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ACC 421 Final Exam



ACC 421 Final Exam Quick questions before purchasing ACC 421 Final Exam: Q: Are the answers included? A: Yes, answers are included; Q: How can I pay? A: Pay using PayPal, more – see Purchase Guide; Q: How will I receive the product? A: We’ll deliver it via email as a digital product; Q: Should I use it to cheat? A: No! Please apply to university’s Academic Honesty Policy; Q: Do you offer refunds? A: No, we don’t; Here are the QUESTIONS: Question 1 Transactions for Mehta Company for the month of May are presented below. Question 2 On July 1, 2012, Crowe Co. pays $18,475 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31 Question 3 Dresser Company’s weekly payroll, paid on Fridays, totals $11,000. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $11,000 cash payment on Friday, January 2 Question 4 Side Kicks has year-end account balances of Sales $905,610; Interest Revenue $15,980; Cost of Goods Sold $560,340; Operating Expenses $202,750; Income Tax Expense $36,890; and Dividends $20,275. Prepare the year-end closing entries Question 5 Financial information exhibits the characteristic of consistency when Question 6 What is the relationship between the Securities and Exchange Commission and accounting standard setting in the United States Question 7 Starr Co. had sales revenue of $592,700 in 2012. Other items recorded during the year were Question 8 Portman Corporation has retained earnings of $742,900 at January 1, 2012. Net income during 2012 was $1,803,740, and cash dividends declared and paid during 2012 totaled $83,090. Prepare a retained earnings statement for the year ended December 31, 2012. Assume an error was discovered: land costing $86,440 (net of tax) was charged to repairs expense in 2009 Question 9 On January 1, 2012, Richards Inc. had cash and common stock of $67,650. At that date the company had no other asset, liability or equity balances. On January 2, 2012, it purchased for cash $21,600 of equity securities that it classified as available-for-sale. It received cash dividends of $4,200 net of tax during the year on these securities. In addition, it has an unrealized holding gain on these securities of $5,460 net of tax. Determine the following amounts for 2012: (a) net income; (b) comprehensive income; (c) other comprehensive income; and (d) accumulated other comprehensive income (end of 2012). Question 10 (Comprehensive Income) Armstrong Corporation reported the following for 2012: net sales $1,200,800; cost of goods sold $759,300; selling and administrative expenses $323,000; and an unrealized holding gain on available-for-sale securities $17,000. Prepare a statement of comprehensive income, using the two-income statement format. Ignore income taxes and earnings per share Question 11 Guillen, Inc. began work on a $7,127,900 contract in 2012 to construct an office building. Guillen uses the completed-contract method. At December 31, 2012, the balances in certain accounts were construction in process $1,722,700; accounts receivable $248,200; and billings on construction in process $1,139,300. Indicate how these accounts would be reported in Guillen’s December 31, 2012, balance sheet Question 12 Lazaro, Inc. sells goods on the installment basis and uses the installment-sales method. Due to a customer default, Lazaro repossessed merchandise that was originally sold for $830, resulting in a gross profit rate of 40%. At the time of repossession, the uncollected balance is $660, and the fair value of the repossessed merchandise is $283. Prepare Lazaro’s entry to record the repossession Question 13 Harding Corporation has the following accounts included in its December 31, 2012, trial bal


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