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<strong>ACC</strong> <strong>291</strong><br />
<strong>Final</strong> <strong>Exam</strong><br />
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<strong>ACC</strong> <strong>291</strong> Week 5 <strong>Final</strong> <strong>Exam</strong> ( Lattest )<br />
1) An aging <strong>of</strong> a company's accounts receivable indicates that $4,500 are<br />
estimated to be uncollectible. If Allowance for Doubtful Accounts has a<br />
$1,200 credit balance, the adjustment to record bad debts for the period<br />
will require a<br />
debit to Bad Debt Expense for $4,500.<br />
debit to Bad Debt Expense for $3,300.<br />
credit to Allowance for Doubtful Accounts for $4,500.<br />
debit to Allowance for Doubtful Accounts for $3,300.
2) The financial statements <strong>of</strong> the Melton Manufacturing Company reports<br />
net sales <strong>of</strong> $300,000 and accounts receivable <strong>of</strong> $50,000 and $30,000 at<br />
the beginning <strong>of</strong> the year and end <strong>of</strong> year, respectively. What is the average<br />
collection period for accounts receivable in days?<br />
60.8<br />
96.1<br />
36.5<br />
48.7<br />
3) Stine Company purchased machinery with a list price <strong>of</strong> $64,000. They were<br />
given a 10% discount by the manufacturer. They paid $400 for shipping and<br />
sales tax <strong>of</strong> $3,000. Stine estimates that the machinery will have a useful<br />
life <strong>of</strong> 10 years and a residual value <strong>of</strong> $20,000. If Stine uses straight-line<br />
depreciation, annual depreciation will be<br />
$3,760.<br />
$4,072.<br />
$6,100.<br />
$4,100.<br />
4) Given the following account balances at year end, compute the total<br />
intangible assets on the balance sheet <strong>of</strong> Janssen Enterprises.<br />
I. Cash $1,500,000<br />
II. Accounts Receivable 4,000,000<br />
III. Trademarks 1,000,000<br />
IV. Goodwill 2,500,000<br />
V. Research & Development Costs 2,000,000<br />
$7,500,000.
$5,500,000.<br />
$3,500,000.<br />
$9,500,000.<br />
5) On January 1, a machine with a useful life <strong>of</strong> five years and a residual value<br />
<strong>of</strong> $40,000 was purchased for $120,000. What is the depreciation expense<br />
for year 2 under the double-declining-balance method <strong>of</strong> depreciation?<br />
$38,400.<br />
$48,000.<br />
$23,040.<br />
$28,800.<br />
6) As a recent graduate <strong>of</strong> State <strong>University</strong> you're aware that IFRS requires<br />
component depreciation for plant assets. A friend has asked you to<br />
succinctly explain what component depreciation means. Which <strong>of</strong> the<br />
following correctly describes component depreciation?<br />
The method that requires that significant parts <strong>of</strong> a plant asset with<br />
different useful lives be depreciated separately.<br />
The method used to ensure that the depreciation rate remains constant<br />
from year to year.<br />
The method used to prorate annual depreciation on a time basis.<br />
The method <strong>of</strong> depreciation recommended for an asset that is expected to<br />
be significantly more productive in the first half <strong>of</strong> its useful life.<br />
7) Bonds with a face value <strong>of</strong> $300,000 and a quoted price <strong>of</strong> 97¼ have a<br />
selling price <strong>of</strong><br />
$292,500.
$<strong>291</strong>,075.<br />
$<strong>291</strong>,750.<br />
$<strong>291</strong>,006.<br />
8) Sparks Company received proceeds <strong>of</strong> $423,000 on 10-year, 8% bonds<br />
issued on January 1, 2013. The bonds had a face value <strong>of</strong> $400,000, pay<br />
interest annually on December 31st, and have a call price <strong>of</strong> 102. Sparks<br />
uses the straight-line method <strong>of</strong> amortization. What is the carrying value <strong>of</strong><br />
the bonds on January 1, 2015?<br />
$400,000<br />
$420,700<br />
$418,400<br />
$381,600<br />
9) S. Lawyer performed legal services for E. Corp. Due to a cash shortage, an<br />
agreement was reached whereby E. Corp. would pay S. Lawyer a legal fee<br />
<strong>of</strong> approximately $15,000 by issuing 8,000 shares <strong>of</strong> its common stock (par<br />
$1). The stock trades on a daily basis and the market price <strong>of</strong> the stock on<br />
the day the debt was settled is $1.80 per share. Given this information, the<br />
best journal entry for E. Corp. to record for this transaction is<br />
I. Legal Expense 14,400<br />
II. Common Stock 8,000<br />
III. Paid-in Capital in Excess <strong>of</strong> Par - Common 6,400<br />
IV. Legal Expense 15,000<br />
V. Common Stock 15,000<br />
VI. Legal Expense 15,000<br />
VII. Common Stock 8,000<br />
VIII. Paid-in Capital in Excess <strong>of</strong> Par - Common 7,000<br />
IX. Legal Expense 14,400<br />
X. Common Stock 14,400
10) Logan Corporation issues 50,000 shares <strong>of</strong> $50 par value preferred<br />
stock for cash at $60 per share. The entry to record the transaction will<br />
consist <strong>of</strong> a debit to Cash for $3,000,000 and a credit or credits to<br />
Preferred Stock for $2,500,000 and Paid-in Capital in Excess <strong>of</strong> Par Value—<br />
Preferred Stock for $500,000.<br />
Preferred Stock for $2,500,000 and Retained Earnings for $500,000.<br />
Paid-in Capital from Preferred Stock for $3,000,000.<br />
Preferred Stock for $3,000,000.<br />
11) Jahnke Corporation issued 8,000 shares <strong>of</strong> €2 par value ordinary<br />
shares for €11 per share. The journal entry to record the sale will include<br />
a credit to Share Capital–Ordinary for €88,000.<br />
a debit to Retained Earnings for €72,000.<br />
a debit to Cash for €16,000.<br />
a credit to Share Premium–Ordinary for €72,000.<br />
12) Zoum Corporation had the following transactions during 2014:<br />
I. Issued $125,000 <strong>of</strong> par value common stock for cash.<br />
II. Recorded and paid wages expense <strong>of</strong> $60,000.<br />
III. Acquired land by issuing common stock <strong>of</strong> par value $50,000.<br />
IV. Declared and paid a cash dividend <strong>of</strong> $10,000.<br />
V. Sold a long-term investment (cost $3,000) for cash <strong>of</strong> $3,000.<br />
VI. Recorded cash sales <strong>of</strong> $400,000.<br />
VII. Bought inventory for cash <strong>of</strong> $160,000.<br />
VIII. Acquired an investment in Zynga stock for cash <strong>of</strong> $21,000.<br />
IX. Converted bonds payable to common stock in the amount <strong>of</strong> $500,000.<br />
X. Repaid a 6 year note payable in the amount <strong>of</strong> $220,000.
13) What is the net cash provided by financing activities?<br />
$395,000.<br />
$.<br />
$.<br />
$115,000.<br />
14) Colie Company had an increase in inventory <strong>of</strong> $120,000. The cost <strong>of</strong><br />
goods sold was $490,000. There was a $30,000 decrease in accounts<br />
payable from the prior period. Using the direct method <strong>of</strong> reporting cash<br />
flows from operating activities, what were Colie's cash payments to<br />
suppliers?<br />
$580,000.<br />
$370,000.<br />
$310,000.<br />
$640,000.<br />
15) Each <strong>of</strong> the following items may be classified as operating or<br />
financing activities under IFRS except<br />
dividends paid.<br />
dividends received.<br />
interest paid.<br />
all <strong>of</strong> these answer choices may be classified as such.<br />
16) The current assets <strong>of</strong> Orangatte Company are $227,500. The current<br />
liabilities are $130,000. The current ratio expressed as a proportion is<br />
1.75:1.<br />
175%.
$210,000 ÷ $120,000.<br />
.57:1.<br />
17) All <strong>of</strong> the following requirements about internal controls were<br />
enacted under the Sarbanes Oxley Act <strong>of</strong> 2002 except:<br />
independent outside auditors must eliminate redundant internal control.<br />
companies must continually assess the functionality <strong>of</strong> internal controls.<br />
independent outside auditors must attest to the level <strong>of</strong> internal control.<br />
companies must develop sound internal controls over financial reporting.<br />
18) Which <strong>of</strong> the following is not an internal control activity for cash?<br />
The number <strong>of</strong> persons who have access to cash should be limited.<br />
The functions <strong>of</strong> record keeping and maintaining custody <strong>of</strong> cash should be<br />
combined.<br />
Surprise audits <strong>of</strong> cash on hand should be made occasionally.<br />
All cash receipts should be recorded promptly.<br />
19) Before a check authorization is issued, the following documents must<br />
be in agreement, except for the<br />
purchase order.<br />
invoice.<br />
remittance advice.<br />
receiving report.<br />
20) Mitchell Corporation bought equipment on January 1, 2014 .The<br />
equipment cost $180,000 and had an expected salvage value <strong>of</strong> $30,000.<br />
The life <strong>of</strong> the equipment was estimated to be 6 years. The book value <strong>of</strong><br />
the equipment at the beginning <strong>of</strong> the third year would be
$50,000.<br />
$180,000.<br />
$150,000.<br />
$130,000.<br />
21) Brevard Corporation purchased a taxicab on January 1, 2013 for<br />
$25,500 to use for its shuttle business. The cab is expected to have a fiveyear<br />
useful life and no salvage value. During 2014, it retouched the cab's<br />
paint at a cost <strong>of</strong> $1,200, replaced the transmission for $3,000 (which<br />
extended its life by an additional 2 years), and tuned-up the motor for<br />
$150. If Brevard Corporation uses straight-line depreciation, what annual<br />
depreciation will Brevard report for 2014?<br />
$4,100.<br />
$5,100.<br />
$4,125.<br />
$3,900.<br />
22) On July 1, 2014, Fleming Company sells machinery for $120,000. The<br />
machinery originally cost $300,000, had an estimated 5-year life and an<br />
expected salvage value <strong>of</strong> $50,000. The Accumulated Depreciation account<br />
had a balance <strong>of</strong> $175,000 on January 1, 2014, using the straight-line<br />
method. The gain or loss on disposal is<br />
$20,000 gain.<br />
$5,000 loss.<br />
$10,000 loss.<br />
$5,000 gain.<br />
23) On July 1, 2014, Linden Company purchased the copyright to Norman<br />
Computer Tutorials for $140,000. It is estimated that the copyright will
have a useful life <strong>of</strong> 5 years. The amount <strong>of</strong> Amortization Expense<br />
recognized for the year 2014 would be<br />
$14,000.<br />
$25,900.<br />
$28,000.<br />
$13,125.<br />
24) The following totals for the month <strong>of</strong> April were taken from the<br />
payroll records <strong>of</strong> Metz Company.<br />
I. Salaries $30,000<br />
II. FICA taxes withheld 2,295<br />
III. Income taxes withheld 6,600<br />
IV. Medical insurance deductions 1,200<br />
V. Federal unemployment taxes 240<br />
VI. State unemployment taxes 1,500<br />
25) The entry to record accrual <strong>of</strong> employer’s payroll taxes would include<br />
credit to FICA Taxes Payable for $1,740.<br />
credit to Payroll Tax Expense for $1,740.<br />
debit to Payroll Tax Expense for $4,035.<br />
credit to Payroll Tax Expense for $4,035.<br />
26) Thayer Company purchased a building on January 2 by signing a longterm<br />
$2,520,000 mortgage with monthly payments <strong>of</strong> $23,100. The<br />
mortgage carries an interest rate <strong>of</strong> 10 percent. The amount owed on the<br />
mortgage after the first payment will be<br />
$2,499,000.<br />
$2,496,900.
$2,520,000.<br />
$2,517,900.<br />
27) The following data is available for BOX Corporation at December 31,<br />
2014:<br />
Common stock, par $10 (authorized 30,000 shares) $250,000<br />
Treasury stock (at cost $15 per share) $1,200<br />
Based on the data, how many shares <strong>of</strong> common stock are outstanding?<br />
30,000.<br />
24,920.<br />
25,000.<br />
29,920.<br />
28) Indicate the respective effects <strong>of</strong> the declaration <strong>of</strong> a cash dividend<br />
on the following balance sheet sections:<br />
Total Assets Total Liabilities<br />
Total Stockholders' Equity<br />
Decrease Increase Decrease<br />
Increase Decrease No change<br />
Decrease No change Increase<br />
No change Increase<br />
Decrease<br />
29) Assume the following cost <strong>of</strong> goods sold data for a company:
2015 $1,300,000<br />
2014 1,200,000<br />
2013 1,000,000<br />
30) If 2013 is the base year, what is the percentage increase in cost <strong>of</strong><br />
goods sold from 2013 to 2015?<br />
30%<br />
70%<br />
130%<br />
20%<br />
31) A company has an average inventory on hand <strong>of</strong> $75,000 and its<br />
average days in inventory is 36.5 days. What is the cost <strong>of</strong> goods sold?<br />
$1,680,000<br />
$876,000<br />
$750,000<br />
$1,752,000<br />
32) The following information is available for Patterson Company:<br />
2014 2013<br />
Accounts receivable $ 360,000 $ 340,000<br />
Inventory 280,000 320,000<br />
Net credit sales 3,000,000 2,600,000<br />
Cost <strong>of</strong> goods sold 1,500,000 840,000<br />
Net income 300,000 170,000
33) The accounts receivable turnover for 2014 is<br />
4.3 times.<br />
8.6 times.<br />
7.6 times.<br />
8.3 times.<br />
34) All <strong>of</strong> the following situtations below might indicate a company has a<br />
low quality <strong>of</strong> earnings except<br />
Maintenance costs are capitalized and then depreciated.<br />
Revenue is recognized when earned.<br />
A lack <strong>of</strong> disclosure about guaranteed payments that were mentioned in<br />
the MD&A <strong>of</strong> the annual report.<br />
Adoption <strong>of</strong> a different inventory method for each <strong>of</strong> the last three years.<br />
IFRS<br />
implies that receivables with different characteristics should be reported as<br />
one unsegregated amount.<br />
implies that receivables with different characteristics should be reported<br />
separately.<br />
requires that receivables with different characteristics should be reported<br />
as one unsegregated amount.<br />
requires that receivables with different characteristics should be reported<br />
separately.
<strong>ACC</strong> <strong>291</strong> Week 1 Complete<br />
<strong>ACC</strong> <strong>291</strong> Week 1 DQ 1 (With 3 Responses) | <strong>ACC</strong> <strong>291</strong> Week 1 DQ 2<br />
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<strong>ACC</strong> <strong>291</strong> Week 3 Complete<br />
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<strong>ACC</strong> <strong>291</strong> Week 4 Complete<br />
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<strong>ACC</strong> <strong>291</strong> Week 5 Complete<br />
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(With 3 Responses) | <strong>ACC</strong> <strong>291</strong> Week 5 Effect <strong>of</strong> Unethical Behavior<br />
Article Analysis | <strong>ACC</strong> <strong>291</strong> Week 5 Ratio Analysis Memo | <strong>ACC</strong> <strong>291</strong><br />
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