post acc111 unt 6 ch 7 and ch 8 all quizes

Unit 6
chapter 7

• Question
1
2 out of 2 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:

$12,000
$10,000
$ 9,000

$16,000

• Question
2
2 out of 2 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:

$30,000
$35,000
$15,000

$25,000

• Question
3
2 out of 2 points

Following is the inventory
activity for July:
Beginning Balance 10 sweaters @
$12 each
1-Jul Purchased 5
sweaters at $14 each
8-Jul Purchased 8
sweaters at $17 each
17-Jul Purchased 6
sweaters at $20 each
24-Jul Sold 12
sweaters for $30 each
What is the ending inventory $ amount using the FIFO method?

$298

$224

$261

• Question
4
2 out of 2 points

Following is the inventory activity
for July:
Beginning Balance 10 sweaters @
$12 each
1-Jul Purchased 5
sweaters at $14 each
8-Jul Purchased 8
sweaters at $17 each
17-Jul Purchased 6
sweaters at $20 each
24-Jul Sold 12
sweaters for $30 each
What is the ending inventory $ amount using the LIFO method?

$298

$224

$261

Un t 6 ch 8 qquz

• Question
1
2 out of 2 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:

$9,000

$4,500
$27,000
$13,500

• Question
2
2 out of 2 points

Which of the following is true?

An allowance for doubtful accounts is a contra asset account
and the normal balance is a credit.
An
allowance for doubtful accounts is a contra asset account and the normal
balance is a debit.
An
allowance for doubtful accounts is an expense account and the normal balance is
a debit.
An
allowance for doubtful accounts is an expense account and the normal balance is
a credit.

• Question
3
2 out of 2 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?

Debit
note receivable $40,000; Credit Cash $40,000

Debit interest receivable $150; Credit interest revenue $150
Debit
cash $150; Credit interest revenue $150
Debit
interest receivable $600; Credit interest revenue $600

Unit 6 – Chapter 7 FIFO LIFO Exercise
• Question
1
0 out of 0 points

Use the following information to
answer questions 1 – 4:
Date Units Unit Cost
Total Cost
Beginning inventory 1-Jan 120 $8 $960
Purchases 15-Jan 380 $9 $3,420
Purchaes 24-Jan 200 $11 $2,200
Total $6,580

Assume Post Company uses a periodic inventory system, which
shows the following for the month of January. Sales totaled 240 units.
What is the cost of the 240 units sold under the FIFO
inventory method?

$6,580

$2,040
$2,560
$5,620

• Question
2
0 out of 0 points

What is the cost of the 240 units
sold under the LIFO inventory method?

$6,580

$2,560
$2,040
$5,620

• Question
3
0 out of 0 points

What is the cost of ending
inventory using the FIFO inventory method?

$6,580

$4,540
$4,020
$5,620

• Question
4
0 out of 0 points

What is the cost of ending
inventory using the LIFO inventory method?

$6,580
$4,540

$4,020
$5,620

Unit 6 – Chapter 7 Income Statement Exercise

• Question
1
0 out of 0 points

Sales Revenue $800
Beginning Inventory $100
Purchases $700
Available for Sale ?
Ending Inventory $500
Cost of Goods Sold ?
Gross Profit ?
Operating Expenses $200
Net Income ?
The missing dollar amounts are:

Goods Available for Sale – $800
Cost of Goods Sold – $300
Gross Profit – $500
Net income – $300
Goods
Available for Sale – $900
Cost of Goods Sold – $300
Gross Profit – $500
Net income – $400
Goods
Available for Sale – $800
Cost of Goods Sold – $600
Gross Profit – $200
Net income – $50
Goods
Available for Sale – $800
Cost of Goods Sold – $300
Gross Profit – $400
Net income – $400
• Question
2
0 out of 0 points

Sales Revenue $900
Beginning Inventory $200
Purchases $700
Available for Sale ?
Ending Inventory ?
Cost of Goods Sold ?
Gross Profit ?
Operating Expenses $150
Net Income $0
The missing dollar amounts are:

Goods
Available for Sale – $300
Ending Inventory – $150
Cost of Goods Sold – $600
Gross Profit – $300

Goods Available for Sale – $900
Ending Inventory – $150
Cost of Goods Sold – $750
Gross Profit – $150
Goods
Available for Sale – $300
Ending Inventory – $150
Cost of Goods Sold – $750
Gross Profit – $100
Goods
Available for Sale – $300
Ending Inventory – $100
Cost of Goods Sold – $800
Gross Profit – $200

• Question
3
0 out of 0 points

Sales Revenue
?
Beginning Inventory $150
Purchases ?
Available for Sale ?
Ending Inventory $250
Cost of Goods Sold $200
Gross Profit $400
Operating Expenses $100
Net Income ?
The missing dollar amounts are:

Sales
Revenue – $600
Purchases – $250
Goods Available for Sale – $500
Net income – $300
Sales
Revenue – $800
Purchases – $300
Goods Available for Sale – $450
Net income – $500

Sales Revenue – $600
Purchases – $300
Goods Available for Sale – $450
Net income – $300
Sales
Revenue – $600
Purchases – $200
Goods Available for Sale – $350
Net income – $300

• Question
4
0 out of 0 points

Sales Revenue $800
Beginning Inventory ?
Purchases $600
Available for Sale ?
Ending Inventory $250
Cost of Goods Sold ?
Gross Profit ?
Operating Expenses $250
Net Income $100
The missing dollar amounts are:

Beginning
Inventory – $100
Goods Available for Sale – $600
Cost of Goods Sold – $350
Gross Profit – $350
Beginning
Inventory – $300
Goods Available for Sale – $500
Cost of Goods Sold – $550
Gross Profit – $450
Beginning
Inventory – $200
Goods Available for Sale – $800
Cost of Goods Sold – $450
Gross Profit – $350

Beginning Inventory – $100
Goods Available for Sale – $700
Cost of Goods Sold – $450
Gross Profit – $350

Unit 6 – Chapter 8 Notes Receivable Interest

• Question
1
0 out of 0 points

The formula for calculating
interest is Interest = Principal x Rate x Time (I = P x R x T)

True
False

• Question
2
0 out of 0 points

You borrow $60,000 for 2 months
at 8%. What amount of interest would you
pay?

$4,800
$9,600
$2,400
$1,200

$800

• Question
3
0 out of 0 points

You borrow $120,000 for 2 years
at 6%. What is the total amount of
interest would you will pay?

$400
$7,200

$14,400
$3,600
$1,200
Response Feedback:

• Question
4
0 out of 0 points

On October 1, 200X Post Company
receives a note receivable for $72,000.
The interest rate is 6%. The note
is to be paid on April 30 of the next year 200Y. How much interest will Post Company record as
income in 200X.

$4,320
$1,440

$1,080
$2,520
$360
• Question
5
0 out of 0 points

How much interest will Post
Company record as income in 200Y?

$4,320

$1,440
$1,080
$2,520

• Question
6
0 out of 0 points

How much interest will Post
Company record as income in total (both 200X and 200Y)?

$4,320
$1,440
$1,080

$2,520

• Question
7
0 out of 0 points

The journal entry to record the
Post Company note receivable on October 1, 200X would be:

Debit
Cash $72,000; Credit Notes Payable $72,000
Debit
Cash $72,000; Credit Notes Receivable $72,000

Debit Notes Receivable $72,000; Credit Sales $72,000
Debit
Sales Expense $72,000; Credit Inventory $72,000
Debit
Inventory $72,000; Credit Notes Receivable $72,000

• Question
8
0 out of 0 points

The journal entry to record
interest earned by Post Company as of December 31, 200X is:

Debit
cash $1,080; Credit Interest Income $1,080
Debit
cash $1,440; Credit Interest Income $1,440
Debit
cash $2,520; Credit Interest Income $2,520

Debit interest receivable $1,080; Credit Interest Income
$1,080
Debit
interest receivable $1,440; Credit Interest Income $1,440
Debit
interest receivable $2,520; Credit Interest Income $2,520

• Question
9
0 out of 0 points

When the note is paid what is the
amount of cash that will be received by Post Company?

$73,080
$73,440

$74,520
$72,000