ACC 423 Final Exam

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ACC 423 Final Exam Copy this link to your browser and download Question 1 Buttercup Corporation issued 330 shares of $10 par value common stock for $4,950. Prepare Buttercup journal entry.( List multiple debit credit from largest to smallest amount e.g. 10,5,2) Question 2 Wilco Corporation has the following account balances at December 31, 2012 Common Stock $5 par value $551,530 Treasury Stock 99,710 Retained Earnings 2,377,200…show more content…
Also outstanding all year were 6,330 shares of cumulative preferred stock , each convertible into 2 shares of common . The preferred stock pays an annual dividend of $5 per share. DiCenta’s tax rate is 40%. Compute DiCenta’s 2012 diluted earnings per share. (Round answer to 2 decimal places, e.g. 5.23.) Question-9 Ferraro Inc. established a stock appreciation rights (SAR) program on January 1,2012, which entitles executives to receive cash at the exercise for the difference between market price of the stock and the pre-established price of $25 on 5,130 SARs. The required service period is 2 years. The fair value of SAR’s are determined to be $7 on December 31,2012 and $14 on December31,2013. Compute Parkin’s compensations for 2012. Compute Parkin’s compensations for 2013. Question 10 Hillsborough company has an available-for-sale investment in the bonds of Schuyler with a carrying (and fair) value of $77,030. Hillsborough determined that due topoor economic prospects for Schuyler, the bonds have decreased in value to $55,870. It is determined that this loss in value is other than temporary . Prepare the journal entry, if any,to record the reduction in value. Question 11 Capital Corporation made the following cash purchases of securities during 2012,which is the first year in which Arantxa invested in securities, 1. On January 15,purchased 11,700 shares of Gonzalez Company’s

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