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ACC 290 ACC290 Week 5 Final Examination

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ACC 290 Week 5 Final Examination

  1. Jackson Company recorded the following cash transactions for the year:


Paid $135,000 for salaries.
Paid $60,000 to purchase office equipment.
Paid $15,000 for utilities.
Paid $6,000 in dividends.
Collected $245,000 from customers.

What was Jackson’s net cash provided by operating activities?

Posting

The following is selected information from L Corporation for the fiscal year ending October 31, 2014.

Based on the accrual basis of accounting, what is L Corporation’s net income for the year ending October 31, 2014?

La More Company had the following transactions during 2013.
• Sales of $4,500 on account
• Collected $2,000 for services to be performed in 2014
• Paid $1,325 cash in salaries
• Purchased airline tickets for $250 in December for a trip to take place in 2014


What is La More’s 2013 net income using cash basis accounting?

Which one of the following is not a justification for adjusting entries?

The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indi-cated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is:

Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP in-clude all of the following except

Conway Company purchased merchandise inventory with an invoice price of $9,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Conway Company pays within the discount period?

Stan’s Market recorded the following events involving a recent purchase of inventory:
     Received goods for $90,000, terms 2/10, n/30.
     Returned $1,800 of the shipment for credit.
     Paid $450 freight on the shipment.
     Paid the invoice within the discount period.
As a result of these events, the company’s inventory

Financial information is presented below:

 

Operating expenses

$36,000

 

Sales revenue

150,000

 

Cost of goods sold

105,000



Gross profit would be

At December 31, 2014 Mohling Company’s inventory records indicated a balance of $602,000. Upon further investigation it was determined that this amount included the following:

▪ $112,000 in inventory purchases made by Mohling shipped from the seller 12/27/14 terms FOB destination, but not due to be received until January 2nd
▪ $74,000 in goods sold by Mohling with terms FOB destination on December 27
th. The goods are not expected to reach their destination until January 6th
▪ $6,000 of goods received on consignment from Dollywood Company

What is Mohling’s correct ending inventory balance at December 31, 2014?

Olympus Climbers Company has the following inventory data:

 

July 1

 

Beginning inventory

 

20 units at $19

 

$380

7

 

Purchases

 

70 units at $20

 

1,400

22

 

Purchases

 

10 units at $22

 

220

 

 

 

 

 

 

$2,000


A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories:

 

Product

 

Cost

 

Market

A

 

$57,000

 

$60,000

B

 

40,000

 

38,000

C

 

80,000

 

81,000


If Jenks applies the LCM basis, the value of the inventory reported on the balance sheet would be

Nilson Company gathered the following reconciling information in preparing its August bank reconciliation:

 

Cash balance per books, 8/31

 

$21,000

Deposits in transit

 

900

Notes receivable and interest collected by bank

 

5,100

Bank charge for check printing

 

120

Outstanding checks

 

12,000

NSF check

 

1,020

 

The adjusted cash balance per books on August 31 is

Which of the following is not a basic principle of cash management?

Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment.

Eddy Auto Supplies

Balance Sheet

December 31, 2014

Cash

 

$84,000

 

Accounts payable

$110,000

Accounts receivable

 

80,000

 

Salaries and wages payable

20,000

Inventory

 

140,000

 

Mortgage payable

180,000

Prepaid insurance

 

60,000

 

Total liabilities

$310,000

Stock Investments

 

170,000

 

 

 

Land

 

190,000

 

 

 

Buildings

$226,000

 

 

Common stock

$240,000

Less: Accumulated depreciation

(40,000)

186,000

 

Retained earnings

500,000

Trademarks

 

140,000

 

      Total stockholders' equity

$740,000

Total assets

 

$1,050,000

 

           Total liabilities and stockholders' equity

$1,050,000

Accounting information is relevant to business decisions because it

Howard Company had a transaction that caused a $5,000 increase in both assets and total liabilities. This transaction could have been a(n)

Can financial statements be prepared directly from the adjusted trial balance?

Which trial balance will consist of the greatest number of accounts?

All of the following are required steps in the accounting cycle except:

A sales discount does not

American Importers reports net income of $50,000 and cost of goods sold of $450,000. If the company’s gross profit rate was 40%, net sales were

The manager of Weiser is given a bonus based on net income before taxes. The net income after taxes is $35,700 for FIFO and $29,400 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO?

Classic Floors has the following inventory data:

 

July 1

 

Beginning inventory

 

15 units at $6.00

5

 

Purchases

 

60 units at $6.60

14

 

Sale

 

40 units

21

 

Purchases

 

30 units at $7.20

30

 

Sale

 

28 units


Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?

Classic Floors has the following inventory data:

 

July 1

 

Beginning inventory

 

15 units at $6.00

5

 

Purchases

 

60 units at $6.60

14

 

Sale

 

40 units

21

 

Purchases

 

30 units at $7.20

30

 

Sale

 

28 units


Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July?

Which of the following is not one of the main factors that contribute to fraudulent activity?

What is the rationale for the internal control principle, segregation of duties?

Under IFRS

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