Exam 2 - Practice 1

Exam 2 - Practice 1 - ACCT 2103 Exam#2 Spring 2010 Name 1...

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ACCT 2103 Exam #2 Spring, 2010 Name ____________________________________ 1 point for correctly identifying the following Section # (1, 2, 3, 4, 5, 6, 7, or 8) __________ M/W Section (Instructor’s Left, Center, or Right) __________ M/W Row (A,B,C,D,E,F,G,H,J,K,L) __________ M/W Seat (1-12) __________ Do not complete your green scantron until you are completely finished with the exam. You only need to record your name, class time (period) and version (test no.) on the scantron. The version # is provided on the last page of the exam. Do not open or turn over your exam until your instructor has handed out all of the exams. It is a violation of the ethical code of conduct to (1) provide any information regarding this exam to a student in a later exam section or receive information from a student in an earlier exam; (2) use a programmable calculator with memory. A violation of this code of conduct may result in an F! for the course.
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1. Anthony Corporation reported the following amounts for the year: Anthony's inventory turnover ratio is: A. 2.76. B. 3.21. C. 2.42. D. 2.14. 2. Inventory records for Marvin Company revealed the following: Marvin sold 2,300 units of inventory during the month. Cost of goods sold assuming LIFO would be: A. $16,760. B. $16,540. C. $16,660. D. $16,800. 3. Scrubs Company purchased five new dishwashers by paying cash of $6,000. The dishwashers' fair market value on the date of the purchase was $6,600. The company incurred $400 in transportation, $300 installation fees, and paid a $200 fine for illegal parking while the dishwashers were being delivered. For what amount will Scrubs record the dishwashers? A. $6,600 B. $7,300 C. $6,700 D. $6,900 4. In a periodic inventory system, a purchase of inventory is debited to: A. Accounts payable. B. Inventory. C. Purchases. D. Cost of goods sold.
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5. On September 1, 2010, Middelton Corp. issues cash and accepts a $1,000 note receivable that offers 12% interest and is due in six months. How much interest revenue will Middleton Corp report during 2010? A. $20. B. $30. C. $40. D. $60. 6. Lail Inc. accounts for bad debts using the allowance method. On June 1, Lail Inc. wrote off Andrew Green's $2,500 account. Based on Lail's estimation, Andrew Green will never pay any portion of the balance in his account. What effect will this write-off have on Lail Inc.'s balance sheet at the time of the write-off? A. An increase to assets and an increase to expense. B. An increase to expense and a decrease to liabilities. C. A decrease to assets and a decrease to owners' equity.
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Exam 2 - Practice 1 - ACCT 2103 Exam#2 Spring 2010 Name 1...

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