1. Cole and Madison are partners who decided to liquidate the partnership. Before the liquidation, the partnership's balance sheet showed Cash $10,000, total 'other assets', $106,000; total liabilities, $88,000; Cole Capital, $15,100; and Madison, Capital, $12,900. The 'other assets' were sold for $118,000. After liabilities are paid, what is total distribution to Cole?

2. Using the sum of the year's digits method, calculate the depreciation for Year 3 for a plant asset with a cost of $ 110,000, Salvage value of $20,000, and Useful life of 5 years.

3. The Employer's Quarterly Federal Tax Return is prepared using Form

4. Which one of the following accounts is not considered factory overhead?

5. The principle that requires an accountant to protect information learned in the course of work is called:

6. The entry to record the receipt of a note from a charge customer in settlement of the account is:

7. A proof of the equality of debits and credits in a general ledger is a(n):

8. Find the cost assigned to ending merchandise inventory of 500 units using the weighted average method. Beginning Inventory 100 @ $18.00 = $1,800.00 First Purchase 400 @ $19.00 = 7,600.00 Second Purchase 800 @ $18.25 = 14,600.00 Third Purchase 500 @ $20.40 = 10,200.00

9. A written application requesting permission to form a corporation is called the:

10. Which one of the following accounts would not be closed at the end of an accounting period?

11. Allowing workers time to work for nonprofit organizations, making donations to schools, hospitals, and community projects, and sponsoring community programs such as the Special Olympics is a part of which one of the following?

12. Revenues from sales are $450,000, sales discounts are $12,000, cost of goods sold is $230,000, and operating expenses are $180,000. Income before taxes is:

13. Three departments (A, B, C) occupy floor space of 15,000, 75,000, and 30,000 square feet respectively. How much of this year's $225,000 rent expense will be allocated to the Department C?

14. Using the aging method, Marsh Corporation estimates that uncollectible accounts will total $700 this year. The Allowance for Uncollectible Accounts balance is $490. The adjusting entry:

15. What is the cost of raw materials used if Raw Materials Purchases is $800,000; beginning Raw Materials Inventory is $100,000; and, ending Raw Materials inventory is $150,000.

16. Marsh Corporation plans to sell security systems for $2,500 per unit. Variable costs are $1,500 per unit and total fixed costs are $1,000,000. What is the break-even point in dollars?

17. Use horizontal analysis to compute the percentage increase in sales: In 2009 sales were $200,000 and in 2010 sales were $250,000. The result is:

18. Which one of the following items would be included in a cash budget?

19. Expenses paid in one fiscal period but not reported as expenses until a later fiscal period are initially recorded as:

20. Wilson invests cash of $30,000 in the partnership. Jones invests the assets of an existing business. Jones's balance sheet shows $8,000 in cash, $10,000 in accounts receivable, $500 in allowance for uncollectible accounts, $7,000 for other current assets, $15,000 for equipment, $5,000 for accumulated depreciation minus equipment, and $1,000 for accounts payable. The total capital of the partnership will be:

21. Employers do not make deductions from employees' paychecks for:

22. Williams earns time-and-a-half for all hours worked in excess of 8 hours per day and double time for all hours worked on Sunday. His hourly rate is $12. During the week, his timecard recorded the following: Monday-8; Tuesday-9; Wednesday-9; Thursday-8; Friday-9; Sunday 5. Williams' gross earnings for the week are:

23. The cost of supplies used by a specific department is an example of a(n):

24. Marsh Corporation has a current assets valued at $15 million, inventory at $12 million, and current liabilities valued at $6 million. The cost of goods sold was $60 million. Based on this information, its current ratio is:

25. If the modified accelerated cost recovery system (MACRS) is used to depreciate an asset for tax purposes, which one of the following statements is correct?