need now quiz !
kiace1
To anyone who can answer it now
1.
As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $910,000 and liabilities of $310,000. During Year 2, stockholders invested an additional $50,000 and received $34,000 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $995,000 and liabilities were $250,000?
2. Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported the market value of the land to be $230,000. The Focus Company initially offered to buy the land for $207,000. The companies settled on a purchase price of $252,000. On the same day, another piece of land on the same block sold for $232,000. Under the cost concept, at what amount should the land be recorded in the accounting records of Focus Company?
3.
Using the following information, what is the amount of gross profit?
| Purchases | $37,000 |
| Merchandise inventory, September 1 | 6,200 |
| Selling expense | 1,750 |
| Merchandise inventory, September 30 | 7,300 |
| Sales | 94,000 |
| Interest expense | 1,040 |
| Administrative expense | 1,910 |
| Rent revenue | 1,800 |
4.
Using the following information, what is the amount of gross profit?
| Purchases | $37,000 |
| Merchandise inventory, September 1 | 6,200 |
| Selling expense | 1,750 |
| Merchandise inventory, September 30 | 7,300 |
| Sales | 94,000 |
| Interest expense | 1,040 |
| Administrative expense | 1,910 |
| Rent revenue | 1,800 |
5.
The following units of an inventory item were available for sale during the year:
| Unit | Unit Cost | ||
| Beginning inventory | 12 | $55 | |
| First purchase | 28 | 60 | |
| Second purchase | 32 | 65 | |
| >td >19 | 70 | ||
The firm uses the periodic inventory system. During the year, 64 units of the item were sold.
The value of ending inventory using LIFO is
6.
The following units of an inventory item were available for sale during the year:
| Unit | Unit Cost | ||
| Beginning inventory | 14 | $55 | |
| First purchase | 27 | 60 | |
| Second purchase | 31 | 65 | |
| >td >20 | 70 | ||
The firm uses the periodic inventory system. During the year, 62 units of the item were sold.
The value of ending inventory rounded to nearest dollar using average cost is:
7. A building with an appraisal value of $154,000 is made available at an offer price of $174,000. The purchaser acquires the property for $41,000 in cash, a 90-day note payable for $45,000, and a mortgage amounting to $76,000. The cost basis recorded in the buyer's accounting records to recognize this purchase is
