You passed this Milestone
1
The value of a machine was $400,000 when purchased new one year ago. It
has an expected life of five years and the income statement shows the
straight line depreciation rate as 20%.
Using double declining balance depreciation, what is the value of the
machine at the end of year two?
$144,000
$160,000
$96,000
$240,000
2
Using the information shown here, which of the following is the asset
turnover ratio?
0.43
0.86
0.56
0.51
3
Which of the following is Sue’s ending owner’s equity, in her
statement of changes in owner's equity, if her records show $21,000
in investment by owner, $78,000 in net income, $18,000 in expenses
and $14,000 in owner drawings?
$96,000
$53,000
$57,000
$85,000
4
Which of the following allowances for bad debt should the company
enter into their financials for an Accounts Receivable account with a
balance of $50,000 if the company estimates that 1.9% of
receivables will be uncollectible?
$950.00
$9,500.00
$10,250.00
This study source was downloaded by 100000836546216 from CourseHero.com on 03-10-2022 04:34:16 GMT -06:00
https://www.coursehero.com/file/58877182/Final-Milestone-with-Answersdocx/
, $1,025.00
5
What is the correct time of the month to make an adjusting entry?
At the end of the month
At the beginning of the month
Whenever the accounts need to be brought into balance
After preparing the balance sheet
6
A company's year-end financial statements lists the following figures.
Net income $49,500
Net sales $550,000
$1,050,00
Current assets 0
Current
liabilities $115,000
$2,200,00
Total assets 0
Based on this information, what is the company's rate of return on
sales?
25%
2.32%
9%
1.91%
7
Which of the following organizations might Daniel be interested in
joining if he recently passed his certified public accountancy exams?
IRS
AICPA
FASB
GAO
8
Which of the following is a violation of the Sarbanes-Oxley Act?
Declaring bankruptcy
This study source was downloaded by 100000836546216 from CourseHero.com on 03-10-2022 04:34:16 GMT -06:00
https://www.coursehero.com/file/58877182/Final-Milestone-with-Answersdocx/
1
The value of a machine was $400,000 when purchased new one year ago. It
has an expected life of five years and the income statement shows the
straight line depreciation rate as 20%.
Using double declining balance depreciation, what is the value of the
machine at the end of year two?
$144,000
$160,000
$96,000
$240,000
2
Using the information shown here, which of the following is the asset
turnover ratio?
0.43
0.86
0.56
0.51
3
Which of the following is Sue’s ending owner’s equity, in her
statement of changes in owner's equity, if her records show $21,000
in investment by owner, $78,000 in net income, $18,000 in expenses
and $14,000 in owner drawings?
$96,000
$53,000
$57,000
$85,000
4
Which of the following allowances for bad debt should the company
enter into their financials for an Accounts Receivable account with a
balance of $50,000 if the company estimates that 1.9% of
receivables will be uncollectible?
$950.00
$9,500.00
$10,250.00
This study source was downloaded by 100000836546216 from CourseHero.com on 03-10-2022 04:34:16 GMT -06:00
https://www.coursehero.com/file/58877182/Final-Milestone-with-Answersdocx/
, $1,025.00
5
What is the correct time of the month to make an adjusting entry?
At the end of the month
At the beginning of the month
Whenever the accounts need to be brought into balance
After preparing the balance sheet
6
A company's year-end financial statements lists the following figures.
Net income $49,500
Net sales $550,000
$1,050,00
Current assets 0
Current
liabilities $115,000
$2,200,00
Total assets 0
Based on this information, what is the company's rate of return on
sales?
25%
2.32%
9%
1.91%
7
Which of the following organizations might Daniel be interested in
joining if he recently passed his certified public accountancy exams?
IRS
AICPA
FASB
GAO
8
Which of the following is a violation of the Sarbanes-Oxley Act?
Declaring bankruptcy
This study source was downloaded by 100000836546216 from CourseHero.com on 03-10-2022 04:34:16 GMT -06:00
https://www.coursehero.com/file/58877182/Final-Milestone-with-Answersdocx/
