Buy New ACCT 212 Week 6 Quiz (Collection)

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Buy New ACCT 212 Week 6 Quiz Collection

 

ACCT 212 Week 6 Quiz (Summer 2021)

1. Question: Which of the following expenditures should … as an asset? Interest costs during the construction period of a new building.

2. Question: A company purchased land and a building from a seller for $900,000. A separate appraisal reveals the fair value of the land to … $200,000 and the fair value of the building to … $800,000. For what amount would the company record land at the time of purchase?

3. Question: Kansas Enterprises … equipment for $80,500 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $7,350 at the end of ten years.
Using the straight-line method, depreciation expense for 2021 would …: Cost of Equipment: $80,500
Less: salvage value: $7,350 Depreciatable value: $73,150 Estimated Life: 10 years

4. Question: Kansas Enterprises … equipment for $74,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $7,800 at the end of five years.
Using the double-declining balance method, depreciation expense for 2021 would … : (Do not round your intermediate calculations)

5. Question: Western Wholesale Foods incurs the following expenditures during the current fiscal year. How should Western account for each of these expenditures?

6. Question: Which of the following is not a current liability? An … line of credit.

7. Question: The Pita Pit borrowed $190,000 on November 1, 2021, and … a six-month note bearing interest at 12%. Principal and interest are payable in full at maturity on May 1, 2022.
In connection with this note, The Pita Pit should report interest expense on December 31, 2021, in the amount of (Do not round your intermediate calculations.)

1 November 01, 2021 ($190,000 x 12% x 2 / 12) = $3,800
2 December 31, 2021 ($190,000 x 12% x 1 / 12) = $1,900
3 February 01, 2022 ($190,000 x 12% x 2 / 12) = $3,800
a. The Pita Pit borrowed $200,000 on November 1, 2021, and … a six-month note bearing interest at 12%. Principal and interest are payable in full at maturity on May 1, 2022.

In connection with this note, The Pita Pit should report interest expense on December 31, 2021, in the amount of (Do not round your intermediate calculations.)

8. Question: Which of the following is not an advantage of debt financing?

9. Question: In each succeeding payment on an installment note: The amount that goes to interest expense decreases

10. Question: If bonds are … with a stated interest rate higher than the market interest rate, the bonds will … issued at
A Premium


ACCT 212 Week 6 Quiz (Summer 2020)

1. Question: A company incurred the following costs:

2. Question: A company incurred the following costs for a new delivery truck………….. What is the … of the delivery truck?

3. Question: On January 2, 2019, Konard Corporation acquired equipment for $800,000. The estimated life of the equipment is 5 years or 31,000 hours. The estimated residual value is $25,000, if Konard Corporation uses the units of the production method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2020, assuming that during this period, the asset was used 10.000 hours?

4. Question: On January 2, 2019, Kaiman Corporation acquired equipment for $800,000. The estimated life of the equipment is 5 years or 70,000 hours. The estimated residual value is $20,000. What is the balance in Accumulated Depreciation on December 31, 2020, if Kaiman Corporation uses the straight-line method of depreciation?

5. Question: On January 2, 2019, Kornis Corporation acquired equipment for $1,200,000. The estimated life of the equipment is 5 years or 80,000 hours. The estimated residual value is $40,000. What is the balance in Accumulated Depreciation on December 31, 2019, if Kornis Corporation uses the double–declining – balance method of depreciation?

6. Question: Wisconsin Bank lends Local Furniture Company $140,000 on November 1. Local Furniture Company signs a $140,000, 6%, 4 – month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31 is:

7. Question: Kathy’s Corner Store has total cash sales for the month of $32,000 excluding sales taxes. If the sales tax rate is 8%, which journal entry is … ? (Ignore Cost of Goods Sold).

8. Question: Montana Company sold merchandise at a retail price of $34,000 for cash. Montana Company is … to collect 6% state sales tax. The total cash received from customers was:

 

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