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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

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

real estate agent’s commission.

survey fees.

purchase price.

fencing.

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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?

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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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