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A company purchased a tract of land for itsnatural resources at a cost of $1,570,000. It expects to mine2,800,000 tons of ore from this land. The salvage value of the landis expected to be $270,000. The depletion expense per ton of oreis:

$.464
$.561
$1.78
$10.37
$.10


A company's balance sheet shows: cash$21,000, accounts receivable $17,000, office equipment $53,000, andaccounts payable $14,000. What is the amount of equity?
$14,000.
$105,000.
$24,000.
$77,000.
$60,000.



A company had net sales of $32,000 and ending accounts receivableof $2,800 for the current period. Its days' sales uncollectedequals (rounded):
8 days
88 days
33 days
1 days
32 days


MOP Co. leased a portion of its store to another company for eightmonths beginning on October 1, 2009 at a monthly rate of $1,000.This other company paid the entire $8,000 cash on October 1, whichMOP Co. recorded as unearned revenue. The journal entry made by MOPCo. at year- end on December 31, 2009 would include:
A credit to Rent Earned for $3,000.
A debit to Rent Earned for $3,000.
A debit to Unearned Rent for $5,000.
A credit to Unearned Rent for $3,000.
A debit to Cash for $8,000.

Assume Sambazon.com sold an acai processing machine for $172,000cash. If accumulated depreciation on the sale date was $59,500 anda gain of $6,850 was recognized on the sale. What was the originalcost of the asset?
$66,350
$224,650
$165,150
$112,500
$217,800


Plopper Cola bought $5,500 worth ofmerchandise from VisCom and signed a 75-day, 9% promissory note forthe $5,500. VisCom's journal entry to record the sales portion ofthe transaction is:

Notes Receivable 5,500
Interest Receivable 495
Sales 5,995
Notes Receivable 5,500
Sales 5,500
Accounts Receivable 103
Sales 103
Notes Receivable 103
Sales 103
Accounts Receivable 5,500
Sales 5,500

At the end of the day, the cash register's record shows $935 butthe count of cash in the register is $1,050. The proper entry torecord this excess includes a:
Debit to Cash for $115
Debit to Cash Over and Short for $115
Credit to Cash for $115
Debit to Petty Cash for $115
Credit to Cash Over and Short for $115


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Beverley Smith
Beverley SmithLv2
29 Sep 2019

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Should be easy, answer question and give ashort explanation

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Using the following transactions, calculatethe net income.

1. Bill Co. paid $3,700 for one month rent
2. Bill Co. paid $2,900 for two weeks wages
3. Bill Co. performed $6,900 in consulting services onaccount
4. Bill Co billed a customer $3,200 for servicesperformed
5. Bill Co. received $6,900 in payment for item 3
6. Bill Co performed services and immediately collected$3,700
7. Bill Co. paid $670 for advertising in the local paper

$20,700
$13,430
$13,800
$6,530
$10,230


On August 1, Olivera Company soldmerchandise in the amount of $4,600 to Wyne, with credit terms of3/10, n/30. The cost of the items sold is $3,700. Olivera uses theperpetual inventory system. On August 4, Wyne returns some of themerchandise. The selling price of the merchandise is $460 and thecost of the merchandise returned is $370.The entry or entries thatOlivera must make on August 4 is:
Sales returns andallowances 370
Accounts receivable 370
Sales returns andallowances 460
Accounts receivable 460
Accounts receivable 460
Sales returns and allowances 460
Sales returns andallowances 460
Accounts receivable 460
Merchandise inventory 370
Cost of goods sold 370
Accounts receivable 460
Sales returns and allowances 460
Cost of goods sold 370
Merchandise inventory 370
For the year ended December 31, 2010, Mason Company has implementedan employee bonus program equal to 7% of Mason's net income, whichemployees will share equally. Mason's net income (pre-bonus) isexpected to be $2,500,000, and bonus expense is deducted incomputing net income. What is the amount that needs to be recordedfor estimated bonus liability for 2010?
$115,000
$40,000
$163,551
$48,697
$175,000

A parcel of land is offered for sale at $151,000, is assessed fortax purposes at $113,000, is recognized by its purchasers as beingworth $141,000, and is purchased for $138,000. The land should berecorded in the purchaser's books at:
$144,000.
$113,000.
$138,000.
$141,000.
$151,000.


A company had cash sales of $49,563, credit sales of $38,576, salesreturns and allowances of $7,118 and sales discounts of $4,393. Thecompany's net sales for this period equal:
$76,628
$99,650
$83,746
$81,021
$88,139

At the end of the day, the cashregister's record shows $1,300, but the count of cash in the cashregister is $1,120. The correct entry to record the cash sales forthe day is:
Cash 180
Sales 180
Cash 1,120
Sales 1,120
Cash 1,300
Sales 1,300
Cash 1,120
Cash over and short 180
Sales 1,300
Cash 1,300
Sales 1,120
Cash over and short 180
A machine originally had an estimated useful life of 7 years, butafter 2 complete years, it was decided that the original estimateof useful life should have been 9 years. At that point theremaining cost to be depreciated should be allocated over theremaining:
11 years
13 years
9 years
7 years
4 years

What would be the account balance in the revenue ledger accountafter the following transactions?

Performed services and lefta bill $5,000
Performed services andcollected immediately $3,900
Performed services andbilled customer $2,600
Performed services onaccounts $6,800
Received partial payment onaccount $1,900
$18,300 Credit
$16,400 Debit
$18,300 Debit
$20,200 Credit
$16,400 Credit


A company sells leaf blowers for $150each. Each unit has a 3 year warranty that covers replacement ofdefective parts. It is estimated that 6% of all leaf blowers soldwill be returned under the warranty at an average cost of $15 each.During October, the company sold 300,000 leaf blowers. 600 leafblowers were serviced under the warranty during October at a totalcost of $30,000. The balance in the Estimated Warranty Liabilityaccount on October 1 was $15,000. What is the company's warrantyexpense for the month of October?
$259,750.
$270,000.
$30,000.
$300,000.
$265,000.

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