25500 5100 3 000 5 1 2 3900 3900 question 21 on july

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[($25,500 - $5,100) + $3 000] ÷ (5 - 1 + 2) = $3,900 3,900
Question 21 On July 1, 2014, Fleming Company sells machinery for $120,000. The machinery originally cost $300,000, had an estimated 5-year life and an expected salvage value of $50,000. The Accumulated Depreciation account had a balance of $175,000 on January 1, 2014, using the straight-line method. The gain or loss on disposal is
Question 22
On July 1, 2014, Linden Company purchased the copyright to Norman Computer Tutorials for $140,000. It is estimated that the copyright will have a useful life of 5 years. The amount of Amortization Expense recognized for the year 2014 would be
Question 23 The following totals for the month of April were taken from the payroll records of Metz Company. Salaries $30,000 FICA taxes withheld 2,295 Income taxes withheld 6,600 Medical insurance deductions 1,200 Federal unemployment taxes 240 State unemployment taxes 1,500 The entry to record accrual of employer’s payroll taxes would include a debit to Payroll Tax Expense for $4,035.
Question 24 Thayer Company purchased a building on January 2 by signing a long-term $2,520,000 mortgage with monthly payments of $23,100. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be
Question 25 The following data is available for BOX Corporation at December 31, 2014: Common stock, par $10 (authorized 30,000 shares) $250,000 Treasury stock (at cost $15 per share) $1,200
Based on the data, how many shares of common stock are outstanding?
Question 26 Indicate the respective effects of the declaration of a cash dividend on the following balance sheet sections: Total Assets Total Liabilities Total Stockholders' Equity
Question 27 Assume the following cost of goods sold data for a company: 2015 $1,300,000 2014 1,200,000 2013 1,000,000 If 2013 is the base year, what is the percentage increase in cost of goods sold from 2013 to 2015?
130% 30% 20% ($1,300,000 - $1,000,000) / $1,000,000 = 30% Question 28 A company has an average inventory on hand of $75,000 and its average days in inventory is 36.5 days. What is the cost of goods sold? $1,680,000 $750,000 $876,000 $1,752,000 Question 28 ($365 ÷ $36.5) × $75,000 = $750,000
Question 29 The following information is available for Patterson Company: 2014 2013

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