Final Milestone. (ASSURED A)
You passed this Milestone
1
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 de
...
Final Milestone. (ASSURED A)
You passed this Milestone
1
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?
$144,000
$160,000
$96,000
$240,000
2
Using the information shown here, which of the following is the asset turnover ratio?
0.43
0.86
0.56
0.51
3
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?
$96,000
$53,000
$57,000
$85,000
4
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
$1,025.005
What is the correct time of the month to make an adjusting entry?
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
6
A company's year-end financial statements lists the following figures.
Net income $49,500
Net sales $550,000
Current assets $1,050,000
Current liabilities $115,000
Total assets $2,200,000
Based on this information, what is the company's rate of return on sales?
25%
2.32%
9%
1.91%
7
Which of the following organizations might Daniel be interested in joining if he recently passed his
certified public accountancy exams?
IRS
AICPA
FASB
GAO
8
Which of the following is a violation of the Sarbanes-Oxley Act?
Declaring bankruptcy
Giving shares of stock to employees
Merging with a competitor
Not reporting financial information about a business
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