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ACC 291 Week 5 Final Exam 1<br><br><br> <br>Purchase here<br><br><br> http://chosecourses.com/acc-291-final-exam-1<br><br> Description<br><br>ACC 291 Sample Final Exam<br><br>Question 207<br><br>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?<br><br>IFRS Multiple Choice Question 01<br><br>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?<br><br>Multiple Choice Question 198<br><br>Given the following account balances at year end, compute the total intangible assets on the balance sheet of Janssen Enterprises.<br><br>Cash $1,500,000<br><br>Accounts Receivable 4,000,000<br><br>Trademarks 1,000,000<br><br>Goodwill 2,500,000<br><br>Research & Development Costs 2,000,000<br><br>Multiple Choice Question 146<br><br>Bonds with a face value of $300,000 and a quoted price of 97¼ have a selling price of<br><br>Multiple Choice Question 188 <br><br>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?<br><br>Multiple Choice Question 90 <br><br>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<br><br>Multiple Choice Question 110 <br><br>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<br><br>IFRS Multiple Choice Question 01 <br><br>Jahnke Corporation issued 8,000 shares of €2 par value ordinary shares for €11 per share. The journal entry to record the sale will includ<br><br>Multiple Choice Question 80 <br><br>Zoum Corporation had the following transactions during 2014:<br><br>1. Issued $125,000 of par value common stock for cash.<br><br>2. Recorded and paid wages expense of $60,000.<br><br>3. Acquired land by issuing common stock of par value $50,000.<br><br>4. Declared and paid a cash dividend of $10,000.<br><br>5. Sold a long-term investment (cost $3,000) for cash of $3,000.<br><br>6. Recorded cash sales of $400,000.<br><br>7. Bought inventory for cash of $160,000.<br><br>8. Acquired an investment in Zynga stock for cash of $21,000.<br><br>9. Converted bonds payable to common stock in the amount of $500,000.<br><br>10. Repaid a 6 year note payable in the amount of $220,000.<br><br>What is the net cash provided by financing activities?<br><br>Multiple Choice Question 176 <br><br>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?<br><br>IFRS Multiple Choice Question 04 <br><br>Each of the following items may be classified as operating or financing activities under IFRS except<br><br>Multiple Choice Question 165<br><br>The current assets of Orangatte Company are $227,500. The current liabilities are $130,000. The current ratio expressed as a proportion is<br><br>Multiple Choice Question 41<br><br>All of the following requirements about internal controls were enacted under the Sarbanes Oxley Act of 2002 except:<br><br>Multiple Choice Question 85<br><br>Which of the following is not an internal control activity for cash?<br><br>Multiple Choice Question 92<br><br>Before a check authorization is issued, the following documents must be in agreement, except for the<br><br>Multiple Choice Question 115<br><br>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<br><br>Multiple Choice Question 142<br><br>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?<br><br>Multiple Choice Question 164<br><br>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<br><br>Multiple Choice Question 180<br><br>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<br><br>Multiple Choice Question 120<br><br>The following totals for the month of April were taken from the payroll records of Metz Company.<br><br>Salaries $30,000<br><br>FICA taxes withheld 2,295<br><br>Income taxes withheld 6,600<br><br>Medical insurance deductions 1,200<br><br>Federal unemployment taxes 240<br><br>State unemployment taxes 1,500<br><br>The entry to record accrual of employer’s payroll taxes would include a<br><br>Multiple Choice Question 242<br><br>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<br><br>Multiple Choice Question 96<br><br>The following data is available for BOX Corporation at December 31, 2014:<br><br>Common stock, par $10 (authorized 30,000 shares) $250,000<br><br>Treasury stock (at cost $15 per share) $1,200<br><br>Based on the data, how many shares of common stock are outstanding?<br><br>Multiple Choice Question 144<br><br>Indicate the respective effects of the declaration of a cash dividend on the following balance sheet sections:<br><br>Total Assets Total Liabilities Total Stockholders' Equity<br><br>Multiple Choice Question 102<br><br>Assume the following cost of goods sold data for a company:<br><br>2015 $1,300,000<br><br>2014 1,200,000<br><br>2013 1,000,000<br><br>If 2013 is the base year, what is the percentage increase in cost of goods sold from 2013 to 2015?<br><br>Multiple Choice Question 179<br><br>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?<br><br>Multiple Choice Question 199<br><br>The following information is available for Patterson Company:<br><br> 2014 2013 <br><br>Accounts receivable $ 360,000 $ 340,000<br><br>Inventory 280,000 320,000<br><br>Net credit sales 3,000,000 2,600,000<br><br>Cost of goods sold 1,500,000 840,000<br><br>Net income 300,000 170,000<br><br>The accounts receivable turnover for 2014 is<br><br>Multiple Choice Question 221<br><br>All of the following situations below might indicate a company has a low quality of earnings except<br><br>IFRS Multiple Choice Question 05<br><br> Item #: ACC 291 Week 5 Final Exam 1<br><br>
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ACC 291 Week 5 Final Exam (05 Sets) Purchase here http://chosecourses.com/acc-291-week-5-final-exam-05-sets Product Description ACC 291 Sample Final Exams ACC 291 Final Exam 1 = 30 Questions and Answers ACC 291 Final Exam 2 = 30 Questions and Answers ACC 291 Final Exam 3 = 30 Questions and Answers ACC 291 Final Exam 4 = 30 Questions and Answers ACC 291 Final Exam 5 = 30 Questions and Answers