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ACC 291
Final Exam
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ACC 291 Week 5 Final Exam ( Lattest )
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
debit to Bad Debt Expense for $4,500.
debit to Bad Debt Expense for $3,300.
credit to Allowance for Doubtful Accounts for $4,500.
debit to Allowance for Doubtful Accounts for $3,300.

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?
60.8
96.1
36.5
48.7
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
$3,760.
$4,072.
$6,100.
$4,100.
4) Given the following account balances at year end, compute the total
intangible assets on the balance sheet of Janssen Enterprises.
I. Cash $1,500,000
II. Accounts Receivable 4,000,000
III. Trademarks 1,000,000
IV. Goodwill 2,500,000
V. Research & Development Costs 2,000,000
$7,500,000.

$5,500,000.
$3,500,000.
$9,500,000.
5) 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?
$38,400.
$48,000.
$23,040.
$28,800.
6) 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 correctly describes component depreciation?
The method that requires that significant parts of a plant asset with
different useful lives be depreciated separately.
The method used to ensure that the depreciation rate remains constant
from year to year.
The method used to prorate annual depreciation on a time basis.
The method of depreciation recommended for an asset that is expected to
be significantly more productive in the first half of its useful life.
7) Bonds with a face value of $300,000 and a quoted price of 97¼ have a
selling price of
$292,500.

$291,075.
$291,750.
$291,006.
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?
$400,000
$420,700
$418,400
$381,600
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
I. Legal Expense 14,400
II. Common Stock 8,000
III. Paid-in Capital in Excess of Par - Common 6,400
IV. Legal Expense 15,000
V. Common Stock 15,000
VI. Legal Expense 15,000
VII. Common Stock 8,000
VIII. Paid-in Capital in Excess of Par - Common 7,000
IX. Legal Expense 14,400
X. Common Stock 14,400

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
Preferred Stock for $2,500,000 and Paid-in Capital in Excess of Par Value—
Preferred Stock for $500,000.
Preferred Stock for $2,500,000 and Retained Earnings for $500,000.
Paid-in Capital from Preferred Stock for $3,000,000.
Preferred Stock for $3,000,000.
11) Jahnke Corporation issued 8,000 shares of €2 par value ordinary
shares for €11 per share. The journal entry to record the sale will include
a credit to Share Capital–Ordinary for €88,000.
a debit to Retained Earnings for €72,000.
a debit to Cash for €16,000.
a credit to Share Premium–Ordinary for €72,000.
12) Zoum Corporation had the following transactions during 2014:
I. Issued $125,000 of par value common stock for cash.
II. Recorded and paid wages expense of $60,000.
III. Acquired land by issuing common stock of par value $50,000.
IV. Declared and paid a cash dividend of $10,000.
V. Sold a long-term investment (cost $3,000) for cash of $3,000.
VI. Recorded cash sales of $400,000.
VII. Bought inventory for cash of $160,000.
VIII. Acquired an investment in Zynga stock for cash of $21,000.
IX. Converted bonds payable to common stock in the amount of $500,000.
X. Repaid a 6 year note payable in the amount of $220,000.

13) What is the net cash provided by financing activities?
$395,000.
$.
$.
$115,000.
14) 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?
$580,000.
$370,000.
$310,000.
$640,000.
15) Each of the following items may be classified as operating or
financing activities under IFRS except
dividends paid.
dividends received.
interest paid.
all of these answer choices may be classified as such.
16) The current assets of Orangatte Company are $227,500. The current
liabilities are $130,000. The current ratio expressed as a proportion is
1.75:1.
175%.

$210,000 ÷ $120,000.
.57:1.
17) All of the following requirements about internal controls were
enacted under the Sarbanes Oxley Act of 2002 except:
independent outside auditors must eliminate redundant internal control.
companies must continually assess the functionality of internal controls.
independent outside auditors must attest to the level of internal control.
companies must develop sound internal controls over financial reporting.
18) Which of the following is not an internal control activity for cash?
The number of persons who have access to cash should be limited.
The functions of record keeping and maintaining custody of cash should be
combined.
Surprise audits of cash on hand should be made occasionally.
All cash receipts should be recorded promptly.
19) Before a check authorization is issued, the following documents must
be in agreement, except for the
purchase order.
invoice.
remittance advice.
receiving report.
20) 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

$50,000.
$180,000.
$150,000.
$130,000.
21) Brevard Corporation purchased a taxicab on January 1, 2013 for
$25,500 to use for its shuttle business. The cab is expected to have a fiveyear
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?
$4,100.
$5,100.
$4,125.
$3,900.
22) On July 1, 2014, Fleming Company sells machinery for $120,000. The
machinery originally cost $300,000, had an estimated 5-year 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
$20,000 gain.
$5,000 loss.
$10,000 loss.
$5,000 gain.
23) 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
$14,000.
$25,900.
$28,000.
$13,125.
24) The following totals for the month of April were taken from the
payroll records of Metz Company.
I. Salaries $30,000
II. FICA taxes withheld 2,295
III. Income taxes withheld 6,600
IV. Medical insurance deductions 1,200
V. Federal unemployment taxes 240
VI. State unemployment taxes 1,500
25) The entry to record accrual of employer’s payroll taxes would include
credit to FICA Taxes Payable for $1,740.
credit to Payroll Tax Expense for $1,740.
debit to Payroll Tax Expense for $4,035.
credit to Payroll Tax Expense for $4,035.
26) Thayer Company purchased a building on January 2 by signing a longterm
$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
$2,499,000.
$2,496,900.

$2,520,000.
$2,517,900.
27) 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?
30,000.
24,920.
25,000.
29,920.
28) Indicate the respective effects of the declaration of a cash dividend
on the following balance sheet sections:
Total Assets Total Liabilities
Total Stockholders' Equity
Decrease Increase Decrease
Increase Decrease No change
Decrease No change Increase
No change Increase
Decrease
29) Assume the following cost of goods sold data for a company:

2015 $1,300,000
2014 1,200,000
2013 1,000,000
30) If 2013 is the base year, what is the percentage increase in cost of
goods sold from 2013 to 2015?
30%
70%
130%
20%
31) 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?
$1,680,000
$876,000
$750,000
$1,752,000
32) The following information is available for Patterson Company:
2014 2013
Accounts receivable $ 360,000 $ 340,000
Inventory 280,000 320,000
Net credit sales 3,000,000 2,600,000
Cost of goods sold 1,500,000 840,000
Net income 300,000 170,000

33) The accounts receivable turnover for 2014 is
4.3 times.
8.6 times.
7.6 times.
8.3 times.
34) All of the following situtations below might indicate a company has a
low quality of earnings except
Maintenance costs are capitalized and then depreciated.
Revenue is recognized when earned.
A lack of disclosure about guaranteed payments that were mentioned in
the MD&A of the annual report.
Adoption of a different inventory method for each of the last three years.
IFRS
implies that receivables with different characteristics should be reported as
one unsegregated amount.
implies that receivables with different characteristics should be reported
separately.
requires that receivables with different characteristics should be reported
as one unsegregated amount.
requires that receivables with different characteristics should be reported
separately.

ACC 291 Week 1 Complete
ACC 291 Week 1 DQ 1 (With 3 Responses) | ACC 291 Week 1 DQ 2
(With 3 Responses)
ACC 291 Week 2 Complete
ACC 291 Week 2 DQ 1 (With 3 Responses) | ACC 291 Week 2 DQ 2
(With 3 Responses) | ACC 291 Week 2 WileyPLUS
ACC 291 Week 3 Complete
ACC 291 Week 3 DQ 1 (With 3 Responses) | ACC 291 Week 3 DQ 2
(With 3 Responses)
ACC 291 Week 4 Complete
ACC 291 Week 4 DQ 1 (With 3 Responses) | ACC 291 Week 4 DQ 2
(With 3 Responses) | ACC 291 Week 4 WileyPLUS
ACC 291 Week 5 Complete
ACC 291 Week 5 DQ 1 (With 3 Responses) | ACC 291 Week 5 DQ 2
(With 3 Responses) | ACC 291 Week 5 Effect of Unethical Behavior
Article Analysis | ACC 291 Week 5 Ratio Analysis Memo | ACC 291
Week 5 WileyPLUS

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