Question1On January 1, 2014, Flip Company purchased 10,000 shares.pdf
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Question1: In an effort to concentrate its resources in more profitable areas, Frick Corporation recently sold its family pizza restaurant segment. The disposal constitutes: a. an extraodinary item. b. a discontinued operation which should be treated as a prior period adjustment. c. a discontinued operation which should be disclosed net-of-tax effects. d. a portion of income from continuing operations. Question2: Frick Corporation has 100,000, 5%, $100 par preferred shares outstanding. The stock is callable at 102, but was originally issued at 99. The current dividend has been fully paid. Total stockholders\' equity is $20,000,000. The residual common equity is: a. $20,000,000 b. $10,100,000 c. $10,000,000 d. $9,800,000 Question3: Frick Company\'s balance sheet included cash ($4,000,000), accounts receivable ($16,000,000), inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and accrued expenses ($7,000,000). These are the only current items. a. The quick ratio is 2:1. b. The quick ratio is 1.25:1. c. The current ratio is 1.875:1. d. Both A and C. Question4: Selected information for 2014 is: cost of goods sold, $5,400,000; average inventory, $1,800,000; net sales, $7,200,000; average receivables, $960,000; and net income, $720,000. Assuming a 360-day year, what was the inventory turnover ratio for 2014? a. 333 b. 3 c. 7.5 d. 20 Question5: On the schedule of cost of goods manufactured: a. beginning work-in-process plus direct materials used equals manufacturing costs. b. cost of goods manufactured is the same thing as total manufacturing costs. c. work-in-process will necessarily increase if total manufacturing costs increase. d. factory overhead plus beginning work-in-process equals manufacturing costs. Question6: Which costing method seems ideally suited to the production of homogenous products in continuous throughput? a. Activity-based costing. b. Job order costing. c. Process costing. d. Absorption costing. Question7: Frick Company uses a job order cost system and applies overhead based on estimated rates. The overhead application rate is based on total estimated overhead costs of $200,000 and direct labor hours of 50,000. For job 836, direct labor hours were 800. a. Factory Overhead should be debited for $3,200. b. Factory Overhead should be credited for $3,200. c. Overhead Expense should be debited for $3,200. d. Overhead Expense should be credited for $3,200. Question8: For job 1838, there were 1,000 direct labor hours, and actual overhead was $500 for depreciation and $1,400 for indirect labor. Overhead is applied at $2 per direct labor hour. Which account should be debited for $1,900? a. Work in Process. b. Cost of Goods Sold. c. Factory Overhead. d. Cost of Goods Manufactured. Solution Answer:1 a. an extraodinary item. Answer:2 a. $20,000,000 Answer:3 b. The quick ratio is 1.25:1. Quick Ratio=Quick Asset/Current liability =($4,000,000+$16,000,000)/($9,000,000+$7,000,000) =1.25:1 Quick asset does n.
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Question 1 30 pointsOn December 31, 2014, Frick Incorpora.docx
Question
1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Floozy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Acct221 Page 1 of 8
Requirements:
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3: 10% points
:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements:
Prepare Flip Company's statement of cash flows for the year ended December 31, 2014 u.
Please see below. I also attached the answer sheet.For this .docx
Please see below. I also attached the answer sheet.
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question
1: 30% points:
On December 31, 2014, Flimsy Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Flimsy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Flimsy reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Flimsy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Flimsy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Flimsy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Flimsy split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Flip Company purchased 10,000 shares of the stock of Flimsy, and did obtain significant influence.
The investment is intended as a long-term investment.
The stock was purchased for $90,000, and represents a 30% ownership stake.
Flimsy made $25,000 of net income in 2014, and paid dividends of $10,000.
The price of Flimsy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Acct221
Page 1 of 9
Requirements
:
a.
Prepare the January 1 & December 31 general journal entries for Flip Company.
b.
How much should the Flip Company report on the balance sheet for the investment in Flimsy as the end of 2014
Question
3: 10% points
:
The following is selected information from Flimsy Company for the fiscal years ended December 31, 2014: Flimsy Company had net income of $1,225,000.
Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain.
Stock was issued in exchange for an outstanding note payable of $725,000.
Accounts receivable decreased by $25,000.
Accounts payable decreased by $40,000.
Dividends of $300,000 were paid to shareholders.
Flimsy Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements
:
Prepare Flimsy Company's statement.
Question 1 30 pointsOn December 31, 2014, Frick Incorporate.docx
Question
1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above. (hint:
one entry for each a through g and keep track of how each entry affects the stockholders’ equity section so you can move on the part b of this question.)
b.
Prepare a Stockholders' section
of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Floozy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Requirements:( Hint: Recall the equity method used when one company buys another company)
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3: 15% points
:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements:
Prepare Flip Company's statement of cash flows f.
Question 1On December 31, 2014, Frick Incorporated, had the.docx
Question
1:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence.
The investment is intended as a long-term investment.
The stock was purchased for $90,000, and represents a 30% ownership stake.
Floozy made $25,000 of net income in 2014, and paid dividends of $10,000.
The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Requirements
:
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000.
Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain.
Stock was issued in exchange for an outstanding note payable of $725,000.
Accounts receivable decreased by $25,000.
Accounts payable decreased by $40,000.
Dividends of $300,000 were paid to shareholders.
Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements
:
Prepare Flip Company's statement of cash flows for the year ended December 31, 2014 using the indirect method.
Question
4:
Frick Corporation had the following bond transactions during the fiscal year 2014:
a. On January 1: issued ten (10), $1,000 bonds at 102.
The 5-year bonds, is dated Janua.
NameQuestion 1 30 pointsa. General Journal EntriesDate.docx
Name:
Question 1: 30% points
a. General Journal Entries:
Date
Account
Debit
Credit
Answer.Sheet.Page.1.of.6.Sp.15
Final-Exam
b. Partial Classified Balance Sheet:
Flip Corporation
Balance Sheet (partial)
December 31, 2014
Question 2: 5% points
a. General Journal Entries:
Date
Account
Debit
Credit
b. Stock Investments Accounts Balance 12/31/14:
Answer.Sheet.Page.2.of.6.Sp.15
Final-Exam
Question 3: 10% points:
Flip Corporation
Statement of Cash Flows
For the Year Ended December 31, 2014
Answer.Sheet.Page.3.of.6.Sp.15
Final-Exam
Question 4: 15% points:
Date
Account
Debit
Credit
Answer.Sheet.Page.4.of.6.Sp.15
Final-Exam
Question 5: 10% points:
a.1.
Breakeven Sales Dollars
a.2.
Breakeven Units
b.1.
Breakeven Sales Dollars
b.2.
Breakeven Units
c.
Operating Income
Question 6: 5% points:
Flip Enterprises
Incremental Analysis
Special Order
Question 7: 6% points:
Flop Inc.
Incremental Analysis
To Produce or Buy
Produce
Buy
Answer.Sheet.Page.5.of.6.Sp.15
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
8:
18:
9:
19:
10:
20:
11:
21:
12:
22:
13:
23:
14:
24:
15:
25:
16:
26:
17:
27:
Answer.Sheet.Page.6.of.6.Sp.15
Final-Exam
University of Maryland University College
Final Examination - Acct221: Principles of Accounting II
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question 1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for .
Omit all general journal entry explanations.Be sure to include c.docx
Omit all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a.
Prepare the January 1 and December 31 general journal entries for Baker Company.
b.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
a.
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
c.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f.
On December 15, Murphy split common stock 2 shares for 1.
g.
Net Income for 2016 was $275,000.
Requirements:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2016.
Question 4 (14 poi.
Omit all general journal entry explanations.Be sure to include cor.docx
Omit all general journal entry explanations.Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a. Prepare the January 1 and December 31 general journal entries for Baker Company.
b. How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
a. On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
c. On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. On December 15, Murphy split common stock 2 shares for 1.
g. Net Income for 2016 was $275,000.
Requirements:
a. Prepare journal entries for the transactions listed above.
b. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2016.
c.
Question 4 (14 points)
4A. Janu.
Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
Acct 221Final Exam
Student Name:
Question 1: 30 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Partial Classified Balance Sheet
Question 2: 5 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Stock Investments Accounts Balance 12/31/14:
Question 3: 10 points
Question 4: 15 points
Date
Account
Debit
Credit
Question 5: 10 points
a.1.
Breakeven Sales Dollars
a.2.
Breakeven Units
b.1.
Breakeven Sales Dollars
b.2.
Breakeven Units
Question 6: 5 points
Question 7: 6 points
Produce
Buy
Question 1 (30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2 (5 points)
On January 1, 2016, XYZ Company purchased.
Recommended
Question 1 30 pointsOn December 31, 2014, Frick Incorpora.docx
Question
1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Floozy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Acct221 Page 1 of 8
Requirements:
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3: 10% points
:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements:
Prepare Flip Company's statement of cash flows for the year ended December 31, 2014 u.
Please see below. I also attached the answer sheet.For this .docx
Please see below. I also attached the answer sheet.
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question
1: 30% points:
On December 31, 2014, Flimsy Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Flimsy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Flimsy reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Flimsy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Flimsy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Flimsy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Flimsy split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Flip Company purchased 10,000 shares of the stock of Flimsy, and did obtain significant influence.
The investment is intended as a long-term investment.
The stock was purchased for $90,000, and represents a 30% ownership stake.
Flimsy made $25,000 of net income in 2014, and paid dividends of $10,000.
The price of Flimsy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Acct221
Page 1 of 9
Requirements
:
a.
Prepare the January 1 & December 31 general journal entries for Flip Company.
b.
How much should the Flip Company report on the balance sheet for the investment in Flimsy as the end of 2014
Question
3: 10% points
:
The following is selected information from Flimsy Company for the fiscal years ended December 31, 2014: Flimsy Company had net income of $1,225,000.
Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain.
Stock was issued in exchange for an outstanding note payable of $725,000.
Accounts receivable decreased by $25,000.
Accounts payable decreased by $40,000.
Dividends of $300,000 were paid to shareholders.
Flimsy Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements
:
Prepare Flimsy Company's statement.
Question 1 30 pointsOn December 31, 2014, Frick Incorporate.docx
Question
1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above. (hint:
one entry for each a through g and keep track of how each entry affects the stockholders’ equity section so you can move on the part b of this question.)
b.
Prepare a Stockholders' section
of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Floozy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Requirements:( Hint: Recall the equity method used when one company buys another company)
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3: 15% points
:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements:
Prepare Flip Company's statement of cash flows f.
Question 1On December 31, 2014, Frick Incorporated, had the.docx
Question
1:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence.
The investment is intended as a long-term investment.
The stock was purchased for $90,000, and represents a 30% ownership stake.
Floozy made $25,000 of net income in 2014, and paid dividends of $10,000.
The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Requirements
:
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000.
Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain.
Stock was issued in exchange for an outstanding note payable of $725,000.
Accounts receivable decreased by $25,000.
Accounts payable decreased by $40,000.
Dividends of $300,000 were paid to shareholders.
Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements
:
Prepare Flip Company's statement of cash flows for the year ended December 31, 2014 using the indirect method.
Question
4:
Frick Corporation had the following bond transactions during the fiscal year 2014:
a. On January 1: issued ten (10), $1,000 bonds at 102.
The 5-year bonds, is dated Janua.
NameQuestion 1 30 pointsa. General Journal EntriesDate.docx
Name:
Question 1: 30% points
a. General Journal Entries:
Date
Account
Debit
Credit
Answer.Sheet.Page.1.of.6.Sp.15
Final-Exam
b. Partial Classified Balance Sheet:
Flip Corporation
Balance Sheet (partial)
December 31, 2014
Question 2: 5% points
a. General Journal Entries:
Date
Account
Debit
Credit
b. Stock Investments Accounts Balance 12/31/14:
Answer.Sheet.Page.2.of.6.Sp.15
Final-Exam
Question 3: 10% points:
Flip Corporation
Statement of Cash Flows
For the Year Ended December 31, 2014
Answer.Sheet.Page.3.of.6.Sp.15
Final-Exam
Question 4: 15% points:
Date
Account
Debit
Credit
Answer.Sheet.Page.4.of.6.Sp.15
Final-Exam
Question 5: 10% points:
a.1.
Breakeven Sales Dollars
a.2.
Breakeven Units
b.1.
Breakeven Sales Dollars
b.2.
Breakeven Units
c.
Operating Income
Question 6: 5% points:
Flip Enterprises
Incremental Analysis
Special Order
Question 7: 6% points:
Flop Inc.
Incremental Analysis
To Produce or Buy
Produce
Buy
Answer.Sheet.Page.5.of.6.Sp.15
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
8:
18:
9:
19:
10:
20:
11:
21:
12:
22:
13:
23:
14:
24:
15:
25:
16:
26:
17:
27:
Answer.Sheet.Page.6.of.6.Sp.15
Final-Exam
University of Maryland University College
Final Examination - Acct221: Principles of Accounting II
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question 1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for .
Omit all general journal entry explanations.Be sure to include c.docx
Omit all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a.
Prepare the January 1 and December 31 general journal entries for Baker Company.
b.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
a.
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
c.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f.
On December 15, Murphy split common stock 2 shares for 1.
g.
Net Income for 2016 was $275,000.
Requirements:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2016.
Question 4 (14 poi.
Omit all general journal entry explanations.Be sure to include cor.docx
Omit all general journal entry explanations.Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
a. Prepare the January 1 and December 31 general journal entries for Baker Company.
b. How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
a. On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
c. On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. On December 15, Murphy split common stock 2 shares for 1.
g. Net Income for 2016 was $275,000.
Requirements:
a. Prepare journal entries for the transactions listed above.
b. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2016.
c.
Question 4 (14 points)
4A. Janu.
Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
Acct 221Final Exam
Student Name:
Question 1: 30 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Partial Classified Balance Sheet
Question 2: 5 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Stock Investments Accounts Balance 12/31/14:
Question 3: 10 points
Question 4: 15 points
Date
Account
Debit
Credit
Question 5: 10 points
a.1.
Breakeven Sales Dollars
a.2.
Breakeven Units
b.1.
Breakeven Sales Dollars
b.2.
Breakeven Units
Question 6: 5 points
Question 7: 6 points
Produce
Buy
Question 1 (30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2 (5 points)
On January 1, 2016, XYZ Company purchased.
Acct 221 Principles of Accounting IIThere are 27 questions in thi.docx
Acct 221: Principles of Accounting II
There are 27 questions in this exam. Upload the Answer Sheet when you complete the exam.
For this exam,
omit
all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:
Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
Prepare the January 1 and December 31 general journal entries for Baker Company.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
On December 15, Murphy split common stock 2 shares for 1.
Net Income for 2016 was $275,000.
Requirements:
Prepare journal entries for the transactions listed above.
Prepa.
All answers must be on the answer sheet provided. $ and . needed.docx
All answers must be on the answer sheet provided. $ and . needed
Question 1
(30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a
On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (
see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b
8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c
Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d
Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2
(5 points)
On January 1, 2016, XYZ Company purchased shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Rayco made $25,000 of net income in 2014, and paid dividends of $10,000.
Requirements:
Prepare the January 1 and December 31 general journal entries for XYZ Company.
How much should the XYZ Company report on the balance sheet for the investment in Rayco at the end of 2016?
Question 3
(10 points)
The following is selected information from Reliant Company for the fiscal years ended December 31, 2016: Reliant Company had net income of $1,225,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Depreciation was $500,000. Purchases of plant assets were for $1,250,000 cash, and sold plant assets for $500,000 cash, which resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Dividends of $300,000.
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par .docx
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.
NameAcct310.Sa.14Final Exam Question 1 1.docx
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.
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Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
Acc 304 Exceptional Education - snaptutorial.com
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This Tutorial contains 3 Set of Finals
ACC 304 Final Exam Part 1 (3 Sets) 1
1) Swing High Inc. offers its 100 employees to participate in an employee share-purchase plan. Under the terms
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This Tutorial contains 3 Set of Finals
ACC 304 Final Exam Part 1 (3 Sets) 1
1) Swing High Inc. offers its 100 employees to participate in an
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This Tutorial contains 3 Set of Finals
ACC 304 Final Exam Part 1 (3 Sets) 1
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This Tutorial contains 3 Set of Finals
ACC 304 Final Exam Part 1 (3 Sets) 1
1) Swing High Inc. offers its 100 employees to participate in an employee share-purchase plan. Under the terms of plan, employees are entitled to purchase 10 shares at 10% discount. The par values of shares were $10. Overall, 60 employees accepted the offer and each employee purchased six shares. The market price on purchase date was $100.
ACC 304Education Specialist / snaptutorial.com
This document contains 24 multiple choice questions that are part of a final exam for an accounting course (ACC 304). The questions cover a range of accounting topics including bonds payable, stockholders' equity, earnings per share, treasury stock, and goodwill. Sample calculations are provided for some questions regarding bond issuances, stock dividends, and impairment of goodwill.
ACC 291 Final Exam Guide (New)
This document provides sample questions that would be included on the ACC 291 Final Exam. There are 30 multiple choice questions covering various accounting topics like aging of accounts receivable, calculating average collection period, recording fixed asset transactions, accounting for bonds, stockholders' equity transactions, and cash flow statements. The questions are meant to help students prepare and study for the final exam in their ACC 291 class.
Question #3FlipCorp.hasthefollowinginformationregardingitsallo.docx
Question #3
FlipCorp.hasthefollowinginformationregardingitsallowanceforuncollectibleaccounts.
BalanceDecember31, 2014 $28,000
Write-offsduring2015 (27,000)
Recoveriesduring2015 7,000
RequiredallowanceatDecember31, 2015 31,000
Prepare t he journal entries for the write-offs and recoveries for 2015, and for the provision for
Uncollectible accounts expense at December 31,2015. Do not provide any journal explanations. If no entry is necessary, write "no
entry." (please be sure to fill the date, account name and debit/credit)
General Journal:
Write-offs:
Date Account Debit Credit
Question#2
On January 1, 2014, Floppy enters into an agreement with State Finance Corporation to sell a group of receivables without
recourse. The total face value of the receivables is $150,000. State Finance Corp. will charge 15%interest on the weighted-average
time to maturity of the receivables of 95 days plus a 2%fee. Do
not provide any journal explanations. If no entry is necessary, write "no entry."
Date Account Debit Credit
Question #3
Floopy uses the periodic inventory method for inventories. Prepare the journal entries for each of the following transactions. Do not
provide any journal explanations. If no entry is necessary, write "no entry." Floopy uses the net method for recording inventory
transactions.
>> On January 5, year 2, purchased $17,000 of garden tillers on account fromFlip, terms 2/10, n/30, FOB destination.
Freight charges were $200.
>> On January 10, year 2, returned garden tillers worth $2,000 to Flip due to defects.
>> On January 24, year 2, paid for tillers purchased fromFlip.
>> On January 28, year 2, purchased $30,000 of lawn mowers fromFlam, terms 3/10, n/30, FOB shipping point. The
freight charges were $820.
>> On February 6, year 2, paid for the lawn mowers purchased on January 28, year 2, fromFlam.
AllowanceforUncollectibleAccountsandProvisionforUncollectibleAccounts
Date Account Debit Credit
Question#4
On January 2, 2014, Floppy Co. issued 6% bonds with a face value of $440,000 when the market interest rate was 8% for $380,208.
The bonds are due in ten years, and interest is payable every June 30 and December 31. Floppy does not elect the fair value option
for reporting its financial liabilities. Do not provide any journal explanations. If no entry is necessary, write "no entry." Round all
numbers to the nearest dollar.
Required:
a. Prepare the journal entries for the bond issue on January 2, 2014.
b. Prepare the journal entry for the interest payment on June 30, 2014.
c. Prepare any required end of 2014 adjusting entry.
General Journal:
Date Account Debit Credit
Question#5
January 1, 2014, Frick Co. issued 3,000 of its 9%, $1,000 face value bonds at 101 1/2. In connection with the sale of these bonds,
Frick paid the following expenses:
Promotion costs $ 20,000
Engraving and pri ...
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Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
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Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions
ACCT 220 FINAL EXAM (SUMMER 2016)
XYZ Company provided its trial balance as of December 31, 2015. The document lists account balances and additional information regarding notes receivable, notes payable, building and equipment depreciation, and inventory. It provides several required tasks including preparing correcting and adjusting entries, an adjusted trial balance, classified balance sheet, and closing entries.
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Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31. Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $8,000 cash payment on Friday, January 2 Side Kicks has year-end account balances of Sales Revenue $808,900; Interest Revenue $13,500; Cost of Goods Sold $556,200; Administrative Expenses $189,000; Income Tax Expense $35,100; and Dividends $18,900. Prepare the year-end closing entrie To convert cash receipts from customers to revenue
ACC 421 GENIUS Achievement Education--acc421genius.com
This document provides a guide for the ACC 421 final exam, including sample questions and exercises. It lists 30 multiple choice and essay questions covering various accounting topics like journal entries, financial statements, ratios, and cash flows. It also provides detailed instructions and values for questions regarding long-term investments, inventory, and revenue recognition to help students earn a score of at least 90% on the exam.
ACC 421 GENIUS Inspiring Innovation--acc421genius.com
This document provides a guide for the ACC 421 final exam, including sample questions and exercises. It lists 30 multiple choice and essay questions covering various accounting topics like journal entries, financial statements, ratios, and cash flow statements. It directs students to a website for additional learning materials and an Excel sheet to help achieve a score of at least 90% on the exam.
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Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31.
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R. Moore, Inc. assembles collections of records from the 1980s, secu.pdf
R-square is called the Coeffiecent of Determination and 1-R-square is called as the Coefficient of
Non-Determination. The latter is also
1) the slope of a simple linear regression
2) the proportion of the variation in the dependent variable y explained by variation in the
independent variable X
3) the proprtion of the variation in the dependent variable y not explained by the variation in the
independent variable x
4) the intercept of a simple linear regression
Solution
3) the proportion of the variation in the dependent variable not explained by the
variation in the independent variable.
Questions 11-15 are based on the followingRose Corporation acquir.pdf
Questions 1-5 are all based on the following information. On January 2, 2014, Max Corporation
acquired 30 percent of the outstanding common stock of Rich Company for $1,000,000. This
acquisition gave Max the ability to exercise significant influence over the investee. The book
value of the acquired shares was $790,000. Any excess cost over the book value was assigned to
a patent that was undervalued on Rich\'s balance sheet. This patent has a remaining useful life of
7 years. For the year ended December 31, 2014, Rich reported net income of $250,000 and paid
cash dividends of $95,000. 1)At December 31, 2014, how much is the basic equity accrual
(increase)? 2)How much is the excess payment? 3)At December 31, 2014, how much is the
dividend allocation? 4)For 2014, how much is the excess amortization of the patent? 5)At
December 31, 2014, how much should Max report as its investment in Rich?
Solution
1) Basic equity accrual on 31/12/2014 155,000/-
2) The xecess payment for patent 210,000/-
3) Dividend allocation 95,000/-
4) Excess amortisation of patent 28,500/- (95,000 *30 %)
5) Max investment in rich after dividend is accounted 971,500/- (1,000,000 - 28,500).
More Related Content
Similar to Question1On January 1, 2014, Flip Company purchased 10,000 shares.pdf
Acct 221 Principles of Accounting IIThere are 27 questions in thi.docx
Acct 221: Principles of Accounting II
There are 27 questions in this exam. Upload the Answer Sheet when you complete the exam.
For this exam,
omit
all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:
Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
Prepare the January 1 and December 31 general journal entries for Baker Company.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
On December 15, Murphy split common stock 2 shares for 1.
Net Income for 2016 was $275,000.
Requirements:
Prepare journal entries for the transactions listed above.
Prepa.
All answers must be on the answer sheet provided. $ and . needed.docx
All answers must be on the answer sheet provided. $ and . needed
Question 1
(30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a
On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (
see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b
8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c
Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d
Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2
(5 points)
On January 1, 2016, XYZ Company purchased shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Rayco made $25,000 of net income in 2014, and paid dividends of $10,000.
Requirements:
Prepare the January 1 and December 31 general journal entries for XYZ Company.
How much should the XYZ Company report on the balance sheet for the investment in Rayco at the end of 2016?
Question 3
(10 points)
The following is selected information from Reliant Company for the fiscal years ended December 31, 2016: Reliant Company had net income of $1,225,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Depreciation was $500,000. Purchases of plant assets were for $1,250,000 cash, and sold plant assets for $500,000 cash, which resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Dividends of $300,000.
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par .docx
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.
NameAcct310.Sa.14Final Exam Question 1 1.docx
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.
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docx
Accounting Help Needed by 10/10
Displaying messages 1 - 3 of 3
Participants:
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Zmoves
2015-10-09 17:20
Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
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ACC 304 Final Exam Part 1 (3 Sets) 1
1) Swing High Inc. offers its 100 employees to participate in an employee share-purchase plan. Under the terms
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This Tutorial contains 3 Set of Finals
ACC 304 Final Exam Part 1 (3 Sets) 1
1) Swing High Inc. offers its 100 employees to participate in an
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ACC 304 Final Exam Part 1 (3 Sets) 1
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This Tutorial contains 3 Set of Finals
ACC 304 Final Exam Part 1 (3 Sets) 1
1) Swing High Inc. offers its 100 employees to participate in an employee share-purchase plan. Under the terms of plan, employees are entitled to purchase 10 shares at 10% discount. The par values of shares were $10. Overall, 60 employees accepted the offer and each employee purchased six shares. The market price on purchase date was $100.
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This document contains 24 multiple choice questions that are part of a final exam for an accounting course (ACC 304). The questions cover a range of accounting topics including bonds payable, stockholders' equity, earnings per share, treasury stock, and goodwill. Sample calculations are provided for some questions regarding bond issuances, stock dividends, and impairment of goodwill.
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This document provides sample questions that would be included on the ACC 291 Final Exam. There are 30 multiple choice questions covering various accounting topics like aging of accounts receivable, calculating average collection period, recording fixed asset transactions, accounting for bonds, stockholders' equity transactions, and cash flow statements. The questions are meant to help students prepare and study for the final exam in their ACC 291 class.
Question #3FlipCorp.hasthefollowinginformationregardingitsallo.docx
Question #3
FlipCorp.hasthefollowinginformationregardingitsallowanceforuncollectibleaccounts.
BalanceDecember31, 2014 $28,000
Write-offsduring2015 (27,000)
Recoveriesduring2015 7,000
RequiredallowanceatDecember31, 2015 31,000
Prepare t he journal entries for the write-offs and recoveries for 2015, and for the provision for
Uncollectible accounts expense at December 31,2015. Do not provide any journal explanations. If no entry is necessary, write "no
entry." (please be sure to fill the date, account name and debit/credit)
General Journal:
Write-offs:
Date Account Debit Credit
Question#2
On January 1, 2014, Floppy enters into an agreement with State Finance Corporation to sell a group of receivables without
recourse. The total face value of the receivables is $150,000. State Finance Corp. will charge 15%interest on the weighted-average
time to maturity of the receivables of 95 days plus a 2%fee. Do
not provide any journal explanations. If no entry is necessary, write "no entry."
Date Account Debit Credit
Question #3
Floopy uses the periodic inventory method for inventories. Prepare the journal entries for each of the following transactions. Do not
provide any journal explanations. If no entry is necessary, write "no entry." Floopy uses the net method for recording inventory
transactions.
>> On January 5, year 2, purchased $17,000 of garden tillers on account fromFlip, terms 2/10, n/30, FOB destination.
Freight charges were $200.
>> On January 10, year 2, returned garden tillers worth $2,000 to Flip due to defects.
>> On January 24, year 2, paid for tillers purchased fromFlip.
>> On January 28, year 2, purchased $30,000 of lawn mowers fromFlam, terms 3/10, n/30, FOB shipping point. The
freight charges were $820.
>> On February 6, year 2, paid for the lawn mowers purchased on January 28, year 2, fromFlam.
AllowanceforUncollectibleAccountsandProvisionforUncollectibleAccounts
Date Account Debit Credit
Question#4
On January 2, 2014, Floppy Co. issued 6% bonds with a face value of $440,000 when the market interest rate was 8% for $380,208.
The bonds are due in ten years, and interest is payable every June 30 and December 31. Floppy does not elect the fair value option
for reporting its financial liabilities. Do not provide any journal explanations. If no entry is necessary, write "no entry." Round all
numbers to the nearest dollar.
Required:
a. Prepare the journal entries for the bond issue on January 2, 2014.
b. Prepare the journal entry for the interest payment on June 30, 2014.
c. Prepare any required end of 2014 adjusting entry.
General Journal:
Date Account Debit Credit
Question#5
January 1, 2014, Frick Co. issued 3,000 of its 9%, $1,000 face value bonds at 101 1/2. In connection with the sale of these bonds,
Frick paid the following expenses:
Promotion costs $ 20,000
Engraving and pri ...
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Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions.
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ACCT 220 FINAL EXAM (SUMMER 2016)
XYZ Company provided its trial balance as of December 31, 2015. The document lists account balances and additional information regarding notes receivable, notes payable, building and equipment depreciation, and inventory. It provides several required tasks including preparing correcting and adjusting entries, an adjusted trial balance, classified balance sheet, and closing entries.
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Scroll Down to See Details of the Questions Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. On July 1, 2014, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31. Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $8,000 cash payment on Friday, January 2 Side Kicks has year-end account balances of Sales Revenue $808,900; Interest Revenue $13,500; Cost of Goods Sold $556,200; Administrative Expenses $189,000; Income Tax Expense $35,100; and Dividends $18,900. Prepare the year-end closing entrie To convert cash receipts from customers to revenue
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The baseband modulation symbols for the binary sequence 001001110101
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Question7: 5% points:
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Question 6
Question 6 Martinez Corporation engaged in the following cash transactions during 2014.
Sale of land and building$196,800Purchase of treasury stock46,380Purchase of
land43,170Payment of cash dividend94,460Purchase of equipment62,310Issuance of common
stock148,120Retirement of bonds103,890
Compute the net cash provided (used) by investing activities. (Show amounts that decrease
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Solution
Calculation of net cash provided (used) by investing activities:
Sale of land and building
$ 196,800
Purchase of land
$ (43,170)
Purchase of equipment
$ (62,310)
Net cash provided by investing activities =
$ 91,320
Calculation of net cash provided (used) by investing activities:
Sale of land and building
$ 196,800
Purchase of land
$ (43,170)
Purchase of equipment
$ (62,310)
Net cash provided by investing activities =
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- 1. Question1: On January 1, 2014, Flip Company purchased 10,000 shares of the stock of Flimsy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Flimsy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Flimsy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year. Requirements: a. Prepare the January 1 & December 31 general journal entries for Flip Company. b. How much should the Flip Company report on the balance sheet for the investment in Flimsy as the end of 2014 Question2: The following is selected information from Flimsy Company for the fiscal years ended December 31, 2014: Flimsy Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flimsy Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000. Requirements: Prepare Flimsy Company's statement of cash flows for the year ended December 31, 2014 using the indirect method. Question3: Flimsy Corporation had the following bond transactions during the fiscal year 2014: a. On January 1: issued ten (10), $1,000 bonds at 102. The 5-year bonds, are dated January 1, 2014. The contract interest rate is 6%. Straight-line amortization method is used. Interest is payable semi-annual on January 1 and July 1. Prepare the journal entries for the January 1 issuance and interest payment on July 1 and December 31. b. On July 1: Flimsy Corporation issued $500,000 of 10%, 10-year bonds. The bonds dated January 1, 2014 were issued at 88.5, and pay interest on July 1 and January 1. Effective interest rate method is used for these bonds is 12%. Prepare the journal entries for the July 1 issuance and interest payment on Dec 31. c. On October 1: issued 10-year bonds $10,000 face value bonds, for $10,853 cash. The bonds have a stated rate of 9%, but an effective rate of 6%. Effective-interest method is used. Interest is payable on October 1 and April 1. Prepare the journal entries for the October 1 issuance and interest payment on December 31. Requirements: Prepare all of the above general journal entries for the three bonds issued and any
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- 3. Question-(‘1) (a) Date Account Details Debit Credit Jan1, 2014 Investment in Flimsy Stock 90,000 Cash 90,000 To record the purchase of 10,000 shares in Flimsy for $ 90,000 Dec 31,2014 Investment in Flimsy Stock 7,500 Income from Long Term Investment 7,500 To record the income in investee earnings Dec 31,2014 Cash 3,000 Investment in Flimsy Stock 3,000 To record the proportionate dividend received on investment made. (;b) At the end of 2014 the invest in Flimsy stock will be reported at $ 94,500. Question (‘2) Cash Flow Statement ( Indirect Method) Particulars Amount ($) Amount ($) Operating Activities Net Income 1225,000 Adjustment for Non-Cash Expense Depreciation 500,000
- 4. Gain on sale of assets (50,000) Interest Expense (Assumed it is not paid) 50,000 Change in Operating Assets and Liabilities Decrease in Accounts Receivable 25,000 Decrease in accounts payable (40,000) Net Cash Flow from Operation 1,710,000 Investing Activities Purchase of plant assets (1250,000) Disposal of plant assets 500,000 Cash Flow from Investing Activities (750,000) Financing Activities Dividend Paid (300,000) Cash Flow from Financing Activities (300,000) Net Increase in Cash 660,000 Cash Balance on Jan 1,2014 250,000 Cash Balance on Dec 31,2014 910,000 Note- Non- Cash Activities (‘1) – Stock issued in exchange on outstanding notes payable (‘2) Interest expense ( As no specific information given for payment) Question-(‘3) (‘a) Date Account Details Debit
- 5. Credit Jan 1, 2014 Cash 10200 Bonds Payable 10000 Premium on Bonds Payable 200 To record the issue of ten bonds of $ 10000 at 102 %. July 1, 2014 Interest Expense 280 Premium on Bonds Payable ( $ 200/10) 20 Interest Payable on Bonds 300 To record the premium amortisation and interest expense July 1,2014 Interest payable on bonds 300 Cash 300 To record the semi-annual payment of interest Dec 31,2014 Interest Expense 280 Premium on bonds payable 20 Cash 300 To record the premium amortisation and interest expense and semi-annual payment . Question-(‘3) (‘b) Date Account Details Debit Credit
- 6. July 1,2014 Cash 442,500 Discount on issue of bonds 57,500 Bonds Payable 500,000 To record the issue of bonds of $ 500,000 at 88.5 % Dec 31,2014 Interest Expense ( 442500 x 0.06) 26550 Discount on Issue of Bonds 1550 Interest Payable (500,000 x 0.05) 25,000 To record the discount amortisation and interest expense Dec 31,2014 Interest payable on bonds 25,000 Cash 25,000 To record the semi-annual payment of interest Question-(‘3) (‘C) Date Account Details Debit Credit Oct 1,2014 Cash 10,853 Premium on bonds payable 853 Bonds Payable 10,000 To record the issue of bonds of $ 10,000 at $ 10853 April 1, 2015
- 7. Interest Expense ( 10853 x 0.03) 325.59 Premium on bonds payable 124.41 Interest Payable (10,000 x 0.045 ) 450 To record the discount amortisation and interest expense April 1 ,2015 Interest payable on bonds 450 Cash 450 To record the semi-annual payment of interest Date Account Details Debit Credit Jan1, 2014 Investment in Flimsy Stock 90,000 Cash 90,000 To record the purchase of 10,000 shares in Flimsy for $ 90,000 Dec 31,2014 Investment in Flimsy Stock 7,500 Income from Long Term Investment 7,500 To record the income in investee earnings Dec 31,2014 Cash 3,000 Investment in Flimsy Stock 3,000 To record the proportionate dividend received on investment made.