ACC 421 Final Exam Guide (New)
$20.00

ACC 421 Final Exam Guide (New)

This Tutorial was purchased 2 times & rated A+ by student like you.

 

This Tutorial contains following Attachments

  • ACC 421 Final Exam Guide (New).docx

Scroll Down to See Details of the Questions

 

 

 

 Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. 

 

 

On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31. 

 

 

Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $8,000 cash payment on Friday, January 2

 

Side Kicks has year-end account balances of Sales Revenue $808,900; Interest Revenue $13,500; Cost of Goods Sold $556,200; Administrative Expenses $189,000; Income Tax Expense $35,100; and Dividends $18,900. Prepare the year-end closing entrie

 

To convert cash receipts from customers to revenue on an accrual basis, the following adjustments are made:

Cash receipts from customers

Subtract beginning A/R

Add ending A/R

Add beginning Unearned Service Revenue

Subtract ending Unearned Service Revenue

 

At the time a company prepays a cost

           

Starr Co. had sales revenue of $540,000 in 2014. Other items recorded during the year were

 

Portman Corporation has retained earnings of $675,000 at January 1, 2014. Net income during 2014 was $1,400,000, and cash dividends declared and paid during 2014 totaled $75,000. Prepare

 

 

On January 1, 2014, Richards Inc. had cash and common stock of $60,000. At that date, the company had no other asset, liability, or equity balances. On January 2, 2014, it purchased for cash $20,000 of equity securities that it classified as available-for-sale. It received cash dividends of $3,000 during the year on these securities.

           

           

Harding Corporation has the following accounts included in its December 31, 2014, trial balance: Accounts Receivable $110,000; Inventory $290,000; Allowance for Doubtful Accounts $8,000; Patents $72,000; Prepaid Insurance $9,500; Accounts Payable $77,000; Cash $30,000.

           

Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2014: Prepaid Rent $12,000; Goodwill $50,000; Franchise Fees Receivable $2,000; Franchises $47,000; Patents $33,000; Trademarks $10,000

           

Hawthorn Corporation’s adjusted trial balance contained the following accounts at December 31, 2014: Retained Earnings $120,000; Common Stock $750,000;

 

Keyser Beverage Company reported the following items in the most recent year.

 

Ames Company reported 2014 net income of $151,000. During 2014, accounts receivable increased by $13,000 and accounts payable increased by $9,500. Depreciation expense was $44,000.

 

Martinez Corporation engaged in the following cash transactions during 2014.

 

Martinez Corporation engaged in the following cash transactions during 2014.

 

A comparative balance sheet for Shabbona Corporation is presented below.

 

Chris Spear invested $15,000 today in a fund that earns 8% compounded annually. (Use the tables below.)https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

 

 

 

 

Amy Monroe wants to create a fund today that will enable her to withdraw $25,000 per year for 8 years, with the first withdrawal to take place 5 years from today

 

 

           

Zach Taylor is settling a $20,000 loan due today by making 6 equal annual payments of $4,727.53. (Use the tables below.)

 

 

Alan Jackson invests $20,000 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Alan withdraws the accumulated amount of money.

 

 

Guillen, Inc. began work on a $7,000,000 contract in 2014 to construct an office building. Guillen uses the completed-contract method. At December 31, 2014, the balances in certain accounts were Construction in Process $1,715,000; Accounts Receivable $240,000; and Billings on Construction in Process $1,000,000.

 

 

Lazaro Inc. sells goods on the installment basis and uses the installment-sales method. Due to a customer default, Lazaro repossessed merchandise that was originally sold for $800, resulting in a gross profit rate of 40%. At the time of repossession, the uncollected balance is $520, and the fair value of the repossessed merchandise is $275         

 

 

Morlan Corporation is preparing its December 31, 2014, financial statements. Two events that occurred between December 31, 2014, and March 10, 2015, when the statements were issued, are described below.

           

Foley Corporation has seven industry segments with total revenues as follows.

 

Operating profits and losses for the seven industry segments of Foley Corporation are:

 

           

           

Heartland Company’s budgeted sales and budgeted cost of goods sold for the coming year are $144,000,000 and $99,000,000, respectively. Short-term interest rates are expected to average 10%. If Heartland can increase inventory turnover from its present level of 9 times a year to a level of 12 times per year.

 

           

           

The payout ratio is calculated by dividing

 

 

           

Presented below are four segments that have been identified by Haley Productions:

           

At December 31, 2014, Grinkov Corporation had the following account balances.

 

Indicate how these accounts would be reported in Grinkov’s December 31, 2014, balance sheet. The 2013 accounts are collectible in 2015, and the 2014 accounts are collectible in 2016.

 

Brief Exercise 3-1

Brief Exercise 3-3

Brief Exercise 3-7

Brief Exercise 3-11

Practice Question 41

Multiple Choice Question 56

Brief Exercise 4-1

Brief Exercise 4-10

Brief Exercise 4-11

Brief Exercise 5-1

Brief Exercise 5-6

Brief Exercise 5-10

Brief Exercise 5-12

Brief Exercise 5-13

Brief Exercise 5-14

Brief Exercise 5-16

Exercise 5-16

Brief Exercise 6-1

Brief Exercise 6-14    

Brief Exercise 6-17

Exercise 6-2

Brief Exercise 18-10

 Brief Exercise 18-13

Brief Exercise 24-3 (Essay)

 Brief Exercise 24-5

Brief Exercise 24-6    

Brief Exercise 18-14

Multiple Choice Question 56

Write a review

Order Id


Order Id will be kept Confidential
Your Name:


Your Review:
Rating:   A   B   C   D   F  

Enter the code in the box below:



Related Tutorials
$10.00

This Tutorial was purchased 7 times & rated A+ by student like you.

Question 1 Transactions for Mehta Company for the month of May are presented below. May 1 B.D. Mehta invests $3,054 cash in exchange for common stock of Mehta Company, a small welding corporation. 3 Buys equipment on account for $1,547. Question 2 On July 1, 2012, Crowe Co. pa..
$20.00

This Tutorial was purchased 2 times & rated A+ by student like you.

Scroll Down to See Details of the Questions        Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.      On July 1, 2014, Crowe Co. pays $15,000 to Z..
$9.00

This Tutorial was purchased 10 times & rated A+ by student like you.

Resources: Analyzing Amazon document. Write a 700- to 1,050-word paper. The incredible growth of Amazon.com has put fear into the hearts of traditional retailers. Amazon’s stock price has soared to amazing levels. However, it is often pointed out in the financial press that it t..
$7.00

This Tutorial was purchased 13 times & rated A by student like you.

Complete the following individually and discuss your individual answers as a team: • CA 4-2, p. 190 • Problem 18-3, p. 1043 • Problem 18-2, p. 1047 After discussing your answers, compile each into a team response. Click the Assignment Files tab to submit your assignment. &..
$5.00

This Tutorial was purchased 10 times & rated A+ by student like you.

Complete the following deliverables as a team: The Coca-Cola/PepsiCo Comparative Analysis Case on p. 192. Your responses should be approximately one to two sentences for each segment (a-c). (a) What type of income format(s) is used by these two companies? Identify any differenc..
$15.00

This Tutorial was purchased 9 times & rated A+ by student like you.

This Tutorial contains Excel File which can be used to solve for any values   Exercise 5-1: Pronghom corporation has the following accounts included in its December 31, 2017, trial balance: Accounts receivable $110,600, Inventory $293,500, Allowance for Doubtful Accounts $9,450, ..
$5.00

This Tutorial was purchased 7 times & rated A+ by student like you.

Problem 24-3 (Essay) Bradbum Corporation was Formed 5 years age through a public subscription of common stock. Daniel Brown, who owns 15% of the common stock, was one of the organizers of Bradburn and is its current president. The company has been successful, but it currently is experiencing ..
$3.00

This Tutorial was purchased 9 times & rated A by student like you.

This Tutorial contains Excel File which can be used to solve for any values     Brief Exercise 24-8 Answer each of the questions in the following unrelated situations a)      The current ratio of a company is 5:1 and its acid-test ratio is 1:..
$3.00

This Tutorial was purchased 6 times & rated A by student like you.

This Tutorial contains Excel File which can be used to solve for any values   Brief Exercise 24-1 (Essay) An annual report of Crestwood Industries states, “The company subsidiaries have long-term leases expiring on various dates after December 31,2017. Amounts payables under such..
$3.00

This Tutorial was purchased 4 times & rated A+ by student like you.

This Tutorial contains Excel File which can be used to solve for any values     Problem 5-2 Presented below are a number of balance sheet items for waterway, Inc., for the current year, 2017. ..
$3.00

This Tutorial was purchased 6 times & rated A+ by student like you.

This Tutorial contains Excel File which can be used to solve for any values   Exercise 5-9 (Part Level Submission) The current assests and current liabilities sections of the balance sheet of Cheyenne company appear as follows. a)      calculate follo..
$3.00

This Tutorial was purchased 4 times & rated No rating by student like you.

Exercise 5-3: For Fielder Enterprises, indicate how each of the following usually should be classified. If an item should appear in a note to the financial statements, select “note to Financial Statement” to indicate this fact. If an item need to be reported on the balance sheet, select “Bala..
$3.00

This Tutorial was purchased 3 times & rated A+ by student like you.

This Tutorial contains Excel File which can be used to solve for any values   Exercise 5-1: Pronghom corporation has the following accounts included in its December 31, 2017, trial balance: Accounts receivable $110,600, Inventory $293,500, Allowance for Doubtful Accounts $9,450, ..
$7.00

This Tutorial was purchased 20 times & rated A by student like you.

Complete, as a team, the Coca-Cola/PepsiCo Comparative Analysis Cases on p. 72 and 145. Your responses should be approximately one to two sentences for each segment (a-d, a-c). Compile all team member’s input. Click the Assignment Files tab to submit your assignment. (a) Wha..
$12.00

This Tutorial was purchased 10 times & rated A by student like you.

This Tutorial contains Excel File which can be used to solve for any values   Complete the following assignments in WileyPLUS: Brief Exercise 4-2 Brief Exercise 4-3 Brief Exercise 4-10 Exercise 18-3 Exercise 18-7 (Part Level Submission) &nbs..
$5.00

This Tutorial was purchased 2 times & rated No rating by student like you.

1.      What are different criteria for recognizing revenue? 2.      What are the different revenue recognition methods? Why are there so many revenue recognition methods? 3.      Why are the methods subjective, an..
$9.00

This Tutorial was purchased 17 times & rated A+ by student like you.

This Tutorial contains 2 Presentation   Create a 7- to 12-slide presentation. Describe the new Revenue Recognition standards. Project the impact of these new standards on financial reporting. Click the Assignment Files tab to submit your assignment. ..
$8.00

This Tutorial was purchased 9 times & rated No rating by student like you.

Write a 1,050- to 1,400-word paper that addresses the following scenario and questions: Your aunt recently received the annual report for a company in which she has invested. The report notes that the statements have been prepared in accordance with “generally accepted accounting principles.”..
$12.00

This Tutorial was purchased 13 times & rated A+ by student like you.

This Tutorial contains Excel File which can be used to solve for any values     Complete the following assignments in WileyPLUS: • Brief Exercise 5-12 • Exercise 5-13 • Exercise 5-14 • Brief Exercise 23-1 • Exercises 23-13 • Exercise 23-14   ..
$30.00

This Tutorial was purchased 19 times & rated A+ by student like you.

Number of Questions 30 Score atleast 90% easily with our EXCEL SHEET for any values (EVEN IF VALUES CHANGES) of below mentioned Question   Exercise 129     Prepare the necessary adjusting journal entries indicated by each item for the year ended December 31, 2017. ..
$10.00

This Tutorial was purchased 5 times & rated A+ by student like you.

This Tutorial contains Excel File which can be used to solve for any values • Exercise 2-4 • Exercise 2-6 • Exercise 3-5 • Exercise 3-9 • Exercise 3-13 (Part Level Submission)   Question 1   Identify the appropriate qualitative characteristic(s) to be..
$7.00

This Tutorial was purchased 6 times & rated A by student like you.

Complete the following deliverables as a team: 1. The Coca-Cola/PepsiCo Comparative Analysis Case on p. 255. Your responses should be approximately one to two sentences for each segment (a, b, c,e). 2. The Financial Reporting Problem, The Procter & Gamble Company on p. 1458. Your resp..
$7.00

This Tutorial was purchased 6 times & rated A by student like you.

Complete the following deliverables as a team: • The Coca-Cola/PepsiCo Comparative Analysis Case on p. 1394. Your responses should be approximately one to two sentences for each segment (a-f). Complete the following individually and discuss your individual answers as a team: • CA 5-5 ..
acc421 © 2017 All Rights Reserved.Powered by:Webzindagi