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ACC 421 help Become Exceptional  / acc421genius.com

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ACC 421 help Become Exceptional  / acc421genius.com

ACC 421 Chapter 5 Wileyplus
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Keyser Beverage Company reported the following items in the most recent year. Q -2 Ames Company reported 2014 net income of $151,000. During 2014, accounts receivable increased by $13,000 and accounts payable increased by $9,500. Depreciation expense was $44,000. Prepare the cash flows from operating activities section of the statement of cash flows. Q -3 Martinez Corporation engaged in the following cash transactions during 2014. Q-4 The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions listed below as: Q-5 E5-14 http://edugen.wiley.com/edugen/art2/common/pixel.gif The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2014 are as follows. Exercise 5-16 (Part Level Submission) A comparative balance sheet for Shabbona Corporation is presented below. Exercise 5-18 (Part Level Submission) The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2014 appear below. IFRS Practice Question 3 Companies that use IFRS: Entry field with correct answer A company has purchased a tract of land and expects to build a production plant on the land in approximately 5 years. During the 5 years before construction, the land will be idle. Under IFRS, the land should be reported as:
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ACC 421 Chapter 23 wileyplus
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Exercise 23-11 Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below Problem 23-6 Comparative balance sheet accounts of Marcus Inc. are presented below. IFRS Multiple Choice Question 06 Which of the following is false with regard to IFRS and the statement of cash flows? IFRS Multiple Choice Question 07 Ocean Company follows IFRS for its external financial reporting. Which of the following methods of reporting are acceptable under IFRS for the items shown? IFRS Multiple Choice Question 08 Ocean Company follows IFRS for its external financial reporting. Which of the following methods of reporting are acceptable under IFRS for the items shown? IFRS Multiple Choice Question 09 Wave, Inc. follows IFRS for its external financial reporting. The statement of cash flows reports changes in cash and cash equivalents, which of the following is not considered cash or a cash equivalent under IFRS? IFRS Multiple Choice Question 10 Surf Company follows IFRS for its external financial reporting. The following amounts were available at December 31, 2013:
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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.
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ACC 421 Week 1 Individual Assignment Accounting Cycle Paper (2 Paper)
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This Tutorial contains 2 Papers Prepare a 700- to 1,050-word paper explaining the overall accounting cycle at your organization. Include a description of the people, processes, and systems that are integral to the cycle.
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ACC 421 Week 2 Individual Wileyplus Assignment E4-6, E4-16, P3-5, E18-4, E18-5
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ACC 421 Week 2 Answers Week 2 Solutions to E4-6, E4-16, P3-5, E18-4, E18-5 Week 2 Solutions to Problems 1,2,3, and 4
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ACC 421 Week 2 Team Assignment CA1-3, CA 1-14, E3-14, P3-11
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CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiple-choice questions. (All answers are in bold type.) 1. GAAP stands for: 2. Accounting standard-setters use the following process in establishing accounting standards: 3. GAAP is comprised of: 4. The authoritative status of the conceptual framework is as follows. 5. The objective of financial reporting places most emphasis on: 6. General-purpose financial statements are prepared primarily for: 7. Economic consequences of accounting standard-setting means: 8. The expectations gap is: CA 1 – 14 (Securities and Exchange Commission)The U.S. Securities and Exchange Commission (SEC)was created in 1934 and consists of five commissioners and a large professional staff. The SEC professionalstaff is organized into five divisions and several principal offices. The primary objective of the SEC is tosupport fair securities markets. The SEC also strives to foster enlightened stockholder participation in corporatedecisions of publicly traded companies. The SEC has a significant presence in financial markets, thedevelopment of accounting practices, and corporation-shareholder relations, and has the power to exertinfluence on entities whose actions lie within the scope of its authority.
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ACC 421 Week 3 Individual Wileyplus Assignment E5-5, E5-12, E5-15, E24-2, E24-5
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ACC 421 Week 3 Answers Week 3 Solutions to E5-5, E5-12, E5-15, E24-2, E24-5
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ACC 421 Week 3 Team Assignment P4-4, P18-2, P18-8
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P4-4 (Multiple- and Single-Step Income, Retained Earnings) The following account balances were included in the trial balance of Twain Corporation at June 30, 2014. Using the multiple-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2014. Using the single-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2014. Problem 18 - 2 Recognition of Profit on Long Term Contract a.) Using the percentage of completion method, compute the estimated gross profit that would be recognized during each year of the construction period b.) Using the Completed Contract Method, compute the estimated gross profit that would be recognized during each year of the construction period P18-8 Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis. Instructions: Compute the realized gross profit for each of the years 2014, 2015 and 2016. Prepare all entries required in 2016, applying the installment-sales method of accounting. (Ignore interest charges
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ACC 421 Week 4 Individual Assignment Full Disclosure Paper (2 Paper)
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This Tutorial contains 2 Different Papers Disclosure Paper contains: Intermediate Financial Accounting I Individual Full Disclosure Paper Resource: Intermediate Accounting Write a 700-word paper addressing the following: Answer Question 2 in Ch. 24. Explain the need for full disclosure in financial reporting. Identify possible consequences of failing to properly disclose certain items in financial statements.
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ACC 421 Week 4 Team Assignment P5-3, CA24-2, P24-2, P24-3
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P5-3 (Balance Sheet Adjustment and Preparation) The adjusted trial balance of Eastwood Company andother related information for the year 2014 are presented as follows. Additional information: 1. The LIFO method of inventory value is used. 2. The cost and fair value of the long-term investments that consist of stocks and bonds is the same. 3. The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) Theland on which the building is being constructed cost $85,000, as shown in the trial balance. 4. The patents were purchased by the company at a cost of $40,000 and are being amortized on a CA24-2 (Disclosures Required in Various Situations) Ace Inc. produces electronic components for sale tomanufacturers of radios, television sets, and digital sound systems. In connection with her examination ofAce’s financial statements for the year ended December 31, 2015, Gloria Rodd, CPA, completed field work2 weeks ago. Ms. Rodd now is evaluating the significance of the following items prior to preparing her auditor’sreport. Except as noted, none of these items have been disclosed in the financial statements or notes.
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ACC 421 Week 4 WileyPLUS E23-1, E23-4, E23-7, E23-11, E23-12
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Individual Assignments Resource: WileyPLUS Complete the following Week Four Assignment in WileyPLUS: Exercise 23-1 Exercise 23-4 Exercise 23-7 Exercise 23-11 Exercise 23-12
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ACC 421 Week 4 Wileyplus
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Question 1 The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions listed below as: A comparative balance sheet for Shabbona Corporation is presented below. Question 2 A comparative balance sheet for Shabbona Corporation is presented below Question 3 Each of the following items must be considered in preparing a statement of cash flows (indirect method) for Turbulent Indigo Inc. for the year ended December 31, 2014. State where each item is to be shown in the statement of cash flows, if at all. Question 4 Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below. Question 5 Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below.
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ACC 421 WEEK 5 INDIVIDUAL ASSIGNMENT STATEMENT OF CASH FLOWS PAPER (2 Papers)
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This Tutorial contains 2 Different Papers Statement of Cash Flows Paper Write a 700-word paper in which you address the following: •Answer Question 1 in Ch. 23 of Intermediate Accounting. •Explain why statements of cash flows are important when assessing the financial strength of an organization.
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ACC 421 Week 5 Team Assignment P6-7, P5-7, P23-7, P23-8
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P6-7 (Time Value Concepts Applied to Solve Business Problems) Answer the following questions related to Dubois Inc. (a) Dubois Inc. has $600,000 to invest. The company is trying to decide between two alternative uses ofthe funds. One alternative provides $80,000 at the end of each year for 12 years (b) Dubois Inc. has completed the purchase of new Dell computers. The fair value of the equipment is$824,150. The purchase agreement specifies an immediate down payment of $200,000 (c) Dubois Inc. loans money to John Kruk Corporation in the amount of $800,000. Dubois acceptsan 8% note due in 7 years with interest payable semiannually. After 2 years ( (d) Dubois Inc. wishes to accumulate $1,300,000 by December 31, 2022, to retire bonds outstanding. Thecompany deposits $200,000 on December 31, 2012, which will earn interest at 10% P23-7 (SCF—Direct and Indirect Methods from Comparative Financial Statements) Chapman Company, a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The comparative balance sheet and income statement for Chapman as of May 31, 2012, are shown on thenext page. The company is preparing its statement of cash flows.
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ACC 421 Week 5 WileyPLUS E6-2, E6-5, E6-6, E6-8, E6-10
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Individual Assignments WileyPLUS Assignment: Week 5 Assignment Complete the following Week Five Assignment in WileyPLUS: Exercise 6-2 Exercise 6-5 Exercise 6-6 Exercise 6-8 Exercise 6-10
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