post university acc 111 final exam all 3 parts post university acc 111 final exam all 3 parts Question Save your time! Proper editing and formatting Free revision, title page, and bibliography Flexible prices and money-back guarantee ORDER NOW Make sure you submit a unique essay Our writers will provide you with an essay sample written from scratch: any topic, any deadline, any instructions. 100% ORIGINAL ORDER NOW 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: · Question 7 3 out of 3 points Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000.The cost of goods sold would be: · Question 8 3 out of 3 points A company lends its CEO $150,000 for 3 years at a 6% annual interest rate. Interest payments are to be made twice a year. Each interest payment will be for: · Question 9 3 out of 3 points Post Company lends Blue Company $40,000 on April 1, accepting a 4 month, 4.5% interest note.Post Company prepares financial statements on April 30.What adjusting entry should they make? · Question 10 3 out of 3 points On January 1, 200X Jones Company purchased a machine for $20,000. The machine had a salvage value of $2,000 and a useful life of 5 years. Using straight line depreciation, the accounting entry for recording depreciation expense for 200X would be: · Question 11 3 out of 3 points Post Company uses straight- line depreciation for all of its depreciable assets.Post sold a piece of machinery on December 31, 2009, that it purchased on January 1, 2009 for $ 2,000. The asset had a five year life and zero residual value. Accumulated depreciation was $400.If the sales price of the used machine was $ 1,200, the resulting gain or loss on disposal was which of the following amounts? · Question 12 3 out of 3 points On July 1, 200X you enter into a note payable of $200,000 with a 5% annual interest rate. Your interest expense for 200X will be: · Question 13 3 out of 3 points Post Company issues a 6 year, 6%, $200,000 bond at par on July 31. How much interest will be paid over the life of the bond? · · · · · Final exam part2 · Question 1 3 out of 3 points The accounting equation is: · Question 2 3 out of 3 points The Statement of Retained earnings shows: · Question 3 3 out of 3 points The Income Statement shows: · Question 4 3 out of 3 points Which of the following regarding retained earnings is false? Response Feedback: Retained earnings is an equity account, not an asset. · Question 5 3 out of 3 points In regard to current liabilities which of the following is false? · Question 6 3 out of 3 points Which of the following are current assets? · Question 7 3 out of 3 points In reference to accrual accounting which of the following is true? · Question 8 3 out of 3 points During November 200X John painted a barn. The customer does not pay John until January this next year. Which of the following statements is correct? · Question 9 3 out of 3 points Payment of a dividend will: Final exam part 3 · · · · 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: · Question 7 3 out of 3 points Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000.The cost of goods sold would be: · Question 8 3 out of 3 points A company lends its CEO $150,000 for 3 years at a 6% annual interest rate. Interest payments are to be made twice a year. Each interest payment will be for: · Question 9 3 out of 3 points Post Company lends Blue Company $40,000 on April 1, accepting a 4 month, 4.5% interest note.Post Company prepares financial statements on April 30.What adjusting entry should they make? · Question 10 3 out of 3 points On January 1, 200X Jones Company purchased a machine for $20,000. The machine had a salvage value of $2,000 and a useful life of 5 years. Using straight line depreciation, the accounting entry for recording depreciation expense for 200X would be: · Question 11 3 out of 3 points Post Company uses straight- line depreciation for all of its depreciable assets.Post sold a piece of machinery on December 31, 2009, that it purchased on January 1, 2009 for $ 2,000. The asset had a five year life and zero residual value. Accumulated depreciation was $400.If the sales price of the used machine was $ 1,200, the resulting gain or loss on disposal was which of the following amounts? · Question 12 3 out of 3 points On July 1, 200X you enter into a note payable of $200,000 with a 5% annual interest rate. Your interest expense for 200X will be: · Question 13 3 out of 3 points Post Company issues a 6 year, 6%, $200,000 bond at par on July 31. How much interest will be paid over the life of the bond?