ACC 422 Final Exam

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ACC 422 Final Exam

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Question 2
Presented below is information related to Rembrandt Inc. 's inventory.
(per unit) Skis Boots Parkas
Historical Cost 273.79 152.75 76.37
Selling Price 312.70 208.95 106.27
Cost to distribute 27.38 11.53 3.60
Current replacement cost 292.52 151.31 73.49
Normal profit margin 46.11 41.79 30.62
Determine the following:

Question 3
Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 67 units that cost $40 each. During June, the company purchased 202 units at $40 each, returned 8 units for credit, and sold 168 units at $67
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Question 16
Mehta Company traded a used welding machine (cost $10,080, accumulated depreciation $3,360) for office equipment with an estimated fair value of $5,600. Mehta also paid $3,360 cash in the transaction. Prepare the journal entry to record the exchange.

Question 17
Depreciation is normally computed on the basis of the nearest
A). full month and to the nearest dollar.
B). day and to the nearest cent.
C). day and to the nearest dollar.
D). full month and to the nearest cent.

Question 18
Fernandez Corporation purchased a truck at the beginning of 2012 for $54,180. The truck is estimated to have a salvage value of $2,580 and a useful life of 206,400 miles. It was driven 29,670 miles in 2012 and 39,990 miles in 2013. Compute depreciation expense for 2012 and 2013.

Question 19
Lockhard Company purchased machinery on January 1, 2012, for $79,200. The machinery is estimated to have a salvage value of $7,920 after a useful life of 8 years.
(a) Compute 2012 depreciation expense using the double-declining balance method.
(b) Compute 2012 depreciation expense using the double-declining balance method assuming the machinery was purchased on October 1, 2012.

Question 20
Jurassic Company owns machinery that cost $1,145,700 and has accumulated depreciation of $458,280. The expected future net cash flows from the use of the asset are expected to be $636,500. The fair value of the equipment is $509,200.

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