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单选题 When applying the lower-of-cost-or-market rule to inventory, "market' generally means ( )
学科：financial accounting
时间：2023-05-08 07:40:22
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题目1单选题
WilliamsInstruments had retained earnings of $350,000 at December 31,2020. Net income for 2021 totaled $183,750,anddividends declared for 2021 were $78,750.How much retained earnings should Williams report at December 31, 2021?( )A. $455,000B. $533,750C. $10,000D. $35,000
题目2单选题
The stockholders' equity of Kozlozsky Company at the beginning and end of 2021 totaled $12600 and $138,000, respectively. Assets at the beginning of 2021 were $150,000. If the liabilities of Kozlozsky Com-pany increased by $70,000 in 2021, how much were total assets at the end of 2021? Use the accounting eq-uation.( )A. $232,000B. $220,000C. $68,000D. $218,000
题目3单选题
An attorney performs services of $1,100 for a client and receives $400 cash with the remainder on acco-unt. The journal entry for this transaction would( )A. debit Cash, credit Accounts Receivable, credit Service RevenueB. debit Cash, debit Accounts Receivable, credit Service RevenueC. debit Cash, debit Service Revenue, credit Accounts ReceivableD. debit Cash, credit Service Revenue
题目4单选题
Purchasing a building for $95,000 by paying cash of $25,000 and signing a note payable for $70,000 will( )A. decrease total assets and increase total liabilities by $25,000B. increase both total assets and total liabilities by $70,000C. decrease both total assets and total liabilities by $25,000D. increase both total assets and total liabilities by $95,000
题目5单选题
FedEx earns service revenue of $750,000. How does this transaction affect FedEx's current and debt ratios?( )A. Hurts the current ratio and improves the debt ratioB. Improves the current ratio and doesn't affect the debt ratioC. Improves both ratiosD. Hurts both ratios
题目6单选题
Suppose Rose Corporation borrows $10 million on a 10-year note payable. How does this transaction affect Rose's current ratio and debt ratio?( )A. Hurts both ratiosB. Hurts the current ratio and improves the debt ratioC. Improves both ratiosD. Improves the current ratio and hurts the debt ratio
题目7单选题
When applying the lower-of-cost-or-market rule to inventory, "market' generally means ( )A. original cost, less physical deteriorationB. original costC. resale valueD. current replacement cost
题目8单选题
Palamino Company had an $18,000 beginning inventory and a $21,000 ending inventory. Net sales were 200,000; purchases, $95,000; purchase returns and allowances, $6,000; and freight in,$8,000.What is Palamino's rate of inventory turnover?( )A. 4.5 timesB. 4.9 timesC. 9.5 timesD. 4.8 times
题目9单选题
Ringle Company purchased a machine for $10,200 on January 1,2021.The machine has been depreciated using the straight-line method over an eight-year life and $800 residual value. Ringle sold the machine on January 1,2023, for $8,900.What gain or loss should Ringle record on the sale?( )A. Loss, $1,050B. Loss, $125C. Gain,$800D. Gain, $1,050
题目10单选题
Sheridan Moving &Storage Co. paid $80,000 for 25% of the common stock of HollandCo.Holland earned net income of $60,000 and declared and paid dividends of $40,000. The carrying value of Sheridan's investment in Holland is( )A. $80,000B. $140,000C. $85,000D. $100,000
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