Module 3_ Mastery Exercise_ 23SD-ACT300-1-2
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Module 3: Mastery Exercise: 23SD-ACT300-1
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Module 3: Mastery Exercise
Due
No due date
Points
10
Questions
10
Time Limit
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Allowed Attempts
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Instructions
Attempt History
Attempt
Time
Score
KEPT
Attempt 3
23 minutes
10 out of 10
LATEST
Attempt 3
23 minutes
10 out of 10
Attempt 2
15 minutes
6 out of 10
Attempt 1
22 minutes
9 out of 10
Correct answers are hidden.
Score for this attempt: 10
out of 10
Submitted Jun 30 at 12:02pm
This attempt took 23 minutes.
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1 / 1 pts
Question 1
The main purpose of adjusting entries is to ________.
record external transactions and events. recognize assets purchased during the period. recognize debts paid during the period.
6/30/23, 11:02 AM
Module 3: Mastery Exercise: 23SD-ACT300-1
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record internal transactions and events. Correct. Adjustments are not for new transactions but transactions or
events that were not recorded at all or properly.
1 / 1 pts
Question 2
Which of the following is a requirement under accrual basis accounting?
reversing journal entries adjusting journal entries recording revenues only upon receipt of the cash a worksheet Correct. Accurate financial statements can only be made after making
adjustments, which then leads to the adjusted trial balance. A
worksheet and closing journal entries are optional, but not required,
whereas the revenue should be recognized when earned, regardless
of when it is received.
1 / 1 pts
Question 3
(True) or (False)? A worksheet does not assist in planning and organizing an
audit of financial statements.
True
6/30/23, 11:02 AM
Module 3: Mastery Exercise: 23SD-ACT300-1
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<p>True</p>
False Correct. A worksheet is not used in financial statements audits.
1 / 1 pts
Question 4
The matching principle requires ________.
the matching of debits and credits in a journal entry. the matching of revenues in the period in which the cash was received. the matching of expenses in the period in which the cash is paid for them. that expenses should be recognized in the same period as the revenue
they help generate.
Correct. The matching principle requires the matching of expenses in
the period in which the revenue is earned.
1 / 1 pts
Question 5
Which of the following is a proper financial statement?
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Question 1
What is the Payback Period for the following investment?
Year
1
2
3
4
5
O a. 3.77
Ob. 3.73
Oc. 3.89
Od. 3.96
Cash Out
$ (1,600,000)
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HARMATHAP12 6.2.009.
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What are the future value and the interest earned if $4000 is invested for 3 years at 8% compounded quarterly? (Round your answers to the nearest cent.)
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interest earned
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R & S Company had 20,000 ordinary shares outstanding on January 1, 2021. On May 1, 2021, the entity issued 10,500 ordinary shares.
Outstanding all year were 10,000 non-cumulative preference shares on which the annual dividend of P40 per share was paid in December
2021. Net income was P967,000. What amount should be reported as basic earnings per share?
18.60
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28.40
35.80
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You deposit $850 in an account paying an annual simple interest rate of 7.8%. Find the future value of the investment (in dollars) after 1 year.
DETAILS
MY NOTES
Calculate the simple interest due (in dollars) on a 40-day loan of $1,600 if the annual interest rate is 9%. (Use 360 days in 1 year.)
$
DETAILS
MY NOTES
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Entries for notes payable
Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory.
Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank.
a. Journalize Bennett Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
2
b. Journalize Spectrum Industries' entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
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Ayayai Mowers Ltd. agreed to sell the City of Halifax four riding mowers and 20 push lawn mowers. The contract price was $72,00O.
Ayayai normally sells its riding mowers for $14,400 and its push lawn mowers for $960. The contract required the City of Halifax to
pay Ayayai once all of the merchandise has been delivered to the city's public works yard. Ayayai's management does not expect any
returns or any issues with payment.
Ayayai delivered all four of the riding mowers and 14 of the push mowers on April 26. The remaining six push mowers were delivered
on May 5. Ayayai received payment from the city on May 18. Ayayai's cost for each riding mower is $9,960, while the push mowers
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1. From the following Trial balance , you are require to prepare the final accounts for the year ended 31st December 2020.
Grades
Particulars
Amount (Dr)
Amount(Cr)
4,80,000
Сapital
Drawings
Land & Building
People
1,35,000
4,50,000
Pages
Account
Creditors
3,15,000
Files
Plant& Machinery
1,20,000
Purchase returns
7,950
Syllabus
Bills receivable
18,000
Dashboard
Sales
6,54,000
Quizzes
Opening stock
1,20,000
1,53,000
78,000
1,500
3,000
1,14,000
10,200
79,800
1,35,000
3,600
6,000
18,000
11,850
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Purchase
Wages
Carriage outwards
Carriage inwards
Salaries
Calendar
Discount
Inbox
Bank balance
Debtors
Bad debts
Sales returns
Furniture
Advertisements
Total
14,56,950
14,56,950
Adjustments:
Stock on 31st December,2020 is Rs. 1,05,000
Machinery & Furniture to be depreciated @ 10%.
Wages outstanding is Rs. 4,50O
Prepaid Advertisement is Rs.1,500
A…
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Journalizing Installment Notes
On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note
payment consists of $5,720 of interest and $8,350 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.
b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.
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HARMATHAP12 6.2.041.
MY NOTES
A couple needs $50,000 as a down payment for a home. If they invest the $35,000 they have at 8% compounded quarterly, how long will it take for the money to
grow to $50,000? (Round your answer to the nearest whole number.)
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Impaired Goodwill and Amortization of Patent
On April 1, a patent with an estimated useful economic life of 12 years was acquired for $43,200. In addition, on December 31, it was estimated that
goodwill of $41,000 was impaired.
a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank.
April 1
b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box
does not require an entry, leave it blank.
Dec. 31
C. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank.
Dec. 31
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Salma wants to save money to open a tutoring center. She buys an annuity with a monthly payment of $27 that pays 3.7% interest, compounded
monthly. Payments will be made at the end of each month. Find the total value of the annuity in 10 years.
Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.
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$12345.92
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Double-Declining-Balance Depreciation
A building acquired at the beginning of the year at a cost of $1,193,000 has an estimated residual value of $220,000 and an estimated useful life of 40 years.
Determine the following.
a. The double-declining-balance rate
%
b. The double-declining-balance depreciation for the first year
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1. In this section we examine three theories of investor preference: The dividend irrelevance
theory. The "bird in the hand" theory, the tax preference theory, which theory is the best?
What is the different of stock dividends, stock splits, and stock repurchase.
2. In the working capital management, we know about cash conversion cycle model. For
problem if average inventories are $3 million and sales are $11 million. If receivables are
S 657.535 and sales are S 11 million. Then, if its cost of goods sold are $9 million per year
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Cullumber Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to
accrue interest except at December 31.
r.com: 24/7 On-
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Nov. 1 Loaned $53,400 cash to C. Bohr on a 12-month, 9% note.
ary Resources
Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $5,400, 90-day, 8% note.
16 Received a $9,600, 180-day, 8% note to settle an open account from A. Murdock.
31 Accrued interest revenue on all notes receivable.
Journalize the transactions for Cullumber Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered.…
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Presented here are the components in Bradley Company's income statement. Determine the missing amounts.
Net
Operating
Expenses
Cost of
Gross
Sales
Income
Goods Sold
Profit
Revenue
2$
$17,000
$35,000
$75,000
$86,000
$59,000
$48.000
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Using the IRR approach to capital budgeting, should
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Please compare the IRR to the cost of capital:
IRR
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#1 What is that difference?
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- about:blank Blackboard Learn sc.edu/webapps/assessment/take/launch isp?course assessment_id=_114 Remaining Time: 1 hour, 23 minutes, 35 seconds. Question Completion Status: A Moving to the next question prevents changes to this answer. Question 1 What is the Payback Period for the following investment? Year 1 2 3 4 5 O a. 3.77 Ob. 3.73 Oc. 3.89 Od. 3.96 Cash Out $ (1,600,000) (710,000) Cash In 550,000 580,000 610,000 640,000 670,000 A Moving to the next question prevents changes to this answer. 000 900 F2 F3 F4 MacBookarrow_forwardQuiz 4: Module 4- Requires Respondus L Started: Nov 16 at 6:41am Quiz Instructions Quiz 4 covers the content from Module 4. The quiz has a 45-minute timer t question at a time but you can go back and change your answers if you nee Quiz answers can be viewed for 72 hours after the final due date, Be sure to Question 17 An anecdote is a type of analogy | metaphor Sumile comparison example Previousarrow_forwardQuestion 15 pleasearrow_forward
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- I am not sure where I went wrongarrow_forwardEat min C e New tab Λ Content xW Quiz 3-MAT-143, section 03F, Fa X + Q A ✩ https://www.webassign.net/web/Student/Assignment-Responses/last?dep=34832472 Viewing Saved Work Revert to Last Response DETAILS MY NOTES You deposit $850 in an account paying an annual simple interest rate of 7.8%. Find the future value of the investment (in dollars) after 1 year. DETAILS MY NOTES Calculate the simple interest due (in dollars) on a 40-day loan of $1,600 if the annual interest rate is 9%. (Use 360 days in 1 year.) $ DETAILS MY NOTESarrow_forwardjust Q 1arrow_forward
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