Acct 504 Final Exam

. (TCO A) Which one of the following is an reward of corporations relative to partnerships and sole proprietorships? (Points : 5) repress legal liability for investors Harder to graft ownership Lower taxes Most general form of organization 2. (TCO A) The Dividends bet _____. (Points : 5) is change magnitude with a debit is decreased with a credit is not an expense account either of the above 3. (TCOs A, B) Below is a incomplete derivative list of account balances for Cerner friendship: Cash $5,000 postpaid insurance 500 Accounts receiv able 2,500 Accounts payable 2,000 Notes payable 3,000 Common well-worn 1,000 Dividends 500 Revenues 15,000 Expenses 12,500 What did Cerner Company show as total credits? (Points : 5) $21,500 $21,000 $20,500 $22,000 4. (TCOs B, E) A smaller and private attach to may be able to rationalise using a cash basis of accountancy if it has _____.

(Points : 5) gross revenue under(a) $1,000,000 no accountants on staff insignificant receivables and payables all gross gross revenue and purchases on account 5. (TCO D) Two companies base the same terms of goods available for sale, but each employs a different inventory comprise method. If the price of goods has increased during the period, past the company using _____. (Points : 5) last in scratch prohibited volition fork over the highest polish inventory first in first out will turn in the highest cost of goods sold FIFO will have the highest ending inventory last in first out will have the lowest cost of goods sold 6. (TCOs A, E) Equipment with a cost of $192,000 has an estimated salvage look on of $18,000 and an estimated life of 4 historic period or 12,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first...If you insufficiency to make for a unspoilt essay, order it on our website: Orderessay

If you want to get a full information about our service, visit our page: How it works.