ACC2363_QUIZ 2_Q #67
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Question 67 of 100 - Quiz Two
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Your answer is correct.
Sheridan Corp. purchased a machine on January 1, 2020, for $908400. The machine is being
depreciated on a straight-line basis, using an estimated useful life of 6 years and no residual value.
On January 1, 2023, Sheridan determined, because of additional information, that the machine
had an estimated useful life of 8 years from the date of acquisition with no residual value. An
accounting change was made in 2023 to re±ect this additional information.
What is the amount of depreciation expense on this machine that should be reported in Sheridan’s
income statement for calendar 2023?
$227100
$181680
$113550
$90840
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On January 1, 2024, Robertson Construction leased several items of equipment under a two-year operating lease agreement from
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Jan.
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Here are selected 2022 transactions of Sarasota Company.
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Samuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were purchased near the end of 2020 for
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Required 1
Required 2
rint
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Prepaid Insurance
Equipment
Accumulated Depreciation
1.
The trial balance of Cullumber Fitness shows the following balances for selected accounts on November 30, 2022:
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$12,800 Unearned Fitness Revenue $29,184
Note Payable
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40,800
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Using the additional information given below, prepare the appropriate monthly adjusting entries at November 30. (Use Fitness
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Samuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were purchased near the end of 2020 for
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2. Complete the below table to calculate ending inventory and cost of goods sold for January using average cost.
ok
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The adjustment of overapplied manufacturing overhead cost results in all the following, EXCEPT:
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O b. increase in net operating income.
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O d. none of the given answers
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XYZ Company had the following information for the year:
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Direct materials used
OMR 110,000
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OMR 150,000
Actual manufacturing overhead incurred
OMR 166,000
on
The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventc
an ending Work in Process Inventory balance of OMR 17,000. What was cost…
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Accounts.
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Accounts Payable
On June 18, Stanton Electronics purchased, on credit, 1,700 TV sets for $525 each. Stanton plans to resell these TVs in its store. Stanton paid the supplier on July 31.
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Prepare the necessary journal entry (or entries) on June 18 and July 31. If an amount box does not require an entry, leave it blank.
88
June 18 Inventory
Accounts Payable
(Record purchase of inventory on credit)
88
July 31 Accounts Payable
Cash
(Record payment to supplier)
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Record purchase of inventory on account. Record payment of accounts payable.
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Exercise 1-14 (Part Level Submission)
g 2021
Cheyenne Corp., a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2019.
Revenues during 2019-camping fees
$190,400
Notes payable
$81,600
1-4
Revenues during 2019-general store
63,920
Expenses during 2019
204,000
1-5
1-6
Accounts payable
14,960
Supplies on hand
3,400
Cash on hand
27,200
Common stock
27,200
Original cost of equipment
143,480
Retained earnings
?
1-8
e1-9
e 1-11
w14
v 1-5
Fair value of equipment
190,400
v (a)
Your answer is correct.
Determine Cheyenne Corp.'s net income for 2019.
11
14 (Part
mission)
Cheyenne Corp.'s net income
50320
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Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below.
Indicate the missing amount for each letter. Assume that in alltases manufacturing overhead is applied on the basis of direct labor
cost and the rate is the same. (Round overhead rate to 2 decimal places, eg. 15.25 and final answers to 0 decimal places, eg. 5,275.)
Case A
Case B
Direct materials used
2$
(a)
$86,500
Direct labor
56,000
142,700
Manufacturing overhead applied
42,000
(d)
Total manufacturing costs
149,750
(e)
Work in process 1/1/20
(b)
25,200
Total cost of work in process
207,500
(f)
Work in process 12/31/20
(c)
13,800
Cost of goods manufactured…
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Question # 20
G Revisit
Choose the best option
A company purchased 50,000 worth of office supplies on January 1st and had 15.000 of office
supplies still on hand at year-end. If the initial purchase of supplies entry on January 1st was to debit
office supplies expense and to credit cash for 50,000. The adjusting entry on December 31 will be
O A
O B
A Office supplies 15,000
B Office supplies expense 15,000
C Office supplies 35,000 Office supplies expense 35,000
Office supplies expense 15,000
Office supplies 15,000
O D
D Office supplies expense 95,000
Office supplies 35,000
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