ACCOUNTING INFORMATION SYSTEMS 1 1. Cal Farms reported supplies expense of $2,000,000 this year. The supplies http://my.pennfoster.com/StudentLMS/Student/Exams/Random.aspxaccount decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies the Cal Farms purchased during the year? A. $1,600,000 B. $2,200,000 C. $1,800,000 D. $2,400,000 2. Listed below are http://my.pennfoster.com/StudentLMS/Student/Exams/Random.aspxaccount balances (in $millions) taken from the records of Symphony Stores. Document Preview: ACCOUNTING INFORMATION SYSTEMS 1 1. Cal Farms reported supplies expense of $2,000,000 this year. The supplies http://my.pennfoster.com/StudentLMS/Student/Exams/Random.aspxaccount decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies the Cal Farms purchased during the year? A. $1,600,000 B. $2,200,000 C. $1,800,000 D. $2,400,000 2. Listed below are http://my.pennfoster.com/StudentLMS/Student/Exams/Random.aspxaccount balances (in $millions) taken from the records of Symphony Stores. All of these are permanent accounts, except the last two that have yet to be closed. The installment receivables are current. Symphony uses a perpetual inventory system. What is the amount of working capital for Symphony? A. $98 B. $113 C. $143 D. $128 3. On December 31, 2011, the end of Larrys Used http://my.pennfoster.com/StudentLMS/Student/Exams/Random.aspxCars first year of operations, the accounts receivable was $53,600. The company estimates that $1,200 of the year-end receivables will not be collected. Accounts receivable in the 2011 balance sheet will be valued at A. $53,600. B. $54,800. C. $52,400. D. $1,200. 4. In its first year of operations, Best Corp. had income before http://my.pennfoster.com/StudentLMS/Student/Exams/Random.aspxtax of $500,000. Best made income tax payments totaling $210,000 during the year and has an income tax rate of 40%. What was Bests net income for the year? A. $294,000 B. $290,000 C. $300,000 D. $306,000 5. Yummy Foods purchased a two-year fire and extended coverage http://my.pennfoster.com/StudentLMS/Student/Exams/Random.aspxinsurance policy on August 1, 2011, and charged the $4,200 premium to Insurance expense. At its December 31, 2011, year-end, Yummy Foods would record which of the following adjusting entries? a. Insurance expense 875 Prepaid insurance 875 b. Prepaid insurance 875 Insurance expense 875 c. Insurance Attachments: Intermediate-.docx
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