ACC 304 Believe Possibilities--snaptutorial.com

1
ACC 304 Believe Possibilities--snaptutorial.com
2
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Final Exam Part 1 (3 Sets) For more
classes visit www.snaptutorial.com   This
Tutorial contains 3 Set of Finals ACC 304 Final
Exam Part 1 (3 Sets) 1 1) Swing High Inc.
offers its 100 employees to participate in an
employee share-purchase plan. Under the terms of
plan, employees are entitled to purchase 10
shares at 10 discount. The par values of shares
were 10. Overall, 60 employees accepted the
offer and each employee purchased six shares. The
market price on purchase date was 100.       
3
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Final Exam Part 2 (2 Sets) For more
classes visit www.snaptutorial.com   ACC 304
Final Exam Part 2 (2 Sets) 1 1) On
January 1, 2015, Piper Co. issued ten-year bonds
with a face value of 3,000,000 and a stated
interest rate of 10, payable semiannually on
June 30 and December 31. The bonds were sold to
yield 12. Table values are Present value of 1
for 10 periods at 10 .386
Present value of 1 for 10 periods at 12
.322 Present value of 1 for 20
periods at 5 .377  
    
4
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 1 Chapter 8 Homework   For more
classes visit www.snaptutorial.com   ACC 304 Week
1 Chapter 8 Homework 1) Matlock Company
uses a perpetual inventory system. Its beginning
inventory consists 50 units that cost 34 each.
During June , (1) the company purchased units at
34 each, (2) returned 6 units for credit ,and
(3) sold 125 unit at 50 each. Journalize the
June transactions.       
5
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 2 Chapter 8 Quiz (All Possible
Questions) For more classes visit www.snaptutorial
.com   ACC 304 Week 2 Quiz Strayer NEW
CHAPTER 8 VALUATION OF INVENTORIESA
COST-BASIS APPROACH IFRS questions are
available at the end of this chapter.       
6
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 2 Chapter 9 Homework For more
classes visit www.snaptutorial.com   ACC 304 Week
2 Chapter 9 Homework 1) Floyd Corporation
has the following four items in its ending
inventory. Determine the final lower-of-cost-or-ma
rket inventory value for each item. 2) Bell,
Inc. buys 1,000 computer game CDs from a
distributor who is disconnecting those games. The
purchase price for the lot is 8,000.Bell will
group the CDs into three price categories for
resale, as indicated bellow. Determine the cost
per CD for each group,       
7
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 3 Chapter 9 Quiz (All Possible
Questions)   For more classes visit www.snaptutori
al.com   1. A company should abandon the
historical cost principle when the future utility
of the inventory item falls below its original
cost. 2. The lower-of-cost-or-market
method is used for inventory despite being less
conservative than valuing inventory at market
value. 3. The purpose of the floor in
lower-of-cost-or-market considerations is to
avoid overstating inventory. 4.
Application of the lower-of-cost-or-market rule
results in inconsistency because a company may
value inventory at cost in one year and at market
in the next year.       
8
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 3 Chapter 10 Homework   For more
classes visit www.snaptutorial.com   ACC 304 Week
3 Homework (Chapter 10) 1) Hanson Company
is constructing a building. Construction begins
on February 1 and was completed on December 31.
Expenditure were 1,800,000 on march 1,
1,200,000 on June 1, and 3,000,000 on December
31. Compute Hansons weighted-average accumulated
expenditure for interest capitalization
purposes.     
9
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 4 Chapter 10 Quiz (All Possible
Questions) For more classes visit www.snaptutorial
.com   ACC 304 Week 4 Quiz Strayer NEW Week 4
Quiz 3 Chapter 10 ACQUISITION AND
DISPOSITION OF PROPERTY, PLANT, AND EQUIPMENT
IFRS questions are available at the end of this
chapter. TRUE-FALSEConceptual       
10
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 4 Chapter 10 Quiz (All Possible
Questions) For more classes visit www.snaptutorial
.com   ACC 304 Week 4 Quiz Strayer NEW Week 4
Quiz 3 Chapter 10 ACQUISITION AND
DISPOSITION OF PROPERTY, PLANT, AND EQUIPMENT
IFRS questions are available at the end of this
chapter. TRUE-FALSEConceptual       
11
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 5 Midterm Part 1 (Set 1)   For more
classes visit www.snaptutorial.com   The book
value of a plant asset is The asset turnover
ratio is computed by dividing On September 19,
2014, Markham Co. purchased machinery for
285,000. Salvage value was estimated to be
15,000. The machinery will be depreciated over
eight years using the sum-of-the-years'-digits
method. If depreciation is computed on the basis
of the nearest full month, Markham should record
depreciation expense for 2015 on this machinery
of       
12
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 5 Midterm Part 1 (Set 2) For more
classes visit www.snaptutorial.com   Multiple
Choice Question 90 If Labor, Inc. uses the
composite method and its composite rate is 7.5
per year, what entry should it make when plant
assets that originally cost 80,000 and have been
used for 10 years are sold for 24,000? Multiple
Choice Question 102       
13
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 5 Midterm Part 1 (Set 3) For more
classes visit www.snaptutorial.com   ACC 304 Week
5 Midterm Part 1 (Set 3) 1) Tongas
Company applies revaluation accounting to plant
assets with a carrying value of 1,600,000, a
useful life of 4 years, and no salvage value.
Depreciation is calculated on the straight-line
basis. At the end of year 1, independent
appraisers determine that the asset has a fair
value of 1,500,000. The journal entry to
adjust the plant assets to fair value and record
revaluation surplus in year one will include a
      
14
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 5 Midterm Part 2   For more classes
visit www.snaptutorial.com   ACC 304 Week 5
Midterm Part 2 1) 1) A machine which cost
300,000 is acquired on October1, 2014. Its
estimated salvage value is 30,000 and its
expected life is eight years. a)
Calculate depreciation expense for 2014 and 2015
by double-declining balance b) Calculate
depreciation expense for 2014 and 2015 by
sum-of-the-years-digits c) At the end of
2015, which method results in the larger
accumulated depreciation amount?     
15
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 6 Chapter 12 Homework   For more
classes visit www.snaptutorial.com   ACC 304 Week
6 Chapter 12 Homework 1) Waters
Corporation purchased Johnson Company 3 years ago
and at that time recorded goodwill of 400,000.
The Johnson Divisions net assets, including the
good well, have a carrying amount of 800,000.
The fair value of the division is estimated to be
1,000,000.prepare Waters journal entry to
record impairment of the goodwill.       
16
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 7 Chapter 12 Quiz (All Possible
Questions) For more classes visit www.snaptutori
al.com   ACC 304 Week 7 Quiz Strayer NEW Week
7 Quiz 4 Chapter 12 INTANGIBLE ASSETS IFRS
questions are available at the end of this
chapter. TRUE-FALSEConceptual       
17
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 7 Chapter 13 Homework For more
classes visit www.snaptutorial.com   ACC 304 Week
7 Chapter 13 Homework 1) Takemoto
Corporation borrowed 64,850 on November 1, 2014,
by signing a 68,450, 3-month, zero-interest-beari
ng note. Prepare Takemotos November 1, 2014,
entry the December 31, 2014, annual adjusting
entry and the February 1, 2015, entry. (If no
entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.
Credit account titles are automatically indented
when amount is entered. Do not indent
manually.)       
18
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 8 Assignment 1 Delta Airlines
Property, Plant, And Equipment For more classes
visit www.snaptutorial.com   ACC 304 WEEK 8
ASSIGNMENT 1 DELTA AIRLINES PROPERTY, PLANT, AND
EQUIPMENT Assignment 1 Delta Airlines
Property, Plant, and Equipment Due Week 8 and
worth 200 points According to the textbook,
U.S. companies and foreign companies are affected
by deprecation rules. When companies write off
the cost of long-lived assets over a period of
time, the term used is depreciation.       
19
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 8 Chapter 14 Homework   For more
classes visit www.snaptutorial.com   ACC 304 Week
8 Chapter 14 Homework 1) Teton
Corporation issued 704,000 of 9 bonds on
November 1, 2014, for 745,018. The bonds were
dated November 1, 2014, and mature in 8 years,
with interest payable each May 1 and November 1.
Teton uses the effective-interest method with an
effective rate of 8.       
20
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 9 Chapter 13 and Chapter 14 Quiz
(All Possible Questions)   For more classes
visit www.snaptutorial.com   ACC 304 Week 9 Quiz
Strayer NEW Week 9 Quiz 5 Chapter 13, Quiz
6 Chapter 14 CURRENT LIABILITIES AND
CONTINGENCIES IFRS questions are available at
the end of this chapter.       
21
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 9 Chapter 15 Homework   For more
classes visit www.snaptutorial.com   ACC 304 Week
9 Chapter 15 Homework 1) Ravonette
Corporation issued 375 shares of 14 par value
common stock and 128 shares of 51 par value
preferred stock for a lump sum of 17,118. The
common stock has a market price of 20 per share,
and the preferred stock has a market price of 90
per share.       
22
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 10 Chapter 15 Quiz (All Possible
Questions) For more classes visit www.snaptutorial
.com   ACC 304 Week 10 Quiz Strayer NEW
Week 10 Quiz 7 Chapter 15 STOCKHOLDERS
EQUITY IFRS questions are available at the end
of this chapter. TRUE-FALSEConceptual  
    
23
ACC 304 Believe Possibilities--snaptutorial.com
ACC 304 Week 10 Chapter 16 Homework For more
classes visit www.snaptutorial.com   ACC 304 Week
10 Chapter 16 Homework 1) Archer Inc.
issued 4,461,300 par value, 7 convertible bonds
at 99 for cash. If the bonds had not included the
conversion feature, they would have sold for 95.
Prepare the journal entry to record the issuance
of the bonds. (Credit account titles are
automatically indented when amount is entered. Do
not indent manually. If no entry is required,
select "No Entry" for the account titles and
enter 0 for the amounts.)       
24
ACC 304 Believe Possibilities--snaptutorial.com