ACCT 551 Week 2 Quiz (2 Practice Versions)
- Question : (TCO D) A company offers a cash rebate of $1 on each $4 package of light bulbs sold during 2010. Historically, 10% of customers mail in the rebate form…………, shown on the 2010 financial statements dated December 31?
- Question : (TCO D) Mott Co. includes one coupon in each bag of dog food it sells. In return for eight coupons, customers receive a leash. The leashes cost Mott $2.00 each. Mott estimates that 40% of the coupons will be redeemed. Data for 2010 and 2011 are as follows:
- Question : (TCO D) On January 1, 2010, Beyer Co. leased a building to Heins Corp. for a 10-year term at an annual rental of $80,000. At inception of the lease, Beyer received $320,000 covering the first 2 years’ rent of $160,000 and a security deposit of $160,000……….., in Beyer’s December 31, 2010 balance sheet?
- Question : (TCO D) Felton Co. sells major household appliance service contracts for cash. The service contracts are for a 1-year, 2-year, or 3-year period…….. This account had a balance of $480,000 at December 31, 2009 before year-end adjustment. Service contract costs are charged as incurred to the service contract expense account, which had a balance of $120,000 at December 31, 2009. Outstanding service contracts at December 31, 2009 expire as follows:
- Question : (TCO D) During 2010, Eaton Co. introduced a new product carrying a 2-year warranty against defects. The estimated warranty costs related to dollar sales are 2% within 12 months following sale and 4% in the second 12 months following sale. Sales and actual warranty expenditures for the years ended December 31, 2010 and 2011 are as follows:…………………………………………………………questions continue
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