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ACCOUNTING 382 QUESTIONS SET

Question # 00272770
Subject: Accounting
Topic: Accounting
Due on: 05/05/2016
Posted On: 05/05/2016 03:11 AM

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Q1

On January 1, 2014, Poseidon Company purchased an asset that cost $100,000 and had no estimated residual value. The estimated useful life of the asset is 7 years and straight-line depreciation is used. An error was made in 2014 because the total amount of the asset's cost was debited to an expense account for 2014 and no depreciation was recorded. Pretax income for 2014 was $35,000. How much is the correct 2014 pretax income?

A.

$49,286

B.

$20,714

C.

$135,000

D.

$120,714

Q2

Globe Corporation uses the periodic inventory system and has provided the following information about one of its laptop computers:

Date

Transaction

Number of Units

Cost per Unit

1/1

Beginning inventory

400

$ 200

4/14

Purchase

300

$ 100

9/20

Purchase

700

$ 300

11/5

Purchase

200

$ 100



During the year, Globe sold 1,100 laptop computers.

What was ending inventory using the FIFO cost flow assumption?

A.

$110,000

B.

$106,250

C.

$100,000

D.

$87,500

Q3

On June 15, 2015, Potter Company purchased $10,000 of merchandise on credit subject to terms of 2/10, n/30. Potter Company records its purchases using the gross amount. The periodic inventory system is used. Create a correct journal entry when Potter Company pays for these goods on June 30, 2015?

Q4

Flight Company has provided the following data about its common stock:

• Par value is $1 per share
• 2,000,000 authorized shares
• 1,625,000 shares are outstanding
• 1,750,000 shares are issued

How many shares of treasury stock are there? Include the formula used to calculate your answer.

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