Which presume inventory cost flow method: generally parallels the really physical circulation of merchandise?a. FIFO b. Average-cost c. LIFO


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Which suspect inventory expense flow method: Divides price of goods obtainable for revenue by full units accessible for revenue to identify a unit cost?a. FIFO b. Average-cost c. LIFO
Which assume inventory price flow method: Assumes that the latest units purchased room the an initial to it is in sold? a. FIFO b. Average-cost c. LIFO
Which of the following is not an agree inventory costing method?a. Critical in, an initial out b. Average expense c. Critical in, last the end d. Very first in, first out
specific identification method inventory valuation needs physical flow to it is in representative the the price flow
Which that the following statements is true?a. FIFO list valuation requires physical flow of items to it is in representative that the expense flow b. LIFO inventory valuation requires physical flow of items to be representative that the expense flow c. Certain identification an approach inventory valuation needs physical circulation of goods to representative of the expense flow d. All of these answer options are correct
Net credit transaction sales for the month room $4,000,000 for Marx Clothiers. It"s account receivable balance is $160,000. The pin money is calculated as 7.5% the the receivables balance utilizing the portion of receivables basis. The allowance for hesitant Accounts has a credit balance that $5,000 before adjustment. Just how much is the balance of the pin money account after adjustment? a. $300,000b. $17,000 c. $12,000 d. $7,000
During 2014, Patterson Wholesale company had a net credit sales that $750,000. Top top January 1, 2014, allowance for unconvinced Accounts had a credit balance that $18,000. Throughout 2014, $30,000 of uncollectible accounts receivable were created off. Past experience indicates that the allowance need to be 10% the the balance in receivables (percentage of receivables basis). If the accounts receivable balance in ~ Dec. 21 was $200,000, what is the compelled adjustment come the allowance for cynical Accounts at Dec. 21, 2014?a. $30,000 b. $28,000 c. $20,000 d. $32,000
Which among the adhering to is part of the transaction that is recorded once an account is composed off under the pin money method? a. Account Receivable account is debited b. Loss on account Receivable account id debited c. Bad Debts price account is debited d. Allowance for cynical Accounts is debited
At what value space accounts receivable reported on the balance sheet? a. Maturity value b. Cash (net) realizable value c. Fair sector value d. Existing value
How much accrued interest have to be reported on the payee"s December 31 balance paper on a $5,000, 8% 9-month keep in mind receivable approve on June 17? a. $233b. $300 c. $33d. $400
Which of the adhering to should be classified together an "other" receivable? a. Account receivableb. Attention receivable c. Note receivable d. Profession accounts receivable
When is a receivable recorded by a organization organization? a. Once the related expenses are incurred b. Once the customer payment c. When business is provided on account d. As soon as the bill is sent to the customer
When over there is a adjust in estimated depreciation: a. Only future years" depreciation have to be modification b. Current and also future years" depreciation have to be modification c. Brand-new plant assets must be acquired to replace the old d. Previous depreciation must be corrected
The term applied to the periodic expiration that a tree asset"s cost is: a. Depreciation b. Depletion c. Expense expiration d. Amortization
Equipment to be purchased because that $68,000 on jan 1, 2013. Freight charges price to $2,800 and there was a expense of $8,000 for building a foundation and installing the equipment. The is approximated that the equipment will have actually a $12,000 salvage value at the end of the 5-year helpful life. What is the quantity of accumulated depreciation at Dec 31, 2014 if the directly line technique of depreciation is used?a. $13,360 b. $11,440 c. $26,720 d. $22,880
Foyle company purchased a brand-new van for floral deliveries on january 1, 2013. The van expense $48,000 v an estimated life the 5 years and also $12,000 salvage worth at the end of its beneficial life. The double-declining balance an approach of depreciation will certainly be used. What is the balance that the accumulated Depreciation account at the end of 2014? a. $11,520 b. $7,680 c. $23,040 d. $30, 720
Linton company has these duties at Dec. 31. Because that each obligation, suggest whether it need to be classified as a present liability, a non-current liability or both: -A keep in mind payable for $100,000 early out in 2 years a. Non-current liability b. Present liability c. Both
Linton agency has these responsibilities at Dec. 31. For each obligation, indicate whether it need to be classified as a current liability, a non-current legal responsibility or both:-A 10-year mortage payable the $200,000 payable in ten $20,000 annual payments a. Non-current legal responsibility b. Current liability c. Both
Linton firm has these duties at Dec. 31. Because that each obligation, suggest whether it need to be classified as a current liability, a non-current liability or both:-Interest payable of $15,000 on the mortgage a. Non-current legal responsibility b. Existing liability c. Both
Linton firm has these obligations at Dec. 31. For each obligation, indicate whether it should be classified together a present liability, a non-current legal responsibility or both:-Accounts payable the $60,000 a. Non-current legal responsibility b. Present liability c. Both
Which one of the adhering to is no a usual current liability? a. Existing maturities of permanent debt b. Interest payable c. Mortgages payable d. Wages payable
Cuso Inc. Worries 10-year bonds through a maturity worth of $200,000. If the bonds room issued in ~ a premium, what walk this indicate? a. The industry interest price exceeds the contractual interest price b. The contractual interest rate exceeds the sector interest rate c. The contractual interest rate and also the industry interest rate are the same d. No connection exists in between the market and also contractual rates
Liabilities are classified ~ above the balance paper as existing or: a. Unearnedb. Long-term c. Deferred d. Accrued
Which that the following most likely would it is in classified as a present liability? a. Dividend b. Three-year note payable c. Binding payable in 5 year d. Mortgage payable as a solitary payment in 10 years
In computer depreciation, salvage worth is: a. An estimate of a plant"s asset"s value at the end of its useful life b. Ignored in every the depreciation methods c. The fair value of a plant asset top top the day of acquisition d. Subtracted native the gathered depreciation to identify the tree asset"s depreciable cost
On january 1, a machine with a beneficial life that 4 years and also residual value of $12,000 to be purchased because that $60,000. What is the depreciation expense for year 2 under straight-line depreciation? a. $30,000 b. $12,000 c. $5,000 d. $24,000
Mitchell Corp. Bought tools on jan 1, 2014. The equipment price $180,000 and also had an expected salvage value of $30,000. The life of the tools was estimated to be 6 years. The book value of the devices at the beginning of the 3rd year would be: a. $130,000 b. $150,00 c. $50,000 d. $180,000
When one uncollectible account is recovered after ~ it has actually been composed off, i m sorry of the adhering to accounts will certainly be attributed in the process: a. Allowance for hesitant Accounts and also Cash b. Allowance for cynical Accounts and also Bad Debts expense c. Cash and also Accounts receivable d. Accounts Receivable and also Allowance for skeptical Accounts
Which the the following is not a depreciable asset? a. Land b. Structures c. Land renovations d. Equipment
Which that the following is not a means to express the useful life that a depreciable asset? a. Thirty thousand systems b. Ten thousand device hours c. Price of acquisition d. 5 years
Which depreciation an approach calculates yearly depreciation expense based on book worth at the beginning of every year? a. Declining-balance b. Straight-line c. Salvage worth d. Units-of-activity
At the beginning of the year, Powers agency purchased a piece of machinery because that $50,000. It has actually a salvage worth of $5,000, and estimated useful life the 9 years, and also estimated devices of calculation of 90,000 units. Yes, really units developed during the very first year to be 11,000. Just how much is depreciation price for the first year under the straight-line method? a. $5,500 b. $5,300 c. $5,000 d. $5,556
On jan 1, 2012, Jamacha Co. Purchase some equipment for $15,000. The approximated salvage value and also useful life at $3,000 and 4 years, respectively. On jan 1, 2014, the firm determines the the asset"s remaining useful life is 3 years. What is the amendment depreciation price for 2014 if the company uses the straight-line method? a. $2,500 b. $4,000 c. $2,250 d. $2,000
Able Towing Co. Purchase a tow truck because that $60,000 on jan 1, 2012. It was originally depreciated on a straight-line basis over 10 years v an estimated salvage worth of $12,000. ~ above Dec 31, 2014, prior to adjusting entries had actually been made, the firm decided to adjust the remaining approximated life to 4 more years as of january 1, 2014, and also the salvage value was readjusted to $2,000. Just how much is depreciation expense for 2014? a. $4,800 b. $6,000 c. $12,100 d. $15,000
Schneider Trucking Inc. To buy a brand-new semi-truck on jan 1, 2014 because that $200,000. Its expected useful life is 4 years and also its salvage worth is approximated at $25,000. What is the depreciation because that 2014 utilizing the declining-balance an approach at a twin the straight-line rate? a. $50,000 b. $87,500 c. $43,750 d. $100,000
Buttner Co. Lend $88,500 ~ above Sep 1, 2014 native Harrington State financial institution by signing an $88,500, 12% one-year note. Just how much is accrued attention at Dec. 31, 2014? a. $2,655 b. $10,620 c. $3,540 d. $4,425
The Jacksonville Jaguars market season ticket to NFL games. There space 10 residence games throughout the season, which operation from August through December. Throughout February, 65,000 season tickets were sold for $12,000,000 cash. I m sorry account will be credited by the Jacksonville Jaguars ~ above receipt that the $12,000,000? a. Ticket Revenue b. Prepaid ticket c. Ticket Receivable d. Unearned Ticket Revenue
True/False If the contractual rate of interest is reduced than the sector rate of interest, binding will offer at a premium
It assumes that the expense of the earliest devices purchased are the an initial to be allocated to expense of products sold
Which the the following is true of the FIFO inventory method? a. The assumes that the price of the earliest units purchased space the last to be allocated to cost of products sold b. That assumes the the cost of the earliest devices purchased space the first to be allocated to the ending inventory c. The assumes that the price of the earliest units purchased are the critical to it is in allocated come the beginning inventory d. The assumes that the expense of the earliest systems purchased space the very first to be allocated to expense of items sold
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