ACCOUNTING 201
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ACCOUNTING 201 Questions & Answers


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  • 24 terms

    Term:

    Linton Company purchased a delivery truck for $34,000 on January 1, 2017. The truck has an expected salvage value of $3,000, and is expected to be driven 103,000 miles over its estimated useful life of 5 years. Actual miles driven were 12,900 in 2017 and 13,300 in 2018. Calculate depreciation expense per mile under units-of-activity method.

    Definition:

    Depreciation expense = ($34,000 - $3,000)/103,000 = $0.30 per mile

    • Chapter 9
    • 24 terms
    • Vocabulary for Chapter 9. Find, create, and access Accounting, flashcards with Course Hero.
  • 12 terms

    Term:

    When the terms of sale are FOB shipping point, ownership of the goods remains with the seller until the goods reach the buyer.

    Definition:

    False

    • Chapter 6 Practice Quiz
    • 12 terms
    • Vocabulary for Chapter 6 Practice Quiz. Find, create, and access ACCOUNTING 201, flashcards with Course Hero.
  • 13 terms

    Term:

    On January 2, 2014, Riley Corporation issued 20,000 shares of 6% cumulative preferred stock at $100 par value. On December 31, 2017, Riley Corporation declared and paid its first dividend. What dividends are the preferred stockholders entitled to receive in 2017 before any distribution is made to common stockholders?

    Definition:

    20,000 X .06 X $100 = $120,000 annual dividend requirement for the preferred stockholders. $120,000 X 4 years = $480,000 due to preferred stockholders before any distribution is made to common stockholders.

    • chapter 11
    • 13 terms
    • Vocabulary for chapter 11. Find, create, and access Accounting, flashcards with Course Hero.
  • 10 terms

    Term:

    Cost of goods sold is determined only at the end of the accounting period in

    Definition:

    a periodic inventory system.

    • Chapter 5
    • 10 terms
    • Vocabulary for Chapter 5. Find, create, and access flashcards with Course Hero.
  • 10 terms

    Term:

    After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the

    Definition:

    adjusted trial balance.

    • Chapter 4 Practice Quiz
    • 10 terms
    • Vocabulary for Chapter 4 Practice Quiz. Find, create, and access flashcards with Course Hero.
  • 10 terms

    Term:

    Net income is gross profit less

    Definition:

    operating expenses.

    • Chapter 5 Practice Quiz
    • 10 terms
    • Vocabulary for Chapter 5 Practice Quiz. Find, create, and access flashcards with Course Hero.
  • 8 terms

    Term:

    Beth Corbin’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Beth works 50 hours. Beth’s federal income tax withholding is $99, and she has no voluntary deductions. Compute Beth Corbin’s gross earnings and net pay for the pay period. (Assume FICA rate of 7.65%. Round the answers to 2 decimal places, e.g. 15.25.)

    Definition:

    gross earnings= 880 (40 x $16 + $24 x 10) Net Pay = 713.68 (subtract 880 x 7.65%= 67.32 and $99 withholding = 713.68)

    • chapter 10
    • 8 terms
    • Vocabulary for chapter 10. Find, create, and access Accounting, flashcards with Course Hero.
  • 6 terms

    Term:

    Net income is $132,000, accounts payable increased $10,000 during the year, inventory decreased $6,000 during the year, and accounts receivable increased $12,000 during the year. Under the indirect method, what is net cash provided by operating activities?

    Definition:

    Solution: $136,000 ($132,000 + $10,000 + $6,000 - $12,000)

    • Chapter 13
    • 6 terms
    • Vocabulary for Chapter 13. Find, create, and access Accounting, flashcards with Course Hero.

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