amount included the following: • $112,000 in inventory purchases made by Mohling shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2 • $74,000 in goods sold by Mohling with terms FOB destination on December 27. The goods are not expected to reach their destination until January 6 • $6,000 of goods received on consignment from Dollywood Company What is Mohling's correct ending inventory balance at December 31 2022?

(Multiple Choice)

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Question 66

Delightful Discs has the following inventory data: Nov. 1 Inventory 30 units @\ 6.00 each 8 Purchase 120 units @\ 6.45 each 17 Purchase 60 units @\ 6.30 each 25 Purchase 90 units @\ 6.60 each A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand.Ending inventory under LIFO is

(Multiple Choice)

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Question 67

Goods held on consignment should be included in the consignor's ending inventory.

(True/False)

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Question 68

The First-in First-out (FIFO) inventory method results in an ending inventory valued at the most recent cost.

(True/False)

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Question 69

In periods of rising prices the inventory method which results in the inventory value on the balance sheet that is closest to current cost is the

(Multiple Choice)

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Question 70

Barnett Company had the following records: Ending inventory \ 32,650 \ 30,490 Cost of goods sold 306,300 313,600 What is Barnett's inventory turnover for 2022? (rounded)

(Multiple Choice)

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Question 71

Notes or accounts receivables that result from sales transactions are often called

(Multiple Choice)

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Question 72

Use the following information regarding Black Company and Red Company to answer the question "Which of the following is Black Company's "cost of goods sold" for 2021 (to the closest dollar)?" Year Inventory Turnover Ending Inventory Black Company 2020 \ 26,340 2021 8.7 \ 29,890 2022 8.4 \ 30,100 Red Company 2020 \ 25,860 2021 7.0 \ 24,750 2022 7.5 \ 22,530

(Multiple Choice)

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Question 73

Trumpeting Trumpets has the following inventory data: July 1 Beginning inventory 50 units at \ 120 5 Purchases 300 units at \ 112 14 Sale 200 units 21 Purchases 150 units at \ 115 30 Sale 140 units Assuming that a periodic inventory system is used what is the cost of goods sold on a FIFO basis?

(Multiple Choice)

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Question 74

Bad Debt Expense is considered

(Multiple Choice)

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Question 75

In accounting for inventory the assumed flow of costs must match the physical flow of goods.

(True/False)

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Question 76

In a period of increasing prices which inventory flow assumption will result in the lowest amount of income tax expense?

(Multiple Choice)

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Question 77

Hoover Company had beginning inventory of $15000 at March 1 2022.During the month the company made purchases of $65000.The inventory at the end of the month is $17300.What is cost of goods sold for the month of March?

(Multiple Choice)

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Question 78

Under the allowance method when a specific account is written off

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Question 79

Both accounts receivable and notes receivable represent claims that are expected to be collected in cash.

(True/False)

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Question 80

The inventory turnover is calculated by dividing cost of goods sold by

Manufactured inventory that has begun the production process but is not yet completed is

Which of these would cause the inventory turnover ratio to increase the most?

Goods held on consignment should be included in the consignor's ending inventory.

The First-in First-out (FIFO) inventory method results in an ending inventory valued at the most recent cost.

In periods of rising prices the inventory method which results in the inventory value on the balance sheet that is closest to current cost is the

Barnett Company had the following records: Ending inventory \ 32,650 \ 30,490 Cost of goods sold 306,300 313,600 What is Barnett's inventory turnover for 2022? (rounded)

Notes or accounts receivables that result from sales transactions are often called

Trumpeting Trumpets has the following inventory data: July 1 Beginning inventory 50 units at \ 120 5 Purchases 300 units at \ 112 14 Sale 200 units 21 Purchases 150 units at \ 115 30 Sale 140 units Assuming that a periodic inventory system is used what is the cost of goods sold on a FIFO basis?

Bad Debt Expense is considered

In accounting for inventory the assumed flow of costs must match the physical flow of goods.

In a period of increasing prices which inventory flow assumption will result in the lowest amount of income tax expense?

Hoover Company had beginning inventory of $15000 at March 1 2022.During the month the company made purchases of $65000.The inventory at the end of the month is $17300.What is cost of goods sold for the month of March?

Under the allowance method when a specific account is written off

Both accounts receivable and notes receivable represent claims that are expected to be collected in cash.

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Accrual Accounting Concepts

Fraud, Internal Control, and Cash

Reporting and Analyzing Liabilities and Stockholders Equity

Financial Analysis: the Big Picture

Managerial Accounting

Cost-Volume-Profit

Incremental Analysis

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Activity Based Costing

Cost-Volume Profit Analysis: Additional Issues

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