Acc 111 Final Exam - All 3 Parts

ACC 111 Final Exam - All 3 Parts

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Final exam paart 1

• Question 1

3 out of 3 points

A company was recently formed with $ 50,000 cash contributed to the company by stock-holders. The company then borrowed $ 20,000 from a bank and bought $ 10,000 of supplies on account. The company also purchased $ 50,000 of equipment by paying $ 20,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet?

• Question 2

3 out of 3 points

A company purchases $23,000 of supplies in the current month and promises to pay for them next month. How would the company record a liability for the supplies?

Selected Answer:

Correct Answer:

• Question 3

3 out of 3 points

A company was recently formed with $ 100,000 cash contributed to the company by stock-holders. The company then borrowed $ 50,000 from a bank and bought a $ 20,000 vehicle for cash. They also purchased $10,000 of equipment by paying $ 2,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet?

• Question 4

3 out of 3 points

A company has net sales of $500,000 and cost of goods sold of $400,000. The company’s gross profit percentage is:

• Question 5

3 out of 3 points

A $ 1,000 sale is made on May 1 with terms 2/ 10, n/ 30. What amount, if received on May 9, will be considered payment in full?

• Question 6

3 out of 3 points

The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was:

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