financial accounting智慧树知到期末考试答案章节答案2024年德州学院

financialaccounting智慧树知到期末考试答案+章节答案2024年德州学院Purchasingabuildingfor$95,000bypayingcashof$25,000andsigninganotepayablefor$70,000will（）

答案:increasebothtotalassetsandtotalliabilitiesby$70,000.Whichfinancialstatementcoversaperiodoftime?（）

答案:BothIncomestatementandStatementofcashflowsPalaminoCompanyhadan$18,000beginninginventoryanda$21,000endinginventory.Netsaleswere200,000;purchases,$95,000;purchasereturnsandallowances,$6,000;andfreightin,$8,000.WhatisPalamino'sgrossprofitpercentage(roundedtothenearestpercentage)?（）

答案:53%Whichitem(s)is(are)reportedonthebalancesheet?（）

答案:selectotherthreechoicesallWhichaccountsappearonwhichfinancialstatement?（）

答案:BalancesheetIncomestatementCash,receivables,payablesRevenues,expensesPurchasingalaptopcomputeronaccountwill（)

答案:selectotherthreechoicesall.Thenatureofanassetisbestdescribedas（）

答案:aneconomicresourcethat'sexpectedtobenefitfutureoperations.TheendinginventoryofCarrollCo.is$46,000.Ifbeginninginventorywas$70,000andgoodsavailable(costofgoodsavailableforsale)totaled$115,000,thecostofgoodssoldis（）

答案:$69,000Hydra,Inc,wasreviewingitsassetsforimpairmentattheendofthecurrentyear.Informationaboutoneofitsassetsisasfollows.Netbookvalue$1,000,000Estimatedfuturecashflows$850,000Fair(market)value$820,000Hydrashouldreportanimpairmentlossforthecurrentyearof（）

答案:$180,000BondcarryingvalueequalsBondsPayable（）

答案:bothPlusPremiumonBondsPayableandminusDiscountonBondsPayableOnJanuary1,2021,FreedomCommunicationspurchasedanewpieceofequipmentthatcost$35,000.Theestimatedusefullifeisfiveyearsandestimatedresidualvalueis$8,000.IFFreedomusesthedouble-declining-balancemethod,whatisdepreciationfor2022?（）

答案:$8,400FourStar,anewcompany,cmpletedthesetransactions:(1)Stockholdersinvested$54,000cashandinventorywithafairvalueof$30,000;(2)Salesonaccount,22,000.WhatwillFourStar’stotalassetsequal?（）

答案:$106,000SheridanMoving&StorageCo.paid$80,000for25%ofthecommonstockofHollandCo.Hollandearnednetincomeof$60,000anddeclaredandpaiddividendsof$40,000.ThecarryingvalueofSheridan'sinvestmentinHollandis（）

答案:$85,000OnOctober1,2021,FreedomCommunicationspurchasedanewpieceofequipmentthatcost$35,000.Theestimatedusefullifeisfiveyearsandestimatedresidualvalueis$8,000.AssumethatFreedomusesthestraight-linemethodofdepreciationandsellstheequipmentfor$22,400onOctober1,2025.Theresultoftheequipmentisagain(loss)of.（）

答案:$9,000.SupposeRoseCorporationborrows$10millionona10-yearnotepayable.HowdoesthistransactionaffectRose'scurrentratioanddebtratio?（）

答案:ImprovesthecurrentratioandhurtsthedebtratioThefllowingnormalbalancesappearontheadjustedtrialbalanceofAdamsCompany:Equipment.................................................................$90,000Accumulateddepreciation,equipment..........$12,000Depreciationexpense,equipment....................$3,000Thebookvalueoftheequipmentis（）

答案:$78,000Whichofthefollowingisnotneededtocomputethepresentvalueofaninvestment?（）

答案:TherateofinflationBerkshireFarms,Ltd.,madesalesof$680,000andhadcostofgoodssoldof$440,000.Inventorydcreasedby$25,000,andaccountspayabledecreasedby$12,000.Operatingexpenseswere$195,000.HowmuchwasBerkshireFarms’netincomefortheyear?（）

答案:$45,000DuringFebruary,assetsincreasedby$84,000andliabilitiesincreasedby$26,000.Stockholders'equitymusthave()

答案:increasedby$58,000.AccountspayableturnoverforBigBlue,Inc.,increasedfrom10to12during2021.Whichofthefollowingstatementsbestdescribeswhatthismeans?（）

答案:Thecompanypaiditsaccountspayablemorequicklyin2021,signalingastrongerliquidityposition.OnJanuary1,2021,Microsport,Inc.,purchased$120,000facevalueofthe9%bondsofServiceExpress,Inc.,at104.ThebondsmatureonJanuary1,2026.FortheyearendedDecember31,2024,Microsportreceivedcashinterestof（）

答案:$10,800DawsonCompanyisauthorizedtoissue70,000sharesof$2parcommonstock.OnNovember30,2021,Dawsonissued10,000sharesat$22pershare.Dawson'sjournalentrytorecordthesefactsshouldincludea（）

答案:credittoCommonStockfor$20,000Thebasicsummarydeviceofaccountingisthe（）

答案:account.Ifthecredittorecordthepurchaseofsuppliesonaccountisnotposted,（）

答案:liabilitieswillbeunderstated.Ifthecredittorecordthepaymentofanaccountpayableisnotposted,cashwillbeoverstated.（）

答案:对Inadouble-entryaccountingsystem:liabilities,owners'equity,andrevenueaccountsallhavenormaldebitbalances.（）

答案:错Goodwillisnotsubjecttoadecreasingbookvaluethroughdepreciation,depletion,oramortization.（）

答案:对Thepaymentofthefaceamountofabondonitsmaturitydateisregardedasanoperatingactivity.（）

答案:错Oneoftheinternalcontrol’sobjectiveismonitoring.（）

答案:错Theexpenserecognitionprincipledirectsaccountantstoidentifyandmeasureallexpensesincurredanddeductthemfromrevenuesearnedduringthesameperiod.（）

答案:对Accelerateddepreciationgeneratesagreateramountofdepreciationoverthelifeoftheassetthandoesstraight-linedepreciation.（）

答案:错Creditsalesincreasereceivables.（）

答案:对Thewordmarketasusedin“thelowerofcostormarket"generallymeans:currentreplacementcost.（）

答案:对ThejournalentrytorecordthepurchaseofsuppliesonaccountwilldebitsSuppliesandcreditsAccountsPayable.（）

答案:对Preferredstockhavethepreferenceastovoting.（）

答案:错Anothernameforthebalancesheetisthestatementofprofitandloss.（）

答案:错ThejournalentrytorecordapaymentonaccountwilldebitCashandcreditAccountPayable.（）

答案:错Recordingestimatedwarrantyexpenseintheyeartherelatedproductsaresoldbestfollowsexpenserecognition(matching)ofaccountingprinciple.（）

答案:对KlineCompanyfailedtorecorddepreciationofequipment,thisomissionwillaffectKline'sfinancialstatementsas:netincomeisoverstatedandassetsareoverstated.（）

答案:对Thesimultaneousincreaseofassetsandliabilitieswillcertainlyaffecttheaccountingequation.（）

答案:错Purchasingcomputerequipmentforcashwillhavenoeffectontotalassets,totalliabilities,orstockholdersequity.（）

答案:对Whenabondissoldatadiscount,thecashreceivedislessthanthepresentvalueofthefuturecashflowsfromthebond,basedonthemarketrateofinterestonthedateofissue.（）

答案:错Undertheallowancemethodforuncollectiblereceivables,theentrytorecorduncollectible-accountexpensewilldecreaseassetsandhavenoeffectonnetincome.（）

答案:错ROAisanimportantmeasureofprofitability.（）

答案:对Expensesnormallyhaveacreditbalance.（）

答案:错Mac'sinvestmentinlessthan2%ofMobil'sstock,Macexpecttoholdforthreeyearsandthensell,thistypeofinvestmentisavailable-for-sale.（）

答案:对Prepaidexpensesandcashisincludedinthecalculationofthequick(acid-test)ratio.（）

答案:错Acopyright,atrademark,apatent,alloftheaboveareintangibleassets.（）

答案:对Cashpaidtopurchaseabuildingappearsonthestatementofcashflowsamongtheinvestingactivities.（）

答案:对Theformulaforthecurrentratiois:（）

答案:Currentassets/Currentliabilities.Theformulaforthecashconversioncycleis:（）

答案:Days’inventoryoutstanding(DIO)+Days’salesoutstanding(DSO)–Days’payableoutstanding(DPO)RefertoBrowneCorporation.

Whatistheinventoryturnoverfor20X2?（）

答案:5.83Trendpercentagesare:（）

答案:Allofthe

other

options.RefertoBrowneCorporation.Thecurrentratioin20X1is:（）

答案:2.43RefertoBrowneCorporation.ThepercentagechangeinNotesPayableis:（）

答案:4.2%Whichratioisusedtoanalyzestockasaninvestment?（）

答案:DividendyieldRefertoBrowneCorporation.Thedebtratioin20X1is:（）

答案:53.8%RefertoBrowneCorporation.WhatistheROAfor20X2?（）

答案:23.5%Whichofthefollowingdoesnothaveaneffectoncash?（）

答案:recordingdepletionexpense.Inwhichsectionofthestatementofcashflowswould“paymentofdividends”bereported?（）

答案:FinancingactivitiesTheMNOcorporationpurchasedalargemachine7yearsagoatatotalcostof$500,000.Theaccumulateddepreciationonthismachineis$390,000.Thecorporationsoldthemachineata$20,000gain.Whatamountwouldbereportedascashproceedsfromthissale?（）

答案:$130,000Whichofthefollowingisincludedinthecalculationofcashreceiptsfrominvestingactivities?（）

答案:Proceedsfromthesaleoflong-terminvestmentsThestatementofcashflowsisdesignedtofulfillallthefollowingpurposesEXCEPTto:（）

答案:assessthecollectabilityofaccountsreceivable.TheWebsterCompanyhad$800,000ofsalesrevenue.Duringthesameaccountingperiodthebeginningandendingaccountsreceivablebalancewas$37,000and$39,000,respectively.Whatamountofcashwascollectedfromthecustomersduringthisperiod?（）

答案:$798,000Whichofthefollowingitemsarenotincludedindeterminingthecashpayments(outflows)fromfinancingactivities?（）

答案:AcquisitionofplantassetsThestatementofcashflowsprovidesinformationabout:（）

答案:selectotherthreechoicesall.BaierCorporationreportscostofgoodssoldof$88,000andadecreaseininventoryduringtheyearof$5,000.Allaccountspayablerelatetoinventorypurchases;accountspayabledecreasedby$2,400duringtheyear.HowmuchcashdidBaierpayforinventoryduringtheyear?（）

答案:$85,400Purchasesoflong-termassetsarereportedinwhichsectionofthestatementofcashflows?（）

答案:InvestingactivitiesIncalculatingtotalstockholders’equity,whichaccountisincluded?（）

答案:PreferredStockAuthorizedstockiswhichofthefollowing?（）

答案:ThemaximumnumberofsharesthecompanycanissueTroyCorporationissued50,000sharesof$1parcommonstockatapriceof$5pershare.OnJune1,Troypurchased2,000sharesofitsownstockatacostof$7pershare.

OnDecember1,Troyresoldallthesharesfor$8each.TheentryonDecember1wouldincludewhichofthese?（）

答案:BothCredittoPaid-inCapitalfromTreasuryStockTransactions,$2,000andCredittoTreasuryStock,$14,000Theentrytosell100sharesof$12parcommonstockat$17persharewouldincludea:（）

答案:$1,200credittoCommonStock.BraxtonCompanyusestheDuPontmodeltoanalyzeprofitability.

Whichstatement(s)is(are)correct?（）

答案:BothThecorrectformulaisROAxLeverageratio=ROEandROEshouldalwaysexceedROAarecorrectWhichofthefollowingispartofstockholders’equity?（）

答案:BothPaid-incapital

andRetainedearningsWhichofthefollowingisarightofastockholder?（）

答案:selectotherthreeall.RefertoQuestion3.Howmuchisthecommonstockdividendpershare(rounded)?（）

答案:$.336WhichofthefollowingstatementsareNOTtrueregardingstocktransactions?（）

答案:ThejournalentryforastocksplitincludesacredittoCommonStock.Anentityisauthorizedtosell60,000sharesof$11par,6%cumulativepreferredstockand110,000sharesof$7parcommonstock.Thereare30,000sharesofpreferredstockoutstandingand90,000sharesofcommonstockoutstanding.A$50,000cashdividendhasbeendeclaredbytheboardofdirectors.Nodividendsinarrearsexist.Whatisthetotalamounttobegiventothepreferredshareholder?（）

答案:$19,800RefertoQuestion6.IftheXYZCompanyusesthestraight-linemethodtoamortizediscountonthebonds,theentrytorecordthefirstinterestpaymentwouldinclude:（）

答案:DebittoInterestExpensefor$5,400.Whichofthefollowingcurrentliabilitiesis/areaknownamount?

（）

答案:otherthreechoices

areall

knownamounts.Whichofthefollowingstatementsistrueinrelationshiptoacompanyfinancingwithdebtratherthanstock?（）

答案:Theprincipalamountmustberepaidatthematurityofthebonds.Whenabusinessreceivescashfromacustomerbeforeearningtherevenue,theycredit:（）

答案:UnearnedRevenueWhichofthefollowingstatementsisTRUEregardingpensionliabilities?（）

答案:otherthree

choicesaretrue.AllofthefollowingarereportedascurrentliabilitiesEXCEPT:（）

答案:bondpayablefor5yearsTheSingletaryCompanyissueda$500,000,5-year,6%bondatpar.ItisasemiannualbondwithinterestpaidonJune30thandDecember31st.Theentrytorecordthesemiannualinterestpaymentis:（）

答案:"InterestExpense$15,000Cash$15,000"Whichofthefollowingisnottrueaboutacontingentliability:（）

答案:Mustberecordedifitisremote.TheSingletaryCompanyissueda$500,000,5-year,6%bondatpar.ItisasemiannualbondwithinterestpaidonJune30thandDecember31st.Theentrytorecordthesaleofthebondwouldincludea:（）

答案:$500,000credittoBondsPayable.OnJanuary1st,XYZCompanyissued$200,000,5-year,4%bonds.Themarketrateatthetimeofthesalewasgreaterthan4%sothebondsweresoldat93,sellingquantityis2000.InterestispayableJune30thandDecember31st.Theentrytorecordthesaleofthebondswouldincludea:（）

答案:DebittoDiscountonBondsPayablefor$14,000.Undertheequitymethod,whenaninvestorcompanyrecordsitsshareofinvesteeincome,（）

答案:"thefollowingentryisusedtorecordtherevenue:Equity-MethodInvestmentXXEquity-MethodInvestmentRevenueXX"RefertoQuestion1.WhatisthecarryingamountofthebondonJuly1,2014?（）

答案:$583,800Whenanavailableforsaleinvestmentissold:（）

答案:theamountoftherealizedgainorlossisthedifferencebetweentheamountreceivedandthecostoftheinvestment.RefertoQuestion1.WhatistheamountofInterestRevenuerecordedonJuly1,2014?（）

答案:$13,800Whichofthefollowingis/areeliminatedinthepreparationofaconsolidatedbalancesheet?（）

答案:selectotherthree

choicesallWhichstatementregarding“available-for-saleinvestments”istrue?

（）

答案:Availableforsaleinvestmentsgenerallycompriseupto20%,butnotincluding20%,ownership.TheAshleyCorporationpurchased$600,000of4%,5-yearbondsat97onJanuary1,2014.InterestistobepaidsemiannuallyonJanuary1andJuly1.

Thisisaheld-to-maturityinvestment.

Thiscompanyusesthestraight-linemethodtoamortizeanypremiumsordiscounts.Whatwasthepurchasepriceofthesebonds?（）A.$600,000

答案:$582,000Onthepurchasedate,long-termavailable-for-saleequitysecuritiesarereportedonthebalancesheetat:（）

答案:costWhichofthefollowingistrueregardingequity-methodinvestments?（）

答案:Thatgainorlossonthesaleofanequity-methodinvestmentisthedifferencebetweenthesaleproceedsandthecarryingamountoftheinvestment

istrueand

thattheaccountEquity-methodInvestmentisdecreasedforthereceiptofadividendonanequity-methodinvestmentis

true.TheUnrealizedGainonInvestmentinAvailable-for-SaleSecuritiesisreportedin:（）

答案:OtherComprehensiveIncomeontheStatementofComprehensiveIncome

andAccumulatedOtherComprehensiveIncomeonthebalancesheetWhichofthefollowingstatementsisTRUE?（）。

答案:Intangibleassetsareamortized.Ifaplantassetissoldandagainisincurred,theentrytorecordthesalewouldincludeadebitto:（）。

答案:AccumulatedDepreciation.Returnonassets:（）。

答案:iscalculatedasnetincome/averagetotalassets.RefertoCase7-1.Nowassumethebusinessusestheunits-of-productionmethod.Iftheassetproduces250,000unitsinYear1and200,000unitsinYeartwo,whatistheamountofdepreciationexpenseforYeartwo?（）。

答案:$20,000Incalculatingthetotalcostofland,allcostsareincludedexcept:（）。

答案:FencingTheentrytorecordtheannualdepreciationdoesnotinclude:（）。

答案:AdebittoAccumulatedDepreciation.RefertoCase7-1.Usingthestraight-linemethod,whatistheamountofdepreciationexpenseinYeartwooftheasset’slife?（）。

答案:$10,000"Case7-1:UsetheinformationbelowtoanswerQuestions1-6.Abusinesspurchasedanassetthathadatotalcostof$110,000andaresidualvalueof$10,000.Theassetisexpectedtoservicethebusinessforaperiodof10yearsorproduceatotalof1,000,000units.ThemachinewaspurchasedJanuary1stofthecurrentyearandhasbeeninserviceonecompleteyear.RefertoCase7-1.Whatisthedepreciablecostoftheasset?"（）。

答案:$100,000RefertoCase7-1.WhatisthedepreciationexpenseinYearone,ifthedouble-declining-balancemethodisused?（）。

答案:$22,000RefertoCase7-1andQuestion3.WhatisthebookvalueoftheassetattheendofYeartwo,usingtheunits-of-productionmethod?（）。

答案:$65,000Costofgoodssold:（）。

答案:isthenumberofunitsofinventorysoldmultipliedbycostperunitofinventory.Theexcessofsalesrevenueovercostofgoodssoldis:（）。

答案:grossprofit.Inventoryturnover:（）。

答案:bothindicateshowrapidlyinventoryissoldandistheratioofcostofgoodssoldtoaverageinventoryRefertoQuestion5.Whatvalueisassignedtotheendinginventory,ifusingFIFO?（）。

答案:$875.00RefertoQuestion8.Whatisthegrossprofitforthiscompany?（）。

答案:$182,000RefertoQuestion5.Usingtheaveragecostmethod,whatisthecostofgoodssold?（）。

答案:$2,152.50

答案:$28.70Theperpetualinventorysystem:（）。

答案:otherthreechoicesaretrue.

答案:$35,000Merchandiseinventory:（）。

答案:neitheristhecostofinventorythathasbeensoldorisanexpenseontheincomestatementWhenanaccountsreceivableaccounthasbeendeterminedtobeuncollectibletheentrytorecordthewriteoffusingtheallowancemethodwouldinclude:（）。

答案:AdebittoAllowanceforUncollectibleAccounts.Whichofthefollowingaboutfactoringareceivableisfalse?（）。

答案:Thesellerreceivesthefullvalueoftheaccountsreceivable.OnSeptember5,theXYZCo.madea$2,500creditsale,duein30days.OnOctober1,thecustomerrequestedandwasgrantedanextensiononthepayment.Thecustomerwasrequiredtosigna60-day,5%noteonthedayoftheextension.Paymentwasmadeonthematuritydateofthenote.WhatistheentryonSeptember5torecordthecreditsale?（）。

答案:Whichmethodofwritingoffanuncollectibleaccountdoesnotviolatetheexpenserecognitionprinciple?（）。

答案:AllowancemethodAnunrealizedgainoccurs:（）。

答案:Ifthefairvalueoftheinvestmentisgreaterthanthecurrentrecordedvalue.Available-for-salesecuritiesarereportedonthebalancesheetat:（）。

答案:Fairvalue.AccordingtoQuestion1,Whatistheentrytorecordreceiptofthepayment,onthematuritydateofthenote?（）。

答案:RefertoQuestion1.Whatisthematuritydateofthenote?（）。

答案:November30RefertoQuestion1.WhatistheentrytorecordtheextensiononOctober1?（）。

答案:RefertoQuestion1.Whatisthematurityvalueofthenote?(Roundtotheclosestdollar)（）。

答案:$2,521.00Usethefollowingoptiontoindicatewheretheitemsdescribedinquestions9wouldappearontheSeptemberbankreconciliationfortheJohnsonCompany.Depositsintransittotal$5,600.（）。

答案:AddtothebankstatementbalanceWhichofthefollowingisnotacomponentofinternalcontrol?（）。

答案:ComplywithlegalrequirementsThebooksideofabankreconciliationwillincludewhichofthefollowing?（）。

答案:Electronicfundstransfers(EFT)Usethefollowingoptiontoindicatewheretheitemsdescribedinquestions7wouldappearontheSeptemberbankreconciliationfortheJohnsonCompany.Outstandingchecksamountto$2,640asoftheendofSeptember.（）。

答案:DeductfromthebankstatementbalanceWhichofthefollowingisNOTadocumentusedtocontrolabankaccount?（）。

答案:ReceiptLappingis:（）。

答案:bothmisappropriationofassetsandatypeoffraudWhichofthefollowingisNOTanelementofthefraudtriangle?（）。

答案:EthicsUsethefollowingoptiontoindicatewheretheitemsdescribedinquestions10wouldappearontheSeptemberbankreconciliationfortheJohnsonCompany.AnNSFcheckfromacustomerfor$800appearsontheSeptemberbankstatement.（）。

答案:DeductfromthebookbalanceUsethefollowingoptiontoindicatewheretheitemsdescribedinquestions8wouldappearontheSeptemberbankreconciliationfortheJohnsonCompany.TheSeptemberbankstatementreports$17ofinterestearned.（）。

答案:AddtothebookbalanceTheSingletaryCorporationhadabeginningcashbalanceof$7,050duringthemonthofMarch.Thiscompanyisexpectedtocollect$4,500fromitsoutstandingaccountsreceivable.TheprojectedcashsalesforMarchare$9,000.Theoutstandingaccountspayablebalanceis$10,000,ofwhich30%istobepaidduringMarch.OperatingexpensesthataretobepaidduringMarchareprojectedtobe$12,000.IfpreparingacashbudgetforthemonthofMarch,whatistheendingcashbalance?（）。

答案:5550Whichofthefollowingisnotatemporaryaccount?（）。

答案:CommonStockThesuppliesaccounthasa$3,000beginningbalance.Suppliesintheamountof$5,000werepurchasedduringtheaccountingperiod.Anendinginventoryrevealeda$1,200balanceofsuppliesonhand.Theentrytoadjusttheaccountaccordinglyis:（）。

答案:Inadheringtotheexpenserecognitionprinciple:（）。

答案:bothexpensesarerecordedintheperiodtheyareactuallyusedandcurrentexpensesaresubtractedfromthecurrentrevenuetodeterminenetincomearetrue.Adeferralis:（）。

答案:bothanadjustmentforpaymentofaniteminadvanceandanadjustmentforreceiptofcashinadvance.WhatistheaccountclassificationandnormalbalanceofPrepaidRent?（）。

答案:Asset,debitWhichassetdoesnotdepreciate?（）。

答案:LandRefertoQuestion6.WhatistheentrytomakethenecessaryadjustmentonDecember31,2014?（）。

答案:Whichofthefollowingisacurren