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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
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Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
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Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
1,935,200
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Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
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Brief Exercise 7-7
Larkspur Family Importers sold goods to Tung Decorators for $40,800 on November 1, 2017, accepting Tung’s $40,800, 6-month, 6% note.
Prepare Larkspur’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
ACC 422 Final Exam Guide New 2017 seek Your Dream/snaptutorialdotcomapjk535
This document provides guidance and sample exercises for an ACC 422 final exam. It includes multiple choice questions, brief exercises, and longer exercises involving the preparation of journal entries related to various accounting topics like inventory, fixed assets, intangible assets, bonds, notes, and leases. The exercises require calculations of amounts such as depreciation, impairment losses, warranty expenses, and amortization of bond premiums/discounts.
ACC 422 Final Exam Guide New 2017 seek Your Dream/uophelpdotcomapjk533
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Brief Exercise 7-7
Larkspur Family Importers sold goods to Tung Decorators for $40,800 on November 1, 2017, accepting Tung’s $40,800, 6-month, 6% note.
Prepare Larkspur’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
ACC 422 Final Exam Guide Score 29-30 seek Your Dream/acc422martdotcomapjk538
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Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
ACC 422 Final Exam Guide Score 29-30 seek Your Dream/uophelpdotcomapjk533
For more classes visit
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Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
1,935,200
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Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
ACC 422 Final Exam Guide New 2017 seek Your Dream/acc422martdotcomapjk538
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Brief Exercise 7-7
Larkspur Family Importers sold goods to Tung Decorators for $40,800 on November 1, 2017, accepting Tung’s $40,800, 6-month, 6% note.
Prepare Larkspur’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
ACC 422 Final Exam Guide New 2017 seek Your Dream/snaptutorialdotcomapjk535
This document provides guidance and sample exercises for an ACC 422 final exam. It includes multiple choice questions, brief exercises, and longer exercises involving the preparation of journal entries related to various accounting topics like inventory, fixed assets, intangible assets, bonds, notes, and leases. The exercises require calculations of amounts such as depreciation, impairment losses, warranty expenses, and amortization of bond premiums/discounts.
ACC 422 Final Exam Guide New 2017 seek Your Dream/uophelpdotcomapjk533
For more classes visit
www.uophelp.com
Brief Exercise 7-7
Larkspur Family Importers sold goods to Tung Decorators for $40,800 on November 1, 2017, accepting Tung’s $40,800, 6-month, 6% note.
Prepare Larkspur’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
This document provides an ACC 422 final exam guide that includes sample questions, exercises, and brief exercises covering various accounting topics such as cash, inventory valuation methods, long-term assets, and long-term liabilities. It contains over 30 practice problems and questions to help students prepare for the final exam. Excel files are also included to solve problems for changes in values.
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This Tutorial contains excel File which can be used to solve for any change in values
Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
Brief Exercise 7-15
Brief Exercise 8-4 (Part Level Submission)
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This Tutorial contains excel File which can be used to solve for any change in values
Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
Brief Exercise 7-15
This document provides study materials and practice questions for ACC 422 Final Exam, including summaries of key concepts, sample journal entries, and multiple choice questions covering topics like inventory valuation methods, long-term asset acquisition and disposal, notes payable, and intangible assets. An Excel file is included to help solve problems.
This document provides a guide and materials for ACC 422 final exam preparation, including Excel files and solutions to practice problems covering various accounting topics like inventory valuation, long-term assets, notes payable, and stock transactions. The guide contains over 20 practice problems and exercises with step-by-step solutions to help review concepts needed for the final exam.
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This document provides an ACC 422 final exam guide that includes Excel files and solutions to practice problems covering various accounting topics like inventory valuation, long-term assets, bonds, and more. It aims to help students prepare for and score well on the ACC 422 final exam. The guide contains over 50 practice problems and questions across 14 chapters to review essential course concepts.
This document provides an ACC 422 final exam guide that includes Excel files and solutions to practice problems covering various accounting topics like inventory valuation, long-term assets, bonds, and more. It aims to help students prepare for and score well on the ACC 422 final exam. The guide contains over 50 practice problems and questions across 14 chapters to review essential course concepts.
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This document provides a guide for ACC 422 final exam with solutions to multiple choice questions and exercises involving accounting for cash, receivables, inventory, long-term assets, current and long-term liabilities, and equity. It includes journal entries, T-accounts, and calculations for various accounting topics. An Excel file is provided to help solve problems by changing values. The guide aims to help students prepare and score well on the ACC 422 final exam.
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For more classes visit
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This Tutorial contains excel File which can be used to solve for any change in values
Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
This document provides study materials for an ACC 422 exam, including Excel files and solutions to practice problems covering various accounting topics like cash, receivables, inventory, long-term assets, current liabilities, bonds, and leases. It contains journal entries, calculations, and multiple choice questions for students to practice with.
This document provides study materials for an ACC 422 final exam, including practice problems, exercises, and multiple choice questions covering various accounting topics like inventory valuation, long-term assets, and depreciation. It includes excel files and solutions to help students prepare for the exam.
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This Tutorial contains excel File which can be used to solve for any change in values Brief Exercise 7-1 Brief Exercise 7-7 Brief Exercise 7-14 Brief Exercise 7-15 Brief Exercise 8-4 (Part Level Submission)
This document provides study materials and practice exercises for an ACC 422 final exam. It includes Excel files to solve problems, brief exercises covering various accounting topics like inventory, long-term notes, bonds, depreciation, and multiple choice questions. The exercises provide step-by-step workings and answers to help students prepare for the exam.
This document provides study materials for an ACC 422 final exam, including Excel files and solutions to practice problems covering various accounting topics like cash, receivables, inventory, long-term assets, current liabilities, bonds, and leases. It contains over 30 practice problems and exercises with step-by-step solutions to help review concepts from the course.
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Brief Exercise 7-1
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Brief Exercise 7-14
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This Tutorial contains excel File which can be used to solve for any change in values
Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
Brief Exercise 7-15
Brief Exercise 8-4 (Part Level Submission)
Brief Exercise 8-5
Brief Exercise 8-6
Multiple Choice Question 21
This document provides an ACC 422 final exam guide that includes sample questions, exercises, and brief exercises covering various accounting topics such as cash, inventory valuation methods, long-term assets, and long-term liabilities. It contains over 30 practice problems and questions to help students prepare for the final exam. Excel files are also included to solve problems for changes in values.
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This Tutorial contains excel File which can be used to solve for any change in values
Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
Brief Exercise 7-15
Brief Exercise 8-4 (Part Level Submission)
ACC 422 Final Exam Guide seek Your Dream/snaptutorialdotcomapjk536
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This Tutorial contains excel File which can be used to solve for any change in values
Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
Brief Exercise 7-15
This document provides study materials and practice questions for ACC 422 Final Exam, including summaries of key concepts, sample journal entries, and multiple choice questions covering topics like inventory valuation methods, long-term asset acquisition and disposal, notes payable, and intangible assets. An Excel file is included to help solve problems.
This document provides a guide and materials for ACC 422 final exam preparation, including Excel files and solutions to practice problems covering various accounting topics like inventory valuation, long-term assets, notes payable, and stock transactions. The guide contains over 20 practice problems and exercises with step-by-step solutions to help review concepts needed for the final exam.
ACC 422 NERD Lessons in Excellence--acc422nerd.comthomashard68
This document provides an ACC 422 final exam guide that includes Excel files and solutions to practice problems covering various accounting topics like inventory valuation, long-term assets, bonds, and more. It aims to help students prepare for and score well on the ACC 422 final exam. The guide contains over 50 practice problems and questions across 14 chapters to review essential course concepts.
This document provides an ACC 422 final exam guide that includes Excel files and solutions to practice problems covering various accounting topics like inventory valuation, long-term assets, bonds, and more. It aims to help students prepare for and score well on the ACC 422 final exam. The guide contains over 50 practice problems and questions across 14 chapters to review essential course concepts.
ACC 422 NERD Education for Service--acc422nerd.comRoelofMerwe149
This document provides a guide for ACC 422 final exam with solutions to multiple choice questions and exercises involving accounting for cash, receivables, inventory, long-term assets, current and long-term liabilities, and equity. It includes journal entries, T-accounts, and calculations for various accounting topics. An Excel file is provided to help solve problems by changing values. The guide aims to help students prepare and score well on the ACC 422 final exam.
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For more classes visit
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This Tutorial contains excel File which can be used to solve for any change in values
Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
This document provides study materials for an ACC 422 exam, including Excel files and solutions to practice problems covering various accounting topics like cash, receivables, inventory, long-term assets, current liabilities, bonds, and leases. It contains journal entries, calculations, and multiple choice questions for students to practice with.
This document provides study materials for an ACC 422 final exam, including practice problems, exercises, and multiple choice questions covering various accounting topics like inventory valuation, long-term assets, and depreciation. It includes excel files and solutions to help students prepare for the exam.
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This Tutorial contains excel File which can be used to solve for any change in values Brief Exercise 7-1 Brief Exercise 7-7 Brief Exercise 7-14 Brief Exercise 7-15 Brief Exercise 8-4 (Part Level Submission)
This document provides study materials and practice exercises for an ACC 422 final exam. It includes Excel files to solve problems, brief exercises covering various accounting topics like inventory, long-term notes, bonds, depreciation, and multiple choice questions. The exercises provide step-by-step workings and answers to help students prepare for the exam.
This document provides study materials for an ACC 422 final exam, including Excel files and solutions to practice problems covering various accounting topics like cash, receivables, inventory, long-term assets, current liabilities, bonds, and leases. It contains over 30 practice problems and exercises with step-by-step solutions to help review concepts from the course.
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Brief Exercise 7-1
Brief Exercise 7-7
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Acc 422 final exam guide (new 2018, with excel file, score 29 30)berrystraw2
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This Tutorial contains excel File which can be used to solve for any change in values
Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
Brief Exercise 7-15
Brief Exercise 8-4 (Part Level Submission)
Brief Exercise 8-5
Brief Exercise 8-6
Multiple Choice Question 21
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1. Total current assets
2. Total property, plant, and equipment
3. Total assets
4. Total liabilities
5. Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase.
1—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$ 68,100
$ 21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
...
1—Balance sheet computations.(Balance Sheet) Presented below is .docxLyndonPelletier761
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase in account.
This document provides instructions for completing assignments in WileyPLUS for ACC 422 Week 3, including brief exercises, problems, and essays. It lists 10 assignments that involve preparing journal entries for various asset acquisition transactions, calculating depreciation expense using different methods, and computing ratios from financial statements. The assignments require using information on equipment purchases, asset exchanges, inventory valuation, and impairment of intangible assets.
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Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is
similar to the merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on
February 10, 2017. Presented below is information compiled up to
the date of the fire.
Inventory, January 1, 2017
$432,200
Sales revenue to February 10, 2017
1,935,200
2. Purchases to February 10, 2017
1,104,580
Freight-in to February 10, 2017
59,180
Rate of gross profit on selling price
35%
What is the approximate inventory on February 10, 2017?
Exercise 9-4
Martinez Company began operations in 2017 and determined its
ending inventory at cost and at LCNRV at December 31, 2017, and
December 31, 2018. This information is presented below.
3. Cost
Net Realizable Value
12/31/17
$322,170
$299,520
12/31/18
409,250
390,440
(a) Prepare the journal entries required at December 31, 2017, and
December 31, 2018, assuming inventory is recorded at LCNRV and a
perpetual inventory system using the cost-of-goods-sold method.
Brief Exercise 10-6
Waterway Inc. purchased land, building, and equipment from Laguna
Corporation for a cash payment of $327,600. The estimated fair
4. values of the assets are land $62,400, building $228,800, and
equipment $83,200. At what amounts should each of the three assets
be recorded?
Brief Exercise 10-8
Pearl Corporation traded a used truck (cost $29,600, accumulated
depreciation $26,640) for a small computer with a fair value of
$4,884. Pearl also paid $740 in the transaction.
Prepare the journal entry to record the exchange. (The exchange has
commercial substance.)
Exercise 10-1
The expenditures and receipts below are related to land, land
improvements, and buildings acquired for use in a business
enterprise. The receipts are enclosed in parentheses.
(a)
Money borrowed to pay building contractor (signed a note)
$(285,400
)
(b)
5. Payment for construction from note proceeds
285,400
(c)
Cost of land fill and clearing
11,790
(d)
Delinquent real estate taxes on property assumed by purchaser
7,300
(e)
Premium on 6-month insurance policy during construction
8,580
6. (f)
Refund of 1-month insurance premium because construction
completed early
(1,430
)
(g)
Architect’s fee on building
26,200
(h)
Cost of real estate purchased as a plant site (land $209,100 and
building $52,900)
262,000
(i)
7. Commission fee paid to real estate agency
8,970
(j)
Installation of fences around property
3,770
(k)
Cost of razing and removing building
11,710
(l)
Proceeds from salvage of demolished building
8. (4,550
)
(m)
Interest paid during construction on money borrowed for
construction
13,150
(n)
Cost of parking lots and driveways
20,050
(o)
Cost of trees and shrubbery planted (permanent in nature)
14,440
(p)
9. Excavation costs for new building
2,700
Identify each item by letter and list the items in columnar form, using
the headings shown below. All receipt amounts should be reported in
parentheses. For any amounts entered in the Other Accounts column,
also indicate the account title.
Question 9
Sage Company purchased machinery for $174,300 on January 1,
2017. It is estimated that the machinery will have a useful life of 20
years, salvage value of $14,700, production of 81,900 units, and
working hours of 44,000. During 2017, the company uses the
machinery for 11,440 hours, and the machinery produces 9,009 units.
Compute depreciation under the straight-line, units-of-output,
working hours, sum-of-the-years’-digits, and double-declining-
balance methods.
Brief Exercise 11-8
Carla Company owns equipment that cost $1,008,000 and has
accumulated depreciation of $425,600. The expected future net cash
flows from the use of the asset are expected to be $560,000. The fair
value of the equipment is $448,000.
10. Prepare the journal entry, if any, to record the impairment loss.
Brief Exercise 12-8
Concord Corporation purchased Johnson Company 3 years ago and
at that time recorded goodwill of $330,000. The Johnson Division’s
net assets, including the goodwill, have a carrying amount of
$700,000. The fair value of the division is estimated to be $668,000
and the implied goodwill is $298,000.
Prepare Concord journal entry to record impairment of the goodwill.
Exercise 12-3
Joni Marin Inc. has the following amounts reported in its general
ledger at the end of the current year.
Organization costs
$24,400
Trademarks
16,900
Discount on bonds payable
37,400
11. Deposits with advertising agency for ads to promote goodwill of
company
12,400
Excess of cost over fair value of net identifiable assets of acquired
subsidiary
77,400
Cost of equipment acquired for research and development projects;
the
equipment has an alternative future use
87,400
Costs of developing a secret formula for a product that is expected to
be marketed for at least 20 years
83,800
(a)
12. On the basis of this information, compute the total amount to be
reported by Marin for intangible assets on its balance sheet at year-
end.
Brief Exercise 13-2
Ivanhoe Company borrowed $30,000 on November 1, 2017, by
signing a $30,000, 8%, 3-month note. Prepare Ivanhoe’s November
1, 2017, entry; the December 31, 2017, annual adjusting entry; and
the February 1, 2018, entry.
Brief Exercise 13-5
Riverbed Corporation made credit sales of $19,800 which are subject
to 7% sales tax. The corporation also made cash sales which totaled
$28,462 including the 7% sales tax.
Prepare the entry to record Riverbed’s credit sales.
Brief Exercise 13-10
Windsor Inc. is involved in a lawsuit at December 31, 2017.
Prepare the December 31 entry assuming it is probable that Windsor
will be liable for $862,200 as a result of this suit.
Brief Exercise 13-13
Martinez Factory provides a 2-year warranty with one of its products
which was first sold in 2017. Martinez sold $930,400 of products
subject to the warranty. Martinez expects $124,050 of warranty costs
over the next 2 years. In that year, Martinez spent $70,460 servicing
warranty claims. Prepare Martinez’s journal entry to record the sales
13. (ignore cost of goods sold) and the December 31 adjusting entry,
assuming the expenditures are inventory costs.
Brief Exercise 14-3
The Skysong Company issued $260,000 of 10% bonds on January 1,
2017. The bonds are due January 1, 2022, with interest payable each
July 1 and January 1. The bonds were issued at 98.
Prepare the journal entries for (a) January 1, (b) July 1, and (c)
December 31. Assume The Skysong Company records straight-line
amortization semiannually.
Brief Exercise 14-12
Vaughn Corporation issued a 4-year, $55,000, 5% note to Greenbush
Company on January 1, 2017, and received a computer that normally
sells for $44,762. The note requires annual interest payments each
December 31. The market rate of interest for a note of similar risk is
11%.
Prepare Vaughn’s journal entries for (a) the January 1 issuance and
(b) the December 31 interest.
Multiple Choice Question 99
On June 30, 2018, Sheridan Co. sold equipment to an unaffiliated
company for $2250000. The equipment had a book value of $1205000
and a remaining useful life of 10 years. That same day, Sheridan
leased back the equipment at $12500 per month for 5 years with no
option to renew the lease or repurchase the equipment. Sheridan’s
14. rent expense for this equipment for the year ended December 31,
2018, should be Brief Exercise 7-7
Larkspur Family Importers sold goods to Tung Decorators for
$40,800 on November 1, 2017, accepting Tung’s $40,800, 6-month,
6% note.
Prepare Larkspur’s November 1 entry, December 31 annual
adjusting entry, and May 1 entry for the collection of the note and
interest.
Brief Exercise 7-14
Recent financial statements of General Mills, Inc. report net sales of
$12,442,000,000. Accounts receivable are $912,000,000 at the
beginning of the year and $953,000,000 at the end of the year.
Brief Exercise 7-15
Indigo Company designated Jill Holland as petty cash custodian and
established a petty cash fund of $290. The fund is reimbursed when
the cash in the fund is at $26, which it is. Petty cash receipts indicate
funds were disbursed for office supplies $92 and miscellaneous
expense $169.
Prepare journal entries for the establishment of the fund and the
reimbursement.
Brief Exercise 8-4 (Part Level Submission)
15. Pharoah Company uses a periodic inventory system. For April, when
the company sold 500 units, the following information is available.
Units
Unit Cost
Total Cost
April 1 inventory
290
$32
$ 9,280
April 15 purchase
430
38