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ACC 291 Final Exam Guide (New, 2020, 100% Score)
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1. The term “receivables” refers to cash to be paid to debtors.
merchandise to be collected from individuals or companies.
cash to be paid to creditors. amounts due from individuals or
companies. 2. Three accounting issues associated with accounts
receivable are depreciating, valuing, and collecting.
depreciating, returns, and valuing. accrual, bad debts, and
accelerating collections. recognizing, valuing, and accelerating
collections. 3. When the allowance method is used to account
for uncollectible accounts Bad Debts Expense is debited when:
management estimates the amount of uncollectibles. a
customer’s account becomes past due. an account becomes
bad and is written off. a sale is made. 4. Which one of the
following is not a principle of sound accounts receivable
management? Determine a payment period. Determine to
whom to extend credit. Delay cash receipts from receivables if
necessary. Monitor collections. 5. The accounts receivable
turnover is used to analyze profitability. long-term solvency.
liquidity. risk. 6. The following information is provided for
Sunland Company and Marigold Corp.: 7. What is Marigold’s
return on assets (rounded) for 2017? 3% 2% 3% 9% 8. Which of
the following is not properly classified as property, plant and
equipment? A truck held for resale by an automobile
dealership. Land improvement, such as parking lots and fences.

Building used as a factory. Land used in ordinary business
operations.
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ACC 291 Week 1 Assignment Comparative Analysis Problem
(2 Papers)
This Tutorial contains Papers+ Excel Sheet Purpose of Assignment
The purpose of this assignment is to help you understand the basics
of financial statement analysis using financial ratios on the assets
section of the balance sheet, data interpretation, and how ratios are
used to gain insight about the management of receivable.
Assignment Steps Resources: Financial Accounting: Tools for Business
Decision Making Develop an 875-word analysis providing conclusions
concerning the management of accounts receivable based on the
financial statements of Columbia Sportswear Company presented in
Appendix B and the financial statements of VF Corporation
presented in Appendix C, including the following: Based on the
information contained in these financial statement, compute the
following 2014 values for each company: What conclusions
concerning the management of accounts receivable can be drawn
from this data? Accounts receivable turnover (For VF, use “Net sales”
and assume all sales were credit sales) Average collection period for
accounts receivable Use the Week 1 Excel® spreadsheet to show
your work and submit with your analysis. Click the Assignment Files
tab to submit your assignment.

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ACC 291 Week 1 Practice Connect Practice Assignment
ACC 291 Week 1 Practice Connect Practice Assignment attempt 1 1
Record the following transactions of Lisa’s Fashion Boutique in a
general journal. Lisa’s Fashion Boutique operates in a state with 8%
sales tax. (Round your intermediate calculations and final answers to
2 decimal places): DATE TRANSACTIONS 2019 Feb. 2 Sold
merchandise for cash totaling $3,800 to customers using bank credit
cards. Record the 2 percent discount on credit card sales at time of
sale. 15 Sold merchandise totaling $2,100 to customers using
American Express. 20 Received amount due from American Express,
less their 3 percent discount, for sales made by customers using
American Express on February 15. 2 On April 1, Moloney Meat
Distributors sold merchandise on account to Fronke’s Franks for
$3,500 on Invoice 1001, terms 2/10, n/30. Payment was received in
full from Fronke’s Franks, less discount, on April 10. Required: Record
the transactions on April 1 and April 10. 3 Record the following
transactions of Fashion Park in a general journal. Fashion Park must
charge 8 percent sales tax on all sales. DATE TRANSACTIONS 2019
April 2 Sold merchandise for cash, $2,500 plus sales tax. 3
The customer purchasing merchandise for cash on April 2
returned $250 of the merchandise; provided a cash refund to the
customer.
==============================================

ACC 291 Week 1 Wileyplus Assignment E8-4, E8-11, BYP8-
1, and BYP8-2 (New)
Wiley Plus Assignment Week 1
·E8-4, E8-11, BYP8-1, and BYP8-2 in MS Excel
Exercise 8-4 Wainwright Company
Exercise 8-11 Fedex Corporation
Broadening your Perspective 8-1 Tootsie Roll
Broadening your Perspective 8-2 Tootsie Roll and Hershey
==============================================
ACC 291 Week 2 - Fordyce and Atwater (New)
P10-5A
Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on
December 31, 2007. The proceeds from the note are to be used in
financing a new research laboratory. The terms of the note provide
for semiannualinstallment payments, exclusive of real estate taxes

and insurance, of $29,433. Payments are due June 30 and December
31.
Complete the installment payments schedule for the first 2 years.
(Round answers to 0 decimal places, e.g. 125. Use rounded amounts
for future calculations.)
Prepare the entries for (1) the loan and (2) the first two installment
payments. (For multiple debit/credit entries, list amounts from
largest to smallest eg 10, 5, 3,
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ACC 291 Week 2 Apply Connect Assignment (Score 10/10)
(with Excel File)
This Tutorial contains an Excel File which can be used for any change
in values ACC 291 Week 2 Apply Connect Assignment Big Country Ski
Shop is a retail store that sells ski equipment and clothing. Big
Country Ski Shop commenced business on September 1, 2019. The
firm purchases merchandise on open account. The firm’s purchases,
purchase returns and allowances, and cash payments on account
during September 2019 follow: DATE TRANSACTIONS 2019 Sept. 2
Purchased ski boots for $5,200 plus a freight charge of $250 from
Colorado Ski Shop, Invoice 6672, terms n/30. 3 Purchased skis for
$10,800 from Alaska Supply Company, Invoice 5916; terms 2/10,
n/30. 7 Received Credit Memorandum 165 for $860 from Colorado
Ski Shop for return of damaged ski boots; the boots were originally

purchased September 2 on Invoice 6672. 11 Purchased ski jackets for
$3,600 from Cold Mountain Clothing Company, Invoice 4091, terms
n/30. 12 Issued Check 104 to Alaska Supply Company in payment of
Invoice 5916, dated September 3, less the cash discount. 22
Purchased ski poles for $3,360 plus a freight charge of $190 from
Alaska Supply Company, Invoice 5950, terms 3/10, n/30. 23
Purchased ski pants for $1,850 from Swenson Ski Goods, Invoice 528,
terms n/30. 25 Received Credit Memorandum 245 for $260 from
Swenson Ski Goods for return of defective ski pants; the pants were
originally purchased September 23 on Invoice 528. 27 Purchased ski
sweaters for $4,000 plus a freight charge of $170 from Colorado Ski
Shop, Invoice 6722, terms n/30. 30 Issued Check 110 to Colorado Ski
Shop in payment of Invoice 6672, dated September 2, less the return
of
==============================================
ACC 291 Week 2 Assignment Financial Reporting Problem,
Apple Inc
Purpose of Assignment The purpose of this assignment is to help you
understand the basics of financial statement analysis related to the
assets section of the balance sheet, data interpretation, and how
financial information is obtained to understand how a company
accounts for its long-lived assets. Assignment Steps Resources:

Financial Accounting: Tools for Business Decision Making Note: The
financial statements of Apple, Inc. are presented in Appendix A of
Financial Accounting. Instructions for accessing and using the
company's complete annual report, including the notes to the
financial statements, are also provided in Appendix A. Complete a
1,050-word summary of findings and recommendations from the
following questions: •What were the total cost and book value of
property, plant, and equipment at September 27, 2014? • Using
the notes to find financial statements, what method or methods of
depreciation are used by Apple for financial reporting purposes? •
explain in the summary how Apple accounted for its intangible
assets in 2014. Use the Week 2 Excel® spreadsheet to show your
work and submit with your summary. Click the Assignment Files tab
to submit your assignment.
==============================================
(Score 10/10)
Question 1 Big Country Ski Shop is a retail store that sells ski
equipment and clothing. Big Country Ski Shop commenced business
on September 1, 2019. The firm purchases merchandise on open
account. The firm’s purchases, purchase returns and allowances, and
cash payments on account during September 2019 follow: DATE
TRANSACTIONS 2019 Sept. 2 Purchased ski boots for $6,600 plus
a freight charge of $310 from Colorado Ski Shop, Invoice 6672, terms

n/30. 3 Purchased skis for $12,200 from Alaska Supply Company,
Invoice 5916; terms 3/10, n/30. 7 Received Credit
Memorandum 165 for $1,000 from Colorado Ski Shop for return of
damaged ski boots; the boots were originally purchased September 2
on Invoice 6672. 11 Purchased ski jackets for $5,000 from Cold
Mountain Clothing Company, Invoice 4091, terms n/30. 12 Issued
Check 104 to Alaska Supply Company in payment of Invoice 5916,
dated
==============================================
ACC 291 Week 2 Textbook Exercise BE 8-8, E8-4, E8-14,
E9-4
ACC 291 Week 2 Textbook Exercise BE 8-8, E8-4, E8-14, E9-4 Chapter
8: BE8-8 Determine maturity dates and compute interest and rates
on notes. E8-4 The ledger of Macarty Company at the end of the
current year shows Accounts Receivable $78,000, Credit Sales
$810,000, and Sales Returns and Allowances $40,000. Instructions (a)
If Macarty uses the direct write‐off method to account for
uncollectible accounts, journalize the adjusting entry at December
31, assuming Macarty determines that Matisse's $900 balance is
uncollectible. (b) If Allowance for Doubtful Accounts has a credit
balance of $1,100 in the trial balance, journalize the adjusting entry
at December 31, assuming bad debts are expected to be 10% of
accounts receivable. (c) If Allowance for Doubtful Accounts has a
debit balance of $500 in the trial balance, journalize the adjusting

entry at December 31, assuming bad debts are expected to be 8% of
accounts receivable. Determine bad debt expense, and prepare the
adjusting entry. Chapter 8: E8-14 Compute ratios to evaluate a
company's receivables balance.
==============================================
ACC 291 Week 2 Wileyplus Assignment P8-3A, BE9-11,
DI9-5, E9-7, E9-8, BYP9, P9-2A (New)
·P8-3A, BE9-11, DI9-5, E9-7, E9-8, BYP9, P9-2A.
Problem 8-3A: Bosworth Company
Brief Exercise 9-11: Nike, Inc.
Do It! 9-5
Exercise 9-7: Wang, Co.
Exercise 9-8: Cleand Company
Broadening Your Perspective 9-1: Tootsie Roll
Broadening Your Perspective 9-2: Tootsie& Hershey
Problem 9-2A: Navaro Corporation
==============================================
(With Excel File)

in values ACC 291 Week 3 Apply Connect Assignment 1. On August 1,
2019, the accountant for Western Imports downloaded the
company's July 31, 2019, bank statement from the bank's Website.
The balance shown on the bank statement was $28,710. The July 31,
2019, balance in the Cash account in the general ledger was $14,537.
Jenny Irvine, the accountant for Western Imports, noted the
following differences between the bank's records and the company's
Cash account in the general ledger: a. An electronic funds transfer
for $13,900 from FoncierRicard, a customer located in France, was
received by the bank on July 31. b. Check 1422 was correctly
written and recorded for $1,200. The bank mistakenly paid the check
for $1,270. c. The accounting records indicate that Check 1425
was issued for $60 to make a purchase of supplies. However,
examination of the check online showed that the actual amount of
the check was for $90. d. A deposit of $750 made after banking
hours on July 31 did not appear on the July 31 bank statement. e.
The following checks were outstanding: Check 1429 for $1,244,
and Check 1430 for $136. f. An automatic debit of $257 on July 31
from CentralComm for telephone service appeared on the bank
statement but had not been recorded in the company's accounting
records. Required: 1. Prepare a bank reconciliation for the firm as of
July 31. 2. Record general journal entries for the items on the bank
reconiliation that must be journalized. Analyze: What effect on total
expenses occurred as a result of the general journal entries
recorded?

==============================================
ACC 291 Week 3 Assignment The Liabilities Section of
O’Brian’s Balance Sheet
understand the balance sheet presentation for the liabilities of a
company. Assignment Steps Resources: Financial Accounting: Tools
for Business Decision Making Prepare the liabilities section of
O’Brian’s balance sheet using the following information: •
Accounts payable $157,000 • Notes payable (due May 1,
2018) $20,000 • Bonds payable (due 2021) $900,000 • Unearned
rent revenue $240,000 • Discount on bonds payable $41,000 •
FICA taxes payable $7,800 • Interest payable (due 2019)
$80,000 • Income taxes payable $3,500 • Sales taxes payable
$1,700 The Liabilities Section of O’Brian’s balance sheet must be 525
words. Show work on the Week 3 Excel® spreadsheet. Note: This
assignment requires that you only submit an Excel® Workbook file.
There are no written or APA guideline requirements. Click the
Assignment Files tab to submit your assignment.
==============================================
ACC 291 Week 3 Exercise BE 1-2, BE 10-3, BE 10-4, BE 10-
5, BE 10-14

BE 1-2, BE 10-3, BE 10-4, BE 10-5, BE 10-14 BRIEF EXERCISES Prepare
entries for an interest‐bearing note payable. BE10-2 Hive Company
borrows $90,000 on July 1 from the bank by signing a $90,000, 7%,
1‐year note payable. Prepare the journal entries to record (a) the
proceeds of the note and (b) accrued interest at December 31,
assuming adjusting entries are made only at the end of the year.
Compute and record sales taxes payable. BE10-3 Greenspan Supply
does not segregate sales and sales taxes at the time of sale. The
register total for March 16 is $10,388. All sales are subject to a 6%
sales tax. Compute sales taxes payable and make the entry to record
sales taxes payable and sales. Prepare entries for unearned
revenues. BE10-4 Bramble University sells 3,500 season basketball
tickets at $80 each for its 10‐game home schedule. Give the entry
to record (a) the sale of the season tickets and (b) the revenue
recognized after playing the first home game. Compute gross
earnings and net pay. BE10-5 Betsy Strand's regular hourly wage rate
is $16, and she receives an hourly rate of $24 for work in excess of 40
hours. During a January pay period, Betsy works 47 hours. Betsy's
federal income tax withholding is $95, and she has no voluntary
deductions. Compute Betsy Strand's gross earnings and net pay for
the pay period. Assume that the FICA tax rate is 7.65%. Analyze
solvency. BE10-14 Suppose the 2017 Adidas financial statements
contain the following selected data (in millions). Current assets
$4,485 Interest expense $169 Total assets 8,875 Income taxes 113
Current liabilities 2,836 Net income 245 Total liabilities 5,099 Cash
775 Compute the following values and provide a brief interpretation
of each. (a) Working capital. (b) Current ratio. (c) Debt to assets ratio.
(d) Times interest earned.

==============================================
(100% Score)
ACC 291 Week 3 Practice Connect Practice Assignment attempt 1 1
Florence Company received a bank statement showing a balance of
$13,550 on November 30, 2019. During the bank reconciliation
process, Florence’s accountant noted the following bank errors: A
check for $265 issued by Florentine, Inc., was mistakenly charged to
Florence Company’s account. Check 2782 was written for $200 but
was paid by the bank as $1,200. Check 2920 for $85 was paid by the
bank twice. A deposit for $580 on November 22 was credited by the
bank for $850. Assuming outstanding checks total $2,450, prepare
the adjusted bank balance section of the November 30, 2019, bank
reconciliation. 2 On January 2, The Public Legal Clinic issued Check
2108 for $450 to establish a petty cash fund. Indicate how this
transaction would be recorded in a general journal. 3 Di Stefano
Office Supply Company received a bank statement showing a balance
of $70,005 as of March 31, 2019. The firm’s records showed a book
balance of $71,487 on March 31. The difference between the two
balances was caused by the following items. A debit memorandum
for $40, which covers the bank’s collection fee for the note (item 6).
A deposit in transit of $4,700. A check for $348 issued by another
firm that was mistakenly charged to Di Stefano’s account. A debit
memorandum for an NSF check of $6,145 issued by Wozniak

Construction Company, a credit customer. Outstanding checks:
Check 3782 for $2,200; Check 3840 for $251. A credit memorandum
for a $7,300 noninterest-bearing note receivable that the bank
collected for the firm. Prepare a bank reconciliation statement for
the firm as of March
==============================================
ACC 291 Week 3 Wileyplus Assignment P9-7A, E10-5, E10-
8, E10-13, E10-22, E10-24, BYP10, P10-9A, P10-13A,
IFRS10-4 (New)
·P9-7A, E10-5, E10-8, E10-13, E10-22, E10-24, BYP10, P10-9A, P10-
13A, IFRS10-4.
Exercise 10-5: Olinger Company
Exercise 10-8: Ortega Company
Exercise 10-13: Romine Company
Exercise 10-22: Cole Corporation
Exercise 10-24: Nance, Co.
Broadening Your Perspective 10-1: Tootsie Roll
Broadening Your Perspective 10-2: Tootsie& Hershey
Problem 9-7A: Farr Company
Problem 10-9A: Wempe, Co.

Problem 10-13A: Grace Herron
IFRS10-4: Ratzlaff
==============================================
ACC 291 Week 4 Apply Connect Assignment (With Excel
file)
in values (CONTAINS ALL QUESTIONS, SCROLL DOWN TO CHECK)
Assignment 1 a.-b. Merchandise Inventory, before adjustment, has a
balance of $6,600. The newly counted inventory balance is $7,100. 1.
Unearned Seminar Fees has a balance of $5,100, representing
prepayment by customers for five seminars to be conducted in June,
July, and August 2019. Two seminars had been conducted by June
30, 2019. 2. Prepaid Insurance has a balance of $6,600 for six
months’ insurance paid in advance on May 1, 2019. 3. Store
equipment costing $12,890 was purchased on March 31, 2019. It has
a salvage value of $410 and a useful life of four years. 4.
Employees have earned $160 that has not been paid at June
30, 2019. 5. The employer owes the following taxes on wages
not paid at June 30, 2019: SUTA, $4.80; FUTA, $0.96; Medicare,
$2.32; and social security, $9.92. 6. Management estimates
uncollectible accounts expense at 1 percent of sales. This year’s sales
were $1,100,000. 7. Prepaid Rent has a balance of $5,250 for six
months’ rent paid in advance on March 1, 2019. 8. The Supplies

account in the general ledger has a balance of $310. A count of
supplies on hand at June 30, 2019, indicated $105 of supplies
remain.
==============================================
ACC 291 Week 4 Exercise E11-2, E11-5, E11-7, E11-13
Journalize issuance of common stock and preferred stock and
purchase of treasury stock. E11-2 Sagan Co. had these transactions
during the current period. June 12 Issued 80,000 shares of $1 par
value common stock for cash of $300,000. July 11 Issued 3,000
shares of $100 par value preferred stock for cash at $106 per share.
Nov. 28 Purchased 2,000 shares of treasury stock for $9,000. Prepare
correct entries for capital stock transactions. E11-5 Mesa
Corporation recently hired a new accountant with extensive
experience in accounting for partnerships. Because of the pressure of
the new job, the accountant was unable to review what he had
learned earlier about corporation accounting. During the first month,
he made the following entries for the corporation's capital stock.
Compare effects of a stock dividend and a stock split. E11-7 On
October 31, the stockholders' equity section of Manolo Company's
balance sheet consists of common stock $648,000 and retained
earnings $400,000. Manolo is considering the following two courses
of action: (1) declaring a 5% stock dividend on the 81,000 $8 par
value shares outstanding or (2) effecting a 2‐for‐1 stock split that
will reduce par value to $4 per share. The current market price is $17

per share. Instructions Prepare a tabular summary of the effects of
the alternative actions on the company's stockholders' equity and
outstanding shares. Use these column headings: Before Action, After
Stock Dividend, and After Stock Split. Calculate ratios to evaluate
profitability and solvency. E11-13 Kojak Corporation decided to issue
common stock and used the $300,000 proceeds to redeem all of its
outstanding bonds on January 1, 2017. The following information is
available
==============================================
ACC 291 Week 4 Practice Connect Assignment (100% Score)
ACC 291 Week 4 Practice Connect Practice Assignment attempt 1 1 1.
During the year 2019, Sampson Company had net credit sales
of $1,950,000. Past experience shows that 1.5 percent of the firm’s
net credit sales result in uncollectible accounts. 2.Equipment
purchased by Park Consultancy for $38,220 on January 2, 2019, has
an estimated useful life of 10 years and an estimated salvage value of
$2,700. What adjustment for depreciation should be recorded on the
firm’s worksheet for the year ended December 31, 2019? 3. On
December 31, 2019, Giant Plumbing Supply owed wages of $11,400
to its factory employees, who are paid weekly. 4. On December 31,
2019, Giant Plumbing Supply owed the employer’s social security
(6.2 percent) and Medicare (1.45 percent) taxes on the entire
$11,400 of accrued wages for its factory employees. 5. On December
31, 2019, Giant Plumbing Supply owed federal (0.6 percent) and

state (5.4 percent) unemployment taxes on the entire $11,400 of
accrued wages for its factory employees.
==============================================
ACC 291 WEEK 4 Stockholders’ Equity Section of the
Balance Sheet (Lachlin Corporation Balance Sheet)
become familiar with examining the stockholders' equity section of
the balance sheet. Assignment Steps Resources: Financial
Accounting: Tools for Business Decision Making Answer the following
questions in 1,050 words using the Lachlin Corporation Balance
Sheet (partial) below: • How many shares of common stock are
outstanding? • Assuming there is a stated value, what is the stated
value of the common stock? • What is the par value of the
preferred stock? • If the annual dividend on preferred stock is
$36,000, what is the dividend rate on preferred stock? • If
dividends of $72,000 were in arrears on preferred stock, what would
be the balance reported for retained earnings?
==============================================
ACC 291 Week 4 Wileyplus Assignment Do It! 11-1, E11-5,
E11-7, BYP11-1, BYP11-2, P11-5A, P11-8A (New)

·Do It! 11-1, E11-5, E11-7, BYP11-1, BYP11-2, P11-5A, P11-8A.
Do It! 11-1
Exercise 11-5 Garcia Corporation
Exercise 11-7 Pele Company
Broadening Your Perspective 11-1 Tootsie Roll
Broadening Your Perspective 11-2 Tootsie Roll & Hershey
Problem 11-5A Pringle Corporation
Problem 11-8A Everett Corporation
==============================================
(with Excel File)
in values 1 The Artisan Wines is a retail store selling vintage wines.
On December 31, 2019, the firm’s general ledger contained the
accounts and balances below. All account balances are normal.
Required: 1. Prepare a classified income statement for the year
ended December 31, 2019. The company does not classify its
operating expenses as selling expenses and general and

administrative expenses. 2. Prepare a statement of owner’s equity
for the year ended December 31, 2019. No additional investments
were made during the year. 3. Prepare a classified balance sheet
as of December 31, 2019. Analyze: What is the inventory turnover for
Artisan Wines? 2 Superior Hardwood Company distributes hardwood
products to small furniture manufacturers. The adjusted trial balance
data given below is from the firm’s worksheet for the year ended
December 31, 2019. Required: 1. Prepare a classified income
statement for the year ended December 31, 2019. The expense
accounts represent warehouse expenses, selling expenses, and
general and administrative expenses. 2. Prepare a statement of
owner’s equity for the year ended December 31, 2019. No additional
investments were made during the period. 3. Prepare a classified
balance sheet as of December 31, 2019. The mortgage payable
extends for more than a year. Analyze: What is the current ratio for
this business?
==============================================
ACC 291 Week 5 Assignment Financial Reporting Problem II
Purpose of Assignment The purpose of this assignment is to expose
you to the basic process involved in the analysis of the cash flow
statement. Assignment Steps Resources: Appendix A of Financial
Accounting: Tools for Business Decision Making Note: This is a two
part assignment. Part 1 Answer questions A-F in problem CT12-1 in
Financial Accounting (p. 640). Provide an 875-word analysis of your

findings. Include conclusions concerning the management of the
company's cash. Part 2 Complete a 1,050-word summary of findings
and recommendations from the following questions: • What is the
par or stated value per share of Apple's common stock? • What
percentage of Apple's authorized common stock was issued at
September 27, 2014? • How many shares of common stock were
outstanding at September 28, 2013, and at September 27, 2014? •
Calculate the payout ratio, earnings per share, and return on
common stockholders' equity for 2014. Use the Week 5 Excel®
spreadsheet and submit with your analysis and summary.
==============================================
ACC 291 Week 5 Connect Practice Connect Assignment
(Score 100%)
Coffee Bean Artisan wines Good to Go Auto Products Superior
Hardware Healthy Eating Foods Company The data below concerns
adjustments to be made at Coffee Bean Importers. Adjustments a.On
November 1, 2019, the firm signed a lease for a warehouse and paid
rent of $21,000 in advance for a six-month period. b. On December
31, 2019, an inventory of supplies showed that items costing $1,940
were on hand. The balance of the Supplies account was $11,880. c.
A depreciation schedule for the firm’s equipment shows that a
total of $10,750 should be charged off as depreciation in 2019. d. On
December 31, 2019, the firm owed salaries of $6,100 that will not be
paid until January 2020. e. On December 31, 2019, the firm owed

the employer’s social security (6.2 percent) and Medicare (1.45
percent) taxes on all accrued salaries. f. On October 1, 2019, the
firm received a five-month, 8 percent note for $6,500 from a
customer with an overdue balance. Required: 1. Record the
adjusting entries in the general journal as of December 31, 2019. 2.
Record reversing entries in the general journal as of January 1,
2020. Analyze: After the adjusting entries have been posted, what is
the balance of the Prepaid Rent account on January 1, 2020? 2 The
Artisan Wines is a retail store selling vintage wines. On December 31,
2019, the firm’s general ledger contained the accounts and balances
below. All account balances are normal. Required: 1. Prepare a
classified income statement for the year ended December 31, 2019.
The company does not classify its operating expenses as selling
expenses and general and administrative expenses.
==============================================
ACC 291 Week 5 Exercise E12-3, E12-10
Prepare the operating activities section—indirect method. E12-3
Sosa Company reported net income of $190,000 for 2017. Sosa also
reported depreciation expense of $35,000 and a loss of $5,000 on
the disposal of plant assets. The comparative balance sheets show an
increase in accounts receivable of $15,000 for the year, a $17,000
increase in accounts payable, and a $4,000 increase in prepaid
expenses. Instructions Prepare the operating activities section of the
statement of cash flows for 2017. Use the indirect method. Compare

free cash flow of two companies. E12-10 Information for two
companies in the same industry, Merrill Corporation and Wingate
Corporation, is presented here. Merrill Corporation Wingate
Corporation Net cash provided by operating activities $ 80,000
$100,000 Average current liabilities 50,000 100,000 Net income
200,000 200,000 Capital expenditures 40,000 70,000
Dividends paid 5,000 10,000 Instructions Compute free
cash flow for both companies and compare.
==============================================
ACC 291 Week 5 Wileyplus Assignment E7-3, E12-1, E12-8,
P12-9A, P12-10A, E13-3, E13-4, IFRS13-1, P13-2A (New)
· E7-3, E12-1, E12-8, P12-9A, P12-10A, E13-3, E13-4, IFRS13-1, P13-
2A.
International Financial Reporting Standards 13-1
Problem 13-2A
==============================================

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