ACC 421 GENIUS Education for Service--acc421genius.com

ACC 421 Final Exam Guide (New) 98% Score
FOR MORE CLASSES VISIT
www.acc421genius.com
Scroll Down to See Details of the Questions Transactions for Mehta
Company for the month of May are presented below. Prepare
journal entries for each of these transactions. On July 1, 2014, Crowe
Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy.
Both companies have fiscal years ending December 31. For Crowe
Co., journalize the entry on July 1 and the adjusting entry on
December 31. Dresser Company’s weekly payroll, paid on Fridays,
totals $8,000. Employees work a 5-day week. Prepare Dresser’s
adjusting entry on Wednesday, December 31, and the journal entry
to record the $8,000 cash payment on Friday, January 2 Side Kicks
has year-end account balances of Sales Revenue $808,900; Interest
Revenue $13,500; Cost of Goods Sold $556,200; Administrative
Expenses $189,000; Income Tax Expense $35,100; and Dividends
$18,900. Prepare the year-end closing entrie To convert cash receipts
from customers to revenue on an accrual basis, the following
adjustments are made: Cash receipts from customers Subtract
beginning A/R Add ending A/R Add beginning Unearned Service
Revenue Subtract ending Unearned Service Revenue At the time a
company prepays a cost Starr Co. had sales revenue of $540,000 in
2014. Other items recorded during the year were Portman
Corporation has retained earnings of $675,000 at January 1, 2014.
Net income during 2014 was $1,400,000, and cash dividends
declared and paid during 2014 totaled $75,000. Prepare On January
1, 2014, Richards Inc. had cash and common stock of $60,000. At

that date, the company had no other asset, liability, or equity
balances. On January 2, 2014, it purchased for cash $20,000 of equity
securities that it classified as available-for-sale. It received cash
dividends of $3,000 during the year on these securities. Harding
Corporation has the following accounts included in its December 31,
2014, trial balance: Accounts Receivable $110,000; Inventory
$290,000; Allowance for Doubtful Accounts $8,000; Patents $72,000;
Prepaid Insurance $9,500; Accounts Payable $77,000; Cash $30,000.
Patrick Corporation’s adjusted trial balance contained the following
asset accounts at December 31, 2014: Prepaid Rent $12,000;
Goodwill $50,000; Franchise Fees Receivable $2,000; Franchises
$47,000; Patents $33,000; Trademarks $10,000 Hawthorn
Corporation’s adjusted trial balance contained the following
accounts at December 31, 2014: Retained Earnings $120,000;
Common Stock $750,000; Keyser Beverage Company reported the
following items in the most recent year. Ames Company reported
2014 net income of $151,000. During 2014, accounts receivable
increased by $13,000 and accounts payable increased by $9,500.
Depreciation expense was $44,000. Martinez Corporation engaged in
the following cash transactions during 2014. Martinez Corporation
engaged in the following cash transactions during 2014. A
comparative balance sheet for Shabbona Corporation is presented
below. Chris Spear invested $15,000 today in a fund that earns 8%
compounded annually. (Use the tables below.) Amy Monroe wants
to create a fund today that will enable her to withdraw $25,000 per
year for 8 years, with the first withdrawal to take place 5 years from
today Zach Taylor is settling a $20,000 loan due today by making 6
equal annual payments of $4,727.53. (Use the tables below.) Alan
Jackson invests $20,000 at 8% annual interest, leaving the money
invested without withdrawing any of the interest for 8 years. At the
end of the 8 years, Alan withdraws the accumulated amount of

money. Guillen, Inc. began work on a $7,000,000 contract in 2014 to
construct an office building. Guillen uses the completed-contract
method. At December 31, 2014, the balances in certain accounts
were Construction in Process $1,715,000; Accounts Receivable
$240,000; and Billings on Construction in Process $1,000,000. Lazaro
Inc. sells goods on the installment basis and uses the installment-
sales method. Due to a customer default, Lazaro repossessed
merchandise that was originally sold for $800, resulting in a gross
profit rate of 40%. At the time of repossession, the uncollected
balance is $520, and the fair value of the repossessed merchandise is
$275 Morlan Corporation is preparing its December 31, 2014,
financial statements. Two events that occurred between December
31, 2014, and March 10, 2015, when the statements were issued, are
described below. Foley Corporation has seven industry segments
with total revenues as follows. Operating profits and losses for the
seven industry segments of Foley Corporation are: Heartland
Company’s budgeted sales and budgeted cost of goods sold for the
coming year are $144,000,000 and $99,000,000, respectively. Short-
term interest rates are expected to average 10%. If Heartland can
increase inventory turnover from its present level of 9 times a year
to a level of 12 times per year. The payout ratio is calculated by
dividing Presented below are four segments that have been
identified by Haley Productions: At December 31, 2014, Grinkov
Corporation had the following account balances. Indicate how these
accounts would be reported in Grinkov’s December 31, 2014,
balance sheet. The 2013 accounts are collectible in 2015, and the
2014 accounts are collectible in 2016. Brief Exercise 3-1 Brief
Exercise 3-3 Brief Exercise 3-7 Brief Exercise 3-11 Practice Question
41 Multiple Choice Question 56 Brief Exercise 4-1 Brief Exercise 4-10
Brief Exercise 4-11 Brief Exercise 5-1 Brief Exercise 5-6 Brief Exercise
5-10 Brief Exercise 5-12 Brief Exercise 5-13 Brief Exercise 5-14 Brief

Exercise 5-16 Exercise 5-16 Brief Exercise 6-1 Brief Exercise 6-14
Brief Exercise 6-17 Exercise 6-2 Brief Exercise 18-10 Brief
Exercise 18-13 Brief Exercise 24-3 (Essay) Brief Exercise 24-5 Brief
Exercise 24-6 Brief Exercise 18-14 Multiple Choice Question 56
==============================================
ACC 421 Final Exam Guide (New)
Number of Questions 30 Score atleast 90% easily with our EXCEL
SHEET for any values (EVEN IF VALUES CHANGES) of below
mentioned Question Exercise 129 Prepare the necessary adjusting
journal entries indicated by each item for the year ended December
31, 2017. Exercise 132 1. An income statement. 2. A retained
earnings statement. 3. A balance sheet. Brief Exercise 3-2 Splish
Repair Shop had the following transactions during the first month of
business as a proprietorship. Journalize the transactions Brief
Exercise 3-8 Included in Novak Company’s December 31 trial balance
is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novak’s December 31 adjusting entry to
record $309 of accrued interest, and the February 1 journal entry to
record receipt of $12,772 from the borrower. Brief Exercise 4-3
Kingbird Corporation had net sales of $2,423,900 and interest
revenue of $39,100 during 2017. Expenses for 2017 were cost of
goods sold $1,464,800, administrative expenses $218,000, selling
expenses $283,500, and interest expense $54,200. Kingbird’s tax rate
is 30%. The corporation had 103,100 shares of common stock

authorized and 72,670 shares issued and outstanding during 2017.
Prepare a condensed multiple-step income statement for Kingbird
Corporation. Exercise 4-2 Presented below is information related to
Windsor Company at December 31, 2017, the end of its first year of
operations. (a) Income from operations (b)Net income (c)
Comprehensive income (d) Retained earnings balance at
December 31, 2017 Brief Exercise 4-7 Sheffield Company has
recorded bad debt expense in the past at a rate of 1.5% of accounts
receivable, based on an aging analysis. In 2017, Sheffield decides to
increase its estimate to 2%. If the new rate had been used in prior
years, cumulative bad debt expense would have been $383,900
instead of $298,500. In 2017, bad debt expense will be $132,400
instead of $96,720. If Sheffield’s tax rate is 29%, what amount should
it report as the cumulative effect of changing the estimated bad debt
rate? Exercise 104 Presented below are changes in the account
balances of Wenn Company during the year, except for retained
earnings. (a) Compute the net income for the current year. Question
13 The Marin, Inc. sold 10,350 season tickets at $2,040 each. By
December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December
31, 2017? Brief Exercise 5-2 Martinez Corporation’s adjusted trial
balance contained the following asset accounts at December 31,
2017: Cash $9,750, Land $45,600, Patents $17,100, Accounts
Receivable $94,270, Prepaid Insurance $5,640, Inventory $39,400,
Allowance for Doubtful Accounts $4,500, and Equity Investments
(trading) $11,570.Prepare the current assets section of the balance
sheet Brief Exercise 5-8 Included in Sunland Company’s December
31, 2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and

Income Taxes Payable $30,460. Brief Exercise 5-9 Included in
Windsor Company’s December 31, 2017, trial balance are the
following accounts: Accounts Payable $249,600, Pension Liability
$376,400, Discount on Bonds Payable $29,400, Unearned Rent
Revenue $47,100, Bonds Payable $409,200, Salaries and Wages
Payable $27,100, Interest Payable $13,990, and Income Taxes
Payable $36,700. Brief Exercise 5-13 Sarasota Company reported
2017 net income of $152,800. During 2017, accounts receivable
increased by $14,580 and accounts payable increased by $9,723.
Depreciation expense was $46,700. Brief Exercise 5-14 Compute the
net cash provided (used) by investing activities. Brief Exercise 5-15
Compute the net cash used (provided) by financing activities. 7. Brief
Exercise 6-2 What amount must he invest today if his investment
earns 12% compounded annually? What amount must he invest if his
investment earns 12% annual interest compounded quarterly? Brief
Exercise 6-6 How much must he invest at the end of each year, at 8%
interest, to meet his needs? Brief Exercise 6-15 What amount will
Pearl receive when it issues the bonds? Exercise 6-12 In which
building would you recommend that The Sheridan Inc. locate,
assuming a 12% cost of funds? Brief Exercise 18-2 On May 10, 2017,
Swifty Co. enters into a contract to deliver a product to Greig Inc. on
June 15, 2017. Greig agrees to pay the full contract price of $2,060
on July 15, 2017. The cost of the goods is $1,350. Swifty delivers the
product to Greig on June 15, 2017, and receives payment on July 15,
2017. Prepare the journal entries for Swifty related to this contract.
Either party may terminate the contract without compensation until
one of the parties performs. Brief Exercise 18-8 Presented below are
three revenue recognition situations. (a) Groupo sells goods to
MTN for $932,000, payment due at delivery. (b) Groupo sells goods
on account to Grifols for $753,000, payment due in 30 days. (c)
Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700. Brief Exercise 18-10 (a) Prepare the journal
entries for Kingbird on March 1, 2017. (b) Prepare the journal entries
for Kingbird on December 31, 2017. Brief Exercise 18-13 Prepare
Carla’s journal entries to record (a) the sale on July 10, 2017, and (b)
$84,200 of returns on October 11, 2017, and on October 31, 2017.
Assume that Carla prepares financial statement on October 31, 2017.
Question 17 Classify the following items as (1) operating, (2)
investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method. Brief Exercise 23-1
Novak Corporation is preparing its 2017 statement of cash flows,
using the indirect method. Presented below is a list of items that may
affect the statement. Using the code below, indicate how each item
will affect Novak’s 2017 statement of cash flows. Brief Exercise 23-7
Whispering Corporation had January 1 and December 31 balances as
follows. Brief Exercise 23-8 In 2017, Martinez Corporation had net
cash provided by operating activities of $511,000, net cash used by
investing activities of $992,000, and net cash provided by financing
activities of $570,000. At January 1, 2017, the cash balance was
$330,000. Brief Exercise 23-9 Teal Corporation had the following
2017 income statement. (a) Prepare Teal’s cash flows from operating
activities section of the statement of cash flows using the direct
method. (b) Prepare Teal’s cash flows from operating activities
section of the statement of cash flows using the indirect method.
Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities? (b) A company
had an average inventory last year of $209,000 and its inventory
turnover was 6. If sales volume and unit cost remain the same this
year as last and inventory turnover is 8 this year, what will average

inventory have to be during the current year? (c) A company has
current assets of $90,000 (of which $44,000 is inventory and prepaid
items) and current liabilities of $44,000. What is the current ratio?
What is the acid-test ratio? If the company borrows $14,000 cash
from a bank on a 120-day loan, what will its current ratio be? What
will the acid-test ratio be? (d) A company has current assets of
$628,000 and current liabilities of $255,000. The board of directors
declares a cash dividend of $195,000. What is the current ratio after
the declaration but before payment? What is the current ratio after
the payment of the dividend? Exercise 24-3 Kingbird Company is
involved in four separate industries. The following information is
available for each of the four industries. (a) Revenue test. (b)
Operating profit (loss) test. (c) Identifiable assets test.
==============================================
ACC 421 Final Exam Guide
Question 1 Transactions for Mehta Company for the month of May
are presented below. May 1 B.D. Mehta invests $3,054 cash in
exchange for common stock of Mehta Company, a small welding
corporation. 3 Buys equipment on account for $1,547. Question 2 On
July 1, 2012, Crowe Co. pays $19,796 to Zubin Insurance Co. for a 3-
year insurance contract. Both companies have fiscal years ending
December 31. For Crowe Co. Question 3 Dresser Company's weekly
payroll, paid on Fridays, totals $12,000. Employees work a 5-day
week. Prepare Dresser's adjusting entry on Wednesday, December

31, and the Question 4 Side Kicks has year-end account balances of
Sales $876,990; Interest Revenue $17,650; Cost of Goods Sold
$577,500; Operating Expenses $200,240; Income Tax Expense
Question 5 Financial information exhibits the characteristic of
consistency when: Question 6 What is the relationship between the
Securities and Exchange Commission and accounting standard
setting in the United States? Question 7 Starr Co. had sales revenue
of $609,500 in 2012. Other items recorded during the year were:
Cost of goods sold $326,100 Wage expense 125,100 Income tax
expense 28,000 Question 8 Portman Corporation has retained
earnings of $688,540 at January 1, 2012. Net income during 2012
was $1,749,750, and cash dividends declared and paid during 2012
totaled Question 9 On January 1, 2012, Richards Inc. had cash and
common stock of $63,640. At that date the company had no other
asset, liability or equity balances. On January 2, 2012, it purchased
for cash $24,740 of equity securities that it classified as available-for-
sale. It received cash dividends of $3,300 net of tax during the year
on these securities. In Question 10 Armstrong Corporation reported
the following for 2012: net sales $1,249,000; cost of goods sold
$757,900; selling and administrative expenses $325,400; and an
unrealized Question 11 Guillen, Inc. began work on a $7,017,700
contract in 2012 to construct an office building. Guillen uses the
completed-contract method. At December 31, 2012, the Question 12
Lazaro, Inc. sells goods on the installment basis and uses the
installment-sales method. Due to a customer default, Lazaro
repossessed merchandise that was originally sold for Question 13
Harding Corporation has the following accounts included in its
December 31, 2012, trial balance: Accounts Receivable $110,240;
Inventories $296,950; Allowance for Doubtful Question 14 Patrick
Corporation's adjusted trial balance contained the following asset
accounts at December 31, 2012: Prepaid Rent $16,220; Goodwill

$59,100; Franchise Fees Receivable Question 15 Hawthorn
Corporation's adjusted trial balance contained the following
accounts at December 31, 2012: Retained Earnings $126,760;
Common Stock $700,260; Bonds Question 16 Keyser Beverage
Company reported the following items in the most recent year. Net
income $45,190 Dividends paid 5,770 Increase in accounts receivable
10,140 Question 17 Linden Corporation is preparing its December 31,
2012, financial statements. Two events thatoccurred between
December 31, 2012, and March 10, 2013, when the Question 18
Roder Corporation has seven industry segments with total revenues
as follows. Penley $1,827 Cheng $609 Konami 2,088 Takuhi 522 KSC
696 Molina 2,175 Red Moon Question 19 Operating profits and
losses for the seven industry segments of Roder Corporation are:
Penley $234 Cheng $(54) Question 20 Which of the following events
will appear in the cash flows from financing activities section of the
statement of cash flows? Question 21 Heartland Company's
budgeted sales and budgeted cost of goods sold for the coming year
are $146,550,000 and $35,397,000 respectively. Short-term interest
rates are expected to average 10%. Question 22 The financial
statement which summarizes operating, investing, and financing
activities of an entity for a period of time is the: Question 23 Ames
Company reported 2012 net income of $159,290. During 2012,
accounts receivable increased by $15,630 and accounts payable
increased by $9,930. Question 24 Martinez Corporation engaged in
the following cash transactions during 2012. Sale of land and building
$191,970 Purchase of treasury stock 45,020 Question 25 Martinez
Corporation engaged in the following cash transactions during 2012.
Sale of land and building $184,990 Purchase of treasury stock 42,320
Purchase of land 46,050 Question 26 A comparative balance sheet
for Orozco Corporation is presented below. Question 27 Chris Spear
invested $11,999 today in a fund that earns 12% compounded

annually. To what amount will the investment grow in 3 years? To
what amount would the Question 28 Amy Monroe wants to create a
fund today that will enable her to withdraw $30,910 per year for 8
years, with the first withdrawal to take place 4 years from today. If
the fund Question 29 Zach Taylor is settling a $26,000 loan due today
by making 6 equal annual payments of $6025.15. Question 30 Lyle O
'Keefe invests $30,000 at 8% annual interest, leaving the money
invested without withdrawing any of the interest for 8 years. At the
end of the 8 years, Lyle withdrew the
==============================================
ACC 421 Week 1 US GAAP Versus IFRS
Write a 1,050- to 1,400-word paper that addresses the following
scenario and questions: Your aunt recently received the annual report
for a company in which she has invested. The report notes that the
statements have been prepared in accordance with “generally
accepted accounting principles.” She has also heard that certain
terms have special meanings in accounting relative to everyday use.
She would like you to explain the meaning of terms she has come
across related to accounting. • Go to the FASB website and access
the FASB Concepts Statements and use the IASB website to respond
to the following items. (Provide paragraph citations.) When you have
accessed the documents, you can use the search tool in your Internet
browser. o Explain how “materiality” is defined by both FASB and
IASB. o The concepts statements provide several examples in which

specific quantitative materiality guidelines are provided to firms.
Identity at least two of these examples. Do you think the materiality
guidelines should be quantified? Why or why not? o The concepts
statements discuss the concept of “articulation” between financial
statement elements. Briefly summarize the meaning of this term and
how it relates to an entity’s financial statements. Click the
Assignment Files tab to submit your assignment.
==============================================
ACC 421 Week 2 DQs
1. What are different criteria for recognizing revenue? 2. What are
the different revenue recognition methods? Why are there so many
revenue recognition methods? 3. Why are the methods subjective,
and what are the implications on income statement quality? 4. What
are the differences between regular and irregular items on an income
statement? 5. What are the requirements for items to qualify as
irregular? What are some examples of irregular items?
==============================================
ACC 421 Week 2 Individual BE 4-2, BE 4-3, BE 4-10, Ex 4-
5, Ex 18-3, Ex 18-7, Ex 18-12

Complete the following Week 2 Assignment in WileyPLUS: • Brief
Exercise 4-2 • Brief Exercise 4-4 • Brief Exercise 4-9 • Brief Exercise
18-2 • Brief Exercise 18-5 • Brief Exercise 18-6
==============================================
ACC 421 Week 2 Individual Revenue Recognition standards
(2 PPT)
This Tutorial contains 2 Presentation Create a 7- to 12-slide
presentation. Describe the new Revenue Recognition standards.
Project the impact of these new standards on financial reporting.
Click the Assignment Files tab to submit your assignment.
==============================================
ACC 421 Week 2 Team Coca-Cola PepsiCo Comparative
Analysis Cases p. 72 and 145
Complete, as a team, the Coca-Cola/PepsiCo Comparative Analysis
Cases on p. 72 and 145. Your responses should be approximately one
to two sentences for each segment (a-d, a-c). Compile all team
member’s input. Click the Assignment Files tab to submit your

assignment. (a) What are the primary lines of business of these two
companies as shown in their notes to the financial statements? (b)
Which company has the dominant position in beverage sales? (c)
How are inventories for these two companies valued? What cost
allocation method is used to report inventory? How does their
accounting for inventories affect comparability between the two
companies? (d) What accounting policy changes do the companies
discuss? Comparative Analysis Case P.145 (a) Which company had
the greater percentage increase in total assets from 2013 to 2014?
(b) Using the Selected Financial Data section of these two companies,
determine their 5-year average growth rates related to net sales and
income from continuing operations. (c) Which company had more
depreciation and amortization expense for 2014? Provide a rationale
as to why there is a difference in these amounts between the two
companies.
==============================================
ACC 421 Week 3 Assignment CA 4-2, Problem 18-3,
Problem 18-2
Complete the following individually and discuss your individual
answers as a team: • CA 4-2, p. 190 • Problem 18-3, p. 1043 •
Problem 18-2, p. 1047 After discussing your answers, compile each
into a team response. Click the Assignment Files tab to submit your
assignment. CA4-2 GROUPWORK (Earnings Management) Bobek Inc.
has recently reported steadily increasing income. The company

reported income of $20,000 in 2014, $25,000 in 2015, and $30,000 in
2016. A number of market analysts have recommended that
investors buy the stock because they expect the steady growth in
income to continue. Bobek is approaching the end of its fiscal year in
2017, and it again appears to be a good year. However, it has not yet
recorded (a) What is earnings management? (b) Assume income
before warranty expense is $43,000 for both 2017 and 2018 and that
total warranty expense over the 2-year period is $10,000. What is the
effect of the proposed accounting in 2017? In 2018? (c) What is the
appropriate accounting in this situation? P18-2 (LO2,3,4) (Allocate
Transaction Price, Modification of Contract) Refer to the Tablet
Bundle A revenue arrangement in P18-1. In response to competitive
pressure for Internet access for Tablet Bundle A, after 2 years of the
3-year contract, Tablet Tailors offers a modified contract and
extension incentive. The extended contract services are similar to
those provided in the first 2 years of the contract. (a) Prepare the
journal entries when the contract is signed on January 2, 2019, for
the 40 extended contracts. Assume the modification does not result
in a separate performance obligation. (b) Prepare the journal entries
on December 31, 2019, for the 40 extended contracts (the first year
of the revised 3-year contract). P18-3 (LO2,3,4) (Allocate Transaction
Price, Discounts, Time Value) Grill Master Company sells total
outdoor grilling solutions, providing gas and charcoal grills,
accessories, and installation services for custom patio grilling
stations. (a) Grill Master offers contract GM205, which is comprised
of a free-standing gas grill for small patio use plus installation to a
customer's gas line for a total price $800. On a standalone basis, the
grill sells for $700 (cost $425), and Grill Master estimates that the
standalone selling price of the installation service (based on cost-plus
estimation) is $150 (b) The State of Kentucky is planning major
renovations in its parks during 2017 and enters into a contract with

Grill Master to purchase 400 durable, easy maintenance, standard
charcoal grills during 2017. The grills are priced at $200 each (with a
cost of $160 each), and Grill Master provides a 6% volume discount if
Kentucky purchases at least 300 grills during 2017 (d) On October 1,
2017, Grill Master sold one of its super deluxe combination
gas/charcoal grills to a local builder. The builder plans to install it in
one of its “Parade of Homes” houses. Grill Master accepted a 3-year,
zero-interest-bearing note with face amount of $5,324
==============================================
ACC 421 Week 3 Individual BE 5-1, Ex 5-3, Ex 5-9, Pr 5-2,
BE 2-1, BE 24-8, Pr 24-3 (With Excel File)
This Tutorial contains Excel File which can be used to solve for any
values Exercise 5-1: Pronghom corporation has the following
accounts included in its December 31, 2017, trial balance: Accounts
receivable $110,600, Inventory $293,500, Allowance for Doubtful
Accounts $9,450, Patents $72,500, prepaid insurance $9,590,
Accounts payable $81,200 and cash $30,200. Prepare the current
assets section of the balance sheet. Exercise 5-3: For Fielder
Enterprises, indicate how each of the following usually should be
classified. If an item should appear in a note to the financial
statements, select “note to Financial Statement” to indicate this fact.
If an item need to be reported on the balance sheet, select “Balance
Sheet” and if an item need not be reported at all, select “Not to be
Reported” Exercise 5-9 (Part Level Submission) The current assests

and current liabilities sections of the balance sheet of Cheyenne
company appear as follows. a) calculate following adjusted balances.
Problem 5-2 Presented below are a number of balance sheet items
for waterway, Inc., for the current year, 2017. Brief Exercise 24-1
(Essay) An annual report of Crestwood Industries states, “The
company subsidiaries have long-term leases expiring on various dates
after December 31,2017. Amounts payables under such
commitments, without reduction for related rental income, are
expected to average approximately $5,711,000 annually for the next
3 years. Related rental income from certain subleases to others is
estimated to average $3,094,000 annually for the next 3 years”.
What information is provided by this note? Brief Exercise 24-8
Answer each of the questions in the following unrelated situations a)
The current ratio of a company is 5:1 and its acid-test ratio is 1:1. If
the inventories and prepaid items amount to $485,500, what is the
amount of current liabilities? b) A company had an average inventory
last year of $196,000 and its inventory turnover was 5. If sales
volume and unit cost remain the same this year as last inventory
turnover is 8 this year, what will average inventory have to be during
the current year? c) A company has a current assest of $89,000 (of
which $42,000 is inventory and prepaid items) and current liabilities
of $42,000. What is the current ratio? What is the acid-test ratio? If
the company borrows $14,000 cash from bank on a 120 day loan,
what will its current ratio be? What will the acid test ratio be? d) A
company has a current assest of $570,000 and current liabilities of
$250,000. The board of directors declares a cash dividend of
$196,000.What is the current ratio? what is the current ratio after
the declaration but before payment? What is the current ratio after
payment of the dividend? Problem 24-3 (Essay) Bradbum Corporation
was Formed 5 years age through a public subscription of common
stock. Daniel Brown, who owns 15% of the common stock, was one of

the organizers of Bradburn and is its current president. The company
has been successful, but it currently is experiencing a shortage of
funds. On june 10, 2018, Daniel Brown approached the Topeka
National Bank, asking for a 24-month extension on two $35,000
notes, which are due on June 30,2018, and September 30,2018.
Another notes of $6,000 is due on March 31,2019, but he expects no
difficulty in paying this note on its due date. Brown explained that
Bradburn’s. The commercial loan officer of Topeka National Bank
requested the following reports for last 2 fiscal years. Identify and
explain what other financial reports and/or financial analysis might
be helpful to the commercial loan officer of Topeka National Bank in
evaluating Daniel Brown’s request for a time extension on Bradburn’s
notes. Assume that the percentage changes experienced in fiscal year
2018 as compared with fiscal year 2017 for sales and cost of goods
sold will be repeated in each of the next 2 years. Is Bradburn’s desire
to finance the plant expansion from internally generated funds
realistic? Discuss. Should Topeka National Bank grant the extension
on Bradburn’s notes considering Daniel Brown’s statement about
financing the plant expansion through internally generated funds?
Discuss
==============================================
ACC 421 Week 3 Individual BE 24-1 (Essay) (with Excel
File)

values Brief Exercise 24-1 (Essay) An annual report of Crestwood
Industries states, “The company subsidiaries have long-term leases
expiring on various dates after December 31,2017. Amounts payables
under such commitments, without reduction for related rental
income, are expected to average approximately $5,711,000 annually
for the next 3 years. Related rental income from certain subleases to
others is estimated to average $3,094,000 annually for the next 3
years”. What information is provided by this note?
==============================================
ACC 421 Week 3 Individual BE 24-8 (with Excel File)
values Brief Exercise 24-8 Answer each of the questions in the
following unrelated situations a) The current ratio of a company is
5:1 and its acid-test ratio is 1:1. If the inventories and prepaid items
amount to $485,500, what is the amount of current liabilities? b) A
company had an average inventory last year of $196,000 and its
inventory turnover was 5. If sales volume and unit cost remain the
same this year as last inventory turnover is 8 this year, what will
average inventory have to be during the current year? c) A company
has a current assest of $89,000 (of which $42,000 is inventory and
prepaid items) and current liabilities of $42,000. What is the current
ratio? What is the acid-test ratio? If the company borrows $14,000
cash from bank on a 120 day loan, what will its current ratio be?

What will the acid test ratio be? d) A company has a current assest of
$570,000 and current liabilities of $250,000. The board of directors
declares a cash dividend of $196,000.What is the current ratio? what
is the current ratio after the declaration but before payment? What is
the current ratio after payment of the dividend?
==============================================
ACC 421 Week 3 Individual Brief Exercise 5-1 (with Excel
File)
values Exercise 5-1: Pronghom corporation has the following
accounts included in its December 31, 2017, trial balance: Accounts
receivable $110,600, Inventory $293,500, Allowance for Doubtful
Accounts $9,450, Patents $72,500, prepaid insurance $9,590,
Accounts payable $81,200 and cash $30,200. Prepare the current
assets section of the balance sheet.
==============================================
ACC 421 Week 3 Individual Exercise 5-3

Exercise 5-3: For Fielder Enterprises, indicate how each of the
following usually should be classified. If an item should appear in a
note to the financial statements, select “note to Financial Statement”
to indicate this fact. If an item need to be reported on the balance
sheet, select “Balance Sheet” and if an item need not be reported at
all, select “Not to be Reported”
==============================================
ACC 421 Week 3 Individual Exercise 5-9 (with Excel File)
values Exercise 5-9 (Part Level Submission) The current assests and
current liabilities sections of the balance sheet of Cheyenne company
appear as follows. a) calculate following adjusted balances.
==============================================
ACC 421 Week 3 Individual Problem 5-2 (with Excel File)
values Problem 5-2 Presented below are a number of balance sheet
items for waterway, Inc., for the current year, 2017.

==============================================
ACC 421 Week 3 Individual Problem 24-3 (Essay)
Problem 24-3 (Essay) Bradbum Corporation was Formed 5 years age
through a public subscription of common stock. Daniel Brown, who
owns 15% of the common stock, was one of the organizers of
Bradburn and is its current president. The company has been
successful, but it currently is experiencing a shortage of funds. On
june 10, 2018, Daniel Brown approached the Topeka National Bank,
asking for a 24-month extension on two $35,000 notes, which are
due on June 30,2018, and September 30,2018. Another notes of
$6,000 is due on March 31,2019, but he expects no difficulty in
paying this note on its due date. Brown explained that Bradburn’s.
The commercial loan officer of Topeka National Bank requested the
following reports for last 2 fiscal years. Identify and explain what
other financial reports and/or financial analysis might be helpful to
the commercial loan officer of Topeka National Bank in evaluating
Daniel Brown’s request for a time extension on Bradburn’s notes.
Assume that the percentage changes experienced in fiscal year 2018
as compared with fiscal year 2017 for sales and cost of goods sold
will be repeated in each of the next 2 years. Is Bradburn’s desire to
finance the plant expansion from internally generated funds realistic?
Discuss. Should Topeka National Bank grant the extension on
Bradburn’s notes considering Daniel Brown’s statement about
financing the plant expansion through internally generated funds?
Discuss

==============================================
ACC 421 Week 3 Team Assignment Comparative Analysis
Case (Coca Cola/Pepsi Co)
Complete the following deliverables as a team: • The Coca-
Cola/PepsiCo Comparative Analysis Case on p. 192. Your responses
should be approximately one to two sentences for each segment (a-
c). (a) What type of income format(s) is used by these two
companies? Identify any differences in income statement format
between these two companies. (b) What are the gross profits,
operating profits, net incomes, and net incomes attributable to non-
controlling interests for these two companies over the 3-year period
2012-2014? Which company has had better financial results over this
period of time? (c) What income statement format do these two
companies use to report comprehensive income?
==============================================
ACC 421 Week 4 Team Coca-Cola PepsiCo Assignment
(p.255, p.1458, CA 5-3, CA 24-12)

Complete the following deliverables as a team: 1. The Coca-
Cola/PepsiCo Comparative Analysis Case on p. 255. Your responses
should be approximately one to two sentences for each segment (a,
b, c,e). 2. The Financial Reporting Problem, The Procter & Gamble
Company on p. 1458. Your responses should be approximately one
to two sentences for each segment (a, b, c,). Complete the following
individually and discuss your individual answers as a team: • CA 5-3,
p. 252 • CA 24-12, p. 1457 After discussing your answers, compile
each into a team response. Click the Assignment Files tab to submit
your assignment.
==============================================
ACC 421 Week 4 Wileyplus BE 5-12, Ex 5-13, Ex 5-14, BE
23-1, Ex 23-14
values Complete the following assignments in WileyPLUS: • Brief
Exercise 5-12 • Exercise 5-13 • Exercise 5-14 • Brief Exercise 23-1 •
Exercises 23-13 • Exercise 23-14 Brief Exercise 5-12 Monty Beverage
Company reported the following items in the most recent year. Net
Income $43,400 Dividends paid 5,210 Increase in a/r 11,440 Increase
in a/p 8,490 Purchase of equipment (capital expenditure) 8,720
Depreciation expense 5,490 Issue of notes payable 24,020 Compute
net cash provided by operating activities, the net change in cash
during the year Exercise 5-13 The major classifications of activities
reported in the statement of cash flows are operating, investing, and

financing. Classify each of the transactions listed below as:
1.Operating activity-add to net income. 2.Operating activity-deduct
from net income. 3.Investing activity. 4.Financing activity. 5.Reported
as significant noncash activity The transaction are as follows. a)
Issuance of common stock. b) Purchase of land and building. c)
Redemption of bonds. d) Sale of equipments. e) Depreciation of
machinery. f) Amortization of patent. g) Issuance of bonds for plant
assets. h) Payment of cash dividends. i) Exchange of furniture for
office equipments. j) Purchase of treasury stock. k) Loss on sale of
equipment. l) Increase in accounts receivable during the year. m)
Decrease in accounts payable during the year. Exercise 5-14 The
comparative balance sheets of Cheyenne Inc. at the beginning and
the end of the year 2017 are as follows. Net income of $47,730 was
reported, and dividends of $28,130 were paid in 2017. New
equipment was purchased and none was sold. Prepare a statement
of cash flows for the year 2017. Brief Exercise 23-1 Novak
Corporation is preparing its 2017 statement of cash flows, using the
indirect method. Presented below is a list of items that may affect the
statement. Using the code below, indicate how each item will affect
Novak’s 2017 statement of cash flows. a) Purchase of land and
building. b) Decrease in accounts receivable. c) Issuance of stock. d)
Depreciation expense. e) Sale of land at book value. f) Sale of land at
a gain. g) Payment of dividends. h) Increase in accounts receivable. i)
Purchase of available-for-sale debt investment. j) Increase in
accounts payable. k) Decrease in accounts payable. l) Loan from bank
by signing note. m) Purchase of equipment using a note. n) Increase
in inventory. o) Issuance of bonds. p) Redemption of bonds payable.
q) Sale of equipment at a loss. r) Purchase of treasury stock. Exercise
23-13 Novak Inc., a greeting card company, had the following
statements prepared as of December 31, 2017. Additional
information: 1. Dividends in the amount of $6,000 were declared and

paid during 2012. 2. Depreciation expense and amortization expense
are included in operating expenses. 3. No unrealized gains or losses
have occurred on the investments during the year. 4. Equipment that
had a cost of $30,000 and was 70% depreciated was sold during 2012
Instructions Complete the statement of cash flows using the direct
method. (Do not prepare a reconciliation schedule.) Exercise 23-14
Whispering Inc., a greeting card company, had the following
statements prepared as of December 31, 2017. Prepare a statement
of cash flows using the indirect method.
==============================================
ACC 421 Week 5 Analyzing Amazon document
Resources: Analyzing Amazon document. Write a 700- to 1,050-word
paper. The incredible growth of Amazon.com has put fear into the
hearts of traditional retailers. Amazon’s stock price has soared to
amazing levels. However, it is often pointed out in the financial press
that it took the company several years to report its first profit.
Calculate free cash flow for Amazon for the current and prior years.
Evaluate its ability to finance expansion from internally generated
cash. Thus far, Amazon has avoided purchasing large warehouses.
Instead, it has used those of others. It is possible, however, that in
order to increase customer satisfaction, the company may have to
build its own warehouses. If this happens: • Describe how your
impression of its ability to finance expansion change. • Project any
potential implications of the change in Amazon’s cash provided by

operations from the prior year to the current year. Click the
Assignment Files tab to submit your assignment.
==============================================

ACC 421 GENIUS Education for Service--acc421genius.com

Recommended

Recommended

More Related Content

What's hot

What's hot (18)

Similar to ACC 421 GENIUS Education for Service--acc421genius.com

Similar to ACC 421 GENIUS Education for Service--acc421genius.com (18)

Recently uploaded

Recently uploaded (20)

ACC 421 GENIUS Education for Service--acc421genius.com