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ACC 100 Final Exam Milestone Sophia course_ACC 100 Final Milestone with Answers.

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ou passed this Milestone The value of a machine was $400,000 when purchased new one year ago. It has an expected life of five years and the income statement shows the straight line depreciation rate ... as 20%. Using double declining balance depreciation, what is the value of the machine at the end of year two? Using the information shown here, which of the following is the asset turnover ratio? Which of the following is Sue’s ending owner’s equity, in her statement of changes in owner's equity, if her records show $21,000 in investment by owner, $78,000 in net income, $18,000 in expenses and $14,000 in owner drawings? Which of the following allowances for bad debt should the company enter into their financials for an Accounts Receivable account with a balance of $50,000 if the company estimates that 1.9% of receivables will be uncollectible? • • • $950.00 $9,500.00 $10,250.00 • • • • $96,000 $53,000 $57,000 $85,000 4 • • 0.56 0.51 0.86 0.43 • 2 $240,000 $96,000 • $160,000 $144,000 • 1 5 6 What is the correct time of the month to make an adjusting entry? A company's year-end financial statements lists the following figures. Based on this information, what is the company's rate of return on sales? Which of the following organizations might Daniel be interested in joining if he recently passed his certified public accountancy exams? Which of the following is a violation of the Sarbanes-Oxley Act? Net income $49,500 Net sales $550,000 Current assets $1,050,00 0 Current liabilities $115,000 Total assets $2,200,00 0 • Declaring bankruptcy • • • • IRS AICPA FASB GAO 8 • • • • 25% 2.32% 9% 1.91% 7 • • • • At the end of the month At the beginning of the month Whenever the accounts need to be brought into balance After preparing the balance sheet • $1,025.00 9 10 11 12 13 Using the aging schedule above, which of the following is the total uncollectible amount? is correcting errors and omissions and matching expenses with the correct revenue period. Which of the following is true of an LLC? Which of the following is NOT true of a natural balance? • An account increase occurs on the opposite side of the account's natural Each account group has a natural balance. Each individual account has a natural balance. Each account is associated with only one account group. • • • balance. • • • • All members of the LLC are liable for the actions of the others. An LLC is terminated at any member's choice. An LLC itself pays no taxes. An LLC is required to have more than five members. • • • • Analyzing Adjusting Reporting Posting • • • • $4,745 $3,975 $5,105 $4,610 • • • Giving shares of stock to employees Merging with a competitor Not reporting financial information about a business [Show More]

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