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ACC 291 Week 5 Final Exam ( Lattest

)

1) An aging of a company's accounts receivable indicates that

$4,500 are estimated to be uncollectible. If Allowance for
Doubtful Accounts has a $1,200 credit balance, the
adjustment to record bad debts for the period will require a
debit to Bad Debt Expense for $4,500.
debit to Bad Debt Expense for $3,300.
credit to Allowance for Doubtful Accounts for $4,500.
debit to Allowance for Doubtful Accounts for $3,300.

2) The financial statements of the Melton Manufacturing

Company reports net sales of $300,000 and accounts
receivable of $50,000 and $30,000 at the beginning of the
year and end of year, respectively. What is the average
collection period for accounts receivable in days?
60.8
96.1
36.5
48.7

3) Stine Company purchased machinery with a list price of

$64,000. They were given a 10% discount by the
manufacturer. They paid $400 for shipping and sales tax of
$3,000. Stine estimates that the machinery will have a
useful life of 10 years and a residual value of $20,000. If
Stine uses straight-line depreciation, annual depreciation will
be
$3,760.
$4,072.
$6,100.
$4,100.

4) Given the following account balances at year end, compute

the total intangible assets on the balance sheet of Janssen
Enterprises.
I. Cash $1,500,000
II. Accounts Receivable
4,000,000
III. Trademarks 1,000,000
IV. Goodwill
2,500,000
V. Research & Development Costs
2,000,000

$7,500,000.
$5,500,000.
$3,500,000.
$9,500,000.

5) On January 1, a machine with a useful life of five years and a

residual value of $40,000 was purchased for $120,000. What
is the depreciation expense for year 2 under the doubledeclining-balance method of depreciation?
$38,400.
$48,000.
$23,040.
$28,800.

6) As a recent graduate of State University you're aware that

IFRS requires component depreciation for plant assets. A
friend has asked you to succinctly explain what component
depreciation means. Which of the following correctly
describes component depreciation?
The method that requires that significant parts of a plant
asset with different useful lives be depreciated separately.

 The method used to ensure that the depreciation rate

remains constant from year to year.
The method used to prorate annual depreciation on a time
basis.
The method of depreciation recommended for an asset that
is expected to be significantly more productive in the first
half of its useful life.

7) Bonds with a face value of $300,000 and a quoted price of

97 have a selling price of

$292,500.
$291,075.
$291,750.
$291,006.

8) Sparks Company received proceeds of $423,000 on 10-year,

8% bonds issued on January 1, 2013. The bonds had a face
value of $400,000, pay interest annually on December 31st,
and have a call price of 102. Sparks uses the straight-line
method of amortization. What is the carrying value of the
bonds on January 1, 2015?
$400,000
$420,700
$418,400
$381,600

9) S. Lawyer performed legal services for E. Corp. Due to a cash

shortage, an agreement was reached whereby E. Corp.
would pay S. Lawyer a legal fee of approximately $15,000 by

I.
II.
III.
IV.
V.
VI.
VII.
VIII.
IX.
X.

issuing 8,000 shares of its common stock (par $1). The stock
trades on a daily basis and the market price of the stock on
the day the debt was settled is $1.80 per share. Given this
information, the best journal entry for E. Corp. to record for
this transaction is
Legal Expense
14,400
Common Stock
8,000
Paid-in Capital in Excess of Par - Common
6,400
Legal Expense
15,000
Common Stock
15,000
Legal Expense
15,000
Common Stock
8,000
Paid-in Capital in Excess of Par - Common
7,000
Legal Expense
14,400
Common Stock
14,400

10)
Logan Corporation issues 50,000 shares of $50 par
value preferred stock for cash at $60 per share. The entry to
record the transaction will consist of a debit to Cash for
$3,000,000 and a credit or credits to
Preferred Stock for $2,500,000 and Paid-in Capital in Excess
of Par ValuePreferred Stock for $500,000.
Preferred Stock for $2,500,000 and Retained Earnings for
$500,000.
Paid-in Capital from Preferred Stock for $3,000,000.
Preferred Stock for $3,000,000.

11)
Jahnke Corporation issued 8,000 shares of 2 par value
ordinary shares for 11 per share. The journal entry to record
the sale will include
a credit to Share CapitalOrdinary for 88,000.
a debit to Retained Earnings for 72,000.
a debit to Cash for 16,000.
a credit to Share PremiumOrdinary for 72,000.

12)
Zoum Corporation had the following transactions during
2014:
I. Issued $125,000 of par value common stock for cash.
II. Recorded and paid wages expense of $60,000.
III. Acquired land by issuing common stock of par value
$50,000.
IV. Declared and paid a cash dividend of $10,000.
V. Sold a long-term investment (cost $3,000) for cash of
$3,000.
VI. Recorded cash sales of $400,000.
VII. Bought inventory for cash of $160,000.
VIII. Acquired an investment in Zynga stock for cash of $21,000.
IX. Converted bonds payable to common stock in the amount of
$500,000.
X. Repaid a 6 year note payable in the amount of $220,000.

13)
What is the net cash provided by financing activities?
$395,000.
$<605,000>.
$<105,000>.
$115,000.

14)
Colie Company had an increase in inventory of
$120,000. The cost of goods sold was $490,000. There was a
$30,000 decrease in accounts payable from the prior period.
Using the direct method of reporting cash flows from
operating activities, what were Colie's cash payments to
suppliers?
$580,000.
$370,000.
$310,000.
$640,000.

15)
Each of the following items may be classified as
operating or financing activities under IFRS except
dividends paid.
dividends received.
interest paid.
all of these answer choices may be classified as such.

16)
The current assets of Orangatte Company are
$227,500. The current liabilities are $130,000. The current
ratio expressed as a proportion is
1.75:1.
175%.
$210,000 $120,000.
.57:1.

17)
All of the following requirements about internal controls
were enacted under the Sarbanes Oxley Act of 2002 except:
independent outside auditors must eliminate redundant
internal control.
companies must continually assess the functionality of
internal controls.
independent outside auditors must attest to the level of
internal control.
companies must develop sound internal controls over
financial reporting.

18)
Which of the following is not an internal control activity
for cash?

 The number of persons who have access to cash should be

limited.
The functions of record keeping and maintaining custody of
cash should be combined.
Surprise audits of cash on hand should be made occasionally.
All cash receipts should be recorded promptly.

19)
Before a check authorization is issued, the following
documents must be in agreement, except for the
purchase order.
invoice.
remittance advice.
receiving report.

20)
Mitchell Corporation bought equipment on January 1,
2014 .The equipment cost $180,000 and had an expected
salvage value of $30,000. The life of the equipment was
estimated to be 6 years. The book value of the equipment at
the beginning of the third year would be
$50,000.
$180,000.
$150,000.
$130,000.

21)
Brevard Corporation purchased a taxicab on January 1,
2013 for $25,500 to use for its shuttle business. The cab is
expected to have a five-year useful life and no salvage
value. During 2014, it retouched the cab's paint at a cost of
$1,200, replaced the transmission for $3,000 (which
extended its life by an additional 2 years), and tuned-up the
motor for $150. If Brevard Corporation uses straight-line

depreciation, what annual depreciation will Brevard report

for 2014?
$4,100.
$5,100.
$4,125.
$3,900.

22)
On July 1, 2014, Fleming Company sells machinery for
$120,000. The machinery originally cost $300,000, had an
estimated 5-year life and an expected salvage value of
$50,000. The Accumulated Depreciation account had a
balance of $175,000 on January 1, 2014, using the straightline method. The gain or loss on disposal is
$20,000 gain.
$5,000 loss.
$10,000 loss.
$5,000 gain.

23)
On July 1, 2014, Linden Company purchased the
copyright to Norman Computer Tutorials for $140,000. It is
estimated that the copyright will have a useful life of 5
years. The amount of Amortization Expense recognized for
the year 2014 would be
$14,000.
$25,900.
$28,000.
$13,125.

24)
The following totals for the month of April were taken
from the payroll records of Metz Company.
I. Salaries
$30,000
II. FICA taxes withheld
2,295

III.
IV.
V.
VI.

Income taxes withheld

6,600
Medical insurance deductions 1,200
Federal unemployment taxes
240
State unemployment taxes
1,500

25)
The entry to record accrual of employers payroll taxes
would include
credit to FICA Taxes Payable for $1,740.
credit to Payroll Tax Expense for $1,740.
debit to Payroll Tax Expense for $4,035.
credit to Payroll Tax Expense for $4,035.

26)
Thayer Company purchased a building on January 2 by
signing a long-term $2,520,000 mortgage with monthly
payments of $23,100. The mortgage carries an interest rate
of 10 percent. The amount owed on the mortgage after the
first payment will be
$2,499,000.
$2,496,900.
$2,520,000.
$2,517,900.

27)
The following data is available for BOX Corporation at
December 31, 2014:

Common
$250,000

stock,

par

$10

(authorized

Treasury stock (at cost $15 per share) $1,200

30,000

shares)

Based on the data, how many shares of common stock are

outstanding?
30,000.
24,920.
25,000.
29,920.

28)
Indicate the respective effects of the declaration of a
cash dividend on the following balance sheet sections:
Total Assets Total Liabilities

Total Stockholders' Equity

Decrease

Increase

Decrease

Increase

Decrease

No change

Decrease

No change

Increase

No change

Increase

Decrease

29)
Assume the following cost of goods sold data for a
company:
2015 $1,300,000
2014 1,200,000
2013 1,000,000

30)
If 2013 is the base year, what is the percentage
increase in cost of goods sold from 2013 to 2015?
30%
70%

 130%
20%

31)
A company has an average inventory on hand of
$75,000 and its average days in inventory is 36.5 days. What
is the cost of goods sold?
$1,680,000
$876,000
$750,000
$1,752,000

32)
The following information is available for Patterson
Company:
2014

2013

Accounts receivable
Inventory

280,000

Net credit sales

Net income 300,000

$ 340,000

320,000

3,000,000

Cost of goods sold

33)
4.3
8.6
7.6
8.3

$ 360,000

2,600,000

1,500,000

840,000

170,000

The accounts receivable turnover for 2014 is

times.
times.
times.
times.

34)
All of the following situtations below might indicate a
company has a low quality of earnings except
Maintenance costs are capitalized and then depreciated.

 Revenue is recognized when earned.

A lack of disclosure about guaranteed payments that were
mentioned in the MD&A of the annual report.
Adoption of a different inventory method for each of the last
three years.

IFRS
implies that receivables with different characteristics
be reported as one unsegregated amount.
implies that receivables with different characteristics
be reported separately.
requires that receivables with different characteristics
be reported as one unsegregated amount.
requires that receivables with different characteristics
be reported separately.

should
should
should
should

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