P3-43
Haupt Consulting, Inc.
Trial Balance
December 18, 2010
Account
Cash
Accounts receivable
Supplies
Equipment
Furniture
Accounts payable
Common stock
Service revenue
Rent expense
Utilities expense
Total
Ref.
Date
Dec
Req. 2
Dec
Req. 2
Dec
Req. 2
Dec
Re
Question 2 - Multiple Choice
ID:
4431756
- The correct answer has been circled.
Question: Western Outfitters Mountain Sports projected 2008 sales of 75,000 units at a unit sale price of $12. Actual
2008 sales were 72,000 units at $14 per unit. Actual vari
Limited partners will lose the benefit of limited liability if they:
D) Make managerial decisions on behalf of the partnership.
A sole proprietorship's income is:
C) Taxed as income of the proprietor.
Corporate shareholders have:
B) Limited liability.
Tax
Principle of Accounting 1 - Week 1
P1-28A (15-20 min)
1.
2.
3.
4.
5.
6.
7.
8.
9.
Proprietorship
Reliability principle
Partnership
Stock
Limited liability
Limited Liability Company
Cost principle
FASB
Net income of $25,000
Put Your Letter Answer
Here
D
E
G
One major purpose of the Fair Labor Standards Act is to provide:
A) Restrictions on child labor.
Which of the following relationships does not constitute an agency relationship?
D) Principal/Employer.
Polygraph tests?
C) May be legally used by private com
Question: Why does a lack or decreased production of insulin cause diabetes mellitus?
Insulin is required for glucose
A
uptake by cells
B
Insulin is required for excretion
of glucose
C
Insulin is required for glucose
breakdown
D
Insulin is required for co
Q uestion: W hich of the following areas/conditions would be favored by thermoacidophiles?
A
Anaerobic conditions
B
The Dead Sea, which
contains high amounts of
salt
C
The stomachs of herbivores
D
Hot sulfur springs
Question: N ucleotides are building blo
1
Question: The Petty Company has analyzed an investment opportunity costing $270,000, and determined that the net present value is $1,42
the investment would generate cash inflows of $50,000 a year for eight years, and used a discount rate of 10%. What w
1
CHAPTER 10: TWO-SAMPLE TESTS
WITH NUMERICAL DATA
1. The t test for the difference between the means of 2 independent populations assumes that the respective
a) sample sizes are equal.
b) sample variances are equal.
c) populations are approximately norma
1.
The scientific method is used every day in solving common problems. Suppose that the lights
suddenly go off in your house. Which of the following is a sensible hypothesis for the lights going out?
A. all of the light bulbs in the house have blown out
B
C HAPTER 8: CONF I D E NCE I N T ERVAL EST I MAT IO N
1. The width of a confidence interval estimate for a proportion will be
a) narrower for 99% confidence than for 95% confidence.
b) wider for a sample size of 100 than for a sample size of 50.
c) narrow
C HAPTER 6: T H E NOR MAL D ISTR I BU T IO N AND OT H ER CONT I N UOUS
D ISTR IB U T IO NS
1. In its standardized form, the normal distribution
a) has a mean of 0 and a standard deviation of 1.
b) has a mean of 1 and a variance of 0.
c) has an area equal
CHAPTER 7: SAMPLING DISTRIBUTIONS
1. Sampling distributions describe the distribution of
a) parameters.
b) statistics.
c) both parameters and statistics.
d) neither parameters nor statistics.
ANSWER:
b
TYPE: MC DIFFICULTY: Easy
KEYWORDS: statistics, sampl
1
CHAPTER 9: FUNDAMENTALS OF HYPOTHESIS TESTING: ONE-SAMPLE TESTS
1. Which of the following would be an appropriate null hypothesis?
a) The mean of a population is equal to 55.
b) The mean of a sample is equal to 55.
c) The mean of a population is greater
1
CHAPTER 3: NU MERICAL DESCRIPTIVE MEASURES
1. Which of the following statistics is NOT a measure of central tendency?
a) arithmetic mean
b) median
c) mode
d) Q3
2. Which measure of central tendency can be used for both numerical and categorical variable
C HAPTER 4: BASIC PROBAB I L I TY
1. If two events are collectively exhaustive, what is the probability that one or the other
a)
b)
c)
d)
occurs?
0
0.50
1.00
Cannot be determined from the information given.
ANSWER:
c
TYPE: MC DIFFICULTY: Easy
K EYWORDS: c
C HAPTER 6
1
Thepriceelasticityofdemandisdefinedasthe:
A)
changeinquantitydemandeddividedbythechangeinprice.
B)
C)
D)
percentagechangeinquantitydemandeddividedbypercentagechangeinprice.
changeinpricedividedbythechangeinquantitydemanded.
percentagechangein
1
Ifsupplyiselastic,
A)
supplychangesmorethandemand.
B)
C)
D)
quantitysuppliedchangesmorethanprice.
thepercentagechangeinquantitysuppliedisgreaterthanthepercentagechangeinprice.
pricechangesmorethanquantitysupplied.
ck:Ifsupplyiselastic,thepercentagechang
C HAPTER 5
1
In1991Congressimposeda10percentluxurytaxpaidbyproducersofluxuryboats.Becauseoftheuproarfromconsumers,thetaxwasrepealedin1993.Whatwasthe
effectofthetwoeventsonequilibriumpriceandquantityofluxuryboats?
A)
Priceroseandthenfell;quantitysoldalsoro
1
Supposeanicestormknocksdownpowerlinesanditisannouncedonthenewsthatthelocalareawouldbewithoutpowerforoneweek.Wewouldexpecttosee
A)
anincreaseinthepriceandquantityofpowergenerators.
B)
C)
D)
adecreaseinthepriceandquantityofpowergenerators.
anincreaseinthe
C HAPTER 4
1
Thelawofdemandstatesthat,otherthingsconstant,thereis:
A)
aninverserelationbetweenpriceandthequantitydemanded.
B)
C)
D)
aninverserelationbetweenpriceanddemand.
adirectrelationbetweenpriceandthequantitydemanded.
adirectrelationbetweenpriceandde
P11-27A (10-20min)
Req. 1
The main advantage they gain by selecting a coporate form of business now would be that co
money, which means that cash flow wont be an issue as they grow
Req. 2
I would suggest that they initially issue common stock, as it's not
P9-27A
Req.1
PLEASECOMPLETEALLTHEPINKAREAS
Land
Item
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
k.
l.
m.
n.
o.
p.
q.
Totals
Land
$82,000
6,300
8,700
3,300
Improvements
Building
9,800
700
23,100
9,300
218,000
167,000
9,100
28,800
11,400
17,500
$100,300
52,500
6,200
$83
P7-28A (20min)
Req. 1
PLEASECOMPLETEALLTHEPINKAREAS
Wood's Healthcare
Bank Reconciliation
May 31, 2012
BANK:
Balance, May 31
Add:
Deposits in transit
Correction of bank error
Outstanding checks:
237
288
291
294
295
296
Adjusted bank balance, May 31
BOOKS:
Wk 5 Homework Problem 14 (Example)
Your values may be slightly different.
We want to use equation 7.8 on page 227.
Z=p-(1-)n
Where:
= 0.60 (Given in the problem statement)
p = the proportion asked for in the question. For part a p = 0.64 and 0.57
n = 100
P5- 43
Req.1
PLEASE COMPLETE ALL THE PINK AREAS
You may have to add more rows are needed
Journal Entry
Date
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Accounts
2 Cash
Service revenue
Performed service, received cash
2 Prepaid Rent
Cash
Prepaid 3 mont
POPPA ROLLO'S PIZZA
Income Statement
Year Ended December 31, 2011
Sales revenue
Less: Sales returns
Net sales revenue
Cost of goods sold
Gross profit
Operating Expenses:
Salary Expense
Depreciation expense
Utilities expense
Operating Income
Other revenues