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Financial Accounting and Reporting
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(25) A company purchased merchandise to be resold at increasing costs during the year 20X1. The purchases were made at the following costs: January 1, 20X1 (opening balance); 20 units at $10 January 25, 20X1 purchase 40 units at $11; June 20, 20X1 purchase 40 units at $12; October 10, 20X1 purchase 50 units at $13; Assuming the FIFO periodic cost flow assumption, what will be the company's cost of goods sold for the 120 items sold in 2011
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(24) Carter Co. and Greer Corp. purchased identical plant assets, and both companies estimated the useful life at 10 years with no residual value. Carter uses straight-line depreciation in its financial statements, whereas Greer uses an accelerated method.
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(23) Accumulated depreciation is a(an)
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(22) Company ABC sold a building on January 1, 20X1. The equipment was originally purchased 20 years ago for $200 000. Accumulated depreciation on the date of sales was $120 000. The sale resulted in $5 000 gain. The equipment was sold for:
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(21) A company bought machine for $33 000. It expects to use the machine for 11 years and then sell it for $22 000. Estimated residual value of the machine at the end of its useful life is $11 000. If the company calculates depreciation by straight-forward (straight-line) method, the annual depreciation charge, in respect of this machine, will be:
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(20) A company estimates that 5% of its $200 000 of accounts receivable will be uncollectible. Its Allowance for Doubtful Accounts presently has a credit balance of $5 000 and the company makes accounting entries based on the above-mentioned estimates. What is the correct name for the accounting method used?
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(19) A company estimates that 5% of its $200 000 of accounts receivable will be uncollectible. Its Allowance for Doubtful Accounts presently has a credit balance of $5 000. The adjusting entry will include a __________ to the Allowance for Doubtful Accounts.
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(18) The inventory cost flow assumption where the cost of the most recent purchases are likely to remain in inventory
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(17) Hector Sales Co. began operations early this year, selling a product that carries a 1-year warranty; any defective units will be replaced within that time. The product has a cost to Hector Sales of $55 and a selling price of $107. Hector estimates that approximately 1% of the units will be defective. During the year, 62,000 units were sold and 274 units were returned for replacement. What is the balance in Warranty Payable at the end of the current year?
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(16) The Elysian Company reported the following financial information: Cost of goods sold $ 500,000 Sales revenue 1,300,000 Operating expenses 150,000 Other losses 4,000 Income tax expense 226,000 Shares of common stock outstanding 80,000 Common stock market price per share $100 What is the amount of income from continuing operations, net of income taxes?
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