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The financial statements of the Melton Manufacturing Company reports net sales
of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of
the year and end of year, respectively. What is the average collection period for
accounts receivable in days?
60.8
96.1
36.5
48.7
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$3,760.
$4,072.
$6,100.
$4,100.
$1,500,000
Accounts Receivable
4,000,000
Trademarks
1,000,000
Goodwill
2,500,000
2,000,000
$7,500,000.
$5,500,000.
$3,500,000.
$9,500,000.
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$38,400.
$48,000.
$23,040.
$28,800.
The method that requires that significant parts of a plant asset with different
useful lives be depreciated separately.
The method used to ensure that the depreciation rate remains constant from year
to year.
The method used to prorate annual depreciation on a time basis.
The method of depreciation recommended for an asset that is expected to be
significantly more productive in the first half of its useful life.
$292,500.
$291,075.
$291,750.
$291,006.
$400,000
$420,700
$418,400
$381,600
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Legal Expense
Common Stock
Paid-in Capital in Excess of Par - Common
Legal Expense
14,400
8,000
6,400
15,000
Common Stock
Legal Expense
Common Stock
Paid-in Capital in Excess of Par - Common
Legal Expense
Common Stock
15,000
15,000
8,000
7,000
14,400
14,400
Preferred Stock for $2,500,000 and Paid-in Capital in Excess of Par Value
Preferred Stock for $500,000.
Preferred Stock for $2,500,000 and Retained Earnings for $500,000.
Paid-in Capital from Preferred Stock for $3,000,000.
Preferred Stock for $3,000,000.
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Questions Answers
2.
3.
4.
5.
6.
7.
8.
9.
10.
$395,000.
$<605,000>.
$<105,000>.
$115,000.
$580,000.
$370,000.
$310,000.
$640,000.
dividends paid.
dividends received.
interest paid. (Incorrect)
all of these answer choices may be classified as such.
1.75:1.
175%.
$210,000 $120,000.
.57:1.
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purchase order.
invoice.
remittance advice.
receiving report.
$50,000.
$180,000.
$150,000.
$130,000.
years), and tuned-up the motor for $150. If Brevard Corporation uses straight-line
depreciation, what annual depreciation will Brevard report for 2014?
$4,100.
$5,100.
$4,125.
$3,900.
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$20,000 gain.
$5,000 loss.
$10,000 loss.
$5,000 gain.
$14,000.
$25,900.
$28,000.
$13,125.
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$30,000
2,295
6,600
240
1,500
$2,499,000.
$2,496,900.
$2,520,000.
$2,517,900.
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The following data is available for BOX Corporation at December 31, 2014:
Common stock, par $10 (authorized 30,000 shares)
$250,000
$1,200
Based on the data, how many shares of common stock are outstanding?
30,000.
24,920.
25,000.
29,920. (Incorrect)
Total Assets
Decrease
Increase
Decrease
No change
Total Liabilities
Increase
Decrease
No change
Increase
If 2013 is the base year, what is the percentage increase in cost of goods sold
from 2013 to 2015?
30%
70%
130%
20%
$1,680,000
$876,000
$750,000
$1,752,000
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2013
Accounts receivable
$ 360,000 $ 340,000
Inventory
280,000
320,000
3,000,000
2,600,000
1,500,000
840,000
Net income
300,000
170,000
4.3 times.
8.6 times.
7.6 times.
8.3 times.
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answers
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This article covers the topic for the University Of Phoenix ACC 291 Final Exam. The
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of ACC 291 Final Exam Assignment from UOP. Other topics in the class are as
follows:
ACC 291 WEEK 1 DQ 1 (WITH 3 RESPONSES)
ACC 291 WEEK 1 DQ 2 (WITH 3 RESPONSES)
ACC 291 WEEK 1 COMPLETE