Exam 2 Review problems and answers

# Exam 2 Review problems and answers - Ch. 5 29. 30. 31. 32....

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Ch. 5 42. d 29. d 43. d 57. b 23. c 30. d 44. d 31. d 59. a 32. d 40. d 47. d 61. b 41. d 62. b 69. b \$720,000 – \$85,000 + \$313,000 = \$948,000. 73. b \$70,000 + \$250,000 – \$110,000 + \$140,000 = \$350,000. 76. c \$250,000 + \$70,000 – \$30,000 = \$290,000. 80. b \$255,000 – \$60,000 – \$110,000 = \$85,000. Ch. 7 S 25. d S 30. c S 31. d P 43. a P 24. d 36. a 40. c 52. b 59. b (\$425,000 – \$14,000) × .02 = \$8,220. 60. a (\$43,000 × .10) – \$760 = \$3,540. 63. d \$288,000 × .05 = \$14,400. 65. b \$480,000 × .05 – [\$20,000 – (\$14,400 – \$4,200)] = \$14,200 68. a \$30,000 × 1.75911 = \$52,773. 71. b \$300,000 × .03 = \$9,000. 72. b (\$300,000 × .03) + \$1,500 = \$10,500. 76. c \$900,000 ÷ [(\$100,000 + \$150,000) ÷ 2] = 7.2 *79. b \$39,140 + \$5,000 – \$5,200 = \$38,940. 87. c PDF created with pdfFactory Pro trial version www.pdffactory.com

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Ch. 8 39. d 45. b 57. d 28. c 58. a 23. a 53. b 24. d 54. c 37. d 44. d 69.d \$260,000 + (4 × \$150,000) = \$860,000. 76. a (\$60,000 – \$40,000) = \$20,000. 83. c \$450,000 + (\$90,000 – \$60,000) = \$480,000. 89. c \$126,500 ÷ 1.10 = \$115,000 – \$100,000 = \$15,000. \$100,000 + (\$15,000 ÷ 1.10) = \$116,500. 90. b \$100,000 + \$600,000 – \$116,500 = \$583,500 COGS \$1,000,000 – \$583,500 = \$416,500. 101. b \$50,000 × .8 × .9 = \$36,000. 103. c [(1,600 × \$8.00) + (4,000 × \$9.40)] ÷ 5,600 = \$9.00. 106. c (450 × \$42) + (150 × \$44) = \$25,500. Ch. 9 26. c 41. c *46. b 47. a 28. d 24. b 29. c 39. b 44. b 25. a 40. d 45. a 55. b NRV = \$40 – \$8 = \$32, RC = \$34 NRV – PM = \$32 – (\$40 × .40) = \$16, cost = \$36. 56. c \$600,000 – \$10,000 = \$590,000. 63. b (\$5.00 – \$4.60) × 1,000 = \$400. 68. a \$360,000 + (\$420,000 – \$240,000) = \$540,000. 71. c COGS = \$2,000,000 × .75 = \$1,500,000 \$800,000 + \$1,600,000 – \$1,500,000 = \$900,000. 75. b Cost: \$30,000 + \$145,000 + \$2,500 = \$177,500. Retail: \$50,000 + \$200,000 + \$8,500 = \$258,500. 86. d Cost: \$78,000 + \$295,000 + \$5,000 = \$378,000. Retail: \$122,000 + \$415,000 + \$15,000 = \$552,000. 87. d \$122,000 + \$415,000 – \$2,000 + \$15,000 – \$20,000 – \$390,000 = \$140,000.
88. a \$140,000 × .685 = \$95,900. *89. c Cost: \$295,000 + \$5,000 = \$300,000. Retail: \$415,000 + \$15,000 – \$20,000 = \$410,000. 90. a Base year price = 140,000 / 1.12 = 125,000 \$122,000 @ cost = \$78,000 \$3,000 × .732* × 1.12 = 2,460 \$80,460 * 300,000 / 410,000 = .732 94. b 98. d \$980,000 ÷ \$1,400,000 = 0.7 (\$1,400,000 – \$10,000 – \$1,050,000) × 0.7 = \$238,000. *99. a \$550,000 ÷ 1.1 = \$500,000 \$300,000 + (\$80,000 × 1.1 × .7) = \$361,600. PDF created with pdfFactory Pro trial version

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Chapter 5 Problems: S 23. The balance sheet contributes to financial reporting by providing a basis for all of the following except a. computing rates of return. b.
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## This note was uploaded on 11/21/2009 for the course ACC acc 310 taught by Professor Mlot during the Fall '09 term at N.C. State.

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Exam 2 Review problems and answers - Ch. 5 29. 30. 31. 32....

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