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Introduction to Monetary Accounting

Summary of Financial Accounting

ACCT6331 –Prior Year

Advised Time: 85 minutes

1 ) When the volume of expenses recognized with regards to financial credit reporting exceeds the expenses recognized for the purpose of tax reporting, a firm will have deferred tax assets. Please indicate if the above statement is valid or fake.

a. true

b. phony

2 . BJ Services is usually an coal and oil service organization. The company does not issue any kind of preferred stocks and shares or transformable securities. The business reports this EPS info in its 08 annual survey (in thousands except every share data).

Net income| $609, 365

Earnings every share: |

Basic| $2. 08

Diluted| $2. 06

Measured average stocks outstanding: |

Basic| 293, 479

|

Assume the web income utilized to calculate diluted EPS is definitely $609, 365, what is the number of weighted typical shares exceptional – diluted (the denominator used in determining diluted profits per share) in 2008? a. two, 329 1, 000

b. 293, 479 thousands of

c. 295, 808 thousand

d. 589, 287 1000

e. non-e of the previously mentioned

3. Businesses using FIFO are required to reveal what their particular inventory may have been in case the company acquired used LIFO. Please reveal if the above statement will also apply to false. a. true

n. false

some. The 08 financial transactions of Walgreen's reported the next information (in millions). Walgreen's Co. | 2008| 3 years ago

Cost of sales| $42, 391| $38, 518

Inventories| bucks 7, 249| $ 6th, 790

The 2008 average inventory times outstanding is usually:

a. 53. 2 days

b. 70. 4 times

c. sixty two. 4 days

d. 71. 6 times

e. non-e of the over

5. Bartov corporation studies the following beginning inventory and inventory purchases.

Commencing inventory, 2009| 400 products @ $12 per unit| $4, 800| Inventory purchased during 2009| 300 devices @ $26 per unit| $7, 800| Cost of products available for sale in 2009| 700 units| $12, 600

Imagine Bartov organization sold 500 units during 2009. Figure out the costs of products sold (COGS) and finishing inventory beneath LIFO (last-in, first-out) products on hand costing technique.

a. COGS: $10, 200; ending products on hand: $2, four hundred

b. COGS: $7, 4 hundred; ending inventory: $5, two hundred

c. COGS: $9, 000; ending products on hand: $3, six hundred

d. COGS: $12, six-hundred; ending inventory: $0

6th. Walgreen uses LIFO products on hand costing method. The 2008 financial assertions of Walgreen's reported the following information (in millions).

Walgreen's Co. | 2008| 2007

LIFO Cost of merchandise sold| $42, 391| $38, 518

LIFO Inventories| money 7, 249| $ 6th, 790

LIFO reserve| money 1, 067| $ 969

If Walgreen's had employed the FIFO method of inventory costing, 2008 cost of merchandise sold (COGS) would have recently been: a. $41, 324 million

b. $42, 293 , 000, 000

c. $42, 489 mil

d. $43, 458 million

e. none of the over

7. The 2008 economical statements to get BNSF Railway report the following information:

Year finished December 23, | 2008| 2007

(In millions)| |

Revenues| $17, 787 | $15, 610

Property and equipment, net| 30, 838 | 29, 560

Total assets| $36, a hundred and twenty-five | $33, 528

The 08 property, grow and tools turnover can be (round to 3rd decimal point): a. zero. 577

w. 0. 589

c. 0. 854

d. 1 . 734

e. none of the above

8. Central Supply purchased a new inkjet printer for $60, 000. The printer is expected to function for 8-10 (8) years, after which it will probably be sold for salvage value (estimated to be $6, 000). How much is the second year's depreciation charge if the firm uses the straight-line devaluation method? a. $15, 500

b. $11, 250

c. $7, five-hundred

d. $6, 750

at the. non-e from the above

on the lookout for. Sloan Company owns a great executive plane that formerly cost $1, 000, 000. It has documented straight-line devaluation on the plane for six full years, calculated supposing an $80, 000 anticipated salvage benefit at the end of its predicted 10-year useful life. Sloan Company marketed the plane by the end of the 6th year intended for $600, 000. How much is the gain or losses through the disposition of the airplane?...

22.08.2019

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