ACCT 5312 HW1 (final try)
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5312
Subject
Accounting
Date
May 24, 2024
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8
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TB MC Qu. 1-1 Which of the following entities would not...
Which of the following entities would not
require accounting information pertaining to their economic
activities?
Social clubs
Not-for-profit entities
State governments
Small businesses
All of these entities require accounting information.
References
Multiple Choice
Difficulty: 1 Easy
TB MC Qu. 1-1
Which of the
following entities
would not...
Learning Objective:
01-02 Identify who
the users of
accounting
information are and
explain why they find
accounting
information useful.
✓
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TB MC Qu. 1-2 The authoritative financial accounting...
The authoritative financial accounting standards-setting body in the United States is presently the:
Public Company Accounting Oversights Board (PCAOB)
Financial Accounting Standards Board (FASB)
Accounting Principles Board (APB)
Securities and Exchange Commission (SEC)
International Accounting Standards Board (IASB)
References
Multiple Choice
Difficulty: 1 Easy
TB MC Qu. 1-2
The authoritative
financial
accounting...
Learning Objective:
01-05 Explain the role
that the FASB plays
in the development
of financial
accounting
standards.
✓
5/13/24, 2:39 AM
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TB MC Qu. 1-4 Major classifications of accounting activity...
Major classifications of accounting activity would not
include:
financial accounting, internal auditing, public accounting.
internal auditing, governmental accounting, managerial accounting.
financial accounting, national accounting, cost accounting.
auditing, income tax accounting, governmental accounting.
References
Multiple Choice
Difficulty: 1 Easy
TB MC Qu. 1-4
Major
classifications of
accounting
activity...
Learning Objective:
01-03 Identify the
variety of
professional services
that accountants
provide.
✓
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Chapter 17 Financial Statement Analysis
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PR 17-1B Horizontal analysis of income statement
ов. 1
V 1. Net sales,
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Analyzing and Processing Trans x
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Consider the following information:
Rate of
Probability of
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State of
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Occurs
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Calculate the expected return. (Do not round intermediate calculations and enter your
answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Expected return
%
...
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is straight-forward because the accounts that need adjustment will be out of balance.
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John has an investment opportunity that promises to pay him $16,000 in four years. Suppose the opportunity requires John to invest
$13,200 today. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables
provided.)
What is the interest rate John would earn on this investment? (Round your interest rate to the nearest whole percentage.)
Solve for i
Present Value:
13,200
n = :
i =
5%
Future Value:
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Required information
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[The following information applies to the questions displayed below.]
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the
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Date
January 1
QS 5-5 (Algo) Perpetual: Inventory costing with FIFO LO P1
January 9
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9. MC.12.09
Research and Development
10. MC.12.10
Instructions
Chart Of Accounts
General Journal
11. RE.12.01.BLANKSHEET
Instructions
12. RE.12.02
Notting Hill Company incurred the following costs for R&D activities:
13. RE.12.03.BLANKSHEET
Material used from inventory
$15,000
14. RE.12.04.BLANKSHEET
Equipment purchased (with cash) for R&D with no other use
85,000
Depreciation on building housing multiple R&D activities
10,000
15. RE.12.05.BLANKSHEET
Wages and salaries paid to R&D employees
38,500
16. RE.12.06.BLANKSHEET
Required:
17. RE.12.07.BLANKSHEET
Prepare Notting Hill's journal entry(ies) to record its R&D.
18. RE.12.08
19. RE.12.09.BLANKSHEET
20. RE.12.10.BLANKSHEET
21. EX.12.01
22. EX.12.02.BLANKSHEET
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[The following information applies to the questions displayed below.]
Naidu Companies is the world's leading express-distribution company. In addition to its 643 aircraft, the company has
more than 57,000 ground vehicles that pick up and deliver packages. Assume that Naidu sold a delivery truck for $14,000.
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depreciation for three years.
Required:
1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation-Truck was (a) $9,000, (b) $7,000, and (c)
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Problem 6-15 Project NPV and IRR
A project requires an initial investment of $100,000 and is expected to produce a cash inflow before tax of $27,400
per year for five years. Company A has substantial accumulated tax losses and is unlikely to pay taxes in the
foreseeable future. Company B pays corporate taxes at a rate of 21% and can claim 100% bonus depreciation on the
investment. Suppose the opportunity cost of capital is 10%. Ignore inflation.
ed
a. Calculate project NPV for each company. (Do not round intermediate calculations. Round your answers to the
nearest whole dollar amount.)
NPV
ces
Company A
Company B
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Cheyenne Corp. purchased equipment for $13200 on December 1. It is estimated that annual depreciation on the computer will be
$2640. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:
O debit Depreciation Expense, $10560; credit Accumulated Depreciation, $10560.
O debit Equipment, $13200; credit Accumulated Depreciation, $13200.
O debit Depreciation Expense, $2640; credit Accumulated Depreciation, $2640.
O debit Depreciation Expense, $220; credit Accumulated Depreciation, $220.
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Problem 15-4 (Algo) Finance/sales-type lease; lessee and lessor [LO15-1, 15-2, 15-3]
Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians'
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Quarterly lease payments
$159,882-beginning of each period
5 years (20 quarters)
Lease term
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A series of cash flows may not always necessarily be an annuity. Cash flows can also be uneven and variable in amount, but the concept of the time
value of money will continue to apply.
Consider the following case:
The Purple Lion Beverage Company expects the following cash flows from its manufacturing plant in Palau over the next five years:
Annual Cash Flows
Year 2
Year 3
Year 4
Year 5
Year 1
$100,000
$20,000
$330,000
$450,000
$750,000
this investment is 4%. What is the present value of this uneven cash flow
The CFO of the company believes that an appropriate annual interest rate
stream, rounded to the nearest whole dollar?
O $450,000
O $2,025,000
O $1,675,000
O $1,409,121
flows or annuity payments:
Identify whether the situations described in the following table are examples of uneven
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eview the following scenario. Use the information provided to answer questions about the taxpayer's 2021 return.
he sale was reported to him on Form 1099-B.
avier Brown (32) is filing as a single taxpayer. During the year, he was unhappy with the performance of an investment he had made in ALX Corporation in 2019. Xavier sold his sha
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[The following information applies to the questions displayed below.]
Leach Incorporated experienced the following events for the first two years of its operations.
Year 1:
1. Issued $16,000 of common stock for cash.
2. Provided $84,600 of services on account.
3. Provided $42,000 of services and received cash.
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5. Paid $44,000 of salaries expense for the year.
6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent
of the ending accounts receivable balance will be uncollectible.
7. Closed the revenue account.
8. Closed the expense accounts.
Prev
***********
Year 2:
1. Wrote off an uncollectible account…
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Exercise 15-3 (Static) Finance lease; lessee; balance sheet and income statement effects [L015-2]
On June 30, 2021, Georgia-Atlantic, Inc. leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for
Georgia-Atlantic to make semiannual lease payments of $562,907 over a three-year lease term, payable each June 30 and December
31, with the first payment at June 30, 2021. Georgia-Atlantic's incremental borrowing rate is 10%, the same rate IC uses to calculate
lease payment amounts. Amortization is recorded on a straight-line basis at the end of each fiscal year. The fair value of the equipment
is $3 million. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 (Use…
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Direct labor costs
Machine hours
Setup hours
Saddle Inc. has two types of handbags: standard and custom. The controller has decided to use a plantwide overhead rate based on
direct labor costs. The president has heard of activity-based costing and wants to see how the results would differ if this system were
used. Two activity cost pools were developed: machining and machine setup. Presented below is information related to the company's
operations.
(a)
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Standard
1,500
$50,000 $100,000
90
Custom
1,500
Video thumbnail fo...
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4
Total estimated overhead costs are $312,000. Overhead cost allocated to the…
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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,
exchange for its common stock to launch the business. On December 31, the company's records show
and amounts.
3
Cash
$1,120
12, 940
Accounts receivable.
office supplies
2,640
$14,550 Cash dividends
12,940 Consulting revenue
2,400 Rent expense
17,020 Salaries expense
45,860 Telephone expense
7,820 Miscellaneous expenses
83, 110
office equipment
Land
5,920
800
620
Accounts payable
Common stock
ed
k
Exercise 1-20 (Algo) Preparing a balance sheet LO P2
Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
ERNST CONSULTING
ces
Balance Sheet
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EXAM 2 - Chapters 14, 15, and 17 6
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Using the information below, compute the raw materials inventory turnover:
Raw Materials Used
$127,600
Beginning Raw Materials Inventory
Ending Raw Materials Inventory
18,300
20,500
D:41
Multiple Choice
6.58.
58.60.
6.22.
52.30.
15 of 30
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FV $1
PV $1
FVA $1
PVA $1
FVAD $1
PVAD $1
1 1.03000 0.97087
1.0000
0.97087
1.0300
1.00000
2 1.06090 0.94260
3 1.09273 0.91514
2.0300
1.91347
2.0909
1.97087
3.0909
2.82861
3.1836
2.91347
4 1.12551 0.88849
4.1836
3.71710
4.3091
3.82861
5 1.15927 0.86261
5.3091
4.57971
5.4684
4.71710
5.57971
6 1.19405 0.83748
7 1.22987 0.81309
8 1.26677 0.78941
9 1.30477 0.76642
10 1.34392 0.74409 | 11.4639
11 1.38423 0.72242 12.8078
12 1.42576 0.70138| 14.1920
6.4684
5.41719
6.6625
7.6625
6.23028
7.8923
6.41719
8.8923
7.01969
9.1591
7.23028
10.1591
7.78611 |10.4639
8.01969
8.53020
11.8078
8.78611
9.25262
13.1920
9.53020
9.95400
14.6178 10.25262
16.0863 10.95400
13 1.46853 0.68095| 15.6178 10.63496
14 1.51259 0.66112 17.0863 11.29607 17.5989 |11.63496
15 1.55797 0.64186 18.5989 11.93794
16…
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Question 3
The following information for the period ending June 30, 2015, was taken from the books of
Furnishing Homes, manufacturers of decorative tiles.
Carriage in on raw materials
Opening sock of raw materials
Purchase of raw materials
Purchases retums
12 000
40 000
160 000
62 000
Closing stock of raw materials
Production wages
Direct factory wages
Work in progress- July 1, 2014
Work in progress- June 30, 2015
Insurance
Salaries
30 000
47 000
6 000
13 000
21 000
Overhead:
Light & power
Telephone
Depreciation
Rent
8 000
28 000
11 000
7 500
12 500
15 000
Each overhead cost is apportioned on the following basis:
Factory
Selling & distribution
General administration
50%
20 %
30%
The number of decorative tiles done and sold during the period was 50 000 at $7 per tile
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At the beginning of 2021, VHF Industries acquired a machine with a fair value of $9,415,785 by signing a four-year lease. The lease is
payable in four annual payments of $3.1 million at the end of each year. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD
of $1) (Use appropriate factor(s) from the tables provided.)
Required:
1. What is the effective rate of interest implicit in the agreement?
2-4. Prepare the lessee's journal entries at the beginning of the lease, the first lease payment at December 31, 2021 and the second
lease payment at December 31, 2022.
5. Suppose the fair value of the machine and the lessor's implicit rate were unknown at the time of the lease, but that…
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ANKSHEET
Entries for Notes Receivable
Spring Designs & Decorators issued a 120-day, 4% note for $60,000, dated April 13 to Jaffe Furniture Company on account. Assume a 360-day year when calculating
LANKSHEET
interest.
LGO
a. Determine the due date of the note.
LGO
b. Determine the maturity value of the note.
cl. Journalize the entry to record the receipt of the note by Jaffe Furniture.
c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank.
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Chapter 5 i
FVAD $1
N FV S1
11.03000 0.97087
2 1.06090 0.94260
3 1.09273 0.91514
41.12551 0.88849
5 1.159270.86261
6 1.19405 0.83748
71.22987 0.81309
8 1.266770.78941
9 1.30477 0.76642 | 10.1591
10 1.343920.74409 11.4639
11 1.38423 0.72242 | 12.8078
12 1.42576 0.70138 | 14.1920
13 1.46853 0.68095
14 1.51259 0.66112
15 1.55797 0.64186
16 1.60471 0.62317
PV $1
FVA SI
PVA $1
PVAD $1
1.0000
0.97087
1.0300
1.00000
2.0300
1.91347
2.0909
1.97087
3.0909
2.82861
3.1836
2.91347
4.1836
3.71710
4.3091
3.82861
5.3091
4.57971
5.4684
4.71710
6.4684
5.41719
6.6625
5.57971
7.6625
6.23028
7.8923
6.41719
8.8923
7.01969
9.1591
7.23028
7.78611 | 10.4639
8.53020 11.8078
9.25262 13.1920
9.95400 14.6178 10.25262
8.01969
8.78611
9.53020
15.6178 10.63496 | 16.0863 16.95400
17.0863 11.29607…
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A truck was purchased for $184000 and it was estimated to have a $36000 salvage value at the end of its useful life. Monthly
depreciation expense of $3700 was recorded using the straight-line method. The annual depreciation rate is
O 3%.
O 10%.
O 30%.
O 24%.
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apter Nine
Determine Due Date and Interest on Notes
.09-03.BLANKSHEET
Determine the due date and the amount of interest due at maturity on the following notes:
L09-04.BLANKSHEET
Date of Note
Face Amount
Interest Rate
Term of Note
09-03.ALGO
January 10*
$40,000
90 days
a.
b.
March 19
180 days
000
8.
09-04.ALGO
June 5
30 days
000'06
d.
September 8
90 days
90-60
3.
000'9E
e.
November 20
60 days
9-11
4.
000'
*Assume that February has 28 days.
9-12
Assume 360-days in a year when computing the interest.
-19
Note
Due Date
Interest
>
-20
(2)
(b)
9-22
-24
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(a)
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ne
Analysis of Receivables Method
LANKSHEET
At the end of the current year, Accounts Receivable has a balance of $810,000; Allowance for Doubtful Accounts has a credit balance of $7,500; and sales for the year
total $3,650,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $39,000.
SLANKSHEET
ALGO
a. Determine the amount of the adjusting entry for uncollectible accounts.
ALGO
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
A 000'0 $
Allowance for Doubtful Accounts
X 00s
Bad Debt Expense
c. Determine the net realizable value of accounts receivable.
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Northwest Fur Co. started 2021 with $105,000 of merchandise inventory on hand. During 2021, $540,000 in merchandise was purchased on
account with credit terms of 2/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges
of $8,500. Merchandise with an invoice amount of $3,400 was returned for credit. Cost of goods sold for the year was $378,000. Northwest
uses a perpetual inventory system.
Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale?
Multiple Choice
$650,100.
$639,368.
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Return to the original data. Monk Builders has just signed a contract with the state government to replace the windows in low-
income housing units throughout the state. Monk needs 80,000 windows to complete the job and has offered to buy them from
Wilson at a price of $120.00 per window. Monk will pick up the windows at Wilson's plant, so Wilson will not incur the $2 per
window shipping charge. In addition, Wilson will not need to pay a distributor's commission, since the windows will not be sold
through a distributor.
Calculate the contribution from special order, contribution lost from regular sales and the net…
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