BUS 475 Final Exam Study Guide–Set 03

BUS 475 Final Exam Study Guide 2013 – Set 03

100 Answers from 2013 BUS 475 Final Exam

FIVE IS SHOWN HERE

1) These are selected account balances on December 31, 2008.

Land (location of the corporation’s office building)          $100,000

Land (held for future use)    150,000

Corporate Office Building   600,000

Inventory       200,000

Equipment     450,000

Office Furniture        100,000

Accumulated Depreciation   300,000

What is the net amount of property, plant, and equipment that will appear on the balance sheet?

2) “Generally accepted” in the phrase generally accepted accounting principles means that the principles __________.

3) The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals:

                        Income Statement                  Balance Sheet

            Dr.      Cr.                  Dr.      Cr.

Totals              $58,000           $48,000                       $34,000           $44,000

The net income (or loss) for the period is __________.

4) These are selected account balances on December 31, 2008.

Land (location of the corporation’s office building)          $150,000

Land (held for future use)    225,000

Corporate Office Building   900,000

Inventory       300,000

Equipment     675,000

Office Furniture        150,000

Accumulated Depreciation   450,000

What is the net amount of property, plant, and equipment that will appear on the balance sheet?

 5) The first step in activity-based costing is to __________.