b. Revising the estimated life of equipment from 10 years to 8 years. c. Not writing off obsolete inventory. d. Reducing research and development expenditures. 2. Prophet Corporation has an extraordinary loss of $200,000, an unusual gain of $140,000, and a tax rate of 40%.
2. On January 1, 2007, Fire wire Company acquired 40 percent of Browser Company's common stock. For this acquisition, Fire wire paid $45,000 above book value. The full differential was attributed to equipment with a remaining life of ten years and zero salvage value at the date of acquisition. During 2007 and 2008, Browser reported net income of $90,000 and $50,000 and paid dividends of $40,000 and $60,000, respectively.
Product Revenue, Utility Expense, Supplies Expense c. Utility Expense, Supplies Expense d. Product Revenue, Utility Expense, Supplies Expense 3. 1) The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one half of this amount had been earned. a. B. adjustment of an unearned revenue MM-DD-YY | Cash | | | $ 1,500 | | | Unearned Revenue | | $ 1,500 | | Advance collection from client | | | 12-31-YY | Unearned Revenue | | $ 750 | | | Revenue | | | $ 750 | | Adjusting entry for earned portion of prepayment | b. c. Increase total revenue by $750 2) Sally Corporation provided $1,500 of services to Artech Corporation; no billing had been made by December 31. a. D. adjustment to record an accrued revenue 12-31-YY | Accounts Receivable | | $ 1,500 | | | Revenue | | | $ 1,500 | | Adjusting entry to reflect services provided | | b. C. Increase total revenue by $1,500 3) Salaries owed to employees at year-end amounted to $1,000.
Numerical Reasoning Free Practice Test 1 Questions Booklet 1 www.assessmentday.co.uk Q1 Which share has shown the largest absolute range in price over the last year? (A) Huver Co. (B) Drebs Ltd (C) Fevs Plc (D) Fauvers Q2 (A) (B) (C) (D) What was yesterday’s cost difference between 50 shares in Fevs plc and 100 shares in Steapars? 164,726 Euros 172,577 Euros 164,045 Euros None of these Q3 Today’s Drebs Ltd share price represents a 40% increase on the price one month ago. What was the price a month ago? (A) 25.20 Euros (B) 12.68 Euros (C) 12.90 Euros (D) 12.86 Euros 2 www.assessmentday.co.uk Q4 (A) (B) (C) (D) How much is the total annual dividend payable for 1,550 shares in Drebs Ltd?
ACCT 3001 Job Order Costing The December 31, 2009, balance sheet of Danko Corp. is presented below: Danko Corp. Balance sheet December 31, 2009 Cash $12,000 Accounts Payable $5,000 Building & Equip. 20,000 Common Stock 10,000 Accum. Deprec. (4,000) Retained Earnings 13,000 $28,000 $28,000 During 2010, the following events occurred: 1. Danko purchased, on account, raw materials for $1,600, and used $1,300 in production.
First cash flow: FV = 3581.70 (already done) Second cash flow: PV = -4000, N = 6, I/YR = 6, solve for FV = 5674.08 Third cash flow: PV = -8000, N=2, I/YR = 6; solve for FV = 8988.80 ANSWER: 3581.70+5674.08+8988.80 = $18,244.58 Question 1c Using the information from Question 1b, what will be the total accumulated value at the end of 10 years, if the interest rate is expected to be 6% for only the first three years, followed by 8% for the next five years, and 10% thereafter? First cash flow: PV = -2000, N=3, I/YR =6, solve for FV = 2382.03 PV = -2382.03, N = 5, I/YR = 8, solve for FV = 3499.98 PV = -3499.98, N = 2, I/YR = 10, solve for FV = 4,234.97 Second cash flow: PV = -4000, N = 4, I/YR = 8, solve for FV = 5441.96 PV = -5441.96, N = 2, I/YR = 10, solve for FV = 6584.77 Third cash flow: PV = -8000, N = 2, I/YR = 10, solve for FV = 9680.00 ANSWER: 4234.97 + 6584.77 + 9680.00 = $20,499.74 Question 1d Using the information from 1b, what equal amounts should be withdrawn in years 5 an 6, if the total accumulated value at the end of ten years is
• debit to Allowance for Doubtful Accounts for $3,300. Multiple Choice Question 182 The financial statements of the Melton Manufacturing Company reports net sales of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days? • 60.8 • 96.1 • 36.5 • 48.7 Find the final exam answers here ACC 291 Final Exam Answers Multiple Choice Question 119 Stine Company purchased machinery with a list price of $64,000. They were given a 10% discount by the manufacturer.
2.0 Task 1 In 2012 Inbox Software had 9,000 million shares of common stock authorized,4,260 million in issue, and 3,847 million outstanding (figure rounded to the nearest million). Its equity account was as follows: Common stock $ 213 Additional paid-in capital 5,416 Retained earnings 10,109 Treasury shares 6,851 Currency translation adjustment and contributions to an employee benefit trust have been deducted from retained earnings. 1.1 What was the par value of each share? $213 million4,260 million share = $0.05 per share 1.2 What was the average price at which shares were sold? $213 million+$5416 million4,260 million share= $132 per share 1.3 How many shares had been repurchased?
In the financial statements, the firm has reported assets of $9 million, liabilities of $5 million, after-tax earnings of $2 million, and 750,000 outstanding shares of common stock. a. Calculate the earnings per share of Bozo Oil’s common stock. After Tax Income / Number of Shares Outstanding = EPS 2,000,000 / 750,000 = $2.67 per share b. Assuming that a share of Bozo Oil’s common stock has a market value of $40, what is the firm’s price-earnings ratio?
• debit to Allowance for Doubtful Accounts for $3,300. Multiple Choice Question 182 The financial statements of the Melton Manufacturing Company reports net sales of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days? • 60.8 • 96.1 • 36.5 • 48.7 Find the final exam answers here ACC 291 Final Exam Answers Multiple Choice Question 119 Stine Company purchased machinery with a list price of $64,000. They were given a 10% discount by the manufacturer.