This document provides the questions and answers to an ACC 291 final exam. It includes 30 multiple choice questions covering various accounting topics like recording bad debts expense, amortizing bond premiums and discounts, accounting for stock transactions, analyzing financial statements, and requirements of the Sarbanes-Oxley Act regarding internal controls.
This document provides the questions and answers to ACC 291 Final Exam. It lists 30 multiple choice questions related to accounting topics like bad debts expense, intangible assets, bonds, stockholders' equity, financial statement analysis, internal controls, and ethics. The questions assess understanding of concepts addressed in the ACC 291 course.
This document provides 60 multiple choice questions related to accounting topics including financial statements, inventory, long-term assets, intangibles, liabilities, and leases. The questions cover concepts such as cash, accounts receivable, bad debts, inventory costing methods, depreciation, amortization, current and long-term liabilities, contingencies, bonds, and lease accounting.
This document provides a list of 50 multiple choice questions related to accounting principles and concepts. The questions cover topics such as accounting for debt, equity, investments, pensions, leases, income taxes, accounting changes and errors.
This document discusses ratio analysis and various financial ratios that can be calculated and analyzed for a company. It includes calculations of current and quick ratios, inventory turnover, days sales outstanding, asset turnover ratios, debt ratios, profitability ratios, and market value ratios for the company's forecasted 2005 financial statements. Key ratios are then compared to industry averages to identify areas of strength and weakness for the company.
This document provides the questions and answers to an ACC 291 final exam. It includes 30 multiple choice questions covering various accounting topics like recording bad debts expense, amortizing bond premiums and discounts, accounting for stock transactions, analyzing financial statements, and requirements of the Sarbanes-Oxley Act regarding internal controls.
This document provides the questions and answers to ACC 291 Final Exam. It lists 30 multiple choice questions related to accounting topics like bad debts expense, intangible assets, bonds, stockholders' equity, financial statement analysis, internal controls, and ethics. The questions assess understanding of concepts addressed in the ACC 291 course.
This document provides 60 multiple choice questions related to accounting topics including financial statements, inventory, long-term assets, intangibles, liabilities, and leases. The questions cover concepts such as cash, accounts receivable, bad debts, inventory costing methods, depreciation, amortization, current and long-term liabilities, contingencies, bonds, and lease accounting.
This document provides a list of 50 multiple choice questions related to accounting principles and concepts. The questions cover topics such as accounting for debt, equity, investments, pensions, leases, income taxes, accounting changes and errors.
This document discusses ratio analysis and various financial ratios that can be calculated and analyzed for a company. It includes calculations of current and quick ratios, inventory turnover, days sales outstanding, asset turnover ratios, debt ratios, profitability ratios, and market value ratios for the company's forecasted 2005 financial statements. Key ratios are then compared to industry averages to identify areas of strength and weakness for the company.
United Stationers Inc. provided a reconciliation of non-GAAP financial measures including net capital spending for the three months ended March 31, 2004 and 2003, and forecast for the full year ending 2004. Net capital spending was ($1.658) million for Q1 2004 compared to $1.455 million in Q1 2003, and is forecast to be $15 million for the full year 2004, calculated by adjusting capital expenditures for proceeds from asset sales and including capitalized software. The additional disclosure of net capital spending is intended to provide an alternative measure of investing activities.
United Stationers Inc. provides a reconciliation of non-GAAP financial measures, specifically net capital spending. For the periods shown, it reports net cash used in investing activities, acquisitions amounts, net cash used before acquisitions, capital expenditures, proceeds from property dispositions, and capitalized software amounts. It defines net capital spending as capital expenditures plus capitalized software, which it believes gives readers a clearer picture of cash used in investing activities.
ACC 291 GENIUS Become Exceptional--acc291genius.comkopiko119
FOR MORE CLASSES VISIT
www.acc291genius.com
1. The term “receivables” refers to cash to be paid to debtors. merchandise to be collected from individuals or companies. cash to be paid to creditors. amounts due from
This document from Commercial Metals Company discusses non-GAAP financial measures that the company uses internally and discloses publicly, including EBITDA, total capitalization, long-term debt to capitalization ratio, total debt to capitalization plus short-term debt ratio, and current ratio. It provides the calculations and figures for these measures as of November 30, 2008, such as EBITDA of $163,914, long-term debt to capitalization ratio of 42.0%, and current ratio of 2.1.
This document provides a 30-question multiple choice exam guide for ACC 291 at UOP. It tests concepts related to financial accounting, including recording bad debts, intangible assets, bonds, stock, treasury stock, cash flows, and analysis of financial statements. It also includes questions about the Sarbanes-Oxley Act and internal controls. The guide provides the questions, multiple choice answers, and identifies the key topics being assessed.
This document provides a 30 question multiple choice practice exam for ACC 291. It covers topics like accounting for bad debts, book value of assets, accounting for bonds, stockholders equity, treasury stock transactions, and cash flow statements. It also includes questions about the Sarbanes-Oxley Act regarding internal controls and penalties for executives.
United Stationers Inc. provides a reconciliation of non-GAAP financial measures, specifically net capital spending. For 2005, net capital spending was $48.2 million, up from $13.4 million in 2004. This increase was primarily due to $16.9 million in capitalized software costs in 2005 compared to $3.7 million in 2004. Management believes presenting net capital spending internally and to readers provides a useful measure of investing activities that includes capitalized software costs.
This document provides 30 multiple choice questions related to accounting principles and concepts covered in ACC 291. The questions cover topics such as recording bad debts expense, calculating intangible assets, book value, capital expenditures, notes payable, bonds payable, stock transactions, cash flow statements, and corporate governance/compliance.
28 two individuals at a retail store work the same cash register you evaluate...Mishi Linkon
The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, book value of assets, accounting for bonds payable, stockholders' equity, and internal controls. The questions cover a wide range of introductory financial accounting topics tested on principles of accounting exams.
This document contains 60 multiple choice questions related to accounting topics such as financial statements, inventory valuation, long-lived assets, intangibles, contingencies, bonds, and leases. The questions cover concepts like cash, accounts receivable, inventory systems, depreciation methods, impairment of assets, contingencies, bonds, and types of leases.
This document provides the questions and answers to ACC 291 Final Exam. It lists 30 multiple choice questions related to accounting topics like bad debts expense, intangible assets, bonds, stockholders' equity, financial statement analysis, internal controls, and ethics. The questions assess understanding of concepts addressed in the ACC 291 course.
Instructions for each section must be followed to the letter.Sec.docxdoylymaura
Instructions for each section must be followed to the letter.
Section 1
Follow the instruction preceding each numbered exercise
Instructions for Exercise 6
Journalize the entry to record the accrual of the payroll taxes.
6) According to the accountant of Ulner Inc., its payroll taxes for the week were as follows:
$198.40 for FICA taxes.
$19.84 for federal unemployment taxes.
$133.92 for state unemployment taxes.
Instructions for Exercise 8
Identify each statement above as true or false. If false, indicate how to correct the statement.
8) Jim Thome has prepared the following list of statements about bonds.
1.
Bonds are a form of interest-bearing notes payable.
2.
When seeking long-term financing, an advantage of issuing bonds over issuing common
stock is that stockholder control is not affected.
3.
When seeking long-term financing, an advantage of issuing common stock over issuing
bonds is that tax savings result.
4.
Secured bonds have specific assets of the issuer pledged as collateral for the bonds.
5.
Secured bonds are also known as debenture bonds.
6.
Bonds that mature in installments are called term bonds.
7.
A conversion feature may be added to bonds to make them more attractive to bond buyers.
8.
The rate used to determine the amount of cash interest the borrower pays is called the stated rate.
9.
Bond prices are usually quoted as a percentage of the face value of the bond.
10.
The present value of a bond is the value at which it should sell in the marketplace.
Instructions for Exercise 18
Prepare the journal entries to record the following. (Round to the nearest dollar.)
(a)
The issuance of the bonds.
(b)
The payment of interest and the discount amortization on July 1, 2011, assuming that interest
was not accrued on June 30.
(c)
The accrual of interest and the discount amortization on December 31, 2011.
18)
Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for
$562,613.This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable
semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize
bond premium or discount.
Instructions for Problem 3A
(a)
Prepare the journal entry to record the issuance of the bonds.
(b)
Prepare the adjusting entry to record the accrual of interest on December 31, 2011.
(c)
Show the balance sheet presentation on December 31, 2011.
(d)
Prepare the journal entry to record payment of interest on May 1, 2012, assuming no accrual
of interest from January 1, 2012, to May 1, 2012.
(e)
Prepare the journal entry to record payment of interest on November 1, 2012.
(f)
Assume that on November 1, 2012, Newby calls the bonds at 102. Record the redemption of
the bonds.
3A)
On May 1, 2011, Newby Corp. issued $600,000, 9%, 5-year bonds at face value. The
bonds were dated May 1, 2011, and pay interest se.
This document contains 30 multiple choice questions about accounting concepts and principles including: the accounting process, bookkeeping vs accounting, generally accepted accounting principles (GAAP), the four primary financial statements, adjusting entries, closing entries, internal controls, and international accounting standards. It provides an overview of fundamental accounting topics that would be covered in an introductory financial accounting course.
This document discusses financial instruments and provides learning objectives related to defining and accounting for various types of financial instruments including:
1. Defining financial assets and liabilities and outlining their initial recognition and measurement.
2. Discussing the classification and subsequent measurement of financial instruments at amortized cost, fair value through other comprehensive income (FVTOCI), and fair value through profit or loss (FVTPL).
3. Distinguishing between debt and equity instruments and outlining the accounting for convertible debt instruments using the split accounting method.
Acc 290 final exam16.docx.given the following adjusted trial balanceMishi Linkon
This document provides a list of 29 multiple choice questions related to accounting concepts such as financial statements, inventory costing methods, internal controls, and Sarbanes-Oxley Act. It directs the reader to click a link to access answers to the questions and guarantees an A+ on a tutorial if the answers are used. Key topics covered include the statement of cash flows, inventory valuation, cost of goods sold, internal controls, and regulatory compliance.
Acc 290 final exam13.docx. an adjusted trial balanceMishi Linkon
This document provides a list of 29 multiple choice questions related to accounting concepts such as financial statements, inventory costing methods, internal controls, and Sarbanes-Oxley. It directs the reader to an external link to find the answers to the questions. The questions cover topics like determining cash from operations, inventory valuation methods, cost of goods sold calculations, and internal control responsibilities.
Acc 290 final exam4.docx. an increase in an expense account must beMishi Linkon
This document provides a list of 29 multiple choice questions related to accounting concepts such as financial statements, inventory costing methods, internal controls, and Sarbanes-Oxley. It directs the reader to an external link to find the answers to the questions. The questions cover topics like determining cash from operations, inventory valuation methods, cost of goods sold calculations, and internal control responsibilities.
Acc 290 final exam17.docx. net income is recorded on the work sheet under theMishi Linkon
This document provides a list of 29 multiple choice questions related to accounting concepts such as financial statements, inventory costing methods, internal controls, and Sarbanes-Oxley Act. It directs the reader to an external link to find the answers to the questions. The questions cover topics like determining cash from operations, inventory valuation methods, cost of goods sold, and internal control responsibilities.
United Stationers Inc. provided a reconciliation of non-GAAP financial measures including net capital spending for the three months ended March 31, 2004 and 2003, and forecast for the full year ending 2004. Net capital spending was ($1.658) million for Q1 2004 compared to $1.455 million in Q1 2003, and is forecast to be $15 million for the full year 2004, calculated by adjusting capital expenditures for proceeds from asset sales and including capitalized software. The additional disclosure of net capital spending is intended to provide an alternative measure of investing activities.
United Stationers Inc. provides a reconciliation of non-GAAP financial measures, specifically net capital spending. For the periods shown, it reports net cash used in investing activities, acquisitions amounts, net cash used before acquisitions, capital expenditures, proceeds from property dispositions, and capitalized software amounts. It defines net capital spending as capital expenditures plus capitalized software, which it believes gives readers a clearer picture of cash used in investing activities.
ACC 291 GENIUS Become Exceptional--acc291genius.comkopiko119
FOR MORE CLASSES VISIT
www.acc291genius.com
1. The term “receivables” refers to cash to be paid to debtors. merchandise to be collected from individuals or companies. cash to be paid to creditors. amounts due from
This document from Commercial Metals Company discusses non-GAAP financial measures that the company uses internally and discloses publicly, including EBITDA, total capitalization, long-term debt to capitalization ratio, total debt to capitalization plus short-term debt ratio, and current ratio. It provides the calculations and figures for these measures as of November 30, 2008, such as EBITDA of $163,914, long-term debt to capitalization ratio of 42.0%, and current ratio of 2.1.
This document provides a 30-question multiple choice exam guide for ACC 291 at UOP. It tests concepts related to financial accounting, including recording bad debts, intangible assets, bonds, stock, treasury stock, cash flows, and analysis of financial statements. It also includes questions about the Sarbanes-Oxley Act and internal controls. The guide provides the questions, multiple choice answers, and identifies the key topics being assessed.
This document provides a 30 question multiple choice practice exam for ACC 291. It covers topics like accounting for bad debts, book value of assets, accounting for bonds, stockholders equity, treasury stock transactions, and cash flow statements. It also includes questions about the Sarbanes-Oxley Act regarding internal controls and penalties for executives.
United Stationers Inc. provides a reconciliation of non-GAAP financial measures, specifically net capital spending. For 2005, net capital spending was $48.2 million, up from $13.4 million in 2004. This increase was primarily due to $16.9 million in capitalized software costs in 2005 compared to $3.7 million in 2004. Management believes presenting net capital spending internally and to readers provides a useful measure of investing activities that includes capitalized software costs.
This document provides 30 multiple choice questions related to accounting principles and concepts covered in ACC 291. The questions cover topics such as recording bad debts expense, calculating intangible assets, book value, capital expenditures, notes payable, bonds payable, stock transactions, cash flow statements, and corporate governance/compliance.
28 two individuals at a retail store work the same cash register you evaluate...Mishi Linkon
The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, book value of assets, accounting for bonds payable, stockholders' equity, and internal controls. The questions cover a wide range of introductory financial accounting topics tested on principles of accounting exams.
This document contains 60 multiple choice questions related to accounting topics such as financial statements, inventory valuation, long-lived assets, intangibles, contingencies, bonds, and leases. The questions cover concepts like cash, accounts receivable, inventory systems, depreciation methods, impairment of assets, contingencies, bonds, and types of leases.
This document provides the questions and answers to ACC 291 Final Exam. It lists 30 multiple choice questions related to accounting topics like bad debts expense, intangible assets, bonds, stockholders' equity, financial statement analysis, internal controls, and ethics. The questions assess understanding of concepts addressed in the ACC 291 course.
Instructions for each section must be followed to the letter.Sec.docxdoylymaura
Instructions for each section must be followed to the letter.
Section 1
Follow the instruction preceding each numbered exercise
Instructions for Exercise 6
Journalize the entry to record the accrual of the payroll taxes.
6) According to the accountant of Ulner Inc., its payroll taxes for the week were as follows:
$198.40 for FICA taxes.
$19.84 for federal unemployment taxes.
$133.92 for state unemployment taxes.
Instructions for Exercise 8
Identify each statement above as true or false. If false, indicate how to correct the statement.
8) Jim Thome has prepared the following list of statements about bonds.
1.
Bonds are a form of interest-bearing notes payable.
2.
When seeking long-term financing, an advantage of issuing bonds over issuing common
stock is that stockholder control is not affected.
3.
When seeking long-term financing, an advantage of issuing common stock over issuing
bonds is that tax savings result.
4.
Secured bonds have specific assets of the issuer pledged as collateral for the bonds.
5.
Secured bonds are also known as debenture bonds.
6.
Bonds that mature in installments are called term bonds.
7.
A conversion feature may be added to bonds to make them more attractive to bond buyers.
8.
The rate used to determine the amount of cash interest the borrower pays is called the stated rate.
9.
Bond prices are usually quoted as a percentage of the face value of the bond.
10.
The present value of a bond is the value at which it should sell in the marketplace.
Instructions for Exercise 18
Prepare the journal entries to record the following. (Round to the nearest dollar.)
(a)
The issuance of the bonds.
(b)
The payment of interest and the discount amortization on July 1, 2011, assuming that interest
was not accrued on June 30.
(c)
The accrual of interest and the discount amortization on December 31, 2011.
18)
Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for
$562,613.This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable
semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize
bond premium or discount.
Instructions for Problem 3A
(a)
Prepare the journal entry to record the issuance of the bonds.
(b)
Prepare the adjusting entry to record the accrual of interest on December 31, 2011.
(c)
Show the balance sheet presentation on December 31, 2011.
(d)
Prepare the journal entry to record payment of interest on May 1, 2012, assuming no accrual
of interest from January 1, 2012, to May 1, 2012.
(e)
Prepare the journal entry to record payment of interest on November 1, 2012.
(f)
Assume that on November 1, 2012, Newby calls the bonds at 102. Record the redemption of
the bonds.
3A)
On May 1, 2011, Newby Corp. issued $600,000, 9%, 5-year bonds at face value. The
bonds were dated May 1, 2011, and pay interest se.
This document contains 30 multiple choice questions about accounting concepts and principles including: the accounting process, bookkeeping vs accounting, generally accepted accounting principles (GAAP), the four primary financial statements, adjusting entries, closing entries, internal controls, and international accounting standards. It provides an overview of fundamental accounting topics that would be covered in an introductory financial accounting course.
This document discusses financial instruments and provides learning objectives related to defining and accounting for various types of financial instruments including:
1. Defining financial assets and liabilities and outlining their initial recognition and measurement.
2. Discussing the classification and subsequent measurement of financial instruments at amortized cost, fair value through other comprehensive income (FVTOCI), and fair value through profit or loss (FVTPL).
3. Distinguishing between debt and equity instruments and outlining the accounting for convertible debt instruments using the split accounting method.
Acc 290 final exam16.docx.given the following adjusted trial balanceMishi Linkon
This document provides a list of 29 multiple choice questions related to accounting concepts such as financial statements, inventory costing methods, internal controls, and Sarbanes-Oxley Act. It directs the reader to click a link to access answers to the questions and guarantees an A+ on a tutorial if the answers are used. Key topics covered include the statement of cash flows, inventory valuation, cost of goods sold, internal controls, and regulatory compliance.
Acc 290 final exam13.docx. an adjusted trial balanceMishi Linkon
This document provides a list of 29 multiple choice questions related to accounting concepts such as financial statements, inventory costing methods, internal controls, and Sarbanes-Oxley. It directs the reader to an external link to find the answers to the questions. The questions cover topics like determining cash from operations, inventory valuation methods, cost of goods sold calculations, and internal control responsibilities.
Acc 290 final exam4.docx. an increase in an expense account must beMishi Linkon
This document provides a list of 29 multiple choice questions related to accounting concepts such as financial statements, inventory costing methods, internal controls, and Sarbanes-Oxley. It directs the reader to an external link to find the answers to the questions. The questions cover topics like determining cash from operations, inventory valuation methods, cost of goods sold calculations, and internal control responsibilities.
Acc 290 final exam17.docx. net income is recorded on the work sheet under theMishi Linkon
This document provides a list of 29 multiple choice questions related to accounting concepts such as financial statements, inventory costing methods, internal controls, and Sarbanes-Oxley Act. It directs the reader to an external link to find the answers to the questions. The questions cover topics like determining cash from operations, inventory valuation methods, cost of goods sold, and internal control responsibilities.
Acc 290 final exam university of phoenix final exams study guide 1) which fin...Sarah Nickson
This document provides a list of 29 multiple choice questions related to accounting concepts such as financial statements, inventory costing methods, internal controls, and Sarbanes-Oxley. It directs the reader to click a link to access answers to the questions. The questions cover topics like determining cash from operations, inventory classifications, adjusting entries, and cost of goods sold calculations.
Acc 290 final exam25.docx. the accountant at patton company has determined th...Mishi Linkon
This document provides a list of 29 multiple choice questions related to accounting concepts such as financial statements, inventory costing methods, internal controls, and Sarbanes-Oxley. It directs the reader to an external link to find the answers to the questions. The questions cover topics like determining cash from operations, inventory valuation methods, cost of goods sold calculations, and internal control responsibilities.
Acc 290 final exam7.docx. which ledger contains control accountsMishi Linkon
This document provides a list of 29 multiple choice questions related to accounting concepts such as financial statements, inventory costing methods, internal controls, and Sarbanes-Oxley Act. It directs the reader to click a link to access answers to the questions and guarantees an A+ on a tutorial if the answers are used. Key topics covered include the statement of cash flows, inventory valuation, cost of goods sold, internal controls, and regulatory compliance.
The accounting process is correctly sequenced as bookkeeping differs from acc...Gender Core
This document provides a link to purchase answers to an accounting exam. It lists 30 multiple choice questions about accounting concepts and principles. The questions cover topics like the accounting process, bookkeeping vs accounting, GAAP, financial statements, adjusting entries, closing entries, internal controls, and international accounting standards. It encourages copying and pasting the link to obtain the exam answers.
This document provides the questions and answers to a 100% correct ACC 545 Final Exam. It includes 36 multiple choice questions covering various accounting topics such as accounting changes, deferred taxes, bonds, leases, and more. The answers to each question are also provided as single letter choices A-D.
ACC 545 Final Exam 100% Correct Answer
Description:
1) A company changes from percentage-of-completion to completed-contract, which is the method used for tax purposes. The entry to record this change should include a
A. debit to Retained Earnings in the amount of the difference on prior years, net of tax.
B. debit to Loss on Long-Term Contracts in the amount of the difference on prior years, net of tax.
C. credit to Deferred Tax Liability.
D. debit to Construction in Process.
2) Which of the following is accounted for as a change in accounting principle?
A. A change from expensing immaterial expenditures to deferring and amortizing them as they become material
B. A change from the cash basis of accounting to the accrual basis of accounting
C. A change in inventory valuation from average cost to FIFO
D. A change in the estimated useful life of plant assets
3) A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change should include a
A. debit to Deferred Tax Asset.
B. debit to Retained Earnings in the amount of the difference on prior years.
C. credit to Deferred Tax Liability.
D. credit to Accumulated Depreciation.
4) Presenting consolidated financial statements this year when statements of individual companies were presented last year is
A. an accounting change that should be reported by restating the financial statements of all prior periods presented.
B. an accounting change that should be reported prospectively.
C. NOT an accounting change.
D. a correction of an error.
5) During 2008, a construction company changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. The following lists include gross profit figures under both methods for the past 3 years:
Completed-Contract
Percentage-of-Completion
2006
$ 475,000
$ 800,000
2007
625,000
950,000
2008
700,000
1,050,000
$1,800,000
$2,800,000
Assuming an income tax rate of 40% for all years, the affect of this accounting change on prior periods should be reported by a credit of what?
A. $390,000 on the 2008 income statement
B. $600,000 on the 2008 income statement
C. $390,000 on the 2008 retained earnings statement
D. $600,000 on the 2008 retained earnings statement
6) On January 1, 2005, Baden Co. purchased a machine, which was its only depreciable asset, for $300,000. The machine has a 5-year life, and no salvage value. Sum-of-the-years’-digits depreciation has been used for financial statement reporting and the elective straight-line method for income tax reporting. Effective January 1, 2008, for financial statement reporting, Baden decided to change to the straight-line method for depreciation of the machine. Assume that Baden can justify the change.
Baden’s income before depreciation, before inc
This document contains 100% correct answers to an ACC 545 Final Exam. It addresses accounting questions related to changes in accounting principles and methods, deferred taxes, financial statement preparation, long-term investments, bonds, leases, and debt. The questions cover topics such as the appropriate journal entries and financial statement impacts of various accounting changes, calculation of deferred tax amounts, classification of items on the balance sheet, and bond/debt related calculations.
This document provides a 19 question multiple choice accounting exam covering various accounting topics such as adjusting entries, inventory methods, depreciation, payroll accounting, and more. The exam includes journal entries, calculations, and multiple choice questions. It tests understanding of accounting principles for financial statements, inventory, depreciation, and payroll.
Problem 1On April 1, 20X4, Rojas purchased land by giving $100,000.docxChantellPantoja184
Problem 1On April 1, 20X4, Rojas purchased land by giving $100,000 in cash and executing a $400,000 note payable to the former owner. The note bears interest at 10% per annum, with interest being payable annually on March 31 of each year. Rojas is also required to make a $100,000 payment toward the note's principal on every March 31.(a)Prepare the appropriate journal entry to record the land purchase on April 1, 20X4.(b)Prepare the appropriate journal entry to record the year-end interest accrual on December 31, 20X4.(c)Prepare the appropriate journal entry to record the payment of interest and principal on March 31, 20X5.(d)Prepare the appropriate journal entry to record the year-end interest accrual on December 31, 20X5.(e)Prepare the appropriate journal entry to record the payment of interest and principal on March 31, 20X6.
&R&"Myriad Web Pro,Bold"&20B-13.01
B-13.01
Worksheet 1(a), (b), (c), (d), (e)GENERAL JOURNALDateAccountsDebitCredit04-01-X412-31-X403-31-X512-31-X503-31-X6
&L&"Myriad Web Pro,Bold"&12Name:
Date: Section: &R&"Myriad Web Pro,Bold"&20B-13.01
B-13.01
Problem 2Ace Brick company issued $100,000 of 5-year bonds. The bonds were issued at par on January 1, 20X1, and bear interest at a rate of 8% per annum, payable semiannually.(a)Prepare the journal entry to record the bond issue on January, 20X1.(b)Prepare the journal entry that Ace would record on each interest date.(c)Prepare the journal entry that Ace would record at maturity of the bonds.
&R&"Myriad Web Pro,Bold"&20B-13.06
B-13.06
Worksheet 2(a)(b)(c)GENERAL JOURNAL DateAccountsDebitCreditIssueInterestMaturity
&L&"Myriad Web Pro,Bold"&12Name:
Date: Section: &R&"Myriad Web Pro,Bold"&20B-13.06
B-13.06
Problem 3Erik Food Supply Company issued $100,000 of face amount of 4-year bonds on January 1, 20X1. The bonds were issued at 98, and bear interest at a stated rate of 8% per annum, payable semiannually. The discount is amortized by the straight-line method.(a)Prepare the journal entry to record the initial issuance on January, 20X1.(b)Prepare the journal entry that Erik would record on each interest date.(c)Prepare the journal entry that Erik would record at maturity of the bonds.
&R&"Myriad Web Pro,Bold"&20B-13.08
B-13.08
Worksheet 3(a)(b)(c)GENERAL JOURNAL DateAccountsDebitCreditIssueInterestMaturity
&L&"Myriad Web Pro,Bold"&12Name:
Date: Section: &R&"Myriad Web Pro,Bold"&20B-13.08
B-13.08
Problem 4Horton Micro Chip Company issued $100,000 of face amount of 6-year bonds on January 1, 20X1. The bonds were issed at 103, and bear interest at a stated rate of 8% per annum, payable semiannually. The premium is amortized by the straight-line method.(a)Prepare the journal entry to record the initial issue on January, 20X1.(b)Prepare the journal entry that Horton would record on each interest date.(c)Prepare the journal entry that Horton would record at maturity of the bonds.
&R&"Myriad We.
This document provides the questions and answers to an ACC 545 final exam. It includes 25 multiple choice questions covering topics like accounting changes, deferred taxes, financial statements, inventory, and long-term investments. The questions test understanding of accounting principles for events such as changes in depreciation methods and accounting methods, classification of assets and liabilities, and preparation of financial statements.
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This document provides instructions for a course project on organizational behavior for the DEVRY MGMT 591 course. Students are asked to:
1) Select a specific organization and identify an organizational problem related to OB. Students will take the role of an organizational consultant analyzing and recommending solutions for the problem.
2) Research the problem using at least six scholarly sources accessed through the DeVry library or EBSCOhost.
3) Write a 10-12 page paper in APA style addressing the problem, analyzing relevant OB concepts, and recommending solutions. Milestones include an initial and expanded research proposal submitted for feedback.
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Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
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Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Find out more about ISO training and certification services
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A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
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Assessment and Planning in Educational technology.pptxKavitha Krishnan
In an education system, it is understood that assessment is only for the students, but on the other hand, the Assessment of teachers is also an important aspect of the education system that ensures teachers are providing high-quality instruction to students. The assessment process can be used to provide feedback and support for professional development, to inform decisions about teacher retention or promotion, or to evaluate teacher effectiveness for accountability purposes.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
How to Build a Module in Odoo 17 Using the Scaffold Method
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1) A company changes from percentage-of-completion to
completed-contract, which is the method used for tax purposes.
The entry to record this change should include
2) Which of the following is accounted for as a change in
accounting principle?
3) A company changes from straight-line to an accelerated
method of calculating depreciation, which will be similar to the
method used for tax purposes. The entry to record this change
should include a
4) Presenting consolidated financial statements this year when
statements of individual companies were presented last year is
5) During 2008, a construction company changed from the
completed-contract method to the percentage-of-completion
method for accounting purposes but not for tax purposes. The
following lists include gross profit figures under both methods
for the past 3 years:
6) On January 1, 2005, Baden Co. purchased a machine, which
was its only depreciable asset, for $300,000. The machine has a
5-year life, and no salvage value. Sum-of-the-years'-digits
2. depreciation has been used for financial statement reporting
and the elective straight-line method for income tax reporting.
Effective January 1, 2008, for financial statement reporting,
Baden decided to change to the straight-line method for
depreciation of the machine. Assume that Baden can justify the
change.
7) The deferred tax expense is the
8) A company records an unrealized loss on short-term
securities. This might result in what type of difference and in
what type of deferred income tax?
9) A company uses the equity method to account for an
investment. This would result in what type of difference and in
what type of deferred income tax?
10) Nottingham Corporation had accounts receivable of
$100,000 on January 1st The only transactions affecting
accounts receivable were sales of $900,000 and cash collections
of $850,000. What is the accounts receivable turnover?
11) If a petty cash fund is established in the amount of $250,
and contains $150 in cash and $95 in receipts for
disbursements when it is replenished, the journal entry to
record replenishment should include credits to which of the
following accounts?
12) If the month-end bank statement shows a balance of
$36,000, outstanding checks are $12,000, a deposit of $4,000
was in transit at month end, and a check for $500 was
erroneously charged by the bank against the account, what is
the correct balance in the bank account at month end?
3. 13) If a short-term obligation is excluded from current
liabilities because of refinancing, the footnote to the financial
statements describing this event should include all of the
following information EXCEPT:
14) Stock dividends distributable should be classified on the
15) Which of the following items is a current liability?
16) A company borrows $10,000 and signs a 90-day nontrade
note payable. In preparing a statement of cash flows (indirect
method), this event would be reflected as
17) An increase in inventory balance would be reported in a
statement of cash flows using the indirect method
(reconciliation method) as
18) The primary purpose of the statement of cash flows is to
provide information
19) Eller Co. received merchandise on consignment. As of
January 31, Eller included the goods in inventory, but did not
record the transaction. What would be the effect of this on its
financial statements for January 31?
20) Cross Co. accepted delivery of merchandise that it
purchased on account. As of December 31, Cross had recorded
the transaction, but did not include the merchandise in its
inventory. What would be the effect of this on its financial
statements for December 31?
21) The failure to record a purchase of merchandise on account
even though the goods are properly included in the physical
inventory results in
4. 22) Fences and parking lots are reported on the balance sheet
as
23) Which of these is not a major characteristic of a plant asset?
24) The debit for a sales tax properly levied and paid on the
purchase of machinery preferably would be a charge to
25) On November 1, 2007, Little Company purchased 600 of the
$1,000 face value, 9% bonds of Player, Incorporated, for
$632,000, which includes accrued interest of $9,000. The
bonds, which mature on January 1, 2012, pay interest
semiannually on March 1 and September 1. Assuming that Little
uses the straight-line method of amortization and that the
bonds are appropriately classified as available-for-sale, what
would the net carrying value of the bonds be shown as on
Little's December 31, 2007, balance sheet?
26) On October 1, 2007, Lyman Co. purchased to hold to
maturity, 200 of the $1,000 face value, 9% bonds for $208,000.
An additional $6,000 was paid for accrued interest. Interest is
paid semiannually on December 1 and June 1 and the bonds
mature on December 1, 2011. Lyman uses straight-line
amortization. Ignoring income taxes, what was the amount
reported in Lyman's 2007 income statement from this
investment?
27) On October 1, 2007, Porter Co. purchased to hold to
maturity 1,000 of the $1,000 face value, 9% bonds for $990,000
which includes $15,000 accrued interest. The bonds, which
mature on February 1, 2016, pay interest semiannually on
February 1 and August 1. Porter uses the straight-line method
of amortization. The bonds should be reported in the December
31, 2007 balance sheet at a carrying what value?
5. 28) Although only certain leases are currently accounted for as
a sale or purchase, there is theoretic justification for
considering all leases to be sales or purchases. The principal
reason that supports this idea is that
29) An essential element of a lease conveyance is that the
30) Which of the following is a correct statement of one of the
capitalization criteria?
31) Discount on notes payable is charged to interest expense
32) The generally accepted method of accounting for gains or
losses from the early extinguishment of debt treats any gain or
loss as
33) A corporation borrowed money from a bank to build a
building. The long-term note signed by the corporation is
secured by a mortgage that pledges title to the building as
security for the loan. The corporation is to pay the bank
$80,000 each year for 10 years to repay the loan. Which of the
following relationships can you expect to apply to the situation?
34) Benton Company issues $10,000,000 of 10-year, 9% bonds
on March 1, 2007, at 97 plus accrued interest. The bonds are
dated January 1, 2007, and pay interest on June 30 and
December 31. What is the total cash received on the issue date?
35) Limeway Company issues $5,000,000, 6%, 5-year bonds
dated January 1, 2007, on January 1, 2007. The bonds pay
interest semiannually on June 30 and December 31. The bonds
are issued to yield 5%. What are the proceeds from the bond
issue?
36) A company issues $20,000,000, 7.8%, 20-year bonds to
yield 8% on January 1, 2007. Interest is paid on June 30 and
6. December 31. The proceeds from the bonds are $19,604,145.
Using effective-interest amortization, how much interest
expense will be recognized in 2007?
37) Which of the following is not a characteristic of a defined-
contribution pension plan?
38) In accounting for a defined-benefit pension plan
39) The interest on the projected benefit obligation component
of pension expense
40) Windsor Company has outstanding both common stock and
nonparticipating, noncumulative preferred stock. The
liquidation value of the preferred is equal to its par value. The
book value per share of the common stock is unaffected by
41) Dividends are not paid on
42) Assume common stock is the only class of stock outstanding
in the B-Bar-B Corporation. Total stockholders' equity divided
by the number of common stock shares outstanding is called
43) Preparation of consolidated financial statements when a
parent-subsidiary relationship exists is an example of the
44) In presenting segment information, which of the following
items must be reconciled to the entity's consolidated financial
statements?
45) Presenting consolidated financial statements this year
when statements of individual companies were presented last
year is