Reference no: EM13823188
1. A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the First-In, First-Out inventory costing method, what is the amount of ending inventory on December 31?
$1,500
$1,250
$1,000
$2,250
2. On November 15, 2011, Beta Company purchased 500 shares of Aquarium Suppliers Corporation for a short term investment at $60 per share. (Aquarium Suppliers has 1,000,000 shares of common stock issued and outstanding.) At December 31, 2011, the market value of Aquarium Suppliers was $52 per share. Which of the following is the entry needed on Beta s books at year-end?
Debit Loss on sale of trading investments, credit Investments
Debit Fair value adjustment, credit Unrealized holding loss
Debit Unrealized holding loss, credit Common stock
Debit Unrealized holding loss, credit Fair value adjustment
3. Check Number 6135 for $576 was incorrectly entered as $657. Which adjustment needs to be made?
Decrease the book balance.
Decrease the bank statement balance.
Increase the book balance.
Increase the bank statement balance.
4. Which of the following defines Gross profit?
Sales revenue less Sales returns and allowances
Sales revenue less Operating expenses
Net sales revenue less Sales discounts
Net sales revenue less Cost of goods sold
5. Which of the following would be included in the entry to record a dishonored note receivable by the payee?
A debit to Accounts receivable
A debit to Interest revenue
A debit to Notes receivable
A credit to Interest expense
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