FA2FINALREVIEW - Financial Accounting II FINAL EXAM REVIEW...

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Financial Accounting II FINAL EXAM REVIEW Chapters 10-17 Dr. Seyedin The purpose of this review is to assist you in preparing for the final exam. Please do not view the answers until you have arrived at your own responses. You may then compare your answers with the solutions to assess the areas you need to focus the most. 1. Define current liabilities. 2. On June 5, Apex Co. issued a $100,000, 10%, 90-day note payable to Jones Co. What is the maturity value of the note? 3. Define the term proceed. 4. Define the term discount. 5. On June 5, Apex Co. issued a $100,000, 10%, 90-day discounted note payable to Jones Co. What is the maturity value of the note? 6. What is the journal entry to convert an existing account payable to a note payable? 7. Name the taxes that employers are required to withhold from employees. 8. Define the term “take-home” pay. 9. Define the term “gross pay”. 10. An employee receives an hourly rate of $30, with time and a half for all hours worked beyond 40 during a week. Payroll data for the current week are as follows: a. Hours worked: 47 b. Federal income tax withheld: $200 c. Cumulative earnings for year prior to current week $56,000 d. Social security: 6% on maximum of $60,000 e. Medicare rate of 1.5% on all earnings. f. What is the gross pay for the employee? 11. An employee receives an hourly rate of $20, with time and a half for all hours worked beyond 40 during a week. Payroll data for the current week are as follows: a. Hours worked: 47 b. Federal income tax withheld: $200 c. Cumulative earnings for year prior to current week $59,700 d. Social security: 6% on maximum of $60,000 e. Medicare rate of 1.5% on all earnings. f. What is the net pay for the employee? 12. A machine with a cost of $150,000 has an estimated residual value of $10,000 and an estimated life of 4 years or 18,000 hours. What is the amount of depreciation for the second full year, using the declining-balance method at double the straight-line rate?
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13. A machine with a cost of $250,000 has an estimated residual value of $10,000 and an estimated life of 4 years or 18,000 hours. What is the amount of depreciation for the fourth full year, using the declining-balance method at double the straight- line rate? 14. A machine with a cost of $150,000 has an estimated residual value of $10,000 and an estimated life of 4 years or 10,000 hours. Using the units-of-production method, what is the amount of depreciation for the second full year, during which the machine was used 4,000 hours? 15. A machine with a cost of $210,000 has an estimated residual value of $10,000 and
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FA2FINALREVIEW - Financial Accounting II FINAL EXAM REVIEW...

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