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Thursday, 5 November 2015

COMPLETE COURSE ACCT550 COMPLETE COURSE

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ACCT 550 Week 2 Assignment

E4-4 (Multiple-Step and Single-Step) Two accountants for the firm of Allen and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2012 information related to Webster Company ($000 omitted).
E4-12 (Earnings per Share) At December 31, 2011, Schroeder Corporation had the following stock outstanding.
P4-1 (Multiple-Step Income, Retained Earnings) Presented below is information related to Dickinson Company for 2012.

ACCT 550 Week 4 Assignment

E6-5 (Computation of Present Value) Using the appropriate interest table, compute the present values of the periodic amounts, shown on page 344, due at the end of the designated periods.
E6-12 (Analysis of Alternatives)
Building A: Purchase for a cash price of $610,000, useful life 25 years.
Building B: Lease for 25 years with annual lease payments of $70,000 being made at the beginning of the year.
E7-2 (Determine Cash Balance) Presented below are a number of independent situations.
Instructions
For each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash, explain the rationale.
1.Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180.
2.Checking account balance $500,000; an overdraft in special checking account at same bank as normal checking account of $17,000; cash held in a bond sinking fund $200,000; petty cash fund $300; coins and currency on hand $1,350.
3. Checking account balance $590,000; postdated check from a customer $11,000; cash restricted due to maintaining compensating balance requirement of $100,000; certified check from customer $9,800; postage stamps on hand $620
E7-5 (Record Sales Gross and Net)E7-5 (Record Sales Gross and Net)

E7-7 (Recording Bad Debts)

ACCT 550 Week 4 Midterm

1. (TCO A) Which of the following statements is not an objective of financial reporting?
2. (TCO A) Under Sarbanes Oxley, the new law does not:

3. (TCO A) The cash method of accounting:

4. (TCO A) The characteristic that is demonstrated when a high degree of consensus can be secured among independent measurers using the same measurement methods is

5. (TCO A) The two primary qualities for accounting information are:


6. (TCO A) Which basic element of financial statements arise from peripheral or incidental transactions?



7. (TCO A) Which of the following is not a basic assumption underlying the financial accounting structure? 

8. (TCO A) What is the quality of information that enables users to better forecast future operations?

9. (TCO A) Accounting information is considered to be relevant when it

10. (TCO A) Which of the following is not a basic assumption underlying the financial accounting structure? 

11. (TCO A) Which of the following basic accounting assumptions is threatened by the existence of severe inflation in the economy?

12. (TCO A) Which of the following are benefits of providing financial information?


13. (TCO D) The balance sheet is useful for analyzing all of the following except 

14. (TCO D) The balance sheet contributes to financial reporting by providing a basis for all of the following except

15. (TCO D) The net assets of a business are equal to

16. (TCO D) Stine Corp.'s trial balance reflected the following account balances at December 31, 2010:
Accounts receivable (net) $24,000
Trading securities 6,000
Accumulated depreciation on equipment and furniture 15,000
Cash 11,000
Inventory 30,000
Equipment 25,000
Patent 4,000
Prepaid expenses 2,000
Land held for future business site 18,000
In Stine's December 31, 2010 balance sheet, the current assets total is:


17. (TCO D) Which of the following is not a long-term investment?
18. (TCO D) The presentation of long-term liabilities in the balance sheet should disclose: 

19. (TCO D) Typical contractual situations that are disclosed in the notes to the balance sheet include all of the following except 

20. (TCO D) A generally accepted account title is: 

21. (TCO D) Equity or debt securities held to finance future construction of additional manufacturing plants should be classified on the balance sheet as: (Points: 5)


22. (TCO D) Working capital is
1. Unearned rent at 1/1/10 was $7,300 and at 12/31/10 was $8,000. The records indicate cash receipts from rental sources during 2010 amounted to $40,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry.
2. Allowance for doubtful accounts on 1/1/10 was $75,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $60,000, and during 2010 bad debts written off amounted to $30,000. You are to provide the missing adjusting entry.

3. Prepaid rent at 1/1/10 was $20,000. During 2010 rent payments of $123,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of $122,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made.
4. Retained earnings at 1/1/10 was $100,000 and at 12/31/10 it was $210,000. During 2010, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry.
5. For the year ended December 31, 2010, Transformers Inc. reported the following:
Net income $ 60,000
Preferred dividends declared, $10,000
Common dividend declared, $2,000
Unrealized holding loss, net of tax; $1,000
Retained earnings $80,000
Common stock, $40,000
Accumulated Other Comprehensive Income, Beginning Balance 5,000
What would Transformers report as its ending balance of Accumulated Other Comprehensive Income? (Points: 15)
6. (TCO C) Presented below is certain information pertaining to Edson Company.
Assets, January 1 $240,000
Assets, December 31 $230,000
Liabilities, January 1 $150,000
Common stock, December 31 $80,000
Retained earnings, December 31 $31,000
Common stock sold during the year $10,000
Dividends declared during the year $13,000
Compute the net income for the year. (Points: 20)

7. (TCO C) At Ruth Company, events and transactions during 2010 included the following. The tax rate for all items is 30%.
(1) Depreciation for 2008 was found to be understated by $30,000.
(2) A strike by the employees of a supplier resulted in a loss of $25,000.
(3) The inventory at December 31, 2008 was overstated by $40,000.
(4) A flood destroyed a building that had a book value of $500,000. Floods are very uncommon in that area.
The effect of these events and transactions on 2010 income from continuing operations net of tax would be: 


8. What is FASB Codification? Explain in detail.

ACCT 550 Week 7 Assignment

E11-4 (Depreciation Computations—Five Methods) Wenner Furnace Corp. purchased machinery for $279,000 on May 1, 2012. It is estimated that it will have a useful life of 10 years, salvage value of $15,000, production of 240,000 units, and working hours of 25,000. During 2013, Wenner Corp. uses the machinery for 2,650 hours, and the machinery produces 25,500 units.
E11-9 (Composite Depreciation) Presented below is information related to Morrow Manufacturing Corporation.
Machine
Cost
Estimated Salvage Value
Estimated Life (in years)
A
$40,500
$5,500
10
B
33,600
4,800
9
C
36,000
3,600
8
D
19,000
1,500
7
E
23,500
2,500
6
(a) Compute the rate of depreciation per year to be applied to the machines under the composite method.
(b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year.
(c) Prepare the entry to record the sale of Machine D for cash of $5,000. It was used for 6 years, and depreciation was entered under the composite method.
E11-11 (Depreciation—Change in Estimate) Machinery purchased for $52,000 by Carver Co. in 2008 was originally estimated to have a life of 8 years with a salvage value of $4,000 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2013, it is determined that the total estimated life should be 10 years with a salvage value of $4,500 at the end of that time. Assume straight-line depreciation.
Instructions
(a) Prepare the entry to correct the prior years’ depreciation, if necessary.
(b) Prepare the entry to record depreciation for 2013.
E11-17 (Impairment) Assume the same information as E11-16, except that Pujols intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,000.
Instructions
(a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2012.
(b) Prepare the journal entry (if any) to record depreciation expense for 2013.
(c) The asset was not sold by December 31, 2013. The fair value of the equipment on that date is $5,100,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $20,000.

ACCT 550 Final Exam

1.
Question :
(TCO A) Listed below are several information, characteristics, and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application.

2.
Question :
(TCO B) Adjusting Entries: Unearned rent at 1/1/10 was $5,300 and at 12/31/10 was $6,000. The records indicate cash receipts from rental sources during 2010 amounted to $60,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

3.
Question :
(TCO B) Adjusting Entries: Data relating to the balances of various accounts affected by adjusting or closing entries appear below. (The entries which caused the changes in the balances are not given.) You are asked to supply the missing journal entries which would logically account for the changes in the account balances. Interest receivable at 1/1/10 was $1,000. During 2010 cash received from debtors for interest on outstanding notes receivable amounted to $1,000. The 2010 income statement showed interest revenue in the amount of $2,900. You are to provide the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit.

5.
Question :
(TCO B) Adjusting Entries: Allowance for doubtful accounts on 1/1/10 was $70,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $70,000 and during 2010 bad debts written off amounted to $40,000. You are to provide the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

1.
Question :
(TCO B) Adjusting Entries: Prepaid rent at 1/1/10 was $30,000. During 2010 rent payments of $100,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of $130,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit.

2.
Question :
(TCO B) Adjusting Entries: Retained earnings at 1/1/10 were $100,000 and at 12/31/10 it was $300,000. During 2010, cash dividends of $40,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. For each journal entry write Dr. for debit and Cr. for credit.

3.
Question :
(TCO C) Presented below is information related to Bruce Van Company.
Retained earnings, December 31, 2010
$650,000
Sales
1,400,000
Selling and administrative expenses
240,000
Hurricane loss (pre-tax) on plant (extraordinary item)
290,000
Cash dividends declared on common stock
33,600
Cost of goods sold
780,000
Gain resulting from computation error on depreciation charge in 2009(pre-tax)
520,000
Other revenue
120,000
Other expenses
100,000

Instructions: Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year. Show EPS computations as well.

4.
Question :
(TCO D) The following balance sheet was prepared by the bookkeeper for Purple Company as of December 31, 2011 Purple Company Balance Sheet as of December 31, 2011
Cash
$ 80,000
Accounts payable
$ 75,000
Accounts receivable (net)
52,200
Long-term liabilities
100,000
Inventories
57,000
Stockholders' equity
218,500
Investments
76,300
Equipment (net)
96,000
Patents
$393,500
$393,500
The following additional information is provided:
(1) Cash includes the cash surrender value of a life insurance policy $12,000, and a bank overdraft of $2,500 has been deducted.
(2) The net accounts receivable balance includes:
(a) accounts receivable debit balances $60,000;
(b) accounts receivable 0;
(c) allowance for doubtful accounts $3,800.
(3) Inventories do not include goods costing $3,000 shipped out on consignment. Receivables of $3,000 were recorded on these goods.
(4) Investments include investments in common stock, trading $13,000, available-for-sale $48,300, and franchises $15,000.
(5) Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000.
(6) An unrecorded liability was not recorded on the balance sheet of $2000.
Instructions
Prepare a balance sheet in good form (stockholders' equity details can be omitted.)

5.
Question :
(TCO E) Jack Sawyer is presently leasing a copier from John Office Equipment Company. The lease requires 11 annual payments of $2,500 at the end of each year and provides the leaser (John) with an 8% return on its investment. You may use the following 8% interest factors:
9 Periods
10 Periods
11 Periods
Future Value of 1
1.99900
2.15892
2.33164
Present Value of 1
.50025
.46319
.42888
Future Value of
12.48756
14.48656
Ordinary Annuity of 1
Present Value of
6.24689
6.71008
7.13896
Ordinary Annuity of 1
Present Value of
6.74664
7.24689
7.71008
Annuity Due of 1
(a) Assuming the computer has an eleven-year life and will have no salvage value at the expiration of the lease, what was the original cost of the copier to John?
(b) What amount would each payment be if the 11 annual payments are to be made at the beginning of each period?

6.
Question :
(TCO F) Daniels Company deposits all receipts and makes all payments by check. The following information is available from the cash records:
MARCH 31
BANK RECONCILIATION
Balance per bank
$26,746
Add: Deposits in transit
2,100
Deduct: Outstanding checks
(3,800)
Balance per books
$25,046
Month of April Results
Per Bank
Per Books
Balance April 30
$27,995
$24,355
April deposits
8,864
13,889
April checks
13,100
14,080
April note collected
3,000
-0-
(not included in April deposits)
April bank service charge
35
-0-
April NSF check of
a customer returned by the bank
(recorded by bank as a charge)
900
-0-
Instructions
Calculate the amount of the April 30:
(1) Deposits in transit
(2) Outstanding checks
Show all your work for potential partial credit.

7.
Question :
(TCO G) Rye Company was formed on December 1, 2010. The following information is available from Rye's inventory record for Product Bread.
Units
Unit Cost
January 1, 2011 (beginning inventory)
1,700
$17.00
Purchases:
January 5, 2011
2,600
$20.00
January 25, 2011
2,400
$21.00
February 16, 2011
1,000
$22.00
March 15, 2011
2,100
$25.00

A physical inventory on March 31, 2011, shows 3,000 units on hand.
Instructions
Prepare schedules to compute the ending inventory at March 31, 2011, under each of the following inventory methods:
(a) FIFO.
(b) LIFO.
(c) Weighted-average.
Show supporting computations in good form.

8.
Question :
(TCO H) A machine cost $500,000 on April 1, 2010. Its estimated salvage value is $50,000 and its expected life is eight years.
Instructions
Calculate the depreciation expense (to the nearest dollar) by each of the following methods, showing the figures used.
(a) Straight-line for 2010
(b) Double-declining balance for 2011
(c) Sum-of-the-years'-digits for 2011


ACCT 550 Week 8 Final Exam Set 2

1. Which of the following steps in the acquisition of goods and services by an activity accounted for by the General Fund generally occurs first?
2. During January 2011 General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 were received at an actual cost of $2,200. The entry to record this transaction will require a debit to
3. When materials that were ordered for a capital projects fund for use on a construction project are received but the invoice has not yet paid, what account is debited?
4. Which of the following is true for debt service funds?
5. Which of the following is not a typical means of dissolving an internal service fund that a city no longer needs or wants?
6. Which of the following account balances would only be reported if a city-owned utility followed regulatory accounting principles?
7. Customers' meter deposits, which cannot be spent for normal operating purposes, would be classified as restricted cash in the balance sheet of which fund type?
8. A local golfer contributed $100,000 to the city stipulating that the money be invested and that the earnings thereon be used for maintenance of the city golf course. The $100,000 would most appropriately be recorded in a(an)
9. A private-purpose trust fund sold investments in securities having a carrying value of $23,000 for $26,000, resulting in a $3,000 gain on the change in value. If there are no trust provisions to the contrary, the gain is generally
10. A statement of cash flows should be prepared for which of the following fiduciary fund types?
11. What is the minimum level of detail required for expenditures presented in the governmental fund statement of revenues, expenditures, and changes in fund balance?
12. Which of the following is one of the three sections of a comprehensive annual financial report?
13. Government-wide financial statements present the government's financial position using
14. A measure of the extent to which the government's business-type activities depend on subsidies from taxpayer or other general revenues rather than having the full cost of the activities' operations funded by charges to the users of the service is
15. A measure of whether the government lived within its means in the measurement year, or was required to use prior year resources to fund a portion of current year costs, or shifted the funding of some current year costs to future periods, is
16. A measure of the adequacy of the amount of the government's total unrestricted net assets or deficit at the measurement date is
17. One of the most important reasons to evaluate the financial performance of a government is to
19. A term that describes a government's ongoing ability and willingness to raise revenues, incur debt, and meet its financial obligations as they become due is
20. One of the purposes of the Federal Financial Management Improvement Act of 1996 was to
21. Which of the following officials has shared responsibility under federal law for establishing and maintaining a sound financial structure for the federal government?
22. The Comptroller General of the United States is the head of the:
23. An auditor would not render an opinion on a(an)
24. A single audit conducted pursuant to the Single Audit Act Amendments of 1996 requires which of the following types of audits?
25. All of the following reports are included in the reporting package resulting from the single audit except
26. Which of the following is not an element of a typical governmental total quality management (TQM) structure?
27. Which of the following might appropriately be termed an outcome indicator for a police department that reports service efforts and accomplishments (SEA) indicators?
28. Which basis of accounting best contributes to measuring the cost of services for rational budgeting purposes?
29. Which of the following statements is correct regarding reporting of special events and related direct costs under current FASB standards?
30. Public disclosure rules require that a tax-exempt not-for-profit organization
31. Tuition scholarships for which there is no intention of collection from the student should be classified by a private university as
32. Which of the following statements usually will not be included in the annual financial report of a governmentally owned public university engaged only in business-type activities?
33. Which of the following would usually be considered as temporarily restricted net assets in a nongovernmental not-for-profit hospital?

ACCT 550 COMPLETE COURSE ACCT550 COMPLETE COURSE
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