University of phoenix acc 291 homework help

University of Phoenix ACC 291 Homework Help
Get help for University of Phoenix ACC 291 for all week assignments and discussions. We provide
assignment, homework, discussions and case studies help for all subject University of Phoenix for Session
2015-2016.
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?
Answer:
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to-27447
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?
Answer:
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accounti-27457

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.
Answer:
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asse-27458
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?
Answer:
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accou-27459
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?
Answer:
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Would-y-27460
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?
Answer:
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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
Answer:
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Resource-27462_61
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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
Sales 1,000
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:

Interest Revenue 300
Cash 10,300
Interest Revenue 300
Cash 10,300
Cash 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
Answer:
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Questi-27466
27469
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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form-as-27473_61
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?
Answer:
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27477
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?
Answer:
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27484
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?
Answer:
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in-27487
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
Answer:
Resource-27489
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
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
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
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
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.

Answer:
Questi-27523
ACC 291 Week 4 Individual WileyPLUS Pre Lecture Practice Ch 13
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Practice-Ch-27526
ACC 291 Week 4 Individual WileyPLUS Pre Lecture Practice Ch 14
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Practice-Ch-27527
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.
Answer:
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Sarbanes-O-27533
ACC 291 Week 5 Individual Assignment Impact of Unethical Behavior Article Analysis
Answer:
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Unethical-Beh-27537
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
Answer:
Resource-27540
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
Answer:
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Huffman-Tr-27542
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.
Allowances for Doubtful Accounts ................ ................ $12,000
C.
Accounts Receivable ................ ................ ................. $12,000
D.
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
Answer:
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percent-27439

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