Friday, September 30, 2011
Acc557 Strayer Financial Accounting P4-1A Thomas Magnum P.I. (Financial Statements, Closing Entries)
P4-1A
Thomas Magnum began operations as a private investigator on January 1, 2008. The trial balance columns of the worksheet for Thomas Magnum, P.I. at March 31 are as follows. Other data: 1. Supplies on had total 2. Depreciation is 3. Interest accrued on 6-month note payable, issued January 1, 4. Insurance expires at the rate of 5. Services provided but unbilled at March 31 total
Instructions:
(a) Complete the worksheet.
(b)
1. Prepare an income statement for the quarter ended March 31, 2008.
2. Prepare a retained earnings statement for the quarter ended March 31, 2011.
3. Prepare a classified balance sheet for March 31, 2011. (c) Journalize the adjusting entries from the adjustments columns of the worksheet.
(d) Journalize the closing entries from the financial statement columns of the worksheet.
BUY: P4-1A Thomas Magnum
Acc557 Strayer Financial Accounting P4-3A Woods Company (FS, Post-Closing Trial Balance)
Note: This problem uses Common stock, Retained Earnings, Dividends.
P4-3A
The completed financial statement columns of the worksheet for Woods Company are shown below.
(given information)
Instructions:
a. Prepare an income statement, a retained earnings statement, and a classified balance sheet. No additional common stock was issued during 2008.
b. Prepare the closing entries. (List multiple debit/credit entries in descending order of amount.)
c. Post the closing entries and rule and balance the accounts. Use T accounts. Income Summary is account No. 350.
d. Prepare a post-closing trial balance. (If answer is zero, please enter 0, do not leave any fields blank.)
BUY: P4-3A Woods Company
P4-3A
The completed financial statement columns of the worksheet for Woods Company are shown below.
(given information)
Instructions:
a. Prepare an income statement, a retained earnings statement, and a classified balance sheet. No additional common stock was issued during 2008.
b. Prepare the closing entries. (List multiple debit/credit entries in descending order of amount.)
c. Post the closing entries and rule and balance the accounts. Use T accounts. Income Summary is account No. 350.
d. Prepare a post-closing trial balance. (If answer is zero, please enter 0, do not leave any fields blank.)
BUY: P4-3A Woods Company
Acc557 Strayer Financial Accounting P2-1A Frontier Park (Journal Entries)
Financial Accounting
P2-1A
Frontier Park was started on April 1 by C. J. Mendez and associates. The following selected events and transactions occurred during April. Apr. 1 Stockholders invested $40,000 cash in the business in exchange for common stock. 4 Purchased land costing $30,000 for cash. 8 Incurred advertising expense of $1,800 on account. 11 Paid salaries to employees $1,500. 12 Hired park manager at a salary of $4,000 per month, effective May 1. 13 Paid $1,500 cash for a one-year insurance policy. 17 Declared and paid a $1,000 cash dividend. 20 Received $5,700 in cash for admission fees. 25 Sold 100 coupon books for $25 each. Each book contains 10 coupons that entitle the holder to one admission to the park. 30 Received $8,900 in cash admission fees. 30 Paid $900 on balance owed for advertising incurred on April 8. Mendez uses the following accounts: Cash; Prepaid Insurance; Land; Account Payable; Unearned Admission Revenue; Common stock; Dividends; Admission Revenue; Advertising Expense; and Salaries Expense.
Instructions
Journalize the April transactions. (If there is no transaction, enter No entry as the description and 0 for the amount.)
BUY: P2-1A Frontier Park
P2-1A
Frontier Park was started on April 1 by C. J. Mendez and associates. The following selected events and transactions occurred during April. Apr. 1 Stockholders invested $40,000 cash in the business in exchange for common stock. 4 Purchased land costing $30,000 for cash. 8 Incurred advertising expense of $1,800 on account. 11 Paid salaries to employees $1,500. 12 Hired park manager at a salary of $4,000 per month, effective May 1. 13 Paid $1,500 cash for a one-year insurance policy. 17 Declared and paid a $1,000 cash dividend. 20 Received $5,700 in cash for admission fees. 25 Sold 100 coupon books for $25 each. Each book contains 10 coupons that entitle the holder to one admission to the park. 30 Received $8,900 in cash admission fees. 30 Paid $900 on balance owed for advertising incurred on April 8. Mendez uses the following accounts: Cash; Prepaid Insurance; Land; Account Payable; Unearned Admission Revenue; Common stock; Dividends; Admission Revenue; Advertising Expense; and Salaries Expense.
Instructions
Journalize the April transactions. (If there is no transaction, enter No entry as the description and 0 for the amount.)
BUY: P2-1A Frontier Park
Acc557 Strayer Financial Accounting P2-2A Jane Kent is a licensed CPA
Acc557 (Acc280) Financial Accounting
P2-2A
Jane Kent is a licensed CPA. During the first month of the operation of her business, Jane Kent, Inc. the following events and transactions occurred. May 1 Stockholders invested $25,000 cash in exchange for Common Stock. 2 Hired a secretary-receptionist at a salary of $2,000 per month. 3 Purchased $2,500 of supplies on account from Read Supply Company. 7 Paid office rent of $900 cash for the month. 11 Completed a tax assignment and billed client $2,100 for services provided. 12 Received $3,500 advance on a management consulting engagement. 17 Received cash of $1,200 for services completed for H. Arnold Co. 31 Paid secretary-receptionist $2,000 salary for the month. 31 Paid 40% of balance due Read Supply Company. Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense.
Instructions
(a) Journalize the transactions. (If there is no transaction, enter No entry as the description and 0 for the amount.)
(b) Post to the ledger accounts. (If answer is zero, please enter 0. Do not leave any fields blank.)
(c) Prepare a trial balance on May 31, 2008. (If answer is zero, please enter 0. Do not leave any fields blank.)
BUY: P2-2A Jane Kent
P2-2A
Jane Kent is a licensed CPA. During the first month of the operation of her business, Jane Kent, Inc. the following events and transactions occurred. May 1 Stockholders invested $25,000 cash in exchange for Common Stock. 2 Hired a secretary-receptionist at a salary of $2,000 per month. 3 Purchased $2,500 of supplies on account from Read Supply Company. 7 Paid office rent of $900 cash for the month. 11 Completed a tax assignment and billed client $2,100 for services provided. 12 Received $3,500 advance on a management consulting engagement. 17 Received cash of $1,200 for services completed for H. Arnold Co. 31 Paid secretary-receptionist $2,000 salary for the month. 31 Paid 40% of balance due Read Supply Company. Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense.
Instructions
(a) Journalize the transactions. (If there is no transaction, enter No entry as the description and 0 for the amount.)
(b) Post to the ledger accounts. (If answer is zero, please enter 0. Do not leave any fields blank.)
(c) Prepare a trial balance on May 31, 2008. (If answer is zero, please enter 0. Do not leave any fields blank.)
BUY: P2-2A Jane Kent
Acc557 Strayer Financial Accounting P1-2A Nashville Veterinary Clinic (Tabular Analysis and FS)
Price: US $10.00 (via Paypal)
P1-2AOn August 31, the balance sheet of Nashville Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Office Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September the following transactions occurred.
1. Paid $2,900 cash on accounts payable.
2. Collected $1,300 of accounts receivable.
3. Purchased additional office equipment for $2,100, paying $800 in cash and the balance on account.
4. Earned revenue of $8,000 of which $2,500 is paid in cash and the balance is due in October.
5. Paid cash dividends of $1,000.
6. Paid salaries $1,700 rent for September $900, and advertising expenses $300.
7. Incurred utility expenses for month on account $170.
8. Received $10,000 from Capital Bank - money borrowed on a note payable.
Instructions
(a) Complete the table below. (Show the amount of increase or decrease for each transaction using a + for an increase (+500) and a - for a decrease (-500) and a 0 for no change. Please do not leave any fields blank. List multiple entries from largest to smallest eg 10, 5, 3, 2.)
(b) Prepare an income statement for September, an retained earnings statement for September, and a balance sheet at September 30. (If there is a net loss, record amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Enter all other amounts as positive amounts and subtract where necessary. List amounts from largest to smallest e.g. 10, 5, 3, 2. For balance sheet list assets in order of liquidity
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Acc225 Fundamentals of Accounting Principles: Megagrocer (Accounting Information System and Source Documents)
Price: US $10.00 (via Paypal)
Acc225 Fundamentals of Accounting Principles
Chapter 7 Accounting Information System
Week 7 Discussion Question 1
Megagrocer is a grocery chain that operates five stores. The stores are supplied with produce, meat, dairy, and dry goods by six separate vendors. In addition to the stores, Megagrocer maintains an ecommerce site through which customers can order and pay for groceries. The groceries are packed and delivered to customers from one of the five stores in a Megagrocer van by that store’s personnel. Think about the accounting information systems that Megagrocer might use.
o What types of source documents might be collected by Megagrocer to be processed
by its accounting information systems?
o Why are those documents important?
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Acct202 Accounting Simulation - AC Speed Company (Accounting Cycle & Business Memo)
Acct202 Accounting Simulation Project
AC Speed Company
Company Background Scenario
The AC Speed Company is a well-established, publicly-held corporation, operating as a wholesaler in the auto parts industry. Specifically, AC Speed purchases auto parts from manufacturers and sells them to large business customers. Most purchases and sales are on account, with trade credit terms (specified below). You’re a Davenport University student pursuing a bachelor’s degree in business and employed at the AC Speed Company this semester as an intern. You’ve worked in various departments and on several projects so far, learning a lot about the company’s business operations. Management seems impressed with your enthusiasm and the quality of your work. The company’s accountant has just been called away for a family emergency and will likely be absent for a month or so. The General Manager asks you to take over the accountant’s regular duties on an interim basis. You’re nervous about doing so, but are confident that what you’ve learned in accounting class, plus your personal problem-solving skills, will make this a successful experience. What a great learning opportunity, not to mention an enhancement to your resume!
Project Overview & Instructions
A. Overview
B. General Instructions
C. Submission Requirements
E. Financial Accounting Steps
D. Credit Terms & Inventory Accounting
F. Part 2 of this project requires you to analyze the company’s year-end financial statements to assist the management of AC Speed in assessing the company’s financial position and making decisions about its future direction.
Tutorial: Acct202 Simulation: AC Speed Company
AC Speed Company
Company Background Scenario
The AC Speed Company is a well-established, publicly-held corporation, operating as a wholesaler in the auto parts industry. Specifically, AC Speed purchases auto parts from manufacturers and sells them to large business customers. Most purchases and sales are on account, with trade credit terms (specified below). You’re a Davenport University student pursuing a bachelor’s degree in business and employed at the AC Speed Company this semester as an intern. You’ve worked in various departments and on several projects so far, learning a lot about the company’s business operations. Management seems impressed with your enthusiasm and the quality of your work. The company’s accountant has just been called away for a family emergency and will likely be absent for a month or so. The General Manager asks you to take over the accountant’s regular duties on an interim basis. You’re nervous about doing so, but are confident that what you’ve learned in accounting class, plus your personal problem-solving skills, will make this a successful experience. What a great learning opportunity, not to mention an enhancement to your resume!
Project Overview & Instructions
A. Overview
B. General Instructions
C. Submission Requirements
E. Financial Accounting Steps
D. Credit Terms & Inventory Accounting
F. Part 2 of this project requires you to analyze the company’s year-end financial statements to assist the management of AC Speed in assessing the company’s financial position and making decisions about its future direction.
Tutorial: Acct202 Simulation: AC Speed Company
Thursday, September 29, 2011
Acc280 Principles of Accounting: P5-2A Olaf Distributing Company (Perpetual Inventory Method)
Acc280 Principles of Accounting
P5-2A
Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Olaf showed Cash of $9,000 and Common Stock of $9,000.
April 2 Purchased merchandise on account from Dakota Supply Co. $6,900, terms 1/10, n/30.
4 Sold merchandise on account $5,500, FOB destination, terms 1/10, n/30.The cost of the merchandise sold was $4,100.
5 Paid $240 freight on April 4 sale.
(continued...)
Instructions:
a. Journalize the transactions using a perpetual inventory system. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. Round answers to 0 decimal places, e.g. 125.)
b. Enter the beginning cash and common stock balances, and post the transactions. (Use J1 for the journal reference.) (If answer is zero, please enter 0. Do not leave any fields blank.)
c. Prepare the income statement through gross profit for the month of April 2008. (List amounts from largest to smallest e.g. 10, 5, 3, 2. Enter all amounts as positive amounts and subtract where necessary.)
BUY: P5-2A Olaf Distributing Company
P5-2A
Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Olaf showed Cash of $9,000 and Common Stock of $9,000.
April 2 Purchased merchandise on account from Dakota Supply Co. $6,900, terms 1/10, n/30.
4 Sold merchandise on account $5,500, FOB destination, terms 1/10, n/30.The cost of the merchandise sold was $4,100.
5 Paid $240 freight on April 4 sale.
(continued...)
Instructions:
a. Journalize the transactions using a perpetual inventory system. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. Round answers to 0 decimal places, e.g. 125.)
b. Enter the beginning cash and common stock balances, and post the transactions. (Use J1 for the journal reference.) (If answer is zero, please enter 0. Do not leave any fields blank.)
c. Prepare the income statement through gross profit for the month of April 2008. (List amounts from largest to smallest e.g. 10, 5, 3, 2. Enter all amounts as positive amounts and subtract where necessary.)
BUY: P5-2A Olaf Distributing Company
Acc280 Principles of Accounting: P3-2A Neosho River Resort, Inc. opened for business on June 1 with eight air-conditioned units
Acc280 Principles of Accounting
P3-2A
Neosho River Resort, Inc. opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows.
NEOSHO RIVER RESORT, INC.
Trial Balance
August 31, 2008
Account Number Debit Credit
101 Cash 19,600
126 Supplies 3,300
130 Prepaid Insurance 6,000
140 Land 25,000
143 Cottages 125,000
149 Furniture 26,000
201 Accounts Payable $ 6,500
208 Unearned Rent 7,400
275 Mortgage Payable 80,000
311 Common Stock 100,000
332 Dividends 5,000
429 Rent Revenue &n bsp; 80,000
622 Repair Expense 3,600
726 Salaries Expense 51,000
732 Utilities Expense 9,400
$273,900 $273,900
In addition to those accounts listed on the trial balance, the chart of accounts for Neosho River Resort also contains the following accounts and account numbers: No. 112 Accounts Receivable, No. 144 Accumulated Depreciation—Cottages, No. 150 Accumulated Depreciation—Furniture, No. 212 Salaries Payable,No. 230 Interest Payable,No. 320 Retained Earnings,No. 620 Depreciation Expense—Cottages, No. 621 Depreciation Expense—Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense.
Other data:
1. Insurance expires at the rate of $400 per month.
2. A count on August 31 shows $600 of supplies on hand.
3. Annual depreciation is $6,000 on cottages and $2,400 on furniture.
4. Unearned rent of $4,100 was earned prior to August 31.
5. Salaries of $400 were unpaid at August 31.
6. Rentals of $1,000 were due from tenants at August 31. (Use Accounts Receivable.)
7. The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.) Instructions
Instructions:
(a) Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31.
(b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.)
(c) Prepare an adjusted trial balance on August 31.
(d) Prepare an income statement and a retained earnings statement for the 3 months ending August 31 and a balance sheet as of August 31.
Tutorial: P3-2A Neosho River Resort
P3-2A
Neosho River Resort, Inc. opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows.
NEOSHO RIVER RESORT, INC.
Trial Balance
August 31, 2008
Account Number Debit Credit
101 Cash 19,600
126 Supplies 3,300
130 Prepaid Insurance 6,000
140 Land 25,000
143 Cottages 125,000
149 Furniture 26,000
201 Accounts Payable $ 6,500
208 Unearned Rent 7,400
275 Mortgage Payable 80,000
311 Common Stock 100,000
332 Dividends 5,000
429 Rent Revenue &n bsp; 80,000
622 Repair Expense 3,600
726 Salaries Expense 51,000
732 Utilities Expense 9,400
$273,900 $273,900
In addition to those accounts listed on the trial balance, the chart of accounts for Neosho River Resort also contains the following accounts and account numbers: No. 112 Accounts Receivable, No. 144 Accumulated Depreciation—Cottages, No. 150 Accumulated Depreciation—Furniture, No. 212 Salaries Payable,No. 230 Interest Payable,No. 320 Retained Earnings,No. 620 Depreciation Expense—Cottages, No. 621 Depreciation Expense—Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense.
Other data:
1. Insurance expires at the rate of $400 per month.
2. A count on August 31 shows $600 of supplies on hand.
3. Annual depreciation is $6,000 on cottages and $2,400 on furniture.
4. Unearned rent of $4,100 was earned prior to August 31.
5. Salaries of $400 were unpaid at August 31.
6. Rentals of $1,000 were due from tenants at August 31. (Use Accounts Receivable.)
7. The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.) Instructions
Instructions:
(a) Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31.
(b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.)
(c) Prepare an adjusted trial balance on August 31.
(d) Prepare an income statement and a retained earnings statement for the 3 months ending August 31 and a balance sheet as of August 31.
Tutorial: P3-2A Neosho River Resort
Acc280 Principles of Accounting: E4-2, E4-3 and E4-4 Goode Company (Worksheet, Trial Balance, Financial Statements, Closing Entries)
Price: US $13.00 (via Paypal)
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Acc280 Principles of Accounting
E4-2, E4-3, E4-4 Goode Company
E4-2 The adjusted trial balance columns of the worksheet for Goode Company are as follows.
Instructions
Complete the worksheet.
E4-3 Worksheet data for Goode Company are presented in E4-2. No common stock was issued during April.
Instructions
Prepare an income statement, a retained earnings statement, and a classified balance sheet.
E4-4 Worksheet data for Goode Company are presented in E4-2.
Instructions
(a) Journalize the closing entries at April 30.
(b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts.
(c) Prepare a post-closing trial balance at April 30.
Acc280 Principles of Accounting: P4-2A The adjusted trial balance columns of the worksheet for Porter Company
This version of the problem uses corporate accounts - common stock, retained earnings and dividends.
P4-2A
The adjusted trial balance columns of the worksheet for Porter Company are as follows.
PORTER COMPANY
Worksheet
For the Year Ended December 31, 2008
(given data)
Instructions
1. Complete the worksheet by extending the balances to the financial statement columns.
2. Prepare an income statement, a retained earnings statement, and a classified balance sheet. $10,000 of the notes payable become due in 2009. No additional issuance of common stock occurred during 2008.
3. Prepare the closing entries. Use J14 for the journal page.
4. Post the closing entries. Use the three-column form of account. Income Summary is account No. 350.
5. Prepare a post-closing trial balance.
BUY: P4-2A Porter Company
Wednesday, September 28, 2011
Acc201 Survey of Accounting P5-17 The following transactions apply to Puretz Consulting
Acc201 Principles of Financial Accounting (Survey of Accounting)
Problem 5-17 Accounting for uncollectible accounts—two cycles using the percent of revenue allowance method
The following transactions apply to Puretz Consulting for 2010, the first year of operation.
1. Recognized $75,000 of service revenue earned on account.
2. Collected $62,000 from accounts receivable.
3. Adjusted accounts to recognize uncollectible accounts expense. Puretz uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account.
The following transactions apply to Puretz Consulting for 2011.
1. Recognized $86,500 of service revenue on account.
2. Collected $85,000 from accounts receivable.
3. Determined that $1,120 of the accounts receivable were uncollectible and wrote them off.
4. Collected $500 of an account that had been previously written off.
5. Paid $52,600 cash for operating expenses.
6. Adjusted accounts to recognize uncollectible accounts expense for 2011. Puretz estimates that uncollectible accounts expense will be 1 percent of sales on account.
Required:
Complete all the following requirements for 2010 and 2011. Complete all requirements for 2010 prior to beginning the requirements for 2011.
a. Identify the type of cash transaction (asset source, asset use, asset exchange or claims exchange).
b. Show the effect of each transaction on the elements of financial statements, using a horizontal statements model like the one shown here. Use + for increase, - for decrease, and NA for not affected. Also in the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA) or financing activity (FA). The first transaction is entered as an example. (Hint: Closing entries do not affect the statements model).
c. Organize the transaction data in accounts under an accounting equation.
d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet and statement of cash flows.
BUY: P5-17 Puretz Consulting
BUY: P5-17 Puretz Consulting
Acc305 Intermediate Accounting Chapter 10 Operational Assets Acquisition and Disposition (10 MCQs)
Price: US $10.00 (via Paypal)
Acc305 Intermediate Accounting
Chapter 10 Operational Assets Acquisition and Disposition
1. On Exercise 10-1, what is the capitalized cost of land? (Points: 5)
$60000
$66000
$58000
$64000
2. On Exercise 10-1, what would be the capitalized cost of the old building reported as a part of the cost of land? (Points: 5)
$1500
$6000
$2000
$60000
$66000
$58000
$64000
2. On Exercise 10-1, what would be the capitalized cost of the old building reported as a part of the cost of land? (Points: 5)
$1500
$6000
$2000
$4000
3. On Exercise 10-1, what is the capitalized cost of the building? (Points: 5)
$517000
3. On Exercise 10-1, what is the capitalized cost of the building? (Points: 5)
$517000
$512000
$505000
$520000
4. From Exercise 10-1, what cost incurred is not part of the initial price of an operational asset? (Points: 5)
Any cost of bringing the asset to its condition and location for use
Transportation cost paid by the seller to transfer the asset to the location it will be used
Expenditures for Installation
Testing of the equipment to establish working condition
Legal fees to establish title
5. From Exercise 10-1, which statement would be correct concerning property taxes due to the land purchase during the year? (Points: 5)
Property taxes will always be part of the purchase price from the beginning of the period to date of purchase
Property taxes will part of a land acquisition from the date the building is recorded on the seller’s books
Property taxes on the land for the period after acquisition are not part of the acquisition cost and are expensed in the period incurred.
Property taxes on the land for the period after acquisition are part of the acquisition cost and are capitalized in the period incurred.
6. On Exercise 10-8 which of the following represents the percentage of total fair value allocated to the land? (Points: 5)
25%
30%
$505000
$520000
4. From Exercise 10-1, what cost incurred is not part of the initial price of an operational asset? (Points: 5)
Any cost of bringing the asset to its condition and location for use
Transportation cost paid by the seller to transfer the asset to the location it will be used
Expenditures for Installation
Testing of the equipment to establish working condition
Legal fees to establish title
5. From Exercise 10-1, which statement would be correct concerning property taxes due to the land purchase during the year? (Points: 5)
Property taxes will always be part of the purchase price from the beginning of the period to date of purchase
Property taxes will part of a land acquisition from the date the building is recorded on the seller’s books
Property taxes on the land for the period after acquisition are not part of the acquisition cost and are expensed in the period incurred.
Property taxes on the land for the period after acquisition are part of the acquisition cost and are capitalized in the period incurred.
6. On Exercise 10-8 which of the following represents the percentage of total fair value allocated to the land? (Points: 5)
25%
30%
45%
100%
7. On Exercise 10-8 which of the following represents the initial cost of building A? (Points: 5)
$405,000
100%
7. On Exercise 10-8 which of the following represents the initial cost of building A? (Points: 5)
$405,000
$450,000
$225,000
$270,000
8. On Exercise 10-8 which of the following represents the initial dollar value allocation to the land? (Points: 5)
$300,000
$270,000
$225,000
$270,000
8. On Exercise 10-8 which of the following represents the initial dollar value allocation to the land? (Points: 5)
$300,000
$270,000
$250,000
$225,000
9. For Exercise 10-18 (Requirement 1) the fair value of new land including cash given is which of the following amounts? (Points: 5)
$86,000
$225,000
9. For Exercise 10-18 (Requirement 1) the fair value of new land including cash given is which of the following amounts? (Points: 5)
$86,000
$72,000
$30,000
$14,000
10. For Exercise 10-18 (Requirement 3) the book value of the old land is which of the following amounts? (Points: 5)
$14,000
$30,000
$42,000
$86,000
$30,000
$14,000
10. For Exercise 10-18 (Requirement 3) the book value of the old land is which of the following amounts? (Points: 5)
$14,000
$30,000
$42,000
$86,000
Acc305 Intermediate Accounting Week 5 Chapter 13 Current Liabilities and Contingencies (10 MCQs)
Price: US $10.00 (via Paypal)
Acc305 Intermediate Accounting
Week 5
Chapter 13 Current Liabilities and Contingencies
1. In exercise 13-11, requirement 1, which are statements below is false about the loss contingency? (Points: 5)
This is a loss contingency. There may be a future sacrifice of economic benefits (cost of satisfying the warranty) due to an existing circumstance (the warranted awnings have been sold) that depends on an uncertain future event (customer claims).
The liability is probable because product warranties inevitably entail costs.
A reasonably accurate estimate of the total liability for a period is possible based on prior experience.
The estimated warranty liability is debited and warranty expense is credited in 2009, the period in which the products under warranty are sold.
2. In exercise 13-11, requirement 2, the amount to record as the accrued warranty expense is? (Points: 5)
$145000
$155000
$150,000
This is a loss contingency. There may be a future sacrifice of economic benefits (cost of satisfying the warranty) due to an existing circumstance (the warranted awnings have been sold) that depends on an uncertain future event (customer claims).
The liability is probable because product warranties inevitably entail costs.
A reasonably accurate estimate of the total liability for a period is possible based on prior experience.
The estimated warranty liability is debited and warranty expense is credited in 2009, the period in which the products under warranty are sold.
2. In exercise 13-11, requirement 2, the amount to record as the accrued warranty expense is? (Points: 5)
$145000
$155000
$150,000
$147000
3. In exercise 13-11, ending warranty liability to be reported at the end of 2009 will be?
(Points: 5)
$187500
$112500
3. In exercise 13-11, ending warranty liability to be reported at the end of 2009 will be?
(Points: 5)
$187500
$112500
$150000
$37500
4. In problem 13-12, requirement 1, what is true about the calculation of the frequent flyer liability? (Points: 5)
Transit’s frequent flyer program is offered in order to enhance revenues. Under the revenue recognition principle, the cost is properly recognized as an operating expense in the year sales are made (travel miles are earned)
Transit’s frequent flyer program is offered in order to enhance revenues. Under the matching principle, the cost is properly recognized as an capital expenditure in the year sales are made (travel miles are earned)
Transit’s frequent flyer program is offered in order to enhance revenues. Under the matching principle, the cost is properly recognized as an operating expense in the year sales are made (travel miles are earned)
Transit’s frequent flyer program is offered in order to enhance revenues. Under the matching principle, the Sales Price is properly recognized as an operating expense in the year sales are made (travel miles are earned)
5. In exercise P13-12, requirement 1, what is the amount of 2009 travel expense liability ? (Points: 5)
$27 million,
$37500
4. In problem 13-12, requirement 1, what is true about the calculation of the frequent flyer liability? (Points: 5)
Transit’s frequent flyer program is offered in order to enhance revenues. Under the revenue recognition principle, the cost is properly recognized as an operating expense in the year sales are made (travel miles are earned)
Transit’s frequent flyer program is offered in order to enhance revenues. Under the matching principle, the cost is properly recognized as an capital expenditure in the year sales are made (travel miles are earned)
Transit’s frequent flyer program is offered in order to enhance revenues. Under the matching principle, the cost is properly recognized as an operating expense in the year sales are made (travel miles are earned)
Transit’s frequent flyer program is offered in order to enhance revenues. Under the matching principle, the Sales Price is properly recognized as an operating expense in the year sales are made (travel miles are earned)
5. In exercise P13-12, requirement 1, what is the amount of 2009 travel expense liability ? (Points: 5)
$27 million,
$32 million
$54 million
$40 million
6. In problem 13-12, requirement 1, what is the amount of the year end liability that is the long term portion?
(Points: 5)
$40,000
$60,000
$75,000
$48,000
7. On Problem 13-13, what is the amount that you would debit to salaries and payroll expense? (Points: 5)
Salaries and wages expense (total amount earned) 1,600,000
Salaries and wages expense (total amount earned) 1,800,000
Salaries and wages expense (total amount earned) 1,926,000
Salaries and wages expense (total amount earned) 2,000,000
8. On Problem 13-13, what is the amount of social security taxes payable that will be reported as part of salaries and wage expense? (Points: 5)
$189,000
$101,000
$124,000
$0
9. On Problem 13-13, the amount of payroll tax expense that will be debited is? (Points: 5)
$234000
$277,000
$$28000
$176000
10. On Problem 13-13, what is the amount of the salary and wage expense that will be debited related to fringe benefits?
(Points: 5)
$84,800
$120,000
$40,800
$124,800
$54 million
$40 million
6. In problem 13-12, requirement 1, what is the amount of the year end liability that is the long term portion?
(Points: 5)
$40,000
$60,000
$75,000
$48,000
7. On Problem 13-13, what is the amount that you would debit to salaries and payroll expense? (Points: 5)
Salaries and wages expense (total amount earned) 1,600,000
Salaries and wages expense (total amount earned) 1,800,000
Salaries and wages expense (total amount earned) 1,926,000
Salaries and wages expense (total amount earned) 2,000,000
8. On Problem 13-13, what is the amount of social security taxes payable that will be reported as part of salaries and wage expense? (Points: 5)
$189,000
$101,000
$124,000
$0
9. On Problem 13-13, the amount of payroll tax expense that will be debited is? (Points: 5)
$234000
$277,000
$$28000
$176000
10. On Problem 13-13, what is the amount of the salary and wage expense that will be debited related to fringe benefits?
(Points: 5)
$84,800
$120,000
$40,800
$124,800
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Acc305 Intermediate Accounting Chapter 9 Inventory Additional Issues (10 MCQ)
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Acc305 Intermediate Accounting
Chapter 9 Inventory: Additional Issues
10 MCQs
1. On exercise 9-1, what is the per unit inventory value for product #1? (Points: 5)
$29
$34
$18
$20
2. On exercise 9-1, what is the per unit inventory value for product #3? (Points: 5)
$50
$48
$60
$12
3. On exercise 9-5, what is the amount of cost of goods available for sale? (Points: 5)
$370,000
$120,000
$510,000
$29
$34
$18
$20
2. On exercise 9-1, what is the per unit inventory value for product #3? (Points: 5)
$50
$48
$60
$12
3. On exercise 9-5, what is the amount of cost of goods available for sale? (Points: 5)
$370,000
$120,000
$510,000
$500,000
4. On exercise 9-5, what is the amount of estimated cost of goods sold? (Points: 5)
$500,000
$100,000
$412,500
4. On exercise 9-5, what is the amount of estimated cost of goods sold? (Points: 5)
$500,000
$100,000
$412,500
$490,000
5. On exercise 9-12, what is the cost-to-retail percentage? (Points: 5)
60%
50%
71%
5. On exercise 9-12, what is the cost-to-retail percentage? (Points: 5)
60%
50%
71%
35%
6. On exercise 9-12, what is the estimated cost of goods sold? (Points: 5)
$568,000
6. On exercise 9-12, what is the estimated cost of goods sold? (Points: 5)
$568,000
$440,000
$316,000
$599,200
7. On exercise 9-23, #1, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
U, O, O
U, U, O
O, O, O
U, U, U
8. On exercise 9-23, #4, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
U, O, O
U, U, O
O, O, O
U, U, U
9. On exercise 9-23, #6, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
U, O, U
O, O, U
U, O, O
U, U, O
10. On exercise 9-23, #7, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
U, O, U
O, O, U
U, U, O
O, U, U
$316,000
$599,200
7. On exercise 9-23, #1, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
U, O, O
U, U, O
O, O, O
U, U, U
8. On exercise 9-23, #4, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
U, O, O
U, U, O
O, O, O
U, U, U
9. On exercise 9-23, #6, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
U, O, U
O, O, U
U, O, O
U, U, O
10. On exercise 9-23, #7, what is the effect of this transaction to cost of goods sold, net income and retained earnings (U=understated, O=overstated, NE=no effect)? (Points: 5)
U, O, U
O, O, U
U, U, O
O, U, U
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Acc305 Intermediate Accounting Chapter 8 Inventories - Measurement (17 MCQs)
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Acc305 Intermediate Accounting
Chapter 8 Inventories - Measurement
17 MCQs
1. On exercise 8-1, #1, what account do we debit for both the purchase of inventory and payment of freight? (Points: 3)
Purchases
Inventory
Cost of Goods Sold
Shipping Expense
2. On exercise 8-1, #2, what account do we credit for the purchase return? (Points: 3)
Inventory
Accounts Payable
Purchases
Purchase Returns
3. On exercise 8-1, #3, what 4 accounts are involved in the 2 journal entries? (Points: 3)
Cash, Sales revenue, Cost of goods sold, Inventory
Accounts receivable, Sales revenue, Cost of goods sold, Inventory
Cash, Sales revenue, Inventory, Purchases
Accounts Receivable, Inventory, Purchases, Sales revenue
4. On exercise 8-5, what is the amount of ending inventory for 2009? (Points: 3)
275
250
249
627
5. On exercise 8-5, what is the amount of beginning inventory for 2010? (Points: 3)
249
Purchases
Inventory
Cost of Goods Sold
Shipping Expense
2. On exercise 8-1, #2, what account do we credit for the purchase return? (Points: 3)
Inventory
Accounts Payable
Purchases
Purchase Returns
3. On exercise 8-1, #3, what 4 accounts are involved in the 2 journal entries? (Points: 3)
Cash, Sales revenue, Cost of goods sold, Inventory
Accounts receivable, Sales revenue, Cost of goods sold, Inventory
Cash, Sales revenue, Inventory, Purchases
Accounts Receivable, Inventory, Purchases, Sales revenue
4. On exercise 8-5, what is the amount of ending inventory for 2009? (Points: 3)
275
250
249
627
5. On exercise 8-5, what is the amount of beginning inventory for 2010? (Points: 3)
249
275
225
627
6. On exercise 8-5, what is the amount of cost of goods available for sale for 2010? (Points: 3)
225
621
610
846
7. On exercise 8-5, what is the amount of purchases (gross) for 2010? (Points: 4)
846
225
621
610
225
627
6. On exercise 8-5, what is the amount of cost of goods available for sale for 2010? (Points: 3)
225
621
610
846
7. On exercise 8-5, what is the amount of purchases (gross) for 2010? (Points: 4)
846
225
621
610
8. On exercise 8-5, what is the amount of cost of goods sold for 2011? (Points: 1)
225
584
800
216
9. On exercise 8-6, requirement 1, what is the amount of the credit to cash in the July 23, 2009 entry? (Points: 3)
$50,000
$49,000
$51,000
$0
10. On exercise 8-6, requirement 1, what is the amount of the debit to purchases in the July 15, 2009 entry? (Points: 3)
$50,000
$45,000
$49,000
$51,000
11. On exercise 8-6, requirement 2, what is the account that we debit for $50,000 on August 15, 2009? (Points: 3)
Cash
Purchases
Accounts Payable
Purchase discounts
12. On exercise 8-12, what is the cost of goods sold under the FIFO method? (Points: 3)
$79,500
$15,000
$17,700
$82,200
13. On exercise 8-12, what is the cost of ending inventory under the FIFO method? (Points: 3)
$14,000
$15,000
$14,000
$15,000
$17,700
$16,200
14. On exercise 8-12, what is the cost of goods sold under the LIFO method? (Points: 3)
$79,500
$17,700
$82,200
$15,000
15. On exercise 8-12, what is the cost of ending inventory under the LIFO method? (Points: 3)
$15,000
$16,200
$17,700
$16,200
14. On exercise 8-12, what is the cost of goods sold under the LIFO method? (Points: 3)
$79,500
$17,700
$82,200
$15,000
15. On exercise 8-12, what is the cost of ending inventory under the LIFO method? (Points: 3)
$15,000
$16,200
$17,700
$19,000
16. On exercise 8-12, what is the cost of goods sold under the average method? (Points: 3)
$82,200
$79,500
$81,000
16. On exercise 8-12, what is the cost of goods sold under the average method? (Points: 3)
$82,200
$79,500
$81,000
$18,000
17. On exercise 8-12, what is the ending inventory under the average method? (Points: 3)
$81,000
$16,200
$18,000
$82,200
17. On exercise 8-12, what is the ending inventory under the average method? (Points: 3)
$81,000
$16,200
$18,000
$82,200
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