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.
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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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