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1. Financial accounting standard-setting in the United Statesa. can

Resolved Question:

1. Financial accounting standard-setting in the United States
a. can be described as a social process which reflects political actions of various interested user groups as well as a product of research and logic.
b. is based solely on research and empirical findings.
c. is a legalistic process based on rules promulgated by governmental agencies.
d. is democratic in the sense that a majority of accountants must agree with a standard before it becomes enforceable.

2. The purpose of the International Accounting Standards Board is to
a. issue enforceable standards which regulate the financial accounting and reporting of multinational corporations.
b. develop a uniform currency in which the financial transactions of companies through-out the world would be measured.
c. promote uniform accounting standards among countries of the world.
d. arbitrate accounting disputes between auditors and international companies.

3. According to the FASB's conceptual framework, the calculation of comprehensive income includes which of the following?
Income from Distributions
Continuing Operations to Owners
a. No No
b. Yes No
c. Yes Yes
d. No Yes

4. According to the FASB's conceptual framework, comprehensive income includes which of the following?
Gross Margin Operating Income
a. No Yes
b. No No
c. Yes No
d. Yes Yes

5. Under Statements of Financial Accounting Concepts, comprehensive income includes which of the following?
Gains Gross Margin
a. No No
b. No Yes
c. Yes No
d. Yes Yes


6. According to the FASB's conceptual framework, the process of reporting an item in the financial statements of an entity is
a. recognition.
b. realization.
c. allocation.
d. matching.

7. A company has a factory building that originally cost the company $250,000. The current fair value of the factory building is $3 million. The president would like to report the difference as a gain. The write-up would represent a violation of which accounting assumption or principle?
a. Revenue recognition.
b. Going concern.
c. Historical cost.
d. Monetary unit.

8. Which accounting assumption or principle is being violated if a company is a party to major litigation that it may lose and decides not to include the information in the financial statements because it may have a negative impact on the company's stock price?
a. Full disclosure.
b. Going concern.
c. Historical cost.
d. Expense recognition.

9. Pappy Corporation received cash of $18,000 on September 1, 2012 for one year’s rent in advance and recorded the transaction with a credit to Unearned Rent Revenue. The December 31, 2012 adjusting entry is
a. debit Rent Revenue and credit Unearned Rent Revenue, $6,000.
b. debit Rent Revenue and credit Unearned Rent Revenue, $12,000.
c. debit Unearned Rent Revenue and credit Rent Revenue, $6,000.
d. debit Cash and credit Unearned Rent Revenue, $12,000.

10. Brown Company's account balances at December 31, 2012 for Accounts Receivable and the related Allowance for Doubtful Accounts are $920,000 debit and $1,400 credit, respectively. From an aging of accounts receivable, it is estimated that $25,000 of the December 31 receivables will be uncollectible. The necessary adjusting entry would include a credit to the allowance account for
a. $25,000.
b. $26,400.
c. $23,600.
d. $1,400.

11. During the first year of Wilkinson Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $25,800 were purchased. Actual year-end supplies amounted to $8,600. The adjusting entry for store supplies will
a. increase net income by $17,200.
b. increase expenses by $17,200.
c. decrease supplies by $8,600.
d. debit Accounts Payable for $8,600.


12. Big-Mouth Frog Corporation had revenues of $300,000, expenses of $180,000, and dividends of $45,000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a
a. debit of $75,000.
b. debit of $120,000.
c. credit of $75,000.
d. credit of $120,000.

13. Olsen Company paid or collected during 2012 the following items:
Insurance premiums paid $ 20,800
Interest collected 67,800
Salaries paid 240,400

The following balances have been excerpted from Olsen's balance sheets:
December 31, 2012 December 31, 2011
Prepaid insurance $ 2,400 $ 3,000
Interest receivable 7,400 5,800
Salaries and wages payable 24,600 21,200

The insurance expense on the income statement for 2012 was
a. $15,400.
b. $20,200.
c. $21,400.
d. $26,200.

14. Gibson Company paid $6,000 on June 1, 2012 for a two-year insurance policy and recorded the entire amount as Insurance Expense. The December 31, 2012 adjusting entry is
a. debit Insurance Expense and credit Prepaid Insurance, $1,750.
b. debit Insurance Expense and credit Prepaid Insurance, $4,250.
c. debit Prepaid Insurance and credit Insurance Expense, $1,750
d.
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  linda_us replied 2 years ago.
The question looks cut off..are there more or not..

Regards

Linda
Customer: replied 2 years ago.

15. Moorman Corporation reports the following information:

Correction of understatement of depreciation expense

in prior years, net of tax $ 645,000

Dividends declared 480,000

Net income 1,500,000

Retained earnings, 1/1/12, as reported 3,000,000

Moorman should report retained earnings, 12/31/12, as adjusted at

a. $2,355,000.

b. $3,375,000.

c. $4,020,000.

d. $4,665,000.

 

16. Leonard Corporation reports the following information:

Correction of overstatement of depreciation expense

in prior years, net of tax $ 215,000

Dividends declared 160,000

Net income 500,000

Retained earnings, 1/1/12, as reported 2,000,000

Leonard should report retained earnings, 1/1/12, as adjusted at

a. $1,785,000.

b. $2,000,000.

c. $2,215,000.

d. $2,555,000.

 

17. In 2012, Linz Corporation reported an extraordinary loss of $1,000,000, net of tax. It declared and paid preferred stock dividends of $100,000 and common stock dividends of $300,000. During 2012, Linz had a weighted average of 400,000 common shares outstanding. Compute the effect of the extraordinary loss, net of tax, on earnings per share.

a. $1.50

b. $1.75

c. $2.25

d. $2.50

 

18. Benedict Corporation reports the following information:

Net income $750,000

Dividends on common stock 210,000

Dividends on preferred stock 90,000

Weighted average common shares outstanding 100,000

Benedict should report earnings per share of

a. $4.50.

b. $5.40

c. $6.60.

d. $7.50.

 

 

19. The following information was extracted from the accounts of Essex Corporation at December 31, 2012:

CR(DR)

Total reported income since incorporation $3,400,000

Total cash dividends paid (1,600,000)

Unrealized holding loss (240,000)

Total stock dividends distributed (400,000)

Prior period adjustment, recorded January 1, 2012 150,000

What should be the balance of retained earnings at December 31, 2012?

a. $1,310,000.

b. $1,400,000.

c. $1,160,000.

d. $1,550,000.

 

20. Madsen Company reported the following information for 2012:

Sales revenue $1,530,000

Cost of goods sold 1,050,000

Operating expenses 165,000

Unrealized holding gain on available-for-sale securities 120,000

Cash dividends received on the securities 6,000

For 2012, Madsen would report other comprehensive income of

a. $411,000.

b. $405,000.

c. $126,000.

d. $120,000.

 

21. Keisler Corporation reports:

Cash provided by operating activities $240,000

Cash used by investing activities 110,000

Cash provided by financing activities 140,000

Beginning cash balance 70,000

What is Keisler's ending cash balance?

a. $270,000.

b. $340,000.

c. $490,000.

d. $560,000.

 

 

22. During 2012 the DLD Company had a net income of $55,000. In addition, selected accounts showed the following changes:

Accounts Receivable $3,000 increase

Accounts Payable 1,000 increase

Building 4,000 decrease

Depreciation Expense 1,500 increase

Bonds Payable 8,000 increase

What was the amount of cash provided by operating activities?

a. $54,500

b. $55,000

c. $56,500

d. $64,500

 

23. Harding Corporation reports the following information:

Net income $450,000

Depreciation expense 140,000

Increase in accounts receivable 60,000

Harding should report cash provided by operating activities of

a. $250,000.

b. $370,000.

c. $530,000.

d. $650,000.

 

 

 

24. Presented below are data for Caracas Corp.

2013 2014

Assets, January 1 $4,560 ?

Liabilities, January 1 ? $2,736

Stockholders' Equity, Jan. 1 ? 2,750

Dividends 570 646

Common Stock 608 650

Stockholders' Equity, Dec. 31 ? 2,166

Net Income 684 ?

Net income for 2014 is

a. $584 income.

b. $584 loss.

c. $62 loss.

d. $62 income.

 

25. Presented below are data for Bandkok Corp.

2012 2013

Assets, January 1 $5,400 $6,480

Liabilities, January 1 3,240 ?

Stockholders' Equity, Jan. 1 ? ?

Dividends 1,080 810

Common Stock 972 864

Stockholders' Equity, Dec. 31 ? ?

Net Income 1,280 864

Stockholders' Equity at January 1, 2013 is

a. $3,332.

b. $2,160.

c. $2,360.

d. $3,440.

Expert:  Manal Elkhoshkhany replied 2 years ago.

Hello

 

Please click on the following link for the solutions:

 

http://www.box.com/s/1e9e88b425410a8e01fc

 

 

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Thank you

Manal Elkhoshkhany, Bachelor's Degree
Satisfied Customers: 9448
Experience: Completed by BA degree in 1988 and graduated with a GPA of 4.0
Manal Elkhoshkhany and 6 other Multiple Problems Specialists are ready to help you
Customer: replied 2 years ago.

Is it possible to lock this answer? If so I would appreciate it thanks

Expert:  Manal Elkhoshkhany replied 2 years ago.

Hello

 

I cannot lock the question until after you click the Accept button

 

Regards,

Customer: replied 2 years ago.

At December 31, 2010, Dwight Corporation reported current assets of $390,000 and current liabilities of $200,000. The following items may have been recorded incorrectly. Dwight uses the periodic method.

  • 1. Goods purchased costing $22,000 were shipped f.o.b. shipping point by a supplier on December 28. Dwight received and recorded the invoice on December 29, 2010, but the goods were not included in Dwight's physical count of inventory because they were not received until January 4, 2011.
  • 2. Goods purchased costing $20,000 were shipped f.o.b. destination by a supplier on December 26. Dwight received and recorded the invoice on December 31, but the goods were not included in Dwight's 2010 physical count of inventory because they were not received until January 2, 2011.
  • 3. Goods held on consignment from Kishi Company were included in Dwight's December 31, 2010, physical count of inventory at $13,000.
  • 4. Freight-in of $3,000 was debited to advertising expense on December 28, 2010.

(a)

Compute the current ratio based on Dwight's balance sheet. (Round answer to 2 decimal places, e.g. 5.10.)

 

Current ratio

: 1

 

(b)

Recompute the current ratio after corrections are made. (Round answer to 2 decimal places, e.g. 5.10.)

 

Current ratio

: 1

 

(c)

By what amount will income (before taxes) be adjusted up or down as a result of the corrections?

 

 

 

$

 

 

The following independent situations relate to inventory accounting.

Answer each of the questions below about inventories.

 

 

 

 

 

Kim Co. purchased goods with a list price of $175,000, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Kim Co. record as the cost of these goods?

$

 

 

 

 

 

 

Keillor Company's inventory of $1,100,000 at December 31, 2010, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items.

  • a. Goods shipped from a vendor f.o.b. shipping point on December 24, 2010, at an invoice cost of $69,000 to Keillor Company were received on January 4, 2011.
  • b. The physical count included $29,000 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2010. The carrier picked up these goods on January 3, 2011.

What amount should Keillor report as inventory on its balance sheet?

$

 

 

 

 

 

 

Zimmerman Corp. had 1,500 units of part M.O. on hand May 1, 2010, costing $21 each. Purchases of part M.O. during May were as follows.

 

Units

Unit Cost

 

May 9

2,000

$22.00

 

17

3,500

23.00

 

26

1,000

24.00

A physical count on May 31, 2010, shows 2,000 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2010? Using the LIFO method, what is the inventory cost? Using the average cost method, what is the inventory cost?

FIFO inventory cost

$

LIFO inventory cost

$

Average cost

$

 

 

 

 

 

 

 

Ashbrook Company adopted the dollar-value LIFO method on January 1, 2010 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO.

 

Inventory

At Base-
Year Cost

At Current-
Year Cost

 

1/1/10

$200,000

$200,000

 

12/31/10

240,000

264,000

 

12/31/11

256,000

286,720

Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2011?

Price index (12/31/10)

Price index (12/31/11)

Dollar-value LIFO inventory (12/31/10)

$

Dollar-value LIFO inventory (12/31/11)

$

 

 

 

 

 

 

 

Donovan Inc., a retail store chain, had the following information in its general ledger for the year 2010.

 

Merchandise purchased for resale

$909,400

 

Interest on notes payable to vendors

8,700

 

Purchase returns

16,500

 

Freight-in

22,000

 

Freight-out

17,100

 

Cash discounts on purchases

6,800

What is Donovan's inventoriable cost for 2010?

$

 

 

Dover Company began operations in 2010 and determined its ending inventory at cost and at lower of cost or market at December 31, 2010, and December 31, 2011. This information is presented below.

 

 

Cost

Lower-of-Cost-or-Market

 

12/31/10

$346,000

$322,000

 

12/31/11

410,000

390,000

 

(a)

Prepare the journal entries required at December 31, 2010, and December 31, 2011, assuming that the inventory is recorded at market, and a perpetual inventory system (direct method) is used.

 

Date

Description/Account

Debit

Credit

12/31/10

SalesAllowance to reduce inventory to marketCost of goods soldInventoryRecovery of loss due to market decline of inventoryLoss due to market decline of inventoryCash

 

Recovery of loss due to market decline of inventoryCashInventoryCost of goods soldLoss due to market decline of inventoryAllowance to reduce inventory to marketSales

12/31/11

InventoryCashCost of goods soldLoss due to market decline of inventoryRecovery of loss due to market decline of inventoryAllowance to reduce inventory to marketSales

 

InventoryCashSalesCost of goods soldAllowance to reduce inventory to marketRecovery of loss due to market decline of inventoryLoss due to market decline of inventory

 

(b)

Prepare journal entries required at December 31, 2010, and December 31, 2011, assuming that the inventory is recorded at cost and an allowance account is adjusted at each year-end under a perpetual system.

 

Date

Description/Account

Debit

Credit

12/31/10

Loss due to market decline of inventoryCashCost of goods soldInventoryAllowance to reduce inventory to marketRecovery of loss due to market decline of inventorySales

 

Allowance to reduce inventory to marketLoss due to market decline of inventoryCost of goods soldInventoryRecovery of loss due to market decline of inventorySalesCash

12/31/11

CashLoss due to market decline of inventorySalesAllowance to reduce inventory to marketRecovery of loss due to market decline of inventoryInventoryCost of goods sold

 

CashRecovery of loss due to market decline of inventoryCost of goods soldInventoryLoss due to market decline of inventoryAllowance to reduce inventory to marketSales

 

(c)

Which of the two methods above provides the higher net income in each year?

 

 

 

Inventory recorded at marketInventory recorded at costBoth have the same effect

Expert:  Manal Elkhoshkhany replied 2 years ago.

Hello :)

 

Please click on the following link:

 

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P.S. If you like my services, please feel free to direct your future posts to me specifically by typing "For BusinessTutor" at the beginning of your post. Should you choose to do this, please try to allow me 48 hours before the deadline. If you need to meet me online for a timed assignment, please advise me of the date and time (EST) you want me to meet you here and I will. Please make sure you take the length (and number) of the questions into consideration when making your offer to avoid delays in providing solutions.

 

Thank you

Manal Elkhoshkhany, Bachelor's Degree
Satisfied Customers: 9448
Experience: Completed by BA degree in 1988 and graduated with a GPA of 4.0
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