ACC 421 Final Exam Guide
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ACC 421 Final Exam Guide

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Question 1 Transactions for Mehta Company for the month of May are presented below. May 1 B.D. Mehta invests $3,054 cash in exchange for common stock of Mehta Company, a small welding corporation. 3 Buys equipment on account for $1,547. Question 2 On July 1, 2012, Crowe Co. pays $19,796 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. Question 3 Dresser Company's weekly payroll, paid on Fridays, totals $12,000. Employees work a 5-day week. Prepare Dresser's adjusting entry on Wednesday, December 31, and the Question 4 Side Kicks has year-end account balances of Sales $876,990; Interest Revenue $17,650; Cost of Goods Sold $577,500; Operating Expenses $200,240; Income Tax Expense 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 $609,500 in 2012. Other items recorded during the year were: Cost of goods sold $326,100 Wage expense 125,100 Income tax expense 28,000 Question 8 Portman Corporation has retained earnings of $688,540 at January 1, 2012. Net income during 2012 was $1,749,750, and cash dividends declared and paid during 2012 totaled Question 9 On January 1, 2012, Richards Inc. had cash and common stock of $63,640. At that date the company had no other asset, liability or equity balances. On January 2, 2012, it purchased for cash $24,740 of equity securities that it classified as available-for-sale. It received cash dividends of $3,300 net of tax during the year on these securities. In Question 10 Armstrong Corporation reported the following for 2012: net sales $1,249,000; cost of goods sold $757,900; selling and administrative expenses $325,400; and an unrealized Question 11 Guillen, Inc. began work on a $7,017,700 contract in 2012 to construct an office building. Guillen uses the completed-contract method. At December 31, 2012, the 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 Question 13 Harding Corporation has the following accounts included in its December 31, 2012, trial balance: Accounts Receivable $110,240; Inventories $296,950; Allowance for Doubtful Question 14 Patrick Corporation's adjusted trial balance contained the following asset accounts at December 31, 2012: Prepaid Rent $16,220; Goodwill $59,100; Franchise Fees Receivable Question 15 Hawthorn Corporation's adjusted trial balance contained the following accounts at December 31, 2012: Retained Earnings $126,760; Common Stock $700,260; Bonds Question 16 Keyser Beverage Company reported the following items in the most recent year. Net income $45,190 Dividends paid 5,770 Increase in accounts receivable 10,140 Question 17 Linden Corporation is preparing its December 31, 2012, financial statements. Two events thatoccurred between December 31, 2012, and March 10, 2013, when the Question 18 Roder Corporation has seven industry segments with total revenues as follows. Penley $1,827 Cheng $609 Konami 2,088 Takuhi 522 KSC 696 Molina 2,175 Red Moon Question 19 Operating profits and losses for the seven industry segments of Roder Corporation are: Penley $234 Cheng $(54) Question 20 Which of the following events will appear in the cash flows from financing activities section of the statement of cash flows? Question 21 Heartland Company's budgeted sales and budgeted cost of goods sold for the coming year are $146,550,000 and $35,397,000 respectively. Short-term interest rates are expected to average 10%. Question 22 The financial statement which summarizes operating, investing, and financing activities of an entity for a period of time is the: Question 23 Ames Company reported 2012 net income of $159,290. During 2012, accounts receivable increased by $15,630 and accounts payable increased by $9,930. Question 24 Martinez Corporation engaged in the following cash transactions during 2012. Sale of land and building $191,970 Purchase of treasury stock 45,020 Question 25 Martinez Corporation engaged in the following cash transactions during 2012. Sale of land and building $184,990 Purchase of treasury stock 42,320 Purchase of land 46,050 Question 26 A comparative balance sheet for Orozco Corporation is presented below. Question 27 Chris Spear invested $11,999 today in a fund that earns 12% compounded annually. To what amount will the investment grow in 3 years? To what amount would the Question 28 Amy Monroe wants to create a fund today that will enable her to withdraw $30,910 per year for 8 years, with the first withdrawal to take place 4 years from today. If the fund Question 29 Zach Taylor is settling a $26,000 loan due today by making 6 equal annual payments of $6025.15. Question 30 Lyle O 'Keefe invests $30,000 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Lyle withdrew the

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