Minerich Accounting Assingment Help With Solution

Posted on March 14, 2017

Minerich Accounting Assingment Help With Solution

1 Question: When reconciling the ending cash balance per the bank statement to the correct adjusted cash balance, how would deposits in transit be handled?
a Subtracted from the balance per the bank statement.
b Added to the balance per company records.
c Ignored.
d Added to the balance per the bank statement.
 
2 Question: A bank reconciliation sometimes points to the need for adjusting entries. In general, the source of the adjustments is:
a the reconciliation of the cash balance per the company records to the adjusted cash balance.
b the reconciliation of the ending balance per the bank statement to the adjusted cash balance.
c both a and b.
d none of the above.
 
3 Question: Malory Company provides the following information about the month-end bank reconciliation:
Ending cash per bank statement $1,845
Ending cash per company records 9,967
Monthly bank service charge 34
Deposits in transit at month-end 11,266
Outstanding checks at month-end 3,239
Customer check returned NSF 61
 
The correct ending cash balance is:
a $9,872
b $6,634
c $9,812
d $1,845
 
4 Question: Malory Company provides the following information about the month-end bank reconciliation:
Ending cash per bank statement $1,845
Ending cash per company records 9,967
Monthly bank service charge 34
Deposits in transit at month-end 11,266
Outstanding checks at month-end 3,239
Customer check returned NSF 61
 
Whilch of the following journal entries should be made?
a Miscellaneous Expense 95
Cash 95

b Cash 95
Cash Short & Over 95

c Miscellaneous Expense 34
Accounts Receivable 61
Cash 95

d Miscellaneous Expense 3,239
Cash 3,239
 
5 Question: Taylor Company uses the direct write-off method of recording uncollectible accounts receivable. Recently, a customer informed Taylor that he would be unable to pay $7,500 owed to Taylor. Taylor’s proper journal entry to reflect this event would be:

a Uncollectible Accounts Expense 7,500
Accounts Receivable 7,500

b Allow. for Uncollectible Accounts 7,500
Accounts Receivable 7,500

c Sales 7,500
Accounts Receivable 7,500

d Uncollectible Accounts Expense 7,500
Allow. for Uncollectible Accounts 7,500

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6 Question: Schmultz Company had credit sales during the current year which amounted to $900,000. Historically, 4% of credit sales are uncollectible. If Schmultz uses the allowance method of recording uncollectible accounts, a proper journal entry for the year would be:

a Accounts Receivable 36,000
Allow. for Uncollectible Accounts 36,000

b Uncollectible Accounts Expense 36,000
Allow. for Uncollectible Accounts 36,000

c Uncollectible Accounts Expense 36,000
Accounts Receivable 36,000

d Allow. for Uncollectible Accounts 36,000
Accounts Receivable 36,000
 
7 Question: Jackie Howell is the payee of $20,000, 90-day, 6% note. At maturity, the maker failed to pay. How much interest income should Jackie recognize on the dishonored note?

a $21,200
b $600
c $1,200
d $300
 
8 Question: On July 1, 20X1, Crusoe Company purchased a new machine for $400,000. The machine is estimated to have a service-life of 15 years with an estimated residual value of $25,000. Crusoe uses straight-line depreciation. During 20X5, it became apparent that the machine would not be efficient to operate after December 31, 20X7. Furthermore, the machine would have only a $5,000 scrap value. How much should be charged to depreciation expense in 20X5 under generally accepted accounting principles? (round computations to the nearest dollar)

a $1,31,250
b $87,917
c $43,917
d $37,500
 
9 Question: Lancer Corporation purchased a parcel of land as a factory site for $100,000. Construction began immediately on a new building. Costs incurred are as follows:

Architect’s fees 30,000
Legal fees for land purchase contract 5,000
Construction costs 2,75,000
 
Lancer should record the cost of the new land and building, respectively, at:

a $105,000 and $305,000
b $100,000 and $275,000
c $100,000 and $300,000
d $105,000 and $275,000
 
10 Question: Which of the following statements regarding goodwill is false?

a Goodwill may be recorded for a company whether it is internally generated or purchased.
b The difference between the price paid to purchase a particular company, and the fair value of the underlying identifiable assets received (less liabilities assumed) is goodwill.
c Goodwill should not be amortized, but should be evaluated for impairment.
d Goodwill is an intangible asset.
 
11 Question: On January 5, 20X1, a corporation was granted a patent on a product. On January 2, 20X9, to protect its patent, the corporation purchased a patent on a competing idea that was originally issued on January 10, 20X5. Because of its unique nature, the corporation does not feel the competing patent can be used in producing a product. The cost of the competing patent should be:

a Amortized over a maximum period of 12 years.
b Amortized over a maximum period of 20 years.
c Expensed in 20X9
d Amortized over a maximum period of 13 years.
 
12 Question: Deep Gold Mining Company recognizes $5 of depletion for each ton of ore mined. This year, 500,000 tons of ore were mined, but only 200,000 were sold. The amount of depletion which should be deducted from revenue this year is:

a $0
b $7,00,000
c $10,00,000
d $25,00,000
 
13 Question: Equipment costing $5,000 with accumulated depreciation of $1,875 is exchanged for another asset with a fair value of $1,625. The exchange has commercial substance. How much is the gain or loss on this transaction?

a A gain of $1,500 should be recognized.
b A loss of $1,500 should be recognized.
c A loss of $5,000 should be recognized.
d No gain or loss should be recognized.
 

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