Page 1

ACC 291 Final Exam Guide (New, 2018, 100% Score)

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1. The term “receivables� refers to cash to be paid to debtors. merchandise to be collected from individuals or companies. cash to be paid to creditors. amounts due from individuals or companies.

2. Three accounting issues associated with accounts receivable are

depreciating, valuing, and collecting. depreciating, returns, and valuing. accrual, bad debts, and accelerating collections.


recognizing, valuing, and accelerating collections.

3. When the allowance method is used to account for uncollectible accounts Bad Debts Expense is debited when: management estimates the amount of uncollectibles. a customer’s account becomes past due. an account becomes bad and is written off. a sale is made. 4. Which one of the following is not a principle of sound accounts receivable management? Determine a payment period. Determine to whom to extend credit. Delay cash receipts from receivables if necessary. Monitor collections. 5. The accounts receivable turnover is used to analyze profitability. long-term solvency. liquidity. risk.


6. The following information is provided for Sunland Company and Marigold Corp.:

7. What is Marigold’s return on assets (rounded) for 2017? 3% 2% 3% 9% 8. Which of the following is not properly classified as property, plant and equipment? A truck held for resale by an automobile dealership. Land improvement, such as parking lots and fences. Building used as a factory. Land used in ordinary business operations. 9. A characteristic of a plant asset is that it is held for sale in the ordinary course of the business. used in the operations of a business. not currently used in the business but held for future use. intangible 10. A current liability is a debt that can reasonably be expected to be paid


out of cash currently on hand. within one year, or the operating cycle, whichever is longer. out of currently recognized revenues. between 6 months and 18 months. 11. A current liability is a debt that can reasonably be expected to be paid out of cash currently on hand. within one year, or the operating cycle, whichever is longer. out of currently recognized revenues. between 6 months and 18 months.

12. The 2017 financial statements of Blossom Company contain the following selected data (in millions).

13. The debt to assets ratio (rounded) is 40%. 7.1 times. 44.4%. 2.25%. 14. In a recent year Monty Corp. had net income of $152000, interest expense of $28700, and income tax expense of $41500. What was Monty Corp.’s times interest earned (rounded) for the year?


7.74 6.30 6.74 5.30

15. If bonds are issued at a discount, it means that the bondholder will receive effectively less interest than the contractual rate of interest. market interest rate is lower than the contractual interest rate. financial strength of the issuer is suspect. market interest rate is higher than the contractual interest rate. 16. If bonds are issued at a premium, the stated interest rate is higher than the market rate of interest. too low to attract investors. lower than the market rate of interest. adjusted to a higher rate of interest. 17. The chief accounting officer in a company is known as the treasurer. controller. vice-president.


president. 18. Which one of the following would not be considered an advantage of the corporate form of organization? Separate legal existence. Continuous life. Limited liability of stockholders. Government regulation. 19. Which of the following would not be true of a privately held corporation? It is usually smaller than a publicly held company. It is sometimes called a closely held corporation. Its shares are regularly traded on the New York Stock Exchange. It does not offer its shares for sale to the general public. 20. The following information pertains to Sheffield Company. Assume that all balance sheet amounts represent average balance figures

21. What is Sheffield’s payout ratio? 11%. 39%. 19%. 26.05%.


22. Ayayai Corp. had net income of $91875 and paid dividends of $39000 to common stockholders and $16500 to preferred stockholders in 2017. Ayayai Corp. common stockholders’ equity at the beginning and end of 2017s was $440000 and $565000, respectively. Ayayai Corp. return on common stockholders’ equity is 15%. 14%. 10%. 19%. 23. The primary purpose of the statement of cash flows is to facilitate banking relationships. provide information about the investing and financing activities during a period. prove that revenues exceed expenses if there is a net income. provide information about the cash receipts and cash payments during a period 24. Which one of the following items is not generally used in preparing a statement of cash flows? Current income statement. Additional information. Adjusted trial balance. Comparative balance sheets.


25. The category that is generally considered to be the best measure of a company’s ability to continue as a going concern is cash flows from investing activities. usually different from year to year. cash flows from financing activities. cash flows from operating activities. 26. Assume that the Fitzgerald Corporation uses the indirect method to depict cash flows. Indicate where, if at all, a stock dividend declared and issued would be classified on the statement of cash flows. Does not represent a cash flow. Investing activities section. Financing activities section. Operating activities section. 27. Free cash flow provides an indication of a company’s ability to generate cash to invest in capital expenditures. generate cash to pay dividends. generate cash to invest in capital expenditures and to pay dividends. generate net income 28. When using the indirect method to compute cash provided by operating activities increases in accounts receivable are added to net income. income taxes paid may be ignored.


amortization expense is added to net income. decreases in inventory are subtracted from net income 29. To determine the net cash provided (used) by operating activities, it is necessary to analyze the current year’s income statement. a comparative balance sheet. additional information. all of these answer choices are correct. 30. Which of these is not a liquidity ratio? Current ratio Accounts receivable turnover Asset turnover Inventory turnover

The current ratio would be of most interest to long-term creditors. stockholders. customers. short-term creditors


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ACC 291 Week 1 Apply Connect Assignment

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ACC 291 Week 1 Apply Connect Assignment 1

Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. During September, Exceptional Electronics engaged in the following transactions:

DATE TRANSACTIONS 2019


Sept. 1 Sold a high-definition television set on credit to Candy Cho; issued Sales Slip 101 for $1,600 plus sales tax of $112. 3 Sold stereo equipment on credit to Jim Peterson; issued Sales Slip 102 for $800 plus sales tax of $56. 7 Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $400 plus sales tax of $28. 12 Accepted return of defective stereo equipment from Jim Peterson; issued Credit Memorandum 101 for $200 plus sales tax of $14. The stereo equipment was sold on September 3. 15 Recorded cash sales for the period from September 1 to September 15 of $10,000 plus sales tax of $700. 16 Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip 104 for $700 plus sales tax of $49. 17 Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $1,600 plus sales tax of $112. 18 Received $620 from Candy Cho on account. 20 Received payment in full from Jim Peterson for the sale of September 3, less the return of September 12. 25 Gave Mark Navalta an allowance because of scratches on his home entertainment system sold on September 17, Sales Slip 105; issued Credit Memorandum 102 for $300 plus sales tax of $21. 27 Received payment in full from Bridgette Huffman for the sale of September 7. 29 Sold a dishwasher on credit to Mark Navalta; issued Sales Slip 106 for $500 plus sales tax of $35.


30 Recorded cash sales for the period from September 16 to September 30 of $10,300 plus sales tax of $721. Required:

Record the transactions in a general journal.

Analyze:

What portion of the sales during September were for entertainment items? Assume the cash sales transactions are for non-entertainment items. (Hint: Do not forget to reduce sales by any sales returns or allowances.)

2

Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. During September, Exceptional Electronics engaged in the following transactions.


DATE TRANSACTIONS 2019 Sept. 1 Sold a high-definition television set on credit to Candy Cho; issued Sales Slip 101 for $3,200 plus sales tax of $224. 3 Sold stereo equipment on credit to Jim Peterson; issued Sales Slip 102 for $1,000 plus sales tax of $70. 7 Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $400 plus sales tax of $28. 12 Accepted return of defective stereo equipment from Jim Peterson; issued Credit Memorandum 101 for $200 plus sales tax of $14. The stereo equipment was sold on September 3. 15 Recorded cash sales for the period from September 1 to September 15 of $9,000 plus sales tax of $630. 16 Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip 104 for $700 plus sales tax of $49. 17 Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $2,200 plus sales tax of $154. 18 Received $780 from Candy Cho on account. 20 Received payment in full from Jim Peterson for the sale of September 3, less the return of September 12. 25 Gave Mark Navalta an allowance because of scratches on his home entertainment system sold on September 17, Sales Slip 105; issued Credit Memorandum 102 for $100 plus sales tax of $7


27 Received payment in full from Bridgette Huffman for the sale of September 7 29 Sold a dishwasher on credit to Mark Navalta; issued Sales Slip 106 for $500 plus sales tax of $35. 30 Recorded cash sales for the period from September 16 to September 30 of $11,900 plus sales tax of $833.

GENERAL LEDGER ACCOUNTS

101 Cash 401 Sales 111 Accounts Receivable 421 Sales Returns and Allowances 221 Sales Tax Payable

ACCOUNTS RECEIVABLE LEDGER ACCOUNTS

Candy Cho Jim Peterson Bridgette Huffman Kathy Sundstrand Mark Navalta


Required:

Post the entries from the general journal into the appropriate accounts in the general ledger and in the accounts receivable ledger. Prepare a schedule of accounts receivable. Analyze:

What is the amount of sales tax owed at September 30, 2019?

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ACC 291 Week 1 Assignment Comparative Analysis Problem (2 Papers)

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This Tutorial contains Papers+ Excel Sheet Purpose of Assignment The purpose of this assignment is to help you understand the basics of financial statement analysis using financial ratios on the assets section of the balance sheet, data interpretation, and how ratios are used to gain insight about the management of receivable. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making Develop an 875-word analysis providing conclusions concerning the management of accounts receivable based on the financial statements of Columbia Sportswear Company presented in Appendix B and the financial statements of VF Corporation presented in Appendix C, including the following: Based on the information contained in these financial statement, compute the following 2014 values for each company: What conclusions concerning the management of accounts receivable can be drawn from this data? Accounts receivable turnover (For VF, use “Net sales� and assume all sales were credit sales) Average collection period for accounts receivable Use the Week 1 ExcelŽ spreadsheet to show your work and submit with your analysis. Click the Assignment Files tab to submit your assignment. ==============================================


ACC 291 Week 1 Practice Connect Practice Assignment

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ACC 291 Week 1 Practice Connect Practice Assignment

attempt 1

1

Record the following transactions of Lisa’s Fashion Boutique in a general journal. Lisa’s Fashion Boutique operates in a state with 8% sales tax. (Round your intermediate calculations and final answers to 2 decimal places):


DATE TRANSACTIONS 2019 Feb. 2 Sold merchandise for cash totaling $3,800 to customers using bank credit cards. Record the 2 percent discount on credit card sales at time of sale. 15 Sold merchandise totaling $2,100 to customers using American Express. 20 Received amount due from American Express, less their 3 percent discount, for sales made by customers using American Express on February 15.

2

On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,500 on Invoice 1001, terms 2/10, n/30. Payment was received in full from Fronke’s Franks, less discount, on April 10.

Required:

Record the transactions on April 1 and April 10.


3

Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales.

DATE TRANSACTIONS 2019 April 2 Sold merchandise for cash, $2,500 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer. 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050 plus tax, terms n/30. 6 Accepted return of damaged merchandise from Jordan Clark; issued Credit Memorandum 302 for $150 plus tax. The original sale was made on Sales Slip 908 of April 4. 30 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6.


4

Main Street Distributors, a wholesale firm, made sales using the following list prices and trade discounts. What amount should be recorded for each sale?

List price of $6,000 and trade discounts of 40 percent and 15 percent. List price of $7,300 and trade discounts of 25 percent and 8 percent. List price of $7,100 and trade discounts of 20 percent and 5 percent.

5

The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent sales tax on all sales:

DATE TRANSACTIONS 2019


May 1 Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,200 plus 8 percent sales tax, terms n/30. 15 Recorded cash sales, $5,800 plus 8 percent sales tax. 31 Received payment on account due from Bill Gomez for the sale on May 1.

attempt 2

1

On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,500 on Invoice 1001, terms 2/10, n/30. Payment was received in full from Fronke’s Franks, less discount, on April 10.

Required:

Record the transactions on April 1 and April 10.


2

Record the following transactions of Lisa’s Fashion Boutique in a general journal. Lisa’s Fashion Boutique operates in a state with 8% sales tax. (Round your intermediate calculations and final answers to 2 decimal places):

DATE TRANSACTIONS 2019 Feb. 2 Sold merchandise for cash totaling $3,800 to customers using bank credit cards. Record the 2 percent discount on credit card sales at time of sale. 15 Sold merchandise totaling $2,100 to customers using American Express. 20 Received amount due from American Express, less their 3 percent discount, for sales made by customers using American Express on February 15.

3


The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent sales tax on all sales:

DATE TRANSACTIONS 2019 May 1 Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,200 plus 8 percent sales tax, terms n/30. 15 Recorded cash sales, $5,800 plus 8 percent sales tax. 31 Received payment on account due from Bill Gomez for the sale on May 1. 4

Main Street Distributors, a wholesale firm, made sales using the following list prices and trade discounts. What amount should be recorded for each sale?

List price of $6,000 and trade discounts of 40 percent and 15 percent. List price of $7,300 and trade discounts of 25 percent and 8 percent. List price of $7,100 and trade discounts of 20 percent and 5 percent. 5


Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales.

DATE TRANSACTIONS 2019 April 2 Sold merchandise for cash, $2,500 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer. 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050 plus tax, terms n/30. 6 Accepted return of damaged merchandise from Jordan Clark; issued Credit Memorandum 302 for $150 plus tax. The original sale was made on Sales Slip 908 of April 4.

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ACC 291 Week 1 Wileyplus Assignment E8-4, E8-11, BYP8-1, and BYP8-2 (New)

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Wiley Plus Assignment Week 1 ·E8-4, E8-11, BYP8-1, and BYP8-2 in MS Excel Exercise 8-4 Wainwright Company Exercise 8-11 Fedex Corporation Broadening your Perspective 8-1 Tootsie Roll Broadening your Perspective 8-2 Tootsie Roll and Hershey ==============================================

ACC 291 Week 2 Apply Connect Assignment

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ACC 291 Week 2 Apply Connect Assignment 1


NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 2019. NewTech Medical Devices purchases merchandise for cash and on open account. In June 2019, NewTech Medical Devices engaged in the following purchasing and cash payment activities:

DATE TRANSACTIONS 2019 June 1 Issued Check 101 to purchase merchandise, $3,100. 3 Purchased merchandise for $1,900 from BioCenter Inc., Invoice 606; terms 1/10, n/30. 5 Purchased merchandise for $4,450, plus a freight charge of $120, from New Concepts Corporation, Invoice 1011, terms 2/10, n/30. 9 Paid amount due to BioCenter Inc. for purchase of June 3, less discount, Check 102. 10 Received Credit Memorandum 227 from New Concepts Corporation for damaged merchandise totaling $250 that was returned; the goods were purchased on Invoice 1011, dated June 5. 11 Purchased merchandise for $1,540 from BioCenter Inc., Invoice 612; terms 2/10, n/30. 14 Paid amount due to New Concepts Corporation for Invoice 1011 of June 5, less the return of June 10 and less the cash discount, Check 103.


15 Purchased merchandise with a list price of $7,800 and trade discounts of 25 percent and 20 percent from Park Research, Invoice 1029, terms n/30. 20 Issued Check 104 to purchase merchandise, $1,600. 25 Returned merchandise purchased on June 20 as defective, receiving a cash refund of $220. 30 Purchased merchandise for $1,800, plus a freight charge of $71, from New Concepts Corporation, Invoice 1080; terms 2/10, n/30.

Required:

Journalize the transactions in a general journal.

Analyze:

What was the amount of trade discounts received on the June 15 purchase from Park Research?

2


Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business on September 1, 2019. The firm purchases merchandise on open account. The firm’s purchases, purchase returns and allowances, and cash payments on account during September 2019 follow:

DATE TRANSACTIONS 2019 Sept. 2 Purchased ski boots for $6,000 plus a freight charge of $250 from Colorado Ski Shop, Invoice 6672, terms n/30. 3 Purchased skis for $11,600 from Alaska Supply Company, Invoice 5916; terms 3/10, n/30. 7 Received Credit Memorandum 165 for $940 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. 11 Purchased ski jackets for $4,400 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. 12 Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. 22 Purchased ski poles for $4,160 plus a freight charge of $140 from Alaska Supply Company, Invoice 5950, terms 3/10, n/30.


23 Purchased ski pants for $2,650 from Swenson Ski Goods, Invoice 528, terms n/30. 25 Received Credit Memorandum 245 for $340 from Swenson Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528. 27 Purchased ski sweaters for $3,000 plus a freight charge of $120 from Colorado Ski Shop, Invoice 6722, terms n/30. 30 Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7.

Required:

Record the transactions in a general journal.

Analyze:

What was the amount of the cash discount on September 12? ==============================================

ACC 291 Week 2 Assignment Financial Reporting Problem, Apple Inc


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Purpose of Assignment The purpose of this assignment is to help you understand the basics of financial statement analysis related to the assets section of the balance sheet, data interpretation, and how financial information is obtained to understand how a company accounts for its long-lived assets. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making Note: The financial statements of Apple, Inc. are presented in Appendix A of Financial Accounting. Instructions for accessing and using the company's complete annual report, including the notes to the financial statements, are also provided in Appendix A. Complete a 1,050-word summary of findings and recommendations from the following questions: ¡ What were the total cost and book value of property, plant, and equipment at September 27, 2014?


· Using the notes to find financial statements, what method or methods of depreciation are used by Apple for financial reporting purposes? · What was the amount of depreciation and amortization expense for each of the three years 2012-2014? (Hint: Use the statement of cash flows). · Using the statement of cash flows, what are the amounts of property, plant, and equipment purchased in 2014 and 2013? · Using the notes to the financial statements, explain in the summary how Apple accounted for its intangible assets in 2014. Use the Week 2 Excel® spreadsheet to show your work and submit with your summary. Click the Assignment Files tab to submit your assignment. ==============================================

ACC 291 Week 2 Fordyce and Atwater (New)

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ACC 291 Week 2 - Fordyce and Atwater P10-5A Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2007. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannualinstallment payments, exclusive of real estate taxes and insurance, of $29,433. Payments are due June 30 and December 31. Complete the installment payments schedule for the first 2 years. (Round answers to 0 decimal places, e.g. 125. Use rounded amounts for future calculations.) Prepare the entries for (1) the loan and (2) the first two installment payments. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Show how the total mortgage liability should be reported on the balance sheet at December 31, 2008. P10-6A On July 1, 2011, Atwater Corporation issued $2,098,000 face value, 12%, 10-year bonds at $2,507,354. This price resulted in an effectiveinterest rate of 9% on the bonds. Atwater uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest July 1 and January 1. Prepare an amortization table through December 31, 2012 (3 interest periods) for this bond issue. Prepare the journal entry to record the accrual of interest and the amortization of the premium on December 31, 2011


Prepare the journal entry to record the payment of interest and the amortization of the premium on July 1, 2012, assuming no accrual of interest on June 30 ==============================================

ACC 291 Week 2 Practice Connect Practice Assignment

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ACC 291 Week 2 Practice Connect Practice Assignment

1

Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business on September 1, 2019. The firm purchases merchandise on open account. The firm’s purchases, purchase returns and allowances, and cash payments on account during September 2019 follow:


DATE TRANSACTIONS 2019 Sept. 2 Purchased ski boots for $6,600 plus a freight charge of $310 from Colorado Ski Shop, Invoice 6672, terms n/30. 3 Purchased skis for $12,200 from Alaska Supply Company, Invoice 5916; terms 3/10, n/30. 7 Received Credit Memorandum 165 for $1,000 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. 11 Purchased ski jackets for $5,000 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. 12 Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. 22 Purchased ski poles for $4,760 plus a freight charge of $170 from Alaska Supply Company, Invoice 5950, terms 3/10, n/30. 23 Purchased ski pants for $3,250 from Swenson Ski Goods, Invoice 528, terms n/30. 25 Received Credit Memorandum 245 for $400 from Swenson Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528. 27 Purchased ski sweaters for $3,600 plus a freight charge of $150 from Colorado Ski Shop, Invoice 6722, terms n/30.


30 Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7. Required:

Post the entries from the general journal to the appropriate accounts in the general ledger and in the accounts payable ledger. Prepare a schedule of accounts payable. GENERAL LEDGER ACCOUNTS

101 Cash, $27,000 Dr. 201 Accounts Payable 501 Purchases 502 Freight In 503 Purchases Returns and Allowances 504 Purchases Discounts ACCOUNTS PAYABLE LEDGER ACCOUNTS

Alaska Supply Company


Cold Mountain Clothing Company

Colorado Ski Shop

Swenson Ski Goods

Analyze:

What portion of the purchases in September, before purchases returns and allowances and before purchases discounts, were for clothing items? Include ski boots as a clothing item.

2

NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 2019. NewTech Medical Devices purchases merchandise for cash and on open account. In June 2019, NewTech Medical Devices engaged in the following purchasing and cash payment activities:


DATE TRANSACTIONS 2019 June 1 Issued Check 101 to purchase merchandise, $4,500. 3 Purchased merchandise for $1,700 from BioCenter Inc., Invoice 606; terms 2/10, n/30. 5 Purchased merchandise for $5,850, plus a freight charge of $110, from New Concepts Corporation, Invoice 1011, terms 2/10, n/30. 9 Paid amount due to BioCenter Inc. for purchase of June 3, less discount, Check 102. 10 Received Credit Memorandum 227 from New Concepts Corporation for damaged merchandise totaling $150 that was returned; the goods were purchased on Invoice 1011, dated June 5. 11 Purchased merchandise for $1,680 from BioCenter Inc., Invoice 612; terms 2/10, n/30. 14 Paid amount due to New Concepts Corporation for Invoice 1011 of June 5, less the return of June 10 and less the cash discount, Check 103. 15 Purchased merchandise with a list price of $9,200 and trade discounts of 20 percent and 15 percent from Park Research, Invoice 1029, terms n/30. 20 Issued Check 104 to purchase merchandise, $3,000. 25 Returned merchandise purchased on June 20 as defective, receiving a cash refund of $280. 30 Purchased merchandise for $3,200, plus a freight charge of $85, from New Concepts Corporation, Invoice 1080; terms 2/10, n/30.


Required:

Journalize the transactions in a general journal.

Analyze:

What was the amount of trade discounts received on the June 15 purchase from Park Research?

3

Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business on September 1, 2019. The firm purchases merchandise on open account. The firm’s purchases, purchase returns and allowances, and cash payments on account during September 2019 follow:


DATE TRANSACTIONS 2019 Sept. 2 Purchased ski boots for $6,600 plus a freight charge of $310 from Colorado Ski Shop, Invoice 6672, terms n/30. 3 Purchased skis for $12,200 from Alaska Supply Company, Invoice 5916; terms 3/10, n/30. 7 Received Credit Memorandum 165 for $1,000 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. 11 Purchased ski jackets for $5,000 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. 12 Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. 22 Purchased ski poles for $4,760 plus a freight charge of $170 from Alaska Supply Company, Invoice 5950, terms 3/10, n/30. 23 Purchased ski pants for $3,250 from Swenson Ski Goods, Invoice 528, terms n/30. 25 Received Credit Memorandum 245 for $400 from Swenson Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528. 27 Purchased ski sweaters for $3,600 plus a freight charge of $150 from Colorado Ski Shop, Invoice 6722, terms n/30. 30 Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7.


Required:

Record the transactions in a general journal.

Analyze:

What was the amount of the cash discount on September 12?

4

NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 2019. NewTech Medical Devices purchases merchandise for cash and on open account. In June 2019, NewTech Medical Devices engaged in the following purchasing and cash payment activities:


DATE TRANSACTIONS 2019 June 1 Issued Check 101 to purchase merchandise, $4,500. 3 Purchased merchandise for $1,700 from BioCenter Inc., Invoice 606; terms 2/10, n/30. 5 Purchased merchandise for $5,850, plus a freight charge of $110, from New Concepts Corporation, Invoice 1011, terms 2/10, n/30. 9 Paid amount due to BioCenter Inc. for purchase of June 3, less discount, Check 102. 10 Received Credit Memorandum 227 from New Concepts Corporation for damaged merchandise totaling $150 that was returned; the goods were purchased on Invoice 1011, dated June 5. 11 Purchased merchandise for $1,680 from BioCenter Inc., Invoice 612; terms 2/10, n/30. 14 Paid amount due to New Concepts Corporation for Invoice 1011 of June 5, less the return of June 10 and less the cash discount, Check 103. 15 Purchased merchandise with a list price of $9,200 and trade discounts of 20 percent and 15 percent from Park Research, Invoice 1029, terms n/30. 20 Issued Check 104 to purchase merchandise, $3,000. 25 Returned merchandise purchased on June 20 as defective, receiving a cash refund of $280. 30 Purchased merchandise for $3,200, plus a freight charge of $85, from New Concepts Corporation, Invoice 1080; terms 2/10, n/30.


Required:

Post the transactions in to the appropriate accounts in the general ledger and the accounts payable subsidiary ledger. Prepare a schedule of accounts payable at June 30, 2019. GENERAL LEDGER ACCOUNTS

101 Cash, $37,400 Dr. 201 Accounts Payable 501 Purchases 502 Purchases Returns and Allowances 503 Purchases Discounts 504 Freight In

ACCOUNTS PAYABLE LEDGER ACCOUNTS


BioCenter Inc.

New Concepts Corporation

Park Research

Analyze:

What was the amount of merchandise returned to vendors by NewTech Medical Devices in June?

5

Bowden Company (buyer) and Song, Inc. (seller), engaged in the following transactions during January 2019:

Bowden Company


DATE TRANSACTIONS 2019 Jan. 8 Issued Check 2101 for $2,940 on account to Song, Inc., in payment of Invoice 1885 dated December 30, 2018, less cash discount of $60. 10 Purchased merchandise for $3,500 from Song, Inc., Invoice 1920; terms 2/10, n/30. 15 Received Credit Memorandum 320 from Song, Inc., for damaged merchandise totaling $300 that was returned; the goods were purchased on Invoice 1920, dated January 10. 19 Paid amount due to Song, Inc., for Invoice 1920 of January 10, less the return of January 15 and less the cash discount, Check 2130. 30 Purchased merchandise for $4,400 from Song, Inc., Invoice 1950; terms 2/10, n/30. GENERAL LEDGER ACCOUNTS—BOWDEN COMPANY

201 Accounts Payable, $3,000 Cr.


ACCOUNTS PAYABLE LEDGER ACCOUNT—BOWDEN COMPANY

Song, Inc., $3,000

Song, Inc.

DATE TRANSACTIONS 2019 Jan. 8 Received payment of $2,940 on account from Bowden Company in payment of Invoice 1885 dated December 30, 2018, less cash discount of $60. 10 Sold merchandise for $3,500 on account to Bowden Company, Invoice 1920, terms 2/10, n/30. 15 Issued Credit Memorandum 320 to Bowden Company for damaged merchandise totaling $300 that was returned; the goods were purchased on Invoice 1920, dated January 10. 19 Received payment from Bowden Company for Invoice 1920 of January 10, less the return of January 15 and less the cash discount.


30 Sold merchandise for $4,400 to Bowden Company, Invoice 1950; terms 2/10, n/30.

GENERAL LEDGER ACCOUNTS—SONG, INC.

111 Accounts Receivable, $3,000 Dr.

ACCOUNTS RECEIVABLE LEDGER ACCOUNT—SONG, INC.

Bowden Company, $3,000

Required:

Journalize the transactions above in a general journal for both Bowden Company and Song, Inc. Post the transactions to the appropriate accounts in the general ledger and the accounts payable subsidiary ledger for Bowden Company. Post the transactions to the appropriate accounts in the general ledger and the accounts receivable subsidiary ledger for Song, Inc.


Analyze:

What is the balance of the accounts payable for Song, Inc., in the Bowden Company accounts payable subsidiary ledger? What is the balance of the accounts receivable for Bowden Company in the Song, Inc., accounts receivable subsidiary ledger?

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ACC 291 Week 2 Textbook Exercise BE 8-8, E8-4, E8-14, E9-4

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ACC 291 Week 2 Textbook Exercise BE 8-8, E8-4, E8-14, E9-4 Chapter 8: BE8-8 Determine maturity dates and compute interest and rates on notes.


E8-4 The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000, Credit Sales $810,000, and Sales Returns and Allowances $40,000. Instructions (a) If Macarty uses the direct write�off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 10% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $500 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. Determine bad debt expense, and prepare the adjusting entry. Chapter 8: E8-14 Compute ratios to evaluate a company's receivables balance. (LO 4), AN E8-14 Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) 017 2016 Accounts receivable (gross) $ 3,587 $ 4,517 Accounts receivable (net) 3,391 4,359 Allowance for doubtful accounts 196 158 Sales revenue 35,497 37,953 Total current assets 7,116 7,244 Instructions Answer each of the following questions. (a) Calculate the accounts receivable turnover and the average collection period for 2017 for FedEx. (b) Is accounts receivable a material component of the company's total current assets? (c) Evaluate the balance in FedEx's allowance for doubtful accounts.


Chapter 9: E9-4 Understand depreciation concepts. (LO 2), C E9-4 Alysha Monet has prepared the following list of statements about depreciation. Depreciation is a process of asset valuation, not cost allocation. Depreciation provides for the proper matching of expenses with revenues. The book value of a plant asset should approximate its fair value. Depreciation applies to three classes of plant assets: land, buildings, and equipment. Depreciation does not apply to a building because its usefulness and revenue�producing ability generally remain intact over time. The revenue�producing ability of a depreciable asset will decline due to wear and tear and to obsolescence. Recognizing depreciation on an asset results in an accumulation of cash for replacement of the asset. The balance in accumulated depreciation represents the total cost that has been charged to expense since placing the asset in service. Depreciation expense and accumulated depreciation are reported on the income statement. Three factors affect the computation of depreciation: cost, useful life, and salvage value. Instructions Identify each statement as true or false. If false, indicate how to correct the statement. ==============================================

ACC 291 Week 2 Wileyplus Assignment P8-3A, BE9-11, DI95, E9-7, E9-8, BYP9, P9-2A (New)


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P8-3A, BE9-11, DI9-5, E9-7, E9-8, BYP9, P9-2A. Problem 8-3A: Bosworth Company Brief Exercise 9-11: Nike, Inc. Do It! 9-5 Exercise 9-7: Wang, Co. Exercise 9-8: Cleand Company Broadening Your Perspective 9-1: Tootsie Roll Broadening Your Perspective 9-2: Tootsie& Hershey Problem 9-2A: Navaro Corporation ==============================================

ACC 291 Week 3 Assignment The Liabilities Section of O’Brian’s Balance Sheet

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Purpose of Assignment

The purpose of this assignment is to help you understand the balance sheet presentation for the liabilities of a company. Assignment Steps

Resources: Financial Accounting: Tools for Business Decision Making Prepare the liabilities section of O’Brian’s balance sheet using the following information: ·

Accounts payable $157,000

·

Notes payable (due May 1, 2018) $20,000

·

Bonds payable (due 2021) $900,000

·

Unearned rent revenue $240,000

·

Discount on bonds payable $41,000

·

FICA taxes payable $7,800

·

Interest payable (due 2019) $80,000

·

Income taxes payable $3,500


·

Sales taxes payable $1,700

The Liabilities Section of O’Brian’s balance sheet must be 525 words. Show work on the Week 3 Excel® spreadsheet.

Note: This assignment requires that you only submit an Excel® Workbook file. There are no written or APA guideline requirements. Click the Assignment Files tab to submit your assignment. ==============================================

ACC 291 Week 3 Exercise BE 1-2, BE 10-3, BE 10-4, BE 10-5, BE 10-14

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BE 1-2, BE 10-3, BE 10-4, BE 10-5, BE 10-14 BRIEF EXERCISES Prepare entries for an interest‐bearing note payable.


BE10-2 Hive Company borrows $90,000 on July 1 from the bank by signing a $90,000, 7%, 1�year note payable. Prepare the journal entries to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjusting entries are made only at the end of the year. Compute and record sales taxes payable. BE10-3 Greenspan Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,388. All sales are subject to a 6% sales tax. Compute sales taxes payable and make the entry to record sales taxes payable and sales. Prepare entries for unearned revenues. BE10-4 Bramble University sells 3,500 season basketball tickets at $80 each for its 10�game home schedule. Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game. Compute gross earnings and net pay. BE10-5 Betsy Strand's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy's federal income tax withholding is $95, and she has no voluntary deductions. Compute Betsy Strand's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. Analyze solvency. BE10-14 Suppose the 2017 Adidas financial statements contain the following selected data (in millions). Current assets $4,485 Interest expense $169 Total assets 8,875 Income taxes 113 Current liabilities 2,836 Net income 245 Total liabilities 5,099 Cash 775


Compute the following values and provide a brief interpretation of each. (a) Working capital. (b) Current ratio. (c) Debt to assets ratio. (d) Times interest earned. ==============================================

ACC 291 Week 3 Wileyplus Assignment P9-7A, E10-5, E10-8, E10-13, E10-22, E10-24, BYP10, P10-9A, P10-13A, IFRS10-4 (New)

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¡P9-7A, E10-5, E10-8, E10-13, E10-22, E10-24, BYP10, P10-9A, P1013A, IFRS10-4. Exercise 10-5: Olinger Company Exercise 10-8: Ortega Company Exercise 10-13: Romine Company Exercise 10-22: Cole Corporation Exercise 10-24: Nance, Co. Broadening Your Perspective 10-1: Tootsie Roll


Broadening Your Perspective 10-2: Tootsie& Hershey Problem 9-7A: Farr Company Problem 10-9A: Wempe, Co. Problem 10-13A: Grace Herron IFRS10-4: Ratzlaff ==============================================

ACC 291 Week 4 Exercise E11-2, E11-5, E11-7, E11-13

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Journalize issuance of common stock and preferred stock and purchase of treasury stock. E11-2 Sagan Co. had these transactions during the current period. June 12 Issued 80,000 shares of $1 par value common stock for cash of $300,000. July 11 Issued 3,000 shares of $100 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 2,000 shares of treasury stock for $9,000. Prepare correct entries for capital stock transactions. E11-5 Mesa Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the


new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation's capital stock.

Compare effects of a stock dividend and a stock split. E11-7 On October 31, the stockholders' equity section of Manolo Company's balance sheet consists of common stock $648,000 and retained earnings $400,000. Manolo is considering the following two courses of action: (1) declaring a 5% stock dividend on the 81,000 $8 par value shares outstanding or (2) effecting a 2‐for‐1 stock split that will reduce par value to $4 per share. The current market price is $17 per share. Instructions Prepare a tabular summary of the effects of the alternative actions on the company's stockholders' equity and outstanding shares. Use these column headings: Before Action, After Stock Dividend, and After Stock Split. Calculate ratios to evaluate profitability and solvency. E11-13 Kojak Corporation decided to issue common stock and used the $300,000 proceeds to redeem all of its outstanding bonds on January 1, 2017. The following information is available for the company for 2017 and 2016. (a) Compute the return on common stockholders' equity for both years. (b) Explain how it is possible that net income increased but the return on common stockholders' equity decreased. (c) Compute the debt to assets ratio for both years, and comment on the implications of this change in the company's solvency. ==============================================

ACC 291 WEEK 4 Stockholders’ Equity Section of the Balance Sheet (Lachlin Corporation Balance Sheet)


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Purpose of Assignment The purpose of this assignment is to help you become familiar with examining the stockholders' equity section of the balance sheet. Assignment Steps

Resources: Financial Accounting: Tools for Business Decision Making Answer the following questions in 1,050 words using the Lachlin Corporation Balance Sheet (partial) below: ·

How many shares of common stock are outstanding?

· Assuming there is a stated value, what is the stated value of the common stock? ·

What is the par value of the preferred stock?


¡ If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock? ¡ If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings? ==============================================

ACC 291 Week 4 Wileyplus Assignment Do It 11-1, E11-5, E11-7, BYP11-1, BYP11-2, P11-5A, P11-8A (New)

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Do It! 11-1, E11-5, E11-7, BYP11-1, BYP11-2, P11-5A, P11-8A. Do It! 11-1 Exercise 11-5 Garcia Corporation Exercise 11-7 Pele Company Broadening Your Perspective 11-1 Tootsie Roll Broadening Your Perspective 11-2 Tootsie Roll & Hershey Problem 11-5A Pringle Corporation Problem 11-8A Everett Corporation ==============================================


ACC 291 Week 5 Assignment Financial Reporting Problem II

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Purpose of Assignment The purpose of this assignment is to expose you to the basic process involved in the analysis of the cash flow statement. Assignment Steps Resources: Appendix A of Financial Accounting: Tools for Business Decision Making Note: This is a two part assignment. Part 1 Answer questions A-F in problem CT12-1 in Financial Accounting (p. 640). Provide an 875-word analysis of your findings. Include conclusions concerning the management of the company's cash. Part 2 Complete a 1,050-word summary of findings and recommendations from the following questions: • What is the par or stated value per share of Apple's common stock? • What percentage of Apple's authorized common stock was issued at September 27, 2014?


• How many shares of common stock were outstanding at September 28, 2013, and at September 27, 2014? • Calculate the payout ratio, earnings per share, and return on common stockholders' equity for 2014. Use the Week 5 Excel® spreadsheet and submit with your analysis and summary. ==============================================

ACC 291 Week 5 Exercise E12-3, E12-10

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Prepare the operating activities section—indirect method. E12-3 Sosa Company reported net income of $190,000 for 2017. Sosa also reported depreciation expense of $35,000 and a loss of $5,000 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 increase in prepaid expenses. Instructions Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method. Compare free cash flow of two companies.


E12-10 Information for two companies in the same industry, Merrill Corporation and Wingate Corporation, is presented here. Merrill Corporation Wingate Corporation Net cash provided by operating activities $ 80,000 $100,000 Average current liabilities 50,000 100,000 Net income 200,000 200,000 Capital expenditures 40,000 70,000 Dividends paid 5,000 10,000 Instructions Compute free cash flow for both companies and compare. ==============================================

ACC 291 Week 5 Wileyplus Assignment E7-3, E12-1, E12-8, P12-9A, P12-10A, E13-3, E13-4, IFRS13-1, P13-2A (New)

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E7-3, E12-1, E12-8, P12-9A, P12-10A, E13-3, E13-4, IFRS13-1, P132A. Exercise 7-3 Exercise 12-1


Exercise 12-8 Problem 12-9A Problem 12-10A Exercise 13-3 Exercise 13-4 International Financial Reporting Standards 13-1 Problem 13-2A ==============================================

ACC 291 New Experience Tradition/newtonhelp.com  

For more course tutorials visit Uophelp is now newtonhelp.com www.newtonhelp.com 1. The term “receivables” refers to cash to be paid to d...

ACC 291 New Experience Tradition/newtonhelp.com  

For more course tutorials visit Uophelp is now newtonhelp.com www.newtonhelp.com 1. The term “receivables” refers to cash to be paid to d...

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