Question 1
The following information applied to Frack Inc. for year 2:
Merchandise purchased for resale $400,000
Freight-in 10,000
Freight-out 5,000
Purchase returns 2,000
Frack's year 2 inventoriable cost was
a. $408,000
b. $404,000
c. $413,000
d. $400,000
Question 2
On December 28, year 2, Frack ManufacturingCo. purchased goods costing $50,000. The terms were FOB destination. Some of the costs incurred in connection with the sale
and delivery of the goods were as follows:
Packaging for shipment $1,000
Shipping 1,500
Special handling charges 2,000
These goods were received on December 31, year 2. In Frack's December 31, year 2 balance sheet, what amount of cost for these goods should be included in
inventory?
a. $53,500
b. $54,500
c. $52,000
d. $50,000
Question 3
The following information was taken fromFrack Co.'s accounting records for the year ended December 31, year 2:
Decrease in raw materials
inventory
$
15,000
Increase in finished goods
inventory
35,000
Raw material purchased 430,000
Direct labor payroll 200,000
Factory overhead 300,000
Freight-out 45,000
There was no work in process inventory at the beginning or end of the year. Frack's year 2 cost of goods sold is
a. $950,000
b. $895,000
c. $955,000
d. $910,000
Question 4
How should the following costs affect a retailer's inventory?
a. Freight-in Interest on inventory loan
No effect Increase
b. Freight-in Interest on inventory loan
No effect No effect
c. Freight-in Interest on inventory loan
Increase No effect
d. Freight-in Interest on inventory loan
Increase Increase
Question 5
When allocating costs to inventory produced for the period, fixed overhead should be based upon
a. The actual amounts of goods produced during the period.
b. The highest production levels in the last three periods.
c. The lowest production level in the last three periods.
d. The normal capacity of production facilities.
Question 6
Flip Co. recorded the following inventory information during the month of January:
Units Unit cost Total cost Units on hand
Balance on 1/1 2,000 $1 $2,000 2,000
Purchased on 1/8 1,200 3 3,600 3,200
Sold on 1/23 1,800 1,400
Purchased on 1/28 800 5 4,000 2,200
Flip uses the LIFOmethod to cost inventory.What amount should Flip report as inventory on January 31 under each of the following methods of recording inventory?
A. Perpetual Periodic
$2,600 $2,600
b. Perpetual Periodic
$2,600 $5,400
c. Perpetual Periodic
$5,400 $2,600
d. Perpetual Periodic
$5,400 $5,400
Question 7
The weighted-average for the year inventory cost flow method is applicable to which of the following inventory systems?
a. Periodic Perpetual
No No
b. Periodic Perpetual
Yes Yes
c. Periodic Perpetual
No Yes
d. Periodic Perpetual
Yes No
Question 8
During January year 2, Flip Co., whic ...
ACC 557 – Homework 2 Chapters 4, 5, and 6 Due Week 4 and wo.docxannetnash8266
ACC 557 – Homework 2: Chapters 4, 5, and 6
Due Week 4 and worth 105 points
Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Exercises
E4-7. Kay Magill Company had the following adjusted trial balance.
Instructions
a) Prepare closing entries at June 30, 2015.
b) Prepare a post-closing trial balance.
E4-13. Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
1. A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
2. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
3. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E5-4. On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
a) Prepare separate entries for each transaction on the books of Tuzun Company.
b) Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800.
E5-7. Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,900.
Instructions
a) Prepare the adjusting entry necessary as a result of the physical count.
b) Prepare closing entries.
E6-1. Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
1. Josef sold goods costing $38,000 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination on December 27 and were still in transit at year-end.
3. Josef received goods costing $22,000 on January 2. The goods were shipped FOB.
Directions Answer the following questions on a separate Microsoft.docxtenoelrx
Directions: Answer the following questions on a separate
Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
4
-
7
.
Kay Magill Company had the following adjusted trial balance.
Instructions
a)
Prepare closing entries at June 30, 2015.
b)
Prepare a post-closing trial balance.
E
4
-
13
.
Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
1.
A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
2.
The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
3.
A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E
5-4
.
On June 10,
Tuzun
Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms
2/10
,
n
/30.
Tuzun
pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19,
Tuzun
pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
a)
Prepare separate entries for each transaction on the books of
Tuzun
Company.
b)
Prepare separate entries for each transaction for Epps Company. The merchandise purchased by
Tuzun
on June 10 had cost Epps $4,800.
E
5
-7.
Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating
Expenses $29,000, Sales Revenue $115,000, Sales Discounts
$
1,200,
and Sales Returns and Allowances $1,700. A physical count of inventory determines that
m
erchandise inventory on hand is $13,900.
Instructions
a)
Prepare the adjusting entry necessary as a result of the physical count.
b)
Prepare closing entries.
E
6-
1
.
Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
1.
Josef sold goods costing $38,000 to
Sorci
Company, FOB shipping point,
on December 28.
The goods are not expected to arrive at
Sorci
until January 12.
The goods were not included in the physical inventory because they were not in the warehouse.
2.
The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination
on December 27
and were still in transit at year-end.
3.
Josef received goods costing $22,000
on January 2.
The goods were shipped FOB shipping poin.
1 The ending merchandise inventory for 2007 is the same as the be.docxdorishigh
1: The ending merchandise inventory for 2007 is the same as the beginning merchandise inventory for 2008.
True
False
2: If merchandise costing 2,500 dollars, terms FOB destination, 2/10, n/30, with prepaid transportation costs of 100 dollars, is paid within 10 days, the amount of the purchases discount is 50 dollars.
Also an example in the lecture notes. 2500 x .02 = $50.
True
False
3: Under the periodic inventory system, the merchandise inventory account continuously discloses the amount of inventory on hand.
True
False
4: From PR 6-5B, which of the following journal entries is correct for April 3?
a. (Debit) Merchandise Inventory 25,200 dollars
(Credit) Accounts Payable—Prescott Co. 25,200 dollars
b. (Debit) Merchandise Inventory 42,200 dollars
(Credit) Accounts Payable—Prescott Co.$42,200 dollars
c. (Debit) Merchandise Inventory 25,000 dollars
(Credit) Accounts Payable—Prescott Co. 25,000 dollars
d. (Debit) Merchandise Inventory 42,000 dollars
(Credit) Accounts Payable—Prescott Co. 42,000 dollars
5: From PR 6-5B, which of the following journal entries is correct for April 24?
a. (Debit) Accounts Receivable—Alma Co.8,200 dollars
(Credit) Sales 8,200 dollars
b. (Debit) Accounts Receivable—Alma Co.9,200 dollars
(Credit) Sales 9,200 dollars
c. (Debit) Accounts Receivable—Alma Co.10,200 dollars
(Credit) Sales 10,200 dollars
d. (Debit) Sales 9,200 dollars
(Credit) Accounts Receivable—Alma Co.9,200 dollars
6: From EX 7-7, the total cost of ending inventory according to (a) FIFO is:
a. 19,000 dollars
b. 19,100 dollars
c. 19,200 dollars
d. 19,300 dollars
7: From EX 7-8, the inventory cost by (b) the LIFO method is:
a. 6,515 dollars
b. 6,313 dollars
c. 6,715 dollars
d. 6,414 dollars
8: From EX 7-8, the inventory cost by (C) the Average Cost method is:
a. 7,250 dollars
b. 7,350 dollars
c. 7,360 dollars
d. 7,390 dollars
9: Appendix EX 7-19, the April 30 cost of merchandise inventory is:
a. 161,000 dollars
b. 163,000 dollars
c. 165,000 dollars
d. 167,000 dollars
10: Appendix EX 7-21, estimated ending merchandise inventory is:
a. 270,000 dollars
b. 271,000 dollars
c. 272,000 dollars
d. 273,000 dollars
2.
(No template needed)
a.
b.
3.
(No template needed)
a.
b.
c.
4.
Merchandise available for sale
Less cost of merchandise sold
Estimated ending merchandise inventory $
5.
Cost
Retail
Merchandise inventory, April 1
$ 180,000
$ 300,000
Purchases in April (net)
1,200,000
2,000,000
Merchandise available for sale
Ratio of cost to retail price:
=
Sales for September (net)
Merchandise inventory, April 30, at retail
Multiply by ratio of cost to retail price:
x
Merchandise inventory, April 30, at estimated cost
The following were selected from among the transactions completed by Calworks Company during April of ...
AC1220 ACCOUNTING I
Lab 3.2
AC1220 Lab 3.2
Introduction
As a merchandising operation, Jake’s Computer Sales and Repair must properly account for inventory. The business purchases and sells inventory as part of its ordinary operations, and so Jake must select an appropriate inventory costing method. Several costing methods are acceptable under Generally Accepted Accounting Principles (GAAP); Jake has narrowed down the choices to two methods— first-in, first-out (FIFO) and last-in, first-out (LIFO).
In analyzing the effect of each of these methods, Jake applies the FIFO method and the LIFO method, in turn, to the inventory purchase and sale transactions that occurred during the month of May, 20x1.
The inventory transactions are as follows:
a. May 1, 20x1. The business reports a beginning inventory balance of $13,744.
b. May 3, 20x1. Sold 55 units of inventory to customers for $200 each.
c. May 3, 20x1. Purchased 70 A-line tablet computers at a cost of $190 per unit.
d. May 8, 20x1. Sold 45 units to customers at $200 each.
e. May 25, 20x1. Purchased 20 units at a price of $194.
f. May 27, 20x1. Sold 58 units at $200 each.
Refer to these transactions as you work through the following requirements.
Requirement 1
[60 Minutes]
a. Complete the following perpetual inventory record for the month of May 20x1, using the FIFOmethod.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
FIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
b. Make the appropriate journal entries for the transactions given earlier. Assume that all transactions were for cash. Annotations are not necessary.
5/3/x1
5/3/x1
5/8/x1
5/25/x1
5/27/x1
c. Now complete the perpetual inventory record for the month of May 20x1, using the LIFO method. Use the inventory transactions described earlier.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
LIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
d. Refer to the perpetual inventory records that you prepared in Requirements a and c above. Jake would like to maximize reported gross income by selecting an inventory-costing method that yields a lower cost of goods sold. Will Jake select the FIFO method or the LIFO method to account for inventory?
e. Assume that inventory originally costing the business $35,000 is damaged and has an estimated market value of around $7,000. Jake is unsure of how to report this inventory on the balance sheet. Explain how Jake should report the inventory in accordance with GAAP. Refer to at least one specific accounting rule or principle in your explanation.
4
AC1220 ACCOUNTING I
Lab .
Name:
Acct310.Sa.14
Final Exam
Question 1: 10% points
Answer Sheet Page 1 of 5 .Sa.14
Final Exam
Question 2: 10% points
Answer Sheet Page 2 of 5 .Sa.14
Final Exam
Question 3: 10% points
a. Present Value of Note Receivable
b. Schedule of Note Discount:
Date
Cash Interest
Effective Interest
Discount Amortized
Unamortized Discount
Balance of Note
Question 4: 8% points
a. Cost of Goods Available for Sale
b. LIFO Ending Inventory
c. FIFO Cost of Goods Sold
d. Gross Profit using Moving Average
Question 5: 9% points:
Answer Sheet Page 3 of 5 .Sa.14
Final Exam
Question 6: 10% points:
a. Gain/Loss Recognized:
b. General Journal Entries:
Date
Account
Debit
Credit
Question 7: 9% points:
Date
Account
Debit
Credit
Question 8: 9% points:
Date
Account
Debit
Credit
Answer Sheet Page 4 of 5 .Sa.14
Final Exam
Multiple choice questions allocated 1% point each: Make your selection by indicating the letter corresponding to your answer.
Question Number
Answer
Question Number
Answer
Question Number
Answer
9:
19:
29:
10:
20:
30:
B
11:
21:
31:
C
12:
22:
32:
C
13:
23:
33:
D
14:
24:
15:
25:
16:
26:
17:
27:
18:
28:
Answer Sheet Page 5 of 5 .Sa.14
Final Exam
University of Maryland University College
Final Examination
Acct310: Intermediate Accounting I
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines,
when required. Ensure to use proper financial document format details
such as blank lines where required.
Question 1: 10% points: Frick Corporation's capital structure consists of 50,000
shares of common stock. At December 31, 2014 an analysis of the accounts and
discussions with company officials revealed the following information:
Sales revenue $1,200,000
Earthquake loss (net of tax) (extraordinary item) 56,000
Selling expenses 128,000
Cash 60,000
Accounts receivable 90,000
Common stock 200,000
Cost of goods sold 701,000
Accumulated depreciation-machinery 180,000
Dividend revenue 8,000
Unearned service revenue 4,400
Interest payable 1,000
Land 370,000
Patents 100,000
Retained earnings, January 1, 2014 290,000
Interest expense 17,000
Administrative expenses 170,000
Dividends declared 24,000
Allowance for doubtful accounts 5,000
Notes payable (maturity 7/1/17) 200,000
Machinery 450,000
Materials 40,000
Accounts payable 60,000
The amount of income taxes applicable to ordinary income was $57,600, excluding
the tax effect of the earthquake loss, which amounted to $24,000.
Instructions: Prepare a multiple-step in.
ACC 557 – Homework 2 Chapters 4, 5, and 6 Due Week 4 and wo.docxannetnash8266
ACC 557 – Homework 2: Chapters 4, 5, and 6
Due Week 4 and worth 105 points
Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Exercises
E4-7. Kay Magill Company had the following adjusted trial balance.
Instructions
a) Prepare closing entries at June 30, 2015.
b) Prepare a post-closing trial balance.
E4-13. Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
1. A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
2. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
3. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E5-4. On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
a) Prepare separate entries for each transaction on the books of Tuzun Company.
b) Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800.
E5-7. Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,900.
Instructions
a) Prepare the adjusting entry necessary as a result of the physical count.
b) Prepare closing entries.
E6-1. Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
1. Josef sold goods costing $38,000 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination on December 27 and were still in transit at year-end.
3. Josef received goods costing $22,000 on January 2. The goods were shipped FOB.
Directions Answer the following questions on a separate Microsoft.docxtenoelrx
Directions: Answer the following questions on a separate
Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
4
-
7
.
Kay Magill Company had the following adjusted trial balance.
Instructions
a)
Prepare closing entries at June 30, 2015.
b)
Prepare a post-closing trial balance.
E
4
-
13
.
Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
1.
A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
2.
The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
3.
A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E
5-4
.
On June 10,
Tuzun
Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms
2/10
,
n
/30.
Tuzun
pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19,
Tuzun
pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
a)
Prepare separate entries for each transaction on the books of
Tuzun
Company.
b)
Prepare separate entries for each transaction for Epps Company. The merchandise purchased by
Tuzun
on June 10 had cost Epps $4,800.
E
5
-7.
Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating
Expenses $29,000, Sales Revenue $115,000, Sales Discounts
$
1,200,
and Sales Returns and Allowances $1,700. A physical count of inventory determines that
m
erchandise inventory on hand is $13,900.
Instructions
a)
Prepare the adjusting entry necessary as a result of the physical count.
b)
Prepare closing entries.
E
6-
1
.
Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
1.
Josef sold goods costing $38,000 to
Sorci
Company, FOB shipping point,
on December 28.
The goods are not expected to arrive at
Sorci
until January 12.
The goods were not included in the physical inventory because they were not in the warehouse.
2.
The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination
on December 27
and were still in transit at year-end.
3.
Josef received goods costing $22,000
on January 2.
The goods were shipped FOB shipping poin.
1 The ending merchandise inventory for 2007 is the same as the be.docxdorishigh
1: The ending merchandise inventory for 2007 is the same as the beginning merchandise inventory for 2008.
True
False
2: If merchandise costing 2,500 dollars, terms FOB destination, 2/10, n/30, with prepaid transportation costs of 100 dollars, is paid within 10 days, the amount of the purchases discount is 50 dollars.
Also an example in the lecture notes. 2500 x .02 = $50.
True
False
3: Under the periodic inventory system, the merchandise inventory account continuously discloses the amount of inventory on hand.
True
False
4: From PR 6-5B, which of the following journal entries is correct for April 3?
a. (Debit) Merchandise Inventory 25,200 dollars
(Credit) Accounts Payable—Prescott Co. 25,200 dollars
b. (Debit) Merchandise Inventory 42,200 dollars
(Credit) Accounts Payable—Prescott Co.$42,200 dollars
c. (Debit) Merchandise Inventory 25,000 dollars
(Credit) Accounts Payable—Prescott Co. 25,000 dollars
d. (Debit) Merchandise Inventory 42,000 dollars
(Credit) Accounts Payable—Prescott Co. 42,000 dollars
5: From PR 6-5B, which of the following journal entries is correct for April 24?
a. (Debit) Accounts Receivable—Alma Co.8,200 dollars
(Credit) Sales 8,200 dollars
b. (Debit) Accounts Receivable—Alma Co.9,200 dollars
(Credit) Sales 9,200 dollars
c. (Debit) Accounts Receivable—Alma Co.10,200 dollars
(Credit) Sales 10,200 dollars
d. (Debit) Sales 9,200 dollars
(Credit) Accounts Receivable—Alma Co.9,200 dollars
6: From EX 7-7, the total cost of ending inventory according to (a) FIFO is:
a. 19,000 dollars
b. 19,100 dollars
c. 19,200 dollars
d. 19,300 dollars
7: From EX 7-8, the inventory cost by (b) the LIFO method is:
a. 6,515 dollars
b. 6,313 dollars
c. 6,715 dollars
d. 6,414 dollars
8: From EX 7-8, the inventory cost by (C) the Average Cost method is:
a. 7,250 dollars
b. 7,350 dollars
c. 7,360 dollars
d. 7,390 dollars
9: Appendix EX 7-19, the April 30 cost of merchandise inventory is:
a. 161,000 dollars
b. 163,000 dollars
c. 165,000 dollars
d. 167,000 dollars
10: Appendix EX 7-21, estimated ending merchandise inventory is:
a. 270,000 dollars
b. 271,000 dollars
c. 272,000 dollars
d. 273,000 dollars
2.
(No template needed)
a.
b.
3.
(No template needed)
a.
b.
c.
4.
Merchandise available for sale
Less cost of merchandise sold
Estimated ending merchandise inventory $
5.
Cost
Retail
Merchandise inventory, April 1
$ 180,000
$ 300,000
Purchases in April (net)
1,200,000
2,000,000
Merchandise available for sale
Ratio of cost to retail price:
=
Sales for September (net)
Merchandise inventory, April 30, at retail
Multiply by ratio of cost to retail price:
x
Merchandise inventory, April 30, at estimated cost
The following were selected from among the transactions completed by Calworks Company during April of ...
AC1220 ACCOUNTING I
Lab 3.2
AC1220 Lab 3.2
Introduction
As a merchandising operation, Jake’s Computer Sales and Repair must properly account for inventory. The business purchases and sells inventory as part of its ordinary operations, and so Jake must select an appropriate inventory costing method. Several costing methods are acceptable under Generally Accepted Accounting Principles (GAAP); Jake has narrowed down the choices to two methods— first-in, first-out (FIFO) and last-in, first-out (LIFO).
In analyzing the effect of each of these methods, Jake applies the FIFO method and the LIFO method, in turn, to the inventory purchase and sale transactions that occurred during the month of May, 20x1.
The inventory transactions are as follows:
a. May 1, 20x1. The business reports a beginning inventory balance of $13,744.
b. May 3, 20x1. Sold 55 units of inventory to customers for $200 each.
c. May 3, 20x1. Purchased 70 A-line tablet computers at a cost of $190 per unit.
d. May 8, 20x1. Sold 45 units to customers at $200 each.
e. May 25, 20x1. Purchased 20 units at a price of $194.
f. May 27, 20x1. Sold 58 units at $200 each.
Refer to these transactions as you work through the following requirements.
Requirement 1
[60 Minutes]
a. Complete the following perpetual inventory record for the month of May 20x1, using the FIFOmethod.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
FIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
b. Make the appropriate journal entries for the transactions given earlier. Assume that all transactions were for cash. Annotations are not necessary.
5/3/x1
5/3/x1
5/8/x1
5/25/x1
5/27/x1
c. Now complete the perpetual inventory record for the month of May 20x1, using the LIFO method. Use the inventory transactions described earlier.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
LIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
d. Refer to the perpetual inventory records that you prepared in Requirements a and c above. Jake would like to maximize reported gross income by selecting an inventory-costing method that yields a lower cost of goods sold. Will Jake select the FIFO method or the LIFO method to account for inventory?
e. Assume that inventory originally costing the business $35,000 is damaged and has an estimated market value of around $7,000. Jake is unsure of how to report this inventory on the balance sheet. Explain how Jake should report the inventory in accordance with GAAP. Refer to at least one specific accounting rule or principle in your explanation.
4
AC1220 ACCOUNTING I
Lab .
Name:
Acct310.Sa.14
Final Exam
Question 1: 10% points
Answer Sheet Page 1 of 5 .Sa.14
Final Exam
Question 2: 10% points
Answer Sheet Page 2 of 5 .Sa.14
Final Exam
Question 3: 10% points
a. Present Value of Note Receivable
b. Schedule of Note Discount:
Date
Cash Interest
Effective Interest
Discount Amortized
Unamortized Discount
Balance of Note
Question 4: 8% points
a. Cost of Goods Available for Sale
b. LIFO Ending Inventory
c. FIFO Cost of Goods Sold
d. Gross Profit using Moving Average
Question 5: 9% points:
Answer Sheet Page 3 of 5 .Sa.14
Final Exam
Question 6: 10% points:
a. Gain/Loss Recognized:
b. General Journal Entries:
Date
Account
Debit
Credit
Question 7: 9% points:
Date
Account
Debit
Credit
Question 8: 9% points:
Date
Account
Debit
Credit
Answer Sheet Page 4 of 5 .Sa.14
Final Exam
Multiple choice questions allocated 1% point each: Make your selection by indicating the letter corresponding to your answer.
Question Number
Answer
Question Number
Answer
Question Number
Answer
9:
19:
29:
10:
20:
30:
B
11:
21:
31:
C
12:
22:
32:
C
13:
23:
33:
D
14:
24:
15:
25:
16:
26:
17:
27:
18:
28:
Answer Sheet Page 5 of 5 .Sa.14
Final Exam
University of Maryland University College
Final Examination
Acct310: Intermediate Accounting I
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines,
when required. Ensure to use proper financial document format details
such as blank lines where required.
Question 1: 10% points: Frick Corporation's capital structure consists of 50,000
shares of common stock. At December 31, 2014 an analysis of the accounts and
discussions with company officials revealed the following information:
Sales revenue $1,200,000
Earthquake loss (net of tax) (extraordinary item) 56,000
Selling expenses 128,000
Cash 60,000
Accounts receivable 90,000
Common stock 200,000
Cost of goods sold 701,000
Accumulated depreciation-machinery 180,000
Dividend revenue 8,000
Unearned service revenue 4,400
Interest payable 1,000
Land 370,000
Patents 100,000
Retained earnings, January 1, 2014 290,000
Interest expense 17,000
Administrative expenses 170,000
Dividends declared 24,000
Allowance for doubtful accounts 5,000
Notes payable (maturity 7/1/17) 200,000
Machinery 450,000
Materials 40,000
Accounts payable 60,000
The amount of income taxes applicable to ordinary income was $57,600, excluding
the tax effect of the earthquake loss, which amounted to $24,000.
Instructions: Prepare a multiple-step in.
University of Maryland University CollegeFinal Examination.docxdickonsondorris
University of Maryland University College
Final Examination
Acct220: Principles of Accounting I
For this exam, omit all general journal entry explanations.
Question 1: Suggested time 20 minutes: 15% points:
The account balances appearing on the trial balance (below) were taken from the general ledger of Flip's Copy Shop at June 30, 2012.
Additional information for the month of June which has not yet been recorded in the accounts is as follows:
(a)
A physical count of supplies indicates $300 on hand at June 30.
(b)
The amount of insurance that expired in the month of June was $200.
(c)
Depreciation on equipment for June was $400.
(d)
Rent owed on the copy shop for the month of June was $600 but will not be paid until July.
Flip’s Copy Shop
Trial Balance
For the Month Ended June 30, 2012
Account Titles
Debit
Credit
Cash
$1,000
Supplies
1,100
Prepaid Insurance
2,200
Equipment
24,000
Accum. Depreciation— Equipment
$4,500
Accounts Payable
2,400
Notes Payable
4,000
Flip’s Capital
15,300
Flip’s Drawings
2,400
Service Revenue
4,900
Utilities Expense
400
Totals
$31,100
$31,100
Instructions: Prepare in journal form, without explanations, the end of month adjusting entries & closing entries for Flip's Copy Shop for the month of June.
Acct220a
Page 1 of 9
Question 2: Suggested time 15 minutes: 15% points:
The following items were taken from the post adjusted trial balance of Flip Company. (All balances are normal.)
Mortgage payable
$ 1,443
Accumulated depreciation
3,655
Prepaid expenses
880
Accounts payable
1,444
Equipment
11,000
Notes payable after 2015
1,200
Long-term investments
1,100
Flip’s capital
13,480
Short-term investments
3,690
Accounts receivable
1,696
Notes payable in 2014
1,000
Inventories
1,756
Cash
2,100
Instructions: Prepare a classified balance sheet in good form as of December 31, 2013.
Question 3: Suggested time 15 minutes: 15% points:
The following information is available for Flip Company:
Beginning inventory
600 units at $4
First purchase
900 units at $6
Second purchase
500 units at $7.20
Assume that Flip uses a periodic inventory system and that there are 700 units left at the end of the month.
Instructions: Compute the cost of ending inventory and Cost of Good Sold under the
(a)
LIFO method.
(b)
FIFO method.
(c)
Average-cost method
Acct220a
Page 2 of 9
Question 4: Suggested time 15 minutes: 10% points:
Prepare journal entries to record the following transactions entered into by Flip Company:
2012
June
1
Accepted a $10,000, 12%, 1-year note from Flop as full payment on her account.
Nov.
1
Sold merchandise on account to Flap, Inc. for $12,000, terms 2/10, n/30.
Nov.
5
Flap, Inc. returned merchandise worth $500.
Nov.
9
Received payment in full from Flap, Inc.
Dec.
31
Accrued interest on Flop's note.
2013
June
1
Flop honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013
Question 5: Suggested time 20 minutes ...
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par .docxjuliennehar
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred:
Jan. 8
Issued 40,000 shares of its own common stock for $400,000.
Jan. 18
Declared a cash dividend of $1 per share to stockholders of record on Jan. 10.
Jan. 31
Paid the $1 cash dividend declared on Jan. 18.
Feb. 2
Purchased 3,000 shares of its own common stock for the treasury at $11 per share.
Feb. 14
Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share.
March 25
Declared a 2 for 1 stock split on outstanding shares.
Instructions
Prepare journal entries to record the above transactions.
Part B.
The following information is available for Flip Corporation for the year ended December 31, 2014:
Beginning retained earnings
$
340,000
Cost of goods sold
620,000
Declared cash dividends
50,000
Operating expenses
170,000
Other expenses and losses
40,000
Other revenues and gains
60,000
Sales
1,000,000
Tax rate
30%
Instructions:
1.
Prepare a corporate income statement in good form.
2.
Prepare a retained earnings statement for the year.
Question
2: 10 points:
January 1, 2014 Flip Company purchased 35,000 shares of common stock of Flop Corporation as a long-term investment for $900,000. December 31, 2014, Flop Corporation reported net income of $300,000 and paid dividends of $100,000.
Instructions:
a.
Assuming that the 35,000 shares represent a 10% interest in Flop Corporation:
1.
Prepare the journal entry to record the investment in Flop stock.
2.
Prepare any entries that Flip Company should make in accounting for its investment in Flop stock during the year.
3.
What is the balance of the Stock Investments account on Flip Company's books at the end of the year?
b.
Repeat requirement (a) above except assume that the 35,000 shares represent a 20% interest in Flop Corporation.
Question
3: 15 points:
The following information is available for Flip Corporation for the year ended December 31, 2014:
Collection of principal on long-term loan to a supplier
$15,000
Acquisition of equipment for cash
10,000
Proceeds from the sale of long-term investment at book value
20,000
Issuance of common stock for cash
27,000
Depreciation expense
28,000
Redemption of bonds payable at carrying (book) value
35,000
Payment of cash dividends
15,000
Net income
25,000
Purchase of land by issuing bonds payable
45,000
In addition, the following information is available from the comparative balance sheet for Flip at the end of 2013 and 2014:
2014
2013
Cash
$
66,000
$14,000
Accounts receivable (net)
20,000
16,000
Prepaid insurance
18,000
13,000
Total current assets
$104,000
$43,000
Accounts payable
$
30,000
$20,000
Salaries payable
3,000
7,000
Total current liabilities
$
33,000
$27,000
Instruction.
For this exam, omit all general journal entry explanations.Ensur.docxbudbarber38650
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines,
when required. Ensure to use proper financial document format details
such as blank lines where required. Unless otherwise noted, all fiscal
years end on December 31.
Question 1: 25%points: Presented below is information related to Woozie Floozy
Company for 2014. (All balances are normal.)
Retained earnings balance, January 1, 2014 $ 980,000
Sales for the year 25,000,000
Cost of goods sold 17,000,000
Interest revenue 70,000
Selling and administrative expenses 4,700,000
Write-off of goodwill (not tax deductible) 820,000
Income taxes for 2014 905,000
Gain on the sale of investments (normal recurring) 110,000
Loss due to flood damage—extraordinary item (net of tax) 390,000
Loss on the disposition of the wholesale division 815,000
Loss on operations of the wholesale division 200,000
Income tax benefit from discontinued wholesale division 285,000
Dividends declared on common stock 250,000
Dividends declared on preferred stock 50,000
Woozie Floozy Company decided to discontinue its entire wholesale operations and
to retain its manufacturing operations. On September 15, Woozie Floozy sold the
wholesale operations to Flippy-Floppy Company. During 2014, there were 200,000
shares of common stock outstanding all year.
Requirement: Prepare a multistep income statement.
Question 2: 20%points:
On June 1, 2014, Flippy-Floppy purchased a manufacturing machine for
$864,000. The machine has an eight-year estimated life and a $44,000 estimated
salvage value. Flippy-Floppy expects to manufacture 1,800,000 units over the life
of the machine.
Required: Complete the required depreciation schedules on the manufacturing
machine for each method listed. (Do not provide any supporting calculations.)
The aditional production information is as follows:
Year Production
2014 110,000
2015 300,000
2016 350,000
2017 350,000
2018 500,000
2019 450,000
2020 375,000
2021 400,000
Schedules for:
a. Straight-line.
Year Depreciation Expense Accumulated Depreciation.
Chapter 2Exercises1. Issuance of stockPrepare journal entr.docxcravennichole326
Chapter 2
Exercises
1. Issuance of stock
Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:
a. Jackson Corporation has common stock with a par value of $1 per share.
b. Royal Corporation has no-par common with a stated value of $5 per share.
c. French Corporation has no-par common; no stated value has been assigned.
2. Stock subscriptions: Journal entries
Investors recently subscribed to 5,000 shares of B&J Travel's $1 par-value common stock at $10 per share. During the year, the company received 80% of the balances due, which resulted in the issuance of 4,000 shares of stock.
a. Prepare journal entries to record
1) the subscriptions to investors.
2) the receipt of cash from subscribers.
3) the issuance of shares.
b. Determine the year-end balance in the Common Stock Subscribed account.
c. Determine the year-end balance in the Common Stock Subscriptions Receivable account.
3. Analysis of stockholders' equity
Star Corporation issued both common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow:
20X6
20X5
Preferred stock, $100 par value, 10%
$ 580,000
$ 500,000
Common stock, $10 par value
2,350,000
1,750,000
Paid-in capital in excess of par value
Preferred
24,000
—
Common
4,620,000
3,600,000
Retained earnings
8,470,000
6,920,000
Total stockholders' equity
$16,044,000
$12,770,000
a. Compute the number of preferred shares that were issued during 20X6.
b. Calculate the average issue price of the common stock sold in 20X6.
c. By what amount did the company's paid-in capital increase during 20X6?
d. Did Star's total legal capital increase or decrease during 20X6? By what amount?
4. Preparation of stockholders' equity section
The following data relate to LeMaster Corporation as of December 31, 20XX, the close of the current accounting period:
. Preferred stock—The company has 1,000 shares of $50 par-value cumulative preferred stock authorized. The stock pays a 10% dividend; to date, 400 shares have been issued at $55 per share.
. Common stock—A total of 25,000 shares of $1 stated-value common stock is authorized. To date, 10,000 shares have been issued at $10 per share, and an additional 3,000 shares have been subscribed to at $15 per share.
Assuming a retained earnings balance of $177,000, prepare the stockholders' equity section of LeMaster's December 31, 20XX balance sheet.
· Bond premium: Straight-line amortization
Castillo Company issued $200,000 of 10% 4-year bonds on January 1, 20X1 for $216,000. The bonds pay interest semiannually on June 30 and December 31.
e. Prepare the required journal entry to record the bond issuance on January 1, 20X1.
e. Prepare entries to record the interest payment and premium amortization on June 30 and December 31, 20X1. Castillo uses the straight-line method of amortization.
e. Compute 20X1 bond interest expense.
e. Present th ...
Question 1 (1 point)The following trial balance of Flip Corp.docxamrit47
Question 1 (1 point)
The following trial balance of Flip Corp. at December 31, year 1, has been adjusted except for income tax expense.
Account
Debit
Credit
Cash
$600,000
Accounts Receivable, net
3,500,000
Cost in excess of billings on long-ter contracts
1,600,000
Billings in excess of cost on long-term contracts
$700,000
Prepaid taxes
450,000
Property, plant, and equipment, net
1,480,000
Notes Payable, noncurrent
1,620,000
Common Stock
750,000
Additional Paid In Capital
2000,000
Retained Earnings - unappropriated
900,000
Retained Earnings - restricted for Notes Payable
160,000
Earning from long-term contracts
6,680,000
Cost and Expenses
5,180,000
________
Totals
$12,810,000
$12,810,000
Other financial data for the year ended December 31, year 1, are
Flip uses the percentage-of-completion method to account for long-term construction contracts for financial statement and income tax purposes. All receivables on these contracts are considered to be collectible within twelve months.
During year 1, estimated tax payments of $450,000 were charged to prepaid taxes. Flip has not recorded income tax expense. There were no temporary or permanent differences, and Flip's tax rate is 30%.
In Flip's December 31, year 1 balance sheet, what amount should be reported as total noncurrent liabilities?
Question 1 options:
$2,480,000
$1,780,000
$1,620,000
$2,320,000
Save
Question 2 (1 point)
The following trial balance of Flip Corp. at December 31, year 1, has been adjusted except for income tax expense.
Account
Debit
Credit
Cash
$600,000
Accounts Receivable, net
3,500,000
Cost in excess of billings on long-ter contracts
1,600,000
Billings in excess of cost on long-term contracts
$700,000
Prepaid taxes
450,000
Property, plant, and equipment, net
1,480,000
Notes Payable, noncurrent
1,620,000
Common Stock
750,000
Additional Paid In Capital
2000,000
Retained Earnings - unappropriated
900,000
Retained Earnings - restricted for Notes Payable
160,000
Earning from long-term contracts
6,680,000
Cost and Expenses
5,180,000
________
Totals
$12,810,000
$12,810,000
Other financial data for the year ended December 31, year 1, are
Flip uses the percentage-of-completion method to account for long-term construction contracts for financial statement and income tax purposes. All receivables on these contracts are considered to be collectible within twelve months.
During year 1, estimated tax payments of $450,000 were charged to prepaid taxes. Flip has not recorded income tax expense. There were no temporary or permanent differences, and Flip's tax rate is 30%.
In Flip's December 31, year 1 balance sheet, what amount should be reported as total current assets?
Question 2 options:
$6,150,000
$5,700,000
$5,450,000
$5,000,000
Save
Question 3 (1 point)
Flip, Inc. was incorporated on January 1, year 1, with proceeds from the issuance of $750,000 in stock and borrowed funds of $110,000. During the first year of op ...
Number of Pages 2 (Double Spaced)Language Style English (U.S.).docxhopeaustin33688
Number of Pages: 2 (Double Spaced)
Language Style: English (U.S.)
Writing Style: APA
Number of sources: 1
Choose one (1) of the topics below and develop a three to four (3-4) paragraph essay (of at least 250-500 words) which adequately address the topic you have chosen. The topic I have chosen is:
Considered the “Mummy’s Curse,” a series of unexplainable, unfortunate, or tragic events that happened to the people who were present at the opening of Tutankhamen’s tomb.
The instructions are as follows:
Write a 3-4 paragraph paper in which you:
1. Clearly state the “mystery” and provide a brief summary of at least two (2) theories which could explain the mystery. Because some theories may sound far-fetched, include the source or promoter of each theory – such as a scientist, a historian, a theologian, etc.
2. Identify one (1) of the theories and provide at least two (2) convincing reasons why the theory you have chosen is the best one to explain the mystery.
3. Use at least two (2) sources besides the textbook.
The assignment must follow these formatting requirements:
? Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA Style format.
? Include a cover page containing the tile of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Acct 210
Spring 2013
1. What is meant by a classified balance sheet?
2. Why do we record accounts receivable on the balance sheet at net realizable value?
3. Which is required by GAAP, the direct write-off method or the allowance method for accounting for receivables?
4. Why is it important for the company to focus on improving the accounts receivable turnover ratio (why do they want to collect receivables as quickly as possible)?
5. There are two methods for calculating the allowance account, percent of sales and aging of accounts receivable. Briefly describe the difference between these two methods.
Nassau Auto Parts sells new and used auto parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2013, its first year of operations, Dixie Auto Parts experienced the following:
Sales on account
$
275,000
Beginning accounts receivable balance
550,000
Collections of accounts receivable
368,000
Uncollectible accounts charged off during the year
1,200
Beginning allowance for uncollectible accounts balance
14,500
Assume that Dixie Auto Parts uses the allowance method of accounting for bad debts and estimates that 1% of its sales on account will not be collected
a. What is the Accounts Receivable balance at December 31, 2013?
b. What is the ending balance of Allowance for Uncollectible Accounts (Allowance for Doubtful Accounts) at December 31, 2013, after all entries and adjusting entries are posted (the adjustment for bad debt expens.
Week Three Exercise AssignmentInventory1. Specific ide.docxwendolynhalbert
Week Three Exercise Assignment
Inventory
1.
Specific identification method
. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$21,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods
and
Moon
were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2.
Inventory valuation methods: basic computations
. The January beginning inventory of the White
Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO
LIFO
Weighted Average
Goods available for sale
$
$
$
Ending inventory, March 31
Cost of goods sold
3.
Perpetual inventory system: journal entries
. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
·
1/2/20X3 Purchases on account: 500 units @$6 =
$3,000
·
1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
·
1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000
·
1/25/20X3
Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appearedon the computer printout under FIFO & LIFO
b. Calculate the balance in the firm’s Inventory account under each method.
c. Briefly explain the absence of the Purchases account to the company president.
4. Inventory valuation methods: computations and concepts.
Wild Riders Surfboard Company began business on January 1 of the current year. Purchases of surfboards were as follows:
Date
Quantity
Unit Cost
Total Cost
1/3
100
$125
$12,500
4/3
200
$135
$27,000
6/3
100
$145
$14,500
7/3
100
$155
$15,500
Total
500
$69,500
Wild Riders sold 400 boards at $250 per board on the dates listed below.
The company uses a perpetual inventory system.
Date
Quantity Sold
Unit Price
Total Sales
3/17
50
$250
$12,500
5/17
75
$250
$18,750
8/10
275
$250
$68,750
Total
400
$100,000
Instructions
a.
Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods:
·
First-in, first-out
·
Last-in, first-out
·
Weighted average
b. Which of the three methods would be chosen if management’s goal is to
(1) produce an up-to-date inventory valuation o.
Page 1 of 9 Name __________________________ Date __.docxalfred4lewis58146
Page 1 of 9
Name: __________________________ Date: _____________
You must complete both Part 1 (Wiley Plus) & Part 2 of Quiz 2
20 Questions: 12 MC Questions; 7 Problems; 1 essay
Ch 5 – 6 - 7 … Timed Exam: 3 hours
UMUC – ACCT 220 Due April 24, 2013
This exam is to be completed without the assistance of any other person.
You may use only the resources provided by your instructor for this class.
** Save this file and include your name in the file name: Steve_Harvey_Quiz_2
You may create an Excel and / or Word File for your work. Please verify that each page prints out
formatted with your name and page number on the page. Excel files should show gridlines.
Excel ‘page format’ has options for grid lines (sheet) and headers/footers.
At a minimum, use print preview so you can see how the work will print out.
I pledge on my honor that I have not given or received any unauthorized assistance on this
examination. In addition, I pledge that I will not disclose to, or discuss the contents of this
examination with, students who have not taken it.
_________________________________________________________________________
Signed
12 MC (place answer on the line); 1 essays , 7 problem presentation questions (may require JEs or
financial statement presentations)
NOTE: some problems have several ‘calculation’ presentations or tasks
100 total points; 100 points = 100%
For all questions, assume no other transactions or activities have taken place during the period except
as noted
Page 2 of 9
Prepare and present calculations for partial credits for questions with calculations and presentations.
Name: __________________________ Date: _____________
1. The IASB and FASB are working on a converged statement of financial position using
the headings of
A) assets, liabilities, and owner's equity. Answer: ________
B) revenues and expenses.
C) assets, liabilities, revenues, expenses and owner's equity.
D) operating, investing, and financing.
2. The only acceptable cost flow assumptions under IFRS are
A) FIFO and LIFO. Answer: ________
B) FIFO and average.
C) LIFO and average.
D) FIFO, LIFO and average.
3. On July 9, Serta Company sells goods on credit to Walmart Company for $3,000, terms
1/10, n/60. Serta receives payment on July 18. The entry by Serta on July 18 is:
Answer: ________
A) Cash 3,000
Accounts Receivable 3,000
B) Cash 3,000
Sales Discounts 30
Accounts Receivable 2,970
C) Cash 2,970
Sales Discounts 30
Accounts Receivable 3,000
D) Cash 3,030
Cash 30
Accounts Receivable 3,000
4. In a perpetual inventory system, the Cost of Goods Sold account is used
A) only when a cash sale of merchandise occurs. Answer: ______.
Acct 221.Fa.14
Question 1: 20 points
a. General Journal Entries:
Date
Account
Debit
Credit
Answer Sheet Page 1 of 10 .Fa.14
Final Exam
Answer Sheet Page 2 of 10 .Fa.14
Final Exam
b. Income Statement:
Retained Earnings Statement:
.14
Final Exam
Question 2. 10 points
a1 & a2: General Journal Entries:
(Cost Method):
Date
Account
Debit
Credit
a3. Stock Investments Accounts Balance
b1 & b2: : General Journal Entries: (Equity Method):
Date
Account
Debit
Credit
b3. Stock Investments Accounts Balance
Final Exam
Question 3. 15 points:
Fa.14
Final Exam
Question 4. 10 points
Question 5. 7 points:
Flip Inc.
Cash Disbursements Budget
For the Month of May
Question 6. 6 points:
Flip Enterprises
Incremental Analysis
Special Order
a.14
Final Exam
Question 7. 6 points:
Flip Inc.
Incremental Analysis
To Make
Incremental Analysis
Incremental Effect
Question 8. 6 points:
Flip Company
Incremental Analysis
Retain or Replace
Incremental Analysis
Incremental Effect
.Fa.14
Final Exam
Multiple choice questions allocated 1 point each: Make your selection by indicating the letter corresponding to your answer.
Question Number
Answer
Question Number
Answer
9:
19:
10:
20:
11:
21:
12:
22:
13:
23:
14:
24:
15:
25:
16:
26:
17:
27:
18:
28:
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred:
Jan. 8
Issued 40,000 shares of its own common stock for $400,000.
Jan. 18
Declared a cash dividend of $1 per share to stockholders of record on Jan. 10.
Jan. 31
Paid the $1 cash dividend declared on Jan. 18.
Feb. 2
Purchased 3,000 shares of its own common stock for the treasury at $11 per share.
Feb. 14
Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share.
March 25
Declared a 2 for 1 stock split on outstanding shares.
Instructions
Prepare journal entries to record the above transactions.
Part B.
The following information is available for Flip Corporation for the year ended December 31, 2014:
Beginning retained earnings
$ 340,000
Cost of goods sold
620,000
Declared cash dividends
50,000
Operating expenses
170,000
Other expenses and losses
40,000
Other revenues and gains
60,000
Sales
1,000,000
Tax rate
30%
Instructions:
1.
Prepare a corporate income statement in good form.
2.
Prepare a retained earnings statement for the year.
Question .
Multiple-choice questions. Select the best one that answers th.docxroushhsiu
Multiple-choice questions. Select the best one that answers the question. Show your procedure and calculations. Partial credits will be given if you procedure is correct, but answers are not. Each question is 3 points. Total: 78 points.
Chapter 1
1. Angelo uses the equity method to account for its investment in Fischer on January 1. On the date of acquisition, Fischer’s land and buildings were undervalued on its balance sheet. During the year following the acquisition, how do these excesses of fair values over book values affect Angelo's Equity Income from Fischer?
a. Building, Decrease; Land, No Effect
b. Building, Decrease; Land, Decrease
c. Building, Increase; Land, Increase
d. Building, Increase; Land, No Effect
2. On January 2, 2020, Campbell, Inc. purchased a 20% interest in Renner Corp. for $2,000,000 cash. During 2020, Renner's net income was $2,500,000 and it paid dividends of $750,000.
Equity Investment balance should Campbell report at December 31, 2020?
a. $2,500,000
b. $ 500,000
c. $2,350,000
d. $2,150,000
3. On December 31, 2020, Park Inc. paid $500,000 for all of the common stock of Smith Corp. On that date, Smith had assets and liabilities with book values of $400,000 and $100,000; and fair values of $450,000 and $125,000, respectively.
What amount of goodwill will be reported on the December 31, 2020 balance sheet?
a. $ 50,000
b. $100,000
c. $200,000
d. $175,000
4. Francis, Inc. acquired 40% of Park's voting stock on January 1, 2020 for $420,000. During 2020, Park earned $120,000 and paid dividends of $60,000. During 2021, Park earned $160,000 and paid dividends of $50,000 on April 1 and $40,000 on December 1. On July 1, 2021, Francis sold half of its stock in Park for $275,000 cash.
The Equity Investment balance at December 31, 2020 is:
a. $420,000
b. $444,000
c. $408,000
d. $492,000
5. On January 1, 2020, Cracker Co. purchased 40% of Dallas Corp.'s common stock at book value of net assets. The balance in Cracker's Equity Investment account was $820,000 at December 31, 2020. Dallas reported net income of $500,000 for the year ended December 31, 2020, and paid dividends totaling $150,000 during 2020.
How much did Cracker pay for its 40% interest in Dallas?
a. $680,000
b. $500,000
c. $560,000
d. $760,000
Chapter 2
The following three Questions are based on the following set of facts.
Lucky’s Company acquires Waterview, Inc., by issuing 40,000 shares of $1 par common stock with a market price of $25 per share on the acquisition date and paying $125,000 cash. The assets and liabilities on Waterview’s balance sheet were valued at fair values except equipment that was undervalued by $300,000. There was also an unrecorded patent valued at $40,000, as well as an unrecorded trademark valued at $75,000. In addition, the agreement provided for additional consideration, valued at $60,000, if certain earnings targets were met.
The pre-acquisition balance she ...
Part I. Comprehensive problems. Place answers below each questio.docxherbertwilson5999
Part I. Comprehensive problems. Place answers below each question.
1. Points = 4
Instructions
Determine the incremental income or loss that Hayes Enterprises would realize by accepting the special order.
2. Points = 4
Instructions
Prepare an incremental analysis, which shows the effect of the make-or-buy decision.
3. Points = 12
Instructions
Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2014, using the indirect method.
4. Points = 10
Instructions
Mimi Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. (Indent credit accounts)
Date:
Account
Debit
Credit
5. Points = 12
Instructions
Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below.
Equivalent Units
QUANTITIES
Physical Units
Materials
Conversion Costs
Work in process, May 1
7,000
Started into production
28,000
Total units
35,000
Units accounted for:
Transferred out
30,000
Work in process, May 31
5,000
Total units
35,000
COSTS
Unit costs
Materials
Conversion Costs
Total
Costs in May
$140,000
$160,000
$300,000
Equivalent units
Units costs
Costs to be accounted for
Work in process, May 1
$60,000
Started into production
240,000
$300,000
Cost Reconciliation Schedule
Costs accounted for:
Transferred out
Work in process, May 31:
….Materials
….Conversion costs
Total costs
$300,000
6. Points = 8
Instructions
(a)
Prepare the responsibility reports for the Mixing Department for each month.
June
July
Controllable Cost
Budget
Actual
Delta
F or U
Budget
Actual
Delta
F or U
Indirect materials
Indirect labor
Factory supplies
Supervision
Total costs
· F = Favorable variance
· U = Unfavorable variance
(b) Comment on the manager's performance in controlling costs during the two-month period.
Part II: 25 Multiple Choice Questions @ 2 points each = 50 points.
Place answers in the table below:
1.
6.
11.
16.
21.
2.
7.
12.
17.
22.
3.
8.
13.
18.
23.
4.
9.
14.
19.
24.
5.
10.
15.
20.
25.
FinalSUMNIll9287jhd72g
Part I. 6 Comprehensive problems worth 50 points total
1. Points = 4
Hayes Enterprises produces miniature parasols. Each parasol consists of $1.20 of variable costs and $.90 of fixed costs and sells for $4.50. A French wholesaler offers to buy 9,000 units at $1.40 each, of which Pederson has the capacity to produce. Hayes will incur extra shipping costs of $.12 per parasol.
Instructions
Determine the .
Page 6Page 1Name __________________________ Date ______.docxalfred4lewis58146
Page 6
Page 1
Name: __________________________ Date: _____________
Please select the best answer.
_____1.
On July 9, Sheb Company sells goods on credit to Wooley Company for $5,000, terms 1/10, n/60. Sheb receives payment on July 18. The entry by Sheb on July 18 is:
A)
Cash
5,000
Accounts Receivable
5,000
B)
Cash
5,000
Sales Discounts
50
Accounts Receivable
4,950
C)
Cash
4,950
Sales Discounts
50
Accounts Receivable
5,000
D)
Cash
5,050
Sales Discounts
50
Accounts Receivable
5,000
_____2.
The collection of a $1,000 account after the 2 percent discount period will result in a
A)
debit to Cash for $980.
B)
credit to Accounts Receivable for $1,000.
C)
credit to Cash for $1,000.
D)
debit to Sales Discounts for $20.
_____3.
Gross profit does not appear
A)
on a multiple-step income statement.
B)
on a single-step income statement.
C)
to be relevant in analyzing the operation of a merchandiser.
D)
on the income statement if the periodic inventory system is used because it cannot be calculated.
_____4.
During 2014, Parker Enterprises generated revenues of $90,000. The company's expenses were as follows: cost of goods sold of $45,000, operating expenses of $18,000 and a loss on the sale of equipment of $3,000.
Parker's gross profit is
A)
$24,000.
B)
$27,000.
C)
$45,000.
D)
$90,000.
_____5.
At the beginning of September, 2014, Stella Company reported Inventory of $8,000. During the month, the company made purchases of $35,600. At September 30, 2014, a physical count of inventory reported $8,400 on hand. Cost of goods sold for the month is
A)
$35,200.
B)
$35,600.
C)
$36,000.
D)
$43,600.
_____6.
The Freight-In account
A)
increases the cost of merchandise purchased.
B)
is contra to the Purchases account.
C)
is a permanent account.
D)
has a normal credit balance.
______7.
A company purchased inventory as follows:
150 units at $5
350 units at $6
The average unit cost for inventory is
A)
$5.00.
B)
$5.50.
C)
$5.70.
D)
$6.00.
______8.
A company just starting business made the following four inventory purchases in June:
June
1
150 units
$ 390
June
10
200 units
585
June
15
200 units
630
June
28
150 units
510
$2,115
A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is
A)
$683.
B)
$825.
C)
$1,290.
D)
$1,432.
PART II — BASIC INVENTORY COMPUTATIONS (18 points)
9.
Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made.
Purchases
Sales
May
6
300
units at $7.20
May
4
275
units
14
400
units at $9.10
8
300
units
21
100
units at $11.50
22
400
units
28
500
units at $11.80
24
225
units
1,300
1,200
Instructions: Compute the May 31 ending inventor.
Plan of WorkGloria is employed at Jones University, through .docxJUST36
Plan of Work
Gloria is employed at Jones University, through Higher Learning Systems in Connecticut as a data entry specialist. She originally worked for Higher Learning Systems in Canada; but, she transferred with her husband to the United States through his military career. Gloria has been employed with Higher Learning Systems for 6 years. She worked 5 years in Canada and has been in Connecticut for one year. She was on medical leave for 6 months due to her pregnancy with her first child. She had complications and was absent from work for 3 months before the birth of her child.
There are 12 data entry specialists at Jones University in Connecticut. When Gloria took leave unexpectedly, the other 11 specialists had to split up her work duties. After the birth of Gloria’s child, her co-workers were upset that she decided to take off 12 weeks after the birth, despite the fact she was out 12 weeks before the delivery. When Gloria returned to work, she took frequent breaks, more than the policy allowed, to pump and securely store breast milk for her infant. Since these breaks interfered with her workload, the 11 employees were required to carry a percent of Gloria’s workload until she decided to stop pumping and storing breast milk at work. Employees were extremely frustrated at Gloria and felt as though the university was giving her special treatment.
Gloria felt the frustration immediately when returning to work, despite the fact that the university had indicated that it supported mothers on parental leave and mothers who needed extra time to pump breast milk after maternity leave. She felt disrespected by her co-workers due to her cultural beliefs about the importance of breast feeding. The discomfort she felt affected her work, and she began to fall further behind in her daily responsibilities. Soon, she dreaded going to work, cried often, and felt unappreciated by her supervisor. She also felt her supervisor did not approve of her decision to take 12 weeks off after her infant was born and she didn’t approve of her frequent breaks. Gloria often overheard other employees making jokes about her. Gloria has worked for the company for 6 years and does not want to quit. She decides to visit Human Resources for assistance. Human Resources works with Gloria and her supervisor to create a plan of work to assist with the areas of concern.
For this assignment, there are three main parts: first summarize the scenario, second outline Human Resources response to Gloria, and third prepare a plan of work for Gloria and her supervisor. The plan of work is prepared by Human Resources, so it should include goals for Gloria, the supervisor, and/or the department. Include a timeline with the goals. Ensure the goals are measurable and attainable.
Length: 6 pages, not including title and reference pages " 1 title, 6 body, 1 reference "
References: Include a minimum of five scholarly resources.
Your paper should demonstrate thoughtf.
Planning, Implementation, and Evaluation Evaluate the importa.docxJUST36
Planning, Implementation, and Evaluation"
Evaluate the importance of each major step in policy analysis as it relates to political choice. Next, debate if one would consider any of these steps more important than another. Provide a rationale to support your answer.
From the e-Activity, Next, suggest one (1) method that a policy analyst could use in order to implement the strategic plan overall. Provide a rationale to support yo
.
More Related Content
Similar to Question 1The following information applied to Frack Inc. fo.docx
University of Maryland University CollegeFinal Examination.docxdickonsondorris
University of Maryland University College
Final Examination
Acct220: Principles of Accounting I
For this exam, omit all general journal entry explanations.
Question 1: Suggested time 20 minutes: 15% points:
The account balances appearing on the trial balance (below) were taken from the general ledger of Flip's Copy Shop at June 30, 2012.
Additional information for the month of June which has not yet been recorded in the accounts is as follows:
(a)
A physical count of supplies indicates $300 on hand at June 30.
(b)
The amount of insurance that expired in the month of June was $200.
(c)
Depreciation on equipment for June was $400.
(d)
Rent owed on the copy shop for the month of June was $600 but will not be paid until July.
Flip’s Copy Shop
Trial Balance
For the Month Ended June 30, 2012
Account Titles
Debit
Credit
Cash
$1,000
Supplies
1,100
Prepaid Insurance
2,200
Equipment
24,000
Accum. Depreciation— Equipment
$4,500
Accounts Payable
2,400
Notes Payable
4,000
Flip’s Capital
15,300
Flip’s Drawings
2,400
Service Revenue
4,900
Utilities Expense
400
Totals
$31,100
$31,100
Instructions: Prepare in journal form, without explanations, the end of month adjusting entries & closing entries for Flip's Copy Shop for the month of June.
Acct220a
Page 1 of 9
Question 2: Suggested time 15 minutes: 15% points:
The following items were taken from the post adjusted trial balance of Flip Company. (All balances are normal.)
Mortgage payable
$ 1,443
Accumulated depreciation
3,655
Prepaid expenses
880
Accounts payable
1,444
Equipment
11,000
Notes payable after 2015
1,200
Long-term investments
1,100
Flip’s capital
13,480
Short-term investments
3,690
Accounts receivable
1,696
Notes payable in 2014
1,000
Inventories
1,756
Cash
2,100
Instructions: Prepare a classified balance sheet in good form as of December 31, 2013.
Question 3: Suggested time 15 minutes: 15% points:
The following information is available for Flip Company:
Beginning inventory
600 units at $4
First purchase
900 units at $6
Second purchase
500 units at $7.20
Assume that Flip uses a periodic inventory system and that there are 700 units left at the end of the month.
Instructions: Compute the cost of ending inventory and Cost of Good Sold under the
(a)
LIFO method.
(b)
FIFO method.
(c)
Average-cost method
Acct220a
Page 2 of 9
Question 4: Suggested time 15 minutes: 10% points:
Prepare journal entries to record the following transactions entered into by Flip Company:
2012
June
1
Accepted a $10,000, 12%, 1-year note from Flop as full payment on her account.
Nov.
1
Sold merchandise on account to Flap, Inc. for $12,000, terms 2/10, n/30.
Nov.
5
Flap, Inc. returned merchandise worth $500.
Nov.
9
Received payment in full from Flap, Inc.
Dec.
31
Accrued interest on Flop's note.
2013
June
1
Flop honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013
Question 5: Suggested time 20 minutes ...
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par .docxjuliennehar
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred:
Jan. 8
Issued 40,000 shares of its own common stock for $400,000.
Jan. 18
Declared a cash dividend of $1 per share to stockholders of record on Jan. 10.
Jan. 31
Paid the $1 cash dividend declared on Jan. 18.
Feb. 2
Purchased 3,000 shares of its own common stock for the treasury at $11 per share.
Feb. 14
Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share.
March 25
Declared a 2 for 1 stock split on outstanding shares.
Instructions
Prepare journal entries to record the above transactions.
Part B.
The following information is available for Flip Corporation for the year ended December 31, 2014:
Beginning retained earnings
$
340,000
Cost of goods sold
620,000
Declared cash dividends
50,000
Operating expenses
170,000
Other expenses and losses
40,000
Other revenues and gains
60,000
Sales
1,000,000
Tax rate
30%
Instructions:
1.
Prepare a corporate income statement in good form.
2.
Prepare a retained earnings statement for the year.
Question
2: 10 points:
January 1, 2014 Flip Company purchased 35,000 shares of common stock of Flop Corporation as a long-term investment for $900,000. December 31, 2014, Flop Corporation reported net income of $300,000 and paid dividends of $100,000.
Instructions:
a.
Assuming that the 35,000 shares represent a 10% interest in Flop Corporation:
1.
Prepare the journal entry to record the investment in Flop stock.
2.
Prepare any entries that Flip Company should make in accounting for its investment in Flop stock during the year.
3.
What is the balance of the Stock Investments account on Flip Company's books at the end of the year?
b.
Repeat requirement (a) above except assume that the 35,000 shares represent a 20% interest in Flop Corporation.
Question
3: 15 points:
The following information is available for Flip Corporation for the year ended December 31, 2014:
Collection of principal on long-term loan to a supplier
$15,000
Acquisition of equipment for cash
10,000
Proceeds from the sale of long-term investment at book value
20,000
Issuance of common stock for cash
27,000
Depreciation expense
28,000
Redemption of bonds payable at carrying (book) value
35,000
Payment of cash dividends
15,000
Net income
25,000
Purchase of land by issuing bonds payable
45,000
In addition, the following information is available from the comparative balance sheet for Flip at the end of 2013 and 2014:
2014
2013
Cash
$
66,000
$14,000
Accounts receivable (net)
20,000
16,000
Prepaid insurance
18,000
13,000
Total current assets
$104,000
$43,000
Accounts payable
$
30,000
$20,000
Salaries payable
3,000
7,000
Total current liabilities
$
33,000
$27,000
Instruction.
For this exam, omit all general journal entry explanations.Ensur.docxbudbarber38650
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines,
when required. Ensure to use proper financial document format details
such as blank lines where required. Unless otherwise noted, all fiscal
years end on December 31.
Question 1: 25%points: Presented below is information related to Woozie Floozy
Company for 2014. (All balances are normal.)
Retained earnings balance, January 1, 2014 $ 980,000
Sales for the year 25,000,000
Cost of goods sold 17,000,000
Interest revenue 70,000
Selling and administrative expenses 4,700,000
Write-off of goodwill (not tax deductible) 820,000
Income taxes for 2014 905,000
Gain on the sale of investments (normal recurring) 110,000
Loss due to flood damage—extraordinary item (net of tax) 390,000
Loss on the disposition of the wholesale division 815,000
Loss on operations of the wholesale division 200,000
Income tax benefit from discontinued wholesale division 285,000
Dividends declared on common stock 250,000
Dividends declared on preferred stock 50,000
Woozie Floozy Company decided to discontinue its entire wholesale operations and
to retain its manufacturing operations. On September 15, Woozie Floozy sold the
wholesale operations to Flippy-Floppy Company. During 2014, there were 200,000
shares of common stock outstanding all year.
Requirement: Prepare a multistep income statement.
Question 2: 20%points:
On June 1, 2014, Flippy-Floppy purchased a manufacturing machine for
$864,000. The machine has an eight-year estimated life and a $44,000 estimated
salvage value. Flippy-Floppy expects to manufacture 1,800,000 units over the life
of the machine.
Required: Complete the required depreciation schedules on the manufacturing
machine for each method listed. (Do not provide any supporting calculations.)
The aditional production information is as follows:
Year Production
2014 110,000
2015 300,000
2016 350,000
2017 350,000
2018 500,000
2019 450,000
2020 375,000
2021 400,000
Schedules for:
a. Straight-line.
Year Depreciation Expense Accumulated Depreciation.
Chapter 2Exercises1. Issuance of stockPrepare journal entr.docxcravennichole326
Chapter 2
Exercises
1. Issuance of stock
Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:
a. Jackson Corporation has common stock with a par value of $1 per share.
b. Royal Corporation has no-par common with a stated value of $5 per share.
c. French Corporation has no-par common; no stated value has been assigned.
2. Stock subscriptions: Journal entries
Investors recently subscribed to 5,000 shares of B&J Travel's $1 par-value common stock at $10 per share. During the year, the company received 80% of the balances due, which resulted in the issuance of 4,000 shares of stock.
a. Prepare journal entries to record
1) the subscriptions to investors.
2) the receipt of cash from subscribers.
3) the issuance of shares.
b. Determine the year-end balance in the Common Stock Subscribed account.
c. Determine the year-end balance in the Common Stock Subscriptions Receivable account.
3. Analysis of stockholders' equity
Star Corporation issued both common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow:
20X6
20X5
Preferred stock, $100 par value, 10%
$ 580,000
$ 500,000
Common stock, $10 par value
2,350,000
1,750,000
Paid-in capital in excess of par value
Preferred
24,000
—
Common
4,620,000
3,600,000
Retained earnings
8,470,000
6,920,000
Total stockholders' equity
$16,044,000
$12,770,000
a. Compute the number of preferred shares that were issued during 20X6.
b. Calculate the average issue price of the common stock sold in 20X6.
c. By what amount did the company's paid-in capital increase during 20X6?
d. Did Star's total legal capital increase or decrease during 20X6? By what amount?
4. Preparation of stockholders' equity section
The following data relate to LeMaster Corporation as of December 31, 20XX, the close of the current accounting period:
. Preferred stock—The company has 1,000 shares of $50 par-value cumulative preferred stock authorized. The stock pays a 10% dividend; to date, 400 shares have been issued at $55 per share.
. Common stock—A total of 25,000 shares of $1 stated-value common stock is authorized. To date, 10,000 shares have been issued at $10 per share, and an additional 3,000 shares have been subscribed to at $15 per share.
Assuming a retained earnings balance of $177,000, prepare the stockholders' equity section of LeMaster's December 31, 20XX balance sheet.
· Bond premium: Straight-line amortization
Castillo Company issued $200,000 of 10% 4-year bonds on January 1, 20X1 for $216,000. The bonds pay interest semiannually on June 30 and December 31.
e. Prepare the required journal entry to record the bond issuance on January 1, 20X1.
e. Prepare entries to record the interest payment and premium amortization on June 30 and December 31, 20X1. Castillo uses the straight-line method of amortization.
e. Compute 20X1 bond interest expense.
e. Present th ...
Question 1 (1 point)The following trial balance of Flip Corp.docxamrit47
Question 1 (1 point)
The following trial balance of Flip Corp. at December 31, year 1, has been adjusted except for income tax expense.
Account
Debit
Credit
Cash
$600,000
Accounts Receivable, net
3,500,000
Cost in excess of billings on long-ter contracts
1,600,000
Billings in excess of cost on long-term contracts
$700,000
Prepaid taxes
450,000
Property, plant, and equipment, net
1,480,000
Notes Payable, noncurrent
1,620,000
Common Stock
750,000
Additional Paid In Capital
2000,000
Retained Earnings - unappropriated
900,000
Retained Earnings - restricted for Notes Payable
160,000
Earning from long-term contracts
6,680,000
Cost and Expenses
5,180,000
________
Totals
$12,810,000
$12,810,000
Other financial data for the year ended December 31, year 1, are
Flip uses the percentage-of-completion method to account for long-term construction contracts for financial statement and income tax purposes. All receivables on these contracts are considered to be collectible within twelve months.
During year 1, estimated tax payments of $450,000 were charged to prepaid taxes. Flip has not recorded income tax expense. There were no temporary or permanent differences, and Flip's tax rate is 30%.
In Flip's December 31, year 1 balance sheet, what amount should be reported as total noncurrent liabilities?
Question 1 options:
$2,480,000
$1,780,000
$1,620,000
$2,320,000
Save
Question 2 (1 point)
The following trial balance of Flip Corp. at December 31, year 1, has been adjusted except for income tax expense.
Account
Debit
Credit
Cash
$600,000
Accounts Receivable, net
3,500,000
Cost in excess of billings on long-ter contracts
1,600,000
Billings in excess of cost on long-term contracts
$700,000
Prepaid taxes
450,000
Property, plant, and equipment, net
1,480,000
Notes Payable, noncurrent
1,620,000
Common Stock
750,000
Additional Paid In Capital
2000,000
Retained Earnings - unappropriated
900,000
Retained Earnings - restricted for Notes Payable
160,000
Earning from long-term contracts
6,680,000
Cost and Expenses
5,180,000
________
Totals
$12,810,000
$12,810,000
Other financial data for the year ended December 31, year 1, are
Flip uses the percentage-of-completion method to account for long-term construction contracts for financial statement and income tax purposes. All receivables on these contracts are considered to be collectible within twelve months.
During year 1, estimated tax payments of $450,000 were charged to prepaid taxes. Flip has not recorded income tax expense. There were no temporary or permanent differences, and Flip's tax rate is 30%.
In Flip's December 31, year 1 balance sheet, what amount should be reported as total current assets?
Question 2 options:
$6,150,000
$5,700,000
$5,450,000
$5,000,000
Save
Question 3 (1 point)
Flip, Inc. was incorporated on January 1, year 1, with proceeds from the issuance of $750,000 in stock and borrowed funds of $110,000. During the first year of op ...
Number of Pages 2 (Double Spaced)Language Style English (U.S.).docxhopeaustin33688
Number of Pages: 2 (Double Spaced)
Language Style: English (U.S.)
Writing Style: APA
Number of sources: 1
Choose one (1) of the topics below and develop a three to four (3-4) paragraph essay (of at least 250-500 words) which adequately address the topic you have chosen. The topic I have chosen is:
Considered the “Mummy’s Curse,” a series of unexplainable, unfortunate, or tragic events that happened to the people who were present at the opening of Tutankhamen’s tomb.
The instructions are as follows:
Write a 3-4 paragraph paper in which you:
1. Clearly state the “mystery” and provide a brief summary of at least two (2) theories which could explain the mystery. Because some theories may sound far-fetched, include the source or promoter of each theory – such as a scientist, a historian, a theologian, etc.
2. Identify one (1) of the theories and provide at least two (2) convincing reasons why the theory you have chosen is the best one to explain the mystery.
3. Use at least two (2) sources besides the textbook.
The assignment must follow these formatting requirements:
? Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA Style format.
? Include a cover page containing the tile of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Acct 210
Spring 2013
1. What is meant by a classified balance sheet?
2. Why do we record accounts receivable on the balance sheet at net realizable value?
3. Which is required by GAAP, the direct write-off method or the allowance method for accounting for receivables?
4. Why is it important for the company to focus on improving the accounts receivable turnover ratio (why do they want to collect receivables as quickly as possible)?
5. There are two methods for calculating the allowance account, percent of sales and aging of accounts receivable. Briefly describe the difference between these two methods.
Nassau Auto Parts sells new and used auto parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2013, its first year of operations, Dixie Auto Parts experienced the following:
Sales on account
$
275,000
Beginning accounts receivable balance
550,000
Collections of accounts receivable
368,000
Uncollectible accounts charged off during the year
1,200
Beginning allowance for uncollectible accounts balance
14,500
Assume that Dixie Auto Parts uses the allowance method of accounting for bad debts and estimates that 1% of its sales on account will not be collected
a. What is the Accounts Receivable balance at December 31, 2013?
b. What is the ending balance of Allowance for Uncollectible Accounts (Allowance for Doubtful Accounts) at December 31, 2013, after all entries and adjusting entries are posted (the adjustment for bad debt expens.
Week Three Exercise AssignmentInventory1. Specific ide.docxwendolynhalbert
Week Three Exercise Assignment
Inventory
1.
Specific identification method
. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$21,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods
and
Moon
were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2.
Inventory valuation methods: basic computations
. The January beginning inventory of the White
Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO
LIFO
Weighted Average
Goods available for sale
$
$
$
Ending inventory, March 31
Cost of goods sold
3.
Perpetual inventory system: journal entries
. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
·
1/2/20X3 Purchases on account: 500 units @$6 =
$3,000
·
1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
·
1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000
·
1/25/20X3
Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appearedon the computer printout under FIFO & LIFO
b. Calculate the balance in the firm’s Inventory account under each method.
c. Briefly explain the absence of the Purchases account to the company president.
4. Inventory valuation methods: computations and concepts.
Wild Riders Surfboard Company began business on January 1 of the current year. Purchases of surfboards were as follows:
Date
Quantity
Unit Cost
Total Cost
1/3
100
$125
$12,500
4/3
200
$135
$27,000
6/3
100
$145
$14,500
7/3
100
$155
$15,500
Total
500
$69,500
Wild Riders sold 400 boards at $250 per board on the dates listed below.
The company uses a perpetual inventory system.
Date
Quantity Sold
Unit Price
Total Sales
3/17
50
$250
$12,500
5/17
75
$250
$18,750
8/10
275
$250
$68,750
Total
400
$100,000
Instructions
a.
Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods:
·
First-in, first-out
·
Last-in, first-out
·
Weighted average
b. Which of the three methods would be chosen if management’s goal is to
(1) produce an up-to-date inventory valuation o.
Page 1 of 9 Name __________________________ Date __.docxalfred4lewis58146
Page 1 of 9
Name: __________________________ Date: _____________
You must complete both Part 1 (Wiley Plus) & Part 2 of Quiz 2
20 Questions: 12 MC Questions; 7 Problems; 1 essay
Ch 5 – 6 - 7 … Timed Exam: 3 hours
UMUC – ACCT 220 Due April 24, 2013
This exam is to be completed without the assistance of any other person.
You may use only the resources provided by your instructor for this class.
** Save this file and include your name in the file name: Steve_Harvey_Quiz_2
You may create an Excel and / or Word File for your work. Please verify that each page prints out
formatted with your name and page number on the page. Excel files should show gridlines.
Excel ‘page format’ has options for grid lines (sheet) and headers/footers.
At a minimum, use print preview so you can see how the work will print out.
I pledge on my honor that I have not given or received any unauthorized assistance on this
examination. In addition, I pledge that I will not disclose to, or discuss the contents of this
examination with, students who have not taken it.
_________________________________________________________________________
Signed
12 MC (place answer on the line); 1 essays , 7 problem presentation questions (may require JEs or
financial statement presentations)
NOTE: some problems have several ‘calculation’ presentations or tasks
100 total points; 100 points = 100%
For all questions, assume no other transactions or activities have taken place during the period except
as noted
Page 2 of 9
Prepare and present calculations for partial credits for questions with calculations and presentations.
Name: __________________________ Date: _____________
1. The IASB and FASB are working on a converged statement of financial position using
the headings of
A) assets, liabilities, and owner's equity. Answer: ________
B) revenues and expenses.
C) assets, liabilities, revenues, expenses and owner's equity.
D) operating, investing, and financing.
2. The only acceptable cost flow assumptions under IFRS are
A) FIFO and LIFO. Answer: ________
B) FIFO and average.
C) LIFO and average.
D) FIFO, LIFO and average.
3. On July 9, Serta Company sells goods on credit to Walmart Company for $3,000, terms
1/10, n/60. Serta receives payment on July 18. The entry by Serta on July 18 is:
Answer: ________
A) Cash 3,000
Accounts Receivable 3,000
B) Cash 3,000
Sales Discounts 30
Accounts Receivable 2,970
C) Cash 2,970
Sales Discounts 30
Accounts Receivable 3,000
D) Cash 3,030
Cash 30
Accounts Receivable 3,000
4. In a perpetual inventory system, the Cost of Goods Sold account is used
A) only when a cash sale of merchandise occurs. Answer: ______.
Acct 221.Fa.14
Question 1: 20 points
a. General Journal Entries:
Date
Account
Debit
Credit
Answer Sheet Page 1 of 10 .Fa.14
Final Exam
Answer Sheet Page 2 of 10 .Fa.14
Final Exam
b. Income Statement:
Retained Earnings Statement:
.14
Final Exam
Question 2. 10 points
a1 & a2: General Journal Entries:
(Cost Method):
Date
Account
Debit
Credit
a3. Stock Investments Accounts Balance
b1 & b2: : General Journal Entries: (Equity Method):
Date
Account
Debit
Credit
b3. Stock Investments Accounts Balance
Final Exam
Question 3. 15 points:
Fa.14
Final Exam
Question 4. 10 points
Question 5. 7 points:
Flip Inc.
Cash Disbursements Budget
For the Month of May
Question 6. 6 points:
Flip Enterprises
Incremental Analysis
Special Order
a.14
Final Exam
Question 7. 6 points:
Flip Inc.
Incremental Analysis
To Make
Incremental Analysis
Incremental Effect
Question 8. 6 points:
Flip Company
Incremental Analysis
Retain or Replace
Incremental Analysis
Incremental Effect
.Fa.14
Final Exam
Multiple choice questions allocated 1 point each: Make your selection by indicating the letter corresponding to your answer.
Question Number
Answer
Question Number
Answer
9:
19:
10:
20:
11:
21:
12:
22:
13:
23:
14:
24:
15:
25:
16:
26:
17:
27:
18:
28:
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred:
Jan. 8
Issued 40,000 shares of its own common stock for $400,000.
Jan. 18
Declared a cash dividend of $1 per share to stockholders of record on Jan. 10.
Jan. 31
Paid the $1 cash dividend declared on Jan. 18.
Feb. 2
Purchased 3,000 shares of its own common stock for the treasury at $11 per share.
Feb. 14
Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share.
March 25
Declared a 2 for 1 stock split on outstanding shares.
Instructions
Prepare journal entries to record the above transactions.
Part B.
The following information is available for Flip Corporation for the year ended December 31, 2014:
Beginning retained earnings
$ 340,000
Cost of goods sold
620,000
Declared cash dividends
50,000
Operating expenses
170,000
Other expenses and losses
40,000
Other revenues and gains
60,000
Sales
1,000,000
Tax rate
30%
Instructions:
1.
Prepare a corporate income statement in good form.
2.
Prepare a retained earnings statement for the year.
Question .
Multiple-choice questions. Select the best one that answers th.docxroushhsiu
Multiple-choice questions. Select the best one that answers the question. Show your procedure and calculations. Partial credits will be given if you procedure is correct, but answers are not. Each question is 3 points. Total: 78 points.
Chapter 1
1. Angelo uses the equity method to account for its investment in Fischer on January 1. On the date of acquisition, Fischer’s land and buildings were undervalued on its balance sheet. During the year following the acquisition, how do these excesses of fair values over book values affect Angelo's Equity Income from Fischer?
a. Building, Decrease; Land, No Effect
b. Building, Decrease; Land, Decrease
c. Building, Increase; Land, Increase
d. Building, Increase; Land, No Effect
2. On January 2, 2020, Campbell, Inc. purchased a 20% interest in Renner Corp. for $2,000,000 cash. During 2020, Renner's net income was $2,500,000 and it paid dividends of $750,000.
Equity Investment balance should Campbell report at December 31, 2020?
a. $2,500,000
b. $ 500,000
c. $2,350,000
d. $2,150,000
3. On December 31, 2020, Park Inc. paid $500,000 for all of the common stock of Smith Corp. On that date, Smith had assets and liabilities with book values of $400,000 and $100,000; and fair values of $450,000 and $125,000, respectively.
What amount of goodwill will be reported on the December 31, 2020 balance sheet?
a. $ 50,000
b. $100,000
c. $200,000
d. $175,000
4. Francis, Inc. acquired 40% of Park's voting stock on January 1, 2020 for $420,000. During 2020, Park earned $120,000 and paid dividends of $60,000. During 2021, Park earned $160,000 and paid dividends of $50,000 on April 1 and $40,000 on December 1. On July 1, 2021, Francis sold half of its stock in Park for $275,000 cash.
The Equity Investment balance at December 31, 2020 is:
a. $420,000
b. $444,000
c. $408,000
d. $492,000
5. On January 1, 2020, Cracker Co. purchased 40% of Dallas Corp.'s common stock at book value of net assets. The balance in Cracker's Equity Investment account was $820,000 at December 31, 2020. Dallas reported net income of $500,000 for the year ended December 31, 2020, and paid dividends totaling $150,000 during 2020.
How much did Cracker pay for its 40% interest in Dallas?
a. $680,000
b. $500,000
c. $560,000
d. $760,000
Chapter 2
The following three Questions are based on the following set of facts.
Lucky’s Company acquires Waterview, Inc., by issuing 40,000 shares of $1 par common stock with a market price of $25 per share on the acquisition date and paying $125,000 cash. The assets and liabilities on Waterview’s balance sheet were valued at fair values except equipment that was undervalued by $300,000. There was also an unrecorded patent valued at $40,000, as well as an unrecorded trademark valued at $75,000. In addition, the agreement provided for additional consideration, valued at $60,000, if certain earnings targets were met.
The pre-acquisition balance she ...
Part I. Comprehensive problems. Place answers below each questio.docxherbertwilson5999
Part I. Comprehensive problems. Place answers below each question.
1. Points = 4
Instructions
Determine the incremental income or loss that Hayes Enterprises would realize by accepting the special order.
2. Points = 4
Instructions
Prepare an incremental analysis, which shows the effect of the make-or-buy decision.
3. Points = 12
Instructions
Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2014, using the indirect method.
4. Points = 10
Instructions
Mimi Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. (Indent credit accounts)
Date:
Account
Debit
Credit
5. Points = 12
Instructions
Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below.
Equivalent Units
QUANTITIES
Physical Units
Materials
Conversion Costs
Work in process, May 1
7,000
Started into production
28,000
Total units
35,000
Units accounted for:
Transferred out
30,000
Work in process, May 31
5,000
Total units
35,000
COSTS
Unit costs
Materials
Conversion Costs
Total
Costs in May
$140,000
$160,000
$300,000
Equivalent units
Units costs
Costs to be accounted for
Work in process, May 1
$60,000
Started into production
240,000
$300,000
Cost Reconciliation Schedule
Costs accounted for:
Transferred out
Work in process, May 31:
….Materials
….Conversion costs
Total costs
$300,000
6. Points = 8
Instructions
(a)
Prepare the responsibility reports for the Mixing Department for each month.
June
July
Controllable Cost
Budget
Actual
Delta
F or U
Budget
Actual
Delta
F or U
Indirect materials
Indirect labor
Factory supplies
Supervision
Total costs
· F = Favorable variance
· U = Unfavorable variance
(b) Comment on the manager's performance in controlling costs during the two-month period.
Part II: 25 Multiple Choice Questions @ 2 points each = 50 points.
Place answers in the table below:
1.
6.
11.
16.
21.
2.
7.
12.
17.
22.
3.
8.
13.
18.
23.
4.
9.
14.
19.
24.
5.
10.
15.
20.
25.
FinalSUMNIll9287jhd72g
Part I. 6 Comprehensive problems worth 50 points total
1. Points = 4
Hayes Enterprises produces miniature parasols. Each parasol consists of $1.20 of variable costs and $.90 of fixed costs and sells for $4.50. A French wholesaler offers to buy 9,000 units at $1.40 each, of which Pederson has the capacity to produce. Hayes will incur extra shipping costs of $.12 per parasol.
Instructions
Determine the .
Page 6Page 1Name __________________________ Date ______.docxalfred4lewis58146
Page 6
Page 1
Name: __________________________ Date: _____________
Please select the best answer.
_____1.
On July 9, Sheb Company sells goods on credit to Wooley Company for $5,000, terms 1/10, n/60. Sheb receives payment on July 18. The entry by Sheb on July 18 is:
A)
Cash
5,000
Accounts Receivable
5,000
B)
Cash
5,000
Sales Discounts
50
Accounts Receivable
4,950
C)
Cash
4,950
Sales Discounts
50
Accounts Receivable
5,000
D)
Cash
5,050
Sales Discounts
50
Accounts Receivable
5,000
_____2.
The collection of a $1,000 account after the 2 percent discount period will result in a
A)
debit to Cash for $980.
B)
credit to Accounts Receivable for $1,000.
C)
credit to Cash for $1,000.
D)
debit to Sales Discounts for $20.
_____3.
Gross profit does not appear
A)
on a multiple-step income statement.
B)
on a single-step income statement.
C)
to be relevant in analyzing the operation of a merchandiser.
D)
on the income statement if the periodic inventory system is used because it cannot be calculated.
_____4.
During 2014, Parker Enterprises generated revenues of $90,000. The company's expenses were as follows: cost of goods sold of $45,000, operating expenses of $18,000 and a loss on the sale of equipment of $3,000.
Parker's gross profit is
A)
$24,000.
B)
$27,000.
C)
$45,000.
D)
$90,000.
_____5.
At the beginning of September, 2014, Stella Company reported Inventory of $8,000. During the month, the company made purchases of $35,600. At September 30, 2014, a physical count of inventory reported $8,400 on hand. Cost of goods sold for the month is
A)
$35,200.
B)
$35,600.
C)
$36,000.
D)
$43,600.
_____6.
The Freight-In account
A)
increases the cost of merchandise purchased.
B)
is contra to the Purchases account.
C)
is a permanent account.
D)
has a normal credit balance.
______7.
A company purchased inventory as follows:
150 units at $5
350 units at $6
The average unit cost for inventory is
A)
$5.00.
B)
$5.50.
C)
$5.70.
D)
$6.00.
______8.
A company just starting business made the following four inventory purchases in June:
June
1
150 units
$ 390
June
10
200 units
585
June
15
200 units
630
June
28
150 units
510
$2,115
A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is
A)
$683.
B)
$825.
C)
$1,290.
D)
$1,432.
PART II — BASIC INVENTORY COMPUTATIONS (18 points)
9.
Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made.
Purchases
Sales
May
6
300
units at $7.20
May
4
275
units
14
400
units at $9.10
8
300
units
21
100
units at $11.50
22
400
units
28
500
units at $11.80
24
225
units
1,300
1,200
Instructions: Compute the May 31 ending inventor.
Similar to Question 1The following information applied to Frack Inc. fo.docx (20)
Plan of WorkGloria is employed at Jones University, through .docxJUST36
Plan of Work
Gloria is employed at Jones University, through Higher Learning Systems in Connecticut as a data entry specialist. She originally worked for Higher Learning Systems in Canada; but, she transferred with her husband to the United States through his military career. Gloria has been employed with Higher Learning Systems for 6 years. She worked 5 years in Canada and has been in Connecticut for one year. She was on medical leave for 6 months due to her pregnancy with her first child. She had complications and was absent from work for 3 months before the birth of her child.
There are 12 data entry specialists at Jones University in Connecticut. When Gloria took leave unexpectedly, the other 11 specialists had to split up her work duties. After the birth of Gloria’s child, her co-workers were upset that she decided to take off 12 weeks after the birth, despite the fact she was out 12 weeks before the delivery. When Gloria returned to work, she took frequent breaks, more than the policy allowed, to pump and securely store breast milk for her infant. Since these breaks interfered with her workload, the 11 employees were required to carry a percent of Gloria’s workload until she decided to stop pumping and storing breast milk at work. Employees were extremely frustrated at Gloria and felt as though the university was giving her special treatment.
Gloria felt the frustration immediately when returning to work, despite the fact that the university had indicated that it supported mothers on parental leave and mothers who needed extra time to pump breast milk after maternity leave. She felt disrespected by her co-workers due to her cultural beliefs about the importance of breast feeding. The discomfort she felt affected her work, and she began to fall further behind in her daily responsibilities. Soon, she dreaded going to work, cried often, and felt unappreciated by her supervisor. She also felt her supervisor did not approve of her decision to take 12 weeks off after her infant was born and she didn’t approve of her frequent breaks. Gloria often overheard other employees making jokes about her. Gloria has worked for the company for 6 years and does not want to quit. She decides to visit Human Resources for assistance. Human Resources works with Gloria and her supervisor to create a plan of work to assist with the areas of concern.
For this assignment, there are three main parts: first summarize the scenario, second outline Human Resources response to Gloria, and third prepare a plan of work for Gloria and her supervisor. The plan of work is prepared by Human Resources, so it should include goals for Gloria, the supervisor, and/or the department. Include a timeline with the goals. Ensure the goals are measurable and attainable.
Length: 6 pages, not including title and reference pages " 1 title, 6 body, 1 reference "
References: Include a minimum of five scholarly resources.
Your paper should demonstrate thoughtf.
Planning, Implementation, and Evaluation Evaluate the importa.docxJUST36
Planning, Implementation, and Evaluation"
Evaluate the importance of each major step in policy analysis as it relates to political choice. Next, debate if one would consider any of these steps more important than another. Provide a rationale to support your answer.
From the e-Activity, Next, suggest one (1) method that a policy analyst could use in order to implement the strategic plan overall. Provide a rationale to support yo
.
Planet of the Apes (1974) (Race relations and slavery—turnabout is .docxJUST36
Planet of the Apes (1974): (Race relations and slavery—turnabout is fair play?)
Romeo and Juliet, Shakespeare 1996 (film)
Les Miserables, Victor Hugo 1998 (film)
The Crucible, Arthur Miller 1996 (film)
Death of a Salesman, Arthur Miller 2001 (film)
The Great Gatsby T.S. Elliot 2000 (film)
The Count of Monte Cristo, Alexander Dumas 2002 (film)
Saving Private Ryan: (Saving the last family to survive WWII combat)
Avatar: (The displacement of native populations)
Jurassic Park (1993): (Science and Ethics)
A Few Good Men: (Following illegal orders in the military service)
Pick 5, each should have a separate paper.
Write a short written report on the
ethical issues
expressed in 5 of these films.
Limit the length to one and a half pages, double spaced. Try to pick out the most important ethical issues and explain how they are handled in the film. (Do not give simple plot conditions and character types—get to the heart of the ethical issues and how they are treated, that is, talk about the morality play that is being presented.)
.
Planning effective English language arts lessons many times incl.docxJUST36
Planning effective English language arts lessons many times includes focusing on multiple literacy skills, aligned to state or national standards, while incorporating interesting, student-centered materials. When focusing on reading, it is essential to model metacognitive strategies, before, during, and after reading, including relevant vocabulary. A book walk is a powerful pre-reading strategy that can be used at all elementary grade levels. This strategy exposes students to a new piece of literary or informative text, while predicting text content and exploring vocabulary.
Throughout this course you will be creating a literature unit based on one piece of grade-appropriate literature (fiction or non-fiction) that includes all areas of reading development. Select a piece of literature suitable for the students in the “Class Profile.”
For this assignment, use the “COE Lesson Plan Template” to create a lesson plan that incorporates a book walk,
Incorporate the following into your lesson plan:
Objectives aligned to state or national grade-appropriate vocabulary and reading standards
Content-specific vocabulary development
Technology or multimedia that supports developmentally appropriate, engaging instruction
Pre-reading strategies and activities
During reading strategies and activities
Post-reading activities and strategies
Assessment aligned to learning objectives, that is engaging for student and provides meaningful feedback
Differentiation to meet particular learning differences or needs
In addition, rationalize your instructional choices in a 250-500 word reflection, including how you will apply your findings to personal professional practices related to instruction and differentiation in the English language arts classroom
.
PKI Submission RequirementsFormat Microsoft WordFon.docxJUST36
PKI
Submission Requirements
Format: Microsoft Word
Font: Arial, 12-Point, Double-Space
Citation Style: APA
Length: 1–2 pages
Self-Assessment Checklist
Use the following checklist to support your work on the assignment:
I have identified specific data types related to the specific compliance regulatory requirements.
I have indicated a solution for sharing data beyond the borders of the organization.
I have appropriately selected and developed a PKI solution for content control.
I have followed the submission requirements.
.
PLAGIARISM SCAN REPORT
Date 2020-04-12
Words 161
Characters 991
Content Checked For Plagiarism
Stereolithography (SLA) is one method of many used for 3D printing. There are roughly 30 different processes for additive manufacturing
(commonly called 3D printing) used for different materials from plastics, metals, ceramics, clay, concrete, chocolate, pancake batter and other
foodstuffs, paper, and sand (silica) to living tissue and cells. SLA was one of the earlier 3D methods first developed around 1984. Commercial
SLA printers originally cost hundreds of thousands of dollars, but can now be purchased for a few hundred or a few thousand dollars or even
built at home for less [1]. In the SLA process a liquid material called a photo-polymer is exposed to light from a laser, from a digital projector,
or from another focused optical source. The radiation causes the material to solidify (or cure) where the light hits it. When the full object has
been “drawn”, it is removed from the tank holding the liquid polymer. And there you have your “heart’s desire” in your hand.
Matched Source
Similarity 89%
Title: What is stereolithography used for? - Quora | How it works: SLA
stereolithography (sla) is one method of many used for 3d printing. there are roughly 30 different processes for additive manufacturing
(commonly called 3d printing) used for different materials from plastics, metals, ceramics, clay, concrete, chocolate, pancake batter and
other...
https://www.quora.com/What-is-stereolithography-used-for
Similarity 12%
Title: 1 John commentary - Scripture Verse By Verse
... and a coke and unwraps it for you and puts it in your hand don't blame him if ... A hatred for sin; a desire to please God and confession
when we fail are ... If you hate someone you have murdered them in your heart as far as God is concerned. ... fact that Jesus is God and
savior and there you have your three witnesses. 9.
https://www.thebibleversebyverse.com/1-john-commentary.html
100%
Plagiarised
0%
Unique
https://www.quora.com/What-is-stereolithography-used-for
https://www.quora.com/What-is-stereolithography-used-for
https://www.quora.com/What-is-stereolithography-used-for
https://www.thebibleversebyverse.com/1-john-commentary.html
https://www.thebibleversebyverse.com/1-john-commentary.html
https://www.thebibleversebyverse.com/1-john-commentary.html
Motivation and Emotion:
Driving Consumer Behavior
Chapter 5
Motivation
Types:
Homeostasis
Maintain yourself in a current acceptable state
Self improvement
Desire to change yourself to a more ideal state
Exercise
Think of something of something you have purchased because you wanted something thing to remain the same (homeostasis)
Think of something you have purchased because you wanted something to change (self improvement)
Other ways to look at motivations
Utilitarian
Desire to acquire products that can be used to accomplish things
Hedonic
Desire to experience something personally grat.
Plato’s Apology The Trial of SocratesSocrates in the trial .docxJUST36
Plato’s Apology: The Trial of Socrates
Socrates in the trial – speaking plainly, daily converse. He is a speaker of the truth, not an accomplished speaker.
Socrates’ accusers:
1. Meletus
2. Anytus
3. Lycon
Why does he fear the early accusers more than the recent ones?
They’re anonymous, they are shadows, rumours brainwashed children of that period are now jurors who will decide his fate, they’re nameless, cannot bring evidence forward. They corrupted mind of jurors.
• Children grew hearing that Socrates is a trouble maker, their minds have been infected since they could not ask any acquisitions.
• They accepted this truth and now deciding his fate with prejudice against him they developed when they were kids. He cannot do anything about the prejudices.
• You cannot argue with phantom, ghosts, cannot address them in a straightforward manner.
He fears them the most, they are formidable, because he exposes them for having a reputation of wisdom while they know little, he broke their façade, exposed their flaws hence they may go to any lengths to take vengeance. He exposed people’s ignorance = made himself a lot of enemies.
They accused him of being a Sophist, bad reputation during his time, teaching people weak arguments, weak ideas for money. Socrates was not a sophist. This is what the early accusers made them believe. Sophists were doubtful of God. The 500 jurors never got to hear Socrates speak, they’re just brainwashed.
Socrates’ Attitude during the trial:
• Kind of saying take it easy on me, old man in court for the first time. “I’m a stranger to the court room, treat me kindly”
• Tries to appeal to their humanness, the jurors.
The story of the oracle (Delphi) – temple of Apollo
Oracle is like a messenger, knowledge she has is provided by the gods. The wisdom was unnatural. One of Socrates followers asked the Oracle who is the wisest, is there wiser than Socrates? The God answered no. Socrates was in disbelief, he knew he was unwise.
So he questioned people and learns that people have a reputation to be wise, yet they know nothing and pretend to know. They continue this charade of wisdom because they’re reputation is built on it. He questioned craftsmen, politicians, poets
In the sight of god: wisdom means nothing, like Socrates, we should not pretend more than we are. True wisdom = not knowing.
“Socrates, the gadfly of Athen”
He was proud of the fact that he was like a fly, an irritant. Gadfly = horse fly. He believes this type of insect is necessary. He compares himself to the gadfly and the horse that the gadfly bites is Athens. Gods put Socrates as a gadfly to wake Athens up. Rousing, reproaching, scolding is a good thing. People do not want to be questioned, be shammed, have their knowledge punctured. He compares this to as though the person who wakes you up, you’d naturally be mad.
Philosophy is dangerous but necessary. Living well is more important than living. Die well is better than to live.
W3 C2 – Plato’s Apology
A.
Pine tree tops” by Gary SnyderIn the blue night frost haze,.docxJUST36
“Pine tree tops” by Gary Snyder
In the blue night
frost haze, the sky glows
with the moon
pine tree tops
bend snow-blue, fade
into sky, frost, starlight.
The creak of boots. Rabbit tracks, deer tracks,
what do we know.
writing thesis statement for this poem,
for example: Snyder builds his poem on nouns to give power to the “thing” in his scene.
.
Platform as a Service (PaaS) and Infrastructure as a Service (I.docxJUST36
"Platform as a Service (PaaS) and Infrastructure as a Service (IaaS)" Please respond to the following:
Examine how IaaS and PaaS trends in cloud computing will impact enterprise security policies in the short and long term. Support your findings with an example of each service in the cloud computing stack.
Differentiate between physical, dedicated virtual, and shared virtual servers
.
plan for your client Eliza. Since the initial treatment plan, severa.docxJUST36
plan for your client Eliza. Since the initial treatment plan, several changes have taken place within Eliza’s case. Since the mandatory assessment two weeks ago, you have discovered that Eliza is again on your client listing for the day due to a mandatory evaluation, with the incident report indicating that campus public safety, due to a tip from a concerned resident, found the client passed out and alone in her dorm, smelling of alcohol.
Part 1: Review the initial Treatment Plan submitted in Topic 5.
Reassess your treatment plan diagnoses, goals, and objectives based on the new information provided.
.
Plan a geographic inquiry to investigate the question. In the pl.docxJUST36
Plan a geographic inquiry to investigate the question. In the plan students will explain how they will complete the following aspects of the investigation
a. Investigating cultural perceptions of land and land use
b. Collecting primary and secondary data c. Analysing data
d. Mapping the study area, data and results
e. Communicate results
.
PLAGIARISMWhat is it Whose Responsibility is It Wha.docxJUST36
PLAGIARISM:
What is it?
Whose Responsibility is It?
What Are the Consequences?
A Brief Guide
Department of Management
CBPA, CSUSB
This presentation meets ADA compliance criteria for posting to CSUSB websites
Plagiarism is a Serious Problem
in Academia
“A study of almost 4,500 students at 25 schools,
suggests cheating is . . . a significant problem in
high school - 74% of the respondents admitted to
one or more instances of serious test cheating
and 72% admitted to serious cheating on written
assignments. Over half of the students admitted
they have engaged in some level of plagiarism
on written assignments using the Internet.”
Based on the research of Donald L. McCabe, Rutgers University.
Source: “CIA Research.” Center for Academic Integrity, Duke University, 2003
<http://academicintegrity.org/cai_research.asp>.
http://academicintegrity.org/cai_research.asp
The Student’s Responsibility
• A student should be clear that work submitted for
a grade in the class must be original work.
• It is the responsibility of the student to become
fully acquainted with what constitutes
plagiarism.
• A student can check his/her writing in
Turnitin.com to see whether material shows us
that he/she may have advertently or unknowingly
used that is not their own. (However, it is up to
the instructor to determine plagiarized material )
• The student must correct the error with an
appropriate citation.
Instructor’s Responsibility
The Instructor is responsible for drawing a
conclusion regarding whether the amount of
improperly attributed or unattributed material
is so significant that intent may be presumed.
Excuses Won’t Work
The
teacher
treated me
unfairly,
so I feel
O.K. doing
it!
My job takes up too
much time, plus I am a
caregiver to my younger siblings
My classmates
Are going to
Berkeley
& I want to go
Too!
Students sometimes claim
“Accidental” or “Unintentional Plagiarism”--
What is This?
• Not knowing how/when to cite sources
• Plagiarism vs. paraphrasing
• Careless paraphrasing
• Uncertainty over what is a fact or common
knowledge
• Not knowing what constitutes research
• Quoting excessively
• Different view of plagiarism based on cultural
background
• NOTE: It is the responsibility of the student to become
fully acquainted with what constitutes plagiarism
Disciplinary Consequences
• See pages 53-54, “Plagiarism and Cheating”
CSUSB University Catalog/Bulletin for
violations and consequences.
Pay Attention to Avoiding Even the
Appearance of Plagiarism
WHAT IS PLAGIARISM?: It is use of the following
without giving credit to:
another person’s idea, opinion, or theory;
any facts, statistics, graphs, drawings, and audio
extractions from another’s work;
Any information that is not in the realm of common
knowledge;
quotations of another person’s actual spoken or
written words;
paraphrasing another person’s spoken or written words
without givin.
PKI and Encryption at WorkLearning Objectives and Outcomes· De.docxJUST36
PKI and Encryption at Work
Learning Objectives and Outcomes
· Develop a plan to deploy public key infrastructure (PKI) and encryption solutions to protect data and information.
Assignment Requirements
In this assignment, you play the role of chief information technology (IT) security officer for the Quality Medical Company (QMC). QMC is a publicly traded company operating in the pharmaceutical industry.
QMC is expanding its arena of work through an increase in the number of clients and products. The senior management of the company is highly concerned about complying with the multitude of legislative and regulatory laws and issues in place. The company has an internal compliance and risk management team to take care of all the compliance-related issues. The company needs to make important decisions about the bulk of resources they will need to meet the voluminous compliance requirements arising from the multidimensional challenge of expansion.
QMC will be required to conform to the following compliance issues:
· Public-company regulations, such as the Sarbanes-Oxley (SOX) Act
· Regulations affecting financial companies, companies that make loans and charge interest, such as the U.S. Securities and Exchange Commission (SEC) rules and Gramm-Leach-Bliley Act (GLBA)
· Regulations affecting healthcare privacy information, such as Health Insurance Portability and Accountability Act (HIPAA)
· Intellectual Property Law that is important for information asset protection particularly for organizations in the pharmaceutical and technology industry
· Regulations affecting the privacy of information, including personal identification information, such as personally identifiable information (PII) regularly collected from employees, customers, and end users
· Corporate governance policies including disclosures to the board of directors and the auditors and the policies related to human resources, governance, harassment, code of conduct, and ethics
Compliance with regulatory requirements implies encrypting sensitive data at rest (DAR) and allowing access to role-holders in the enterprise who require the access. It also implies that sensitive data in motion (DIM) or data that is being communicated via e-mail, instant message (IM), or even Web e-mail must be suitably protected and sent only to the individuals who have a right to view it. The company is conscious about the loss they may face in terms of penalty and brand damage if they fail to abide by the compliance laws, especially in the online information transfer phase. Therefore, as a dedicated employee, your task is to develop a content monitoring strategy using PKI as a potential solution. You will need to determine a process or method to identify multiple data types, processes, and organizational policies. Incorporate them into a plan, and select a PKI solution that will effectively address the content management needs of your company.
You need to present your PKI solution in the form of a profes.
Pine Valley Furniture wants to use Internet systems to provide value.docxJUST36
Pine Valley Furniture wants to use Internet systems to provide value to its customers and staff. There are many software technologies available to internet systems development teams, including SOAP, HTML, JSON, XML, CSS, ASP.NET, Objective C, php, JAVA™, Python, Ruby, AJAX, Swift™, AngularJS, Bootstrap, jQuery, R, and many more.
Create
a 3- to 4-page comparison table or tabbed spreadsheet and supporting narrative that addresses the items listed below. Analyze and compare at least three internet systems development software technologies for use at PVF.
Analyze
how the selected internet systems development software technologies support PVF’s core business processes.
Compare
the selected technologies and then the reasons why, as an internet systems developer, you might choose one technology over another technology for PVF.
Explain
how these technologies can bring value to PVF.
Incorporate
additional research to support your comparison.
Cite
any references according to APA guidelines.
.
Pick the form of cultural expression most important to you. It could.docxJUST36
Pick the form of cultural expression most important to you. It could be music, theater, dance, visual arts—whatever excites and/or inspires you most. Describe:
Its most significant characteristics (e.g., visual, audio, etc.)
Your favorite artists in this art, and why.
The one example of this art that inspires you most.
500 words
.
Pick two diseases from each of the following systems HEENT .docxJUST36
Pick two diseases from each of the following systems:
HEENT :
1.
Glaucoma 2. Conjunctivitis
Pulmonary:
1.
Asthma 2. Pneumonia
Hematology:
1.
Anemia. 2. Sickle Cell Anemia
Neurology:
1.
Epilepsy 2. Migraines
Gastroenterology:
1.
Gastroesophageal reflux 2. irritable bowel disease
Cardiovascular:
1.
Coronary artery disease 2. Atrial Fibrillation
Orthopedics:
1.
Carpal Tunnel Syndrome 2. Arthritis
Endocrinology:
1.
Hypothyroidism 2. Hyperthyroidism
Dermatology:
1.
Eczema 2.Rosacea
Urology and STD’s:
1.
Hematuria 2. prostatitis
Pregnancy:
1.
Gestational diabetes 2.preeclampsia
men’s health:
1.
Erectile dysfunction 2. Low testosterone
psychiatry:
1.
Anxiety 2.depression
and pediatric growth and development topics are required:
1.
Giantism 2. pubertal delay
……………………………………………………………………………………………………..
From each of the diseases listed above include:
· Information on the disease/Condition
· What causes it
· Signs and symptoms
· How it is diagnosed
· Common treatment
Each disease is individual, this is NOT a compare between the diseases under the body systems.
………………………………………………………………………………………………
REQUIREMENTS
APA format
15-18 pages
Scholarly articles for sources ONLY!! From years 2015 -2020 only.
.
Pick only one topic!!!!!!!!!!You will need to choose one topic f.docxJUST36
Pick only one topic!!!!!!!!!!
You will need to choose one topic from the following list, explore online resources, and write a report about the topic of your choosing from the following list of topics:
• Disposal of hazardous San Francisco Bay dredging materials
• Earthquake liquefaction hazards around the Bay Area
• Planning for sea level rise around the Bay Area
• Bay Area wetlands restoration projects: past, present and future
• Impacts of filling historical wetlands around the Bay Area
• Stormwater pollution prevention around the Bay Area
• Oil spill hazard mitigation in the San Francisco Bay
• Wastewater pollution prevention around the Bay Area
• Upstream dam construction effects on the estuary health
Lab 3 is asking you to investigate one of the many topics, or issues, related to the San Francisco Bay Estuary and it's restoration. Your deliverable for this assignment is a 1,000 word (at minimum) essay that has AT LEAST five references. The format of your essay should follow the structure outlined in the grading rubric at the end of the assignment sheet (i.e. it should have an Introduction section, Discussion section, and Conclusion section).Please make sure that your paper follows this format, contains at least FIVE references, and has a word count of at least 1,000.
You are required to reference a minimum of five (5) credible sources and include a references section. In addition to a references section, be sure you use intext citations to these sources as their information comes up in your paper.
AND MOST IMPORTANT THING IS NO PLAGIRISM.
Here are some useful information.
https://www.kcet.org/redefine/a-look-at-the-deltas-tastiest-invasive-species
https://www.nationalgeographic.com/news/2016/12/estuaries-california/
http://www.resilientbayarea.org/
https://youtu.be/clZz2OjE5n0
https://youtu.be/dAul4-vE5TM
https://youtu.be/SsxQMgKnClY
Practicum Experience Time Log and Journal Template
Student Name:
E-mail Address:
Practicum Placement Agency's Name:
Preceptor’s Name:
Preceptor’s Telephone:
Preceptor’s E-mail Address:
(Continued next page)
Time Log
Learning Objective
Psychotherapy with Trauma
List AND COMPLETE the 5 objective(s) met and Briefly Describe 8 the Activities you completed during each time period. If you are not on-site for a specific week, enter “Not on site” for that week in the Total Hours for This Time Frame column. Journal entries are due in Weeks 4, 8, and 11; include your Time Log with all hours logged (for current and previous weeks) each time you submit a journal entry.
You are encouraged to complete your practicum hours on a regular schedule, so you will complete the required hours by the END of WEEK 11.
Time Log
Week
Dates
Times
Total Hours for This
Time Frame
Activities/Comments
Learning Objective(s) Addressed
Assess clients presenting with posttraumatic stress disorder
Analyze therapeutic approaches for treating clients presenting with posttraumatic stress disorder
Ev.
Pick one organized religion to research. First, describe the religio.docxJUST36
Pick one organized religion to research. First, describe the religion’s prevalence in the U.S. and membership patterns. Then, apply the symbolic interactionist perspective to this system, describing the symbols, rituals, beliefs, and religious experiences members share. You are required to source your content on this topic.
.
Pick one of the 2 (Buddhist Syllogism or Meditation)...The B.docxJUST36
Pick one of the 2 (Buddhist Syllogism or Meditation)...
The Buddhist Syllogism:
1. “Good” is a judgment.
2. Judgments are a form of attachment.
3. Attachments are the source of all misery and pain.
4. Nirvana is release from all misery and pain through the practice of non-attachment.
5. So
Nirvana is bliss.
6. But if "good" is a judgement and judgements are a form of attachment, and attachments are the source of all misery then
those who say Nirvana (or bliss)
is good
thereby prevent themselves from attaining it
7. So
you must not believe that nirvana is not good....OR you must not want to be in a state of enlightenment.... OR you must not prefer bliss to pain....
Attainment of Nirvana is impeded by desire to attain it. If you want to be without suffering, you will suffer. How, then, does one attain Nirvana?
Above is a traditional discussion on the nature of Nirvana (the ultimate goal of Buddhism.) For this discussion board state why you agree or disagree with the above assessment of the Nature of Nirvana.
Meditation
Meditation is one means of practicing non-attachment, leading to enlightenment.
In some traditions a first step in learning meditation is learning to distinguish the receptive mind from the reactive mind. In meditation, primacy is given to the receptive mind. Reactive states are not to be reacted to, but received. The habitual awareness and non-attachment that result from this practice is called “mindfulness”.
In the meditation drama below, which response is the best example of mindfulness? Why?
Breathe in. Breathe out. Breathe in. Breathe out. Breathe in. Breathe out. I’d kill for a Big Mac. Breathe in.
Responses:
(a) Damn! My mind is so unruly. I’ll never get it under control.
(b) What kind of Buddhist gets distracted by McDonald’s? How embarrassing.
(c) Ah, wishing. It is so hard to stay focused.
(d) Impermanence is the nature of all things. The satisfaction from a Big Mac is fleeting. Your goal is eternal bliss.
(e) None of the above is mindful. A better response would be:
taken from
Spot PCC.edu (Links to an external site.)
Your initial response should be clear and support your view. Write about in your initial post with a minimum length of 175 words.
No References
.
Pick one of the following terms for your research Moral philosophy,.docxJUST36
Pick one of the following terms for your research: Moral philosophy, justice, white-collar crime, differential association, or power.
( DEFINITION: a brief definition of the key term followed by the APA reference for the term; this does not count in the word requirement. SUMMARY: Summarize the article in your own words- this should be in the 150-200 word range. Be sure to note the article's author, note their credentials and why we should put any weight behind his/her opinions, research or findings regarding the key term.
DISCUSSION: Using 300-350 words, write a brief discussion, in your own words of how the article relates to the selected chapter Key Term. A discussion is not rehashing what was already stated in the article, but the opportunity for you to add value by sharing your experiences, thoughts and opinions. This is the most important part of the assignment.
REFERENCES: All references must be listed at the bottom of the submission--in APA format. )
.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
Question 1The following information applied to Frack Inc. fo.docx
1. Question 1
The following information applied to Frack Inc. for year 2:
Merchandise purchased for resale $400,000
Freight-in 10,000
Freight-out 5,000
Purchase returns 2,000
Frack's year 2 inventoriable cost was
a. $408,000
b. $404,000
c. $413,000
d. $400,000
Question 2
On December 28, year 2, Frack ManufacturingCo. purchased
goods costing $50,000. The terms were FOB destination. Some
of the costs incurred in connection with the sale
and delivery of the goods were as follows:
Packaging for shipment $1,000
2. Shipping 1,500
Special handling charges 2,000
These goods were received on December 31, year 2. In Frack's
December 31, year 2 balance sheet, what amount of cost for
these goods should be included in
inventory?
a. $53,500
b. $54,500
c. $52,000
d. $50,000
Question 3
The following information was taken fromFrack Co.'s
accounting records for the year ended December 31, year 2:
Decrease in raw materials
inventory
$
15,000
Increase in finished goods
inventory
3. 35,000
Raw material purchased 430,000
Direct labor payroll 200,000
Factory overhead 300,000
Freight-out 45,000
There was no work in process inventory at the beginning or end
of the year. Frack's year 2 cost of goods sold is
a. $950,000
b. $895,000
c. $955,000
d. $910,000
Question 4
How should the following costs affect a retailer's inventory?
a. Freight-in Interest on inventory loan
4. No effect Increase
b. Freight-in Interest on inventory loan
No effect No effect
c. Freight-in Interest on inventory loan
Increase No effect
d. Freight-in Interest on inventory loan
Increase Increase
Question 5
5. When allocating costs to inventory produced for the period,
fixed overhead should be based upon
a. The actual amounts of goods produced during the period.
b. The highest production levels in the last three periods.
c. The lowest production level in the last three periods.
d. The normal capacity of production facilities.
Question 6
Flip Co. recorded the following inventory information during
the month of January:
Units Unit cost Total cost Units on hand
Balance on 1/1 2,000 $1 $2,000 2,000
Purchased on 1/8 1,200 3 3,600 3,200
Sold on 1/23 1,800 1,400
Purchased on 1/28 800 5 4,000 2,200
Flip uses the LIFOmethod to cost inventory.What amount
should Flip report as inventory on January 31 under each of the
following methods of recording inventory?
A. Perpetual Periodic
6. $2,600 $2,600
b. Perpetual Periodic
$2,600 $5,400
c. Perpetual Periodic
$5,400 $2,600
d. Perpetual Periodic
$5,400 $5,400
Question 7
The weighted-average for the year inventory cost flow method
is applicable to which of the following inventory systems?
a. Periodic Perpetual
No No
b. Periodic Perpetual
Yes Yes
c. Periodic Perpetual
No Yes
d. Periodic Perpetual
Yes No
Question 8
7. During January year 2, Flip Co., which maintains a perpetual
inventory system, recorded the following information pertaining
to its inventory:
Units Unit cost Total cost Units on hand
Balance on 1/1/Y2 1,000 $1 $1,000 1,000
Purchased on1/7/Y2 600 3 1,800 1,600
Sold on 1/20/Y2 900
700
Purchased on1/25/Y2 400 5 2,000 1,100
Under the moving-average method, what amount should Flip
report as inventory at January 31, year 2?
a. $3,900
b. $2,640
c. $3,300
d. $3,225
Question 9
Based on a physical inventory taken on December 31, year 2,
Flip Co. determined its chocolate inventory on a FIFO basis at
$26,000 with a replacement cost of $20,000. Flip
estimated that, after further processing costs of $12,000, the
chocolate could be sold as finished candy bars for $40,000.
Flip's normal profit margin is 10%of sales. Under the lower
of cost or market rule, what amount should Flip report as
chocolate inventory in its December 31, year 2 balance sheet?
a. $24,000
b. $26,000
c. $20,000
d. $28,000
Question 10
Reporting inventory at the lower of cost or market is a departure
fromthe accounting principle of
a. Full disclosure
b. Conservatism
c. Consistency
d. Historical cost
8. Question 11
Flip Company had 150 units of product A on hand at January 1,
year 2, costing $21 each. Purchases of productA during the
month of January were as follows:
Units Unit cost
Jan.10 200 $22
18 250 23
28 100 24
A physical count on January 31, year 2, shows 250 units of
product A on hand. The cost of the inventory at January 31,
year 2, under the LIFO method is?
A. $5,850
B. $5,350
C. $5,250
D. $5,550
Question 12
During January year 2, Flip Co., which maintains a perpetual
inventory system, recorded the following information pertaining
to its inventory:
Units Unit cost Total cost Units on hand
Balance on 1/1/Y2 1,000 $1 $1,000 1,000
Purchased on 1/7/Y2 600 3 1,800 1,600
Sold on 1/20/Y2 900 700
Purchased on1/25/Y2 400 5 2,000 1,100
Under the LIFO method, what amount should Flip report as
inventory at January 31, year 2?
a. $1,300
b. $4,100
c. $3,900
d. $2,700
Question 13
A company decided to change its inventory valuation method
fromFIFOto LIFO in a period of rising prices. What was the
9. result of the change on ending inventory and net income in
the year of the change
?
a. Ending Inventory Net Income
Increase Decrease
b. Ending Inventory Net Income
Increase Increase
c. Ending Inventory Net Income
Decrease Increase
10. d. Ending Inventory Net Income
Decrease Decrease
Question 14
Generally, which inventory costing method approximates most
closely the current cost for each of the following?
a. Cost of Goods Sold Ending Inventory
LIFO LIFO
b.Cost of Goods Sold Ending Inventory
LIFO FIFO
c. Cost of Goods Sold Ending Inventory
FIFO FIFO
d. Cost of Goods Sold Ending Inventory
FIFO LIFO
11. Question 15
Flip Wholesalers stocks a changing variety of products.Which
inventory costing method will be most likely to give Flip the
lowest ending inventory when its product lines are subject
to specific price increases
a. Weighted-average.
b. Fifo periodic
c. Dollar-value LIFO
.
d. Specific identification
.
Question 16
Flip Company's accounting records indicated the following
information:
Inventory, 1/1/Y2 $ 500,000
Purchases during year 2 2,500,000
Sales during year 2 3,200,000
a. $225,000
b. $175,000
c. $25,000
12. d. $100,000
Question 17
On July 1, year 2, Flip Development Co. purchased a tract of
land for $1,200,000. Flip incurredadditional cost of $300,000
during the remainder of year 2 in preparing the land
for sale. The tract was subdivided into residential lots as
follows:
Lot class Number of lots Sales price per
lot
A 100
$24,000
B
100 16,000
C
200 10,000
Using the relative sales value method, what amount of costs
should be allocated to the Class A lots?
13. a. $300,000
b. $720,000
c. $375,000
d. $600,000
Question 18
On October 20, year 2, Flip Co. consigned forty freezers to
Floozy Co. for sale at $1,000 each and paid $800 in
transportation costs. On December 30, year 2, Floozy reported
the
of ten freezers and remitted $8,500. The remittance was net of
the agreed 15%commission. What amount should Flip recognize
as consignment sales revenue for year 2?