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Homework answers / question archive / University of Utah ACCT 5110 Quiz 12 1)Which of the following is not an objective of financial reporting?   To provide information that is useful in making investment, credit, and other decisions To provide information that helps assess the amounts, timing, and uncertainty of future net cash inflows To provide information that helps identify fraudulent activity To provide information that portrays the company’s resources, obligations, and how effectively the company has used its resources   The matching principle states that companies should   match accounting decisions to the economic events they are describing recognize expenses in the same period as the revenues they help generate make consistent accounting estimates from one period to the next make accounting choices that are consistent with those of other companies   The journal entry to recognize Wages Expense for wages earned by employees but not yet paid by quarter end is a(n)   general journal entry adjusting journal entry closing journal entry   Which of the following is NOT one of the roles of the income statement that we discussed in class?   To help evaluate management's past performance To help predict future company performance To help determine the company's ability to generate cash flows   XYZ had Revenues of $200,000 during 2015, and its Accounts Receivable increased from $40,000 to $50,000

University of Utah ACCT 5110 Quiz 12 1)Which of the following is not an objective of financial reporting?   To provide information that is useful in making investment, credit, and other decisions To provide information that helps assess the amounts, timing, and uncertainty of future net cash inflows To provide information that helps identify fraudulent activity To provide information that portrays the company’s resources, obligations, and how effectively the company has used its resources   The matching principle states that companies should   match accounting decisions to the economic events they are describing recognize expenses in the same period as the revenues they help generate make consistent accounting estimates from one period to the next make accounting choices that are consistent with those of other companies   The journal entry to recognize Wages Expense for wages earned by employees but not yet paid by quarter end is a(n)   general journal entry adjusting journal entry closing journal entry   Which of the following is NOT one of the roles of the income statement that we discussed in class?   To help evaluate management's past performance To help predict future company performance To help determine the company's ability to generate cash flows   XYZ had Revenues of $200,000 during 2015, and its Accounts Receivable increased from $40,000 to $50,000

Accounting

University of Utah

ACCT 5110

Quiz 12

1)Which of the following is not an objective of financial reporting?

 

To provide information that is useful in making investment, credit, and other decisions

To provide information that helps assess the amounts, timing, and uncertainty of future net cash inflows

To provide information that helps identify fraudulent activity

To provide information that portrays the company’s resources, obligations, and how effectively the company has used its resources

 

  1. The matching principle states that companies should

 

match accounting decisions to the economic events they are describing

recognize expenses in the same period as the revenues they help generate

make consistent accounting estimates from one period to the next

make accounting choices that are consistent with those of other companies

 

  1. The journal entry to recognize Wages Expense for wages earned by employees but not yet paid by quarter end is a(n)

 

general journal entry

adjusting journal entry

closing journal entry

 

  1. Which of the following is NOT one of the roles of the income statement that we discussed in class?

 

To help evaluate management's past performance To

help predict future company performance

To help determine the company's ability to generate cash flows

 

  1. XYZ had Revenues of $200,000 during 2015, and its Accounts Receivable increased from

$40,000 to $50,000. during 2015. How much cash did XYZ collect from customers during 2015?

 

$190,000

$200,000

$210,000

Cannot be determined

 

  1. XYZ had Cost of Goods Sold of $100,000 during 2015, and its Inventory increased from

$20,000 to $30,000. during 2015. How much cash did XYZ pay to suppliers during 2015?

 

$90,000

$100,000

$110,000

 

Cannot be determined

 

  1. XYZ, Inc., is a retailer that sells kitchen appliances. On Dec. 30, 2015, a customer stopped by a store to order a $750 dishwasher and paid cash. XYZ will deliver the dishwasher to the customer on Jan. 15, 2016. XYZ's fiscal year end is Dec. 31. What should XYZ record for this transaction in its 2015 financial statements?

 

$750 in revenue

$750 in unearned revenue

Neither revenue nor unearned revenue

 

  1. XYZ Construction Corporation contracted to construct a building for $2,400,000. Construction began in 2014 and was completed in 2015. Data relating to the contract are summarized below:

 

Year ended December 31,

2014

2015

Costs incurred

$960,000

$720,000

Estimated costs to complete

640,000

0

 

XYZ uses the percentage-of-completion method as the basis for income recognition. For the year ended December 31, 2014, XYZ should report gross profit (i.e., Revenue - Cost of Goods Sold) of

 

 

  1. At the end of the fourth quarter (Q4), XYZ had $80,000 in accounts receivable outstanding. However, based on past experience, it only expected to collect $72,000 in cash from those receivables. XYZ began Q4 with an allowance for doubtful accounts balance of $7,000 and during the quarter wrote off $2,000 in accounts that it determined to be uncollectable. How much Bad Debt Expense should XYZ report in its Q4 income statement? (just enter numbers--no symbols like $ or ,)

 

  1. XYZ Co. has the following data related to an item of inventory: Beg. Inventory, Jan. 1                                                 200 units @ $4.20

Purchase, Jan. 7                            400 units @ $4.40

Purchase, Mar. 16                        300 units @ $4.50 End. Inventory, Mar. 31                      100 units

 

The value assigned to ending inventory under the FIFO cost flow assumption is

 

$420

$430

$440

 

$450

None of the above

 

  1. In March 2015, XYZ Corp. purchased an item of inventory for $30. By June, that item could be purchased for $26 and re-sold for $31. XYZ’s normal profit for the item is $4. At what amount should XYZ report the item in its June 30 balance sheet? XYZ uses the LIFO inventory cost flow assumption. (omit , and $ in the answer)

 

 

 

  1. XYZ Company has been using the LIFO method of inventory valuation since it began operations in 2005. Its 2015 ending inventory was $50,000, but it would have been $100,000 if FIFO had been used. Thus, if FIFO had been used, XYZ's income before income taxes would have been

 

$50,000 greater over the 10-year life of the company

$50,000 less over the 10-year life of the company

$50,000 greater in 2015

$50,000 less in 2015

 

  1. XYZ Enterprises purchased equipment for $140,000 on July 1, 2013. The equipment is expected to have a four-year life and a residual value of $20,000. Using the sum-of-years'-digits method, the net book value of XYZ’s equipment on December 31, 2014, would be (omit $ and , in the answer):

 

 

  1. During 2015, XYZ Enterprises sold a piece of machinery, which originally cost $40,000, for

$12,000. This sale resulted in a gain of $2,000. Also during 2015, XYZ’s Accumulated Depreciation account (for all fixed assets) increased from $200,000 to $210,000. How much did XYZ report as Depreciation Expense for 2015 (for all fixed assets)? There were no fixed asset impairments during 2015.

 

 

  1. At the end of its 2015 fiscal year, a triggering event caused XYZ Enterprises to perform an impairment test for one of its indefinite-lived intangible assets. The following information is available for the asset as of Dec. 31, 2015:

 

Original cost                                                                                       $56 million

Estimated undiscounted future cash flows           $60 million Fair value (discounted future cash flows)                                  $50 million

 

Based on this information, XYZ should record: no impairment

 

an impairment of $4 million

an impairment of $6 million

an impairment of $10 million

the correct answer cannot be determined

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