cw490413_ShowFile_contentid_147078

cw490413_ShowFile_contentid_147078 - '13 Page 3 Version 1...

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Unformatted text preview: '13 Page 3 Version 1 15. On October 31 of the current year, unearned service revenue was credited for $4,800, representing one year's services to be performed by October 31 of the following year. Assuming services were performed evenly during the remainder of the year, the adjusting entry on {, ._, , December 31 will involve a WEAfl—Uzfl 56/25/15” my” a. debit to unearned service revenue for $4,000.’ ' “7:5! V?‘5053/fi€ b. credit to unearned service revenue for $800. _ j c. credit to service revenue for $4,000. @ , _ 1 @credit to service revenue for $800. " 127.4445 ' ‘ Us" Woo 16. On December 31, 2000, salaries owed to employees total $2,350 and will be paid on January 4, 2001. The adjusting entry prepared on December 31, 2000 includes a - qudebit to salary expense for $2,350. . credit to salary expense for $2,350. c. credit to cash for $2,350. d. debit to salary payable for $2,350. ‘17. Alexander‘Corporation began operations and purchased $15,500 of supplies. By year—end, $8,900 of supplies were still on hand. The -- 'usting entry at year—end would include a <‘M ”gs idebit to supplies expense for $6,600. A credit to supplies expense for $6,600. ”4/4 A??? .,,., c. debit to supplies for $8,900. j I ’0 -fiJ/W d. credit to supplies expense for $8 900. . ' I Em“? {.2900 18- When inventory prices are falling, the FIFO method will gener 11y yield ,a gross margin that is: > a. FIFO does not generally cause a gross margin that is different from that under any other costing method b. higher than under the LIFO method <9 less than under the LIFO method d. equal to the gross margin under the LIFO method 19- Given the following data, calculate the cost of ending inventory using the periodic LIFO costing method: ' - 1/1 Beginning inventory 20 units at $10 per unit 3/5 Purchases 50.nnits at $12 per unit 5/30 Purchases ' 40 units at $13 per unit 10/25 Purchases 60 units at $14 per unit 12/31 Ending inventory FHR 35 units . a. $490 ..-' T i 9» b. $350 12".; 'l/; "'9 X '1: ‘2 Roe $420 a". . 5 .5 a I ' (6‘ $380 "/3 “:“Lg‘ i ll ; W .5». 3‘0 20. Given the following data, calculame cost of endifi inventory using the weighted average method, rounding to the nearest dollar: 1/1 Beginning inventory {‘70 units at $10 per unit '= 7126:.- 3/5 Purchases /‘{50 units at $12 per unit : L106 5/30 Purchases / MO units at $13 per unit: :7 a 10/25 Purchases ;/ K60 units at $14 per unit:.¢§§70 12/31 Ending inventory l '35 units M“ a. $3.50 < a C9 $423 - Aware 3.2:,- ...... ”use -> 2/Zu7fl’éf‘9‘j ...
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