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1. Lauer Corporation uses the periodic inventory system and the following information about their slim-line laptop computer is available: During the

This question was answered on Mar 26, 2010. View the Answer
1. A company reports its cost of goods sold as $15.0 billion in 2009. It has $2.9 billion in inventory and reports accounts payable at $1.2 billion in 2009. In 2008, ending inventory was reported at $3.1 billion and accounts payable was $1.4 billion. How much cash was paid to suppliers for 2009?
A) $14.8 billion
B) $15.0 billion
C) $15.2 billion
D) $15.7 billion
E) None of the above

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1. Lauer Corporation uses the periodic inventory system and the following information about their slim-line laptop computer is available: During the year, 750 laptop computers were sold. Reference: 07_02 What was ending inventory and cost of goods sold on 12/31 under the LIFO cost flow assumption? A) $56,000 and $714,000. B) $45,000 and $725,000. C) $40,000 and $730,000. D) None of the above. 2. Belmond Company uses the periodic FIFO method to value inventory and had the following transactions in the period. What are the cost of goods sold and ending inventory balances in dollars for the period? A) Entry A B) Entry B C) Entry C D) Entry D 3. A company reports its cost of goods sold as $15.0 billion in 2009. It has $2.9 billion in inventory and reports accounts payable at $1.2 billion in 2009. In 2008, ending inventory was reported at $3.1 billion and accounts payable was $1.4 billion. How much cash was paid to suppliers for 2009? A) $14.8 billion B) $15.0 billion
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C) $15.2 billion D) $15.7 billion E) None of the above 4. On July 1, 2006, Gerdin Company borrowed $100,000. The company signed a note payable with interest at 6 percent per year. The note and interest are due on December 31, 2006. On December 31, 2006, Goode paid $103,000 to settle the debt in full. Transaction analysis of the $103,000 cash payment on December 31, 2006, should reflect the following: A) decrease assets, $103,000; decrease liabilities, $103,000. B) decrease assets, $100,000; decrease stockholders' equity, $3,000; and decrease liabilities, $103,000. C) decrease stockholders' equity, $100,000; decrease liabilities, $3,000; and decrease assets, $103,000. D) decrease liabilities, $100,000; decrease stockholders' equity, $3,000; and decrease assets, $103,000. E) None of the above is correct. 5. Oakwood Company had accounts receivable of $750,000 and an allowance for doubtful accounts of the $21,500 just prior to writing off as worthless an account receivable for Hyland Company of $5,000. The net realizable value of accounts receivable as shown by the accounting record before and after the write-off was as follows: A) A above B) B above C) C above D) D above E) E above
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CH260310_6466_FIN.docx

1. Lauer Corporation uses the periodic inventory system and the following information about their slim-line
laptop computer is available: During the year, 750 laptop computers were sold.
Reference:...

This question was asked on Mar 25, 2010 and answered on Mar 26, 2010.

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