ACC 291 New Tutorial/Uoptutorial

ACC 291 FINAL EXAM GUIDE (NEW)

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ACC 291 FINAL EXAM STUDY GUIDE

QUESTION 207

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?

IFRS MULTIPLE CHOICE QUESTION 01

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?

MULTIPLE CHOICE QUESTION 198

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

EXPLANATION: INTANGIBLE ASSETS = GOODWILL + TRADEMARKS = 3,500,000

MULTIPLE CHOICE QUESTION 146

BONDS WITH A FACE VALUE OF $300,000 AND A QUOTED PRICE OF 97¼ HAVE A SELLING PRICE OF

MULTIPLE CHOICE QUESTION 188

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?

MULTIPLE CHOICE QUESTION

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

MULTIPLE CHOICE QUESTION 110

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

IFRS MULTIPLE CHOICE QUESTION 01

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

MULTIPLE CHOICE QUESTION 80

ZOUM CORPORATION HAD THE FOLLOWING TRANSACTIONS DURING 2014:

1. ISSUED $125,000 OF PAR VALUE COMMON STOCK FOR CASH.

2. RECORDED AND PAID WAGES EXPENSE OF $60,000.

3. ACQUIRED LAND BY ISSUING COMMON STOCK OF PAR VALUE $50,000.

4. DECLARED AND PAID A CASH DIVIDEND OF $10,000.

5. SOLD A LONG-TERM INVESTMENT (COST $3,000) FOR CASH OF $3,000.

6. RECORDED CASH SALES OF $400,000.

7. BOUGHT INVENTORY FOR CASH OF $160,000.

8. ACQUIRED AN INVESTMENT IN ZYNGA STOCK FOR CASH OF $21,000.

9. CONVERTED BONDS PAYABLE TO COMMON STOCK IN THE AMOUNT OF $500,000.

10. REPAID A 6 YEAR NOTE PAYABLE IN THE AMOUNT OF $220,000.

WHAT IS THE NET CASH PROVIDED BY FINANCING ACTIVITIES?

MULTIPLE CHOICE QUESTION 176

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?

IFRS MULTIPLE CHOICE QUESTION 04

EACH OF THE FOLLOWING ITEMS MAY BE CLASSIFIED AS OPERATING OR FINANCING ACTIVITIES UNDER IFRS EXCEPT

MULTIPLE CHOICE QUESTION 165

THE CURRENT ASSETS OF ORANGATTE COMPANY ARE $227,500. THE CURRENT LIABILITIES ARE $130,000. THE CURRENT RATIO EXPRESSED AS A PROPORTION IS

MULTIPLE CHOICE QUESTION 41

ALL OF THE FOLLOWING REQUIREMENTS ABOUT INTERNAL CONTROLS WERE ENACTED UNDER THE SARBANES OXLEY ACT OF 2002 EXCEPT:

EXPLANATION: REDUNDANT CONTROLS ARE ACTUALLY A GOOD THING BECAUSE THEY HELP CLOSE POTENTIAL AUDITING LOOPHOLES.

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ACC 291 WEEK 1 WILEYPLUS ASSIGNMENT E8-4, E8-11, BYP8-1, AND BYP8-2(NEW)

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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

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ACC 291 WEEK 2 - FORDYCE AND ATWATER(NEW)

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ACC 291 WEEK 2 - FORDYCE AND ATWATER

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 semiannual 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 effective-interest 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

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ACC 291 WEEK 2 WILEYPLUS ASSIGNMENT P8-3A, BE9-11, DI9-5, E9-7, E9-8, BYP9, P9-2A. (NEW)

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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

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ACC 291 WEEK 4 WILEYPLUS ASSIGNMENT DO IT! 11-1, E11-5, E11-7, BYP11-1, BYP11-2, P11-5A, P11-8A(NEW)

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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

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ACC 291 WEEK 3 WILEYPLUS ASSIGNMENT P9-7A, E10-5, E10-8, E10-13, E10-22, E10-24, BYP10, P10-9A, P10-13A, IFRS10-4. (NEW)

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P9-7A, E10-5, E10-8, E10-13, E10-22, E10-24, BYP10, P10-9A, P10-13A, 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

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ACC 291 WEEK 5 WILEYPLUS ASSIGNMENT E7-3, E12-1, E12-8, P12-9A, P12-10A, E13-3, E13-4, IFRS13-1, P13-2A (NEW)

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E7-3, E12-1, E12-8, P12-9A, P12-10A, E13-3, E13-4, IFRS13-1, P13-2A. • 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

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