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ACC 304 Course Success is a Tradition
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ACC 304 Course Success is a Tradition
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• ACC 304 Final Exam Part 1 (3 Sets)

• ACC 304 Final Exam Part 2 (2 Sets)

• 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.

• 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

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ACC 304 Course Success is a Tradition
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• ACC 304 Week 1 Chapter 8 Homework

• ACC 304 Week 2 Chapter 8 Quiz (All Possible
  Questions)

• 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.

• ACC 304 Week 2 Quiz Strayer NEW
• CHAPTER 8
• ALUATION OF INVENTORIESA COST-BASIS APPROACH
• IFRS questions are available at the end of this
  chapter.
• TRUE FALSEConceptual
• 1. A manufacturing concern would report
  the cost of units only partially processed as
  inventory in the balance sheet.

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• ACC 304 Week 2 Chapter 9 Homework

• ACC 304 Week 3 Chapter 9 Quiz (All Possible
  Questions)

• 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-market 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

• 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.

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• ACC 304 Week 3 Chapter 10 Homework

• ACC 304 Week 4 Chapter 10 Quiz (All Possible
  Questions)

• 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.

• 1. Assets classified as Property, Plant, and
  Equipment can be either acquired for use in
  operations, or acquired for resale.
• 2. Assets classified as Property, Plant,
  and Equipment must be both long-term in nature
  and possess physical substance.

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• ACC 304 Week 4 Chapter 11 Homework

• ACC 304 Week 5 Midterm Part 1 (Set 1)

• 1) Lockard Company purchased machinery on
  January 1, 2014, for 102,960. The machinery is
  estimated to have a salvage value of 10,296
  after a useful life of 8 years.
• 2) Compute 2014 depreciation expense using
  the double-declining-balance method.
• 3) Compute 2014 depreciation expense using
  the double-declining-balance method, assuming the
  machinery was purchased on October 1, 2014.

• 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

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ACC 304 Course Success is a Tradition
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• ACC 304 Week 5 Midterm Part 1 (Set 2)

• ACC 304 Week 5 Midterm Part 1 (Set 3)

• 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?

• 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.

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• ACC 304 Week 5 Midterm Part 2

• ACC 304 Week 6 Chapter 12 Homework

• 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

• 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.

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ACC 304 Course Success is a Tradition
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• ACC 304 Week 7 Chapter 12 Quiz (All Possible
  Questions)

• ACC 304 Week 7 Chapter 13 Homework

• 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

• 1) Takemoto Corporation borrowed 64,850 on
  November 1, 2014, by signing a 68,450, 3-month,
  zero-interest-bearing 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.

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ACC 304 Course Success is a Tradition
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• ACC 304 Week 8 Assignment 1 Delta Airlines
  Property, Plant

• ACC 304 Week 8 Chapter 14 Homework

• 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.

• 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.

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• ACC 304 Week 9 Chapter 13 and Chapter 14 Quiz

• ACC 304 Week 9 Chapter 15 Homework

• 1. A zero-interest-bearing note payable that is
  issued at a discount will not result in any
  interest expense being recognized.
• 2. Dividends in arrears on cumulative
  preferred stock should be recorded as a current
  liability.
• 3. Magazine subscriptions and airline
  ticket sales both result in unearned revenues.

• 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.

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ACC 304 Course Success is a Tradition
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• ACC 304 Week 10 Chapter 15 Quiz (All Possible
  Questions)

• ACC 304 Week 10 Chapter 16 Homework

• 1. A corporation is incorporated in only one
  state regardless of the number of states in which
  it operates.
• 2. The preemptive right allows
  stockholders the right to vote for directors of
  the company.
• 3. Common stock is the residual
  corporate interest that bears the ultimate risks
  of loss.

• 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.)
• Account Titles and Explanation Debit
  Credit

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