final_exam_vol_I - Final Exam 1 Chapters 1-12 Accounting...

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Final Exam 1: Chapters 1-12 Name ___________________________ Accounting Principles, 9e Instructor ________________________ Weygandt, Kieso, & Kimmel Section # _________ Date __________ Part I II III IV V VI VII Total Points 72 20 13 15 12 18 20 170 Score PART I — MULTIPLE CHOICE (72 points) Instructions: Designate the best answer for each of the following questions. ____ 1. Which of the following events cannot be quantified into dollars and cents and recorded as an accounting transaction? a. The appointment of a new CPA firm to perform an audit. b. The purchase of a new computer. c. The sale of store equipment. d. Payment of income taxes. ____ 2. Anderson Company purchased equipment for $1,800 cash. As a result of this event, ____ 3. Which of the following statements related to the adjusted trial balance is incorrect? ____ 4. Carson Supply bought equipment at a cost of $72,000 on January 2, 2007. It originally had an estimated life of ten years and a salvage value of $12,000. Carson uses the straight-line depreciation method. On December 31, 2010, Carson decided the useful life likely would end on December 31, 2014, with a salvage value of $6,000. The depreciation expense recorded on December 31, 2010, should be
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Test Bank for Accounting Principles, Ninth Edition ____ 5. Dawson Company bought furniture on account. Their accountant debited Furniture and credited Accounts Receivable. An appropriate correcting entry is a. debit Furniture and credit Accounts Payable. b. debit Accounts Receivable and credit Accounts Payable. c. debit Miscellaneous Expense and credit Accounts Payable. d. no correcting entry is needed. ____ 6. Income Summary has a credit balance of $12,000 in J. Sawyer Co. after closing revenues and expenses. The entry to close Income Summary is ____ a 7. Orlando Company exchanged old equipment for new equipment. The old equipment had a cost of $150,000, accumulated depreciation of $90,000, and a fair market value of $75,000. The exchange had commercial substance. Orlando paid an additional $66,000 in cash. The new equipment should be recorded at ____
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