post acc111 unt 6 ch 7 and ch 8 all quizes

Unit 6

chapter 7

• Question 1

2 out of 2 points

The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was:

$12,000

$10,000

$ 9,000

$16,000

• Question 2

2 out of 2 points

Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000. The cost of goods sold would be:

$30,000

$35,000

$15,000

$25,000

• Question 3

2 out of 2 points

Following is the inventory activity for July:

Beginning Balance 10 sweaters @ $12 each

1-Jul Purchased 5 sweaters at $14 each

8-Jul Purchased 8 sweaters at $17 each

17-Jul Purchased 6 sweaters at $20 each

24-Jul Sold 12 sweaters for $30 each

What is the ending inventory $ amount using the FIFO method?

$298

$224

$261

• Question 4

2 out of 2 points

Following is the inventory activity for July:

Beginning Balance 10 sweaters @ $12 each

1-Jul Purchased 5 sweaters at $14 each

8-Jul Purchased 8 sweaters at $17 each

17-Jul Purchased 6 sweaters at $20 each

24-Jul Sold 12 sweaters for $30 each

What is the ending inventory $ amount using the LIFO method?

$298

$224

$261

Un t 6 ch 8 qquz

• Question 1

2 out of 2 points

A company lends its CEO $150,000 for 3 years at a 6% annual interest rate. Interest payments are to be made twice a year. Each interest payment will be for:

$9,000

$4,500

$27,000

$13,500

• Question 2

2 out of 2 points

Which of the following is true?

An allowance for doubtful accounts is a contra asset account and the normal balance is a credit.

An allowance for doubtful accounts is a contra asset account and the normal balance is a debit.

An allowance for doubtful accounts is an expense account and the normal balance is a debit.

An allowance for doubtful accounts is an expense account and the normal balance is a credit.

• Question 3

2 out of 2 points

Post Company lends Blue Company $40,000 on April 1, accepting a 4 month, 4.5% interest note. Post Company prepares financial statements on April 30. What adjusting entry should they make?

Debit note receivable $40,000; Credit Cash $40,000

Debit interest receivable $150; Credit interest revenue $150

Debit cash $150; Credit interest revenue $150

Debit interest receivable $600; Credit interest revenue $600

Unit 6 - Chapter 7 FIFO LIFO Exercise

• Question 1

0 out of 0 points

Use the following information to answer questions 1 - 4:

Date Units Unit Cost Total Cost

Beginning inventory 1-Jan 120 $8 $960

Purchases 15-Jan 380 $9 $3,420

Purchaes 24-Jan 200 $11 $2,200

Total $6,580

Assume Post Company uses a periodic inventory system, which shows the following for the month of January. Sales totaled 240 units.

What is the cost of the 240 units sold under the FIFO inventory method?

$6,580

$2,040

$2,560

$5,620

• Question 2

0 out of 0 points

What is the cost of the 240 units sold under the LIFO inventory method?

$6,580

$2,560

$2,040

$5,620

• Question 3

0 out of 0 points

What is the cost of ending inventory using the FIFO inventory method?

$6,580

$4,540

$4,020

$5,620

• Question 4

0 out of 0 points

What is the cost of ending inventory using the LIFO inventory method?

$6,580

$4,540

$4,020

$5,620

Unit 6 - Chapter 7 Income Statement Exercise

• Question 1

0 out of 0 points

Sales Revenue $800

Beginning Inventory $100

Purchases $700

Available for Sale ?

Ending Inventory $500

Cost of Goods Sold ?

Gross Profit ?

Operating Expenses $200

Net Income ?

The missing dollar amounts are:

Goods Available for Sale – $800

Cost of Goods Sold – $300

Gross Profit – $500

Net income - $300

Goods Available for Sale – $900

Cost of Goods Sold – $300

Gross Profit – $500

Net income - $400

Goods Available for Sale – $800

Cost of Goods Sold – $600

Gross Profit – $200

Net income - $50

Goods Available for Sale – $800

Cost of Goods Sold – $300

Gross Profit – $400

Net income - $400

• Question 2

0 out of 0 points

Sales Revenue $900

Beginning Inventory $200

Purchases $700

Available for Sale ?

Ending Inventory ?

Cost of Goods Sold ?

Gross Profit ?

Operating Expenses $150

Net Income $0

The missing dollar amounts are:

Goods Available for Sale – $300

Ending Inventory – $150

Cost of Goods Sold – $600

Gross Profit – $300

Goods Available for Sale – $900

Ending Inventory – $150

Cost of Goods Sold – $750

Gross Profit – $150

Goods Available for Sale – $300

Ending Inventory – $150

Cost of Goods Sold – $750

Gross Profit – $100

Goods Available for Sale – $300

Ending Inventory – $100

Cost of Goods Sold – $800

Gross Profit – $200

• Question 3

0 out of 0 points

Sales Revenue ?

Beginning Inventory $150

Purchases ?

Available for Sale ?

Ending Inventory $250

Cost of Goods Sold $200

Gross Profit $400

Operating Expenses $100

Net Income ?

The missing dollar amounts are:

Sales Revenue - $600

Purchases - $250

Goods Available for Sale – $500

Net income - $300

Sales Revenue - $800

Purchases - $300

Goods Available for Sale – $450

Net income - $500

Sales Revenue - $600

Purchases - $300

Goods Available for Sale – $450

Net income - $300

Sales Revenue - $600

Purchases - $200

Goods Available for Sale – $350

Net income - $300

• Question 4

0 out of 0 points

Sales Revenue $800

Beginning Inventory ?

Purchases $600

Available for Sale ?

Ending Inventory $250

Cost of Goods Sold ?

Gross Profit ?

Operating Expenses $250

Net Income $100

The missing dollar amounts are:

Beginning Inventory - $100

Goods Available for Sale – $600

Cost of Goods Sold – $350

Gross Profit – $350

Beginning Inventory - $300

Goods Available for Sale – $500

Cost of Goods Sold – $550

Gross Profit – $450

Beginning Inventory - $200

Goods Available for Sale – $800

Cost of Goods Sold – $450

Gross Profit – $350

Beginning Inventory - $100

Goods Available for Sale – $700

Cost of Goods Sold – $450

Gross Profit – $350

Unit 6 - Chapter 8 Notes Receivable Interest

• Question 1

0 out of 0 points

The formula for calculating interest is Interest = Principal x Rate x Time (I = P x R x T)

True

False

• Question 2

0 out of 0 points

You borrow $60,000 for 2 months at 8%. What amount of interest would you pay?

$4,800

$9,600

$2,400

$1,200

$800

• Question 3

0 out of 0 points

You borrow $120,000 for 2 years at 6%. What is the total amount of interest would you will pay?

$400

$7,200

$14,400

$3,600

$1,200

Response Feedback:

• Question 4

0 out of 0 points

On October 1, 200X Post Company receives a note receivable for $72,000. The interest rate is 6%. The note is to be paid on April 30 of the next year 200Y. How much interest will Post Company record as income in 200X.

$4,320

$1,440

$1,080

$2,520

$360

• Question 5

0 out of 0 points

How much interest will Post Company record as income in 200Y?

$4,320

$1,440

$1,080

$2,520

• Question 6

0 out of 0 points

How much interest will Post Company record as income in total (both 200X and 200Y)?

$4,320

$1,440

$1,080

$2,520

• Question 7

0 out of 0 points

The journal entry to record the Post Company note receivable on October 1, 200X would be:

Debit Cash $72,000; Credit Notes Payable $72,000

Debit Cash $72,000; Credit Notes Receivable $72,000

Debit Notes Receivable $72,000; Credit Sales $72,000

Debit Sales Expense $72,000; Credit Inventory $72,000

Debit Inventory $72,000; Credit Notes Receivable $72,000

• Question 8

0 out of 0 points

The journal entry to record interest earned by Post Company as of December 31, 200X is:

Debit cash $1,080; Credit Interest Income $1,080

Debit cash $1,440; Credit Interest Income $1,440

Debit cash $2,520; Credit Interest Income $2,520

Debit interest receivable $1,080; Credit Interest Income $1,080

Debit interest receivable $1,440; Credit Interest Income $1,440

Debit interest receivable $2,520; Credit Interest Income $2,520

• Question 9

0 out of 0 points

When the note is paid what is the amount of cash that will be received by Post Company?

$73,080

$73,440

$74,520

$72,000