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Financial Accounting and Reporting

Financial Accounting and Reporting

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The inventory records for Bradley Sales appear below:

What value is assigned to the ending inventory, if using FIFO?

$2,200

$5,600

$2,380

$3,500

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The formula for the cash conversion cycle is:

Days’ inventory outstanding (DIO) – Days’ sales outstanding (DSO) – Days’ payable outstanding (DPO)

Days’ inventory outstanding (DIO) – Days’ sales outstanding (DSO) + Days’ payable outstanding (DPO)

Days’ inventory outstanding (DIO) + Days’ sales outstanding (DSO) + Days’ payable outstanding (DPO)

Days’ inventory outstanding (DIO) + Days’ sales outstanding (DSO) – Days’ payable outstanding (DPO)

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The accountant of the Office Supplies Plus realized that the estimated life of a copy machine was 2 years instead of 5 years. This is considered to be a:

change in accounting estimate.

✅

prior period adjustment.

❌

weakness in internal controls.

❌

change in accounting principle.

❌

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Questions the following data of Dana, Inc. Dana's LIFO cost of ending inventory would be

Beginning Inventory

Purchase on April 25

Purchase on November

Sales

Units

Unit Cost

Total Cost

$90

$280

$90

Units Sold

In calculating the total cost of land, all costs are included except:

real estate agent’s commission.

survey fees.

purchase price.

fencing.

When using the indirect method, what should be subtracted from net income in determining net cash flow provided by operating activities?

Depreciation expense

Loss on sale of long-term assets

Increase in accounts payable

Increase in inventory

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On July 1, 20X6, Amir Communications purchased a new piece of equipment that cost $65,000. The estimated useful life is 10 years and estimated residual value is $5,000. Assume Amir Communications purchased the equipment on January 1, 20X6. If Amir uses the straight-line method for depreciation, what is the asset's book value at the end of 20X7?

Which of the following is not a capital expenditure?

A tune up of a Company vehicle.

A complete overhaul of an air-conditioning system

Replacement of an old motor with a new one in a piece of equipment

The cost of installing a piece of equipment.

The addition of a building wing.

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The formula for the current ratio is:

Current assets/Current liabilities.

Current assets – Current liabilities.

Current liabilities/Current assets.

Current assets × Current liabilities.

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Crayton Corporation has taxable income of $1,500,000 and pretax accounting income. What tax liability appears on the balance sheet for this year, assuming a 35% tax rate?

$472,500

$525,000

$52,500

$150,000

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