...ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 contact us at: help@mindblows.us ACCT 557 FINAL EXAM ACCT 557 FINAL EXAM To purchase this tutorial visit here: http://mindsblow.us/question_des/ACCT557FINALEXAM/2767 ...
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...ACCT 6273 Final Exam ACCT6273 Final Exam Click below link for Answers http://workbank247.com/q/acct-6273-final-exam-acct6273-final-exam/23159 http://workbank247.com/q/acct-6273-final-exam-acct6273-final-exam/23159 ACCT 6273 Final Exam 100 points, total. For partial credit, formulas and work, appropriately labeled, must be shown. There is no partial credit for multiple choice or true/false questions. 1. Lincoln Company manufactures and sells small electric heaters for homes and offices. The company’s income statement for the FY2014 is given below: Total Per unit Sales (30,000 units) $1,800,000 $60 Less variable expenses 1,440,000 48 Contribution margin 360,000 $12 Less fixed expenses 264,000 Net income $ 96,000 a. Compute the company’s break-even point in units. [8 points] * * * * * * * * * * Answer____________________ b. If Lincoln Company increases its price to $100, do you expect the breakeven point in units to be more or less than the number you calculated in question 1a above? Why? ...
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...ACCT 2011 Final Exam Buy Now From Below: http://www.homeworkarena.com/acct-2011-final-time-test BE15-1 Buttercup Corporation issued 300 shares of $10 par value common stock for $4,500. Prepare Buttercup's journal entry. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) BE15-2 Swarten Corporation issued 600 shares of no-par common stock for $8,200. Prepare Swarten's journal entry if (a) the stock has no stated value, and (b) the stock has a stated value of $2 per share. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) BE15-3 Wilco Corporation has the following account balances at December 31, 2012. Common stock, $5 par value $510,000 Treasury stock 90,000 Retained earnings 2,340,000 Paid-in capital in excess of par 1,320,000 Prepare Wilco's December 31, 2012, stockholders' equity section. BE15-4 Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13,500. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share. Prepare the journal entry to record the issuance. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) BE15-5 On February 1, 2012, Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth $31,000. Prepare the...
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...ACCT 557 Final Exam Purchase here https://sellfy.com/p/zBqx/ Product Description . (TCO A) Benny Building, Inc. won a bid for a new warehouse building contract.Below is information from the project accountant. Total Construction Fixed Price $25,000,000 Construction Start Date June 13, 2012 Construction Complete Date December 16, 2013 As of Dec. 31… 2012 2013 Actual cost incurred $11,500,000 $8,360,000 Estimated remaining costs $8,250,000 $- Billed to customer $9,000,000 $16,000,000 Received from customer $7,500,000 $16,500,000 Assuming Benny Building, Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013? 2. (TCO B) At the beginning of 2012, Barbara, Inc. has a deferred tax asset of $8,000 and deferred tax liability of $6,500. In 2012, pretax financial income was $600,000 and the tax rate was 35%. Pretax income included: Interest income from municipal bonds $25,000 Accrued warranty costs, estimated to be used in 2013 $74,000 Prepaid rent expense, will be used in 2013 $16,000 Installment sales revenue, to be collected in 2013 $45,000 Operating loss carryforward $36,000 What is the adjustment needed to correct the balance of deferred tax asset for 2012? 3. (TCO C) Presented below is pension information related to Baked Goods, Inc. for the year 2013. Service cost $103,000 Interest on projected benefit obligation $65,000 Interest on vested benefits $12,000 Amortization of prior service...
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...ACCT 201 Final Exam Answers http://www.homeworkwarehouse.com/downloads/acct-201-final-exam-answers/ ACCT 201 Final Exam Answers 1. The term “double taxation” refers to which of the following: A. A sole proprietorship must pay income taxes on its net income and the owner is also required to pay income taxes on withdrawals. B. In a partnership, both partners are required to claim their share of net income on their tax returns. C. Corporations must pay income taxes on their net income, and their stockholders must pay income taxes on their dividends. D. A sole proprietorship must pay income taxes to both the state government and the federal government. 2. Which of the following is not considered an advantage of the corporate form of business organization? A. Ability to raise capital. B. Government regulation. C. Ease of transferability of ownership. D. Continuity of existence. 3. Which of the following entities would have the “Paid-in Capital in Excess” account in the equity section of the balance sheet? A. A sole proprietorship. B. A city. C. A corporation. D. A partnership. 4. Which of the following terms designates the maximum number of shares of stock that a corporation may issue? A. number of shares outstanding B. number of shares authorized C. treasury stock D. number of shares issued 5. Which of the following statements best describes the term “par value?” A. an amount used in determining a corporation’s legal capital. B. the amount that must be paid...
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...1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry. (10 points) (Points : 20) 1. We have to close temporary accounts at the end of a period because when the temporary accounts are closed, it brings their balances back down to zero. 2. I would Debit Salary Expense and Credit to PayrollExpenses 12/31 DR Salary Expense 1000 Cr Payroll 1000 | 2. (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how the debit/credit rules are used when developing journal entries (10 points) and (2) provide an example of the application of the debit/credit rules in the form of a journal entry. (10 points)(Points : 20) 1. In accounting, a debit increases the balance and a credit decreases the balance. The accounts that have a normal debit balance are assets, the owner's equity, expenses and losses. Normal credit balances are liabilities, equity, revenue, and gains. When we debit an account, we raise the balance. When we credit the account, we decrease the balance. Using a double entry system, we would debit one account and credit the other to get the journal in balance.2. An example would be debit rent expense and credit bank account.DR Rent Expense 3000CR Checking...
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...ACCT 505 Final Exam (Package) Purchase here http://devrycourse.com/ACCT%20505/acct-505-final-exam-package Product Description 1Version 1 1. (TCO A) Wages paid to the factory maintenance supervisor are considered an example of: (Points : 5) 2. (TCO A) Rent on a manufacturing plant is an element of: (Points : 5) 3. (TCO B) Evergreen Corp. has provided the following data: (Points : 5) 4. (TCO B) Garth Company sells a single product. If the selling price per unit and the variable expense per unit both increase by 10% and fixed expenses do not change, then: (Points : 5) 5. (TCO E) Rebel Company manufactures a single product and has the following cost structure: Variable costs per unit:……………. (Points : 5) 6. (TCO F) Vagon Corporation has provided data concerning the company's Manufacturing Overhead account for the month of September. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $76,000 and the total of the credits to the account was $86,000. Which of the following statements is true? (Points : 5) 7. (TCO G) The net present value (NPV) method of investment project analysis assumes that the project's cash flows are reinvested at the:………… (Points : 5) 8. (TCO G) Logan Company is considering two projects, A and B. The following information has been gathered on these projects:……….Based on this information, which of the following statements is (are) true? I...
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...Please use only as a guide! Thanks! Message me for further clarifications :) 1. (TCO A) Which of the following is an advantage of the sole proprietorship relative to the corporate form of business organization? (Points : 5) | Limited liability of investor Transferability of ownership Simple to establish Unlimited life | 2. (TCO A) Dividends _____. (Points : 5) | represent an expense and are an operating activity represent an obligation and are an operating activity represent a distribution of earnings and are a financing activity represent an asset and are an investing activity | 3. (TCOs A, B) Below is a partial list of account balances for LBJ Company: Cash $15,000 Prepaid insurance 5,000 Accounts receivable 2,500 Accounts payable 3,000 Notes payable 6,000 Common stock 10,000 Dividends 500 Revenues 15,000 Expenses 13,000 What did LBJ Company show as total debits? (Points : 5) | $34,000 $36,000 $70,000 $31,000 | 4. (TCOs B, E) Why is the accrual basis of accounting preferred by GAAP? (Points : 5) | The Accrual basis is easier to use. The Accrual basis is also preferred by the Internal Revenue Service. The Accrual basis complies with the revenue recognition and matching principles. The Accrual basis requires...
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...ACCT 221 Final Exam Answers Click Link Below To Buy: http://hwaid.com/shop/acct-221-final-exam-answers/ Question 1: 30% points: On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal): Accounts Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding) $1,000,000 Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding) $1,000,000 Paid-in Capital in Excess of par, Common 150,000 Retained Earnings 700,000 The following events occurred during 2014 and were not recorded: a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25. b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each. c. On March 31, Frick reissued 250 shares of treasury stock for $25 each. d. On July 1, Frick reissued 500 shares of treasury stock for $16 each. e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15. f. One December 15, Frick split common stock 2 shares for 1. g. Net Income for 2014 was $275,000. Requirements: a. Prepare journal entries for the transactions listed above. b. Prepare a Stockholders’ section of a classified balance sheet as of December 31, 2014...
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...ACCT 550 Week 8 Final Exam Click Link Below To Buy: http://hwaid.com/shop/acct-550-week-8-final-exam/ 1. (TCO A) Listed below are several information characteristics and accounting principles and assumptions. Each of these items is assigned a number. Match the number of each with the appropriate phrase that states its application. Note: Each answer may be used multiple times 2. (TCO B) Adjusting Entries: Minnie Smile, D.D.S. opened a dental practice on January 1, 201X. During the first month of operations the following transactions occurred: performed services for patients who had dental plan insurance. At January 31, $1,000 of such services was earned but not yet billed to the insurance companies. Salaries were incurred totaling $800 but not paid at month-end. Supplies totaling $600 were purchased on account. Prepare the adjusting entries on January 31 for a) service revenue, b) salaries expense, and c) supplies expense. Omit explanations. For each journal entry write Dr. for debit and Cr. for credit. 3. (TCO B) Adjusting Entries: Seymor Stars is the new owner of Night Computer Services. At the end of August 201X, his first month of ownership, Seymor is trying to prepare monthly financial statements. At August 31, Seymor owed his employees $2,900 in wages that will be paid on September 1. At the end of the month he had not yet received the month’s utility bill. Based on past experience, he estimated that the bill would be approximately $600. A telephone...
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...ACCT 595 Advanced Accounting Final Exam Answers https://homeworklance.com/downloads/acct-595-advanced-accounting-final-exam-answers/ ACCT 595 Advanced Accounting Final Exam Answers FINAL EXAM ADVANCED ACCOUNTING (30 questions x 9 points=270) 1. Gaw Company owns 15% of the common stock of Trace Corporation and used the fair-value method to account for this investment. Trace reported net income of $110,000 for 2011 and paid dividends of $60,000 on October 1, 2011. How much income should Gaw recognize on this investment in 2011? A. $16,500. B. $9,000. C. $25,500. D. $7,500. E. $50,000. 2. Yaro Company owns 30% of the common stock of Dew Co. and uses the equity method to account for the investment. During 2011, Dew reported income of $250,000 and paid dividends of $80,000. There is no amortization associated with the investment. During 2011, how much income should Yaro recognize related to this investment? A. $24,000. B. $75,000. C. $99,000. D. $51,000. E. $80,000. 3. On January 1, 2011, Pacer Company paid $1,920,000 for 60,000 shares of Lennon Co.’s voting common stock which represents a 45% investment. No allocation to goodwill or other specific account was made. Significant influence over Lennon was achieved by this acquisition. Lennon distributed a dividend of $2.50 per share during 2011 and reported net income of $670,000. What was the balance in the Investment in Lennon Co. account found in the financial records of Pacer as of December 31, 2011? ...
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...ACCT 221 Principles of Accounting II Final Exam Answers Follow Link Below To Get Tutorial https://homeworklance.com/downloads/acct-221-principles-of-accounting-ii-final-exam-answers/ ACCT 221 Principles of Accounting II Final Exam Answers Part A. On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred: Jan. 8 Issued 40,000 shares of its own common stock for $400,000. Jan. 18 Declared a cash dividend of $1 per share to stockholders of record on Jan. 10. Jan. 31 Paid the $1 cash dividend declared on Jan. 18. Feb. 2 Purchased 3,000 shares of its own common stock for the treasury at $11 per share. Feb. 14 Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share. March 25 Declared a 2 for 1 stock split on outstanding shares. Instructions Prepare journal entries to record the above transactions. Part B. The following information is available for Flip Corporation for the year ended December 31, 2014: Beginning retained earnings $ 340,000 Cost of goods sold 620,000 Declared cash dividends 50,000 Operating expenses...
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...DeVry ACCT 504 Week 8 Final Exam-2015 Latest (Graded Solution) IF You Want To Purchase A+ Work then Click The Link Below For Instant Down Load http://www.hwspeed.com/DeVry-ACCT-504-Week-8-Final-Exam-2015-Latest-533344120330.htm?categoryId=-1 IF You Face Any Problem Then E Mail Us At JOHNMATE1122@GMAIL.COM Question Week 8 : Final Exam - Final Exam Page 1 Question 1. 1. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) Reduced legal liability for investors Harder to transfer ownership Lower taxes Most common form of organization Question 2. 2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5) the most common form of distribution is a cash dividend the Dividends account will be increased with a credit the Retained Earnings account will be directly increased with a debit the Dividends account will be decreased with a debit Question 3. 3. (TCOs A, B) Below is a partial list of account balances for Cerner Company: Cash $5,000 Prepaid insurance 500 Accounts receivable 2,500 Accounts payable 2,000 Notes payable 3,000 Common stock 1,000 Dividends 500 Revenues 15,000 Expenses 12,500 What did Cerner Company show as total credits? (Points : 5) $21,500 $21,000 $20,500 $22,000 Question 4. 4. (TCOs B, E) Using accrual accounting, expenses are recorded and reported only _____. (Points : 5) when they are incurred, whether or not cash is paid when...
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...DeVry ACCT 504 Week 8 Final Exam-2015 Latest (Graded Solution) IF You Want To Purchase A+ Work then Click The Link Below For Instant Down Load http://www.hwspeed.com/DeVry-ACCT-504-Week-8-Final-Exam-2015-Latest-533344120330.htm?categoryId=-1 IF You Face Any Problem Then E Mail Us At JOHNMATE1122@GMAIL.COM Question Week 8 : Final Exam - Final Exam Page 1 Question 1. 1. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) Reduced legal liability for investors Harder to transfer ownership Lower taxes Most common form of organization Question 2. 2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5) the most common form of distribution is a cash dividend the Dividends account will be increased with a credit the Retained Earnings account will be directly increased with a debit the Dividends account will be decreased with a debit Question 3. 3. (TCOs A, B) Below is a partial list of account balances for Cerner Company: Cash $5,000 Prepaid insurance 500 Accounts receivable 2,500 Accounts payable 2,000 Notes payable 3,000 Common stock 1,000 Dividends 500 Revenues 15,000 Expenses 12,500 What did Cerner Company show as total credits? (Points : 5) $21,500 $21,000 $20,500 $22,000 Question 4. 4. (TCOs B, E) Using accrual accounting, expenses are recorded and reported only _____. (Points : 5) when they are incurred, whether or not cash is paid when...
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...ACCT 324 Federal Tax Accounting I Entire Course http://www.devryguiders.com/downloads/acct-324-federal-tax-accounting-i-entire-course/ ACCT 324 Week 1 DQ 1 ACCT 324 Week 1 DQ 2 ACCT 324 Week 1 Quiz – Federal Tax Law and Process ACCT 324 Week 2 DQ 1 ACCT 324 Week 2 DQ 2 ACCT 324 Week 2 Quiz – Income Inclusions, Exclusions & Accounting Methods ACCT 324 Week 2 You Decide ACCT 324 Week 3 Course Project: Deductions, Losses & Depreciation ACCT 324 Week 3 DQ 1 ACCT 324 Week 3 DQ 2 ACCT 324 Week 3 Quiz – Deductions, Losses & Depreciation ACCT 324 Week 4 DQ 1 ACCT 324 Week 4 DQ 2 ACCT 324 Week 4 Midterm Exam – Deductions, Losses & Passive Activities ACCT 324 Week 5 Course Project ACCT 324 Week 5 DQ 1 ACCT 324 Week 5 DQ 2 ACCT 324 Week 5 Quiz – AMT, Tax Credits, & Tax Payments ACCT 324 Week 6 DQ 1 ACCT 324 Week 6 DQ 2 ACCT 324 Week 6 Quiz – Property Transactions ACCT 324 Week 7 DQ 1 ACCT 324 Week 7 DQ 2 ACCT 324 Week 7 Quiz – Capital Gains & Losses ACCT 324 Week 8 Final Exam ACCT 324 Federal Tax Accounting I Entire Course http://www.devryguiders.com/downloads/acct-324-federal-tax-accounting-i-entire-course/ ACCT 324 Week 1 DQ 1 ACCT 324 Week 1 DQ 2 ACCT 324 Week 1 Quiz – Federal Tax Law and Process ACCT 324 Week 2 DQ 1 ACCT 324 Week 2 DQ 2 ACCT 324 Week 2 Quiz – Income Inclusions, Exclusions & Accounting Methods ACCT 324 Week 2 You Decide ACCT 324 Week 3 Course Project: Deductions, Losses & Depreciation ACCT 324 Week 3 DQ 1 ACCT 324 Week 3 DQ 2 ...
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