0m 0s | 582 view | 1 rating

http://newstudentoffortune.com/collections/acc-422/products/acc-422-final-exam Question 1 Kraft Enterprises owns the following assets at December 31, 2012. Cash in bank--savings account 67,214 Checking account balance 18,149 Cash on hand 10,114 Postdated checks 823 Cash refund due from IRS 31,782 Certificates of deposit (180-day) 92,846 What amount should be reported as cash Question 2 Presented below is information related to Rembrandt Inc.'s inventory. (per unit) Skis Boots Parkas Historical cost $257.07 $143.42 $71.71 Selling price 293.60 196.19 99.78 Cost to distribute 25.71 10.82 3.38 Current replacement cost 274.66 142.07 69.00 Normal profit margin 43.30 39.24 28.75 Determine the following: Question 3 Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 66 units that cost $40 each. Question 4 Amsterdam Company uses a periodic inventory system. For April, when the company sold 700 units, the following information is available. Question 5 Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Question 6 (FIFO, LIFO, Average Cost Inventory) Esplanade Company was formed on December 1, 2011. The following information is available from Esplanade's inventory records for Product BAP. Question 7 Floyd Corporation has the following four items in its ending inventory. Question 8 Kumar Inc. uses a perpetual inventory system. At January 1, 2013, inventory was $244,174 at both cost and market value. Question 9 Boyne Inc. had beginning inventory of $13,680 at cost and $22,800 at retail. Net purchases were $136,800 at cost and $193,800 at retail. Question 10 (Gross Profit Method) Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Question 11 Previn Brothers Inc. purchased land at a price of $30,430. Closing costs were $3,130. An old building was removed at a cost of $12,380. Question 12 Garcia Corporation purchased a truck by issuing an $104,000, 4-year, zero-interest-bearing note to Equinox Inc. Question 13 Your answer is correct. Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $434,700. Question 14 Fielder Company obtained land by issuing 2,000 shares of its $12 par value common stock. The land was recently appraised at $98,600. Question 15 Navajo Corporation traded a used truck (cost $21,800, accumulated depreciation $19,620) for a small computer worth $4,033. Question 16 Mehta Company traded a used welding machine (cost $9,990, accumulated depreciation $3,330) for office equipment with an estimated fair value of $5,550. Question 17 Depreciation is normally computed on the basis of the nearest Question 18 Fernandez Corporation purchased a truck at the beginning of 2012 for $44,520. The truck is estimated to have a salvage value of $2,120 and a useful life of 169,600 miles. Question 19 Lockhard Company purchased machinery on January 1, 2012, for $64,800. The machinery is estimated to have a salvage value of $6,480 after a useful life of 8 years. Question 20 Jurassic Company owns machinery that cost $1,101,600 and has accumulated depreciation of $440,640. Question 21 Everly Corporation acquires a coal mine at a cost of $438,400. Intangible development costs total $109,600. After extraction has occurred, Question 22 Francis Corporation purchased an asset at a cost of $41,200 on March 1, 2012. The asset has a useful life of 8 years and a salvage value of $4,120. Question 23 Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2012, for $56,460. Question 24 Karen Austin Corporation has capitalized software costs of $835,700, and sales of this product the first year totaled $443,250. Question 25 Jeff Beck is a farmer who owns land which borders on the right-of-way of the Northern Railroad. On August 10, 2012, due to the admitted negligence of the Railroad, hay on the farm was set on fire and burned. Beck had had a dispute with the Railroad for several years concerning the ownership of a small parcel of land. Question 26 Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. Question 27 Takemoto Corporation borrowed $82,200 on November 1, 2012, by signing a $84,050, 3-month, zero-interest-bearing note. Question 28 Whiteside Corporation issues $693,000 of 9% bonds, due in 14 years, with interest payable semiannually. Question 29 Indiana Jones Company enters into a 6-year lease of equipment on January 1, 2012, which requires 6 annual payments of $41,350 each, beginning January 1, 2012. Question 30 On January 1, 2012, Irwin Animation sold a truck to Peete Finance for $29,300 and immediately leased it back.