1.The entry to record the equal distribution of net income between two partners consists of a debit to a)income summary and a credit to each partners capital account. b)each partners capital account and a credit to Cash. c)Income Summary and a credit to each partners drawing account. d)each partner’s capital account and a credit to Income Summary.
2.A corporation has 2,000 shares of 10%, $50 par value preferred (nonparticipating and non cumulative) stock and 20,000 shares of $5 par-value common stock outstanding. If the board of the directors decides to distribute dividends totaling $150,000, the common stockholders will receive a dividend of ______a share. a)$7.00 b)$7.50 c)8.00 d)$
3.The entry to record the issuance of bonds at face value include a: a)credit to Bond Interest Payable b)credit to Bond Payable c)debit to Bond Interest Expense d)debit to Bond Interest Payable
May 31-Recorded cash from cash clients for fees earned for the period May 25-31, $2,875
4.In a vertical analysis of data, the cost of goods sold most likely would be expressed as a percentage of: a)net sales b)net income c)gross profit on sales d)total expenses
5.An example of an investing activity on the statement of cash flows is the: a)issue of preferred stock b)resale of treasury stock c)issue of bonds and notes payable d)purchase of property, plant, or equipment for cash
May 27-Received cash from clients on account, $6,600
6.Managerial accounting is generally utilized to provide financial information about all of the following except: a)business segments b)corporate headquarters c)products d)activities
7.A firm purchased 50 loansolution.com/title-loans-hi units of materials with a unit price of $1.30 on June 1. On June 15, the firm purchased 50 units with a unit price of $1.20. If the firm uses the LIFO method of inventory pricing, the total cost of 65 units issued on June 20 would be: a)$ b)$ c)$ d)$
8.A firm had a beginning work in process inventory totaling $4,000 and current period costs of $22,500. Equivalent production was 5,000 units, and 3,000 units were completed and transferred to the finished goods inventory. Inventory costs would be determined using a unit cost of: a)$8.83 b)$5.30 c)$4.50 d)$7.50
You are given the following information below: – Post closing trial balance for – Transactions for the month of – Insurance was purchased for a one-year period, starting on , for a one-year period, starting on ent has a 5 year life, with a $2,500 salvage value. – A supplies inventory count shows an ending balance of $1350. – Assume that the receptionist works 5 days a week and earns an even amount per day. The May 28th payroll pays her up to May 28th (Wednesday).
May 3- Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $1,550. May 9-Paid cash for a newspaper advertisement, $100 May 13-Paid Office Station Co. for part of the debt incurred on April 5, $400 May 15-Recorded services provided on account for the period May 1-15, $5,100. May 16-Paid part-time receptionist for two weeks’ salary including the amount owed on April 13, $750. May 17-Recorded cash from cash clients for fees earned during the period May 1-16, $7,380 May 20-Purchased supplies on account, $500. May 21-Recorded Fees Earned services provided on account for the period May 16-20, $2900 May 25-Recorded cash from cash clients for fees earned for the period May 17-23, $4,200. May 28-Paid part-time receptionist for two weeks’ salary, $750. May 30-Paid telephone bill for May, $150. May 31-Paid electricity bill for May, $225. May 31-(a) Recorded services provided on account for the remainder of May, $2,200. May 31-(b) Kelly withdrew $7,500 for personal use. May 31-(c) Supplies on hand total $1,000. May 31-(d) Prepaid rent of $1,200 has expired. May 31-(e) Prepaid insurance of $1,000 has expired ent $500. May 31-(g) Unearned fees totaling $2,500 have been earned.
