121 the journal entry a company uses to record fully funded pension rights for its s 4295283
121. The journal entry a company uses to record fully funded pension rights for its salaried employees at the end of the year is
A. debit Salary Expense; credit Cash
B. debit Pension Expense; credit Unfunded Pension Liability
C. debit Pension Expense; credit Unfunded Pension Liability and Cash
D. debit Pension Expense; credit Cash
122. The journal entry a company uses to record partially funded pension rights for its salaried employees, at the end of the year is
A. debit Salary Expense; credit Cash
B. debit Pension Expense; credit Unfunded Pension Liability
C. debit Pension Expense; credit Unfunded Pension Liability and Cash
D. debit Pension Expense; credit Cash
123. The journal entry a company uses to record pension rights that have not been funded for its salaried employees, at the end of the year is
A. debit Salary Expense; credit Cash
B. debit Pension Expense; credit Unfunded Pension Liability
C. debit Pension Expense; credit Unfunded Pension Liability and Cash
D. debit Pension Expense; credit Cash
124. Zennia Company provides its employees with varying amount of vacation per year, depending on the length of employment. The estimated amount of the current year’s vacation cost is $135,000. The journal entry to record the adjusting entry required on December 31, the end of the current year, to record the current month’s accrued vacation pay is
A. $135,000
B. $67,500
C. $0
D. $11,250
125. Quick assets include
A. cash; cash equivalents, receivables, prepaid expenses, and inventory
B. cash; cash equivalents, receivables, and prepaid expenses
C. cash; cash equivalents, receivables, and inventory
D. cash; cash equivalents, and receivables
126. Which of the following is the most desirable quick ratio?
A. 1.20
B. 1.00
C. 0.95
D. 0.50
127. Another name for the quick ratio is
A. quick cash ratio
B. current ratio
C. working capital ratio
D. acid-test ratio
128. Based on the following data, what is the acid-test ratio, rounded to one decimal point?
|
Accounts payable |
$ 30,000 |
|
Accounts receivable |
60,000 |
|
Accrued liabilities |
5,000 |
|
Cash |
30,000 |
|
Intangible assets |
50,000 |
|
Inventory |
69,000 |
|
Long-term investments |
80,000 |
|
Long-term liabilities |
100,000 |
|
Marketable securities |
30,000 |
|
Fixed assets |
670,000 |
|
Prepaid expenses |
1,000 |
|
|
|
A. 3.4
B. 3.0
C. 2.2
D. 1.8
129. Research Company sells merchandise with a one year warranty. In 2012, sales consisted of 2,500 units. It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2012 and 70% in 2013. In the 2012 income statement, Research should show warranty expense of
A. $25,000
B. $7,500
C. $17,500
D. $0
130. During September, Excom sold 100 radios for $50 each. Each radio cost Excom $30 to purchase, and carried a two-year warranty. If 5% of the goods sold typically need to be replaced over the warranty period and one is actually replaced during September, for what amount in September would Excom debit Product Warranty Expense?
A. $50
B. $150
C. $30
D. $120