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Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
Category: Multiple Problems
Satisfied Customers: 9484
Experience:  Completed by BA degree in 1988 and graduated with a GPA of 4.0
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part 1 1. A loss contingency should be accrued in a

Customer Question

part 1

1. A loss contingency should be accrued in a company’s financial statements only if the likelihood that a liability has been incurred is

A. reasonably possible and the amount of the loss can be reasonably estimated.
B. reasonably possible and the amount of the loss is known.
C. at least remotely possible and the amount of the loss is known.
D. probable and the amount of the loss can be reasonably estimated.


2. Knique Shoes issued a $100,000, 8-month, noninterest-bearing note. The loan was made by Second Commercial Bank whose stated discount rate is 9%. The effective interest rate on this loan (rounded) is

A. 9.50%.
B. 9.57%.
C. 9.49%.
D. 9.28%.


3. On January 1, 2011, Nana Company paid $100,000 for 8,000 shares of Papa Company common stock. These securities were classified as trading securities. The ownership in Papa Company is 10%. Papa reported net income of $52,000 for the year ended December 31, 2011. The fair value of the Papa stock on that date was $45 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2011?

A. $315,600
B. $300,000
C. $284,400
D. $360,000


4. On January 1, 2011, Green Corporation purchased 20% of the outstanding voting common stock of Gold Company for $300,000. The book value of the acquired shares was $275,000. The excess of cost over book value is attributable to an intangible asset on Gold’s books that was undervalued and had a remaining useful life of five years. For the year ended December 31, 2011, Gold reported net income of $125,000 and paid cash dividends of $25,000. What is the carrying value of Green’s investment in Gold at December 31, 2011?

A. $315,000
B. $320,000
C. $295,000
D. $300,000


5. Slotnick Chemical received customer deposits on returnable containers in the amount of $300,000 during 2011. Fifteen percent of the containers were not returned. The deposits are based on the container cost marked up 20%. How much profit did Slotnick realize on the forfeited deposits?

A. $7,500
B. $0
C. $9,000
D. $45,000



6. B Corp. has an employee benefit plan for compensated absences that gives employees 10 paid vacation days and 10 paid sick days. Both vacation and sick days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days; however, no payment is given for sick days not taken. At December 31, 2011, B’s unadjusted balance of liability for compensated absences was $42,000. B estimated that there were 300 vacation days and 150 sick days available at December 31, 2011. B’s employees earn an average of $200 per day. In its December 31, 2011, balance sheet, what amount of liability for compensated absences is B required to report?

A. $90,000
B. $60,000
C. $84,000
D. $144,000


7. During 2011, Deluxe Leather Goods sold 800,000 reversible belts under a new sales promotional program. Each belt carried one coupon, which entitles the customer to a $5.00 cash rebate. Deluxe estimates that 70% of the coupons will be redeemed, even though only 350,000 coupons had been processed during 2011. At December 31, 2011, Deluxe should report a liability for unredeemed coupons of

A. $1,750,000.
B. $560,000.
C. $1,050,000.
D. $1,225,000.


8. Bloomfield Bakers accounts for its investment in Clor Confectionary under the equity method. Bloomfield carried the Clor investment at $150,000 and $165,000 at December 31 of 2010 and 2011, respectively. During 2011 Clor recognized $80,000 of net income and paid dividends of $30,000. Assuming that Bloomfield owned the same percentage of Clor throughout 2011, their percentage ownership must have been

A. 30%
B. 18.75%.
C. 50%.
D. 5%.


9. General Product, Inc., shipped 100 million coupons in products it sold in 2011. The coupons are redeemable for thirty cents each. General anticipates that 70% of the coupons will be redeemed. The coupons expire on December 31, 2012. There were 45 million coupons redeemed in 2011, and 30 million redeemed in 2012.
What was General’s coupon promotion expense in 2011?

A. $13.5 million
B. $30.0 million
C. $21.0 million
D. $7.5 million


10. Which of the following is a contingency that should be accrued?

A. The company offers a two-year warranty and the expenses can be reasonably estimated.
B. It’s probable that the company will receive $100,000 in settlement of a lawsuit.
C. The company is being sued and a loss is reasonably possible and reasonably estimable.
D. The company deducts life insurance premiums from employees’ paychecks.


11. Under IFRS No. 9, which is not a category for accounting for investments?

A. Amortized cost
B. Held-to-maturity
C. Fair value through other comprehensive income
D. Fair value through profit and loss


12. Clark’s Chemical Company received customer deposits on returnable containers in the amount of $100,000 during 2011. Twelve percent of the containers weren’t returned. The deposits are based on the container cost marked up 20%. What is cost of goods sold relative to this forfeiture?

A. $0
B. $14,400
C. $2,000
D. $10,000


13. Which of the following situations would not require that long-term liabilities be reported as current liabilities on a classified balance sheet?

A. The long-term debt matures within the upcoming year.
B. The long-term debt is callable by the creditor.
C. The creditor has the right to demand payment due to a contractual violation.
D. All of these situations require the current classification.


14. On December 31, 2011, L, Inc., had a $1,500,000 note payable outstanding, due July 31, 2012. L borrowed the money to finance construction of a new plant. L planned to refinance the note by issuing long-term bonds. Because L temporarily had excess cash, it prepaid $500,000 of the note on January 23, 2012. In February 2012, L completed a $3,000,000 bond offering. L will use the bond offering proceeds to repay the note payable at its maturity and to pay construction costs during 2012. On March 13, 2012, L issued its 2011 financial statements. What amount of the note payable should L include in the current liabilities section of its December 31, 2011, balance sheet?

A. $1,500,000
B. $500,000
C. $0
D. $1,000,000


15. Goofy, Inc., bought 15,000 shares of Crazy Co.’s stock for $150,000 on May 5, 2010, and classified the stock as available for sale. The market value of the stock declined to $118,000 by December 31, 2010. Goofy reclassified this investment as trading securities in December of 2011 when the market value had risen to $125,000. What effect on 2011 income should be reported by Goofy for the Crazy Co. shares?

A. $7,000 net gain
B. $25,000 net loss
C. $0
D. $32,000 net loss



16. Funzy Cereal includes one coupon in each package of Wheatos that it sells and offers a toy car in exchange for $1.00 and 3 coupons. The cars cost Funzy $1.50 each. Experience indicates that 40% of the coupons eventually will be redeemed. During the last month of 2011, the first month of the offer, Funzy sold 12 million boxes of Wheatos and 2.4 million of the coupons were redeemed. What amount should Funzy report as a promotional expense for coupons on its December 31, 2011, income statement?

A. $0.
B. $400,000.
C. $1,200,000.
D. $800,000.


17. If Dinsburry Company concluded that an investment originally classified as a trading security would now more appropriately be classified as held to maturity, Dinsburry would

A. reclassify the investment as held to maturity, but there would be no income effect.
B. not reclassify the investment, as original classifications are irrevocable.
C. reclassify the investment as held to maturity and treat the fair value as of the date of reclassification as the investment’s amortized cost basis for future amortization.
D. reclassify the investment as held to maturity and immediately recognize in net income all unrealized gains and losses as of the reclassification date.



18. Assume that, on 1/1/11, Sosa Enterprises paid $5,100,000 for its investment in 36,000 shares of Orioles Co. Further, assume that Orioles has 120,000 total shares of stock issued and estimates an 8 year remaining useful life and straight-line depreciation with no residual value for its depreciable assets.
At 1/1/11, the book value of Orioles’ identifiable net assets was $7,000,000, and the fair value of Orioles was $10,000,000. The difference between Orioles’ fair value and the book value of its identifiable net assets is attributable to $1,800,000 of land and the remainder to depreciable assets. Goodwill was not part of this transaction.

The following information pertains to Orioles during 2011:

Net income
$600,000

Dividends declared and paid
$360,000

Market price of common stock on 12/31/11
$80/share

What amount would Sosa Enterprises report in its year-end 2011 balance sheet for its investment in Orioles Co.?

A. $3,135,000
B. $3,027,000
C. $3,180,000
D. $3,200,000



19. Beresford, Inc., purchased several investment securities during 2008, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values aren't considered permanent.



What total unrealized holding gain would Beresford report in its 2011 income statement relative to its investment securities?

A. $80,900
B. $48,200
C. $55,900
D. $36,000



20. Hawk Corporation purchased 10,000 shares of Diamond Corporation stock in 2008 for $50 per share and classified the investment as securities available for sale. Diamond's market value was $60 per share on December 31, 2009 and $65 on December 31, 2010. During 2011, Hawk sold all of its Diamond stock at $70 per share. In its 2011 income statement, Hawk would report a gain of

A. $50,000.
B. $200,000.
C. $300,000.
D. $150,000.


part ( 2 ) :

1. AMC issues a note in exchange for a machine with no stated interest rate. In accounting for the transaction,

A. if fair values of the note and machine are unavailable, the note should be recorded at its present value, discounted at the market rate of interest.
B. both the note and machine are recorded at the face amount of the note or the fair value of the machine, whichever is more clearly determinable.
C. the machine should be depreciated over the note's term to maturity.
D. the note is recorded at its face amount unless the fair value of the machine is readily available.


2. Prescott Corporation issued ten thousand $1,000 bonds on January 1, 2011. They have a ten-year term and pay interest semiannually. This is the partial bond amortization schedule for the bonds.



What is the interest expense on the bonds in 2012?

A. $119,241
B. $680,759
C. $342,961
D. $800,000



3. Pierce Company issued 11% bonds, dated January 1, with a face amount of $800,000 on January 1, 2011. The bonds sold for $739,816 and mature in 2030 (20 years). For bonds of similar risk and maturity the market yield was 12%. Interest is paid semiannually on June 30 and December 31. Pierce determines interest at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2011, the fair value of the bonds was $730,000. Pierce's earnings for the year will include a

A. gain from change in the fair value of debt of $10,617.
B. loss from change in the fair value of debt of $10,204.
C. gain from change in the fair value of debt of $10,204.
D. loss from change in the fair value of debt of $10,617.



4. On June 30, 2011, Hardy Corporation issued $10 million of its 8% bonds for $9.2 million. The bonds were priced to yield 10%. The bonds are dated June 30, 2011, and mature on June 30, 2018. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, by how much should the bond discount be reduced for the 6 months ended December 31, 2011?

A. $40,000
B. $46,000
C. $60,000
D. $32,000



5. C Corp. has a rate of return on assets of 10%. Not including any indirect effects on earnings, the rate of return on assets is immediately increased when C records

A Capital Lease An Operating Lease
a. yes yes
b. no no
c. yes no
d. no yes


A. Option a
B. Option c
C. Option d
D. Option b



6. On December 31, 2010, Reagan, Inc., signed a lease for some equipment having a 9-year useful life with Silver Leasing Co. The lease payments are made by Reagan annually, beginning at signing date. Title does not transfer to the lessee, so the equipment will be returned to the lessor on December 31, 2016. There's no bargain purchase option, and Reagan guarantees a residual value to the lessor on termination of the lease.
Reagan’s lease amortization schedule appears below:



What is the carrying value of the lease liability on Reagan's December 31, 2012 balance sheet (after the third lease payment is made)?

A. $356,280
B. $266,280
C. $190,530
D. $280,531



7. Discount-Mart issued ten thousand $1,000 bonds on January 1, 2011. They have a ten-year term and pay interest semiannually. This is the partial bond amortization schedule for the bonds.
Payment

Cash

Effective
Interest

Decrease in
Balance

Outstanding
Balance

$8,640,967

1

300,000
345,639

345,639

8,686,606

2

300,000
347,464

347,464

8,734,070

3

300,000
349,363

349,363

8,783,433

4

300,000
What would be the total interest cost of the bonds over their full term?

A. $7,359,033
B. $6,000,000
C. $1,359,033
D. $4,640,967



8. If the lessor retains title to leased property under the terms of the lease,

A. the amount to be recovered through periodic lease payments is reduced by the present value of the residual amount.
B. the amount to be recovered will be the same as if there were no residual value.
C. the amount to be recovered through periodic lease payments is increased by the present value of the residual amount.
D. the lessor will record a greater amount of depreciation due to the residual value.


9. On January 1, 2011, Gibson Corporation entered into a 4-year operating lease. The payments were as follows: $20,000 for 2011, $18,000 for 2012, $16,000 for 2013, and $14,000 for 2014. What is the correct amount of lease expense for 2012?

A. $17,000
B. $19,000
C. $18,000
D. $20,500


10. If the residual value of a leased asset turns out to be more than the amount guaranteed by the lessee, the

A. lessee must pay the lessor the amount of the excess.
B. lessor must compensate the lessee for the excess.
C. lessee will reduce the last year's depreciation.
D. lessor isn't obligated to compensate the lessee for the excess.


11. On January 1, 2011, Zebra Corporation issued 1,000 of its 8%, $1,000 bonds at 98. Interest is payable semiannually on January 1 and July 1. The bonds mature on January 1, 2021. Zebra paid $50,000 in bond issue costs. Zebra uses the straight-line amortization method. What is the bond carrying value reported in the December 31, 2011, balance sheet?

A. $987,000
B. $1,045,000
C. $982,000
D. $1,040,000


12. Technoid, Inc., sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2011. The manufacturing cost of the computers was $12 million.
This non-cancelable lease had the following terms:

* Lease payments: $2,466,754 semiannually; first payment at January 1, 2011; remaining payments at June 30 and December 31 each year through June 30, 2015.
* Lease term: 5 years (10 semiannual payments)
* No residual value; no bargain purchase option
* Economic life of equipment: 5 years
* Implicit interest rate and lessee’s incremental borrowing rate: 5% semiannually
* Fair value of the computers at January 1, 2011: $20 million

Collectibility of the rental payments is reasonably assured, and there are no lessor costs yet to be incurred.

What is the net carrying value of the lease liability in Lone Star's June 30, 2011 balance sheet? Round your answer to the nearest dollar.

A. $17,533,246
B. $15,943,154
C. $2,466,754
D. $21,000,000



13. On December 31, 2010, Reagan, Inc., signed a lease for some equipment having a 9-year useful life with Silver Leasing Co. The lease payments are made by Reagan annually, beginning at signing date. Title does not transfer to the lessee, so the equipment will be returned to the lessor on December 31, 2016. There's no bargain purchase option, and Reagan guarantees a residual value to the lessor on termination of the lease.
Reagan’s lease amortization schedule appears below:



What is the amount of residual value guaranteed by Reagan to the lessor?

A. $34,615
B. The answer can't be determined from the given information.
C. $1,385
D. $36,000




14. Discount-Mart issued ten thousand $1,000 bonds on January 1, 2011. They have a ten-year term and pay interest semiannually. This is the partial bond amortization schedule for the bonds.
Payment

Cash

Effective
Interest

Decrease in
Balance

Outstanding
Balance

$8,640,967

1

300,000
345,639

345,639

8,686,606

2

300,000
347,464

347,464

8,734,070

3

300,000
349,363

349,363

8,783,433

4

300,000
What is the effective annual rate of interest on the bonds?

A. 8%
B. 4%
C. 3%
D. 6%



15. On December 31, 2010, Reagan, Inc., signed a lease for some equipment having a 9-year useful life with Silver Leasing Co. The lease payments are made by Reagan annually, beginning at signing date. Title does not transfer to the lessee, so the equipment will be returned to the lessor on December 31, 2016. There's no bargain purchase option, and Reagan guarantees a residual value to the lessor on termination of the lease.
Reagan’s lease amortization schedule appears below:



In this situation, Reagan is the

A. lessee in a sales-type lease.
B. lessee in a capital lease.
C. lessor in a capital lease.
D. lessor in a sales-type lease.




16. Discount-Mart issued ten thousand $1,000 bonds on January 1, 2011. They have a ten-year term and pay interest semiannually. This is the partial bond amortization schedule for the bonds.
Payment

Cash

Effective
Interest

Decrease in
Balance

Outstanding
Balance

$8,640,967

1

300,000
345,639

345,639

8,686,606

2

300,000
347,464

347,464

8,734,070

3

300,000
349,363

349,363

8,783,433

4

300,000
What is the carrying value of the bonds as of December 31, 2012?

A. $8,783,433
B. $8,686,606
C. $8,834,770
D. $8,734,070




17. Red Corp. has a rate of return on assets of 10% and a debt/equity ratio of 2 to 1. Not including any indirect effects on earnings, the immediate impact of retiring debt on these ratios is

Return on Assets Debt/Equity Ratio
a. increase increase
b. decrease decrease
c. increase decrease
d. decrease increase


A. Option a
B. Option d
C. Option c
D. Option b



18. Technoid, Inc., sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2011. The manufacturing cost of the computers was $12 million.
This non-cancelable lease had the following terms:
* Lease payments: $2,466,754 semiannually; first payment at January 1, 2011; remaining payments at June 30 and December 31 each year through June 30, 2015.
* Lease term: 5 years (10 semiannual payments)
* No residual value; no bargain purchase option
* Economic life of equipment: 5 years
* Implicit interest rate and lessee’s incremental borrowing rate: 5% semiannually
* Fair value of the computers at January 1, 2011: $20 million
Collectibility of the rental payments is reasonably assured, and there are no lessor costs yet to be incurred.Lone Star Company would account for this as a(an)

A. sales type lease.
B. direct financing lease.
C. capital lease.
D. operating lease.



19. Technoid, Inc., sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2011. The manufacturing cost of the computers was $12 million.
This non-cancelable lease had the following terms:

* Lease payments: $2,466,754 semiannually; first payment at January 1, 2011; remaining payments at June 30 and December 31 each year through June 30, 2015.
* Lease term: 5 years (10 semiannual payments)
* No residual value; no bargain purchase option
* Economic life of equipment: 5 years
* Implicit interest rate and lessee’s incremental borrowing rate: 5% semiannually
* Fair value of the computers at January 1, 2011: $20 million

Collectibility of the rental payments is reasonably assured, and there are no lessor costs yet to be incurred.

What is the interest revenue that Technoid would report on this lease in its 2011 income statement?

A. $0
B. $1,673,820
C. $2,466,754
D. $876,662



20. On September 1, 2011, Custom Shirts, Inc., entered into a lease agreement appropriately classified as an operating lease. The lease term is 3 years. The annual payments are (a) $20,000 for year 1, (b) $24,000 for year 2, and (c) $28,000 for year 3. How much rent expense will Custom Shirts recognize for 2011?

A. $24,000
B. $6,667
C. $20,000
D. $8,000


part ( 3 ) :

1. The changes in account balances for Elder Company for 2011 are as follows:
Assets
$480,000 debit

Common stock
250,000 credit

Liabilities
160,000 credit

Paid-in capital--excess of par
30,000 credit

Assuming the only changes in retained earnings in 2011 were for net income and a $50,000 dividend, what was net income for 2011?

A. $90,000.
B. $60,000.
C. $70,000.
D. $40,000.


2. In 2009, Winn, Inc., issued $1 par value common stock for $35 per share. No other common stock transactions occurred until July 31, 2011, when Winn acquired some of the issued shares for $30 per share and retired them. Which of the following statements correctly states an effect of this acquisition and retirement?

A. Retained earnings is increased.
B. Additional paid-in capital is decreased.
C. 2011 net income is increased.
D. 2011 net income is decreased.




3. Information for Hobson International Corp. for the current year ($ in millions):
Income from continuing operations before tax
$150

Extraordinary loss (pretax)
30

Temporary differences (all related to operating income):
Accrued warranty expense in excess of write-offs
included in operating income
10

Depreciation deducted on tax return in excess of depreciated expense
25

Permanent differences (all related to operating income):
Nondeductible portion of travel & entertainment expense
5

The applicable enacted tax rate for all periods is 40%.

What is Hobson's income tax payable for the current year?

A. $52 million
B. $48 million
C. $50 million
D. $44 million



4. ABC declared a property dividend. The dividend consisted of 10,000 common shares of its investment in XYZ Company. The shares had originally been purchased at $4 per share and had a $1 par value. The value of the shares on the declaration date is $7 per share. What is the first entry that should be recorded related to this dividend?
a. Retained earnings 70,000
Property dividends payable
70,000

b. Retained earnings 70,000
Property dividends payable
40,000

Gain
30,000

c. Investment in XYZ 30,000
Retained earnings;
30,000

d. Investment in XYZ 30,000
Gain
30,000



A. Option b
B. Option c
C. Option d
D. Option a




5. The following partial information is taken from the comparative balance sheet of Levi Corporation:



What was the average price (rounded to the nearest dollar) of the additional shares issued by Levi in 2011?

A. $39 per share
B. The answer can't be determined from the information given.
C. $5 per share
D. $26 per share



6. Beagle Corporation has 20,000 shares of $10 par common stock outstanding and 10,000 shares of $100 par, 6% cumulative, nonparticipating preferred stock outstanding. Dividends haven’t been paid for the past two years. This year, a $300,000 dividend will be paid. What are the dividends per share payable to preferred and common, respectively?

A. $6; $6
B. $12; $0
C. $6; $12
D. $18; $6



7. Louie Company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company received the PBO report from the actuary. The following information was included in the report: ending PBO, $110,000; benefits paid to retirees, $10,000; interest cost, $8,000. The discount rate applied by the actuary was 8%. What was the service cost for the year?

A. $92,000
B. $12,000
C. $18,000
D. $2,000



8. Information for Hobson International Corp. for the current year ($ in millions):
Income from continuing operations before tax
$150

Extraordinary loss (pretax)
30

Temporary differences (all related to operating income):
Accrued warranty expense in excess of write-offs
included in operating income
10

Depreciation deducted on tax return in excess of depreciated expense
25

Permanent differences (all related to operating income):
Nondeductible portion of travel & entertainment expense
5

The applicable enacted tax rate for all periods is 40%.
How much tax on income from continuing operations would be reported in Hobson's income statement?

A. $62 million
B. $60 million
C. $50 million
D. $56 million



9. The following information pertains to Havana Corporation's defined benefit pension plan:

($ in 000s)

2011
2012
Beginning
balances
Beginning
balances
Projected benefit obligation
($6,000)

($6,504)

Plan assets
5,760

6,336

Prior service cost--AOCI
600

552

Net loss--AOCI
720

786

At the end of 2011, Havana contributed $696 thousand to the pension fund and benefit payments of $624 thousand were made to retirees. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO.

What is the 2011 pension expense for Havana's plan?

A. $678 thousand
B. $702 thousand
C. $594 thousand
D. $606 thousand



10. At the beginning of 2009, Emily Corporation issued 10,000 shares of $100 par, 5%, cumulative, preferred stock for $110 per share. No dividends have been paid to preferred shareholders. What amount of dividends will a shareholder owning 100 shares receive in 2011 if Emily pays $1,000,000 in dividends?

A. $500
B. $1,650
C. $1,500
D. $10,000



11. The changes in account balances for Allen Inc. for 2011 are as follows:
Assets
$225,000 debit

Common stock
125,000 credit

Liabilities
80,000 credit

Paid-in capital--excess of par
15,000 credit

Assuming the only changes in retained earnings in 2011 were for net income and a $25,000 dividend, what was net income for 2011?

A. $20,000
B. $5,000
C. $30,000
D. $15,000



12. Pug Corporation has 10,000 shares of $10 par common stock outstanding and 20,000 shares of $100 par, 6% noncumulative, nonparticipating preferred stock outstanding. Dividends have not been paid for the past two years. This year, a $150,000 dividend will be paid. What are the dividends per share for preferred and common, respectively?

A. $6; $3.
B. $6; $1.50.
C. $7.50; $1.50.
D. $7.50; $0.



13. Persoff Industries International has a defined benefit pension plan. The company revised its estimate of future salary levels causing its defined benefit obligation to increase by $16 million. Also, Persoff's $25 million actual return on plan assets exceeded the $22 million expected return. Persoff prepares its financial statements in accordance with International Financial Reporting Standards. The company will

A. report an unrecognized net gain as an increase in the net pension asset in the liability section of the balance sheet.
B. report an unrecognized net loss as an offset to the net pension liability in the liability section of the balance sheet.
C. record a $3 million decrease in its plan assets.
D. record a $16 million gain-OCI.



14. The EPBO for a particular employee on January 1, 2011, was $30,000. The APBO at the beginning of the year was $6,000. The appropriate discount rate for this postretirement plan is 5%. The employee is expected to serve the company for a total of twenty-five years with five of those years already served as of January 1, 2011. What is the APBO at December 31, 2011?

A. $7,200
B. $7,560
C. $6,300
D. $7,500




15. At the end of the current year, Newsmax Inc. has $400,000 of subscriptions received in advance included in its balance sheet. A footnote reveals that the entire $400,000 will be earned in the next year. In the absence of other temporary differences, in the balance sheet one would also expect to find a

A. Current deferred tax liability
B. Current deferred tax asset
C. Noncurrent deferred tax asset
D. Noncurrent deferred tax liability



16. Montgomery & Co., a well established law firm, provided 500 hours of its time to Fink Corporation in exchange for 1,000 shares of Fink's $5 par common stock. Mitchell's usual billing rate is $700 per hour, and Fink's stock has a book value of $250 per share. By what amount will Fink's Paid-in capital - excess of par increase for this transaction?

A. $350,000
B. $300,000
C. $295,000
D. $345,000



17. The shareholders’ equity of Red Corporation includes $200,000 of $1 par common stock and $400,000 of 6% cumulative preferred stock. The board of directors of Green declared cash dividends of $50,000 in 2011 after paying $20,000 cash dividends in 2010 and $40,000 in 2009. What is the amount of dividends common shareholders will receive in 2011?

A. $22,000
B. $28,000
C. $26,000
D. $18,000



18. JL Health Services reported a net loss-AOCI in last year's balance sheet. This year, the company revised its estimate of future salary levels causing its PBO estimate to decline by $24. Also, the $48 million actual return on plan assets was less than the $54 million expected return. As a result,

A. the statement of comprehensive income will report a $6 million gain and a $24 million loss.
B. the net pension liability will increase by $18 million.
C. accumulated other comprehensive income will increase by $18 million.
D. the net pension liability will decrease by $24 million.



19. In 2010, HD had reported a deferred tax asset of $90 million with no valuation allowance. At December 31, 2011, the account balances of HD Services showed a deferred tax asset of $120 million before assessing the need for a valuation allowance and income taxes payable of $80 million. HD determined that it was more likely than not that 30% of the deferred tax asset ultimately would not be realized. HD made no estimated tax payments during 2011. What amount should HD report as income tax expense in its 2011 income statement?

A. $50 million
B. $86 million
C. $116 million
D. $80 million




20. The Kelso Company had the following operating results:
Year Income (loss) Tax rate Income tax
2009
30,000

35%

10,500 first year of operations
2010
45,000

30%

13,500
2011
(60,000)

30%

I0
What is the income tax refund receivable?

A. $24,000
B. $18,000
C. $18,750
D. $19,500


part ( 4 ) :


1. During 2011, Angel Corporation had 900,000 shares of common stock and 50,000 shares of 6% preferred stock outstanding. The preferred stock does not have cumulative or convertible features. Angel declared and paid cash dividends of $300,000 and $150,000 to common and preferred shareholders, respectively, during 2011.
On January 1, 2010, Angel issued $2,000,000 of convertible 5% bonds at face value. Each $1,000 bond is convertible into 5 common shares.
Angel's net income for the year ended December 31, 2011, was $6 million. The income tax rate is 20%.
What is Angel's basic earnings per share for 2011, rounded to the nearest cent?

A. $5.57
B. $5.29
C. $6.50
D. $9.20



2. On January 2, 2011, Tobias Company began using straight-line depreciation for a certain class of assets. In the past, the company had used double-declining-balance depreciation for these assets. As of January 2, 2011, the amount of the change in accumulated depreciation is $40,000. The appropriate tax rate is 40%. The separately reported change in 2011 earnings is

A. an increase of $40,000.
B. an increase of $24,000.
C. not given here.
D. a decrease of $40,000.



3. Which of the following is not a change in reporting entity?

A. All are changes in reporting entity
B. Presenting consolidated financial statements for the first time
C. Reporting using comparative financial statements for the first time
D. Changing the companies that comprise a consolidated group



4. Like U.S. GAAP, international standards also require a statement of cash flows. Consistent with U.S GAAP, cash flows are classified as operating, investing, or financing activities. However, with regard to interest and dividend inflows and outflows, the international standard for cash flow statements

A. allows companies to report cash outflows from interest payments as either operating or investing cash flows.
B. allows companies to report dividends paid as either investing or operating cash flows.
C. allows companies to report cash inflows from interest and dividends as either operating or investing cash flows.
D. designates cash outflows for interest payments and cash inflows from interest and dividends received as operating cash flows.




5. During 2011, Angel Corporation had 900,000 shares of common stock and 50,000 shares of 6% preferred stock outstanding. The preferred stock does not have cumulative or convertible features. Angel declared and paid cash dividends of $300,000 and $150,000 to common and preferred shareholders, respectively, during 2011.
On January 1, 2010, Angel issued $2,000,000 of convertible 5% bonds at face value. Each $1,000 bond is convertible into 5 common shares.
Angel's net income for the year ended December 31, 2011, was $6 million. The income tax rate is 20%.
What will Angel report as diluted earnings per share for 2011, rounded to the nearest cent?

A. The correct answer isn't given.
B. $6.43
C. $6.22
D. $6.25




6. In its 2011 income statement, WME reported $11,000 of interest expense on its outstanding bonds. During the year, WME paid its regular installments of $9,000 of interest in cash. In its reconciliation schedule, WME should show a

A. $2,000 positive adjustment to net income under the indirect method for the decrease in bond premium.
B. $2,000 positive adjustment to net income under the indirect method for the decrease in bond discount.
C. $2,000 negative adjustment to net income under the indirect method for the decrease in bond premium.
D. $2,000 negative adjustment to net income under the indirect method for the decrease in bond discount.



7. During 2011, P Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts:
2009 $120,000 understated
2010 $150,000 overstated

P uses the periodic inventory system to ascertain year-end quantities that are converted to dollar amounts using the FIFO cost method. Prior to any adjustments for these errors and ignoring income taxes, P's retained earnings at January 1, 2011 would be

A. $150,000 understated.
B. correct.
C. $30,000 overstated.
D. $150,000 overstated.



8. A firm reported ($ in millions) net cash inflows (outflows) as follows: operating $75, investing ($200), and financing $350. The beginning cash balance was $250. What was the ending cash balance?

A. $475
B. $25
C. $125
D. $875




9. Freeman Company's accounting records include the following information:
Payments to suppliers
$50,000

Collections on accounts receivable
90,000

Cash sales
20,000

Income taxes paid
5,000

Equipment purchased
15,000

What is the amount of net cash provided by operating activities indicated by these transactions?

A. $60,000
B. $45,000
C. $55,000
D. $40,000



10. On June 4, White Corporation issued $400 million of bonds for $386 million. During the same year, $1 million of the bond discount was amortized. In a statement of cash flows prepared by the indirect method, White Corporation should report a(an)

A. deduction from net income of $1 million.
B. financing activity of $400 million.
C. addition to net income of $1 million.
D. investing activity of $386 million.



11. Due to an error in computing depreciation expense, Prewitt Corporation overstated accumulated depreciation by $20 million as of December 31, 2011. Prewitt has a tax rate of 30%. Prewitt's retained earnings as of December 31, 2011, would be

A. understated by $6 million.
B. overstated by $14 million.
C. overstated by $6 million.
D. understated by $14 million.



12. Under IFRS, a deferred tax asset for stock options

A. is the portion of the options' intrinsic value earned to date times the tax rate.
B. is the tax rate times the amount of compensation.
C. isn't created if the award is "in the money;" that is, it has intrinsic value.
D. is created for the cumulative amount of the fair value of the options the company has recorded for compensation expense.




13. Horrocks Company granted 180,000 restricted stock awards of its no par common shares to executives, subject to forfeiture if employment is terminated within three years. Horrocks' common shares have a market price of $10 per share on January 1, 2010, the grant date, and at December 31, 2011, averaging $10 throughout the year. When calculating diluted EPS at December 31, 2011, the net increase in the denominator of the EPS fraction will be

A. 120,000 shares.
B. 60,000 shares.
C. 0 shares.
D. 180,000 shares.



14. On January 1, 2011, G Corp. granted stock options to key employees for the purchase of 80,000 shares of the company’s common stock at $25 per share. The options are intended to compensate employees for the next two years. The options are exercisable within a four-year period beginning January 1, 2013, by the grantees still in the employ of the company. No options were terminated during 2011, but the company does have an experience of 4% forfeitures over the life of the stock options. The market price of the common stock was $31 per share at the date of the grant. G Corp. used the binomial pricing model and estimated the fair value of each of the options at $10. What amount should G charge to compensation expense for the year ended December 31, 2011?

A. $400,000
B. $384,000
C. $307,200
D. $320,000



15. Under its executive stock option plan, W Corporation granted options on January 1, 2011, that permit executives to purchase 15 million of the company's $1 par common shares within the next eight years, but not before December 31, 2013 (the vesting date). The exercise price is the market price of the shares on the date of grant, $18 per share. The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. The options are exercised on April 2, 2014, when the market price is $21 per share. By what amount will W's shareholder's equity be increased when the options are exercised?

A. $270 million
B. $330 million
C. $315 million
D. $60 million



16. In its 2011 income statement, WME reported $695,000 for service revenue earned from membership fees. WME received $681,000 cash in advance from members during 2011. In its reconciliation schedule, WME should show a

A. $14,000 negative adjustment to net income under the indirect method for the increase in unearned revenue.
B. $14,000 positive adjustment to net income under the indirect method for the decrease in unearned revenue.
C. $14,000 positive adjustment to net income under the indirect method for the increase in unearned revenue.
D. $14,000 negative adjustment to net income under the indirect method for the decrease in unearned revenue.




17. During the current year, High Corporation had 3 million shares of common stock outstanding. Five thousand, $1,000, 6% convertible bonds were issued at face amount at the beginning of the year. High reported income before tax of $4 million and net income of $2.4 million for the year. Each bond is convertible into ten shares of common. What is diluted EPS (rounded)?

A. $.79
B. $.80
C. $.86
D. $.85




18. Morrison Corporation had the following common stock record during the current calendar year:
Outstanding—January 1
2,000,000

Additional shares issued 3/31
100,000

Distributed a 10% stock dividend on 6/30
Additional shares issued 9/30
100,000

What is the number of shares to be used in computing basic EPS?

A. 2,000,000
B. 2,200,000
C. 2,310,000
D. 2,307,500



19. Under its executive stock option plan, Q Corporation granted options on January 1, 2011, that permit executives to purchase 15 million of the company's $1 par common shares within the next eight years, but not before December 31, 2013 (the vesting date). The exercise price is the market price of the shares on the date of grant, $18 per share. The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures were anticipated, however unexpected turnover during 2012 caused the forfeiture of 5% of the stock options. Ignoring taxes, what is the effect on earnings in 2013?

A. $18 million
B. $19 million
C. $0
D. $20 million



20. Which of the following statements is true regarding correcting errors in previously issued financial statements prepared in accordance with International Financial Reporting Standards?

A. The error can be reported in the current period if it’s not considered practicable to report it retrospectively.
B. The error can be reported prospectively if it’s not considered practicable to report it retrospectively.
C. The error can be reported in the current period if it’s not considered practicable to report it prospectively.
D. Retrospective application is required with no exception.



21. Prior to 2011, Trapper John, Inc., used sum-of-the-years’-digits depreciation for its store equipment. Beginning in 2011, Trapper John decided to use straight-line depreciation for these assets. The equipment cost $3 million when it was purchased at the beginning of 2009, had an estimated useful life of five years and no estimated residual value. To account for the change in 2011, Trapper John

A. would retrospectively report $600,000 in depreciation expense annually for 2009 and 2010, and report $600,000 in depreciation expense for 2011.
B. would adjust accumulated depreciation and retained earnings for the excess charges made in 2009 and 2010.
C. would report $3 million in depreciation expense for 2011.
D. would report depreciation expense of $400,000 in its 2011 income statement.




22. Powell Company had the following errors over the last two years:
2009: Ending inventory was overstated by $30,000 while depreciation expense was overstated by $24,000.
2010: Ending inventory was understated by $5,000 while depreciation expense was understated by $4,000.

By how much should retained earnings be adjusted on January 1, 2011? (Ignore taxes)

A. Increase by $15,000
B. Decrease by $6,000
C. Decrease by $25,000
D. Increase by $25,000




23. In a statement of cash flows using the indirect method, an increase in available-for-sale securities due to an increase in their fair value

A. should not reported.
B. should be reported as a deduction from net income in determining cash flows from operating activities.
C. should be reported as an addition to net income in determining cash flows from operating activities.
D. should be reported as an investing activity.



24. Baldwin Company had 40,000 shares of common stock outstanding on January 1, 2011. On April 1, 2011 the company issued 20,000 shares of common stock. The company had outstanding fully vested incentive stock options for 10,000 shares exercisable at $10 that had not been exercised by its executives. The average market price of common stock for the year was $12.
What number of shares of stock (rounded) should be used in computing diluted earnings per share?

A. 61,667
B. 65,000
C. 55,000
D. 56,667



25. If bond interest expense is $800,000, bond interest payable increased by $8,000 and bond discount decreased by $2,000, cash paid for bond interest is

A. $790,000.
B. $806,000.
C. $910,000.
D. $784,000.
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  Steven, M.Acc. replied 2 years ago.
Hello,

The amount you are offered for the amount of work involved is quite low. I am willing to complete your questions for a bonus of $60. Do you agree? Also, what is your deadline?
Customer: replied 2 years ago.

3 days from now and i will bouns you 60 but only under one condition all the answr is correct i dont wanna fail this class its importants

Expert:  Manal Elkhoshkhany replied 2 years ago.

Hello samhamada

 

Thank you for requesting me to answer your questions, but please note that you need to rate the answers to your previous post. Please note that experts do not get paid unless you rate the solution. So if you want me to help with those questions, please go to the other post and rate the solution & add the bonus as agreed.

 

http://www.justanswer.com/multiple-problems/75bzd-part-1-its-first-year-operations-acme-corp.html

 

Thank you

Customer: replied 2 years ago.

iam i will add ur bouns i already - sumit the answers iam waiting for school for grading

Expert:  Manal Elkhoshkhany replied 2 years ago.

But that was not our agreement sanhamada.

 

I do not mind because I am 100 Sure of my solutions yet this was not our agreement that you will wait until you get the assignment graded especially that we have worked with each other before and you know the quality of the answers I provide.

 

When is the deadline for this one please?

Customer: replied 2 years ago.

i know but u seems not believing me iam not gonna - iam waitiing for grading today i will recieved and if ipass i pay ur right away and rate your answers


 


dead line tuesday thank you

Expert:  Manal Elkhoshkhany replied 2 years ago.

Not at all :)

 

I was just telling you that it was not our agreement :)

 

Ok, I will start working on the new questions so that I post the solutions before the deadline. For future posts though, when you request me to answer your posts, please make sure to type "For BusinessTutor" at the beginning of the post so that other experts know you are requesting me.

 

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Expert:  Manal Elkhoshkhany replied 2 years ago.

Thank you :)

 

 

Will start on it today.

 

 

Please do not respond to this message as this would lock me out of replying
to other posts and cause a delay in getting back to you

Expert:  Manal Elkhoshkhany replied 2 years ago.

Here you go :)

 

https://www.box.com/s/5w8g0jqeeh8zku2gjd5k

 

Regards,

Manal Elkhoshkhany, Bachelor's Degree
Satisfied Customers: 9484
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Manal Elkhoshkhany and 2 other Multiple Problems Specialists are ready to help you
Expert:  Manal Elkhoshkhany replied 2 years ago.

Please remember that we have agreed on a $60 bonus for this one. You can add the difference from the other post here as well

 

Thank you

Customer: replied 2 years ago.

iam waiting for garading

Expert:  Manal Elkhoshkhany replied 2 years ago.
Ok :) No problem, I just did not want you to forget :)
Customer: replied 2 years ago.

sorry stilll waiting for grading so far first test i Got 80%


 


also i forget one more test including with these exames :


 


 


 


1. (Ignore income taxes in this problem.) The following data pertain to an investment:


 


Cost of the investment


$18,955


 


Life of the project


5 years


 


Annual cost savings


$5,000


 


Estimated salvage value


$1,000


 


Discount rate


10%


 


 


The net present value of the proposed investment is



A. $3,355.


B. $0.


C. $(3,430).


D. $621.


 


 


2. Fonics Corporation is considering the following three competing investment proposals:


 


Aye Bee Cee


Initial investment required $62,000 $74,000 $95,000


Net present value $10,000 $8,000 $12,000


Internal rate of return 15% 17% 18%


 


Using the project profitability index, how would the above investments be ranked (highest to lowest)?



A. Bee, Cee, Aye


B. Aye, Cee, Bee


C. Aye, Bee, Cee


D. Cee, Bee, Aye


 


 


 


 


Use the following information to answer this question.


 


The most recent balance sheet and income statement of Teramoto Corporation appear below:


Comparative Balance Sheet


 


Ending


Balance Beginning


Balance


Assets:


Cash and cash equivalents


Accounts receivable


Inventory


Plant and equipment


Less accumulated depreciation


Total assets


$43


53


73


582


301


$450


$35


59


69


490


286


$367


Liabilities and stockholders' equity


Accounts payable


Wages payable


Taxes payable


Bonds payable


Deferred taxes


Common stock


Retained earnings


Total liabilities and stockholders' equity


$57


21


15


21


20


55


261


$450


$48


18


13


20


21


50


197


$367


 


Income Statement


 


Sales


Cost of good sold


Gross margin


Selling and administrative expense


Net operating income


Income taxes


Net income


 


 


 


$893


587


306


189


117


35


$82


 


3. The net cash provided by (used by) investing activities for the year was



A. $77.


B. ($92).


C. $92.


D. ($77).


 


 


4. Centerville Company's debt-to-equity ratio is 0.60 Total assets are $320,000, current assets are $170,000, and working capital is $80,000. Centerville's long-term liabilities must be



A. $30,000.


B. $120,000.


C. $90,000.


D. $80,000.


 


 


 


Use the following information to answer this question.


 


Financial statements for Larkins Company appear below:


 


Larkins Company


Statement of Financial Position


December 31, Year 2 and Year 1


(dollars in thousands)


 


Year 2 Year 1


Current assets:


Cash and marketable securities


Accounts receivable, net


Inventory


Prepaid expenses


Total current assets


Noncurrent assets:


Plant & equipment, net


$180


210


130


50


570


 


1,540


$180


180


120


50


530


 


1,480


Total assets $2,110 $2,010


 


Current liabilities:


Accounts payable


Accrued liabilities


Notes payable, short term


Total current liabilities


Noncurrent liabilities:


Bonds payable


Total liabilities


Stockholders' equity:


Preferred stock, $20 par, 10%


Common stock, $10 par


Additional paid-in capital--common stock


Retained earnings


Total stockholders' equity


Total liabilities & stockholders' equity


$100


60


90


250


 


480


730


 


120


180


240


840


1,380


$2,110


$130


60


120


310


 


500


810


 


120


180


240


660


1,200


$2,010


 


Larkins Company


Income Statement


For the Year Ended December 31, Year 2


(dollars in thousands)


 


Sales (all on account)


Cost of goods sold


Gross margin


Selling and administrative expense


Net operating income


Interest expense


Net income before taxes


Income taxes (30%)


Net income $2,760


1,930


830


330


500


50


450


135


$315


 


 


 


 


 


Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $150.


 


 


5. Larkins Company's earnings per share of common stock for Year 2 was closest to:



A. $7.21.


B. $16.83.


C. $17.50.


D. $25.00.


 


 


 


 


 


 


6. Part N19 is used by Malouf Corporation to make one of its products. A total of 7,000 units of this part are produced and used every year. The company's Accounting Department reports the following costs of producing the part at this level of activity:


Per Unit


 


Direct materials


$2.20


 


Direct labor


$8.50


 


Variable manufacturing overhead


$1.30


 


Supervisor’s salary


$5.80


 


Depreciation of special equipment


$7.20


 


Allocated general overhead


$4.60


 


 


An outside supplier has offered to make the part and sell it to the company for $24.50 each. If this offer is accepted, the supervisor's salary and all of the variable costs, including the direct labor, can be avoided. The special equipment used to make the part was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company, none of which would be avoided if the part were purchased instead of produced internally. In addition, the space used to make part N19 could be used to make more of one of the company's other products, generating an additional segment margin of $25,000 per year for that product. What would be the impact on the company's overall net operating income of buying part N19 from the outside supplier?



A. Net operating income would decline by $10,700 per year.


B. Net operating income would decline by $21,900 per year.


C. Net operating income would increase by $25,000 per year.


D. Net operating income would decline by $60,700 per year.


 


 


 


Use the following information to answer this question.


 


Financial statements for Larkins Company appear below:


 


Larkins Company


Statement of Financial Position


December 31, Year 2 and Year 1


(dollars in thousands)


 


Year 2 Year 1


Current assets:


Cash and marketable securities


Accounts receivable, net


Inventory


Prepaid expenses


Total current assets


Noncurrent assets:


Plant & equipment, net


$180


210


130


50


570


 


1,540


$180


180


120


50


530


 


1,480


Total assets $2,110 $2,010


 


Current liabilities:


Accounts payable


Accrued liabilities


Notes payable, short term


Total current liabilities


Noncurrent liabilities:


Bonds payable


Total liabilities


Stockholders' equity:


Preferred stock, $20 par, 10%


Common stock, $10 par


Additional paid-in capital--common stock


Retained earnings


Total stockholders' equity


Total liabilities & stockholders' equity


$100


60


90


250


 


480


730


 


120


180


240


840


1,380


$2,110


$130


60


120


310


 


500


810


 


120


180


240


660


1,200


$2,010


 


Larkins Company


Income Statement


For the Year Ended December 31, Year 2


(dollars in thousands)


 


Sales (all on account)


Cost of goods sold


Gross margin


Selling and administrative expense


Net operating income


Interest expense


Net income before taxes


Income taxes (30%)


Net income $2,760


1,930


830


330


500


50


450


135


$315


 


 


 


 


 


Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $150.


 


 


7. Larkins Company's return on common stockholders' equity for Year 2 was closest to:



A. 23.5%.


B. 26.9%.


C. 24.4%.


D. 25.9%.


 


 


 


8. Degner Inc. has some material that originally cost $19,500. The material has a scrap value of $13,300 as is, but if reworked at a cost of $2,100, it could be sold for $14,000. What would be the incremental effect on the company's overall profit of reworking and selling the material rather than selling it as is as scrap?



A. -$7,600


B. -$1,400


C. $11,900


D. -$20,900


 


 


Use the following information to answer this question.


 


Financial statements for Larkins Company appear below:


 


Larkins Company


Statement of Financial Position


December 31, Year 2 and Year 1


(dollars in thousands)


 


Year 2 Year 1


Current assets:


Cash and marketable securities


Accounts receivable, net


Inventory


Prepaid expenses


Total current assets


Noncurrent assets:


Plant & equipment, net


$180


210


130


50


570


 


1,540


$180


180


120


50


530


 


1,480


Total assets $2,110 $2,010


 


Current liabilities:


Accounts payable


Accrued liabilities


Notes payable, short term


Total current liabilities


Noncurrent liabilities:


Bonds payable


Total liabilities


Stockholders' equity:


Preferred stock, $20 par, 10%


Common stock, $10 par


Additional paid-in capital--common stock


Retained earnings


Total stockholders' equity


Total liabilities & stockholders' equity


$100


60


90


250


 


480


730


 


120


180


240


840


1,380


$2,110


$130


60


120


310


 


500


810


 


120


180


240


660


1,200


$2,010


 


Larkins Company


Income Statement


For the Year Ended December 31, Year 2


(dollars in thousands)


 


Sales (all on account)


Cost of goods sold


Gross margin


Selling and administrative expense


Net operating income


Interest expense


Net income before taxes


Income taxes (30%)


Net income $2,760


1,930


830


330


500


50


450


135


$315


 


 


 


 


 


Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $150.


 


 


9. Larkins Company's price-earnings ratio on December 31, Year 2 was closest to:



A. 6.00


B. 8.57


C. 20.79


D. 8.91


 


 


10. Kava Inc. manufactures industrial components. One of its products, which is used in the construction of industrial air conditioners, is known as K65. Data concerning this product are given below:


Per Unit


 


Selling price


$180


 


Direct materials


$29


 


Direct labor


$5


 


Variable manufacturing overhead


$4


 


Fixed manufacturing overhead


$21


 


Variable selling expense


$2


 


Fixed selling and administrative expense


$17


 


 


The above per unit data are based on annual production of 4,000 units of the component. Direct labor can be considered to be a variable cost. (Source: CMA, adapted)


The company has received a special, one-time-only order for 500 units of component K65. There would be no variable selling expense on this special order, and the total fixed manufacturing overhead and fixed selling and administrative expenses of the company wouldn't be affected by the order. Assuming that Kava has excess capacity and can fill the order without cutting back on the production of any product, what is the minimum price per unit on the special order below which the company shouldn't go?



A. $78


B. $180


C. $38


D. $59


 


 


 


Use the following information to answer this question.


 


Financial statements for Larkins Company appear below:


 


Larkins Company


Statement of Financial Position


December 31, Year 2 and Year 1


(dollars in thousands)


 


Year 2 Year 1


Current assets:


Cash and marketable securities


Accounts receivable, net


Inventory


Prepaid expenses


Total current assets


Noncurrent assets:


Plant & equipment, net


$180


210


130


50


570


 


1,540


$180


180


120


50


530


 


1,480


Total assets $2,110 $2,010


 


Current liabilities:


Accounts payable


Accrued liabilities


Notes payable, short term


Total current liabilities


Noncurrent liabilities:


Bonds payable


Total liabilities


Stockholders' equity:


Preferred stock, $20 par, 10%


Common stock, $10 par


Additional paid-in capital--common stock


Retained earnings


Total stockholders' equity


Total liabilities & stockholders' equity


$100


60


90


250


 


480


730


 


120


180


240


840


1,380


$2,110


$130


60


120


310


 


500


810


 


120


180


240


660


1,200


$2,010


 


Larkins Company


Income Statement


For the Year Ended December 31, Year 2


(dollars in thousands)


 


Sales (all on account)


Cost of goods sold


Gross margin


Selling and administrative expense


Net operating income


Interest expense


Net income before taxes


Income taxes (30%)


Net income $2,760


1,930


830


330


500


50


450


135


$315


 


 


 


 


 


Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $150.


 


 


11. Larkins Company's return on total assets for Year 2 was closest to:



A. 15.3%.


B. 16.0%.


C. 17.0%.


D. 13.6%.


 


 


 


Use the following information to answer this question.


 


The most recent balance sheet and income statement of Teramoto Corporation appear below:


Comparative Balance Sheet


 


Ending


Balance Beginning


Balance


Assets:


Cash and cash equivalents


Accounts receivable


Inventory


Plant and equipment


Less accumulated depreciation


Total assets


$43


53


73


582


301


$450


$35


59


69


490


286


$367


Liabilities and stockholders' equity


Accounts payable


Wages payable


Taxes payable


Bonds payable


Deferred taxes


Common stock


Retained earnings


Total liabilities and stockholders' equity


$57


21


15


21


20


55


261


$450


$48


18


13


20


21


50


197


$367


 


Income Statement


 


Sales


Cost of good sold


Gross margin


Selling and administrative expense


Net operating income


Income taxes


Net income


 


 


 


$893


587


306


189


117


35


$82


 


12. The net cash provided by (used by) operations for the year was



A. $112.


B. $117.


C. $52.


D. $30.


 


 


13. (Ignore income taxes in this problem.) The Keego Company is planning a $200,000 equipment investment that has an estimated five-year life with no estimated salvage value. The company has projected the following annual cash flows for the investment:


 


Year


Cash Inflows


 


1


$120,000


 


2


60,000


 


3


40,000


 


4


40,000


 


5


40,000


 


Total


$300,000


 


 


 


Assuming that the cash inflows occur evenly over the year, the payback period for the investment is _______ years.



A. 4.91


B. 2.50


C. 0.75


D. 1.67


 


 


14. Ignore income taxes in this problem.) Purvell Company has just acquired a new machine. Data on the machine follow:


 


Purchase cost


$50,000


 


Annual cost savings


$15,000


 


Life of the machine


8 years


 


 


The company uses straight-line depreciation and a $5,000 salvage value. (The company considers salvage value in making depreciation deductions.) Assume cash flows occur uniformly throughout a year.


 


The simple rate of return would be closest to



A. 30.0%.


B. 18.75%.


C. 12.5%.


D. 17.5%.


 


 


15. A project profitability index greater than zero for a project indicates that



A. there has been a calculation error.


B. the project is unattractive and shouldn't be pursued.


C. the discount rate is less than the internal rate of return.


D. the company should reevaluate its discount rate.


 


 


16. The Clemson Company reported the following results last year for the manufacture and sale of one of its products known as a Tam.


 


Sales (6,500 Tams at $130 each)


$845,000


 


Variable cost of sales


390,000


 


Variable distribution costs


65,000


 


Fixed advertising expense


275,000


 


Salary of product line manager


25,000


 


Fixed manufacturing overhead


145,000


 


Net operating loss


$(55,000)


 


 


Clemson Company is trying to determine whether to discontinue the manufacture and sale of Tams. The operating results reported above for last year are expected to continue in the foreseeable future if the product isn't dropped. The fixed manufacturing overhead represents the costs of production facilities and equipment that the Tam product shares with other products produced by Clemson. If the Tam product were dropped, there would be no change in the fixed manufacturing costs of the company.


Assume that discontinuing the manufacture and sale of Tams will have no effect on the sale of other product lines. If the company discontinues the Tam product line, the change in annual operating income (or loss) should be a



A. $90,000 decrease.


B. $65,000 decrease.


C. $55,000 decrease.


D. $70,000 increase.


 


 


 


17. Products A, B, and C are produced from a single raw material input. The raw material costs $90,000, from which 5,000 units of A, 10,000 units of B, and 15,000 units of C can be produced each period. Product A can be sold at the split-off point for $2 per unit, or it can be processed further at a cost of $12,500 and then sold for $5 per unit. Product A should be



A. processed further, since this will increase profits by $12,500 each period.


B. sold at the split-off point, since further processing will result in a loss of $2,500 each period.


C. sold at the split-off point, since further processing would result in a loss of $0.50 per unit.


D. processed further, since this will increase profits by $2,500 each period.


 


 


 


 


Use the following information to answer this question.


 


Financial statements for Larkins Company appear below:


 


Larkins Company


Statement of Financial Position


December 31, Year 2 and Year 1


(dollars in thousands)


 


Year 2 Year 1


Current assets:


Cash and marketable securities


Accounts receivable, net


Inventory


Prepaid expenses


Total current assets


Noncurrent assets:


Plant & equipment, net


$180


210


130


50


570


 


1,540


$180


180


120


50


530


 


1,480


Total assets $2,110 $2,010


 


Current liabilities:


Accounts payable


Accrued liabilities


Notes payable, short term


Total current liabilities


Noncurrent liabilities:


Bonds payable


Total liabilities


Stockholders' equity:


Preferred stock, $20 par, 10%


Common stock, $10 par


Additional paid-in capital--common stock


Retained earnings


Total stockholders' equity


Total liabilities & stockholders' equity


$100


60


90


250


 


480


730


 


120


180


240


840


1,380


$2,110


$130


60


120


310


 


500


810


 


120


180


240


660


1,200


$2,010


 


Larkins Company


Income Statement


For the Year Ended December 31, Year 2


(dollars in thousands)


 


Sales (all on account)


Cost of goods sold


Gross margin


Selling and administrative expense


Net operating income


Interest expense


Net income before taxes


Income taxes (30%)


Net income $2,760


1,930


830


330


500


50


450


135


$315


 


 


 


 


 


Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $150.


 


 


18. Larkins Company's dividend payout ratio for Year 2 was closest to:



A. 40.6%


B. 14.8%


C. 42.9%


D. 24.6%


 


 


 


 


19. Brittman Corporation makes three products that use the current constraint-a particular type of machine. Data concerning those products appear below:


 


IP NI YD


Selling price per unit $183.57 $207.74 $348.15


Variable cost per unit $144.42 $155.04 $269.50


Minutes on the constraint 2.90 3.40 5.50


 


Assume that sufficient constraint time is available to satisfy demand for all but the least profitable product. Up to how much should the company be willing to pay to acquire more of the constrained resource?



A. $78.65 per unit


B. $39.15 per unit


C. $15.50 per minute


D. $13.50 per minute


 


 


 


 


20. An increase in the market price of a company's common stock will immediately affect its



A. dividend yield ratio.


B. debt-to-equity ratio.


C. earnings per share of common stock.


D. dividend payout ratio.


 


 


 


 


 


also anther one :


 


1. Dewey Company uses the weighted-average method in its process-costing system. The first processing department, the Welding Department, started the month with 15,000 units in its beginning work-in-process inventory that were 20% complete with respect to conversion costs. The conversion cost in this beginning work-in-process inventory was $19,200. An additional 86,000 units were started into production during the month. There were 13,000 units in the ending work-in-process inventory of the Welding Department that were 60% complete with respect to conversion costs. A total of $575,360 in conversion costs were incurred in the department during the month.


The cost per equivalent unit for conversion costs is closest to



B. $6.400.


C. $6.206.


D. $6.690.


 


 


2. Freeman Company uses a predetermined overhead rate based on direct-labor hours to apply manufacturing overhead to jobs. At the beginning of the year, the company estimated manufacturing overhead would be $150,000 and direct-labor hours would be 10,000. The actual figures for the year were $186,000 for manufacturing overhead and 12,000 direct-labor hours. The cost records for the year will show



A. overapplied overhead of $30,000.


C. underapplied overhead of $6,000.


D. underapplied overhead of $30,000.


 


 


The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the just-completed year.


 


Sales


$910


 


Raw materials, inventory, beginning


$80


 


Raw materials, inventory, ending


$20


 


Purchases of raw materials


$100


 


Direct labor


$130


 


Manufacturing overhead


$200


 


Administrative expenses


$160


 


Selling expenses


$140


 


Work in process inventory, beginning


$40


 


Work in process inventory, ending


$10


 


Finished goods inventory, beginning


$130


 


Finished goods inventory, ending


$150


 


 


 


3. The cost of the raw materials used in production during the year (in thousands of dollars) was



B. $160.


C. $180.


D. $40.


 


 


Abis Corporation uses the weighted-average method in its process-costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were


 


Cost Percent Complete


Material costs $6,000 50%


Conversion costs $9,900 30%


A total of 9,200 units were started, and 8,200 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:


 


Cost


Material costs $113,900


Conversion costs $322,500


The ending inventory was 80% complete with respect to materials and 20% complete with respect to conversion costs.


 


Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that's the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places.


 


 


4. The total cost transferred from the first processing department to the next processing department during the month is closest to



A. $420,414.


 


 


The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the just-completed year.


 


Sales


$910


 


Raw materials, inventory, beginning


$80


 


Raw materials, inventory, ending


$20


 


Purchases of raw materials


$100


 


Direct labor


$130


 


Manufacturing overhead


$200


 


Administrative expenses


$160


 


Selling expenses


$140


 


Work in process inventory, beginning


$40


 


Work in process inventory, ending


$10


 


Finished goods inventory, beginning


$130


 


Finished goods inventory, ending


$150


 


 


 


5. The cost of goods manufactured (finished) for the year (in thousands of dollars) was



B. $520.


C. $500.


D. $460.


 


 


 


The following cost data pertain to the operations of Lefthand Department Stores, Inc., for the month of December.


 


Corporate legal office salaries


$74,000


 


Shoe Department cost of sales,


Brentwood Store


$35,000


 


Corporate headquarters building lease


$78,000


 


Store manager's salary


Brentwood Store


$14,000


 


Shoe Department sales commissions,


Brentwood Store


$5,000


 


Store utilities,


Brentwood Store


$14,000


 


Shoe Department manager's salary,


Brentwood Store


$3,000


 


Central warehouse lease cost


$10,000


 


Janitorial costs, Brentwood Store


$8,000


 


 


The Brentwood Store is just one of many stores owned and operated by the company. The Shoe Department is one of many departments at the Brentwood Store. The central warehouse serves all of the company's stores.


 


 


6. What is the total amount of the costs listed above that are direct costs of the Shoe Department?



D. $43,000


 


 


The following cost data pertain to the operations of Lefthand Department Stores, Inc., for the month of December.


 


Corporate legal office salaries


$74,000


 


Shoe Department cost of sales,


Brentwood Store


$35,000


 


Corporate headquarters building lease


$78,000


 


Store manager's salary


Brentwood Store


$14,000


 


Shoe Department sales commissions,


Brentwood Store


$5,000


 


Store utilities,


Brentwood Store


$14,000


 


Shoe Department manager's salary,


Brentwood Store


$3,000


 


Central warehouse lease cost


$10,000


 


Janitorial costs, Brentwood Store


$8,000


 


 


The Brentwood Store is just one of many stores owned and operated by the company. The Shoe Department is one of many departments at the Brentwood Store. The central warehouse serves all of the company's stores.


 


 


7. What is the total amount of the costs listed above that are not direct costs of the Brentwood Store?



D. $162,000


 


 


Abis Corporation uses the weighted-average method in its process-costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were


 


Cost Percent Complete


Material costs $6,000 50%


Conversion costs $9,900 30%


A total of 9,200 units were started, and 8,200 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:


 


Cost


Material costs $113,900


Conversion costs $322,500


The ending inventory was 80% complete with respect to materials and 20% complete with respect to conversion costs.


 


Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that's the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places.


 


 


8. What are the equivalent units for conversion costs for the month in the first processing department?



D. 8,560


 


 


9. The Sarbanes-Oxley Act of 2002 contains all of the following provisions except which one?



A. Severe penalties are established for altering or destroying documents that may eventually be used in an official proceeding.


B. A CFO must be a CPA or CMA.


C. The audit committee of the board of directors of a company must hire, compensate, and terminate the public accounting firm that audits the company's financial reports.


D. Both the CEO and CFO must certify in writing that their company's financial statements and accompanying disclosures fairly represent the results of operations.


 


 


 


The Lee Company uses a job-order costing system. The following data were recorded for June:


 



Added During June----


 


Job


Number


 


June 1


Work in Process


Inventory Direct


Materials Direct


Labor


235 $2,500 $600 $400


236 $1,500 $800 $1,000


237 $1,000 $1,200 $1,750


238 $800 $1,500 $2,250


Overhead is charged to production at 80% of direct materials cost. Jobs 235, 237, and 238 were completed during June and transferred to finished goods. Jobs 235 and 238 have been delivered to customers.


10. Lee Company's cost of goods sold for June was



B. $15,520.


C. $14,640.


D. $9,730.


 


 


 


The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the just-completed year.


 


Sales


$910


 


Raw materials, inventory, beginning


$80


 


Raw materials, inventory, ending


$20


 


Purchases of raw materials


$100


 


Direct labor


$130


 


Manufacturing overhead


$200


 


Administrative expenses


$160


 


Selling expenses


$140


 


Work in process inventory, beginning


$40


 


Work in process inventory, ending


$10


 


Finished goods inventory, beginning


$130


 


Finished goods inventory, ending


$150


 


 


 


11. The cost of goods sold for the year (in thousands of dollars) was



B. $650.


C. $540.


D. $500.


 


 


The Lee Company uses a job-order costing system. The following data were recorded for June:


 



Added During June----


 


Job


Number


 


June 1


Work in Process


Inventory Direct


Materials Direct


Labor


235 $2,500 $600 $400


236 $1,500 $800 $1,000


237 $1,000 $1,200 $1,750


238 $800 $1,500 $2,250


Overhead is charged to production at 80% of direct materials cost. Jobs 235, 237, and 238 were completed during June and transferred to finished goods. Jobs 235 and 238 have been delivered to customers.


12. Lee Company's work-in-process inventory balance on June 30 was



A. $3,300.


B. $3,940.


D. $9,450.


 


 


The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the just-completed year.


 


Sales


$910


 


Raw materials, inventory, beginning


$80


 


Raw materials, inventory, ending


$20


 


Purchases of raw materials


$100


 


Direct labor


$130


 


Manufacturing overhead


$200


 


Administrative expenses


$160


 


Selling expenses


$140


 


Work in process inventory, beginning


$40


 


Work in process inventory, ending


$10


 


Finished goods inventory, beginning


$130


 


Finished goods inventory, ending


$150


 


 


 


13. The net operating income for the year (in thousands of dollars) was



A. $110.


B. $180.


D. $40.


 


 


14. Becky works on the assembly line of a manufacturing company where she installs a component part for one of the company's products. She's paid $16 per hour for regular time, and time and a half for all work in excess of 40 hours per week. Becky's employer offers fringe benefits that cost the company $3 for each hour of employee time (both regular and overtime). During a given week, Becky works 42 hours but is idle for 3 hours due to material shortages. The company treats all fringe benefits relating to direct labor as added direct labor cost and the remainder as part of manufacturing overhead. The allocation of Becky's wages and fringe benefits for the week between direct labor cost and manufacturing overhead would be which of the following?



B. Direct Labor: $741 / Manufacturing Overhead: $73


C. Direct Labor: $624 / Manufacturing Overhead: $190


D. Direct Labor: $688 / Manufacturing Overhead: $126


 


 


15. The management of Baggerly Corporation would like to investigate the possibility of basing its predetermined overhead rate on activity at capacity. The company's controller has provided an example to illustrate how this new system would work. In this example, the allocation base is machine hours, and the estimated amount of the allocation base for the upcoming year is 81,000 machine hours. In addition, capacity is 95,000 machine hours, and the actual level of activity for the year is 84,900 machine hours. All of the manufacturing overhead is fixed and is $6,617,700 per year. For simplicity, it's assumed that this is the estimated manufacturing overhead for the year as well as the manufacturing overhead at capacity. It's further assumed that this is also the actual amount of manufacturing overhead for the year. If the company bases its predetermined overhead rate on capacity, by how much was manufacturing overhead underapplied or overapplied?



A. $703,566 underapplied


B. $318,630 overapplied


C. $703,566 overapplied


 


16. Assume there's no beginning work-in-process inventory and that the ending work-in-process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method is



B. the same as the number of units put into production.


 


 


17. Which person would occupy a line position in a department store?


I. Sales manager


II. Manager, furniture department


III. Manager, advertising department


IV. Manager, personnel department



B. I, II, III, IV


C. Only I and II


D. Only I, II, III


 


 


18. Assume there's no beginning work-in-process inventory and the ending work-in-process inventory is 70% complete with respect to conversion costs. Under the weighted-average method, the number of equivalent units of production with respect to conversion costs would be



A. less than the units started during the period.


B. the same as the units started during the period.


C. less than the units completed.


 


19. Melillo Corporation has provided data concerning the company's manufacturing overhead account for the month of October. Prior to the closing of the overapplied or underapplied balance to cost of goods sold, the total of the debits to the manufacturing overhead account was $67,000, and the total of the credits to the account was $57,000.


Which statement is true?



A. Manufacturing overhead applied to work in process for the month was $67,000.


B. Manufacturing overhead transferred from finished goods to cost of goods sold during the month was $57,000.


D. Actual manufacturing overhead for the month was $67,000.


 


 


 


Sanker Inc. has provided the following data for the month of August. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.


 


Work In


Process Finished


Goods Cost of


Goods Sold Total


Direct materials $2,790 $7,680 $18,240 $28,710


Direct labor 9,700 19,200 45,600 74,500


Manufacturing


overhead applied 5,440 8,000 18,560 32,000


Total $17,930 $34,880 $82,400 $135,210


Manufacturing overhead for the month was overapplied by $5,000. The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.


 


 


20. The work-in-process inventory at the end of August after allocation of any underapplied or overapplied overhead for the month is closest to



A. $18,593.


C. $17,080.


D. $17,267.


 


 


 

Expert:  Manal Elkhoshkhany replied 2 years ago.

I apologize I cannot answer those questions until you rate the old answer (It has been there since September 27th which is almost a month). It is also against the site rules to post a new set of questions on an old post, so once you rate the solution and add the bonus (as agreed), you can make a new post and type "For BusinessTutor" at the beginning of the post and tell me the deadline

 

Thank you

Customer: replied 2 years ago.

so far iam waiting for two more to grade

Expert:  Manal Elkhoshkhany replied 2 years ago.

I apologize sam, I cannot do it. Those questions are very long, it took me many hours to answer, and I have posted the answers almost a month ago and I am 100% sure of my solutions and you know that I always provided you with 100% correct solutions.

 

If you want me to work on your new questions, you need to pay for the old; if you do not agree, then you can make a new post and not address the post to any particular expert.

 

Sorry about that

Customer: replied 1 year ago.

how mush the old bouns together


 

Expert:  Manal Elkhoshkhany replied 1 year ago.

Thank you for getting back to me sam :)

The amount of bonus is $40

Customer: replied 1 year ago.

i will add new question and plus bouns so total is 80 dollar

Expert:  Manal Elkhoshkhany replied 1 year ago.

Hello sam

You mean add a question to the above questions?

I would prefer that you make a new post (Type "For BusinessTutor" at the beginning of the post), and list all the questions you need help specifying the bonus you are willing to add so that there is no confusion. Also, please advise the deadline

Thank you

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