Acc 400 Final Exam 20 Mcqs

ACC 400 Final Exam 20 MCQS

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Below is the course final. Please number you answer sheet from 1-20 and include the correct response by each number.

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1. Zelma Company's last financial statements provided the following ratios:

Current ratio 3:2

Quick ratio 1:2

Accounts receivable turnover 9.0 times

Inventory turnover 8.0 times

Net income percentage 12.5%

Return on equity 22.6%

Return on assets 9.8%

To the nearest day, what is the operating cycle for Zelma?

a) 80 days

b) 86 days

c) 172 days

d) 129 days

2. The following events have been projected:

A. Cash sales and collections from customers totaling $980,000

B. Cash payments for operating expenses of $560,000

C. Cash payments for income taxes and interest expense of $45,000

D. Cash payments of prior period accruals of $80,000

E. Borrowed $50,000 cash by issuing a note payable

F. Cash dividends of $20,000

The beginning balance of cash is $45,000. What is the budgeted ending balance of cash?

a. $325,000

b. $370,000

c. $275,000

d. $245,000

3. On January 1, a business exchanged a plant asset with a cost of $18,000 and accumulated depreciation of $16,500 for a similar asset that had a list price of $23,000. The business received a trade-in allowance of $2,100 on the old plant asset. What was the result of the exchange?

a. A $600 gain on the disposal of a plant asset.

b. A $1,000 unrecognized gain on the exchange of a plant asset.

c. A cost basis of $22,400 for the new plant asset

d. A cost basis of $23,600 for the new plant asset

4. Which one of the following...