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ACCT 551 Week 1 Assignment
Chapter 1: CA1-1, CA1-3
Chapter 2: E2-5, E2-7
ACCT 551 Week 2 Assignment
E4-8, P4-1, P4-6
ACCT 551 Week 3 Assignment
E5-2, E5-4, E5-12,
E5-13, P5-2
ACCT 551 Week 4 Assignment
E7-2, E7-5, E7-7,
E7-12, E7-24
ACCT 551 Week 5 Assignment
E8-3, E8-14, E8-16,
P8-4, E9-12, E9-19, P9-12
ACCT 551 Week 6 Assignment
E 10-1, E 10-3, E
10-4, E 10-7, E 10-14, P 10-8
ACCT 551 Week 7 Assignment
E 11-4, E 11-8, E
11-9, E 11-11, E 11-17, E 11-24, P 11-5
ACCT 551 Midterm
1.(TCO C) Under current accounting practice, intangible
assets are classified as
2.(TCO C) Which of the following intangible assets should not be amortized?
3.(TCO C) The intangible asset goodwill may be
4.(TCO C) ELO Corporation purchased a patent for $90,000 on
September 1, 2008. It had a useful life of ten years. On January 1, 2010, ELO
spent $22,000 to successfully defend the patent in a lawsuit. ELO feels that as
of that date, the remaining useful life is five years. What amount should be
reported for patent amortization expense for 2010?
5.(TCO C) During 2011, Bond Company purchased the net
assets of May Corporation for $1,000,000. On the date of the transaction, May
had $300,000 of liabilities. The fair value of May's assets when acquired were
as follows:
6.(TCO D) Which of the following is a condition for
accruing a liability for the cost of compensation for future absences?
7.(TCO D) Which of the following taxes does not represent a
payroll deduction a company may incur?
8.(TCO D) Assume that a manufacturing corporation has (1)
good quality control, (2) a one-year operating cycle, (3) a relatively stable
pattern of annual sales, and (4) a continuing policy of guaranteeing new
products against defects for three years that has resulted in material but
rather stable warranty repair and replacement costs. Any liability for the
warranty
9.(TCO D) Jenkins Corporation has $2,500,000 of short-term
debt it expects to retire with proceeds from the sale of 75,000 shares of
common stock. If the stock is sold for $20 per share subsequent to the balance
sheet date, but before the balance sheet is issued, what amount of short-term
debt could be excluded from current liabilities?
10.(TCO D) Tender Foot Inc. is involved in litigation
regarding a faulty product sold in a prior year. The company has consulted with
its attorney and determined that it is possible that they may lose the case.
The attorneys estimated that there is a 40% chance of losing. If this is the
case, their attorney estimated that the amount of any payment would be
$500,000. What is the required journal entry as a result of this litigation?
11.(TCO D) If bonds are initially sold at a discount and the
straight-line method of amortization is used, interest expense in the earlier
years will
12.(TCO D)When the interest payment dates of a bond are May
1 and November 1, and a bond issue is sold on June 1, the amount of cash
received by the issuer will be
13.(TCO D) Feller Company issues $20,000,000 of ten-year, 9%
bonds on March 1, 2010 at 97 plus accrued interest. The bonds are dated January
1, 2010, and pay interest on June 30 and December 31. What is the total cash
received on the issue date?
14.(TCO D) A company issues $20,000,000, 7.8%, 20-year bonds
to yield 8% on January 1, 2010. Interest is paid on June 30 and December 31.
The proceeds from the bonds are $19,604,145. What is interest expense for 2011,
using straight-line amortization?
15.(TCO D) On January 1, Patterson Inc. issued $5,000,000,
9% bonds for $4,695,000. The market rate of interest for these bonds is 10%.
Interest is payable annually on December 31. Patterson uses the
effective-interest method of amortizing bond discount. At the end of the first
year, Patterson should report unamortized bond discount of
(TCO C) Sisco Co. purchased a patent from
Thornton Co. for $180,000 on July 1, 2008. Expenditures of $68,000 for
successful litigation in defense of the patent were paid on July 1, 2011. Sisco
estimates that the useful life of the patent will be 20 years from the date of
acquisition.
(TCO C) Fred’s Company is considering the
write-off of a limited life intangible asset because of its lack of
profitability. Explain to the management of Fred’s how to determine whether a
writeoff is permitted.
(TCO D) Edwards Co. includes one coupon
in each bag of dog food it sells. In return for four coupons, customers receive
a dog toy that the company purchases for $1.20 each. Edwards's experience
indicates that 60 percent of the coupons will be redeemed. During 2010, 100,000
bags of dog food were sold, 12,000 toys were purchased, and 40,000 coupons were
redeemed. During 2011, 120,000 bags of dog food were sold, 16,000 toys were
purchased, and 60,000 coupons were redeemed.
(TCO D) Grider Industries, Inc. issued
$6,000,000 of 8% debentures on May 1, 2010 and received cash totaling
$5,323,577. The bonds pay interest semiannually on May 1 and November 1. The
maturity date on these bonds is November 1, 2018. The firm uses the
effective-interest method of amortizing discounts and premiums. The bonds were
sold to yield an effective-interest rate of 10%.
(TCO D) Hurst, Incorporated sold its 8%
bonds with a maturity value of $3,000,000 on August 1, 2009 for $2,946,000. At
the time of the sale, the bonds had five years until they reached maturity. Interest
on the bonds is payable semiannually on August 1 and February 1. The bonds are
callable at 104 at any time after August 1, 2011. By October 1, 2011, the
market rate of interest has declined and the market price of Hurst's bonds has
risen to a price of 101. The firm decides to refund the bonds by selling a new
6% bond issue to mature in five years. Hurst begins to reacquire its 8% bonds
in the market and is able to purchase $500,000 worth at 101. The remainder of
the outstanding bonds is reacquired by exercising the bonds' call feature. In
the final analysis, how much was the gain or loss experienced by Hurst in
reacquiring its 8% bonds? (Assume the firm used straight-line amortization.)
Show calculations.
ACCT 551 COMPLETE COURSE ACCT551 COMPLETE
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