ACC 201 Test- All Questions 100% Correctly Answered
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Course
ACC 201
Institution
ACC 201
2% of $20,000 - Answer A company receiving payments of a $20,000 accounts
receivable within 10 days with terms of 2/10, n/30, would record a sales discount of:
Depreciation expense for the year is $72,000 - Answer Equipment purchased at the
beginning of the year for $200,000 with a residual valu...
ACC 201 Test- All Questions 100% Correctly
Answered
2% of $20,000 - Answer A company receiving payments of a $20,000 accounts
receivable within 10 days with terms of 2/10, n/30, would record a sales discount of:
Depreciation expense for the year is $72,000 - Answer Equipment purchased at the
beginning of the year for $200,000 with a residual value of $20,000 is being depreciated
over a 5 year period of using the double-declining balance method. Which of the
following statements is correct concerning the financial statement at the end of the
year?
Purchases less beginning inventory plus ending inventory - Answer The cost of goods
sold is equal to
$1980 - Answer Eli company sells novelty items and office terms of 1/10, n/30 go credit
consumers. One customer, Faulkner, Inc., purchased 100 sweet-16 party decor packs
with a price of $20 each on March 5,2019.
Refer to the information provided for the Eli Company. If the customer pays the amount
of the invoice for its purchase on March 14,2019, how much cash will Eli receive?
current liability - Answer The current portion of long term debt would appear on the
balance sheet as
$32,500??? - Answer A treasurer preparing the October bank reconciliation identified
the following terms: What is the company's adjusted cash balance at October 31????
current assets - Answer Cash, Accounts Receivable, and prepaid insurance will be
classified on a balance sheet as
, Intangible assets - Answer Operating assets with no physical properties are called
2.86:1 - Answer Barrett Oil company reported the following balances of December 31,
2019:
What is the company's current ratio?
95,000 - Answer Total stockholders equity includes $50,000 of common stock with a
stated value of $0.50 and 5,000 shares of treasury stock with a total cost of $25,000.
How many total shares are outstanding?
stated rate of interest on the bonds - Answer When determining the amount of interest
paid on a bond, which of the following information is necessary?
The cash inflows and outflows of the company - Answer The primary purpose of the
statement of cash flows is to provide information about
The percentage of net credit sales method takes into account the existing balance in the
allowance for doubtful accounts account - Answer Which of the following statements is
true regarding the two allowance procedures used to estimate bad debts?
Lower cost or market - Answer When the market value of inventory items has been
declined below their cost, which method would be most appropriate in complying with
GAAP?
Decrease in assets and a decrease in net income - Answer The effect of recording
depreciation for the year is a(n)
$6,500,000 - Answer Suppose a company reports the following information at
December 31, 2019
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