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1

ACC 291 Week 4 Individual WileyPLUS Practice Ch 14
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ACC 291 Week 4 Individual WileyPLUS Practice Ch 14
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Question 1

Comparisons of data within a company are an example of the following comparative basis:

Industry averages.

Intracompany.

Intercompany.

Both intracompany and intercompany.
Question 2

In horizontal analysis, each item is expressed as a percentage of the:


base year amount.

net income amount.

stockholders’ equity amount.

total assets amount.

Question 3

In vertical analysis, the base amount for depreciation expense is generally:


fixed assets.

net sales.

depreciation expense in a previous year.

gross profit.

Question 4

The data in the schedule is a display of vertical analysis because the individual asset items are expressed as a percentage of total assets.

The following schedule is a display of what type of analysis?
Amount Percent
Current assets $200,000 25%
Property, plant, and equipment 600,000 75%
Total assets $800,000 100%

ratio analysis

horizontal analysis

differential analysis

vertical analysis

Question 5

Sammy Corporation reported net sales of $300,000, $330,000, and $360,000 in the years, 2009, 2010, and 2011, respectively. If 2009 is the base year, what is the trend percentage for 2011?


77%

108%

120%

130%

Question 6

Which of the following measures is an evaluation of a firm’s ability to pay current liabilities?


Acid-test ratio

Current ratio

Both acid-test ratio and current ratio

None of the above

Question 7

A measure useful in evaluating the efficiency in managing inventories is:


a. inventory turnover.

b. average days to sell inventory.

c. Both (a) and (b).

d. None of the above.

Question 8

Financial statement information follows as of the end of each year.

2011 2010
Inventory $54,000 $48,000
Current assets 81,000 106,000
Total assets 382,000 326,000
Net sales 784,000 697,000
Cost of goods sold 306,000 277,000
Compute the days in inventory for 2011.

64.4 days

6 days

60.8 days

24 days

Question 9

Financial statement information follows as of the end of each year.

2011 2010
Inventory $54,000 $48,000
Current assets 81,000 106,000
Total assets 382,000 326,000
Current liabilities 27,000 36,000
Total liabilities 102,000 88,000
Compute the current ratio for 2011.

3.75:1

1.26:1

.80:1

3.0:1
Question 10

Financial statement information follows as of the end of each year.

2011 2010
Inventory $54,000 $48,000
Net sales 784,000 697,000
Cost of goods sold 306,000 277,000
Net income 134,000 90,000
Compute the profit margin ratio for 2011.

18.1%

37.9%

17.1%

5.9%

Question 11

Financial statement information follows as of the end of each year.
2011 2010
Stockholders’ equity $280,000 $238,000
Net income 134,000 90,000
Tax expense 22,000 18,000
Interest expense 12,000 12,000
Dividends paid to preferred stockholders 20,000 20,000
Dividends paid to common stockholders 15,000 10,000
Compute the return on common stockholders’ equity for 2011.

47.9%

44.0%

51.7%

40.7%

Question 12

Financial statement information follows as of the end of each year.

2011 2010
Stockholders’ equity $280,000 $238,000
Net income 134,000 90,000
Tax expense 22,000 18,000
Interest expense 12,000 12,000
Dividends paid to preferred stockholders 20,000 20,000
Dividends paid to common stockholders 15,000 10,000
Compute the times interest earned for 2011.

13.0 times

14.0 times

11.2 times

65.3 times

Question 13

In reporting discontinued operations, the income statement should show in a special section:


a. gains and losses on the disposal of the discontinued segment.

b. gains and losses from operations of the discontinued segment.

c. Both (a) and (b).

d. Neither (a) nor (b).

Question 14

Scout Corporation has income before taxes of $400,000 and an extraordinary loss of $100,000. If the income tax rate is 25% on all items, the income statement should show income before extraordinary items and extraordinary items, respectively, of

$325,000 and $100,000.

$300,000 and $75,000.

$325,000 and $75,000.

$300,000 and $100,000.

Question 15

Which situation below might indicate a company has a low quality of earnings?

The same accounting principles are used each year.

The company is continually reporting pro forma income numbers.

Revenue is recognized when earned.

Maintenance costs are expensed as incurred.

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2

ACC 291 Week 5 Learning Team Ratio Analysis Memo Huffman Trucking
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ACC 291 Week 5 Learning Team Ratio Analysis Memo Huffman Trucking

Resource: Internet or other resources; annual report for the company of your choice.

Access the information contained in your selected organization’s balance sheet and income statement to calculate the following:

· Liquidity ratios

o Current ratio

o Acid-test, or quick, ratio

o Receivables turnover

o Inventory turnover

· Profitability ratios

o Asset turnover

o Profit margin

o Return on assets

o Return on common stockholders’ equity

· Solvency ratios

o Debt to total assets

o Times interest earned

Show your calculations for each ratio using an excel spreadsheet.

Create a horizontal and vertical analysis for the balance sheet and the income statement.

Write a 350- to 700-word memo to the CEO of your selected organization in which you discuss your findings from your ratio calculations and your horizontal and vertical analysis. In your memo, address the following questions:

· What do the liquidity, profitability, and solvency ratios reveal about the company’s financial position?

· Which users may be interested in each type of ratio?

· What does the collected data reveal about the company’s performance and position?

Attach a copy of the company’s Balance Sheet, Income Statement and Cash Flow Statement with the assignment as a separate document.

Format your paper should be consistent with APA guidelines

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ACC 291 Week 5 Individual WileyPLUS Assignment
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ACC 291 Week 5 Individual WileyPLUS Assignment
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ACC 291 Week 5 Individual WileyPLUS Assignment

Resource: WileyPLUS

Complete the following Week Five WileyPLUS Exercises and Problems:

Exercise E13-1

Exercise E13-8

Exercise E14-1

Problem P13-9A

Problem P13-10A

Problem P14-2A

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ACC 291 Week 5 Individual Assignment Impact of Unethical Behavior Article Analysis
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ACC 291 Week 5 DQ 2
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ACC 291 Week 5 DQ 2
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ACC 291 Week 5 DQ 2

Discuss whether or not the Sarbanes-Oxley Act made a difference in the ethical behavior of companies regarding their financial accounting. Give examples if necessary.

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ACC 291 Week 5 DQ 1
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ACC 291 Week 5 DQ 1
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ACC 291 Week 5 DQ 1

Discuss an example of a potentially unethical accounting situation and why it is unethical. Discuss how ethics affect a company’s financial results.

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7

ACC 291 Week 4 Individual WileyPLUS Pre Lecture Practice Ch 14
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ACC 291 Week 4 Individual WileyPLUS Pre Lecture Practice Ch 14
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ACC 291 Week 4 Individual WileyPLUS Pre Lecture Practice Ch 13
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ACC 291 Week 4 Individual WileyPLUS Pre Lecture Practice Ch 13
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ACC 291 Week 4 Individual WileyPLUS Assignment
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ACC 291 Week 4 Individual WileyPLUS Assignment
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ACC 291 Week 4 Individual WileyPLUS Assignment

Resource: WileyPLUS

Complete the following WileyPLUS Week Four Exercises and Problems:

Exercise Do It! 11-1

Exercise E11-15

Exercise E11-16

Problem P11-6A

Problem P11-8A

ACC 291 Week 4 Individual WileyPLUS Assignment

Resource: WileyPLUS

Complete the following WileyPLUS Week Four Exercises and Problems:

Exercise Do It! 11-1

Exercise E11-15

Exercise E11-16

Problem P11-6A

Problem P11-8A

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ACC 291 Week 4 DQ 3
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ACC 291 Week 4 DQ 3
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ACC 291 Week 4 DQ 3

What are the differences between horizontal analysis and vertical analysis? What three ratios do you think are most important and why? Summarize the users and limitations of analytical measures? Why is this information so important?

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ACC 291 Week 4 DQ 2
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ACC 291 Week 4 DQ 2

What are some common ratios used to analyze financial information? Which are the most important? What are some examples of how ratios are used in the decision-making process?

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ACC 291 Week 4 DQ 1
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ACC 291 Week 4 DQ 1
Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about a company’s operations?

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ACC 291 Week 3 Individual WileyPLUS Pre Lecture Practice Ch 12
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ACC 291 Week 3 Individual WileyPLUS Pre Lecture Practice Ch 12
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ACC 291 Week 3 Individual WileyPLUS Pre Lecture Practice Ch 11
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ACC 291 Week 3 Individual WileyPLUS Pre Lecture Practice Ch 11
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ACC 291 Week 3 Individual WileyPLUS Practice Ch 12
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ACC 291 Week 3 Individual WileyPLUS Practice Ch 12
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ACC 291 Week 3 Individual WileyPLUS Practice Ch 12

Question 1


Which of the following is not a primary reason why corporations invest in debt and equity securities?
They have excess cash.
They wish to move into a new line of business.
They are required to by law.
They wish to gain control of a competitor.



Question 2


Debt investments are initially recorded at:
cost.
cost plus accrued interest.
fair value.
None of the above.
Question 3


Hanes Company sells debt investments costing $26,000 for $28,000, plus accrued interest that has been recorded. In journalizing the sale, credits are to:
Stock Investments and Bond Interest Receivable.
No correct answer given.
Debt Investments, Gain on Sale of Debt Investments, and Bond Interest Receivable.
Debt Investments and Loss on Sale of Debt Investments.



Question 4


Pryor Company receives net proceeds of $42,000 on the sale of stock investments that cost $39,500. This transaction will result in reporting in the income statement a:
gain of $2,500 under “Operating revenues.”
loss of $2,500 under “Other expenses and losses.”
loss of $2,500 under “Operating expenses.”
gain of $2,500 under “Other revenues and gains.”
Question 5


The equity method of accounting for long-term investments in stock should be used when the investor has significant influence over an investee and owns:
20% or more of the investee’s common stock.
more than 50% of the investee’s common stock.
less than 20% of the investee’s common stock.
between 20% and 50% of the investee’s common stock.
Question 6


Assume that Horicon Corp acquired 25% of the common stock of Sheboygan Corp. on January 1, 2011, for $300,000. During 2011 Sheboygan Corp. reported net income of $160,000 and paid total dividends of $60,000. If Horicon uses the equity method to account for its investment, the balance in the investment account on December 31, 2011, will be:
$325,000.
$340,000.
$400,000.
$300,000.



Question 7


Using the information in question 6, what entry would Horicon make to record the receipt of the dividend from Sheboygan?
Debit Cash and credit Dividend Revenue.
Debit Dividends and credit Revenue from Investment in Sheboygan Corp.
Debit Cash and credit Revenue from Investment in Sheboygan Corp.
Debit Cash and credit Stock Investments.



Question 8


You have a controlling interest if:
you own more than 50% of a company’s stock.
you are the president of the company.
you own more than 20% of a company’s stock.
you use the equity method.


Question 9


Which of the following statements is not true? Consolidated financial statements are useful to:
determine the profitability of specific subsidiaries.
determine the full extent of total obligations of enterprises under common control.
determine the total profitability of enterprises under common control.
determine the breadth of a parent company’s operations.



Question 10


At the end of the first year of operations, the total cost of the trading securities portfolio is $120,000. Total fair value is $115,000. The financial statements should show:
a reduction of an asset of $5,000 in the current assets section and an unrealized loss of $5,000 in “Other expenses and losses.”
a reduction of an asset of $5,000 in the current assets section and a realized loss of $5,000 in “Other expenses and losses.”
a reduction of an asset of $5,000 and a realized loss of $5,000.
a reduction of an asset of $5,000 and an unrealized loss of $5,000 in the stockholders’ equity section.
Question 11

At December 31, 2011, the fair value of available-for-sale securities is $41,300 and the cost is $39,800. At January 1, 2011, there was a credit balance of $900 in the Market Adjustment—Available-for-Sale account. The required adjusting entry would be:


Debit Market Adjustment—Available-for-Sale for $2,400 and credit Unrealized Gain or Loss—Equity for $2,400.

Debit Market Adjustment—Available-for-Sale for $1,500 and credit Unrealized Gain or Loss—Equity for $1,500.

Debit Unrealized Gain or Loss—Equity for $2,400 and credit Market Adjustment—Available-for-Sale for $2,400.

Debit Market Adjustment—Available-for-Sale for $600 and credit Unrealized Gain or Loss—Equity for $600.
Question 12
In the balance sheet, a debit balance in Unrealized Gain or Loss—Equity is reported as a:


increase to stockholders equity.

loss in the retained earnings statement.

loss in the income statement.

decrease to stockholders’ equity.



Question 13
Short-term debt investments must be readily marketable and be expected to be sold within:


the next year or operating cycle, whichever is longer.

the operating cycle.

3 months from the date of purchase.

the next year or operating cycle, whichever is shorter.



Question 14

Pate Company pays $175,000 for 100% of Sinko’s common stock when Sinko’s stockholders’ equity consists of Common Stock $100,000 and Retained Earnings $60,000. In the worksheet for the consolidated balance sheet, the eliminations will include a:


debit to Retained Earnings $75,000.

debit to Excess of Cost over Book Value of Subsidiary $15,000.

credit to Investment in Sinko Common Stock $160,000.

credit to Excess of Book Value over Cost of Subsidiary $15,000.
Question 15

Which of the following statements about intercompany eliminations is true?


They are not journalized or posted by any of the subsidiaries.

They do not affect the ledger accounts of any of the subsidiaries.

Intercompany eliminations are made solely on the worksheet to arrive at correct consolidated data.

All of these statements are true.



Question 16
Which one of the following statements about consolidated income statements is false?


A worksheet facilitates the preparation of the statement.

All revenue and expense transactions between parent and subsidiary companies are eliminated.

The consolidated income statement shows the results of operations of affiliated companies as a single economic unit.

When a subsidiary is wholly owned, the form and content of the statement will differ from the income statement of the individual corporation.



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ACC 291 Week 3 Individual WileyPLUS Practice Ch 11
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ACC 291 Week 3 Individual WileyPLUS Practice Ch 11

Question 1


Which of the following is not an advantage of a corporation?
Government regulations.
Separate legal existence.
Transferable ownership rights.
Continuous life.
Question 2


Which of the following is a disadvantage of a corporation
limited liability of stockholders.
additional taxes.
transferable ownership rights.
None of the above.
Question 3


Which of the following statements is false?
The stockholders’ equity section begins with paid-in capital.
The authorization of capital stock does not result in a formal accounting entry.
Ownership of common stock gives the owner a voting right.
The par value of a share of stock is equal to its market value.
Question 4


ABC Corporation issues 1,000 shares of $10 par value common stock at $12 per share. In recording the transaction, credits are made to:
Common Stock $10,000 and Paid-in Capital in Excess of Par Value $2,000.
Common Stock $10,000 and Retained Earnings $2,000.
Common Stock $10,000 and Paid-in Capital in Excess of Stated Value $2,000.
Common Stock $12,000.

Question 5


XYZ, Inc. sells 100 shares of $5 par value treasury stock at $13 per share. If the cost of acquiring the shares was $10 per share, the entry for the sale should include credits to:
Treasury Stock $500 and Paid-in Capital from Treasury Stock $800.
Treasury Stock $1,000 and Retained Earnings $300.
Treasury Stock $500 and Paid-in Capital in Excess of Par Value $800.
Treasury Stock $1,000 and Paid-in Capital from Treasury Stock $300.
Question 6


In the stockholders’ equity section, the cost of treasury stock is deducted from:
total paid-in capital and retained earnings.
retained earnings.
common stock in paid-in capital.
total stockholders’ equity.
Question 7


Preferred stock may have priority over common stock except in:
dividends.
assets in the event of liquidation.
cumulative dividend features.
voting.



Question 8


M-Bot Corporation has 10,000 shares of 8%, $100 par value, cumulative preferred stock outstanding at December 31, 2011. No dividends were declared in 2009 or 2010. If M-Bot wants to pay $375,000 of dividends in 2011, common stockholders will receive:
$0.
$295,000.
$215,000.
$135,000.
Question 9


Entries for cash dividends are required on the:
declaration date and the payment date.
record date and the payment date.
declaration date, record date, and payment date.
declaration date and the record date.
Question 10

Which of the following statements about small stock dividends is true?


A small stock dividend decreases Stock Dividends Distributable.

A debit to Stock Dividends for the par value of the shares issued should be made.

A small stock dividend decreases total stockholders’ equity.

Market value per share should be assigned to the dividend shares.



Question 11



All but one of the following is reported in a retained earnings statement. The exception is:


net income and net loss.

some disposals of treasury stock below cost.

cash and stock dividends.

sales of treasury stock above cost.
Question 12
A prior period adjustment is:


reported in the income statement as a nontypical item.

reported directly in the stockholders’ equity section.

reported in the retained earnings statement as an adjustment of the ending balance of retained earnings.

a correction of an error that is made directly to retained earnings.
Question 13

In the stockholders’ equity section of the balance sheet, common stock:


is part of paid-in capital.

is added to total capital stock.

is part of additional paid-in capital.

is listed before preferred stock.
Question 14
Which of the following is not reported under additional paid-in capital?


Paid-in capital in excess of par value.

Paid-in capital in excess of stated value.

Paid-in capital from treasury stock.

Common stock.
Question 15

Katie Inc. reported net income of $186,000 during 2011 and paid dividends of $26,000 on commonstock. It also has 10,000 shares of 6%, $100 par value, noncumulative preferred stock outstanding. Common stockholders’ equity was $1,200,000 on January 1, 2011, and $1,600,000 on December 31, 2011. The company’s return on common stockholders’ equity for 2011 is:


10.0%.

7.1%.

13.3%.

9.0%.
Question 16

When a stockholders’ equity statement is presented, it is not necessary to prepare a(an):


retained earnings statement.

balance sheet.

income statement.

None of the above.
Question 17

The ledger of JFK, Inc. shows common stock, common treasury stock, and no preferred stock. For this company, the formula for computing book value per share is:


Total stockholders’ equity divided by the number of shares of common stock issued.

Total stockholders’ equity divided by the number of shares of common stock outstanding.

Total paid-in capital and retained earnings divided by the number of shares of common stock issued.

Common stock divided by the number of shares of common stock issued.



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ACC 291 Week 3 Individual WileyPLUS Assignment
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ACC 291 Week 3 Individual WileyPLUS Assignment

Resource: WileyPLUS

Complete the following WileyPLUS Week Three Exercises and Problems:

Exercise E9-7

Exercise E10-5

Exercise E10-10

Exercise E10-11

Exercise E10-15

Exercise E10-18

Problem P10-5A

Problem P10-9A

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ACC 291 Week 3 DQ 4
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ACC 291 Week 3 DQ 4

What are the major sources of paid-in-capital, including the various classes of stock? Would you select preferred stock or common stock as an investment? Why?

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ACC 291 Week 3 DQ 3
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ACC 291 Week 3 DQ 3

Discuss the different types of dividends that a corporation may issue. Discuss the process of issuing and paying dividends and why a corporation should issue dividends. What dividend would you prefer?

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ACC 291 Week 3 DQ 2
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ACC 291 Week 3 DQ 2
Why do corporations buy back their own stock? What does it tell you about the corporation? What effect does the purchase have on the price of a company’s stock?

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ACC 291 Week 3 DQ 1
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ACC 291 Week 3 DQ 1

Why does a company choose to form as a corporation? What are the steps required to become a corporation? What are the advantages and disadvantages of the corporate form of doing business?

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ACC 291 Week 2 Individual WileyPLUS Practice Ch 09
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ACC 291 Week 2 Individual WileyPLUS Practice Ch 09
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23

ACC 291 Week 2 Individual WileyPLUS Practice Ch 08
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ACC 291 Week 2 Individual WileyPLUS Practice Ch 08

Question 1

Receivables are frequently classified as:

accounts receivable and general receivables.

accounts receivable, notes receivable, and employee receivables.

accounts receivable, notes receivable, and other receivables.

accounts receivable, company receivables, and other receivables.

Question 2

Buehler Company on June 15 sells merchandise on account to Chaz Co. for $1,000, terms 2/10, n/30. On June 20, Chaz Co. returns merchandise worth $300 to Buehler Company. On June 24, payment is received from Chaz Co. for the balance due. What is the amount of cash received?

$700

$680

$686

None of the above

Question 3

Which of the following approaches for bad debts is best described as a balance sheet method?

percentage-of-sales basis

percentage-of-receivables basis

Both percentage-of-receivables basis and direct write-off method

direct write-off method

Question 4

Hughes Company has a credit balance of $5,000 in its Allowance for Doubtful Accounts before any adjustments are made at the end of the year. Based on the review and aging of its accounts receivable at the end of the year, Hughes estimates that $60,000 of its receivables are uncollectible. The amount of bad debts expense which should be reported for the year is:

$55,000.

$65,000.

$5,000.

$60,000.

Question 5

Hughes Company has a debit balance of $5,000 in its Allowance for Doubtful Accounts before any adjustments are made at the end of the year. Based on the review and aging of its accounts receivable at the end of the year, Hughes estimates that $60,000 of its receivables are uncollectible. The amount of bad debts expense which should be reported for the year is:

$60,000.

$55,000.

$65,000.

$5,000.

Question 6

Net sales for the month are $800,000, and bad debts are expected to be 1.5% of net sales. The company uses the percentage-of -sales basis. If the Allowance for Doubtful Accounts has a credit balance of $15,000 before adjustment, what is the balance after adjustment?

$23,000

$15,000

$31,000

$27,000

Question 7

In 2011, Roso Carlson Company had net credit sales of $750,000. On January 1, 2011, Allowance for Doubtful Accounts had a credit balance of $18,000. During 2011, $30,000 of uncollectible accounts receivable were written off. Past experience indicates that 3% of net credit sales become uncollectible. What should be the adjusted balance of Allowance for Doubtful Accounts at December 31, 2011?

$10,050

$40,500

$10,500

$22,500

Question 8

An analysis and aging of the accounts receivable of Prince Company at December 31 reveals the following data.

Accounts receivable $ 800,000

Allowance for doubtful accounts per books before adjustment $ 50,000

Amounts expected to become uncollectible $ 65,000

The cash realizable value of the accounts receivable at December 31, after adjustment, is:

$800,000.

$735,000.

$750,000.

$685,000.

Question 9

One of the following statements about promissory notes is incorrect. The incorrect statement is:

A promissory note is not a negotiable instrument.

The party making the promise to pay is called the maker.

A promissory note is often required from high-risk customers.

The party to whom payment is to be made is called the payee.

Question 10

Which of the following statements about Visa credit card sales is incorrect?

Two parties are involved.

The credit card issuer makes the credit investigation of the customer.

The retailer is not involved in the collection process.

The retailer receives cash more quickly than it would from individual customers on account.

Question 11

Blinka Retailers accepted $50,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 4% for its credit card use. The entry to record this transaction by Blinka Retailers will include a credit to Sales of $50,000 and a debit(s) to:

Cash $48,000

and Service Charge Expense $2,000

Cash $50,000

Accounts Receivable $50,000

Accounts Receivable $48,000

and Service Charge Expense $2,000

Question 12

Foti Co. accepts a $1,000, 3-month, 12% promissory note in settlement of an account with Bartelt Co. The entry to record this transaction is as follows.

Notes Receivable 1,030

Accounts Receivable 1,030

Notes Receivable 1,000

Accounts Receivable 1,000

Notes Receivable 1,000

Sales 1,000

Notes Receivable 1,020

Accounts Receivable 1,020

Question 13

Ginter Co. holds Kolar Inc.’s $10,000, 120-day, 9% note. The entry made by Ginter Co. when the note is collected, assuming no interest has been previously accrued, is:

Accounts Receivable 10,300

Notes Receivable 10,000

Interest Revenue 300



Cash 10,300

Notes Receivable 10,000

Interest Revenue 300



Cash 10,300

Notes Receivable 10,300



Cash 10,000

Notes Receivable 10,000

Question 14

Accounts and notes receivable are reported in the current assets section of the balance sheet at:

invoice cost.

cash (net) realizable value.

net book value.

ower-of-cost-or-market value.

Question 15

Oliveras Company had net credit sales during the year of $800,000 and cost of goods sold of $500,000. The balance in accounts receivable at the beginning of the year was $100,000, and the end of the year it was $150,000. What were the accounts receivable turnover ratio and the average collection period in days?

8.0 and 45.6 days

6.4 and 57 days

4.0 and 91.3 days

5.3 and 68.9 days



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ACC 291 Week 2 Individual WileyPLUS Assignment
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ACC 291 Week 2 Individual WileyPLUS Assignment
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ACC 291 Week 2 Individual WileyPLUS Assignment

Resource: WileyPLUS

Complete the following WileyPLUS Week Two Exercises and Problem:



Exercise E8-3

Exercise BE9-13

Exercise Do It! 9-4

Exercise E9-9

Exercise E9-10

Problem P9-5A

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ACC 291 Week 2 DQ 6
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ACC 291 Week 2 DQ 6

Define and give examples of current liabilities. What are contingent liabilities? What is an example of a contingent liability? Describe the accounting treatment for contingent liabilities and how are they journalized?

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ACC 291 Week 2 DQ 5
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ACC 291 Week 2 DQ 5

Why do companies issue bonds? Would you rather buy a bond at a discount or a premium rate? Why? What is the determining factor of whether a bond is sold at a discount, face value, or premium?

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ACC 291 Week 2 DQ 4
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ACC 291 Week 2 DQ 4

Discuss the accounting procedures for Notes Payable and Accounts Payable. Discuss the nature of each account and the differences between these accounts.

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ACC 291 Week 2 DQ 3
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ACC 291 Week 2 DQ 3

Discuss the differences among valuation, depreciation, amortization, and depletion. Use examples in your discussion.

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ACC 291 Week 2 DQ 2
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ACC 291 Week 2 DQ 2

What types of industries have unearned revenue? Why unearned revenue is considered a liability? When is the unearned revenue recognized in the financial statements?

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ACC 291 Week 2 DQ 1
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ACC 291 Week 2 DQ 1

What are the differences among valuation, depreciation, amortization, and depletion? Is it appropriate to calculate depreciation using two different methods? Why?

Which depreciation method provides you with the highest depreciation expense in the first year? Why?

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ACC 291 Week 1 DQ 4
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ACC 291 Week 1 DQ 4

Explain how companies recognize accounts receivable. How would you describe the entries to record the disposition of accounts receivables? What is their function? How are bad debts accounted for under the direct write-off method? What are the advantages and disadvantages of this method?

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ACC 291 Week 1 DQ 3
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ACC 291 Week 1 DQ 3

Discuss the nature of intangible assets, using examples, and the basic issues related to accounting for them. Discuss how they are different from tangible assets.

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ACC 291 Week 1 DQ 2
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ACC 291 Week 1 DQ 2

Pendergrass Company hires an accounting intern who says that intangible assets should always be amortized over their legal lives. Is the intern correct? Explain.

What are the basic issues related to accounting for intangible assets?

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ACC 291 Week 1 DQ 1
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ACC 291 Week 1 DQ 1

How would you describe the entries to record the disposition of accounts receivables? What is their function? How are bad debts accounted for under the direct write-off method? What are the disadvantages of this method?

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35

ACC 291 Final Exam
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ACC 291 Final Exam Guide

1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense?

A.

Bad Debts Expense ……………. ……………. $15,000

Allowances for Doubtful Accounts ……………. ……………. $15,000

B.

Bad Debts Expense ……………. ……………. $12,000

Allowances for Doubtful Accounts ……………. ……………. $12,000

C.

Bad Debts Expense ……………. ……………. $12,000

Accounts Receivable ……………. ……………. …………….. $12,000

D.

Bad Debts Expense ……………. ……………. $15,000

Accounts Receivable ……………. ……………. …………….. $15,000



2) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period?

A. $15,000

B. $12,000

C. $18,000

D. $8,000



3) Intangible assets

A. should be reported under the heading Property, Plant, and Equipment

B. should be reported as a separate classification on the balance sheet

C. should be reported as Current Assets on the balance sheet

D. are not reported on the balance sheet because they lack physical substance



4) Intangible assets are the rights and privileges that result from ownership of long-lived assets that

A. must be generated internally

B. are depletable natural resources

C. do not have physical substance

D. have been exchanged at a gain



5) The book value of an asset is equal to the

A. asset’s market value less its historic cost

B. blue book value relied on by secondary markets

C. replacement cost of the asset

D. asset’s cost less accumulated depreciation



6) Gains on an exchange of plant assets that has commercial substance are

A. deducted from the cost of the new asset acquired

B. deferred

C. not possible

D. recognized immediately



7) Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as

A. capital expenditures

B. expense expenditures

C. improvements

D. revenue expenditures

8) Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as

A. capital expenditures

B. expense expenditures

C. ordinary repairs

D. revenue expenditures

9) When an interest-bearing note matures, the balance in the Notes Payable account is



A. less than the total amount repaid by the borrower

B. the difference between the maturity value of the note and the face value of the note

C. equal to the total amount repaid by the owner

D. greater than the total amount repaid by the owner



10) The interest charged on a $200,000 note payable, at a rate of 6%, on a 2-month note would be

A. $12,000

B. $6,000

C. $3,000

D. $2,000



11) If a corporation issued $3,000,000 in bonds which pay 10% annual interest, what is the annual net cash cost of this borrowing if the income tax rate is 30%?

A. $3,000,000

B. $90,000

C. $300,000

D. $210,000



12) Hilton Company issued a four-year interest-bearing note payable for $300,000 on January 1, 2011. Each January the company is required to pay $75,000 on the note. How will this note be reported on the December 31, 2012 balance sheet?

A. Long-term debt, $300,000.

B. Long-term debt, $225,000.

C. Long-term debt, $150,000; Long-term debt due within one year, $75,000.

D. Long-term debt, $225,000; Long-term debt due within one year, $75,000.





13) A corporation issued $600,000, 10%, 5-year bonds on January 1, 2011 for 648,666, which reflects an effective-interest rate of 8%. Interest is paid semi-annually on January 1 and July 1. If the corporation uses the effective-interest method of amortization of bond premium, the amount of bond interest expense to be recognized on July 1, 2011, is

A. $30,000

B. $24,000

C. $32,434

D. $25,946



14) When the effective-interest method of bond discount amortization is used

A. the applicable interest rate used to compute interest expense is the prevailing market interest rate on the date of each interest payment date

B. the carrying value of the bonds will decrease each period

C. interest expense will not be a constant dollar amount over the life of the bond

D. interest paid to bondholders will be a function of the effective-interest rate on the date the bonds were issued



15) If a corporation has only one class of stock, it is referred to as

A. classless stock

B. preferred stock

C. solitary stock

D. common stock

16) Capital stock to which the charter has assigned a value per share is called

A. par value stock

B. no-par value stock

C. stated value stock

D. assigned value stock



17) ABC, Inc. has 1,000 shares of 5%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2011. What is the annual dividend on the preferred stock?

A. $50 per share

B. $5,000 in total

C. $500 in total

D. $.50 per share



18) Manner, Inc. has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2011. There were no dividends declared in 2010. The board of directors declares and pays a $45,000 dividend in 2011. What is the amount of dividends received by the common stockholders in 2011?

A. $0

B. $25,000

C. $45,000

D. $20,000

19) When the selling price of treasury stock is greater than its cost, the company credits the difference to

A. Gain on Sale of Treasury Stock

B. Paid-in Capital from Treasury Stock

C. Paid-in Capital in Excess of Par Value

D. Treasury Stock



20) The purchase of treasury stock

A. decreases common stock authorized

B. decreases common stock issued

C. decreases common stock outstanding

D. has no effect on common stock outstanding



21) Marsh Company has other operating expenses of $240,000. There has been an increase in prepaid expenses of $16,000 during the year, and accrued liabilities are $24,000 lower than in the prior period. Using the direct method of reporting cash flows from operating activities, what were Marsh’s cash payments for operating expenses?

A. $228,000

B. $232,000

C. $200,000

D. $280,000



22) Where would the event purchased land for cash appear, if at all, on the indirect statement of cash flows?

A. Operating activities section

B. Investing activities section

C. Financing activities section

D. Does not represent a cash flow



23) In performing a vertical analysis, the base for cost of goods sold is

A. total selling expenses

B. net sales

C. total revenues

D. total expense



24) Blanco, Inc. has the following income statement (in millions):

BLANCO, INC.

Income Statement

For the Year Ended December 31, 2011

Net Sales ………………………… $200

Cost of Goods Sold ………………………… 120

Gross Profit ………………………… 80

Operating Expenses ………………………… 44

Net Income ………………………… $ 36

Using vertical analysis, what percentage is assigned to Net Income?

A. 100%

B. 82%

C. 18%

D. 25%



25) Dawson Company issued 500 shares of no-par common stock for $4,500. acc 291 final exam, Which of the following journal entries would be made if the stock has a stated value of $2 per share?

A.

Cash ………………………………………………….. $4,500

Common Stock 4,500

B.

Cash ……………………………… $4,500

Common Stock 1,000

Paid-In Capital in Excess of Par 3,500

C.

Cash …………………. $4,500

Common Stock 1,000

Paid-In Capital in Excess of Stated Value 3,500

D.

Common Stock ………………………………………………….. $4,500

Cash 4,500



26) Andrews, Inc. paid $45,000 to buy back 9,000 shares of its $1 par value common stock. This stock was sold later at a selling price of $6 per share. The entry to record the sale includes a

A. credit to Paid-In Capital from Treasury Stock for $9,000

B.credit to Retained Earnings for $9,000

C. debit to Pain-In Capital from Treasury Stock for $45,000

D. debit to Retained Earnings for $45,000



27) Which of the following is a fundamental factor in having an effective, ethical corporate culture?

A. Efficient oversight by the company’s Board of Directors

B. Workplace ethics

C. Code of conduct

D. Ethics management programs



28) Two individuals at a retail store work the same cash register. You evaluate this situation as

A. a violation of establishment of responsibility

B. a violation of segregation of duties

C. supporting the establishment of responsibility

D. supporting internal independent verification



29) The Sarbanes-Oxley Act imposed which new penalty for executives?

A. Fines

B. Suspension

C. Criminal prosecution for executives

D. Return of ill-gotten gains



30) The Sarbanes-Oxley Act requires that all publicly traded companies maintain a system of internal controls. Internal controls can be defined as a plan to

A. safeguard assets

B. monitor balance sheets

C. control liabilities

D. evaluate capital stock

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ACC 291 Complete Class Principles of Accounting II
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ACC 291 Complete Class and Final Exams
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