Acc 422 final exam | Accounting homework help

Question 1

Kraft Enterprises owns the subjoined quality at December 31, 2012.  

Cash in bank–savings recital            67, 516            Checking recital pit                  26,445

Cash on Hand                                     9,478               Postdated checks                                753

Cash repay due from IRS                 40,324             Certificates of certainty(180 day)         94,754

What quantity should be reputed as specie?  

 

Question 2

Presented beneath is instruction akin to Rembrandt Inc.'s register. 

Per Units                                 Skis                 Boots               Parkas

Historical Cost                        $254.22           $141.83           $70.91

Selling Price                            290.35             194.01             98.68

Cost to distribute                    25.42               10.70               3.35

Current re-establishment absorb        271.61             140.49             68.24

Normal benefit-service margin              42.82               38.80               28.43

Determine the subjoined

 

a). the two limits to dispense esteem (e.g., the ceiling and the floor) that should be used in the inferior of absorb or dispense inference for skis; (Round apologys to 2 decimal places, e.g. 20.25.) 

 

b). the absorb quantity that should be used in the inferior of absorb or dispense similitude of boots; (Round apology to 2 decimal places, e.g. 20.25.) 

 

c). the dispense quantity that should be used to esteem parkas on the premise of the inferior of absorb or dispense. (Round apology to 2 decimal places, e.g. 20.25.) 

 

Question 3  

Matlock Fraternity uses a continual register manner. Its inauguration register consists of 74 individuals that absorb $44 each. During June, the fraternity alienationd 222 individuals at $44 each, returned 9 individuals for praise, and sold 185 individuals at $74 each. Journalize the June affairs.  

 

Question 4  

Amsterdam Fraternity uses a intermittent register manner. For April, when the fraternity sold 700 individuals, the subjoined instruction is suited.  

                                    Units               Individual Cost                    Entirety Cost

April 1 register         250                  $16                              $4,000

April 15 alienation        400                  19                                  7,600

April 23 alienation        350                  21                                  7,350

                                    1,000                                                   $18,950

Compute the April 30 register and the April absorb of quality sold using the mean absorb manner. (Round inferences for absorb per individual to 2 decimal places, e.g. 10.25 and apologys to 0 decimal places, e.g. 2,250.) 

 

Question 5  

Amsterdam Fraternity uses a intermittent register manner. For April, when the fraternity sold 600 individuals, the subjoined instruction is suited.  

                                    Units               Individual Cost                    Entirety Cost

April 1 register         250                  $13                              $3,250

April 15 alienation        400                  16                                6,400

April 23 alienation        350                  17                                5,950

                                    1,000                                                   $15,600

Compute the April 30 register and the April absorb of quality sold using the FIFO manner.  

 

Question 6  

(FIFO, LIFO, Mean Absorb Inventory) 

Esplanade Fraternity was conceiveed on December 1, 2011. The subjoined instruction is suited from Esplanade's register archives for Work BAP.  

                                                                        Units               Individual Cost

January 1, 2012(inauguration register)            768                  $8.00

Purchases:

January 5, 2012                                               1,536               9.00

January 25, 2012                                             1,664               10.00

February 16, 2012                                           1,024               11.00

March 26, 2012                                                  768               12.00

A material register on March 31, 2012, shows 2,048 individuals on workman. Prepare schedules to abuse the fulfilment register at March 31, 2012, underneathneath each of the subjoined register manners. Assume Esplanade Fraternity uses the intermittent register manner.  

 

Question 7  

Floyd Corporation has the subjoined lewd items in its fulfilment register

Item                 Cost     Re-establishment Cost       (NRV)             NRV- Normal Benefit-service Marging

Jokers              $2,236             $2,292             $2,348             $1,789

Penguins          5,590               5,702               5,534               4,584

Riddlers          4,919               5,087               4,282               4,137

Scarecrows      3,578               3,343               4,282               3,432

 

Question 8

Kumar Inc. uses a continual register manner. At January 1, 2013, register was $241,606 at twain absorb and dispense esteem. At December 31, 2013, the register was $322,894 at absorb and $303,701 at dispense esteem. Ad the inevitable December 31 initiation underneath:

(a)

the absorb of quality sold manner

(b)  the dropping manner

 

Question 9

Boyne Inc. had inauguration register of $15,000 at absorb and $25,000 at vend. Net alienations were $150,000 at absorb and $212,500 at vend. Net markups were $12,500; net markdowns were $8,750; and sales were $196,250. Abuse fulfilment register at absorb using the customary vend manner. (Round inference for absorb-to-vend reference percentage and apology to 0 decimal places, e.g. 25,250.)

 

Question 10

Astaire Fraternity uses the coarse benefit-service manner to estimate register for monthly reporting purposes. Presented beneath is instruction for the month of May.

Inventory May 1                     $184,000

Purchases (gross)                     736, 000

Freight-in                                34, 500

Sales                                        1,150,000

Sales returns                            80,500

Purchase discounts                  13,800

Compute the estimated register at May 31, showy that the coarse benefit-service is 25% of sales

Compute the estimated register at May 31, showy that the coarse benefit-service is 25% of absorb

 

Question 11  

Previn Brothers Inc. alienationd plant at a appraisement of $27,400. Closing absorbs were $2,550. An old fabric was removed at a absorb of $10,530. What quantity should be recitative as the absorb of the plant?  

 

Question 12  

Garcia Corporation alienationd a barter by issuing an $90,400, 4-year, nothing-interest-bearing music to Equinox Inc. The dispense reprimand of profit for necessitys of this constitution is 10%. Ad the narrative initiation to chronicles the alienation of this barter. (Round apologys to 0 decimal places, e.g. 15,510. Catalogue multiple debit/praise entries from largest to lowest quantity, e.g. 10, 5, 2. Hint: Use tables in citation.) 

 

Question 13  

Moenjoy Inc. alienationd plant, fabric, and equipment from Laguna Corporation for a specie acquittal of $431,550. The estimated serene esteems of the quality are plant $82,200, fabric $301,400, and equipment $109,600. At what quantitys should each of the three quality be recitative? (Note: Do not entire the inference of the % of entirety.) 

 

Question 14  

Fielder Fraternity obtained plant by issuing 2,000 portion-outs of its $11 par esteem sordid accumulation. The plant was of-late appraised at $91,800. The sordid accumulation is actively traded at $44 per portion-out. Ad the narrative initiation to chronicles the wages of the plant. (List multiple debit/praise entries from largest to lowest quantity, e.g. 10, 5, 2.) 

 

Question 15  

Navajo Corporation traded a used barter (absorb $22,600, accumulated diminution $20,340) for a paltry abuser admonish $4,181. Navajo so hired $1,130 in the affair. Ad the narrative initiation to chronicles the diversify. (The diversify has retail be.) (List multiple debit/praise entries from largest to lowest quantity, e.g. 10, 5, 2.) 

 

Question 16  

Mehta Fraternity traded a used welding channel (absorb $12,330, accumulated diminution $4,110) for service equipment delay an estimated serene esteem of $6,850. Mehta so hired $4,110 specie in the affair. Ad the narrative initiation to chronicles the diversify. (The diversify has retail be.) (List multiple debit/praise entries from largest to lowest quantity, e.g. 10, 5, 2.) 

 

Question 17  

Depreciation is normally abused on the premise of the proper 

a). Full month and to the proper cent. 

b). Full month and to the proper dollar 

c). Day and to the proper cent. 

d). Day and to the proper dollar 

 

Question 18  

Fernandez Corporation alienationd a barter at the inauguration of 2012 for $43,260. The barter is estimated to enjoy a salvage esteem of $2,060 and a conducive conduct of 164,800 miles. It was driven 23,690 miles in 2012 and 31,930 miles in 2013. Abuse diminution charge for 2012 and 2013.(Round apologys to 0 decimal places, i.e. 2,250.) 

 

Question 19  

Lockhard Fraternity alienationd channelry on January 1, 2012, for $77,400. The channelry is estimated to enjoy a salvage esteem of $7,740 subjoined a conducive conduct of 8 years.  

(a). Abuse 2012 diminution charge using the double-declining pit manner

(b). Abuse 2012 diminution charge using the double-declining pit manner showy the channelry was alienationd on October 1, 2012.(Round apology to 0 decimal places, i.e. 2,250.) 

 

Question 20  

Jurassic Fraternity owns channelry that absorb $955,800 and has accumulated diminution of $382,320. The expected advenient net specie flows from the use of the asset are expected to be $531,000. The serene esteem of the equipment is $424,800. Ad the narrative initiation, if any, to chronicles the languor dropping.  

 

Question 21  

Everly Corporation acquires a coal mine at a absorb of $496,800. Intangible harvest absorbs entirety $124,200. Subjoined nativity has occurred, Everly must recover the quality (estimated serene esteem of the necessity is $99,360), subjoined which it can be sold for $198,720. Everly estimates that 4,968 tons of coal can be extracted. If 869 tons are extracted the primeval year, ad the narrative initiation to chronicles depletion.  

 

Question 22  

Francis Corporation alienationd an asset at a absorb of $42,800 on March 1, 2012. The asset has a conducive conduct of 8 years and a salvage esteem of $4,280. For tax purposes, the MACRS tabulate conduct is 5 years. Abuse tax diminution for each year 2012–2017. (Round apologys to 0 decimal places.) 

 

Question 23  

Celine Dion Corporation alienations a evident from Salmon Fraternity on January 1, 2012, for $54,600. The evident has a retaining allowable conduct of 16 years. Celine Dion feels the evident obtain be conducive for 10 years. Ad Celine Dion's narrative entries to chronicles the alienation of the evident and 2012 amortization.  

 

Question 24  

Karen Austin Corporation has capitalized software absorbs of $757,100, and sales of this work the primeval year entiretyed $400,710. Karen Austin anticipates earning $934,990 in restitutional advenient fruitss from this work, which is estimated to enjoy an economic conduct of 4 years. Abuse the quantity of software absorb amortization for the primeval year.  

(a) Abuse the quantity of software absorb amortization for the primeval year using the percent of fruits access. 

(b) Abuse the quantity of software absorb amortization for the primeval year using the straight-line access. 

 

Question 25  

Jeff Beck is a bandman who owns plant which borders on the proper-of-way of the Northern Railroad. On August 10, 2012, due to the admitted negligence of the Railroad, hay on the farm was set on vitality and burned. Beck had had a question delay the Railroad for sepaadmonish years relating the tenure of a paltry bundle of plant. The delegated-to-others of the Railroad has proffered to attribute any hues which the Railroad may enjoy in the plant to Beck in diversify for a free of his proper to acquittal for the dropping he has sustained from the vitality. Beck appears healthful to recognize the Railroad's proffer. The Railroad's 2012 financial statements should comprise the subjoined akin to the incident: 

a). Disclosure in music conceive only 

b). avowal of a dropping and fabrication of a burden for the esteem of the plant 

c). avowal of a dropping only 

d). fabrication of a burden only 

 

Question 26  

Roley Corporation uses a intermittent register manner and the coarse manner of recitaling for alienation discounts. On July 1, Roley alienationd $73,000 of register, provisions 2/10, n/30, FOB shipping summit. Roley hired load absorbs of $1,300. On July 3, Roley returned injured quality and accepted praise of $7,300. On July 10, Roley hired for the quality. Ad all inevitable narrative entries for Roley. (For multiple debit/praise entries, catalogue quantitys from largest to lowest, e.g. 10, 8, 6)

 

Question 27  

Takemoto Corporation pretended $105,600 on November 1, 2012, by signing a $107,976, 3-month, nothing-interest-bearing music. Ad Takemoto's November 1, 2012, initiation; the December 31, 2012, annual adjusting initiation; and the February 1, 2013, initiation. (For multiple debit/praise en tries, catalogue quantitys from largest to lowest, e.g. 10, 8, 6. Entire all apologys to 0 decimal places, e.g. 11,150.) 

 

Question 28  

Whiteside Corporation childrens $584,000 of 9% bonds, due in 15 years, delay profit payable semiannually. At the span of children, the annual dispense reprimand for such bonds is 10%. Abuse the children appraisement of the bonds. (Use the introduce esteem tables in the citation. Entire your apology to nothing decimal places, e.g. 2,510.) 

 

Question 29  

Indiana Jones Fraternity enters into a 6-year lease of equipment on January 1, 2012, which requires 6 annual acquittals of $36,920 each, inauguration January 1, 2012. In restitution, the lessee guarantees a residual esteem of $20,720 at lease-end. The equipment has a conducive conduct of 6 years. Assume that for Lost Ark Company, the lessor, collectibility is reasonably predictable, there are no considerable uncertainties relating absorbs, and the carrying quantity of the channelry is $180,505. Ad Lost Ark's January 1, 2012, narrative entries.

 

Question 30  

On January 1, 2012, Irwin Animation sold a barter to Peete Finance for $25,250 and straightway leased it end. The barter was carried on Irwin's books at $20,000. The term of the lease is 5 years, and designation transfers to Irwin at lease-end. The lease requires five similar rental acquittals of $6,832 at the end of each year. The after a whilehold reprimand of profit is 11%, and the barter has a conducive conduct of 5 years delay no salvage esteem. Ad Irwin's 2012 narrative entries. (Round your apology to the proper dollar eg 58,591. For multiple debit/praise entries, catalogue quantitys from largest to lowest eg 10, 5, 3, 2.)

 

 

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