ACC 422 Final Exam Guide (New 2019, With EXCEL FILE, Score 29/30)

ACC 422 Final Exam Guide (New 2019, With EXCEL FILE, Score 29/30)

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Attachments: ACC 422 Final Exam Guide (New 2019).xlsx [ Preview Here ]

This Tutorial contains excel File which can be used to solve for any change in values

 

 

Brief Exercise 7-1

 

Brief Exercise 7-7

 

Brief Exercise 7-14

 

Brief Exercise 7-15

 

Brief Exercise 8-4 (Part Level Submission)

 

Brief Exercise 8-5

 

Brief Exercise 8-6

 

Multiple Choice Question 21

 

Question 14

 

Brief Exercise 9-4

 

Exercise 9-4

 

Brief Exercise 10-6

 

Brief Exercise 10-8

 

Exercise 10-1

 

Question 9

 

Brief Exercise 11-8

 

Brief Exercise 12-2

 

Brief Exercise 12-8

 

Exercise 12-3

 

Brief Exercise 13-2

 

Brief Exercise 13-5

 

Brief Exercise 13-10

 

Brief Exercise 13-13

 

Brief Exercise 14-3

 

Brief Exercise 14-12

 

Brief Exercise 14-14

 

Brief Exercise 21-11

 

Exercise 21-1

 

Multiple Choice Question 99

 

Multiple Choice Question 70

 

 

 

 

Brief Exercise 7-1

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Your answer is correct.

 

 

Vaughn Enterprises owns the following assets at December 31, 2017.

Cash in bank—savings account

 

69,000

 

Checking account balance

 

17,600

Cash on hand

 

9,030

 

Postdated checks

 

770

Cash refund due from IRS

 

35,600

 

Certificates of deposit (180-day)

 

94,570


What amount should be reported as cash?

 

 

Brief Exercise 7-7

Larkspur Family Importers sold goods to Tung Decorators for $40,800 on November 1, 2017, accepting Tung’s $40,800, 6-month, 6% note.

Prepare Larkspur’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. 

 

Brief Exercise 7-14

Recent financial statements of General Mills, Inc. report net sales of $12,442,000,000. Accounts receivable are $912,000,000 at the beginning of the year and $953,000,000 at the end of the year.

 

Brief Exercise 7-15

Indigo Company designated Jill Holland as petty cash custodian and established a petty cash fund of $290. The fund is reimbursed when the cash in the fund is at $26, which it is. Petty cash receipts indicate funds were disbursed for office supplies $92 and miscellaneous expense $169.

Prepare journal entries for the establishment of the fund and the reimbursement. 

 

Brief Exercise 8-4 (Part Level Submission)

Pharoah Company uses a periodic inventory system. For April, when the company sold 500 units, the following information is available.

   

Units

 

Unit Cost

 

Total Cost

April 1 inventory

 

290

 

$32

   

$ 9,280

 

April 15 purchase

 

430

 

38

   

16,340

 

April 23 purchase

 

280

 

42

   

11,760

 
   

1,000

       

$37,380

 

 

 

 

 

 

 

 

 

 

 

Brief Exercise 8-6

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Your answer is correct.

 

 

Sandhill Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available.

   

Units

 

Unit Cost

 

Total Cost

April 1 inventory

 

270

 

$30

   

$ 8,100

 

April 15 purchase

 

440

 

36

   

15,840

 

April 23 purchase

 

290

 

39

   

11,310

 
   

1,000

       

$35,250

 


Compute the April 30 inventory and the April cost of goods sold using the LIFO method.

 

 

Multiple Choice Question 21

Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?

 

Question 14

A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.

Inventory, January 1, 2017

 

$432,200

 

Sales revenue to February 10, 2017

 

1,935,200

 

Purchases to February 10, 2017

 

1,104,580

 

Freight-in to February 10, 2017

 

59,180

 

Rate of gross profit on selling price

 

35%

 


What is the approximate inventory on February 10, 2017?

 

 

Exercise 9-4

Martinez Company began operations in 2017 and determined its ending inventory at cost and at LCNRV at December 31, 2017, and December 31, 2018. This information is presented below.

   

Cost

 

Net Realizable Value

12/31/17

 

$322,170

 

$299,520

 

12/31/18

 

409,250

 

390,440

 


(a) Prepare the journal entries required at December 31, 2017, and December 31, 2018, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. 

 

Brief Exercise 10-6

Waterway Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $327,600. The estimated fair values of the assets are land $62,400, building $228,800, and equipment $83,200. At what amounts should each of the three assets be recorded?

 

Brief Exercise 10-8

Pearl Corporation traded a used truck (cost $29,600, accumulated depreciation $26,640) for a small computer with a fair value of $4,884. Pearl also paid $740 in the transaction.

Prepare the journal entry to record the exchange. (The exchange has commercial substance.)

 

Exercise 10-1

The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses.

(a)

 

Money borrowed to pay building contractor (signed a note)

 

$(285,400

)

(b)

 

Payment for construction from note proceeds

 

285,400

 

(c)

 

Cost of land fill and clearing

 

11,790

 

(d)

 

Delinquent real estate taxes on property assumed by purchaser

 

7,300

 

(e)

 

Premium on 6-month insurance policy during construction

 

8,580

 

(f)

 

Refund of 1-month insurance premium because construction completed early

 

(1,430

)

(g)

 

Architect’s fee on building

 

26,200

 

(h)

 

Cost of real estate purchased as a plant site (land $209,100 and building $52,900)

 

262,000

 

(i)

 

Commission fee paid to real estate agency

 

8,970

 

(j)

 

Installation of fences around property

 

3,770

 

(k)

 

Cost of razing and removing building

 

11,710

 

(l)

 

Proceeds from salvage of demolished building

 

(4,550

)

(m)

 

Interest paid during construction on money borrowed for construction

 

13,150

 

(n)

 

Cost of parking lots and driveways

 

20,050

 

(o)

 

Cost of trees and shrubbery planted (permanent in nature)

 

14,440

 

(p)

 

Excavation costs for new building

 

2,700

 


Identify each item by letter and list the items in columnar form, using the headings shown below. All receipt amounts should be reported in parentheses. For any amounts entered in the Other Accounts column, also indicate the account title.

 

Question 9

Sage Company purchased machinery for $174,300 on January 1, 2017. It is estimated that the machinery will have a useful life of 20 years, salvage value of $14,700, production of 81,900 units, and working hours of 44,000. During 2017, the company uses the machinery for 11,440 hours, and the machinery produces 9,009 units. Compute depreciation under the straight-line, units-of-output, working hours, sum-of-the-years’-digits, and double-declining-balance methods.

 

Brief Exercise 11-8

Carla Company owns equipment that cost $1,008,000 and has accumulated depreciation of $425,600. The expected future net cash flows from the use of the asset are expected to be $560,000. The fair value of the equipment is $448,000.

Prepare the journal entry, if any, to record the impairment loss. 

 

Brief Exercise 12-8

Concord Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $330,000. The Johnson Division’s net assets, including the goodwill, have a carrying amount of $700,000. The fair value of the division is estimated to be $668,000 and the implied goodwill is $298,000.

Prepare Concord journal entry to record impairment of the goodwill.

 

Exercise 12-3

Joni Marin Inc. has the following amounts reported in its general ledger at the end of the current year.

Organization costs

 

$24,400

Trademarks

 

16,900

Discount on bonds payable

 

37,400

Deposits with advertising agency for ads to promote goodwill of company

 

12,400

Excess of cost over fair value of net identifiable assets of acquired subsidiary

 

77,400

Cost of equipment acquired for research and development projects; the

   

   equipment has an alternative future use

 

87,400

Costs of developing a secret formula for a product that is expected to

   

   be marketed for at least 20 years

 

83,800


(a)

On the basis of this information, compute the total amount to be reported by Marin for intangible assets on its balance sheet at year-end.

Brief Exercise 13-2

Ivanhoe Company borrowed $30,000 on November 1, 2017, by signing a $30,000, 8%, 3-month note. Prepare Ivanhoe’s November 1, 2017, entry; the December 31, 2017, annual adjusting entry; and the February 1, 2018, entry. 

 

Brief Exercise 13-5

Riverbed Corporation made credit sales of $19,800 which are subject to 7% sales tax. The corporation also made cash sales which totaled $28,462 including the 7% sales tax.

Prepare the entry to record Riverbed’s credit sales.

 

Brief Exercise 13-10

Windsor Inc. is involved in a lawsuit at December 31, 2017.

 

Prepare the December 31 entry assuming it is probable that Windsor will be liable for $862,200 as a result of this suit.

 

Brief Exercise 13-13

Martinez Factory provides a 2-year warranty with one of its products which was first sold in 2017. Martinez sold $930,400 of products subject to the warranty. Martinez expects $124,050 of warranty costs over the next 2 years. In that year, Martinez spent $70,460 servicing warranty claims. Prepare Martinez’s journal entry to record the sales (ignore cost of goods sold) and the December 31 adjusting entry, assuming the expenditures are inventory costs.

 

Brief Exercise 14-3

The Skysong Company issued $260,000 of 10% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds were issued at 98.

Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Skysong Company records straight-line amortization semiannually.

 

Brief Exercise 14-12

Vaughn Corporation issued a 4-year, $55,000, 5% note to Greenbush Company on January 1, 2017, and received a computer that normally sells for $44,762. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 11%.

Prepare Vaughn’s journal entries for (a) the January 1 issuance and (b) the December 31 interest. 

 

Multiple Choice Question 99

On June 30, 2018, Sheridan Co. sold equipment to an unaffiliated company for $2250000. The equipment had a book value of $1205000 and a remaining useful life of 10 years. That same day, Sheridan leased back the equipment at $12500 per month for 5 years with no option to renew the lease or repurchase the equipment. Sheridan’s rent expense for this equipment for the year ended December 31, 2018, should be

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