Reference no: EM13823198
1. A fund for petty cash of $200 has $17 remaining in cash, $3 in miscellaneous cash receipts and an additional $180 specific cash receipts. The debit to Cash short and over would be:
$0.
$17.
$180.
$183.
2. Which of the following would be included in a journal to record an NSF check?
A debit to Accounts payable and a credit to Cash
A debit to Accounts receivable and a credit to Cash
A debit to Cash and a credit to Accounts receivable
A debit to Miscellaneous expense and a credit to Cash
3. Martin Sales had a Beginning inventory balance of $120 made up of 10 units purchased for $12.00 per unit. Early in the month, they purchased 16 units at $10.00 per unit. Later that month, they sold 15 units. Martin uses a perpetual inventory system, and applies FIFO. How much is the Cost of goods sold for the month?
$170
$150
$180
$165
4. Lexis Company purchased equipment on January 1, 2012 for $35,500. The estimated useful life of the equipment was 7 years and the estimated residual value was $4,000. After using the straight-line method of depreciation for 3 years, the estimated useful life was revised to 9 years on January 1, 2015. How much is depreciation expense for 2015?
$2,444
$3,000
$2,000
$3,667
5. Navajo Mining Company purchased a mine in 2013 for $3,400,000. It was estimated that the mine contained 200,000 tons of ore and that the mine would be worthless after all of the ore was extracted. The company extracted 25,000 tons of are in 2013 and 30,000 tons of ore in 2014.
What is depletion expense for 2013?
$340,000
$680,000
$510,000
$425,000
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