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ACC 291 Final Exam Guide (New)

For more course tutorials visit Question 1 An aging of a company's accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a Question 2 The financial statements of the Melton Manufacturing Company reports net sales of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days? Question 3 Stine Company purchased machinery with a list price of $64,000. They were given a 10% discount by the manufacturer. They paid $400 for shipping and sales tax of $3,000. Stine estimates that the machinery will have a useful life of 10 years and a residual value of $20,000. If Stine uses straight-line depreciation, annual depreciation will be Question 4 On January 1, a machine with a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation? Question 5 As a recent graduate of State University you're aware that IFRS requires component depreciation for plant assets. A friend has asked you to succinctly explain what component depreciation means. Which of the following ly describes component depreciation?

Question 6 Given the following account balances at year end, compute the total intangible assets on the balance sheet of Janssen Enterprises. Cash $1,500,000 Accounts Receivable 4,000,000 Trademarks 1,000,000 Goodwill 2,500,000 Research & Development Costs 2,000,000 Question 7 Bonds with a face value of $300,000 and a quoted price of 97Âź have a selling price of Question 8 Sparks Company received proceeds of $423,000 on 10-year, 8% bonds issued on January 1, 2013. The bonds had a face value of $400,000, pay interest annually on December 31st, and have a call price of 102. Sparks uses the straight-line method of amortization. What is the carrying value of the bonds on January 1, 2015? Question 9 S. Lawyer performed legal services for E. Corp. Due to a cash shortage, an agreement was reached whereby E. Corp. would pay S. Lawyer a legal fee of approximately $15,000 by issuing 8,000 shares of its common stock (par $1). The stock trades on a daily basis and the market price of the stock on the day the debt was settled is $1.80 per share. Given this information, the best journal entry for E. Corp. to record for this transaction is Question 10 Logan Corporation issues 50,000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for $3,000,000 and a credit or credits to

Question 11 Jahnke Corporation issued 8,000 shares of â‚Ź2 par value ordinary shares for â‚Ź11 per share. The journal entry to record the sale will include Question 12 Zoum Corporation had the following transactions during 2014: 1.

Issued $125,000 of par value common stock for cash.


Recorded and paid wages expense of $60,000.


Acquired land by issuing common stock of par value $50,000.


Declared and paid a cash dividend of $10,000.

Question 13 Colie Company had an increase in inventory of $120,000. The cost of goods sold was $490,000. There was a $30,000 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Colie's cash payments to suppliers? Question 14 Each of the following items may be classified as operating or financing activities under IFRS except Question 15 The current assets of Orangatte Company are $227,500. The current liabilities are $130,000. The current ratio expressed as a proportion is Question 16 All of the following requirements about internal controls were enacted under the Sarbanes Oxley Act of 2002 except: Question 17 Which of the following is not an internal control activity for cash? Question 18 Before a check authorization is issued, the following documents must be in agreement, except for the

Question 19 Mitchell Corporation bought equipment on January 1, 2014 .The equipment cost $180,000 and had an expected salvage value of $30,000. The life of the equipment was estimated to be 6 years. The book value of the equipment at the beginning of the third year would be Question 20Brevard Corporation purchased a taxicab on January 1, 2013 for $25,500 to use for its shuttle business. The cab is expected to have a five-year useful life and no salvage value. During 2014, it retouched the cab's paint at a cost of $1,200, replaced the transmission for $3,000 (which extended its life by an additional 2 years), and tuned-up the motor for $150. If Brevard Corporation uses straight-line depreciation, what annual depreciation will Brevard report for 2014? Question 21 On July 1, 2014, Fleming Company sells machinery for $120,000. The machinery originally cost $300,000, had an estimated 5year life and an expected salvage value of $50,000. The Accumulated Depreciation account had a balance of $175,000 on January 1, 2014, using the straight-line method. The gain or loss on disposal is Question 22 On July 1, 2014, Linden Company purchased the copyright to Norman Computer Tutorials for $140,000. It is estimated that the copyright will have a useful life of 5 years. The amount of Amortization Expense recognized for the year 2014 would be Question 23 The following totals for the month of April were taken from the payroll records of Metz Company. Salaries $30,000 FICA taxes withheld 2,295 Income taxes withheld 6,600 Medical insurance deductions 1,200

Federal unemployment taxes 240 State unemployment taxes 1,500 Question 24 Thayer Company purchased a building on January 2 by signing a long-term $2,520,000 mortgage with monthly payments of $23,100. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be Question 25 The following data is available for BOX Corporation at December 31, 2014: Common stock, par $10 (authorized 30,000 shares) $250,000 Treasury stock (at cost $15 per share) $1,200 Based on the data, how many shares of common stock are outstanding? Question 26 Indicate the respective effects of the declaration of a cash dividend on the following balance sheet sections: Question 27 company:

Assume the following cost of goods sold data for a

2015 $1,300,000 2014 1,200,000 2013 1,000,000 If 2013 is the base year, what is the percentage increase in cost of goods sold from 2013 to 2015?

Question 28 A company has an average inventory on hand of $75,000 and its average days in inventory is 36.5 days. What is the cost of goods sold? Question 29 Company: 2014

The following information is available for Patterson


Question 30 Your answer has been saved and sent for grading. See Grade book for score details. All of the following situations below might indicate a company has a low quality of earnings except Question 31 IFRS 


ACC 291 Final Exam Guide

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1)Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense?

2) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period?

3) Intangible assets

4) Intangible assets are the rights and privileges that result from ownership of long-lived assets that

5) The book value of an asset is equal to the

6) Gains on an exchange of plant assets that has commercial substance are

7) Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as

8) Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as

9) When an interest-bearing note matures, the balance in the Notes Payable account is

10) The interest charged on a $200,000 note payable, at a rate of 6%, on a 2-month note would be

11) If a corporation issued $3,000,000 in bonds which pay 10% annual interest, what is the annual net cash cost of this borrowing if the income tax rate is 30%?

12) Hilton Company issued a four-year interest-bearing note payable for $300,000 on January 1, 2011. Each January the company is required to pay $75,000 on the note. How will this note be reported on the December 31, 2012 balance sheet?

13) A corporation issued $600,000, 10%, 5-year bonds on January 1, 2011 for 648,666, which reflects an effective-interest rate of 8%. Interest is paid semiannually on January 1 and July 1. If the corporation uses the effective-interest method of amortization of bond premium, the amount of bond interest expense to be recognized on July 1, 2011, is

14) When the effective-interest method of bond discount amortization is used

15) If a corporation has only one class of stock, it is referred to as

16) Capital stock to which the charter has assigned a value per share is called

17) ABC, Inc. has 1,000 shares of 5%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2011. What is the annual dividend on the preferred stock?

18) Manner, Inc. has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2011. There were no dividends declared in 2010. The board of directors declares and pays a $45,000 dividend in 2011. What is the amount of dividends received by the common stockholders in 2011?

19) When the selling price of treasury stock is greater than its cost, the company credits the difference to

20) The purchase of treasury stock

21) Marsh Company has other operating expenses of $240,000. There has been an increase in prepaid expenses of $16,000 during the year, and accrued liabilities are $24,000 lower than in the prior period. Using the direct method of reporting cash flows from operating

22) Where would the event purchased land for cash appear, if at all, on the indirect statement of cash flows?

23) In performing a vertical analysis, the base for cost of goods sold is A. total selling expenses

24) Blanco, Inc. has the following income statement (in millions): Using vertical analysis, what percentage is assigned to Net Income?

25) Dawson Company issued 500 shares of no-par common stock for $4,500. Which of the following journal entries would be made if the stock has a stated value of $2 per share?

26) Andrews, Inc. paid $45,000 to buy back 9,000 shares of its $1 par value common stock. This stock was sold later at a selling price of $6 per share. The entry to record the sale includes a

27) Which of the following is a fundamental factor in having an effective, ethical corporate culture?

28) Two individuals at a retail store work the same cash register. You evaluate this situation as

29) The Sarbanes-Oxley Act imposed which new penalty for executives?

30) The Sarbanes-Oxley Act requires that all publicly traded companies maintain a system of internal controls. Internal controls can be defined as a plan t 


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

For more course tutorials visit 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 - Fordyce and Atwater (New)

For more course tutorials visit 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 semi annual installment 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 Wileyplus Assignment P8-3A, BE911, DI9-5, E9-7, E9-8, BYP9, P9-2A (New)

For more course tutorials visit 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 Wileyplus Assignment P9-7A, E10-5, E10-8, E10-13, E10-22, E10-24, BYP10, P10-9A, P1013A, IFRS10-4 (New)

For more course tutorials visit 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 Wileyplus Assignment Do It! 11-1, E11-5, E11-7, BYP11-1, BYP11-2, P11-5A, P11-8A (New)

For more course tutorials visit 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 Wileyplus Assignment E7-3, E12-1, E12-8, P12-9A, P12-10A, E13-3, E13-4, IFRS13-1, P132A (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 final exam guide (new)