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Uop ACC 291 Week 1 Apply Connect Assignment NEW (With Excel File)
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ACC 291 Week 1 Apply Connect Assignment
Exceptional Electronics began operations September 1, 2019. The firm sells
its merchandise for cash and on open account. Sales are subject to a 7
percent sales tax. During September, Exceptional Electronics engaged in
the following transactions.
DATE TRANSACTIONS
2019
Sept. 1 Sold a high-definition television set on credit to
Candy Cho; issued Sales Slip 101 for $3,200 plus sales tax of $224.
3 Sold stereo equipment on credit to Jim Peterson; issued Sales
Slip 102 for $1,000 plus sales tax of $70.
7 Sold a microwave oven on credit to Bridgette Huffman;
issued Sales Slip 103 for $400 plus sales tax of $28.
12 Accepted return of defective stereo equipment from Jim
Peterson; issued Credit Memorandum 101 for $200 plus sales tax of $14.
The stereo equipment was sold on September 3.
15 Recorded cash sales for the period from September 1 to
September 15 of $9,000 plus sales tax of $630.

16 Sold a gas dryer on credit to Kathy Sundstrand; issued Sales
Slip 104 for $700 plus sales tax of $49.
17 Sold a home entertainment system on credit to Mark
Navalta; issued Sales Slip 105 for $2,200 plus sales tax of $154.
18 Received $780 from Candy Cho on account.
20 Received payment in full from Jim Peterson for the sale of
September 3, less the return of September 12.
25 Gave Mark Navalta an allowance because of scratches on his
home entertainment system sold on September 17, Sales Slip 105; issued
Credit Memorandum 102 for $100 plus sales tax of $7
27 Received payment in full from Bridgette Huffman for the
sale of September 7
29 Sold a dishwasher on credit to Mark Navalta; issued Sales
30 Recorded cash sales for the period from September 16 to
September 30 of $11,900 plus sales tax of $833.
GENERAL LEDGER ACCOUNTS
101 Cash 401 Sales
111 Accounts Receivable 421 Sales Returns and Allowances
221 Sales Tax Payable
ACCOUNTS RECEIVABLE LEDGER ACCOUNTS
Candy Cho Jim Peterson
Bridgette Huffman Kathy Sundstrand
Mark Navalta
Required:
Post the entries from the general journal into the appropriate accounts in
the general ledger and in the accounts receivable ledger.

Prepare a schedule of accounts receivable.
Analyze:
What is the amount of sales tax owed at September 30, 2019?
Question 2
The Appliance Store began operations March 1, 2019. The firm sells its
merchandise for cash and on open account. Sales are subject to a 6 percent
sales tax. During March, The Appliance Store engaged in the following
transactions:
TRANSACTIONS
1-Mar Sold merchandise on credit to Dave Allen; issued Sales Slip 101 for
$600 plus sales tax of $36.
4-Mar Sold merchandise on credit to Castor Phan; issued Sales Slip 102
for $950 plus sales tax of $57.
12-Mar Sold merchandise on credit to Chris Hughes; issued Sales
Slip 103 for $1,100 plus sales tax of $66.
15-Mar Recorded cash sales for the period from March 1 to March
15 of $5,700 plus sales tax of $342.
25-Mar Sold merchandise on credit to Brian Cooley; issued Sales
28-Mar Received a check from Castor Phan of $310 to apply toward
his account.
31-Mar Recorded cash sales for the period from March 16 to March
31 of $2,600 plus sales tax of $156.
31-Mar Received payment in full from Dave Allen for the sale of
March 1.
Required:
1. Record the transactions in a general journal.

2. Post the entries from the general journal to the appropriate general
ledger accounts.
Analyze:
GENERAL LEDGER ACCOUNTS
101 Cash 221 Sales Tax Payable
111 Accounts Receivable 401 Sales
What were the total cash receipts during March?

UOPACC 291 Week 1 Practice Connect Practice Assignment NEW
http://www.assignmentcloud.com/acc-291-uop/acc-291-week-1-practice-
connect-practice-assignment-new
1 Record the following transactions of Lisa’s Fashion Boutique in a general
journal. Lisa’s Fashion Boutique operates in a state with 8% sales tax.
(Round your intermediate calculations and final answers to 2 decimal
places):
DATE TRANSACTIONS
2019
Feb. 2 Sold merchandise for cash totaling $3,800 to customers using bank
credit cards. Record the 2 percent discount on credit card sales at time of
sale.
15 Sold merchandise totaling $2,100 to customers using American Express.
20 Received amount due from American Express, less their 3 percent
discount, for sales made by customers using American Express on
February 15.
2
On April 1, Moloney Meat Distributors sold merchandise on account to
Fronke’s Franks for $3,500 on Invoice 1001, terms 2/10, n/30. Payment was
received in full from Fronke’s Franks, less discount, on April 10.
Required:
Record the transactions on April 1 and April 10.

3
Record the following transactions of Fashion Park in a general journal.
Fashion Park must charge 8 percent sales tax on all sales.
DATE TRANSACTIONS
2019
April 2 Sold merchandise for cash, $2,500 plus sales tax.
3 The customer purchasing merchandise for cash on April 2 returned $250
of the merchandise; provided a cash refund to the customer.
4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for
$1,050 plus tax, terms n/30.
6 Accepted return of damaged merchandise from Jordan Clark; issued
Credit Memorandum 302 for $150 plus tax. The original sale was made on
Sales Slip 908 of April 4.
30 Received payment on account from Jordan Clark in payment of her
purchase of April 4, less the return on April 6.
4
Main Street Distributors, a wholesale firm, made sales using the following
list prices and trade discounts. What amount should be recorded for each
sale?
List price of $6,000 and trade discounts of 40 percent and 15 percent.
5
The following transactions took place at Five Flags Amusement Park
during May. Five Flags Amusement Park must charge 8 percent sales tax
on all sales:

DATE TRANSACTIONS
2019
May 1 Sold merchandise on account to Bill Gomez; issued Sales Slip 1015
for $1,200 plus 8 percent sales tax, terms n/30.
15 Recorded cash sales, $5,800 plus 8 percent sales tax.
31 Received payment on account due from Bill Gomez for the sale on May
1.
attempt 2
1
On April 1, Moloney Meat Distributors sold merchandise on account to
Fronke’s Franks for $3,500 on Invoice 1001, terms 2/10, n/30. Payment was
received in full from Fronke’s Franks, less discount, on April 10.
Required:
Record the transactions on April 1 and April 10.
2
Record the following transactions of Lisa’s Fashion Boutique in a general
journal. Lisa’s Fashion Boutique operates in a state with 8% sales tax.
(Round your intermediate calculations and final answers to 2 decimal
places):
DATE TRANSACTIONS
2019

Feb. 2 Sold merchandise for cash totaling $3,800 to customers using bank
credit cards. Record the 2 percent discount on credit card sales at time of
sale.
15 Sold merchandise totaling $2,100 to customers using American Express.
20 Received amount due from American Express, less their 3 percent
discount, for sales made by customers using American Express on
February 15.
3
The following transactions took place at Five Flags Amusement Park
during May. Five Flags Amusement Park must charge 8 percent sales tax
on all sales:
DATE TRANSACTIONS
2019
May 1 Sold merchandise on account to Bill Gomez; issued Sales Slip 1015
for $1,200 plus 8 percent sales tax, terms n/30.
15 Recorded cash sales, $5,800 plus 8 percent sales tax.
31 Received payment on account due from Bill Gomez for the sale on May
1.
4
Main Street Distributors, a wholesale firm, made sales using the following
list prices and trade discounts. What amount should be recorded for each
sale?
5

Record the following transactions of Fashion Park in a general journal.
Fashion Park must charge 8 percent sales tax on all sales.
DATE TRANSACTIONS
2019
April 2 Sold merchandise for cash, $2,500 plus sales tax.
3 The customer purchasing merchandise for cash on April 2 returned $250
of the merchandise; provided a cash refund to the customer.
4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for
$1,050 plus tax, terms n/30.
6 Accepted return of damaged merchandise from Jordan Clark; issued
Credit Memorandum 302 for $150 plus tax. The original sale was made on
Sales Slip 908 of April 4.

UOPACC 291 Week 1 Assignment Comparative Analysis Problem (2
Papers) NEW
http://www.assignmentcloud.com/acc-291-uop/acc-291-week-1-
assignment-comparative-analysis-problem-new
http://www.assignmentcloud.com
Purpose of Assignment
The purpose of this assignment is to help you understand the basics of
financial statement analysis using financial ratios on the assets section of
the balance sheet, data interpretation, and how ratios are used to gain
insight about the management of receivable.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision Making
Develop an 875-word analysis providing conclusions concerning the
management of accounts receivable based on the financial statements of
Columbia Sportswear Company presented in Appendix B and the financial
statements of VF Corporation presented in Appendix C, including the
following:
Based on the information contained in these financial statement, compute
the following 2014 values for each company:
What conclusions concerning the management of accounts receivable can
be drawn from this data?
Accounts receivable turnover (For VF, use “Net sales” and assume all sales
were credit sales)
Average collection period for accounts receivable
Use the Week 1 Excel® spreadsheet to show your work and submit with
your analysis.
Click the Assignment Files tab to submit your assignment.

UOPACC 291 Week 1 Wileyplus Assignment E8-4, E8-11, BYP8-1, and
BYP8-2 (New)
wileyplus-assignment-e8-4,e8-11,byp8-1,and-byp8-2
Exercise 8-4 Wainwright Company
Exercise 8-11 Fedex Corporation
Broadening your Perspective 8-1 Tootsie Roll
Broadening your Perspective 8-2 Tootsie Roll and Hershey

UOPACC 291 Week 2 Assignment Financial Reporting Problem, Apple
Inc NEW
assignment-financial-reporting-problem-apple-inc-new
The purpose of this assignment is to help you understand the basics of
financial statement analysis related to the assets section of the balance
sheet, data interpretation, and how financial information is obtained to
understand how a company accounts for its long-lived assets.
Assignment Steps
Note: The financial statements of Apple, Inc. are presented in Appendix A
of Financial Accounting. Instructions for accessing and using the
company's complete annual report, including the notes to the financial
statements, are also provided in Appendix A.
Complete a 1,050-word summary of findings and recommendations from
the following questions:
• What were the total cost and book value of property, plant, and
equipment at September 27, 2014?
• Using the notes to find financial statements, what method or methods of
depreciation are used by Apple for financial reporting purposes?
• What was the amount of depreciation and amortization expense for each
of the three years 2012-2014? (Hint: Use the statement of cash flows).
• Using the statement of cash flows, what are the amounts of property,
plant, and equipment purchased in 2014 and 2013?
• Using the notes to the financial statements, explain in the summary how
Apple accounted for its intangible assets in 2014.
Use the Week 2 Excel® spreadsheet to show your work and submit with
your summary.
Click the Assignment Files tab to submit your assignment.

UOPACC 291 Week 2 Apply Connect Assignment NEW (With Excel File)
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ACC 291 Week 2 Apply Connect Assignment NEW (With Excel File)
This Tutorial contains an Excel File which can be used for any
change in values
ACC 291 Week 2 Apply Connect Assignment
Big Country Ski Shop is a retail store that sells ski equipment and clothing.
Big Country Ski Shop commenced business on September 1, 2019. The firm
purchases merchandise on open account. The firm’s purchases, purchase
returns and allowances, and cash payments on account during September
2019 follow:
DATE
TRANSACTIONS
2019
Sept.
2
Purchased ski boots for $5,200 plus a freight charge of $250 from Colorado
Ski Shop, Invoice 6672, terms n/30.
3

Purchased skis for $10,800 from Alaska Supply Company, Invoice 5916;
terms 2/10, n/30.
7
Received Credit Memorandum 165 for $860 from Colorado Ski Shop for
return of damaged ski boots; the boots were originally purchased
September 2 on Invoice 6672.
11
Purchased ski jackets for $3,600 from Cold Mountain Clothing Company,
Invoice 4091, terms n/30.
12
Issued Check 104 to Alaska Supply Company in payment of Invoice 5916,
dated September 3, less the cash discount.
22
Purchased ski poles for $3,360 plus a freight charge of $190 from Alaska
Supply Company, Invoice 5950, terms 3/10, n/30.
23
Purchased ski pants for $1,850 from Swenson Ski Goods, Invoice 528,
terms n/30.
25
Received Credit Memorandum 245 for $260 from Swenson Ski Goods for
return of defective ski pants; the pants were originally purchased
September 23 on Invoice 528.
27
Purchased ski sweaters for $4,000 plus a freight charge of $170 from
Colorado Ski Shop, Invoice 6722, terms n/30.
30

Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated
September 2, less the return of September 7.
Required:
Open the general ledger accounts and accounts payable ledger accounts
indicated below. Enter the balance of Cash as of September 1, 2019.
Post the entries from the general journal to the appropriate accounts in the
general ledger and in the accounts payable ledger.
Prepare a schedule of accounts payable.
GENERAL LEDGERACCOUNTS
101
Cash, $25,000 Dr.
201
Accounts Payable
501
Purchases
502
Freight In
503
Purchases Returns and Allowances
504
Purchases Discounts
ACCOUNTS PAYABLE LEDGER ACCOUNTS
Alaska Supply Company

Cold Mountain Clothing Company
Colorado Ski Shop
Swenson Ski Goods
Analyze:
What portion of the purchases in September, before purchases returns and
allowances and before purchases discounts, were for clothing items?
Include ski boots as a clothing item.
NewTech Medical Devices is a medical devices wholesaler that commenced
business on June 1, 2019. NewTech Medical Devices purchases
merchandise for cash and on open account. In June 2019, NewTech
Medical Devices engaged in the following purchasing and cash payment
activities:
DATE
TRANSACTIONS
2019
June
1
Issued Check 101 to purchase merchandise, $3,800.
3
Purchased merchandise for $1,350 from BioCenter Inc., Invoice 606; terms
2/10, n/30.
5
Purchased merchandise for $5,150, plus a freight charge of $100, from New
Concepts Corporation, Invoice 1011, terms 2/10, n/30.
9

Paid amount due to BioCenter Inc. for purchase of June 3, less discount,
Check 102
10
Received Credit Memorandum 227 from New Concepts Corporation for
damaged merchandise totaling $350 that was returned; the goods were
purchased on Invoice 1011, dated June 5.
11
Purchased merchandise for $1,610 from BioCenter Inc., Invoice 612; terms
2/10, n/30.
14
Paid amount due to New Concepts Corporation for Invoice 1011 of June 5,
less the return of June 10 and less the cash discount, Check 103.
15
Purchased merchandise with a list price of $8,500 and trade discounts of 20
percent and 15 percent from Park Research, Invoice 1029, terms n/30.
20
Issued Check 104 to purchase merchandise, $2,300.
25
Returned merchandise purchased on June 20 as defective, receiving a cash
refund of $210.
30
Purchased merchandise for $2,500, plus a freight charge of $78, from New
Concepts Corporation, Invoice 1080; terms 2/10, n/30.
Required:

UOPACC 291 Week 2 Textbook Exercise BE 8-8, E8-4, E8-14, E9-4 NEW
textbook-exercise-new
Chapter 8: BE8-8
Determine maturity dates and compute interest and rates on notes.
E8-4 The ledger of Macarty Company at the end of the current year shows
Accounts Receivable $78,000, Credit Sales $810,000, and Sales Returns and
Allowances $40,000.
Instructions
(a) If Macarty uses the direct write‐off method to account for uncollectible
accounts, journalize the adjusting entry at December 31, assuming
Macarty determines that Matisse's $900 balance is uncollectible.
(b)If Allowance for Doubtful Accounts has a credit balance of $1,100 in the
trial balance, journalize the adjusting entry at December 31, assuming bad
debts are expected to be 10% of accounts receivable.
(c)If Allowance for Doubtful Accounts has a debit balance of $500 in the
trial balance, journalize the adjusting entry at December 31, assuming bad
debts are expected to be 8% of accounts receivable.
Determine bad debt expense, and prepare the adjusting entry.
Chapter 8: E8-14
Compute ratios to evaluate a company's receivables balance.
(LO 4), AN
E8-14 Suppose the following information was taken from the 2017 financial
statements of FedEx Corporation, a major global transportation/delivery
company.
(in millions) 017 2016
Accounts receivable (gross) $ 3,587 $ 4,517
Accounts receivable (net) 3,391 4,359
Allowance for doubtful accounts 196 158
Sales revenue 35,497 37,953
Total current assets 7,116 7,244
Instructions
Answer each of the following questions.
(a) Calculate the accounts receivable turnover and the average collection

period for 2017 for FedEx.
(b) Is accounts receivable a material component of the company's total
current assets?
(c) Evaluate the balance in FedEx's allowance for doubtful accounts.
Chapter 9: E9-4
Understand depreciation concepts.
(LO 2), C
E9-4 Alysha Monet has prepared the following list of statements about
depreciation.
Depreciation is a process of asset valuation, not cost allocation.
Depreciation provides for the proper matching of expenses with
revenues.
The book value of a plant asset should approximate its fair value.
Depreciation applies to three classes of plant assets: land, buildings, and
equipment.
Depreciation does not apply to a building because its usefulness and
revenue‐producing ability generally remain intact over time.
The revenue‐producing ability of a depreciable asset will decline due to
wear and tear and to obsolescence.
Recognizing depreciation on an asset results in an accumulation of cash
for replacement of the asset.
The balance in accumulated depreciation represents the total cost that
has been charged to expense since placing the asset in service.
Depreciation expense and accumulated depreciation are reported on the
income statement.
Three factors affect the computation of depreciation: cost, useful life,
and salvage value.
Instructions
Identify each statement as true or false. If false, indicate how to correct the
statement.

UOPACC 291 Week 2 Wileyplus Assignment BE9-11, DI9-5, E9-7, E9-8,
BYP9-1, BYP9-2,P9-2A,P8-3A (New) - 100% Correct
wileyplus-assignment-be9-11,di9-5,e9-7,e9-8,byp9-1,byp9-2,p9-2a,p8-
3a
Brief Exercise 9-11: Nike, Inc.
Do It! 9-5
Exercise 9-7: Wang, Co.
Exercise 9-8: Cleand Corporation
Broadening Your Perspective 9-1: Tootsie Roll
Broadening Your Perspective 9-2: Tootsie& Hershey
Problem 9-2A: Navaro Corporation
Problem 8-3A: Bosworth Company

UOPACC 291 Week 3 Apply Connect Assignment NEW (With Excel File)
change in values
ACC 291 Week 3 Apply ConnectAssignment
1.
On August 1, 2019, the accountant for Western Imports downloaded the
company's July 31, 2019, bank statement from the bank's Website. The
balance shown on the bank statement was $28,710. The July 31, 2019,
balance in the Cash account in the general ledger was $14,537.
Jenny Irvine, the accountant for Western Imports, noted the following
differences between the bank's records and the company's Cash account in
the general ledger:

An electronic funds transfer for $13,900 from FoncierRicard, a customer
located in France, was received by the bank on July 31.
Check 1422 was correctly written and recorded for $1,200. The bank
mistakenly paid the check for $1,270.
The accounting records indicate that Check 1425 was issued for $60 to
make a purchase of supplies. However, examination of the check online
showed that the actual amount of the check was for $90.
A deposit of $750 made after banking hours on July 31 did not appear on
the July 31 bank statement.
The following checks were outstanding: Check 1429 for $1,244, and Check
1430 for $136.
An automatic debit of $257 on July 31 from CentralComm for telephone
service appeared on the bank statement but had not been recorded in the
company's accounting records.
Required:
Prepare a bank reconciliation for the firm as of July 31.
Record general journal entries for the items on the bank reconiliation that
must be journalized.
Analyze:
What effect on total expenses occurred as a result of the general journal
entries recorded?

2.
On August 31, 2019, the balance in the checkbook and the Cash account of
the Dry Creek Bed and Breakfast was $12,362. The balance shown on the
bank statement on the same date was $13,242.
Notes
The firm’s records indicate that a $1,540 deposit dated August 30 and a
$710 deposit dated August 31 do not appear on the bank statement.
A service charge of $8 and a debit memorandum of $365 covering an NSF
check have not yet been entered in the firm’s records. (The check was
issued by Art Corts, a credit customer.)
The following checks were issued but have not yet been paid by the bank:
Check 712,
$
119
Check 713,
$

134
Check 716,
$
247
Check 736,
$
586
Check 739,
$
87

Check 741,
$
129
A credit memorandum shows that the bank collected a $2,129 note
receivable and interest of $72 for the firm. These amounts have not yet
been entered in the firm’s records.
Required:
Prepare a bank reconciliation statement for the firm as of August 31.
Record general journal entries for items on the bank reconciliation
statement that must be journalized.
Analyze:
What effect did the journal entries recorded as a result of the bank
reconciliation have on the fundamental accounting equation?
Royal Jewels, a retail business, started business on June 25, 2019. It keeps a
$300 change fund in its cash register. The cash receipts for the period from
June 25 to June 30, 2019 are below.
DATE TRANSACTIONS
June 25 Cash sales per the cash register tape, $1,226.

Cash count, $1,518.
26 Cash sales per the cash register tape, $1,336.
Cash count, $1,629.
Cash count, $1,650.
Cash count, $1,571.
Cash count, $1,428.
Cash count, $1,657.

Required:
Record the cash receipts from June 25 to June 30, 2019, in a general
journal.
Post the amounts for Cash Short or Over in the journal entries to the
general ledger.
Analyze:
How will the balance in Cash Short or Over on June 30 be reported in the
financial statements?

UOPACC 291 Week 3 Practice Connect Practice Assignment NEW
ACC 291 Week 3 Practice Connect Practice Assignment NEW
attempt 1
1
Florence Company received a bank statement showing a balance of $13,550
on November 30, 2019. During the bank reconciliation process, Florence’s
accountant noted the following bank errors:
A check for $265 issued by Florentine, Inc., was mistakenly charged to
Florence Company’s account.
Check 2782 was written for $200 but was paid by the bank as $1,200.
Check 2920 for $85 was paid by the bank twice.
A deposit for $580 on November 22 was credited by the bank for $850.
Assuming outstanding checks total $2,450, prepare the adjusted bank
balance section of the November 30, 2019, bank reconciliation.
2

On January 2, The Public Legal Clinic issued Check 2108 for $450 to
establish a petty cash fund. Indicate how this transaction would be
recorded in a general journal.
3
Di Stefano Office Supply Company received a bank statement showing a
balance of $70,005 as of March 31, 2019. The firm’s records showed a book
balance of $71,487 on March 31. The difference between the two balances
was caused by the following items.
A debit memorandum for $40, which covers the bank’s collection fee for
the note (item 6).
A deposit in transit of $4,700.
A check for $348 issued by another firm that was mistakenly charged to Di
Stefano’s account.
A debit memorandum for an NSF check of $6,145 issued by Wozniak
Construction Company, a credit customer.
Outstanding checks: Check 3782 for $2,200; Check 3840 for $251.
A credit memorandum for a $7,300 noninterest-bearing note receivable
that the bank collected for the firm.
Prepare a bank reconciliation statement for the firm as of March 31.
Prepare the necessary journal entries for March 31, 2019 from the
statement.
4
After returning from a three-day business trip, the accountant for
Southeast Sales, Johanna Estrada, checked bank activity in the company’s
checking account online. The activity for the last three days follows.
Date
Business Checking Account #123456-987
Type Description Additions Payments Balance

09/24/2019 Loan Payment Online Transfer to CM XXXX
$ 3,500.00 $ 15,675.06
09/24/2019 Deposit DEPOSIT ID NUMBER 8888 $
2,269.60 $ 19,175.06
09/23/2019 $Check CHECK #1554 (view)
3,500.00 $ 16,905.46
09/23/2019 $
09/22/2019 $
09/22/2019 $
Bill Payment Online Payment
36.05 $ 20,405.46
Check CHECK #1553 (view)
240.00 $ 20,441.51
Check CHECK #1551 (view)
1,750.00 $ 20,681.51
$09/22/2019
8,900.00
ACH Credit Edwards UK AP PAYMENT
$ 22,431.51
09/22/2019 $ATM ATM WITHDRAWAL
240.00 $ 13,531.51
After matching these transactions to the company’s Cash account in the
general ledger, Johanna noted the following unrecorded transactions:
The ATM withdrawal on 9/22/2019 was for personal use by the owner,
Robert Savage.
The ACH credit on 9/22/2019 was an electronic funds payment received on
account from Edwards UK, a credit customer located in Great Britain.
The bill payment made 9/23/2019 was to Waste Control Trash Services
(utilities).
The loan payment on 9/24/2019 was an automatic debit by Central Motors
for the company’s monthly payment on a loan for its automobiles. The loan
does not bear interest.

Prepare the journal entries in a general journal to record the four
transactions above. (Round your answers to 2 decimal places.)
5
Teng Corporation received a bank statement showing a balance of $15,700
as of October 31, 2019. The firm’s records showed a book balance of
$15,262 on October 31. The difference between the two balances was
caused by the following items.
A debit memorandum for an NSF check from Richard Wolf for $332.
Three outstanding checks: Check 7017 for $124, Check 7098 for $55, and
Check 7107 for $1,560.
A bank service charge of $12.
A deposit in transit of $957.
Prepare the adjusted bank balance section and the adjusted book balance
section of the bank reconciliation statement. Prepare the necessary journal
entries for the year 2019.

UOPACC 291 Week 3 Wileyplus Assignment E10-5,E10-8,E10-13,E10-
22,E10-24,BYP10-1,BYP10-2,P9-7A,P10-9A,P10-13A,IFRS10-4 (NEW) -
100% Correct
wileyplus-assignment-e10-5,e10-8,e10-13,e10-22,e10-24,byp10-
1,byp10-2,p9-7a,p10-9a,p10-13a,ifrs10-4
Exercise 10-5: Olinger Company
Exercise 10-8: Ortega Company
Exercise 10-13: Romine Company
Exercise 10-22: Cole Corporation
Exercise 10-24: Nance, Co.
Broadening Your Perspective 10-1: Tootsie Roll
Broadening Your Perspective 10-2: Tootsie& Hershey
Problem 9-7A: Farr Company
Problem 10-9A: Wempe, Co.
Problem 10-13A: Grace Herron
IFRS10-4: Ratzlaff

UOPACC 291 WEEK 4 Stockholders’Equity Section of the Balance Sheet
(Lachlin Corporation Balance Sheet) NEW
stockholders-equity-section-of-the-balance-sheet-new
The purpose of this assignment is to help you become familiar with
examining the stockholders' equity section of the balance sheet.
Assignment Steps
Answer the following questions in 1,050 words using the Lachlin
Corporation Balance Sheet (partial) below:
· How many shares of common stock are outstanding?
· Assuming there is a stated value, what is the stated value of the
common stock?
· What is the par value of the preferred stock?
· If the annual dividend on preferred stock is $36,000, what is the
dividend rate on preferred stock?
· If dividends of $72,000 were in arrears on preferred stock, what
would be the balance reported for retained earnings?

Uop ACC 291 Week 4 Practice Connect Assignment NEW
ACC 291 Week 4 Practice Connect Assignment
attempt 1
1
During the year 2019, Sampson Company had net credit sales of
$1,950,000. Past experience shows that 1.5 percent of the firm’s net credit
sales result in uncollectible accounts.
Equipment purchased by Park Consultancy for $38,220 on January 2,
2019, has an estimated useful life of 10 years and an estimated salvage
value of $2,700. What adjustment for depreciation should be recorded on
the firm’s worksheet for the year ended December 31, 2019?
On December 31, 2019, Giant Plumbing Supply owed wages of $11,400 to
its factory employees, who are paid weekly.
On December 31, 2019, Giant Plumbing Supply owed the employer’s social
security (6.2 percent) and Medicare (1.45 percent) taxes on the entire
$11,400 of accrued wages for its factory employees.
On December 31, 2019, Giant Plumbing Supply owed federal (0.6 percent)
and state (5.4 percent) unemployment taxes on the entire $11,400 of
accrued wages for its factory employees.

2
On December 1, 2019, Jim’s Java Joint borrowed $50,000 from its bank in
order to expand its operations. The firm issued a four-month, 6 percent
note for $50,000 to the bank and received $49,000 in cash because the bank
deducted the interest for the entire period in advance.
In general journal form, show the entry that would be made to record this
transaction and the adjustment for prepaid interest that should be
recorded on the firm’s worksheet for the year ended December 31, 2019.
3
On December 31, 2019, the Notes Payableaccount at Northwood
Manufacturing Company had a balance of $16,000. This balance
represented a three-month, 7.5 percent note issued on November 1.
On January 2, 2019, Hitech Computer Consultants purchased flash drives,
paper, and other supplies for $5,230 in cash. On December 31, 2019, an
inventory of supplies showed that items costing $1,590 were on hand. The
Suppliesaccount has a balance of $5,230.
On September 1, 2019, North Dakota Manufacturing paid a premium of
$14,640 in cash for a one-year insurance policy. On December 31, 2019, an
examination of the insurance records showed that coverage for a period of
four months had expired.
On May 1, 2019, Headcase Beauty Salon signed a one-year advertising
contract with a local radio station and issued a check for $10,800 to pay the
total amount owed. On December 31, 2019, the Prepaid Advertisingaccount
has a balance of $10,800.
For each of the above independent situations, prepare the adjusting entries
that must be made on the December 31, 2019, worksheet assuming no
previous adjusting entries have been made during the year.
4
The Income Statement section of the Johnson Company worksheet for the
year ended December 31, 2019, has $199,000 recorded in the Debit column
and $215,345 in the Credit column on the line for the Income Summary
account.

What were the beginning and ending balances for Merchandise Inventory?
5
On December 31, 2019, the Notes Payable account at Vanessa’s Boutique
Shop had a balance of $90,000. This amount represented funds borrowed
on a six-month, 8 percent note from the firm’s bank on December 1.
Record the journal entry for interest expense on this note that should be
recorded on the firm’s worksheet for the year ended December 31, 2019.

UOPACC 291 Week 4 Exercise E11-2, E11-5, E11-7, E11-13 NEW
exercise-new
Journalize issuance of common stock and preferred stock and purchase of
treasury stock.
E11-2 Sagan Co. had these transactions during the current period.
June 12 Issued 80,000 shares of $1 par value common stock for cash of
$300,000.
July 11 Issued 3,000 shares of $100 par value preferred stock for cash at
$106 per share.
Nov. 28 Purchased 2,000 shares of treasury stock for $9,000.
Prepare correct entries for capital stock transactions.
E11-5 Mesa Corporation recently hired a new accountant with extensive
experience in accounting for partnerships. Because of the pressure of the
new job, the accountant was unable to review what he had learned earlier
about corporation accounting. During the first month, he made the
following entries for the corporation's capital stock.
Compare effects of a stock dividend and a stock split.
E11-7 On October 31, the stockholders' equity section of Manolo
Company's balance sheet consists of common stock $648,000 and retained
earnings $400,000. Manolo is considering the following two courses of
action: (1) declaring a 5% stock dividend on the 81,000 $8 par value shares
outstanding or (2) effecting a 2‐for‐1 stock split that will reduce par value
to $4 per share. The current market price is $17 per share.
Instructions
Prepare a tabular summary of the effects of the alternative actions on the
company's stockholders' equity and outstanding shares. Use these column

headings: Before Action, After Stock Dividend, and After Stock Split.
Calculate ratios to evaluate profitability and solvency.
E11-13 Kojak Corporation decided to issue common stock and used the
$300,000 proceeds to redeem all of its outstanding bonds on January 1,
2017. The following information is available for the company for 2017 and
2016.
(a) Compute the return on common stockholders' equity for both years.
(b) Explain how it is possible that net income increased but the return on
common stockholders' equity decreased.
(c) Compute the debt to assets ratio for both years, and comment on the
implications of this change in the company's solvency.

UOPACC 291 Week 4 WileyplusAssignment
wileyplus-assignment-do-it-11-1,e11-5,e11-7,byp11-1,byp11-2,-p11-
5a,p11-8a
Do It! 11-1
Exercise 11-5 Garcia Corporation
Exercise 11-7 Pele Company
Broadening Your Perspective 11-1 Tootsie Roll
Broadening Your Perspective 11-2 Tootsie Roll & Hershey
Problem 11-5A Pringle Corporation
Problem 11-8A Everett Corporation

UOPACC 291 Week 5 Assignment Financial Reporting Problem II NEW
assignment-financial-reporting-problem-new
The purpose of this assignment is to expose you to the basic process
involved in the analysis of the cash flow statement.
Assignment Steps
Resources: Appendix A of Financial Accounting: Tools for Business
Decision Making
Note: This is a two part assignment.
Part 1
Answer questions A-F in problem CT12-1 in Financial Accounting (p.
640).
Provide an 875-word analysis of your findings.
Include conclusions concerning the management of the company's cash.
Part 2
Complete a 1,050-word summary of findings and recommendations from
the following questions:
• What is the par or stated value per share of Apple's common stock?
• What percentage of Apple's authorized common stock was issued at
September 27, 2014?
• How many shares of common stock were outstanding at September 28,
2013, and at September 27, 2014?
• Calculate the payout ratio, earnings per share, and return on common
stockholders' equity for 2014.
Use the Week 5 Excel® spreadsheet and submit with your analysis and
summary.

Uop ACC 291 Week 5 Practice Connect Practice Assignment NEW
ACC 291 Week 5 Practice Connect Practice Assignment NEW
Coffee Bean
Artisan wines
Good to Go Auto Products
Superior Hardware
Healthy Eating Foods Company
The data below concerns adjustments to be made at Coffee Bean
Importers.
Adjustments
On November 1, 2019, the firm signed a lease for a warehouse and paid
rent of $21,000 in advance for a six-month period.
On December 31, 2019, an inventory of supplies showed that items costing
$1,940 were on hand. The balance of the Supplies account was $11,880.

A depreciation schedule for the firm’s equipment shows that a total of
$10,750 should be charged off as depreciation in 2019.
On December 31, 2019, the firm owed salaries of $6,100 that will not be
paid until January 2020.
On December 31, 2019, the firm owed the employer’s social security (6.2
percent) and Medicare (1.45 percent) taxes on all accrued salaries.
On October 1, 2019, the firm received a five-month, 8 percent note for
$6,500 from a customer with an overdue balance.
Required:
Record the adjusting entries in the general journal as of December 31,
2019.
Analyze:
After the adjusting entries have been posted, what is the balance of the
Prepaid Rent account on January 1, 2020?
2
The Artisan Wines is a retail store selling vintage wines. On December 31,
2019, the firm’s general ledger contained the accounts and balances below.
All account balances are normal.
Required:
Prepare a classified income statement for the year ended December 31,
2019. The company does not classify its operating expenses as selling
expenses and general and administrative expenses.
Prepare a statement of owner’s equity for the year ended December 31,
2019. No additional investments were made during the year.
Prepare a classified balance sheet as of December 31, 2019.
Analyze:
3

Good to Go Auto Products distributes automobile parts to service stations
and repair shops. The adjusted trial balance data that follows is from the
firm’s worksheet for the year ended December 31, 2019
Required:
2019. The expense accounts represent warehouse expenses, selling
expenses, and general and administrative expenses.
2019. No additional investments were made during the period.
Prepare a classified balance sheet as of December 31, 2019. The mortgage
payable extends for more than one year.
Analyze:
What percentage of total operating expenses is attributable to warehouse
expenses?
4
Healthy Eating Foods Company is a distributor of nutritious snack foods
such as granola bars. On December 31, 2019, the firm’s general ledger
contained the accounts and balances that follow.
Required:
Record adjusting entries in the general journal as of December 31, 2019.
Analyze:
Assuming that the firm did not record a reversing entry for salaries
payable, what entry is required when salaries of $6,000 are paid on
January 3?
5.
Superior Hardwood Company distributes hardwood products to small
furniture manufacturers. The adjusted trial balance data given below is
from the firm’s worksheet for the year ended December 31, 2019.

Required:
payable extends for more than a year.
Analyze:

Uop ACC 291 Week 5 Apply Connect Assignment NEW (With Excel File)
change in values
1
The Artisan Wines is a retail store selling vintage wines. On December 31,
2019, the firm’s general ledger contained the accounts and balances below.
All account balances are normal.
Required:
2019. The company does not classify its operating expenses as selling
expenses and general and administrative expenses.
2019. No additional investments were made during the year.
Prepare a classified balance sheet as of December 31, 2019.
Analyze:
2

Superior Hardwood Company distributes hardwood products to small
furniture manufacturers. The adjusted trial balance data given below is
from the firm’s worksheet for the year ended December 31, 2019.
Required:
payable extends for more than a year.
Analyze:

UOPACC 291 Week 5 Wileyplus Assignment E12-1, IFRS13-1, P12-9A,
P12-10A, P13-2A, E7-3 And BYP 13-2 (NEW)
wileyplus-assignment-e12-1,ifrs13-1,p12-9a,p12-10a,p13-2a,e7-3-and-
byp-13-2
Exercise 12-1
International Financial Reporting Standards 13-1
Problem 12-9A
Problem12-10A
Problem 13-2A
Exercise 7-3
BYP 13-2

UOPACC 291 Week 5 Exercise E12-3, E12-10 NEW
exercise-new
Prepare the operating activities section—indirect method.
E12-3 Sosa Company reported net income of $190,000 for 2017. Sosa also
reported depreciation expense of $35,000 and a loss of $5,000 on the
disposal of plant assets. The comparative balance sheets show an increase
in accounts receivable of $15,000 for the year, a $17,000 increase in
accounts payable, and a $4,000 increase in prepaid expenses.
Instructions
Prepare the operating activities section of the statement of cash flows for
2017. Use the indirect method.
Compare free cash flow of two companies.
E12-10 Information for two companies in the same industry, Merrill
Corporation and Wingate Corporation, is presented here.
Merrill Corporation Wingate Corporation
Net cash provided by operating activities $ 80,000 $100,000
Average current liabilities 50,000 100,000
Net income 200,000 200,000
Capital expenditures 40,000 70,000
Dividends paid 5,000 10,000
Instructions
Compute free cash flow for both companies and compare.

UOPACC 291 Final Exam Guide
http://www.assignmentcloud.com/acc-291-uop/acc-291-final-exam-
guide
1) Hahn Company uses the percentage of sales method for recording bad
debts expense. For the year, cash sales are $300,000 and credit sales are
$1,200,000. Management estimates that 1% is the sales percentage to use.
What adjusting entry will Hahn Company make to record the bad debts
expense?
A.
Bad Debts Expense ................ ................ $15,000
Allowances for Doubtful Accounts ................ ................ $15,000
B.
Allowances for Doubtful Accounts ................ ................ $12,000
C.
Accounts Receivable ................ ................ ................. $12,000
D.
Accounts Receivable ................ ................ ................. $15,000

2)Using the percentage of receivables method for recording bad debts
expense, estimated uncollectible accounts are $15,000. If the balance of the
Allowance for Doubtful Accounts is $3,000 credit before adjustment, what
is the amount of bad debts expense for that period?
A. $15,000
B. $12,000
C. $18,000
D. $8,000
3) Intangible assets
A. should be reported under the heading Property, Plant, and Equipment
B. should be reported as a separate classification on the balance sheet
C. should be reported as Current Assets on the balance sheet
D. are not reported on the balance sheet because they lack physical
substance
4) Intangible assets are the rights and privileges that result from ownership
of long-lived assets that
A. must be generated internally
B. are depletable natural resources
C. do not have physical substance
D. have been exchanged at a gain
5) The book value of an asset is equal to the
A. asset’s market value less its historic cost
B. blue book value relied on by secondary markets

C. replacement cost of the asset
D. asset’s cost less accumulated depreciation
6) Gains on an exchange of plant assets that has commercial substance are
A. deducted from the cost of the new asset acquired
B. deferred
C. not possible
D. recognized immediately
7) Ordinary repairs are expenditures to maintain the operating efficiency
of a plant asset and are referred to as
A. capital expenditures
B. expense expenditures
C. improvements
D. revenue expenditures
8) Costs incurred to increase the operating efficiency or useful life of a
plant asset are referred to as
A. capital expenditures
B. expense expenditures
C. ordinary repairs
D. revenue expenditures
9) When an interest-bearing note matures, the balance in the Notes Payable
account is
A. less than the total amount repaid by the borrower

B. the difference between the maturity value of the note and the face value
of the note
C. equal to the total amount repaid by the owner
D. greater than the total amount repaid by the owner
10) The interest charged on a $200,000 note payable, at a rate of 6%, on a
2-month note would be
A. $12,000
B. $6,000
C. $3,000
D. $2,000
11)If a corporation issued $3,000,000 in bonds which pay 10% annual
interest, what is the annual net cash cost of this borrowing if the income tax
rate is 30%?
A. $3,000,000
B. $90,000
C. $300,000
D. $210,000
12) Hilton Company issued a four-year interest-bearing note payable for
$300,000 on January 1, 2011. Each January the company is required to pay
$75,000 on the note. How will this note be reported on the December 31,
2012 balance sheet?
A. Long-term debt, $300,000.
B. Long-term debt, $225,000.
C. Long-term debt, $150,000; Long-term debt due within one year, $75,000.

D. Long-term debt, $225,000; Long-term debt due within one year, $75,000.
13)A corporation issued $600,000, 10%, 5-year bonds on January 1, 2011
for 648,666, which reflects an effective-interest rate of 8%. Interest is paid
semi-annually on January 1 and July 1. If the corporation uses the
effective-interest method of amortization of bond premium, the amount of
bond interest expense to be recognized on July 1, 2011, is
A. $30,000
B. $24,000
C. $32,434
D. $25,946
14) When the effective-interest method of bond discount amortization is
used
A.the applicable interest rate used to compute interest expense is the
prevailing market interest rate on the date of each interest payment date
B. the carrying value of the bonds will decrease each period
C. interest expense will not be a constant dollar amount over the life of the
bond
D. interest paid to bondholders will be a function of the effective-interest
rate on the date the bonds were issued
15) If a corporation has only one class of stock, it is referred to as
A. classless stock
B. preferred stock
C. solitary stock
D. common stock

16) Capital stock to which the charter has assigned a value per share is
called
A. par value stock
B. no-par value stock
C. stated value stock
D. assigned value stock
17)ABC, Inc. has 1,000 shares of 5%, $100 par value, cumulative preferred
stock and 50,000 shares of $1 par value common stock outstanding at
December 31, 2011. What is the annual dividend on the preferred stock?
A. $50 per share
B. $5,000 in total
C. $500 in total
D. $.50 per share
18) Manner, Inc. has 5,000 shares of 5%, $100 par value, noncumulative
preferred stock and 20,000 shares of $1 par value common stock
outstanding at December 31, 2011. There were no dividends declared in
2010. The board of directors declares and pays a $45,000 dividend in 2011.
What is the amount of dividends received by the common stockholders in
2011?
A. $0
B. $25,000
C. $45,000
D. $20,000
19) When the selling price of treasury stock is greater than its cost, the
company credits the difference to
A. Gain on Sale of Treasury Stock

B. Paid-in Capital from Treasury Stock
C. Paid-in Capital in Excess of Par Value
D. Treasury Stock
20) The purchase of treasury stock
A. decreases common stock authorized
B. decreases common stock issued
C. decreases common stock outstanding
D. has no effect on common stock outstanding
21) Marsh Company has other operating expenses of $240,000. There has
been an increase in prepaid expenses of $16,000 during the year, and
accrued liabilities are $24,000 lower than in the prior period. Using the
direct method of reporting cash flows from operating activities, what were
Marsh's cash payments for operating expenses?
A.
B.
C.
$228,000
$232,000
$200,000
D. $280,000
22) Where would the event purchased land for cash appear, if at all, on the
indirect statement of cash flows?
A. Operating activities section
B. Investing activities section
C. Financing activities section
D. Does not represent a cash flow

23) In performing a vertical analysis, the base for cost of goods sold is
A. total selling expenses
B. net sales
C. total revenues
D. total expense
24) Blanco, Inc. has the following income statement (in millions):
BLANCO, INC.
Income Statement
For the Year Ended December 31, 2011
Net Sales .............................. $200
Cost of Goods Sold .............................. 120
Gross Profit .............................. 80
Operating Expenses .............................. 44
Net Income .............................. $ 36
Using vertical analysis, what percentage is assigned to Net Income?
A. 100%
B. 82%
C. 18%
D. 25%
25) Dawson Company issued 500 shares of no-par common stock for
$4,500. acc 291 final exam, Which of the following journal entries would be
made if the stock has a stated value of $2 per share?
A.

Cash ........................................................... $4,500
Common Stock 4,500
B.
Cash .................................... $4,500
Common Stock 1,000
Paid-In Capital in Excess of Par 3,500
C.
Cash ...................... $4,500
Common Stock 1,000
Paid-In Capital in Excess of Stated Value 3,500
D.
Common Stock ........................................................... $4,500
Cash 4,500
26)Andrews, Inc. paid $45,000 to buy back 9,000 shares of its $1 par value
common stock. This stock was sold later at a selling price of $6 per share.
The entry to record the sale includes a
A. credit to Paid-In Capital from Treasury Stock for $9,000
B. credit to Retained Earnings for $9,000
C. debit to Pain-In Capital from Treasury Stock for $45,000
D. debit to Retained Earnings for $45,000
27) Which of the following is a fundamental factor in having an effective,
ethical corporate culture?
A. Efficient oversight by the company’s Board of Directors
B. Workplace ethics

C. Code of conduct
D. Ethics management programs
28) Two individuals at a retail store work the same cash register. You
evaluate this situation as
A. a violation of establishment of responsibility
B. a violation of segregation of duties
C. supporting the establishment of responsibility
D. supporting internal independent verification
29) The Sarbanes-Oxley Act imposed which new penalty for executives?
A. Fines
B. Suspension
C. Criminal prosecution for executives
D. Return of ill-gotten gains
30)The Sarbanes-Oxley Act requires that all publicly traded companies
maintain a system of internal controls. Internal controls can be defined as a
plan to
A. safeguard assets
B. monitor balance sheets
C. control liabilities
D. evaluate capital stock

UOPACC 291 Final Exam Guide (New, 2019) NEW
http://www.assignmentcloud.com/acc-291-uop/acc-291-final-exam-
guide-new
1. The term “receivables” refers
to cash to be paid to debtors.
merchandise to be collected from individuals or companies.
cash to be paid to creditors.
amounts due from individuals or companies.
2. Three accounting issues associated with accounts receivable are
depreciating, valuing, and collecting.
depreciating, returns, and valuing.
accrual, bad debts, and accelerating collections.
recognizing, valuing, and accelerating collections.
3. When the allowance method is used to account for uncollectible accounts
Bad Debts Expense is debited when:
management estimates the amount of uncollectibles.
a customer’s account becomes past due.
an account becomes bad and is written off.
a sale is made.
4. Which one of the following is not a principle of sound accounts
receivable management?
Determine a payment period.
Determine to whom to extend credit.
Delay cash receipts from receivables if necessary.
Monitor collections.
5. The accounts receivable turnover is used to analyze
profitability.

long-term solvency.
liquidity.
risk.
6. The following information is provided for Sunland Company and
Marigold Corp.:
7. What is Marigold’s return on assets (rounded) for 2017?
3%
2%
3%
9%
8. Which of the following is not properly classified as property, plant and
equipment?
A truck held for resale by an automobile dealership.
Land improvement, such as parking lots and fences.
Building used as a factory.
Land used in ordinary business operations.
9. A characteristic of a plant asset is that it is held
for sale in the ordinary course of the business.
used in the operations of a business.
not currently used in the business but held for future use.
intangible
10. A current liability is a debt that can reasonably be expected to be paid
out of cash currently on hand.
within one year, or the operating cycle, whichever is longer.
out of currently recognized revenues.
between 6 months and 18 months.
11. A current liability is a debt that can reasonably be expected to be paid
out of cash currently on hand.
within one year, or the operating cycle, whichever is longer.
out of currently recognized revenues.
between 6 months and 18 months.
12. The 2017 financial statements of Blossom Company contain the
following selected data (in millions).
13. The debt to assets
ratio (rounded) is
40%.
7.1 times.
44.4%.
2.25%.
14. In a recent year Monty Corp. had net income of $152000, interest

expense of $28700, and income tax expense of $41500. What was Monty
Corp.’s times interest earned (rounded) for the year?
7.74
6.30
6.74
5.30
15. If bonds are issued at a discount, it means that the bondholder
will receive effectively less interest than the contractual rate of
interest.
market interest rate is lower than the contractual interest rate.
financial strength of the issuer is suspect.
market interest rate is higher than the contractual interest rate.
16. If bonds are issued at a premium, the stated interest rate is
higher than the market rate of interest.
too low to attract investors.
lower than the market rate of interest.
adjusted to a higher rate of interest.
17. The chief accounting officer in a company is known as the
treasurer.
controller.
vice-president.
president.
18. Which one of the following would not be considered an advantage of the
corporate form of organization?
Separate legal existence.
Continuous life.
Limited liability of stockholders.
Government regulation.
19. Which of the following would not be true of a privately held
corporation?
It is usually smaller than a publicly held company.
It is sometimes called a closely held corporation.
Its shares are regularly traded on the New York Stock Exchange.
It does not offer its shares for sale to the general public.
20. The following information pertains to Sheffield Company. Assume that
all balance sheet amounts represent average balance figures
21. What is Sheffield’s
payout ratio? 11%.
39%.
19%.
26.05%.

22. Ayayai Corp. had net income of $91875 and paid dividends of $39000 to
common stockholders and $16500 to preferred stockholders in 2017.
Ayayai Corp. common stockholders’equity at the beginning and end of
2017s was $440000 and $565000, respectively. Ayayai Corp. return on
common stockholders’equity is
15%.
14%.
10%.
19%.
23. The primary purpose of the statement of cash flows is to
facilitate banking relationships.
provide information about the investing and financing activities during a
period.
prove that revenues exceed expenses if there is a net income.
provide information about the cash receipts and cash payments during a
period
24. Which one of the following items is not generally used in preparing a
statement of cash flows?
Current income statement.
Additional information.
Adjusted trial balance.
Comparative balance sheets.
25. The category that is generally considered to be the best measure of a
company’s ability to continue as a going concern is
cash flows from investing activities.
usually different from year to year.
cash flows from financing activities.
cash flows from operating activities.
26.Assume that the Fitzgerald Corporation uses the indirect method to
depict cash flows. Indicate where, if at all, a stock dividend declared and
issued would be classified on the statement of cash flows.
Does not represent a cash flow.
Investing activities section.
Financing activities section.
Operating activities section.
27. Free cash flow provides an indication of a company’s ability to
generate cash to invest in capital expenditures.
generate cash to pay dividends.
generate cash to invest in capital expenditures and to pay dividends.
generate net income
28. When using the indirect method to compute cash provided by operating
activities

increases in accounts receivable are added to net income.
income taxes paid may be ignored.
amortization expense is added to net income.
decreases in inventory are subtracted from net income
29. To determine the net cash provided (used) by operating activities, it is
necessary to analyze
the current year’s income statement.
a comparative balance sheet.
additional information.
all of these answer choices are correct.
30. Which of these is not a
liquidity ratio? Current
ratio
Accounts receivable turnover
Asset turnover
Inventory turnover
The current ratio would be of most interest to
long-term creditors.
stockholders.
customers.
short-term creditors

UOPACC 291 Final NEW
http://www.assignmentcloud.com/acc-291-uop/acc-291-final-new
Question 21
If a plant asset is retired and is fully depreciated
phantom depreciation must be taken as though the asset were still on the
books.
a gain on disposal will be recorded.
a loss on disposal will be recorded.
no gain or loss on disposal will be recorded.
Multiple Choice Question 86
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.

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
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.
Given the following account balances at year end, compute the total
intangible assets on the balance sheet of Janssen Enterprises.
Cash $1,500,000
Accounts Receivable 4,000,000
Trademarks 1,000,000

2,000,000
Goodwill 2,500,000
Research & Development Costs
• $7,500,000.
•
•
$5,500,000.
$3,500,000.
• $9,500,000.
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 double-declining-balance method of
depreciation?
•
•
$38,400.
$48,000.
•
•
$23,040.
$28,800.
IFRS Multiple Choice Question 01
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.
Bonds with a face value of $300,000 and a quoted price of 97¼ have a
selling price of
•
•
$292,500.
$291,075.
•
•
$291,750.
$291,006.
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
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 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
15,000
15,000
• Legal Expense
Common Stock
•Legal Expense
Common Stock
15,000
8,000
Paid-in Capital in Excess of Par - Common 7,000
• Legal Expense 14,400
Common Stock 14,400
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 Value—Preferred 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.
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 Capital–Ordinary for €88,000.
• a debit to Retained Earnings for €72,000.

•
• a debit to Cash for €16,000.
a credit to Share Premium–Ordinary for €72,000.
Zoum Corporation had the following transactions during 2014:
1. Issued $125,000 of par value common stock for cash.
2. Recorded and paid wages expense of $60,000.
3. Acquired land by issuing common stock of par value $50,000.
4. Declared and paid a cash dividend of $10,000.
5. Sold a long-term investment (cost $3,000) for cash of $3,000.
6. Recorded cash sales of $400,000.
7. Bought inventory for cash of $160,000.
8. Acquired an investment in Zynga stock for cash of $21,000.
9. Converted bonds payable to common stock in the amount of $500,000.
10. Repaid a 6 year note payable in the amount of $220,000.
What is the net cash provided by financing activities?
•
•
$395,000.
$<605,000>.
•
•
$<105,000>.
$115,000.
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.
Each of the following items may be classified as operating or financing
activities under IFRS except
• dividends paid.
•
•
dividends received.
interest paid. (Incorrect)
• all of these answer choices may be classified as such.
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.
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.
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.
Before a check authorization is issued, the following documents must be in
agreement, except for the
• purchase order.
•
• invoice.
remittance advice.
• receiving report.
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.
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.
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 straight-line
method. The gain or loss on disposal is
• $20,000 gain.
•
•
•
$5,000 loss.
$10,000 loss.
$5,000 gain.

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.
The following totals for the month of April were taken from the payroll
records of Metz Company.
Salaries $30,000
FICA taxes withheld 2,295
Income taxes withheld 6,600
Medical insurance deductions 1,200
Federal unemployment taxes 240
State unemployment taxes 1,500
The entry to record accrual of employer’s payroll taxes would include a
•
•
•
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.

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.
The following data is available for BOX Corporation at December 31,
2014:
Common stock, par $10 (authorized 30,000 shares) $250,000
Treasury stock (at cost $15 per share) $1,200
Based on the data, how many shares of common stock are outstanding?
•
•
•
30,000.
24,920.
25,000.
• 29,920. (Incorrect)
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
Increase
Decrease
Decrease
No change
• Decrease No change Increase

• No change Increase Decrease
Assume the following cost of goods sold data for a company:
2015 $1,300,000
2014 1,200,000
2013 1,000,000
If 2013 is the base year, what is the percentage increase in cost of goods
sold from 2013 to 2015?
• 30%
•
•
•
70%
130%
20%
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
The following information is available for Patterson Company:

2014 2013
Accounts receivable $ 360,000 $ 340,000
Inventory 280,000 320,000
Net credit sales 3,000,000
Cost of goods sold 1,500,000
2,600,000
840,000
Net income 300,000 170,000
The accounts receivable turnover for 2014 is
• 4.3 times.
•
•
8.6 times.
7.6 times.
• 8.3 times.
All of the following situtations below might indicate a company has a low
quality of earnings except
•
•
• Maintenance costs are capitalized and then depreciated
(Incorrect).
• 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 should be
reported as one unsegregated amount.

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

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