Presently the dominant body in the development of accounting principles is the:American Institute of Certified Public Accountants (AICPA)Financial Accounting Standards Board (FASB)American Accounting Association (AAA)Institute of Management Accountants (IMA)The net income reported on the income statement is $50,000. However, adjusting entries have not been made at the end of the period for supplies expense of $500 and accrued salaries of $1,300. Net income, as corrected, is:$48,200$48,700$50,000$50,000A buyer borrows money at 12% interest to pay an $8,000 invoice with terms 1/10, n/30 within the discount period. What is the buyer’s net savings of borrowing the money to pay the invoice within the discount period?$0$26. 67$27. 20$53. 33Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for $18,000. The seller paid transportation costs of $1,000 and issued a credit memorandum for $4,000 prior to payment. What is the amount of the cash discount allowable?$190$180$170$140Equipment with a cost of $160,000 has an estimated residual value of $10,000 and an estimated life of 4 years or 12,000 hours. It is to b depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 3,300 hours?$40,000$42,500$21,250$37,500A plant asset with a cost of $30,000 and accumulated depreciation of $27,000 is sold for $3,500. What is the amount of the gain or loss or disposal of the plant asset?$2,000 loss$1,000 loss$1,000 gain$2,500 gain$500 gain

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Description: Presently the dominant body in the development of accounting principles is the:American Institute of Certified Public Accountants (AICPA)Financial Accounting Standards Board (FASB)American Accounting Association (AAA)Institute of Management Accountan

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Presently the dominant body in the development of accounting principles is the:
1. American Institute of Certified Public Accountants (AICPA)
2. Financial Accounting Standards Board (FASB)
3. American Accounting Association (AAA)
4. Institute of Management Accountants (IMA)
The net income reported on the income statement is $50,000. However, adjusting entries have not been made at the end of the period for supplies expense of $500 and accrued salaries of $1,300. Net income, as corrected, is:
1. $48,200
2. $48,700
3. $50,000
4. $50,000
A buyer borrows money at 12% interest to pay an $8,000 invoice with terms 1/10, n/30 within the discount period. What is the buyer’s net savings of borrowing the money to pay the invoice within the discount period?
1. $0
2. $26. 67
3. $27. 20
4. $53. 33
Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for $18,000. The seller paid transportation costs of $1,000 and issued a credit memorandum for $4,000 prior to payment. What is the amount of the cash discount allowable?
1. $190
2. $180
3. $170
4. $140
Equipment with a cost of $160,000 has an estimated residual value of $10,000 and an estimated life of 4 years or 12,000 hours. It is to b depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 3,300 hours?
1. $40,000
2. $42,500
3. $21,250
4. $37,500
A plant asset with a cost of $30,000 and accumulated depreciation of $27,000 is sold for $3,500. What is the amount of the gain or loss or disposal of the plant asset?
1. $2,000 loss
2. $1,000 loss
3. $1,000 gain
4. $2,500 gain
5. $500 gain

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