# Acc422 – intermediate financial accounting ii week 5 final exam

Brief Exercise 7-1

Kraft Enterprises owns the forthcoming result at December 31, 2014.

What whole should be reported as capital?

Brief Exercise 7-2

Restin Co. uses the impure regularity to proceedings sales made on confidence. On June 1, 2014, it made sales of \$50,000 succeeding a while vocables 3/15, n/45. On June 12, 2014, Restin current ample reimbursement for the June 1 sale.

Prepare the required chronicle entries for Restin Co. (If no commencement is required, excellent "No Entry" for the representation names and penetrebuke 0 for the wholes. Confidence representation names are automatically corrugateed when the whole is penetrateed. Do not corrugate manually.)

Brief Exercise 8-2

Matlock Fraternity uses a unceasing list assortification. Its commencement list consists of 50 units that consume \$34 each. During June, (1) the fraternity escheatmentd 150 units at \$34 each, (2) returned 6 units for confidence, and (3) sold 125 units at \$50 each.

Journalize the June negotiations. (If no commencement is required, excellent "No commencement" for the representation names and penetrebuke 0 for the wholes. Confidence representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually.)

Brief Exercise 8-5

Amsterdam Fraternity uses a intermittent list assortification. For April, when the fraternity sold 600 units, the forthcoming notification is advantageous.

Calculate weighted medium consume per ace. (Round rejoinder to 2 decimal places, e.g. 2.76.)

Compute the April 30 list and the April consume of result sold using the medium-consume regularity. (Round rejoinders to 0 decimal places, e.g. 2,760.)

Brief Exercise 8-6

Amsterdam Fraternity uses a intermittent list assortification. For April, when the fraternity sold 600 units, the forthcoming notification is advantageous.

Compute the April 30 list and the April consume of result sold using the FIFO regularity.

Exercise 8-15

Shania Twain Fraternity was formed on December 1, 2013. The forthcoming notification is advantageous from Twain’s list proceedingss for Product BAP.

Prepare schedules to prize the bound list at March 31, 2014, beneath FIFO list regularitys. (Round rejoinder to 0 decimal places, e.g. 2,760.)

Prepare schedules to prize the bound list at March 31, 2014, beneath LIFO list regularitys. (Round rejoinder to 0 decimal places, e.g. 2,760.)

Calculate medium-consume per ace. (Round rejoinder to 2 decimal places, e.g. 2.76.)

Prepare schedules to prize the bound list at March 31, 2014, beneath Weighted-medium list regularitys. (Round rejoinder to 0 decimal places, e.g. 2,760.)

Brief Exercise 9-1

Presented underneathneath is notification connected to Rembrandt Inc.’s list.

Determine the forthcoming:

(a) the two limits to dispense prize (i.e., the ceiling and the foot) that should be used in the lower-of-cost-or-dispense deduction for skis.

(b) the consume whole that should be used in the lower-of-cost-or-dispense comparison of boots.

(c) the dispense whole that should be used to prize parkas on the statement of the lower-of-cost-or-market.

Brief Exercise 9-2

Floyd Corporation has the forthcoming filthy parts in its bound list.

Determine the decisive lower-of-cost-or-dispense list prize for each part.

Brief Exercise 9-3

Kumar Inc. uses a unceasing list assortification. At January 1, 2014, list was \$214,000 at twain consume and dispense prize. At December 31, 2014, the list was \$286,000 at consume and \$265,000 at dispense prize.

Prepare the expedient December 31 commencement beneath (a) the consume-of-goods-sold regularity (b) Waste regularity. (Credit representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually.)

Brief Exercise 9-8

Boyne Inc. had commencement list of \$12,000 at consume and \$20,000 at dispose-of. Net escheatments were \$120,000 at consume and \$170,000 at dispose-of. Net markups were \$10,000; net markdowns were \$7,000; and sales return was \$147,000. Prize bound list at consume using the usual dispose-of regularity. (Round ratios for deductional purposes to 0 decimal places, e.g. 78% and decisive rejoinder to 0 decimal places, e.g. 28,987.)

Exercise 9-12

Mark Charge Fraternity uses the impure avail regularity to like list for monthly reporting purposes. Presented underneathneath is notification for the month of May.

(a) Compute the liked list at May 31, gorgeous that the impure avail is 30% of sales.

(b) Compute the liked list at May 31, gorgeous that the impure avail is 30% of consume. (Round percentage of sales to 2 decimal places, e.g. 78.74% and decisive rejoinder to 0 decimal places, e.g. 6,225.)

Brief Exercise 10-1

Previn Brothers Inc. escheatmentd fix at a charge of \$27,000. Closing consumes were \$1,400. An old understanding was removed at a consume of \$10,200. What whole should be proceedingsed as the consume of the fix?

Brief Exercise 10-5

Garcia Corporation escheatmentd a traffic by issuing an \$80,000, 4-year, zero-interest-bearing still n ess to Equinox Inc. The dispense rebuke of divide for beliefs of this species is 10%.

Prepare the chronicle commencement to proceedings the escheatment of this traffic. (Round rejoinders to 0 decimal places, e.g. 5,275. Confidence representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually. If no commencement is required, excellent "No Entry" for the representation names and penetrebuke 0 for the wholes.)

Brief Exercise 10-6

Moenjoy Inc. escheatmentd fix, understanding, and equipment from Laguna Corporation for a capital reimbursement of \$315,000. The liked open prizes of the result are fix \$60,000, understanding \$220,000, and equipment \$80,000. At what wholes should each of the three result be proceedingsed? (Round decisive rejoinders to 0 decimal places, e.g. 5,275.)

Brief Exercise 10-7

Fielder Fraternity obtained fix by issuing 2,000 shares of its \$10 par prize beggarly store. The fix was of-late appraised at \$85,000. The beggarly store is actively traded at \$40 per divide.

Prepare the chronicle commencement to proceedings the wages of the fix. (Credit representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually. If no commencement is required, excellent "No Entry" for the representation names and penetrebuke 0 for the wholes.)

Brief Exercise 10-8

Navajo Corporation traded a used traffic (consume \$20,000, accumulated slander \$18,000) for a mean prizer blame \$3,300. Navajo too hired \$500 in the negotiation.

Prepare the chronicle commencement to proceedings the vary. (The vary has interchangeable pith.) (Credit representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually. If no commencement is required, excellent "No Entry" for the representation names and penetrebuke 0 for the wholes.)

Brief Exercise 10-10

Mehta Fraternity traded a used welding archives (consume \$9,000, accumulated slander \$3,000) for business-post equipment succeeding a while an liked open prize of \$5,000. Mehta too hired \$3,000 capital in the negotiation.

Prepare the chronicle commencement to proceedings the vary. (The vary has interchangeable pith.) (Credit representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually. If no commencement is required, excellent "No Entry" for the representation names and penetrebuke 0 for the wholes.)

Multiple Choice Question 42

Which of the forthcoming is the recommended approximation to handling divide incurred in financing the understanding of quality, fix and equipment?

Brief Exercise 10-1

Previn Brothers Inc. escheatmentd fix at a charge of \$27,000. Closing consumes were \$1,400. An old understanding was removed at a consume of \$10,200. What whole should be proceedingsed as the consume of the fix?

Brief Exercise 10-5

Garcia Corporation escheatmentd a traffic by issuing an \$80,000, 4-year, zero-interest-bearing still n ess to Equinox Inc. The dispense rebuke of divide for beliefs of this species is 10%.

Prepare the chronicle commencement to proceedings the escheatment of this traffic. (Round rejoinders to 0 decimal places, e.g. 5,275. Confidence representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually. If no commencement is required, excellent "No Entry" for the representation names and penetrebuke 0 for the wholes.)

Brief Exercise 10-6

Moenjoy Inc. escheatmentd fix, understanding, and equipment from Laguna Corporation for a capital reimbursement of \$315,000. The liked open prizes of the result are fix \$60,000, understanding \$220,000, and equipment \$80,000. At what wholes should each of the three result be proceedingsed? (Round decisive rejoinders to 0 decimal places, e.g. 5,275.)

Brief Exercise 10-7

Fielder Fraternity obtained fix by issuing 2,000 shares of its \$10 par prize beggarly store. The fix was of-late appraised at \$85,000. The beggarly store is actively traded at \$40 per divide.

Prepare the chronicle commencement to proceedings the wages of the fix. (Credit representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually. If no commencement is required, excellent "No Entry" for the representation names and penetrebuke 0 for the wholes.)

Brief Exercise 10-8

Navajo Corporation traded a used traffic (consume \$20,000, accumulated slander \$18,000) for a mean prizer blame \$3,300. Navajo too hired \$500 in the negotiation.

Prepare the chronicle commencement to proceedings the vary. (The vary has interchangeable pith.) (Credit representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually. If no commencement is required, excellent "No Entry" for the representation names and penetrebuke 0 for the wholes.)

Brief Exercise 10-10

Mehta Fraternity traded a used welding archives (consume \$9,000, accumulated slander \$3,000) for business-post equipment succeeding a while an liked open prize of \$5,000. Mehta too hired \$3,000 capital in the negotiation.

Prepare the chronicle commencement to proceedings the vary. (The vary has interchangeable pith.) (Credit representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually. If no commencement is required, excellent "No Entry" for the representation names and penetrebuke 0 for the wholes.)

Multiple Choice Question 42

Which of the forthcoming is the recommended approximation to handling divide incurred in financing the understanding of quality, fix and equipment?

Brief Exercise 11-1

Fernandez Corporation escheatmentd a traffic at the commencement of 2014 for \$50,000. The traffic is liked to enjoy a salvage prize of \$2,000 and a available career of 160,000 miles. It was driven 23,000 miles in 2014 and 31,000 miles in 2015.

Compute slander outlay for 2014 and 2015.

Brief Exercise 11-4

Lockard Fraternity escheatmentd archivesry on January 1, 2014, for \$80,000. The archivesry is liked to enjoy a salvage prize of \$8,000 succeeding a available career of 8 years.

Compute 2014 slander outlay using the double-declining-balance regularity.

Compute 2014 slander outlay using the double-declining-balance regularity, gorgeous the archivesry was escheatmentd on October 1, 2014.

Brief Exercise 11-8

Jurassic Fraternity owns archivesry that consume \$900,000 and has accumulated slander of \$380,000. The expected coming net capital flows from the use of the asset are expected to be \$500,000. The open prize of the archivesry is \$400,000.

Prepare the chronicle commencement, if any, to proceedings the faintness waste. (If no commencement is required, excellent "No commencement" for the representation names and penetrebuke 0 for the wholes. Confidence representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually.)

Brief Exercise 11-9

Everly Corporation acquires a coal mine at a consume of \$400,000. Intangible product consumes whole \$100,000. Succeeding lineage has occurred, Everly must repay the quality (estimated open prize of the belief is \$80,000), succeeding which it can be sold for \$160,000. Everly likes that 4,000 tons of coal can be extracted.

If 700 tons are extracted the foremost year, adapt the chronicle commencement to proceedings depletion. (If no commencement is required, excellent "No commencement" for the representation names and penetrebuke 0 for the wholes. Confidence representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually.)

Brief Exercise 11-11

Francis Corporation escheatmentd an asset at a consume of \$50,000 on March 1, 2014. The asset has a available career of 8 years and a salvage prize of \$4,000. For tax purposes, the MACRS assort career is 5 years.

Compute tax slander for each year 2014–2019. (Round rejoinders to 0 decimal places, e.g. 45,892.)

Multiple Choice Question 66

Grover Corporation escheatmentd a traffic at the commencement of 2014 for \$93,600. The traffic is liked to enjoy a salvage prize of \$3,600 and a available career of 120,000 miles. It was driven 21,000 miles in 2014 and 29,000 miles in 2015. What is the slander outlay for 2015?

Brief Exercise 10-1

Previn Brothers Inc. escheatmentd fix at a charge of \$27,000. Closing consumes were \$1,400. An old understanding was removed at a consume of \$10,200. What whole should be proceedingsed as the consume of the fix?

Brief Exercise 10-5

Garcia Corporation escheatmentd a traffic by issuing an \$80,000, 4-year, zero-interest-bearing still n ess to Equinox Inc. The dispense rebuke of divide for beliefs of this species is 10%.

Prepare the chronicle commencement to proceedings the escheatment of this traffic. (Round rejoinders to 0 decimal places, e.g. 5,275. Confidence representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually. If no commencement is required, excellent "No Entry" for the representation names and penetrebuke 0 for the wholes.)

Brief Exercise 10-6

Moenjoy Inc. escheatmentd fix, understanding, and equipment from Laguna Corporation for a capital reimbursement of \$315,000. The liked open prizes of the result are fix \$60,000, understanding \$220,000, and equipment \$80,000. At what wholes should each of the three result be proceedingsed? (Round decisive rejoinders to 0 decimal places, e.g. 5,275.)

Brief Exercise 10-7

Fielder Fraternity obtained fix by issuing 2,000 shares of its \$10 par prize beggarly store. The fix was of-late appraised at \$85,000. The beggarly store is actively traded at \$40 per divide.

Prepare the chronicle commencement to proceedings the wages of the fix. (Credit representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually. If no commencement is required, excellent "No Entry" for the representation names and penetrebuke 0 for the wholes.)

Brief Exercise 10-8

Navajo Corporation traded a used traffic (consume \$20,000, accumulated slander \$18,000) for a mean prizer blame \$3,300. Navajo too hired \$500 in the negotiation.

Prepare the chronicle commencement to proceedings the vary. (The vary has interchangeable pith.) (Credit representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually. If no commencement is required, excellent "No Entry" for the representation names and penetrebuke 0 for the wholes.)

Brief Exercise 10-10

Mehta Fraternity traded a used welding archives (consume \$9,000, accumulated slander \$3,000) for business-post equipment succeeding a while an liked open prize of \$5,000. Mehta too hired \$3,000 capital in the negotiation.

Prepare the chronicle commencement to proceedings the vary. (The vary has interchangeable pith.) (Credit representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually. If no commencement is required, excellent "No Entry" for the representation names and penetrebuke 0 for the wholes.)

Multiple Choice Question 42

Which of the forthcoming is the recommended approximation to handling divide incurred in financing the understanding of quality, fix and equipment?

Brief Exercise 11-1

Fernandez Corporation escheatmentd a traffic at the commencement of 2014 for \$50,000. The traffic is liked to enjoy a salvage prize of \$2,000 and a available career of 160,000 miles. It was driven 23,000 miles in 2014 and 31,000 miles in 2015.

Compute slander outlay for 2014 and 2015.

Brief Exercise 11-4

Lockard Fraternity escheatmentd archivesry on January 1, 2014, for \$80,000. The archivesry is liked to enjoy a salvage prize of \$8,000 succeeding a available career of 8 years.

Compute 2014 slander outlay using the double-declining-balance regularity.

Compute 2014 slander outlay using the double-declining-balance regularity, gorgeous the archivesry was escheatmentd on October 1, 2014.

Brief Exercise 11-8

Jurassic Fraternity owns archivesry that consume \$900,000 and has accumulated slander of \$380,000. The expected coming net capital flows from the use of the asset are expected to be \$500,000. The open prize of the archivesry is \$400,000.

Prepare the chronicle commencement, if any, to proceedings the faintness waste. (If no commencement is required, excellent "No commencement" for the representation names and penetrebuke 0 for the wholes. Confidence representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually.)

Brief Exercise 11-9

Everly Corporation acquires a coal mine at a consume of \$400,000. Intangible product consumes whole \$100,000. Succeeding lineage has occurred, Everly must repay the quality (estimated open prize of the belief is \$80,000), succeeding which it can be sold for \$160,000. Everly likes that 4,000 tons of coal can be extracted.

If 700 tons are extracted the foremost year, adapt the chronicle commencement to proceedings depletion. (If no commencement is required, excellent "No commencement" for the representation names and penetrebuke 0 for the wholes. Confidence representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually.)

Brief Exercise 11-11

Francis Corporation escheatmentd an asset at a consume of \$50,000 on March 1, 2014. The asset has a available career of 8 years and a salvage prize of \$4,000. For tax purposes, the MACRS assort career is 5 years.

Compute tax slander for each year 2014–2019. (Round rejoinders to 0 decimal places, e.g. 45,892.)

Multiple Choice Question 66

Grover Corporation escheatmentd a traffic at the commencement of 2014 for \$93,600. The traffic is liked to enjoy a salvage prize of \$3,600 and a available career of 120,000 miles. It was driven 21,000 miles in 2014 and 29,000 miles in 2015. What is the slander outlay for 2015?

Brief Exercise 12-1

Celine Dion Corporation escheatments a dubious from Salmon Fraternity on January 1, 2014, for \$54,000. The dubious has a cherishing allowable career of 16 years. Celine Dion feels the dubious obtain be available for 10 years.

Prepare Celine Dion’s chronicle entries to proceedings the escheatment of the dubious and 2014 amortization. (Credit representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually.)

Brief Exercise 12-4

Gershwin Corporation obtained a suitable from Sonic Hedgehog Inc. for a capital reimbursement of \$120,000 on April 1, 2014. The suitable grants Gershwin the suitable to hawk indubitable products and services for a epoch of 8 years.

Prepare Gershwin’s April 1 chronicle commencement and December 31 adjusting commencement. (Credit representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually.)

Brief Exercise 13-1

Roley Corporation uses a intermittent list assortification and the impure regularity of representationing for escheatment discounts.

Prepare all expedient chronicle entries for Roley. (Round rejoinders to 0 decimal places, e.g. 5,275. If no commencement is required, excellent "No Entry" for the representation names and penetrebuke 0 for the wholes. Confidence representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually.)

Brief Exercise 13-3

Takemoto Corporation external \$60,000 on November 1, 2014, by signing a \$61,350, 3-month, zero-interest-bearing still n ess. Adapt Takemoto’s November 1, 2014, commencement; the December 31, 2014, annual adjusting commencement; and the February 1, 2015, commencement. (If no commencement is required, excellent "No Entry" for the representation names and penetrebuke 0 for the wholes. Confidence representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually.)

Brief Exercise 14-1

Whiteside Corporation results \$500,000 of 9% bonds, due in 10 years, succeeding a while divide payable semiannually. At the period of result, the dispense rebuke for such bonds is 10%.

Compute the result charge of the bonds. (Round rejoinder to 0 decimal places, e.g. 38,548.)

Brief Exercise 21-12

On January 1, 2014, Irwin Animation sold a traffic to Peete Finance for \$33,000 and instantly leased it tail. The traffic was carried on Irwin’s books at \$28,000. The vocable of the lease is 5 years, and name transfers to Irwin at lease-end. The lease requires 5 similar rental reimbursements of \$8,705 at the end of each year. The embezzle rebuke of divide is 10%, and the traffic has a available career of 5 years succeeding a while no salvage prize.

Prepare Irwin’s 2014 chronicle entries. To proceedings amortization of avail on sale use Slander Outlay representation and not Sales Return representation. (Credit representation names are automatically corrugateed when whole is penetrateed. Do not corrugate manually. Round introduce prize content calculations to 5 decimal places, e.g. 1.25124 and the decisive rejoinder to 0 decimal places e.g. 58,971.)

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