Acc 111 Final Exam - All 3 Parts

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ACC 111 Final Exam - All 3 Parts

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Final exam paart 1
• Question 1
3 out of 3 points A company was recently formed with $ 50,000 cash contributed to the company by stock-holders. The company then borrowed $ 20,000 from a bank and bought $ 10,000 of supplies on account. The company also purchased $ 50,000 of equipment by paying $ 20,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet? •
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The inventory at the end of the month was $20,000.The cost of goods sold would be:
• Question 8
3 out of 3 points A company lends its CEO $150,000 for 3 years at a 6% annual interest rate. Interest payments are to be made twice a year. Each interest payment will be for: • Question 9
3 out of 3 points Post Company lends Blue Company $40,000 on April 1, accepting a 4 month, 4.5% interest note.Post Company prepares financial statements on April 30.What adjusting entry should they make? • Question 10
3 out of 3 points On January 1, 200X Jones Company purchased a machine for $20,000. The machine had a salvage value of $2,000 and a useful life of 5 years. Using straight line depreciation, the accounting entry for recording depreciation expense for 200X would be: • Question 11
3 out of 3 points Post Company uses straight- line depreciation for all of its depreciable assets.Post sold a piece of machinery on December 31, 2009, that it purchased on January 1, 2009 for $ 2,000. The asset had a five year life and zero residual value. Accumulated depreciation was $400.If the sales price of the used machine was $ 1,200, the resulting gain or loss on disposal was which of the following amounts? • Question 12
3 out of 3 points On

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