accounting-A(n) ________ is a guarantee against product defects

QUESTION

Last one for tonight!!Question 1.1.A(n) ________ is a guarantee against product defects. (Points : 1) current maturity unearned revenue contingent liability warrantyQuestion 2.2.State unemployment compensation tax is an example of a(n) ________. (Points : 1) required deduction optional deduction employer-paid payroll tax type of employee compensationQuestion 3.3.To capitalize a cost means to debit a(n) ________ account when recording the cost. (Points : 1) asset expense equity cashQuestion 4.4.A piece of manufacturing equipment is purchased on January 1st, 20X1 for $75,000. The equipment is expected to have a useful life of 10 years. At the end of 10 years, management thinks they can sell the machine for scrap metal for $3,500. It is expected that the machine will be able to produce 250,000 units. In the first year, the machine produced 26,432 units. If the double-declining-balance method is used, how much depreciation will be recorded in year two? (Points : 1) $15,000 $18,000 $11,440 $12,000Question 5.5.A partnership and a sole proprietorship have all of the following in common EXCEPT ________. (Points : 1) a limited life unlimited liability to partners or owners no income taxes are accessed at the business level mutual agencyQuestion 6.6.A piece of manufacturing equipment is purchased on January 1st, 20X1 for $75,000. The equipment is expected to have a useful life of 10 years. At the end of 10 years, management thinks they can sell the machine for scrap metal for $3,500. It is expected that the machine will be able to produce 250,000 units. In the first year, the machine produced 26,432 units. If the units-of-production method is used, how much depreciation will be recorded in year one? (Points : 1) $7,559.55 $7,929.60 $7,150.00 $7,500.00Question 7.7.Marshall Company purchased a tract of land next to their retail location. The land is to be used for additional parking. Currently, the land has a building on it that must be demolished so that the parking lot can be built. Marshall Company incurred the following costs with the purchase of this land: Price of land$55,000Price of building to be demolished$20,000Paving of parking lot$18,000Additional land clearing costs$8,000Survey fees$500Closing costs$2,500Lighting for parking lot$15,000Brokerage commission for sale$1,875Property taxes in arrears$600Property taxes during the first year of use$1,000What should Marshall Company capitalize as the cost of the land? (Points : 1) $55,000 $84,600 $121,475 $88,475Question 8.8.Robins Company rents two warehouse buildings to customers. They charge $18,000 per year to rent the warehouse. Robins Company collects the first six months of rent in advance. On July 25th, Company A rented one warehouse building from August 1,20X2 to July 31,20X3 and paid the first six months of rent up front. On October 18, 20X2, Company B rented the other warehouse building from November 1st, 20X2 to October 31, 20X3 and paid the first six months of rent up front. What should be the balance in the unearned rent revenue account for Robins Company on December 31st, 20X2? (Points : 1) $6,000 $7,500 $9,000 $15,000Question 9.9.Drew earns an hourly wage of $22.00. He is paid overtime at a rate of 1.5 times his regular pay for any hours he works over 40 hours per week. Drew gets paid every two weeks. The following information is used to calculate his withholding deductions. Insurance$60.00Federal withholding rate15%State withholding rate6%Social Security Tax withholding rate5.65%Charitable deductions$5.00For the two week period ended June 10, 20X2, Drew worked 92 hours and earned at least 40 hours in each week. What is Drew’s net pay for this period? (Points : 1) $1,516.43 $1,581.43 $1,419.60 $1,484.60Question 10.10.Drew earns an hourly wage of $22.00. He is paid overtime at a rate of 1.5 times his regular pay for any hours he works over 40 hours per week. Drew gets paid every two weeks. The following information is used to calculate his withholding deductions. Insurance$60.00Federal withholding rate15%State withholding rate6%Social Security Tax withholding rate5.65%Charitable deductions$5.00For the two week period ended June 10, 20X2, Drew worked 92 hours and earned at least 40 hours in each week. What is Drew’s required deductions for this period? (Points : 1) $469.04 $539.40 $634.57 $574.57Question 11.11.Stanley Company manufactures lamps. They provide one-year warranties on all of their products. In 20X2, they had $450,000 in net sales. Stanley Company estimates that 2.5% of net sales will require warranty repairs. The estimated warranty payable account had a balance of $13,500 on January 1, 20X2. Throughout the year, Stanley Company paid $14,100 of warranty claims. What will Stanley Company report for estimated warranty payable on December 31, 20X2? (Points : 1) $11,250 $10,650 $24,750 $14,100Question 12.12.The following table shows the amortization schedule for a $150,000 loan at 5.5% for 10 years. The yearly payments are due on December 30th of each year. YearTotal PaymentInterestPrincipalBalance2012$19,534.73$7,961.14$11,573.59$138,426.412013$19,534.73$7,308.30$12,226.43$126,199.982014$19,534.73$6,618.63$12,916.10$113,283.882015$19,534.73$5,890.06$13,644.67$99,639.212016$19,534.73$5,120.40$14,414.33$85,224.882017$19,534.73$4,307.31$15,227.42$69,997.462018$19,534.73$3,448.37$16,086.36$53,911.102019$19,534.73$2,540.97$16,993.76$36,917.342020$19,534.73$1,582.39$17,952.34$18,964.992021$19,534.73$569.74$18,964.99$0.00On December 31, 2012, what should be reported as the current portion of long-term debt for this note? (Points : 1) $11,573.59 $19,534.73 $12,226.43 $7,961.14Question 13.13.Assuming cash is available, the last step in liquidating a partnership is to ________. (Points : 1) allocate gain or loss to the partners’ capital accounts pay all partnership liabilities distribute cash to partners based on their profit-and-loss ratio distribute cash to partners based on their capital balancesQuestion 14.14.The partnership of Lovett and King allocates profits based on capital balances and service. Lovett has a capital balance of $50,000, and King has a capital balance of $35,000. King devotes more time by acting as operations manager of the business. The first allocations of profits are based on capital balances where each partner receives 8% of his capital balance. The next $50,000 is based on service. King receives $30,000 of this amount and Lovett receives $20,000. Any additional profit or loss is allocated equally. If the partnership earns $90,000, how much will be allocated to King? (Points : 1) $50,000 $40,600 $49,400 $55,800Question 15.15.Which of the following is a true statement of how IFRS and GAAP treat changes in the value of a plant asset? (Points : 1) Both IFRS and GAAP value the impairment loss at fair value. IFRS values the impairment loss at fair value while GAAP values the loss at the recoverable amount. GAAP values the impairment loss at fair value while IFRS values the loss at the recoverable amount. Both IFRS and GAAP value the impairment loss at the recoverable amount.

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