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ACC 304
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ACC 304 Final Exam Part 1 (3 Sets)
This Tutorial contains 3 Set of Finals ACC 304
Final Exam Part 1 (3 Sets) 1 1) Swing High
Inc. offers its 100 employees to participate in
an employee share-purchase plan. Under the terms
of plan, employees are entitled to purchase 10
shares at 10 discount. The par values of shares
were 10. Overall, 60 employees accepted the
offer and each employee purchased six shares.
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ACC 304 Final Exam Part 2 (2 Sets)
ACC 304 Final Exam Part 2 (2 Sets) 1 1) On
January 1, 2015, Piper Co. issued ten-year bonds
with a face value of 3,000,000 and a stated
interest rate of 10, payable semiannually on
June 30 and December 31. The bonds were sold to
yield 12. Table values are
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ACC 304 Week 1 Chapter 8 Homework
ACC 304 Week 1 Chapter 8 Homework 1) Matlock
Company uses a perpetual inventory system. Its
beginning inventory consists 50 units that cost
34 each. During June , (1) the company purchased
units at 34 each, (2) returned 6 units for
credit ,and (3) sold 125 unit at 50 each.
Journalize the June transactions.
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ACC 304 Week 2 Chapter 8 Quiz (All Possible
Questions)
ACC 304 Week 2 Quiz Strayer NEW CHAPTER 8
VALUATION OF INVENTORIESA COST-BASIS APPROACH
IFRS questions are available at the end of this
chapter. TRUE FALSEConceptual 1. A
manufacturing concern would report the cost of
units only partially processed as inventory in
the balance sheet.
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ACC 304 Week 2 Chapter 9 Homework
ACC 304 Week 2 Chapter 9 Homework 1) Floyd
Corporation has the following four items in its
ending inventory. Determine the final
lower-of-cost-or-market inventory value for each
item. 2) Bell, Inc. buys 1,000 computer game
CDs from a distributor who is disconnecting those
games. The purchase price for the lot is
8,000.Bell will group the CDs into three price
categories for resale, as indicated bellow.
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ACC 304 Week 3 Chapter 10 Homework
ACC 304 Week 3 Homework (Chapter 10) 1)
Hanson Company is constructing a building.
Construction begins on February 1 and was
completed on December 31. Expenditure were
1,800,000 on march 1, 1,200,000 on June 1, and
3,000,000 on December 31. Compute Hansons
weighted-average accumulated expenditure for
interest capitalization purposes.
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ACC 304 Week 4 Chapter 10 Quiz (All Possible
Questions)
ACC 304 Week 4 Quiz Strayer NEW Week 4 Quiz
3 Chapter 10 ACQUISITION AND DISPOSITION OF
PROPERTY, PLANT, AND EQUIPMENT IFRS questions
are available at the end of this chapter.
TRUE-FALSEConceptual
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ACC 304 Week 3 Chapter 9 Quiz (All Possible
Questions)
1. A company should abandon the historical
cost principle when the future utility of the
inventory item falls below its original cost.
2. The lower-of-cost-or-market method is
used for inventory despite being less
conservative than valuing inventory at market
value.
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ACC 304 Week 4 Chapter 11 Homework
ACC 304 Week 4 Chapter 11 Homework 1)
Lockard Company purchased machinery on January 1,
2014, for 102,960. The machinery is estimated to
have a salvage value of 10,296 after a useful
life of 8 years. 2) Compute 2014
depreciation expense using the double-declining-ba
lance method.
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ACC 304 Week 5 Midterm Part 1 (Set 1)
The book value of a plant asset is The asset
turnover ratio is computed by dividing On
September 19, 2014, Markham Co. purchased
machinery for 285,000. Salvage value was
estimated to be 15,000. The machinery will be
depreciated over eight years using the
sum-of-the-years'-digits method. If depreciation
is computed on the basis of the nearest full month
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ACC 304 Week 5 Midterm Part 1 (Set 2)
Multiple Choice Question 90 If Labor, Inc. uses
the composite method and its composite rate is
7.5 per year, what entry should it make when
plant assets that originally cost 80,000 and
have been used for 10 years are sold for
24,000? Multiple Choice Question 102 Porter
Resources Company acquired a tract of land
containing an extractable natural resource.
Porter is required by its purchase contract to
restore the land to a condition
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ACC 304 Week 5 Midterm Part 1 (Set 3)
ACC 304 Week 5 Midterm Part 1 (Set 3) 1)
Tongas Company applies revaluation accounting to
plant assets with a carrying value of 1,600,000,
a useful life of 4 years, and no salvage value.
Depreciation is calculated on the straight-line
basis. At the end of year 1, independent
appraisers determine that the asset has a fair
value of 1,500,000.
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ACC 304 Week 5 Midterm Part 2
ACC 304 Week 5 Midterm Part 2 1) 1) A
machine which cost 300,000 is acquired on
October1, 2014. Its estimated salvage value is
30,000 and its expected life is eight years.
a) Calculate depreciation expense for 2014
and 2015 by double-declining balance
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ACC 304 Week 6 Chapter 12 Homework
ACC 304 Week 6 Chapter 12 Homework 1)
Waters Corporation purchased Johnson Company 3
years ago and at that time recorded goodwill of
400,000. The Johnson Divisions net assets,
including the good well, have a carrying amount
of 800,000. The fair value of the division is
estimated to be 1,000,000.prepare Waters
journal entry to record impairment of the
goodwill.
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ACC 304 Help Bcome Exceptional / snaptutorial.com
ACC 304 Week 7 Chapter 12 Quiz (All Possible
Questions)
ACC 304 Week 7 Quiz Strayer NEW Week 7 Quiz 4
Chapter 12 INTANGIBLE ASSETS IFRS questions are
available at the end of this chapter.
TRUE-FALSEConceptual 1. Intangible
assets derive their value from the right (claim)
to receive cash in the future.
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ACC 304 Week 7 Chapter 13 Homework
ACC 304 Week 7 Chapter 13 Homework 1)
Takemoto Corporation borrowed 64,850 on November
1, 2014, by signing a 68,450, 3-month,
zero-interest-bearing note. Prepare Takemotos
November 1, 2014, entry the December 31, 2014,
annual adjusting entry and the February 1, 2015,
entry. (If no entry is required, select "No
Entry" for the account titles and enter 0 for the
amounts.
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ACC 304 Week 8 Assignment 1 Delta Airlines
Property, Plant, And Equipment
ACC 304 WEEK 8 ASSIGNMENT 1 DELTA AIRLINES
PROPERTY, PLANT, AND EQUIPMENT Assignment 1
Delta Airlines Property, Plant, and Equipment Due
Week 8 and worth 200 points According to the
textbook, U.S. companies and foreign companies
are affected by deprecation rules. When companies
write off the cost of long-lived assets over a
period of time, the term used is depreciation.
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ACC 304 Week 8 Chapter 14 Homework
ACC 304 Week 8 Chapter 14 Homework 1)
Teton Corporation issued 704,000 of 9 bonds on
November 1, 2014, for 745,018. The bonds were
dated November 1, 2014, and mature in 8 years,
with interest payable each May 1 and November 1.
Teton uses the effective-interest method with an
effective rate of 8.
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ACC 304 Help Bcome Exceptional / snaptutorial.com
ACC 304 Week 9 Chapter 13 and Chapter 14 Quiz
(All Possible Questions)
Week 9 Quiz 5 Chapter 13, Quiz 6 Chapter 14
CURRENT LIABILITIES AND CONTINGENCIES IFRS
questions are available at the end of this
chapter. TRUE-FALSEConceptual 1. A
zero-interest-bearing note payable that is issued
at a discount will not result in any interest
expense being recognized.
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ACC 304 Week 9 Chapter 15 Homework
ACC 304 Week 9 Chapter 15 Homework 1)
Ravonette Corporation issued 375 shares of 14
par value common stock and 128 shares of 51 par
value preferred stock for a lump sum of 17,118.
The common stock has a market price of 20 per
share, and the preferred stock has a market price
of 90 per share.
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ACC 304 Help Bcome Exceptional / snaptutorial.com
ACC 304 Week 10 Chapter 15 Quiz (All Possible
Questions)
ACC 304 Week 10 Quiz Strayer NEW Week 10 Quiz
7 Chapter 15 STOCKHOLDERS EQUITY IFRS questions
are available at the end of this chapter.
TRUE-FALSEConceptual 1. A corporation is
incorporated in only one state regardless of the
number of states in which it operates. 2.
The preemptive right allows stockholders the
right to vote for directors of the company.
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ACC 304 Week 10 Chapter 16 Homework
ACC 304 Week 10 Chapter 16 Homework 1)
Archer Inc. issued 4,461,300 par value, 7
convertible bonds at 99 for cash. If the bonds
had not included the conversion feature, they
would have sold for 95. Prepare the journal
entry to record the issuance of the bonds.
(Credit account titles are automatically indented
when amount is entered. Do not indent manually.
If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts.)
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