1. Which one of the following users of accounting information is considered to be an external
user of accounting information rather than an internal user of accounting information?
The typical accounting worksheet has five sets of columns with each set having a debit column
on the left and a credit column on the right. In moving from left to right across the worksheet,
which of the following lists describes the proper order for fo
Although it is possible to find an exception to the following statement, the vast majority of
adjusting entries follow which pattern described below?
One of the accounts debited or credited is an income statement
account while the second account debi
The residual interestin the assets that remain after deducting the liabilities.
A measure of the capital contributed to the company by its owners.
Contribution can be through cash, noncashassets, or valuable se
When the weighted average method of perpetual inventory tracking is used, at what point is the
new average cost calculated?
Only at the end of the year.
After each sale of the given inventory item.
After each new purchase of the same inventory
A proprietorship employs one full-time accountant. This person is considered an employee. On
the desk in front of her are five different business documents. Which one of the following would
not be considered an original source document from the propriet
Company A is taking the end-of-the-year physical inventory. Its accounting period ends on
December 31. Which of the following items would not be counted in the ending inventory count?
Items sold on December 29 and shipped the same day where the
Problem 10-5A Depreciation methods L.O. P1
A machine costing $208,200 with a four-year life and an estimated $17,000 salvage value is installed in Calhoon
Company's factory on January 1. The factory manager estimates the machine will produce 478,000 units
I 1 -6
Computing payroll taxes P2 P3
MRI Company has one employee. FICA Social Security taxes are 6.2% of the first $106,800 paid to
its employee, and FICA Medicare taxes are 1.45% of gross pay. For MRI, its FUTA taxes are 0.8%
and SUTA taxes ar
A machine costing $206,000 with a four-year life and an estimated
$16,000 salvage value is installed in Calhoon Company's factory on
January 1. The factory manager estimates the machine will produce
475,000 units of product during its life. It actually pr
Interest-bearing notes payable with year-end adjustments PI
Kwon Co. borrows $150,000 cash on November 1, 2 0 1 1 , by signing a 90-day, 9% note with a face
value of $150,000.
On what date does this note mature? (Assume that
February of 2