post university acc 111 final exam all 3 parts

A company was recently formed with $ 50,000 cash contributed to the company by stock-holders. The company then borrowed $ 20,000 from a bank and bought $ 10,000 of supplies on account. The company also purchased $ 50,000 of equipment by paying $ 20,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet?

A company purchases $23,000 of supplies in the current month and promises to pay for them next month. How would the company record a liability for the supplies?

A company was recently formed with $ 100,000 cash contributed to the company by stock-holders. The company then borrowed $ 50,000 from a bank and bought a $ 20,000 vehicle for cash. They also purchased $10,000 of equipment by paying $ 2,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet?

A company has net sales of $500,000 and cost of goods sold of $400,000. The company’s gross profit percentage is:

A $ 1,000 sale is made on May 1 with terms 2/ 10, n/ 30. What amount, if received on May 9, will be considered payment in full?

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:

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:

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:

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?

On January 1, 200X Jones Company purchased a machine for $20,000. The machine had a salvage value of $2,000 and a useful life of 5 years. Using straight line depreciation, the accounting entry for recording depreciation expense for 200X would be:

Post Company uses straight- line depreciation for all of its depreciable assets.Post sold a piece of machinery on December 31, 2009, that it purchased on January 1, 2009 for $ 2,000. The asset had a five year life and zero residual value. Accumulated depreciation was $400.If the sales price of the used machine was $ 1,200, the resulting gain or loss on disposal was which of the following amounts?

On July 1, 200X you enter into a note payable of $200,000 with a 5% annual interest rate. Your interest expense for 200X will be:

Post Company issues a 6 year, 6%, $200,000 bond at par on July 31. How much interest will be paid over the life of the bond?

The accounting equation is:

The Statement of Retained earnings shows:

The Income Statement shows:

Which of the following regarding retained earnings is false?

In regard to current liabilities which of the following is false?

Which of the following are current assets?

In reference to accrual accounting which of the following is true?

During November 200X John painted a barn. The customer does not pay John until January this next year. Which of the following statements is correct?

Payment of a dividend will:

A company was recently formed with $ 50,000 cash contributed to the company by stock-holders. The company then borrowed $ 20,000 from a bank and bought $ 10,000 of supplies on account. The company also purchased $ 50,000 of equipment by paying $ 20,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet?

A company purchases $23,000 of supplies in the current month and promises to pay for them next month. How would the company record a liability for the supplies?

A company was recently formed with $ 100,000 cash contributed to the company by stock-holders. The company then borrowed $ 50,000 from a bank and bought a $ 20,000 vehicle for cash. They also purchased $10,000 of equipment by paying $ 2,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet?

A company has net sales of $500,000 and cost of goods sold of $400,000. The company’s gross profit percentage is:

A $ 1,000 sale is made on May 1 with terms 2/ 10, n/ 30. What amount, if received on May 9, will be considered payment in full?

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:

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:

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:

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?

On January 1, 200X Jones Company purchased a machine for $20,000. The machine had a salvage value of $2,000 and a useful life of 5 years. Using straight line depreciation, the accounting entry for recording depreciation expense for 200X would be:

Post Company uses straight- line depreciation for all of its depreciable assets.Post sold a piece of machinery on December 31, 2009, that it purchased on January 1, 2009 for $ 2,000. The asset had a five year life and zero residual value. Accumulated depreciation was $400.If the sales price of the used machine was $ 1,200, the resulting gain or loss on disposal was which of the following amounts?

On July 1, 200X you enter into a note payable of $200,000 with a 5% annual interest rate. Your interest expense for 200X will be:

Post Company issues a 6 year, 6%, $200,000 bond at par on July 31. How much interest will be paid over the life of the bond?