ACC 422 entire course new Flashcards
ACC 422 Week 2 Individual Assignments From the Text
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ACC 422 Week 2 Individual Assignments From the Text
Resource: Intermediate Accounting
Prepare written responses to the following assignments from the text:
Ch. 7: Exercises E7-2 & E7-8
Ch. 8: Question 13 and Exercises E8-5 & E8-14
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ACC 422 Week 2 Individual Assignments From the Text
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ACC 422 Week 2 Individual Assignments From the Text
Resource: Intermediate Accounting
Prepare written responses to the following assignments from the text:
Ch. 7: Exercises E7-2 & E7-8
Ch. 8: Question 13 and Exercises E8-5 & E8-14
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ACC 422 Week 4 DQ 1
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ACC 422 Week 4 DQ 1
What are the criteria for classifying an item as a current liability? What are some examples of current liabilities? Why is it important to classify a portion of long-term debt on a yearly basis as a current liability? What is the implication of misclassifying a liability as current or long-term?
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ACC 422 Week 4 DQ 1
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ACC 422 Week 4 DQ 1
What are the criteria for classifying an item as a current liability? What are some examples of current liabilities? Why is it important to classify a portion of long-term debt on a yearly basis as a current liability? What is the implication of misclassifying a liability as current or long-term?
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ACC 422 Week 2 Summa
UOP ACC 422 Week 2 Wileyplus Ex 8-2, Ex 8-9, Ex 8-12, Ex 9-2, Ex 9-7, Ex 9-17, Ex 9-18, Ex 9-20, Ex 9-22 (with Excel File) NEW
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ACC 422 Week 2 Wileyplus Ex 8-2, Ex 8-9, Ex 8-12, Ex 9-2, Ex 9-7, Ex 9-17, Ex 9-18, Ex 9-20, Ex 9-22 (with Excel File) NEW
This Tutorial contains Excel File which can be used to solve for any values
Complete the following assignments
- Exercise 8-2
- Exercise 8-9 (Part Level Submission)
- Exercise 8-12 (Part Level Submission)
- Exercise 9-2
- Exercise 9-7
- Exercise 9-17
- Exercise 9-18
- Exercise 9-20
- Exercise 9-22
Exercise 8-2
In your audit of Leon Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $400,500 was on hand at that date. You also discover the following items were all excluded from the $400,500.
Based on the above information, calculate the amount that should appear on Leon’s balance sheet at December 31, 2017, for inventory.
Exercise 8-9 (Part Level Submission)
Cullumber Company sells one product. Presented below is information for January for Cullumber Company.Cullumber uses the FIFO cost flow assumption. All purchases and sales are on account.
(a) – (this has 4 parts)
Assume Cullumber uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 107 units.
Exercise 8-12 (Part Level Submission)
Marigold Company was formed on December 1, 2016. The following information is available from Marigold’s inventory records for Product BAP.A physical inventory on March 31, 2017, shows 1,808 units on hand.Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method.
Exercise 9-2
Coronado Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below.Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2017, for each of the inventory items above.
Exercise 9-7
Blue Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.From the information above, determine the amount of Blue Company inventory.
Exercise 9-17
You are called by Tim Duncan of Ivanhoe Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available.Your client reports that the goods on hand on July 16 cost $32,800, but you determine that this figure includes goods of $6,000 received on a consignment basis. Your past records show that sales are made at approximately 25% over cost. Duncan’s insurance covers only goods owned.
Compute the claim against the insurance company.
Exercise 9-18
Marigold Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost.On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus escaped destruction.Submit your estimate of the inventory amounts immediately preceding the fire.
Exercise 9-22
The records of Grouper’s Boutique report the following data for the month of April.Compute the ending inventory by the conventional retail inventory method.
Exercise 9-20
Presented below is information related to Marigold Company.
Compute the ending inventory at retail.
Which of the methods in (b) above does the following?
Compute ending inventory at lower-of-cost-or-market
Compute cost of goods sold based on (d).
Compute gross margin based on (d).
ACC 422 Week 2 Summa
UOP ACC 422 Week 2 Wileyplus Ex 8-2, Ex 8-9, Ex 8-12, Ex 9-2, Ex 9-7, Ex 9-17, Ex 9-18, Ex 9-20, Ex 9-22 (with Excel File) NEW
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ACC 422 Week 3 DQ 2
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ACC 422 Week 3 DQ 2
What are the different methods used to calculate depreciation? How does a company decide which method it should utilize? How does its choice affect the financial statements? Should companies standardize the method of depreciation to enhance comparability? Explain your answer.
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ACC 422 Week 3 DQ 2
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ACC 422 Week 3 DQ 2
What are the different methods used to calculate depreciation? How does a company decide which method it should utilize? How does its choice affect the financial statements? Should companies standardize the method of depreciation to enhance comparability? Explain your answer.
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ACC 422 Week 2 Summa ACC 422 Week 2 Summary ACC 422 Week 2 Summary To purchase this material click http://www.uopassignments.com/ACC-422/ACC-422-Week-2-Summary For more classes visit www.uopassignments.com
ACC 422 Week 2 Summa ACC 422 Week 2 Summary ACC 422 Week 2 Summary To purchase this material click http://www.uopassignments.com/ACC-422/ACC-422-Week-2-Summary For more classes visit www.uopassignments.com
ACC 422 Week 3 DQ 3
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ACC 422 Week 3 DQ 3
What is an intangible asset? Should all intangible assets be subject to amortization? Explain why or why not. Why are some intangible assets not amortized? What is the implication to the financial statements?
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ACC 422 Week 3 DQ 3
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ACC 422 Week 3 DQ 3
What is an intangible asset? Should all intangible assets be subject to amortization? Explain why or why not. Why are some intangible assets not amortized? What is the implication to the financial statements?
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ACC 422 Week 3 Individual Assignments From the Text
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ACC 422 Week 3 Individual Assignments From the Text
Resource: Intermediate Accounting
Prepare written responses to the following assignments from the text:
• Ch. 9: Exorcices E9-1, E9-12, & E9-19
• Ch. 10: Exercises E10-5 & E10-12
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ACC 422 Week 3 Individual Assignments From the Text
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ACC 422 Week 3 Individual Assignments From the Text
Resource: Intermediate Accounting
Prepare written responses to the following assignments from the text:
• Ch. 9: Exorcices E9-1, E9-12, & E9-19
• Ch. 10: Exercises E10-5 & E10-12
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ACC 422 Week 3 Learning Team Assignments From the Text
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ACC 422 Week 3 Learning Team Assignments From the Text
Resource: Intermediate Accounting
Prepare written responses to the following assignments from the text:
• Ch. 9: Problem P9-9
• Ch. 10: Problem P10-8
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ACC 422 Week 3 Learning Team Assignments From the Text
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ACC 422 Week 3 Learning Team Assignments From the Text
Resource: Intermediate Accounting
Prepare written responses to the following assignments from the text:
• Ch. 9: Problem P9-9
• Ch. 10: Problem P10-8
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ACC 422 Week 3 Summary ACC 422 Week 3 Summary To purchase this material click http://www.uopassignments.com/ACC-422/ACC-422-Week-3-Summary For more classes visit www.uopassignments.com
ACC 422 Week 3 Summary ACC 422 Week 3 Summary To purchase this material click http://www.uopassignments.com/ACC-422/ACC-422-Week-3-Summary For more classes visit www.uopassignments.com
ACC 422 Week 3 WileyPLUS Assignment To purchase this material click http://www.uopassignments.com/ACC-422/ACC-422-Week-3-WileyPLUS-Assignment For more classes visit www.uopassignments.com ACC 422 Week 3 WileyPLUS Assignment Exercise 9-1
The inventory of Oheto Company on December 31, 2013, consists of the following items. Part No. Quantity Cost per Unit Cost to Replace per Unit 110 620 $126 $133 111 1,140 80 69 112 580 106 101 113 230 226 239 120 450 273 277 121 1,650 21 19 122 330 319 313
Part No. 121 is obsolete and has a realizable value of $0.7 each as scrap.
(a) Determine the inventory as of December 31, 2013, by the lower-of-cost-or-market method, applying this method directly to each item.
(b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.
Exercise 9-12
Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 171,000 Purchases (gross) 655,400 Freight-in 31,400 Sales 1,057,500 Sales returns 82,500 Purchase discounts 12,990
(a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales.
(b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.
Exercise 10-5
Allegro Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment.
Abstract company’s fee for title search $1,752
Architect’s fees 10,683
Cash paid for land and dilapidated building thereon 310,040
Removal of old building $67,400
Less: Salvage 18,535 48,865
Interest on short-term loans during construction 24,938
Excavation before construction for basement 64,030
Machinery purchased (subject to 2% cash discount, which was not taken) 219,050
Freight on machinery purchased 4,516
Storage charges on machinery, necessitated by noncompletion of
building when machinery was delivered 7,347
New building constructed (building construction took 6 months from
date of purchase of land and old building) 1,634,450
Assessment by city for drainage project 5,392
Hauling charges for delivery of machinery from storage to new building 2,089
Installation of machinery 6,740
Trees, shrubs, and other landscaping after completion of building
(permanent in nature) 18,198
Determine the amounts that should be debited to Land, to Buildings, and to Machinery and Equipment. Assume the benefits of capitalizing interest during construction exceed the cost of implementation.
Exercise 10-12
Below are transactions related to Impala Company.
(a) The City of Pebble Beach gives the company 5 acres of land as a plant site. The fair value of this land is determined to be $90,900.
(b) 14,000 shares of common stock with a par value of $52 per share are issued in exchange for land and buildings. The property has been appraised at a fair value of $909,000, of which $186,500 has been allocated to land and $722,500 to buildings. The stock of Impala Company is not listed on any exchange, but a block of 100 shares was sold by a stockholder 12 months ago at $68 per share, and a block of 200 shares was sold by another stockholder 18 months ago at $60 per share.
(c) No entry has been made to remove from the accounts for Materials, Direct Labor, and Overhead the amounts properly chargeable to plant asset accounts for machinery constructed during the year. The following information is given relative to costs of the machinery constructed.
Materials used $12,880
Factory supplies used 970
Direct labor incurred 17,030
Additional overhead (over regular) caused by construction of
machinery, excluding factory supplies used 2,570
Fixed overhead rate applied to regular manufacturing operations 60% of direct labor cost
Cost of similar machinery if it had been purchased from
outside suppliers 45,020
Prepare journal entries on the books of Impala Company to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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ACC 422 Week 5 WileyPLUS Assignment
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Problem 13-9
Sycamore Candy Company offers a CD single as a premium for every 5 candy bar wrappers presented by customers together with $3.35. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each CD to the company is $3.10; in addition, it costs 50 cents to mail each CD. The results of the premium plan for the years 2012 and 2013 are as follows. (All purchases and sales are for cash.)
2012 2013
CDs purchased 257,500 339,900
Candy bars sold 2,970,900 2,801,800
Wrappers redeemed 1,236,000 1,545,000
2012 wrappers expected to be redeemed in 2013 298,700
2013 wrappers expected to be redeemed in 2014 360,500
(a) Prepare the journal entries that should be made in 2012 and 2013 to record the transactions related to the premium plan of the Sycamore Candy Company. (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.)
(b) Indicate the amounts for each accounts, and classifications of the items related to the premium plan that would appear on the balance sheet and the income statement at the end of 2012 and 2013.
Exercise 13-13 (Essay)
Presented below are three independent situations. Answer the question at the end of each situation.
- During 2012, Maverick Inc. became involved in a tax dispute with the IRS. Maverick’s attorneys have indicated that they believe it is probable that Maverick will lose this dispute. They also believe that Maverick will have to pay the IRS between $800,000 and $1,400,000. After the 2012 financial statements were issued, the case was settled with the IRS for $1,200,000. What amount, if any, should be reported as a liability for this contingency as of December 31, 2012?
- On October 1, 2012, Holmgren Chemical was identified as a potentially responsible party by the Environmental Protection Agency. Holmgren’s management along with its counsel have concluded that it is probable that Holmgren will be responsible for damages, and a reasonable estimate of these damages is $6,000,000. Holmgren’s insurance policy of $9,000,000 has a deductible clause of $500,000. How should Holmgren Chemical report this information in its financial statements at December 31, 2012?
- Shinobi Inc. had a manufacturing plant in Darfur, which was destroyed in the civil war. It is not certain who will compensate Shinobi for this destruction, but Shinobi has been assured by governmental officials that it will receive a definite amount for this plant. The amount of the compensation will be less than the fair value of the plant but more than its book value. How should the contingency be reported in the financial statements of Shinobi Inc.?
Exercise 14-22
On December 31, 2012, the American Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a 14%, issued at par, $3,167,000 note receivable by the following modifications:
1. Reducing the principal obligation from $3,167,000 to $2,533,600.
2. Extending the maturity date from December 31, 2012, to January 1, 2016.
3. Reducing the interest rate from 14% to 10%.
Barkley pays interest at the end of each year. On January 1, 2016, Barkley Company pays $2,533,600 in cash to Firstar Bank.
(a) Will the gain recorded by Barkley be equal to the loss recorded by American Bank under the debt restructuring?
(b) Can Barkley Company record a gain under the term modification mentioned above?
(c) Assuming that the interest rate Barkley should use to compute interest expense in future periods is 1.4276%, prepare the interest payment schedule of the note for Barkley Company after the debt restructuring. (Round answers to 0 decimal places, e.g. $38,548.)
(d) Prepare the interest payment entry for Barkley Company on December 31, 2014. (Round answers to 0 decimal places, e.g. $38,548. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(e) What entry should Barkley make on January 1, 2016? (Round answers to 0 decimal places, e.g. $38,548. Credit account titles are automatically indented when amount is entered. Do
ACC 422 Week 5 WileyPLUS Assignment
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ACC 422 Week 4 DQ 2
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ACC 422 Week 4 DQ 2
what is a contingency? Why are contingencies important to users of financial statements? What are the criteria for recording contingencies? Should companies record a liability for threatened litigation? Explain why or why not.
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ACC 422 Week 4 DQ 2
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ACC 422 Week 4 DQ 2
what is a contingency? Why are contingencies important to users of financial statements? What are the criteria for recording contingencies? Should companies record a liability for threatened litigation? Explain why or why not.
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ACC 422 Week 3 DQ 4
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ACC 422 Week 3 DQ 4
Why are research and development costs expensed? Is this consistent with how other similar costs are handled? Explain why or why not. Should research and development costs be expensed? Explain why or why not.
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ACC 422 Week 3 DQ 4
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ACC 422 Week 3 DQ 4
Why are research and development costs expensed? Is this consistent with how other similar costs are handled? Explain why or why not. Should research and development costs be expensed? Explain why or why not.
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ACC 422 Week 4 Individual Assignments From the Text
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CC 422 Week 4 Individual Assignments From the Text
Resource: Intermediate Accounting
Prepare written responses to the following assignments from the text:
• Ch. 11: Exercises E11-4 & E11-11
• Ch. 12: Exercises E12-6 & E12-16
Prepare a response to the following questions:
• What are at least four depreciation methods that are available to a company?
• What are the similarities and differences?
• Why does a company select one method over another?
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ACC 422 Week 4 Individual Assignments From the Text
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ACC 422 Week 4 Learning Team Assignments From the Text
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ACC 422 Week 4 Learning Team Assignments From the Text
Resource: Intermediate Accounting
Prepare written responses to the following assignments from the text:
• Ch. 11: Exercise E11-18 & Problem P11-10
• Ch. 12: Problem P12-3
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ACC 422 Week 4 Learning Team Assignments From the Text
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ACC 422 Week 4 Learning Team Assignments From the Text
Resource: Intermediate Accounting
Prepare written responses to the following assignments from the text:
• Ch. 11: Exercise E11-18 & Problem P11-10
• Ch. 12: Problem P12-3
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ACC 422 Week 4 Summary ACC 422 Week 4 Summary To purchase this material click http://www.uopassignments.com/ACC-422/ACC-422-Week-4-Summary For more classes visit www.uopassignments.com
ACC 422 Week 4 Summary ACC 422 Week 4 Summary To purchase this material click http://www.uopassignments.com/ACC-422/ACC-422-Week-4-Summary For more classes visit www.uopassignments.com
ACC 422 Week 4 WileyPLUS Assignment
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ACC 422 Week 4 WileyPLUS Assignment
Exercise 11-4
Wenner Furnace Corp. purchased machinery for $650,070 on May 1, 2012. It is estimated that it will have a useful life of 10 years, salvage value of $34,950, production of 559,200 units, and working hours of 25,000. During 2013, Wenner Corp. uses the machinery for 2,650 hours, and the machinery produces 59,415 units.
From the information given, compute the depreciation charge for 2013 under each of the following methods. (Round answers to 0 decimal places, e.g. $45,892.)
Problem 11-6
Conan O’Brien Logging and Lumber Company owns 3,200 acres of timberland on the north side of Mount Leno, which was purchased in 2000 at a cost of $640 per acre. In 2012, O’Brien began selectively logging this timber tract. In May of 2012, Mount Leno erupted, burying the timberland of O’Brien under a foot of ash. All of the timber on the O’Brien tract was downed. In addition, the logging roads, built at a cost of $159,000, were destroyed, as well as the logging equipment, with a net book value of $323,200.
At the time of the eruption, O’Brien had logged 20% of the estimated 550,000 board feet of timber. Prior to the eruption, O’Brien estimated the land to have a value of $260 per acre after the timber was harvested. O’Brien includes the logging roads in the depletion base.
O’Brien estimates it will take 3 years to salvage the downed timber at a cost of $707,400. The timber can be sold for pulp wood at an estimated price of $3 per board foot. The value of the land is unknown, but must be considered nominal due to future uncertainties.
(a) Determine the depletion cost per board foot for the timber harvested prior to the eruption of Mount Leno. (Round per unit answer to 2 decimal places, e.g. 0.45.)
(b) Prepare the journal entry to record the depletion prior to the eruption. (Round per unit answer to 2 decimal places, e.g. 0.45 for computational purpose and final answer to 0 decimal places, e.g. $45,892. 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.)
(c) If this tract represents approximately half of the timber holdings of O’Brien, determine the amount of the extraordinary loss due to the eruption of Mount Leno for the year ended December 31, 2012.
Exercise 12-16
Margaret Avery Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2011, the company expends $339,820 on a research project, but by the end of 2011 it is impossible to determine whether any benefit will be derived from it.
(a) The project is completed in 2012, and a successful patent is obtained. The R&D costs to complete the project are $132,070. The administrative and legal expenses incurred in obtaining patent number 472-1001-84 in 2012 total $35,000. The patent has an expected useful life of 5 years. Record these costs in journal entry form. Also, record patent amortization (full year) in 2012. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(b) In 2013, the company successfully defends the patent in extended litigation at a cost of $52,000, thereby extending the patent life to December 31, 2020. What is the proper way to account for this cost? Also, record patent amortization (full year) in 2013. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Problem 12-1
Reichenbach Co., organized in 2011, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2012 and 2013.
Intangible Assets
7/1/12 8-year franchise; expiration date 6/30/19 $57,520
10/1/12 Advance payment on laboratory space (2-year lease) 25,320
12/31/12 Net loss for 2011 including state incorporation fee, $1,560,
and related legal fees of organizing, $4,700 (all fees incurred in 2011) 15,170
1/2/13 Patent purchased (10-year life) 88,020
3/1/13 Cost of developing a secret formula (indefinite life) 71,390
4/1/13 Goodwill purchased (indefinite life) 279,860
6/1/13 Legal fee for successful defense of patent purchased above 13,340
9/1/13 Research and development costs 154,400
Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2013, recording any necessary amortization and reflecting all balances accurately as of that date. (Ignore income tax effects.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round all answers to 0 decimal places, e.g. 8,564.)
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