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Question 1. 1. (TCO C) Which characteristic is not possessed by intangible assets? (Points : 5)
Physical existence
Short-lived
Result in future benefits
Expensed over current and/or future years
Question 2. 2. (TCO C) One factor that is not considered in determining the useful life of an intangible asset is (Points : 5)
salvage value.
provisions for renewal or extension.
legal life.
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Question 1. 1. (TCO C) Which characteristic is not possessed by intangible assets? (Points : 5)
Physical existence
Short-lived
Result in future benefits
Expensed over current and/or future years
Question 2. 2. (TCO C) One factor that is not considered in determining the useful life of an intangible asset is (Points : 5)
salvage value.
provisions for renewal or extension.
legal life.
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This Tutorial contains 2 Different Course Project
ACCT 551 Course Project (Notes to Financial Statement)
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This Tutorial contains 2 Different Course Project
ACCT 551 Course Project (Notes to Financial Statement)
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Instructions for each section must be followed to the letter.Sec.docxdoylymaura
Instructions for each section must be followed to the letter.
Section 1
Follow the instruction preceding each numbered exercise
Instructions for Exercise 6
Journalize the entry to record the accrual of the payroll taxes.
6) According to the accountant of Ulner Inc., its payroll taxes for the week were as follows:
$198.40 for FICA taxes.
$19.84 for federal unemployment taxes.
$133.92 for state unemployment taxes.
Instructions for Exercise 8
Identify each statement above as true or false. If false, indicate how to correct the statement.
8) Jim Thome has prepared the following list of statements about bonds.
1.
Bonds are a form of interest-bearing notes payable.
2.
When seeking long-term financing, an advantage of issuing bonds over issuing common
stock is that stockholder control is not affected.
3.
When seeking long-term financing, an advantage of issuing common stock over issuing
bonds is that tax savings result.
4.
Secured bonds have specific assets of the issuer pledged as collateral for the bonds.
5.
Secured bonds are also known as debenture bonds.
6.
Bonds that mature in installments are called term bonds.
7.
A conversion feature may be added to bonds to make them more attractive to bond buyers.
8.
The rate used to determine the amount of cash interest the borrower pays is called the stated rate.
9.
Bond prices are usually quoted as a percentage of the face value of the bond.
10.
The present value of a bond is the value at which it should sell in the marketplace.
Instructions for Exercise 18
Prepare the journal entries to record the following. (Round to the nearest dollar.)
(a)
The issuance of the bonds.
(b)
The payment of interest and the discount amortization on July 1, 2011, assuming that interest
was not accrued on June 30.
(c)
The accrual of interest and the discount amortization on December 31, 2011.
18)
Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for
$562,613.This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable
semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize
bond premium or discount.
Instructions for Problem 3A
(a)
Prepare the journal entry to record the issuance of the bonds.
(b)
Prepare the adjusting entry to record the accrual of interest on December 31, 2011.
(c)
Show the balance sheet presentation on December 31, 2011.
(d)
Prepare the journal entry to record payment of interest on May 1, 2012, assuming no accrual
of interest from January 1, 2012, to May 1, 2012.
(e)
Prepare the journal entry to record payment of interest on November 1, 2012.
(f)
Assume that on November 1, 2012, Newby calls the bonds at 102. Record the redemption of
the bonds.
3A)
On May 1, 2011, Newby Corp. issued $600,000, 9%, 5-year bonds at face value. The
bonds were dated May 1, 2011, and pay interest se.
(TCO A) Which one of the following is an advantage of corporatio.docxmercysuttle
(TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5)
Reduced legal liability for investors
Harder to transfer ownership
Lower taxes
Most common form of organization
Question 2. 2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5)
the most common form of distribution is a cash dividend
the Dividends account will be increased with a credit
the Retained Earnings account will be directly increased with a debit
the Dividends account will be decreased with a debit
Question 3. 3. (TCOs A, B) Below is a partial list of account balances for Cerner Company:
Cash $5,000
Prepaid insurance 500
Accounts receivable 2,500
Accounts payable 2,000
Notes payable 3,000
Common stock 1,000
Dividends 500
Revenues 15,000
Expenses 12,500
What did Cerner Company show as total credits? (Points : 5)
$21,500
$21,000
$20,500
$22,000
Question 4. 4. (TCOs B, E) Under the accrual basis of accounting, _____. (Points : 5)
cash must be received before revenue is recognized
net income is calculated by matching cash outflows against cash inflows
events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received
the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles
Question 5. 5. (TCO D) Three companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5)
LIFO will have the highest ending inventory
FIFO will have the highest cost of goods sold
All three companies will have the same value for ending inventory.
average cost will have an ending inventory value that falls between FIFO and LIFO
Question 6. 6. (TCO A, E) Equipment was purchased for $17,000 on January 1, 2006. Freight charges amounted to $700 and there was a cost of $2,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $3,000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2007, if the straight-line method of depreciation is used? (Points : 5)
$6,680
$3,340
$2,860
$5,720
Question 7. 7. (TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5)
debit to Cash of $500,000
credit to Discount on Bonds Payable for $20,000
...
(TCO A) Which one of the following is an advantage of corporations.docxmercysuttle
(TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5)
Reduced legal liability for investors
Harder to transfer ownership
Lower taxes
Most common form of organization
Question 2.2. (TCO A) The Dividends account _____. (Points : 5)
appears on the income statement along with the expenses of the business
must show transactions every accounting period
is increased with debits and decreased with credits
is considered a long-term asset of the firm
Question 3.3. (TCOs A, B) Below is a partial list of account balances for Denton Company:
Cash $7,000
Prepaid insurance 700
Accounts receivable 3,500
Accounts payable 2,800
Notes payable 4,200
Common stock 1,400
Dividends 700
Revenues 21,000
Expenses 17,500
What did Denton Company show as total credits? (Points : 5)
$30,100
$29,400
$28,700
$30,800
Question 4.4. (TCOs B, E) Under the accrual basis of accounting, _____. (Points : 5)
cash must be received before revenue is recognized
net income is calculated by matching cash outflows against cash inflows
events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received
the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles
Question 5.5. (TCO D) Two companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5)
LIFO will have the highest ending inventory
FIFO will have the highest cost of goods sold
FIFO will have the highest ending inventory
LIFO will have the lowest cost of goods sold
Question 6.6. (TCO A, E) Equipment was purchased for $17,000 on January 1, 2006. Freight charges amounted to $700 and there was a cost of $2,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $3,000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2007, if the straight-line method of depreciation is used? (Points : 5)
$6,680
$3,340
$2,860
$5,720
Question 7.7. (TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5)
debit to Cash of $500,000
credit to Discount on Bonds Payable for $20,000
credit to Bonds Payable for $480,000
debit to Cash for $480,000
Question 8.8. (TCO C) Accounts receivable arising fro ...
Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docxLacieKlineeb
Problem 1 (10 Points)
Jackson Browne Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2021, its first year of operation, the company has the following stock transactions.
Jan. 1 Paid the state $10,000 for incorporation fees.
Jan. 15 Issued 400,000 shares of stock at $5 per share.
July 2 Issued 110,000 shares of stock for land. The land had an asking price of $800,000. The stock is currently selling on a national exchange at $6 per share.
Sept. 5 Purchased 12,000 shares of common stock for the treasury at $7 per share.
Dec. 6 Sold 8,000 shares of the treasury stock at $10 per share.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation.
You must show your computations to receive full credit.
Problem 2 (12 Points)
The following items were shown on the balance sheet of ELO Corporation on December 31, 2021:
Stockholders’ equity
Paid-in capital
Capital stock
Common stock, $6 par value, 800,000 shares
authorized; ______ shares issued and ______ outstanding $3,000,000
Additional paid-in capital
In excess of par
1,500,000
Total paid-in capital 4,500,000
Retained earnings
1,850,000
Total paid-in capital and retained earnings 6,350,000
Less: Treasury stock (10,000 shares)
50,000
Total stockholders’ equity
$6,300,000
Instructions
Complete the following statements and
show your computations.
(a) The number of shares of common stock issued was _______________.
(b) The number of shares of common stock outstanding was ____________.
(c) The total sales price of the common stock when issued was $____________.
(d) The cost per share of the treasury stock was $_______________.
(e) The average issue price of the common stock was $______________.
(f) Assuming that 25% of the treasury stock is sold at $8 per share, the balance in the Treasury Stock account would be $_______________.
Problem 3 (10 Points)
Journey Company had the following transactions involving notes payable.
October 1, 2021 Borrows $300,000 from Washington State Bank by signing a 6-month, 4% note.
Dec. 31, 2021 prepares the adjusting entry.
April 1, 2022 Pays principal and interest to Washington State Bank.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased for each of the above transactions.
You must show all your calculations to receive full credit.
Problem 4 (18 Points)
Turner Inc. is considering two alternatives to finance its construction of a new $6 million plant.
(a) Issuance of 600,000 shares of common stock at the market price of $10 per share.
(b) Issuance of $6 million, 4% bonds at par.
Instructions
Complete the following table.
You MUST show your work to receive full credit.
Issue StockIssue Bond.
Fin 515 Education Redefined - snaptutorial.comDavisMurphyC88
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1. (TCO A) In the United States, which of the following types of organization has the greatest revenue in total? (Points : 5)
a. Sole proprietorship
b. C corporation
c. S corporation
d. Limited partnership
1.1) Which of the following is not a step in the WACC valuation method?
A) Compute the value of the investment, including the tax benefit of leverage, by discounting the free cash flow of the investment using the WACC.
1. (TCO A) Which of the following results in an increase in the eq.docxhyacinthshackley2629
1. (TCO A) Which of the following results in an increase in the equity in investee income account when applying the equity method? (Points : 5)
Unrealized gain on intercompany inventory transfers for the prior year
Amortizations of purchase price over book value on date of purchase for the prior year
Amortizations of purchase price over book value on date of purchase
Extraordinary gain of the investor
Sale of a portion of the investment at a loss
Question 2.2. (TCO B) Which of the following is a characteristic of a business combination that should be accounted for as a purchase? (Points : 5)
The combination must involve the exchange of equity securities only.
The acquired subsidiary must be smaller in size than the acquiring parent.
The two companies may be about the same size and it is difficult to determine the acquired company and the acquiring company.
The transaction may be considered to be the uniting of the ownership interests of the companies involved.
The transaction clearly establishes an acquisition price for the company being acquired.
Question 3.3. (TCO C) Under the equity method of accounting for an investment, (Points : 5)
the investment account remains at initial value.
dividends received are recorded as revenue.
income reported by the subsidiary increases the investment account.
goodwill is amortized over 20 years.
dividends received increase the investment account.
Question 4.4. (TCO C) Which of the following internal record-keeping methods can a parent choose to account for a subsidiary acquired in a business combination? (Points : 5)
Initial value or book value
Initial value, equity, or partial equity
Initial value, equity, or book value
Initial value, lower-of-cost-or-market value, or equity
Initial value, lower-of-cost-or-market value, or partial equity
Question 5.5. (TCO D) All of the following statements regarding the sale of subsidiary shares are true except which of the following? (Points : 5)
The use of specific identification based on serial number is acceptable.
The use of the FIFO assumption is acceptable.
The use of the specific LIFO assumption is acceptable.
The use of the averaging assumption is acceptable.
The parent company must determine whether consolidation is still appropriate for the remaining shares owned.
Question 6.6. (TCO D) When Timber Co. acquired 75% of the common stock of Woody Corp., Woody owned land with a book value of $70,000 and a fair value of $100,000. What amount of excess land allocation would be included for the calculation of noncontrolling interest, according to SFAS 141(R)? (Points : 5)
$70,000
$25,000
$17,500
$7,500
$0
Question 7.7. (TCO E) An intercompany sale took place whereby the transfer price exceeded the book value of a depreciable asset. Which stat.
Similar to Keller acct 551 final exam set 2 new (20)
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Keller acct 551 final exam set 2 new
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Question 1. 1. (TCO C) Which characteristic is not possessed by
intangible assets? (Points : 5)
Physical existence
Short-lived
Result in future benefits
Expensed over current and/or future years
Question 2. 2. (TCO C) One factor that is not considered in
determining the useful life of an intangible asset is (Points : 5)
salvage value.
provisions for renewal or extension.
legal life.
expected actions of competitors.
Question 3. 3. (TCO C) Intangible assets are reported on the
balance sheet (Points : 5)
with an accumulated depreciation account.
in the property, plant, and equipment section.
separately from other assets.
None of the above
2. Question 4. 4. (TCO D) Which of the following is a current
liability? (Points : 5)
A long-term debt maturing currently, which is to be paid
with cash in a sinking fund
A long-term debt maturing currently, which is to be retired
with proceeds from a new debt issue
A long-term debt maturing currently, which is to be
converted into common stock
A long-term debt maturing currently, which is to be paid
with current assets
Question 5. 5. (TCO D) A contingent liability (Points : 5)
definitely exists as a liability but its amount and due date
are indeterminable.
is accrued even though not reasonably estimated.
is not disclosed in the financial statements.
is the result of a loss contingency.
Question 6. 6. (TCO D) Which of the following is a characteristic
of the expense warranty approach, but not the sales warranty
approach? (Points : 5)
Estimated liability under warranties
Warranty expense
Unearned warranty revenue
Warranty revenue
Question 7. 7. (TCO D) The term used for bonds that are
unsecured regarding principal is (Points : 5)
junk bonds.
3. debenture bonds.
in-debenture bonds.
callable bonds.
Question 8. 8. (TCO D) On July 1, 2009, Noble, Inc. issued 9%
bonds in the face amount of $5,000,000, which mature on July
1, 2015. The bonds were issued for $4,695,000 to yield 10%,
resulting in a bond discount of $305,000. Noble uses the
effective-interest method of amortizing bond discount. Interest
is payable annually on June 30. At June 30, 2011, Noble's
unamortized bond discount should be (Points : 5)
$264,050.
$255,000.
$244,000.
$215,000.
a2009–2010
$4,695,000 + [($4,695,000 × .1) – ($5,000,000 × .09)] =
$4,714,500.
2010–2011:
$4,714,500 + ($471,450 – $450,000) = $4,735,950 $5,000,000 –
$4,735,950 = $264,050
Question 9. 9. (TCO E) Total stockholders' equity represents
(Points : 5)
a claim to specific assets contributed by the owners.
the maximum amount that can be borrowed by the
enterprise.
a claim against a portion of the total assets of an enterprise.
only the amount of earnings that have been retained in the
business.
Question 10. 10. (TCO F) Houser Corporation owns 4,000,000
4. shares of stock in Baha Corporation. On December 31, 2010,
Houser distributed these shares of stock as a dividend to its
stockholders. This is an example of a (Points : 5)
property dividend.
stock dividend.
liquidating dividend.
cash dividend.
Page 2
Question 1. 1. (TCO C) If intangible assets are acquired for
stock, how is the cost of the intangible determined? (Points :
20)
Question 2. 2. (TCO D) Total payroll of Watson Co. was
$920,000, of which $160,000 represented amounts paid in
excess of $100,000 to certain employees. The amount paid to
employees in excess of $7,000 was $720,000. Income taxes
withheld were $225,000. The state unemployment tax is 1.2%,
the federal unemployment tax is .8%, and the FICA tax is 7.65%
on an employee’s wages to $100,000 and 1.45% in excess of
$100,000.
(a) Prepare the journal entry for the wages and salaries paid.
(b) Prepare the entry to record the employer payroll taxes.
(Points : 30)
Question 3. 3. (TCO D) On January 1, 2010, Solis Co. issued its
10% bonds in the face amount of $3,000,000, which mature on
5. January 1, 2020. The bonds were issued for $3,405,000 to yield
8%, resulting in bond premium of $405,000. Solis uses the
effective-interest method of amortizing bond premium.
Interest is payable annually on December 31. At December 31,
2010, Solis's adjusted unamortized bond premium is what
amount? Please show computations. (Points : 35)
Question 4. 4.
(TCO E) The original sale of the 450 par-value common shares
of Gray Company was recorded as follows:
Record the treasury stock transactions (given below) under the
cost method.
Transactions:
(a) Bought 300 shares of common stock as treasury shares at
$62
(b) Sold 80 shares of treasury stock at $60
(c) Sold four treasury shares at $68
(Points : 30)
Question 5. 5. (TCO F) In each of the following independent
cases, it is assumed that the corporation has $400,000 of 6%
preferred stock and $1,600,000 of common stock outstanding,
each having a par value of $10. No dividends have been
declared for 2009 and 2010.
(a) As of 12/31/11, it is desired to distribute $250,000 in
dividends. How much will the preferred stockholders receive if
their stock is cumulative and nonparticipating?
(b) As of 12/31/11, it is desired to distribute $400,000 in
6. dividends. How much will the preferred stockholders receive if
their stock is cumulative and participating up to 11% in total?
(c) On 12/31/11, the preferred stockholders received a
$120,000 dividend on their stock, which is cumulative and fully
participating. How much money was distributed in total for
dividends during 2011? (Points : 30)
Question 6. 6. (TCO A) At December 31, 2010, Kifer Company
had 500,000 shares of common stock outstanding. On October
1, 2011, an additional 100,000 shares of common stock were
issued. In addition, Kifer had $10,000,000 of 6% convertible
bonds outstanding at December 31, 2010, which are
convertible into 225,000 shares of common stock. No bonds
were converted into common stock in 2011. The net income for
the year ended December 31, 2011, was $3,000,000. Assuming
the income tax rate was 30%, what would be the diluted
earnings per share for the year ended December 31, 2011
(rounded to the nearest penny)? Show all computations.
(Points : 25)
Question 7. 7.
(TCO B) The following information pertains to Fox Inc.’s
portfolio of marketable securities for the Year ended Dec 31,
Year 1 and Dec 31, Year 2.
Cost Fair Value at
Record the journal entries for the following marketable
securities transactions based on the information given in the
table.
7. 1. Mark to market journal entry for the Smith Co security at
12/31 Year 1
2. Mark to market journal entry for the Jones Co security at
12/31 Year 1
3. Mark to market journal entry for the Williams Co security at
12/31 Year 1
4. Mark to market journal entry for the Gores Co security at
12/31 Year 1
5. Mark to market journal entry for the Smith Co security at
12/31 Year 2
6. Mark to market journal entry for the Jones Co security at
12/31 Year 2
7. Mark to market journal entry for the Williams Co security at
12/31 Year 2
8. Mark to market journal entry for the Gores Co security at
12/31 Year 2
9. Journal entry to record purchase of Martin Co. Investment
10. Journal entry to record the impairment of Martin Co.
Investment
(Points : 30)
