ACC 311 Quiz 4

ACC 311 Quiz 4 - Question 1 1 out of 1 points The current...

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Question 1 1 out of 1 points The current assets section of the balance sheet should include Answer Selected Answer: inventory. Correct Answer: inventory. Question 2 1 out of 1 points The stockholders' equity section is usually divided into what three parts? Answer Selected Answer: Capital stock, additional paid-in capital, retained earnings Correct Answer: Capital stock, additional paid-in capital, retained earnings Question 3 1 out of 1 points AG Inc. made a $10,000 sale on account with the following terms: 1/15, n/30. If the company uses the gross method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? Answer Selected Answer: Debit Accounts Receivable for $10,000. Correct Answer: Debit Accounts Receivable for $10,000. Question 4 1 out of 1 points How is days to collect accounts receivable determined? Answer Selected Answer: 365 days divided by accounts receivable turnover.
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365 days divided by accounts receivable turnover. Question 5 0 out of 1 points Which of the following transactions would require the use of the present value of an annuity due concept in order to calculate the present value of the asset obtained or liability owed at the date of incurrence? Answer Selected Answer: A ten-year 8% bond is issued on January 2 with interest payable semiannually on July 1 and January 1 yielding 7%. Correct Answer: A capital lease is entered into with the initial lease payment due upon the signing of the lease agreement. Question 6 1 out of 1 points Assume ABC Company deposits $25,000 with First National Bank in an account earning interest at 6% per annum, compounded semi- annually. How much will ABC have in the account after five years if interest is reinvested? Answer Selected Answer: $33,598. Correct Answer: $33,598. Question 7 0 out of 1 points Ethan has $20,000 to invest today at an annual interest rate of 4%. Approximately how many years will it take before the investment grows to $40,500? Answer
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This note was uploaded on 11/08/2011 for the course ACC ACC 301 taught by Professor Kenny during the Spring '11 term at St. Leo.

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ACC 311 Quiz 4 - Question 1 1 out of 1 points The current...

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