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A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?

The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the net income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?

Penn Foster 007534RR

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Penn Foster 007534RR Acids, Bases, and Redox Reactions

1. _______ is often utilized in reactions involving bleach.
A. CO
B. OCl2
C. O
D. Cl
2. All the following are necessary parts of a neutralization reaction except
A. a salt.
B. an acid.
C. water.
D. an indicator.
3. Within a voltaic cell,_________ takes place at the anode, electrons flow to the cathode, where
takes place.
A. oxidation; current
B. reduction; current
C. reduction; oxidation
D. oxidation; reduction
4. Electrolysis can be used for all of the following, except
A. separating metals from ores.
B. plating objects with metal coatings.
C. producing compounds.
D. recharging batteries.
5. What of the following is most likely the net ionic equation for the reaction between a strong acid and a
strong base?
6. If object A is placed on the pH scale at pH = 3 and object B is placed at pH = 8, which of the following
must not be true?
A. Object A has a lower hydronium ion concentration than object B.
B. Object A is an acid and object B is a base.
C. Object B is closer to a neutral pH than object A.
D. Object B has a higher hydroxide ion concentration than object A.
7. Regarding the vaporization of water, which of the following is true?
A. Water must lose a great deal of heat before it will vaporize.
B. Vaporization of water is an exothermic process.
C. A great deal of heat must be lost by water to form hydrogen bonds and allow molecules to move farther apart.
D. A great deal of heat must be absorbed by water to break hydrogen bonds and allow molecules to move farther apart.
8. In an electrolytic cell, anions move from the_________ and cations move from the_________ .
A. anode to the cathode; cathode to the anode
B. voltage source to the cathode; voltage source to the anode
C. cathode to the anode; anode to the cathode
D. anode to the voltage source; cathode to the voltage source
9. What is the pH of a solution with a hydroxide ion concentration of 10
A. pH = 7
B. pH = 12
C. pH = 6
D. pH = 8
10. How many steps are required to completely ionize a triprotic acid?
A. One
B. Four
C. Three
D. Two
11. A solution with a hydronium ion concentration of 10
A. 7.
B. 11.
C. 3.
D. 4.
12. Metals like aluminum can react with_________ to form coatings that_________ corrosion.
A. oxygen; prevent
B. iron; cause C.
iron; prevent D.
oxygen; cause
13. The fact that water requires a large amount of energy before its temperature changes is the result of
water’s
A. ability to exhibit surface tension.
B. lower density as a solid.
C. ability to demonstrate capillarity.
D. high specific heat.
14. Which of the following properly lists the metals in order from decreasing to increasing ease of
oxidation?
A. K < Cr < Cu < Ag
B. Ag < Cu < Cr < K
C. Ag < Cr < Cu < K
D. K < Cu < Cr < Ag
15. A weak acid placed in water contains
A. a higher concentration of unionized acid molecules than a strong acid in water.
B. the same number of unionized acid molecules as a strong acid in water.
C. no unionized acid molecules.
D. a lower concentration of unionized acid molecules than a strong acid in water.
16. The reducing agent in a material is the one that
A. increases its atomic number.
B. gains electrons.
C. is oxidized.
D. is reduced.
17. Which of the following is true regarding acids and bases?
A. Acids contribute hydroxide ions in solutions; bases produce hydronium ions in solutions.
B. Acids and bases will react only outside living systems.
C. Acids are slippery to the touch; bases are able to burn your hands.
D. Both acids and bases cause indicator dyes to change colors.
18. When salt is added to water, all of the following happen except
A. the water molecules surround the dissociated ions.
B. the salt breaks into positive chlorine ions and negative sodium ions.
C. the negative part of the water molecule is attracted to the positive ions.
D. the positive part of the water molecule is attracted to the negative ions.
19. Which of the following pairs of reactants is not correctly listed with its product solution?
A. Weak base-strong acid reactants— more acidic solutions
B. Strong base-strong acid reactants—neutral solutions
C. Strong acid-strong base reactants—more acidic solutions
D. Weak acid-strong base reactants— more basic solutions
20. How would you prepare 3.5 L of a 0.9M solution of KCl?
A. Add 287 g of KCl to a 3.5 L container; then add enough water to dissolve the KCl and fill the container to the 3.5 L mark.
B. Add 23 g of KCl to a 3.5 L container; then add enough water to dissolve the KCl and fill the container to the 3.5 L mark.
C. Add 233 g of KCl to a 3.5 L container; then add enough water to dissolve the KCl and fill the container to the 3.5 L mark.
D. Add 567 g of KCl to a 3.5 L container; then add enough water to dissolve the KCl and fill the container to the 3.5 L mark.

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The Snap-It-Open Corporation incorporated and began operations in January 15 of the current year. Its address isXXXXX Baltimore, MD 23239. Its employer identification number is XXXXX The corporation elects to file its initial tax return as a calendar-year corporation and uses the accrual method of accounting. It elects the FIFO method of inventory valuation. Jason Sprull, SSN XXX-XX-XXXX, and Martin Winwsock, SSN XXX-XX-XXXX, formed the business. They each contributed $250,000 cash for 50 percent of the 160,000 shares of $1 par value stock issued and outstanding.

The company is formed to assemble and market a unique, compact, snap-open umbrella, and its business activity code is 339900. These umbrellas are sold to multiple organizations as premiums. The company purchases the umbrella frames and several types of waterproof fabric for the umbrella material and covers from various manufacturers. It prints the organizations’ advertising logos or other designs on the umbrella material and covers. It then assembles these on the umbrella frames for delivery to the customer, along with the covers.

On January 16, the company installed two new machines for printing and cutting the fabric for the umbrellas that it had purchased for $250,000 each and two used umbrella assembly machines that it had purchased for $200,000 each. The company obtained a bank loan of $750,000 secured by the machines. Jason and Martin were required to personally guarantee this loan with an 8 percent annual interest rate on the unpaid balance. The first principal payment of $160,000 is not due until January 16 of the next year.

During the year, the company purchased $150,000 of fabric and $210,000 of umbrella frames. It returned one order of frames valued at $5,000 because of a defect in the snap-open mechanism and received a cash refund for that amount.

Both Jason and Martin worked full-time in the business. Jason was the salesperson for the company, and Martin managed the office and printing and assembly operations. Each received a salary of $60,000 for the year. They had six employees with the following incomes for the year: $45,000 for an accountant; $21,000 for a receptionist; $28,000 for each of two print machine operators; and $25,000 for each of two assembly machine operators. There are no accrued salaries or taxes as of the end of the current year. FUTA taxes are assessed on the first $7,000 of wages at a rate of 6.2 percent.

During the year, the company attained the umbrella sales worth $1,535,000 and collected $1,180,000 on these sales. It also paid the following expenses in cash:

Rent $240,000
Repairs and Maintenance $20,000
Utilities $80,000
Taxes and Licenses – excluding FICA and FUTA Tax $10,000
Health Insurance $16,000
Advertising $40,000
Travel – excluding meals $20,000
Meals and Entertainment $15,000
Group and Term Life Insurance $2,000

As an accrual-basis taxpayer, the company recognized $57,500 in the interest expense on the note, $750,000 x 0.08 x 11.5/12, and established an allowance account for bad debts equal to 2 percent of sales. They recognized the depreciation expense for financial accounting equal to 10 percent of the purchase price for the new printing machines and 12.5 percent of the purchase price for the used assembly machines. Their inventory at the year-end consisted of $15,000 of fabric and $18,000 of umbrella frames, based on the FIFO inventory method. For ease, you are required only to allocate the factory salaries to the calculation of cost of sold goods. The company made estimated tax payments worth $40,000 for the year.

Required:

Part a. Prepare a financial accounting income statement (before income tax) and balance sheet for Snap-It-open Corporation for the current year. (Do not forget to compute FICA and FUTA taxes for all employees.)

Part b.
Complete a form 1120 and form 4562 for Snap-it Open Corporation using the following additional information. The Corporation wrote off no bad debts for the year and it maximized its cost recovery deductions on the four machines purchased. Use the latest available tax forms from the IRS Web site at www.irs.gov.

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(TCO 2) Given the following list of classes, attributes and methods, identify which items are classes, which items are attributes and which items are methods; identify which class each attribute and method belongs to; and suggest a class hierarchy given your list of classes.

Note – no particular capitalization scheme is used in the list below to differentiate between classes, methods and attributes.

Programming

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Your goal is to solve the following simple programming exercise. You have been asked by your accounting department to design an algorithm determining the annual profit for your company. The algorithm should ask the user for the projected monthly sales for 12 months. Then, you need to determine the annual profit and display it to the user. The annual profit is 21% of the total sales.

Part A: using Visual Logic, write the monthly sales amounts to a file, monthly_Sales.dat. (Hint: be sure to enter a sentinel value for end of file processing later.)

Part B: Using a separate algorithm, use the monthly_Sales.dat file as input to determine the company’s annual profit.

Be sure to THINK about the logic and design first (IPO chart and/or pseudocode), then code the Visual Logic command line processing.