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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
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Instructions for each section must be followed to the letter.Sec.docxdoylymaura
Instructions for each section must be followed to the letter.
Section 1
Follow the instruction preceding each numbered exercise
Instructions for Exercise 6
Journalize the entry to record the accrual of the payroll taxes.
6) According to the accountant of Ulner Inc., its payroll taxes for the week were as follows:
$198.40 for FICA taxes.
$19.84 for federal unemployment taxes.
$133.92 for state unemployment taxes.
Instructions for Exercise 8
Identify each statement above as true or false. If false, indicate how to correct the statement.
8) Jim Thome has prepared the following list of statements about bonds.
1.
Bonds are a form of interest-bearing notes payable.
2.
When seeking long-term financing, an advantage of issuing bonds over issuing common
stock is that stockholder control is not affected.
3.
When seeking long-term financing, an advantage of issuing common stock over issuing
bonds is that tax savings result.
4.
Secured bonds have specific assets of the issuer pledged as collateral for the bonds.
5.
Secured bonds are also known as debenture bonds.
6.
Bonds that mature in installments are called term bonds.
7.
A conversion feature may be added to bonds to make them more attractive to bond buyers.
8.
The rate used to determine the amount of cash interest the borrower pays is called the stated rate.
9.
Bond prices are usually quoted as a percentage of the face value of the bond.
10.
The present value of a bond is the value at which it should sell in the marketplace.
Instructions for Exercise 18
Prepare the journal entries to record the following. (Round to the nearest dollar.)
(a)
The issuance of the bonds.
(b)
The payment of interest and the discount amortization on July 1, 2011, assuming that interest
was not accrued on June 30.
(c)
The accrual of interest and the discount amortization on December 31, 2011.
18)
Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for
$562,613.This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable
semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize
bond premium or discount.
Instructions for Problem 3A
(a)
Prepare the journal entry to record the issuance of the bonds.
(b)
Prepare the adjusting entry to record the accrual of interest on December 31, 2011.
(c)
Show the balance sheet presentation on December 31, 2011.
(d)
Prepare the journal entry to record payment of interest on May 1, 2012, assuming no accrual
of interest from January 1, 2012, to May 1, 2012.
(e)
Prepare the journal entry to record payment of interest on November 1, 2012.
(f)
Assume that on November 1, 2012, Newby calls the bonds at 102. Record the redemption of
the bonds.
3A)
On May 1, 2011, Newby Corp. issued $600,000, 9%, 5-year bonds at face value. The
bonds were dated May 1, 2011, and pay interest se.
ACC 291 GENIUS Become Exceptional--acc291genius.comkopiko119
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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
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Instructions for each section must be followed to the letter.Sec.docxdoylymaura
Instructions for each section must be followed to the letter.
Section 1
Follow the instruction preceding each numbered exercise
Instructions for Exercise 6
Journalize the entry to record the accrual of the payroll taxes.
6) According to the accountant of Ulner Inc., its payroll taxes for the week were as follows:
$198.40 for FICA taxes.
$19.84 for federal unemployment taxes.
$133.92 for state unemployment taxes.
Instructions for Exercise 8
Identify each statement above as true or false. If false, indicate how to correct the statement.
8) Jim Thome has prepared the following list of statements about bonds.
1.
Bonds are a form of interest-bearing notes payable.
2.
When seeking long-term financing, an advantage of issuing bonds over issuing common
stock is that stockholder control is not affected.
3.
When seeking long-term financing, an advantage of issuing common stock over issuing
bonds is that tax savings result.
4.
Secured bonds have specific assets of the issuer pledged as collateral for the bonds.
5.
Secured bonds are also known as debenture bonds.
6.
Bonds that mature in installments are called term bonds.
7.
A conversion feature may be added to bonds to make them more attractive to bond buyers.
8.
The rate used to determine the amount of cash interest the borrower pays is called the stated rate.
9.
Bond prices are usually quoted as a percentage of the face value of the bond.
10.
The present value of a bond is the value at which it should sell in the marketplace.
Instructions for Exercise 18
Prepare the journal entries to record the following. (Round to the nearest dollar.)
(a)
The issuance of the bonds.
(b)
The payment of interest and the discount amortization on July 1, 2011, assuming that interest
was not accrued on June 30.
(c)
The accrual of interest and the discount amortization on December 31, 2011.
18)
Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for
$562,613.This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable
semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize
bond premium or discount.
Instructions for Problem 3A
(a)
Prepare the journal entry to record the issuance of the bonds.
(b)
Prepare the adjusting entry to record the accrual of interest on December 31, 2011.
(c)
Show the balance sheet presentation on December 31, 2011.
(d)
Prepare the journal entry to record payment of interest on May 1, 2012, assuming no accrual
of interest from January 1, 2012, to May 1, 2012.
(e)
Prepare the journal entry to record payment of interest on November 1, 2012.
(f)
Assume that on November 1, 2012, Newby calls the bonds at 102. Record the redemption of
the bonds.
3A)
On May 1, 2011, Newby Corp. issued $600,000, 9%, 5-year bonds at face value. The
bonds were dated May 1, 2011, and pay interest se.
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
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.
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The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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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