Hi I am in ACC 422 and I need help on the final exam in Wiley Plus. There are 30 questions. problems. They are all accounting I cannot find any version of the test that I have because the amounts are different. Also my school is University of Phoenix.
Hi what information do you need to help me?
Ok I have them attached in a Word Doc.
2. Presented below is information related to Rembrandt Inc.'s inventory.
Cost to distribute
Current replacement cost
Normal profit margin
Determine the following:
the two limits to market value (e.g., the ceiling and the floor) that should be used in the lower of cost or market computation for skis; (Round answers to 2 decimal places, e.g. 20.25.)
the cost amount that should be used in the lower of cost or market comparison of boots; (Round answer to 2 decimal places, e.g. 20.25.)
the market amount that should be used to value parkas on the basis of the lower of cost or market. (Round answer to 2 decimal places, e.g. 20.25.)
3. Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 55 units that cost $33 each. During June, the company purchased 166 units at $33 each, returned 7 units for credit, and sold 138 units at $55 each. Journalize the June transactions.
SalesInventoryAccounts receivableAccounts payableCost of goods sold
Cost of goods soldAccounts payableInventoryAccounts receivableSales
(To record inventory purchased.)
InventoryAccounts receivableSalesCost of goods soldAccounts payable
Accounts receivableSalesCost of goods soldInventoryAccounts payable
(To record inventory returned.)
SalesAccounts receivableInventoryCost of goods soldAccounts payable
Cost of goods soldSalesInventoryAccounts payableAccounts receivable
(To record inventory sold.)
SalesAccounts payableInventoryCost of goods soldAccounts receivable
Accounts receivableSalesInventoryCost of goods soldAccounts payable
(To record cost of goods sold.)
Amsterdam Company uses a periodic inventory system. For April, when the company sold 700 units, the following information is available.
April 1 inventory
April 15 purchase
April 23 purchase
Compute the April 30 inventory and the April cost of goods sold using the average cost method. (Round computations for cost per unit to 2 decimal places, e.g. 10.25 and answers to 0 decimal places, e.g. 2,250.)
Cost of goods sold
Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available.
Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
(FIFO, LIFO, Average Cost Inventory)
Esplanade Company was formed on December 1, 2011. The following information is available from Esplanade's inventory records for Product BAP.
January 1, 2012 (beginning inventory)
January 5, 2012
January 25, 2012
February 16, 2012
March 26, 2012
A physical inventory on March 31, 2012, shows 2,112 units on hand.
Prepare schedules to compute the ending inventory at March 31, 2012, under each of the following inventory methods. Assume Esplanade Company uses the periodic inventory method.
Computation of Inventory for Product BAP
BAP under FIFO Inventory Method
March 31, 2012
March 31, 2012, inventory
BAP under LIFO Inventory Method
Weighted average (Round weighted average cost to 2 decimal places, e.g. 2.25 and use this rounded amount for future calculations. Round the inventory on March to 0 decimal places, e.g. 1,250.)
BAP under Weighted Average Inventory Method
Weighted Average cost
Floyd Corporation has the following four items in its ending inventory.
Net Realizable Value (NRV)
NRV Less Normal Profit Margin
Determine the final lower of cost or market inventory value for each item.
Kumar Inc. uses a perpetual inventory system. At January 1, 2013, inventory was $313,724 at both cost and market value. At December 31, 2013, the inventory was $419,276 at cost and $394,354 at market value. Prepare the necessary December 31 entry under:
the cost of goods sold method
Loss due to market decline of inventoryInventoryAllowance to reduce inventory to marketCashSalesGain due to market increase of inventoryCost of goods sold
SalesLoss due to market decline of inventoryCost of goods soldAllowance to reduce inventory to marketInventoryCashGain due to market increase of inventory
the loss method
Cost of goods soldSalesAllowance to reduce inventory to marketGain due to market increase of inventoryCashLoss due to market decline of inventoryInventory
Cost of goods soldSalesGain due to market increase of inventoryCashAllowance to reduce inventory to marketLoss due to market decline of inventoryInventory
Boyne Inc. had beginning inventory of $16,080 at cost and $26,800 at retail. Net purchases were $160,800 at cost and $227,800 at retail. Net markups were $13,400; net markdowns were $9,380; and sales were $210,380. Compute ending inventory at cost using the conventional retail method. (Round computation for cost-to-retail ratio percentage and answer to 0 decimal places, e.g. 25,250.)
(Gross Profit Method)
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
Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales.
Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.
Previn Brothers Inc. purchased land at a price of $29,210. Closing costs were $3,290. An old building was removed at a cost of $15,220. What amount should be recorded as the cost of the land?
Garcia Corporation purchased a truck by issuing an $96,000, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck. (Round answers to 0 decimal places, e.g. 15,510. List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. Hint: Use tables in text.)
Notes payableTruckDiscount on notes payableDepreciation expenseCashNotes receivable
Notes payableDiscount on notes payableDepreciation expenseCashNotes receivableTruck
Discount on notes payableCashNotes payableTruckNotes receivableDepreciation expense
Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $412,650. The estimated fair values of the assets are land $78,600, building $288,200, and equipment $104,800. At what amounts should each of the three assets be recorded? (Note: Do not round the computation of the % of total.)
Fielder Company obtained land by issuing 2,000 shares of its $13 par value common stock. The land was recently appraised at $110,500. The common stock is actively traded at $53 per share. Prepare the journal entry to record the acquisition of the land. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Additional paid-in capitalCommon stockCashLandPaid-in capital in excess of par
Common stockAdditional paid-in capitalPaid-in capital in excess of parCashLand
Paid-in capital in excess of parLandAdditional paid-in capitalCommon stockCash
Navajo Corporation traded a used truck (cost $26,600, accumulated depreciation $23,940) for a small computer worth $4,921. Navajo also paid $1,330 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Accumulated depreciationGain on disposal of truckCashComputerTruck
TruckComputerCashGain on disposal of truckAccumulated depreciation
ComputerCashTruckGain on disposal of truckAccumulated depreciation
ComputerTruckGain on disposal of truckAccumulated depreciationCash
Mehta Company traded a used welding machine (cost $9,990, accumulated depreciation $3,330) for office equipment with an estimated fair value of $5,550. Mehta also paid $3,330 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Office equipmentCashAccumulated depreciationDepreciation expenseLoss on disposal of machineGain on disposal of machineMachine
Loss on disposal of machineAccumulated depreciationCashGain on disposal of machineDepreciation expenseOffice equipmentMachine
Gain on disposal of machineAccumulated depreciationMachineDepreciation expenseLoss on disposal of machineOffice equipmentCash
Gain on disposal of machineDepreciation expenseAccumulated depreciationMachineOffice equipmentLoss on disposal of machineCash
CashOffice equipmentGain on disposal of machineMachineLoss on disposal of machineAccumulated depreciationDepreciation expense
Depreciation is normally computed on the basis of the nearest
full month and to the nearest dollar.
day and to the nearest dollar.
day and to the nearest cent.
full month and to the nearest cent.
Fernandez Corporation purchased a truck at the beginning of 2012 for $58,380. The truck is estimated to have a salvage value of $2,780 and a useful life of 222,400 miles. It was driven 31,970 miles in 2012 and 43,090 miles in 2013. Compute depreciation expense for 2012 and 2013.(Round answers to 0 decimal places, i.e. 2,250.)
Lockhard Company purchased machinery on January 1, 2012, for $75,600. The machinery is estimated to have a salvage value of $7,560 after a useful life of 8 years.
Compute 2012 depreciation expense using the double-declining balance method.
Compute 2012 depreciation expense using the double-declining balance method assuming the machinery was purchased on October 1, 2012.(Round answer to 0 decimal places, i.e. 2,250.)
Jurassic Company owns machinery that cost $1,270,800 and has accumulated depreciation of $508,320. The expected future net cash flows from the use of the asset are expected to be $706,000. The fair value of the equipment is $564,800. Prepare the journal entry, if any, to record the impairment loss.
CashLoss on impairmentMachineryAccumulated depreciationDepreciation expense
Loss on impairmentDepreciation expenseMachineryCashAccumulated depreciation
Everly Corporation acquires a coal mine at a cost of $515,200. Intangible development costs total $128,800. After extraction has occurred, Everly must restore the property (estimated fair value of the obligation is $103,040), after which it can be sold for $206,080. Everly estimates that 5,152 tons of coal can be extracted. If 902 tons are extracted the first year, prepare the journal entry to record depletion.
Accumulated depletionDevelopment costsRestoration costsInventory
Restoration costsInventoryDevelopment costsAccumulated depletion
Francis Corporation purchased an asset at a cost of $68,400 on March 1, 2012. The asset has a useful life of 8 years and a salvage value of $6,840. For tax purposes, the MACRS class life is 5 years. Compute tax depreciation for each year 2012–2017. (Round answers to 0 decimal places.)
Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2012, for $53,220. The patent has a remaining legal life of 16 years. Celine Dion feels the patent will be useful for 10 years. Prepare Celine Dion's journal entries to record the purchase of the patent and 2012 amortization.
Accounts payableAccumulated amortizationAccounts receivableCashPatent amortization expensePatents
Accumulated amortizationAccounts payableAccounts receivablePatent amortization expenseCashPatents
(To record purchase of patent.)
Patent amortization expenseAccumulated amortizationCashPatentsAccounts receivableAccounts payable
Patent amortization expenseCashAccumulated amortizationAccounts receivableAccounts payablePatents
(To record amortization.)
Karen Austin Corporation has capitalized software costs of $757,200, and sales of this product the first year totaled $415,380. Karen Austin anticipates earning $969,220 in additional future revenues from this product, which is estimated to have an economic life of 4 years. Compute the amount of software cost amortization for the first year.
Compute the amount of software cost amortization for the first year using the percent of revenue approach.
Compute the amount of software cost amortization for the first year using the straight-line approach.
Jeff Beck is a farmer who owns land which borders on the right-of-way of the Northern Railroad. On August 10, 2012, due to the admitted negligence of the Railroad, hay on the farm was set on fire and burned. Beck had had a dispute with the Railroad for several years concerning the ownership of a small parcel of land. The representative of the Railroad has offered to assign any rights which the Railroad may have in the land to Beck in exchange for a release of his right to reimbursement for the loss he has sustained from the fire. Beck appears inclined to accept the Railroad's offer. The Railroad's 2012 financial statements should include the following related to the incident:
disclosure in note form only.
recognition of a loss and creation of a liability for the value of the land.
recognition of a loss only.
creation of a liability only.
Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. On July 1, Roley purchased $62,000 of inventory, terms 2/10, n/30, FOB shipping point. Roley paid freight costs of $1,480. On July 3, Roley returned damaged goods and received credit of $6,200. On July 10, Roley paid for the goods. Prepare all necessary journal entries for Roley. (For multiple debit/credit entries, list amounts from largest to smallest, e.g. 10, 8, 6.)
Accounts payablePurchase discountsCashPurchasesPurchase returns and allowances
Purchase returns and allowancesAccounts payableCashPurchase discountsPurchases
PurchasesPurchase returns and allowancesPurchase discountsCashAccounts payable
Purchase returns and allowancesAccounts payablePurchasesCashPurchase discounts
Accounts payablePurchasesPurchase returns and allowancesCashPurchase discounts
PurchasesCashAccounts payablePurchase discountsPurchase returns and allowances
Purchase returns and allowancesPurchase discountsCashPurchasesAccounts payable
CashPurchasesAccounts payablePurchase returns and allowancesPurchase discounts
Takemoto Corporation borrowed $115,800 on November 1, 2012, by signing a $118,406, 3-month, zero-interest-bearing note. Prepare Takemoto's November 1, 2012, entry; the December 31, 2012, annual adjusting entry; and the February 1, 2013, entry. (For multiple debit/credit en tries, list amounts from largest to smallest, e.g. 10, 8, 6. Round all answers to 0 decimal places, e.g. 11,150.)
Notes receivableDiscount on notes payableCashInterest payableNotes payableInterest expense
Discount on notes payableCashNotes payableInterest expenseNotes receivableInterest payable
Discount on notes payableInterest expenseNotes receivableInterest payableNotes payableCash
CashNotes payableDiscount on notes payableInterest expenseNotes receivableInterest payable
Discount on notes payableInterest payableNotes receivableNotes payableInterest expenseCash
Interest payableNotes payableInterest expenseCashDiscount on notes payableNotes receivable
Notes payableInterest expenseInterest payableNotes receivableDiscount on notes payableCash
Interest expenseCashDiscount on notes payableInterest payableNotes receivableNotes payable
Whiteside Corporation issues $648,000 of 9% bonds, due in 11 years, with interest payable semiannually. At the time of issue, the annual market rate for such bonds is 10%. Compute the issue price of the bonds. (Use the present value tables in the text. Round your answer to zero decimal places, e.g. 2,510.)
Indiana Jones Company enters into a 7-year lease of equipment on January 1, 2012, which requires 7 annual payments of $38,300 each, beginning January 1, 2012. In addition, the lessee guarantees a residual value of $20,810 at lease-end. The equipment has a useful life of 7 years. Assume that for Lost Ark Company, the lessor, collectibility is reasonably predictable, there are no important uncertainties concerning costs, and the carrying amount of the machinery is $205,180. Prepare Lost Ark's January 1, 2012, journal entries.
MachineryCashRent ExpenseLease LiabilityLeased Machinery Under Capital LeasesInterest PayableInterest ExpenseLease Receivable
Lease ReceivableCashInterest PayableLease LiabilityLeased Machinery Under Capital LeasesRent ExpenseInterest ExpenseMachinery
(To record the lease)
Lease ReceivableRent ExpenseLease LiabilityMachineryInterest PayableInterest ExpenseCashLeased Machinery Under Capital Leases
Lease ReceivableInterest ExpenseLease LiabilityMachineryCashLeased Machinery Under Capital LeasesRent ExpenseInterest Payable
(To record first lease payment)
On January 1, 2012, Irwin Animation sold a truck to Peete Finance for $25,800 and immediately leased it back. The truck was carried on Irwin's books at $19,300. The term of the lease is 5 years, and title transfers to Irwin at lease-end. The lease requires five equal rental payments of $7,515 at the end of each year. The appropriate rate of interest is 14%, and the truck has a useful life of 5 years with no salvage value. Prepare Irwin's 2012 journal entries. (Round your answer to the nearest dollar eg 58,591. For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Unearned Profit on Sale-LeasebackTruckLeased EquipmentAccumulated DepreciationInterest ExpenseCashLease LiabilityDepreciation Expense
Leased EquipmentUnearned Profit on Sale-LeasebackLease LiabilityDepreciation ExpenseInterest ExpenseTruckCashAccumulated Depreciation
Interest ExpenseLeased EquipmentDepreciation ExpenseUnearned Profit on Sale-LeasebackTruckAccumulated DepreciationCashLease Liability
(To record the sale )
Leased EquipmentUnearned Profit on Sale-LeasebackCashAccumulated DepreciationTruckDepreciation ExpenseLease LiabilityInterest Expense
CashInterest ExpenseUnearned Profit on Sale-LeasebackLeased EquipmentTruckDepreciation ExpenseAccumulated DepreciationLease Liability
(To record the leaseback)
Depreciation ExpenseLease LiabilityUnearned Profit on Sale-LeasebackCashTruckAccumulated DepreciationLeased EquipmentInterest Expense
Leased EquipmentInterest ExpenseCashTruckLease LiabilityAccumulated DepreciationDepreciation ExpenseUnearned Profit on Sale-Leaseback
(To record depreciation)
Accumulated DepreciationTruckLeased EquipmentUnearned Profit on Sale-LeasebackCashLease LiabilityDepreciation ExpenseInterest Expense
Interest ExpenseUnearned Profit on Sale-LeasebackCashLeased EquipmentDepreciation ExpenseAccumulated DepreciationTruckLease Liability
Lease LiabilityUnearned Profit on Sale-LeasebackLeased EquipmentCashAccumulated DepreciationDepreciation ExpenseTruckInterest Expense
Depreciation ExpenseCashAccumulated DepreciationTruckLease LiabilityUnearned Profit on Sale-LeasebackInterest ExpenseLeased Equipment
Lease LiabilityDepreciation ExpenseInterest ExpenseLeased EquipmentUnearned Profit on Sale-LeasebackAccumulated DepreciationCashTruck
I need them by Monday October 28 before 12:00 AM CST. How does the payment work? Is this additional to the $40?
I need someone's help please. I can offer more I have never done this before. What amount do you ask for for something like this?
When can you have them completed?
Do you start on this after I make the payment? Can you see the questions ok if not I have them in a word doc that I can send to you.
How do I upload it? Do I need to send it to you in an email?
upload the questions file to www.mediafire.com. copy and paste the link here.
I am having troubles with my computer. Can I send to you in the morning?
I got the file. I'll post the solutions as discussed earlier.
Thank you so much. You do not know how much I appreciate this. I know this is a lot of work.
Click on the link below to download the solutions.
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Hi I am sorry I had a busy weekend. I am about to post the answers now. Thank you so much for doing that. I am very greatful. How do I pay the bonus to you?
Thank you for helping me. I hope that I can count on you in the future if I need help again.
Thank you for the positive rating and bonus. Yes you can count on me and it will be a pleasure to help you.
Hi Annie, I think I might need your help again on my ACC/423 Final Exam. It consists of 30 problems. It is due on Monday February 3. Will you be able to help me?
Yes I will help you. Please post the questions.
How much will you require to complete this for me?
Please let me know if you can open this. Also, when I open my copy in Word I can click on the drop down boxes to view the list of accounts. Please let me know if you are able to view that. Thank you.
Hi Annie I was just checking on the progress. My deadline is tomorrow before midnight CST. Thank you.
Here are questions 12 and 21.
I am unable to read page two of this document.
I apologize, I downloaded it and I can read it now.