Partiol income statements for Sherwood Company summarized for a foutye.pdf

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Partiol income statements for Sherwood Company summarized for a foutyear period show the foloming: An audit fevealed that in determining these amounts, the ending inventory for 2018 was overstated by $20 , 000 . The inventory bolance on December 31, 2019, was accurately stated. The company uses a periodic inventory system. Required: 1. Restate the partial income statements to reflect the correct amounts, after fising the inventory crror. 2-a. hompute the gross profit pereentage for each year (e) before the correction and (ti) after the correction. (Round your answers to the nearest whole percent.) on December 31,2019 , was occurately stated. The company uses a periodic inveotory system. Requlred: 1. Restate the partial income statements to refect the correct amounts, after fixing the inventory orror. 2.a. Compute the gross prola percentage for eoch year (a) before the correction and (o) after the correction. (Pound your answers to the nearest whole percent.) 2.b. Do the resuits lend confidence to your corrected amounts? Yes: No.

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1) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was: GREEN LAWNS, INC. Adjusted Trial Balance December 31, 2015 Cash $ 182,200 Accounts receivable 9,000 Supplies 600 Equipment 24,000 Accumulated depreciation: equipment $ 10,000 Accounts payable 3,000 Income taxes payable 7,000 Capital stock 50,000 Retained earnings 90,000 Dividends 4,000 Lawn care revenue earned 192,000 Salary expense 104,000 Supply expense 2,400 Advertising expense 600 Depreciation expense: equipment 2,000 Income taxes expense 23,600 $ 352,000 $ 352,000 a-1. Prepare an income statement for the year ended December 31, 2015. a-2. Prepare a statement of retained earnings for the year ended December 31, 2015. a-3. Prepare the company's balance sheet dated December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.) b. Does the company appear to be liquid? No Yes c. Has the company been profitable in the past? No Yes 2) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was: GREEN LAWNS, INC. Adjusted Trial Balance December 31, 2015 Cash $ 182,200 Accounts receivable 9,000 Supplies 600 Equipment 24,000 Accumulated depreciation: equipment $ 10,000 Accounts payable 3,000 Income taxes payable 7,000 Capital stock 50,000 Retained earnings 90,000 Dividends 4,000 Lawn care revenue earned 192,000 Salary expense 104,000 Supply expense 2,400 Advertising expense 600 Depreciation expense: equipment 2,000 Income taxes expense 23,200 $ 352,000 $ 352,000 a. Prepare all necessary closing entries at December 31, 2015. 1. Record the entry to close Lawn Care Revenue earned to income summary 2. REcord the entry to close all expense accounts to income summary 3. Record the entry to transfer net income earned in 2015 to retained earnings account 4. Record the entry to close dividends declared in 2015 to retained earnings account. Prepare an after-closing trial balance dated December 31, 2015. · Record the entry to close all expense accounts to income summary. · Record the entry to close all expense accounts to income summary. 3) Cat Fancy, Inc., has provided the following information from its most current financial statements: Total revenue $ 125,000 Total expenses 80,000 Total current assets 32,000 Total current liabilities 8,000 Total stockholders' equity, January 1, 2015 74,000 Total stockholders' equity, December 31, 2015 76,000 Compute the company’s net income per ...

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1) Accounting: A. processes data into reports and communicates the data to decision makers. B. is often called the language of business. C. measures business activities. D. is all of the above. 2) Assets include cash, land, and accounts payable. True False 3) A prepaid expense is an asset. True False 4) The primary objective of financial reporting is to provide information A. on the cash flows of the company. B. to the federal government. C. useful for making investment and credit decisions. D. about the profitability of the enterprise. 5) Each transaction has either an equal effect on both the left - and right- sides of the accounting equation, or an offsetting effect (both positive and negative) on the same side of the equation. True False 6) During February, assets increased by $ 87,000 and liabilities increased by $ 31,000. Stockholders' equity must have A. increased by $ 56,000. B. decreased by $ 56,000. C. increased by $ 118,000. D. decreased by $ 118,000 7) Thompson Instruments had retained earnings of $ 340,000 at December 31, 2015. Net income for 2016 totaled $ 185,000, and dividends for 2016 were $ 85,000. How much retained earnings should Thompson report at December 31, 2016? A. $ 425,000 B. $ 340,000 C. $ 525,000 D. $ 440,000 8) Purchasing a laptop computer on account will A. increase total assets. B. have no effect on stockholders' equity. C. increase total liabilities. D. All of the listed choices are correct. 9) Performing a service on account will A. increase total assets. B. increase stockholders' equity. C. increase total liabilities. D. accomplish both a and b. 10) Receiving cash from a customer on account will A. decrease liabilities. B. have no effect on total assets. C. increase stockholders' equity. D. increase total assets. 11) Which of the following is not an asset account? A. Salary Expense B. Common Stock C. Service Revenue D. None of the listed accounts is an asset. 12) The journal entry to record the purchase of supplies on account A. debits Supplies Expense and credits Supplies. B. credits Supplies and debits Cash. C. credits Supplies and debits Accounts Payable. D. debits Supplies and credits Accounts Payable. 13) On January 1 of the current year, Bambi Company paid $ 1,500 in rent to cover six months (January long dash June). Bambi recorded this transaction as follows: Journal Entry Date Accounts Debit Credit Jan 1 Prepaid Rent 1,500 Cash 1,500 Bambi adjusts the accounts at the end of each month. Based on these facts, the adjusting entry at the end of January should include A. a debit to Prepaid Rent for $ 1,250. B. a credit to Prepaid Rent for $ 250. C. a debit to Prepaid Rent for $ 250. D. a credit to Prepaid Rent for $ 1,250. 14) On January 1 of the current year, Bamber Company paid $ 1,500 in rent to cover six months (January - June). Bamber recorded this transaction as follows: Journal Entry Date Accounts Debit Credit Jan 1 Prepaid Rent 1,500 Cash 1,5.

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Acc 545 final exam 100% correct answer

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Acc 545 final exam 100% correct answer

ProfessorLance

Acc 545 final exam 100% correct answer

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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

Acc 545 final exam 100% correct answer

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Uop acc-421-final-exam-guide-new

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Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2024, but at the end of 2024, the company amended the pension formula, creating a prior service cost of $12 million.($ millions)PBO balance, January 1$480Plan assets balance, January 1300Service cost75Interest cost45Gain from change in actuarial assumption22Benefits paid(36)Actual return on plan assets20Contributions 202460 Calculate the pension expense for 2024 . Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2024 . Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Complete this question by entering your answers in the tabs below. What amount will Electronic Distribution report in its 2024 balance sheet as a net pension asset or net pension liability? Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10 )..

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