ACC 291 Final Exam Guide (100% Score

ACC 291 Final Exam Guide (New, 2018, 100% Score)
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1. The term “receivables” refers to cash to be paid to debtors.
merchandise to be collected from individuals or companies. cash to be
paid to creditors. amounts due from individuals or companies. 2. Three
accounting issues associated with accounts receivable are depreciating,
valuing, and collecting. depreciating, returns, and valuing. accrual, bad
debts, and accelerating collections. recognizing, valuing, and
accelerating collections. 3. When the allowance method is used to
account for uncollectible accounts Bad Debts Expense is debited when:
management estimates the amount of uncollectibles. a customer’s
account becomes past due. an account becomes bad and is written off.
a sale is made. 4. Which one of the following is not a principle of sound
accounts receivable management? Determine a payment period.
Determine to whom to extend credit. Delay cash receipts from
receivables if necessary. Monitor collections. 5. The accounts receivable
turnover is used to analyze profitability. long-term solvency. liquidity.
risk. 6. The following information is provided for Sunland Company and
Marigold Corp.: 7. What is Marigold’s return on assets (rounded) for
2017? 3% 2% 3% 9% 8. Which of the following is not properly classified
as property, plant and equipment? A truck held for resale by an
automobile dealership. Land improvement, such as parking lots and

fences. Building used as a factory. Land used in ordinary business
operations. 9. A characteristic of a plant asset is that it is held for sale in
the ordinary course of the business. used in the operations of a
business. not currently used in the business but held for future use.
intangible 10. A current liability is a debt that can reasonably be
expected to be paid out of cash currently on hand. within one year, or
the operating cycle, whichever is longer. out of currently recognized
revenues. between 6 months and 18 months. 11. A current liability is a
debt that can reasonably be expected to be paid out of cash currently
on hand. within one year, or the operating cycle, whichever is longer.
out of currently recognized revenues. between 6 months and 18
months. 12. The 2017 financial statements of Blossom Company
contain the following selected data (in millions). 13. The debt to assets
ratio (rounded) is 40%. 7.1 times. 44.4%. 2.25%. 14. In a recent year
Monty Corp. had net income of $152000,interest expense of $28700,
and income tax expense of $41500. What was Monty Corp.’s times
interest earned (rounded) for the year? 7.74 6.30 6.74 5.30 15. If bonds
are issued at a discount, it means that the bondholder will receive
effectively less interest than the contractual rate of interest. market
interest rate is lower than the contractual interest rate. financial
strength of the issuer is suspect. market interest rate is higher than the
contractual interest rate. 16. If bonds are issued at a premium, the
stated interest rate is higher than the market rate of interest. too low
to attract investors. lower than the market rate of interest. adjusted to
a higher rate of interest. 17. The chief accounting officer in a company
is known as the treasurer. controller. vice-president. president. 18.
Which one of the following would not be considered an advantage of
the corporate form of organization? Separate legal existence.

Continuous life. Limited liability of stockholders. Government
regulation. 19. Which of the following would not be true of a privately
held corporation? It is usually smaller than a publicly held company. It is
sometimes called a closely held corporation. Its shares are regularly
traded on the New York Stock Exchange. It does not offer its shares for
sale to the general public. 20. The following information pertains to
Sheffield Company. Assume that all balance sheet amounts represent
average balance figures 21. What is Sheffield’s payout ratio? 11%. 39%.
19%. 26.05%. 22. Ayayai Corp. had net income of $91875 and paid
dividends of $39000 to common stockholders and $16500 to preferred
stockholders in 2017. Ayayai Corp. common stockholders’ equity at the
beginning and end of 2017s was $440000 and $565000, respectively.
Ayayai Corp. return on common stockholders’ equity is 15%. 14%. 10%.
19%. 23. The primary purpose of the statement of cash flows is to
facilitate banking relationships. provide information about the investing
and financing activities during a period. prove that revenues exceed
expenses if there is a net income. provide information about the cash
receipts and cash payments during a period 24. Which one of the
following items is not generally used in preparing a statement of cash
flows? Current income statement. Additional information. Adjusted
trial balance. Comparative balance sheets. 25. The category that is
generally considered to be the best measure of a company’s ability to
continue as a going concern is cash flows from investing activities.
usually different from year to year. cash flows from financing activities.
cash flows from operating activities. 26. Assume that the Fitzgerald
Corporation uses the indirect method to depict cash flows. Indicate
where, if at all, a stock dividend declared and issued would be classified
on the statement of cash flows. Does not represent a cash flow.

Investing activities section. Financing activities section. Operating
activities section. 27. Free cash flow provides an indication of a
company’s ability to generate cash to invest in capital expenditures.
generate cash to pay dividends. generate cash to invest in capital
expenditures and to pay dividends. generate net income 28. When
using the indirect method to compute cash provided by operating
activities increases in accounts receivable are added to net income.
income taxes paid may be ignored. amortization expense is added to
net income. decreases in inventory are subtracted from net income 29.
To determine the net cash provided (used) by operating activities, it is
necessary to analyze the current year’s income statement. a
comparative balance sheet. additional information. all of these answer
choices are correct. 30. Which of these is not a liquidity ratio? Current
ratio Accounts receivable turnover Asset turnover Inventory turnover
The current ratio would be of most interest to long-term creditors.
stockholders. customers. short-term creditors
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ACC 291 Week 1 Apply Connect Assignment (Score 10/10)
(With Excel File)
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This Tutorial contains an Excel File which can be used for any change in
values ACC 291 Week 1 Apply Connect Assignment Exceptional
Electronics began operations September 1, 2019. The firm sells its
merchandise for cash and on open account. Sales are subject to a 7
percent sales tax. During September, Exceptional Electronics engaged in
the following transactions. DATE TRANSACTIONS 2019 Sept. 1 Sold
a high-definition television set on credit to Candy Cho; issued Sales Slip
101 for $3,200 plus sales tax of $224. 3 Sold stereo equipment on
credit to Jim Peterson; issued Sales Slip 102 for $1,000 plus sales tax of
$70. 7 Sold a microwave oven on credit to Bridgette Huffman;
issued Sales Slip 103 for $400 plus sales tax of $28. 12 Accepted return
of defective stereo equipment from Jim Peterson; issued Credit
Memorandum 101 for $200 plus sales tax of $14. The stereo equipment
was sold on September 3. 15 Recorded cash sales for the period
from September 1 to September 15 of $9,000 plus sales tax of $630. 16
Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip
104 for $700 plus sales tax of $49. 17 Sold a home entertainment
system on credit to Mark Navalta; issued Sales Slip 105 for $2,200 plus
sales tax of $154. 18 Received $780 from Candy Cho on account. 20
Received payment in full from Jim Peterson for the sale of
September 3, less the return of September 12. 25 Gave Mark Navalta an
allowance because of scratches on his home entertainment system sold
on September 17, Sales Slip 105; issued Credit Memorandum 102 for
$100 plus sales tax of $7 27Received payment in full from Bridgette
Huffman for the sale of September 7 29 Sold a dishwasher on credit
to Mark Navalta; issued Sales Slip 106 for $500 plus sales tax of $35. 30
Recorded cash sales for the period from September 16 to
September 30 of $11,900 plus sales tax of $833. GENERAL LEDGER

ACCOUNTS 101 Cash 401 Sales 111 Accounts Receivable 421 Sales
Returns and Allowances 221 Sales Tax Payable ACCOUNTS
RECEIVABLE LEDGER ACCOUNTS Candy Cho Jim Peterson Bridgette
Huffman Kathy Sundstrand Mark Navalta Required: Post the
entries from the general journal into the appropriate accounts in the
general ledger and in the accounts receivable ledger. Prepare a
schedule of accounts receivable. Analyze: What is the amount of sales
tax owed at September 30, 2019? Question 2 The Appliance Store
began operations March 1, 2019. The firm sells its merchandise for cash
and on open account. Sales are subject to a 6 percent sales tax. During
March, The Appliance Store engaged in the following transactions:
TRANSACTIONS 1-Mar Sold merchandise on credit to Dave Allen;
issued Sales Slip 101 for $600 plus sales tax of $36. 4-Mar Sold
merchandise on credit to Castor Phan; issued Sales Slip 102 for $950
plus sales tax of $57. 12-Mar Sold merchandise on credit to Chris
Hughes; issued Sales Slip 103 for $1,100 plus sales tax of $66. 15-Mar
Recorded cash sales for the period from March 1 to March 15 of
$5,700 plus sales tax of $342. 25-Mar Sold merchandise on credit to
Brian Cooley; issued Sales Slip 104 for $900 plus sales tax of $54. 28-
Mar Received a check from Castor Phan of $310 to apply toward his
account. 31-MarRecorded cash sales for the period from March 16 to
March 31 of $2,600 plus sales tax of $156. 31-Mar Received
payment in full from Dave Allen for the sale of March 1. Required: 1.
Record the transactions in a general journal.2. Post the entries from the
general journal to the appropriate general ledger accounts. GENERAL
LEDGER ACCOUNTS 101 Cash 221 Sales Tax Payable 111 Accounts
Receivable 401 Sales Analyze: What were the total cash receipts
during March?

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ACC 291 Week 1 Assignment Comparative Analysis Problem
(2 Papers)
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This Tutorial contains Papers+ Excel Sheet Purpose of Assignment The
purpose of this assignment is to help you understand the basics of
financial statement analysis using financial ratios on the assets section
of the balance sheet, data interpretation, and how ratios are used to
gain insight about the management of receivable. Assignment Steps
Resources: Financial Accounting: Tools for Business Decision Making
Develop an 875-word analysis providing conclusions concerning the
management of accounts receivable based on the financial statements
of Columbia Sportswear Company presented in Appendix B and the
financial statements of VF Corporation presented in Appendix C,
including the following: Based on the information contained in these
financial statement, compute the following 2014 values for each
company: What conclusions concerning the management of accounts
receivable can be drawn from this data? Accounts receivable turnover
(For VF, use “Net sales” and assume all sales were credit sales) Average
collection period for accounts receivable Use the Week 1 Excel®

spreadsheet to show your work and submit with your analysis. Click the
Assignment Files tab to submit your assignment.
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ACC 291 Week 1 Practice Connect Practice Assignment
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ACC 291 Week 1 Practice Connect Practice Assignment attempt 1 1
Record the following transactions of Lisa’s Fashion Boutique in a
general journal. Lisa’s Fashion Boutique operates in a state with 8%
sales tax. (Round your intermediate calculations and final answers to 2
decimal places): DATE TRANSACTIONS 2019 Feb. 2 Sold
merchandise for cash totaling $3,800 to customers using bank credit
cards. Record the 2 percent discount on credit card sales at time of
sale. 15 Sold merchandise totaling $2,100 to customers using
American Express. 20 Received amount due from American Express,
less their 3 percent discount, for sales made by customers using
American Express on February 15. 2 On April 1, Moloney Meat
Distributors sold merchandise on account to Fronke’s Franks for $3,500
on Invoice 1001, terms 2/10, n/30. Payment was received in full from
Fronke’s Franks, less discount, on April 10. Required: Record the
transactions on April 1 and April 10. 3 Record the following transactions

of Fashion Park in a general journal. Fashion Park must charge 8
percent sales tax on all sales. DATE TRANSACTIONS 2019 April 2
Sold merchandise for cash, $2,500 plus sales tax. 3 The
customer purchasing merchandise for cash on April 2 returned $250 of
the merchandise; provided a cash refund to the customer. 4 Sold
merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050
plus tax, terms n/30. 6 Accepted return of damaged merchandise
from Jordan Clark; issued Credit Memorandum 302 for $150 plus tax.
The original sale was made on Sales Slip 908 of April 4. 30 Received
payment on account from Jordan Clark in payment of her purchase of
April 4, less the return on April 6. 4 Main Street Distributors, a
wholesale firm, made sales using the following list prices and trade
discounts. What amount should be recorded for each sale? List price of
$6,000 and trade discounts of 40 percent and 15 percent. List price of
$7,300 and trade discounts of 25 percent and 8 percent. List price of
$7,100 and trade discounts of 20 percent and 5 percent. 5 The
following transactions took place at Five Flags Amusement Park during
May. Five Flags Amusement Park must charge 8 percent sales tax on all
sales: DATE TRANSACTIONS 2019 May 1 Sold merchandise on
account to Bill Gomez; issued Sales Slip 1015 for $1,200 plus 8 percent
sales tax, terms n/30. 15 Recorded cash sales, $5,800 plus 8 percent
sales tax. 31 Received payment on account due from Bill Gomez for
the sale on May 1. attempt 2 1 On April 1, Moloney Meat Distributors
sold merchandise on account to Fronke’s Franks for $3,500 on Invoice
1001, terms 2/10, n/30. Payment was received in full from Fronke’s
Franks, less discount, on April 10. Required: Record the transactions on
April 1 and April 10. 2 Record the following transactions of Lisa’s
Fashion Boutique in a general journal. Lisa’s Fashion Boutique operates

in a state with 8% sales tax. (Round your intermediate calculations and
final answers to 2 decimal places): DATE TRANSACTIONS 2019 Feb.
2 Sold merchandise for cash totaling $3,800 to customers
using bank credit cards. Record the 2 percent discount on credit card
sales at time of sale. 15 Sold merchandise totaling $2,100 to
customers using American Express. 20 Received amount due from
American Express, less their 3 percent discount, for sales made by
customers using American Express on February 15. 3 The following
transactions took place at Five Flags Amusement Park during May. Five
Flags Amusement Park must charge 8 percent sales tax on all sales:
DATETRANSACTIONS 2019 May 1 Sold merchandise on account to
Bill Gomez; issued Sales Slip 1015 for $1,200 plus 8 percent sales tax,
terms n/30. 15 Recorded cash sales, $5,800 plus 8 percent sales tax.
31 Received payment on account due from Bill Gomez for the sale on
May 1. 4 Main Street Distributors, a wholesale firm, made sales using
the following list prices and trade discounts. What amount should be
recorded for each sale? List price of $6,000 and trade discounts of 40
percent and 15 percent. List price of $7,300 and trade discounts of 25
percent and 8 percent. List price of $7,100 and trade discounts of 20
percent and 5 percent. 5 Record the following transactions of Fashion
Park in a general journal. Fashion Park must charge 8 percent sales tax
on all sales. DATE TRANSACTIONS 2019 April 2 Sold
merchandise for cash, $2,500 plus sales tax. 3 The customer
purchasing merchandise for cash on April 2 returned $250 of the
merchandise; provided a cash refund to the customer. 4 Sold
merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050
plus tax, terms n/30. 6 Accepted return of damaged merchandise from

Jordan Clark; issued Credit Memorandum 302 for $150 plus tax. The
original sale was made on Sales Slip 908 of April 4.
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ACC 291 Week 1 Wileyplus Assignment E8-4, E8-11, BYP8-1,
and BYP8-2 (New)
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Wiley Plus Assignment Week 1
·E8-4, E8-11, BYP8-1, and BYP8-2 in MS Excel
Exercise 8-4 Wainwright Company
Exercise 8-11 Fedex Corporation
Broadening your Perspective 8-1 Tootsie Roll
Broadening your Perspective 8-2 Tootsie Roll and Hershey
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ACC 291 Week 2 - Fordyce and Atwater (New)
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P10-5A
Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on
December 31, 2007. The proceeds from the note are to be used in
financing a new research laboratory. The terms of the note provide for
semiannualinstallment payments, exclusive of real estate taxes and
insurance, of $29,433. Payments are due June 30 and December 31.
Complete the installment payments schedule for the first 2 years.
(Round answers to 0 decimal places, e.g. 125. Use rounded amounts for
future calculations.)
Prepare the entries for (1) the loan and (2) the first two installment
payments. (For multiple debit/credit entries, list amounts from largest
to smallest eg 10, 5, 3,

2.) Show how the total mortgage liability should be reported on the
balance sheet at December 31, 2008.
P10-6A
On July 1, 2011, Atwater Corporation issued $2,098,000 face value,
12%, 10-year bonds at $2,507,354. This price resulted in an effective-
interest rate of 9% on the bonds. Atwater uses the effective-interest
method to amortize bond premium or discount. The bonds pay
semiannual interest July 1 and January 1.
Prepare an amortization table through December 31, 2012 (3 interest
periods) for this bond issue.
Prepare the journal entry to record the accrual of interest and the
amortization of the premium on December 31, 2011
Prepare the journal entry to record the payment of interest and the
amortization of the premium on July 1, 2012, assuming no accrual of
interest on June 30
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(with Excel File)

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values ACC 291 Week 2 Apply Connect Assignment Big Country Ski Shop
is a retail store that sells ski equipment and clothing. Big Country Ski
Shop commenced business on September 1, 2019. The firm purchases
merchandise on open account. The firm’s purchases, purchase returns
and allowances, and cash payments on account during September 2019
follow: DATE TRANSACTIONS 2019 Sept. 2 Purchased ski boots for
$5,200 plus a freight charge of $250 from Colorado Ski Shop, Invoice
6672, terms n/30. 3 Purchased skis for $10,800 from Alaska Supply
Company, Invoice 5916; terms 2/10, n/30. 7 Received Credit
Memorandum 165 for $860 from Colorado Ski Shop for return of
damaged ski boots; the boots were originally purchased September 2
on Invoice 6672. 11 Purchased ski jackets for $3,600 from Cold
Mountain Clothing Company, Invoice 4091, terms n/30. 12 Issued
Check 104 to Alaska Supply Company in payment of Invoice 5916, dated
September 3, less the cash discount. 22 Purchased ski poles for $3,360
plus a freight charge of $190 from Alaska Supply Company, Invoice
5950, terms 3/10, n/30. 23 Purchased ski pants for $1,850 from
Swenson Ski Goods, Invoice 528, terms n/30. 25 Received Credit
Memorandum 245 for $260 from Swenson Ski Goods for return of
defective ski pants; the pants were originally purchased September 23
on Invoice 528. 27 Purchased ski sweaters for $4,000 plus a freight

charge of $170 from Colorado Ski Shop, Invoice 6722, terms n/30. 30
Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672,
dated September 2, less the return of September 7. Required: Open the
general ledger accounts and accounts payable ledger accounts
indicated below. Enter the balance of Cash as of September 1, 2019.
Post the entries from the general journal to the appropriate accounts in
the general ledger and in the accounts payable ledger. Prepare a
schedule of accounts payable. GENERAL LEDGER ACCOUNTS 101 Cash,
$25,000 Dr. 201 Accounts Payable 501 Purchases 502 Freight In 503
Purchases Returns and Allowances 504 Purchases Discounts ACCOUNTS
PAYABLE LEDGER ACCOUNTS Alaska Supply Company Cold Mountain
Clothing Company Colorado Ski Shop Swenson Ski Goods Analyze: What
portion of the purchases in September, before purchases returns and
allowances and before purchases discounts, were for clothing items?
Include ski boots as a clothing item. NewTech Medical Devices is a
medical devices wholesaler that commenced business on June 1, 2019.
NewTech Medical Devices purchases merchandise for cash and on open
account. In June 2019, NewTech Medical Devices engaged in the
following purchasing and cash payment activities: DATE
TRANSACTIONS 2019 June 1 Issued Check 101 to purchase
merchandise, $3,800. 3 Purchased merchandise for $1,350 from
BioCenter Inc., Invoice 606; terms 2/10, n/30. 5 Purchased
merchandise for $5,150, plus a freight charge of $100, from New
Concepts Corporation, Invoice 1011, terms 2/10, n/30. 9 Paid
amount due to BioCenter Inc. for purchase of June 3, less discount,
Check 102. 10 Received Credit Memorandum 227 from New Concepts
Corporation for damaged merchandise totaling $350 that was returned;
the goods were purchased on Invoice 1011, dated June 5. 11 Purchased

merchandise for $1,610 from BioCenter Inc., Invoice 612; terms 2/10,
n/30. 14 Paid amount due to New Concepts Corporation for Invoice
1011 of June 5, less the return of June 10 and less the cash discount,
Check 103. 15 Purchased merchandise with a list price of $8,500 and
trade discounts of 20 percent and 15 percent from Park Research,
Invoice 1029, terms n/30. 20 Issued Check 104 to purchase
merchandise, $2,300. 25 Returned merchandise purchased on June
20 as defective, receiving a cash refund of $210. 30 Purchased
Concepts Corporation, Invoice 1080; terms 2/10, n/30. Required:
Journalize the transactions in a general journal. Analyze: What was the
amount of trade discounts received on the June 15 purchase from Park
Research?
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ACC 291 Week 2 Assignment Financial Reporting Problem,
Apple Inc
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Purpose of Assignment The purpose of this assignment is to help you
understand the basics of financial statement analysis related to the
assets section of the balance sheet, data interpretation, and how
financial information is obtained to understand how a company
accounts for its long-lived assets. Assignment Steps Resources: Financial
Accounting: Tools for Business Decision Making Note: The financial
statements of Apple, Inc. are presented in Appendix A of Financial
Accounting. Instructions for accessing and using the company's
complete annual report, including the notes to the financial
statements, are also provided in Appendix A. Complete a 1,050-word
summary of findings and recommendations from the following
questions: • What were the total cost and book value of property,
plant, and equipment at September 27, 2014? • Using the notes to
find financial statements, what method or methods of depreciation are
used by Apple for financial reporting purposes? • What was the
amount of depreciation and amortization expense for each of the three
years 2012-2014? (Hint: Use the statement of cash flows). • Using the
statement of cash flows, what are the amounts of property, plant, and
equipment purchased in 2014 and 2013? • Using the notes to the
financial statements, explain in the summary how Apple accounted for
its intangible assets in 2014. Use the Week 2 Excel® spreadsheet to
show your work and submit with your summary. Click the Assignment
Files tab to submit your assignment.
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ACC 291 Week 2 Practice Connect Practice Assignment (Score
10/10)

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Question 1 Big Country Ski Shop is a retail store that sells ski equipment
and clothing. Big Country Ski Shop commenced business on September
1, 2019. The firm purchases merchandise on open account. The firm’s
purchases, purchase returns and allowances, and cash payments on
account during September 2019 follow: DATE TRANSACTIONS 2019
Sept. 2 Purchased ski boots for $6,600 plus a freight charge of
$310 from Colorado Ski Shop, Invoice 6672, terms n/30. 3 Purchased
skis for $12,200 from Alaska Supply Company, Invoice 5916; terms
3/10, n/30. 7 Received Credit Memorandum 165 for $1,000 from
Colorado Ski Shop for return of damaged ski boots; the boots were
originally purchased September 2 on Invoice 6672. 11 Purchased ski
jackets for $5,000 from Cold Mountain Clothing Company, Invoice
4091, terms n/30. 12 Issued Check 104 to Alaska Supply Company in
payment of Invoice 5916, dated September 3, less the cash discount. 22
Purchased ski poles for $4,760 plus a freight charge of $170 from
Alaska Supply Company, Invoice 5950, terms 3/10, n/30. 23 Purchased
ski pants for $3,250 from Swenson Ski Goods, Invoice 528, terms n/30.
25 Received Credit Memorandum 245 for $400 from Swenson Ski
Goods for return of defective ski pants; the pants were originally
purchased September 23 on Invoice 528. 27 Purchased ski sweaters for
6722, terms n/30. 30 Issued Check 110 to Colorado Ski Shop in

payment of Invoice 6672, dated September 2, less the return of
September 7. Required: Record the transactions in a general journal.
Analyze: What was the amount of the cash discount on September 12?
Question 2 NewTech Medical Devices is a medical devices wholesaler
that commenced business on June 1, 2019. NewTech Medical Devices
purchases merchandise for cash and on open account. In June 2019,
NewTech Medical Devices engaged in the following purchasing and
cash payment activities: DATE TRANSACTIONS 2019 June 1
Issued Check 101 to purchase merchandise, $4,500. 3 Purchased
n/30. 5 Purchased merchandise for $5,850, plus a freight charge of
$110, from New Concepts Corporation, Invoice 1011, terms 2/10, n/30.
9 Paid amount due to BioCenter Inc. for purchase of June 3, less
discount, Check 102. 10 Received Credit Memorandum 227 from
New Concepts Corporation for damaged merchandise totaling $150
that was returned; the goods were purchased on Invoice 1011, dated
June 5. 11 Purchased merchandise for $1,680 from BioCenter Inc.,
Invoice 612; terms 2/10, n/30. 14 Paid amount due to New
Concepts Corporation for Invoice 1011 of June 5, less the return of June
10 and less the cash discount, Check 103. 15Purchased merchandise
with a list price of $9,200 and trade discounts of 20 percent and 15
percent from Park Research, Invoice 1029, terms n/30. 20 Issued
Check 104 to purchase merchandise, $3,000. 25 Returned
merchandise purchased on June 20 as defective, receiving a cash
refund of $280. 30 Purchased merchandise for $3,200, plus a freight
charge of $85, from New Concepts Corporation, Invoice 1080; terms
2/10, n/30. Required: Journalize the transactions in a general journal.
Analyze: What was the amount of trade discounts received on the June

15 purchase from Park Research? Question 3 Big Country Ski Shop is a
retail store that sells ski equipment and clothing. Big Country Ski Shop
commenced business on September 1, 2019. The firm purchases
merchandise on open account. The firm’s purchases, purchase returns
and allowances, and cash payments on account during September 2019
follow: DATE TRANSACTIONS 2019 Sept. 2 Purchased ski boots for
6672, terms n/30. 3 Purchased skis for $12,200 from Alaska Supply
Company, Invoice 5916; terms 3/10, n/30. 7 Received Credit
Memorandum 165 for $1,000 from Colorado Ski Shop for return of
damaged ski boots; the boots were originally purchased September 2
on Invoice 6672. 11 Purchased ski jackets for $5,000 from Cold
Mountain Clothing Company, Invoice 4091, terms n/30. 12 Issued
Check 104 to Alaska Supply Company in payment of Invoice 5916, dated
September 3, less the cash discount. 22 Purchased ski poles for $4,760
plus a freight charge of $170 from Alaska Supply Company, Invoice
5950, terms 3/10, n/30. 23 Purchased ski pants for $3,250 from
Swenson Ski Goods, Invoice 528, terms n/30. 25 Received Credit
Memorandum 245 for $400 from Swenson Ski Goods for return of
defective ski pants; the pants were originally purchased September 23
on Invoice 528. 27 Purchased ski sweaters for $3,600 plus a freight
charge of $150 from Colorado Ski Shop, Invoice 6722, terms n/30. 30
Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672,
dated September 2, less the return of September 7. Required: Post the
entries from the general journal to the appropriate accounts in the
general ledger and in the accounts payable ledger. Prepare a schedule
of accounts payable. GENERAL LEDGER ACCOUNTS 101 Cash, $27,000
Dr. 201 Accounts Payable 501 Purchases 502 Freight In 503 Purchases

Returns and Allowances 504 Purchases Discounts ACCOUNTS PAYABLE
LEDGER ACCOUNTS Alaska Supply Company Cold Mountain Clothing
Company Colorado Ski Shop Swenson Ski Goods Analyze: What portion
of the purchases in September, before purchases returns and
allowances and before purchases discounts, were for clothing items?
Include ski boots as a clothing item. Question 4 NewTech Medical
Devices is a medical devices wholesaler that commenced business on
June 1, 2019. NewTech Medical Devices purchases merchandise for
cash and on open account. In June 2019, NewTech Medical Devices
engaged in the following purchasing and cash payment activities: DATE
TRANSACTIONS 2019 June 1 Issued Check 101 to purchase
merchandise, $4,500. 3 Purchased merchandise for $1,700 from
BioCenter Inc., Invoice 606; terms 2/10, n/30. 5 Purchased
Concepts Corporation, Invoice 1011, terms 2/10, n/30. 9 Paid
amount due to BioCenter Inc. for purchase of June 3, less discount,
Check 102. 10 Received Credit Memorandum 227 from New Concepts
Corporation for damaged merchandise totaling $150 that was returned;
the goods were purchased on Invoice 1011, dated June 5. 11 Purchased
n/30. 14 Paid amount due to New Concepts Corporation for Invoice
1011 of June 5, less the return of June 10 and less the cash discount,
Check 103. 15 Purchased merchandise with a list price of $9,200 and
trade discounts of 20 percent and 15 percent from Park Research,
Invoice 1029, terms n/30. 20 Issued Check 104 to purchase
merchandise, $3,000. 25 Returned merchandise purchased on June
20 as defective, receiving a cash refund of $280. 30 Purchased

Concepts Corporation, Invoice 1080; terms 2/10, n/30. Required: 1.
Post the transactions in to the appropriate accounts in the general
ledger and the accounts payable subsidiary ledger. 2. Prepare a
schedule of accounts payable at June 30, 2019. GENERAL LEDGER
ACCOUNTS 101 Cash, $37,400 Dr. 201Accounts Payable 501Purchases
502 Purchases Returns and Allowances 503 Purchases Discounts
504 Freight In ________________________________________
ACCOUNTS PAYABLE LEDGER ACCOUNTS BioCenter Inc. New Concepts
Corporation Park Research Analyze: What was the amount of
merchandise returned to vendors by NewTech Medical Devices in June?
Question 5 Bowden Company (buyer) and Song, Inc. (seller), engaged in
the following transactions during January 2019: Bowden Company
DATE TRANSACTIONS 2019 Jan. 8 Issued Check 2101 for $2,940 on
account to Song, Inc., in payment of Invoice 1885 dated December 30,
2018, less cash discount of $60. 10 Purchased merchandise for $3,500
from Song, Inc., Invoice 1920; terms 2/10, n/30. 15 Received Credit
Memorandum 320 from Song, Inc., for damaged merchandise totaling
$300 that was returned; the goods were purchased on Invoice 1920,
dated January 10. 19 Paid amount due to Song, Inc., for Invoice 1920 of
January 10, less the return of January 15 and less the cash discount,
Check 2130. 30 Purchased merchandise for $4,400 from Song, Inc.,
Invoice 1950; terms 2/10, n/30. GENERAL LEDGER ACCOUNTS—
BOWDEN COMPANY 201 Accounts Payable, $3,000 Cr. ACCOUNTS
PAYABLE LEDGER ACCOUNT—BOWDEN COMPANY Song, Inc., $3,000
Song, Inc. DATE TRANSACTIONS 2019 Jan. 8 Received payment of
$2,940 on account from Bowden Company in payment of Invoice 1885
dated December 30, 2018, less cash discount of $60. 10 Sold
merchandise for $3,500 on account to Bowden Company, Invoice 1920,

terms 2/10, n/30. 15 Issued Credit Memorandum 320 to Bowden
Company for damaged merchandise totaling $300 that was returned;
the goods were purchased on Invoice 1920, dated January 10. 19
Received payment from Bowden Company for Invoice 1920 of January
10, less the return of January 15 and less the cash discount. 30 Sold
merchandise for $4,400 to Bowden Company, Invoice 1950; terms
2/10, n/30. GENERAL LEDGER ACCOUNTS—SONG, INC. 111 Accounts
Receivable, $3,000 Dr. ACCOUNTS RECEIVABLE LEDGER ACCOUNT—
SONG, INC. Bowden Company, $3,000 Required: Journalize the
transactions above in a general journal for both Bowden Company and
Song, Inc. Post the transactions to the appropriate accounts in the
general ledger and the accounts payable subsidiary ledger for Bowden
Company. Post the transactions to the appropriate accounts in the
general ledger and the accounts receivable subsidiary ledger for Song,
Inc. Analyze: What is the balance of the accounts payable for Song, Inc.,
in the Bowden Company accounts payable subsidiary ledger? What is
the balance of the accounts receivable for Bowden Company in the
Song, Inc., accounts receivable subsidiary ledger?
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ACC 291 Week 2 Textbook Exercise BE 8-8, E8-4, E8-14, E9-4
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ACC 291 Week 2 Textbook Exercise BE 8-8, E8-4, E8-14, E9-4 Chapter 8:
BE8-8 Determine maturity dates and compute interest and rates on
notes. E8-4 The ledger of Macarty Company at the end of the current
year shows Accounts Receivable $78,000, Credit Sales $810,000, and
Sales Returns and Allowances $40,000. Instructions (a) If Macarty uses
the direct write‐off method to account for uncollectible accounts,
journalize the adjusting entry at December 31, assuming Macarty
determines that Matisse's $900 balance is uncollectible. (b) If
Allowance for Doubtful Accounts has a credit balance of $1,100 in the
trial balance, journalize the adjusting entry at December 31, assuming
bad debts are expected to be 10% of accounts receivable. (c) If
Allowance for Doubtful Accounts has a debit balance of $500 in the trial
balance, journalize the adjusting entry at December 31, assuming bad
debts are expected to be 8% of accounts receivable. Determine bad
debt expense, and prepare the adjusting entry. Chapter 8: E8-14
Compute ratios to evaluate a company's receivables balance. (LO 4), AN
E8-14 Suppose the following information was taken from the 2017
financial statements of FedEx Corporation, a major global
transportation/delivery company. (in millions) 017 2016 Accounts
receivable (gross) $ 3,587 $ 4,517 Accounts receivable (net) 3,391
4,359 Allowance for doubtful accounts 196 158 Sales revenue 35,497
37,953 Total current assets 7,116 7,244 Instructions Answer each of the
following questions. (a) Calculate the accounts receivable turnover and
the average collection period for 2017 for FedEx. (b) Is accounts
receivable a material component of the company's total current assets?
(c) Evaluate the balance in FedEx's allowance for doubtful accounts.
Chapter 9: E9-4 Understand depreciation concepts. (LO 2), C E9-4

Alysha Monet has prepared the following list of statements about
depreciation. Depreciation is a process of asset valuation, not cost
allocation. Depreciation provides for the proper matching of expenses
with revenues. The book value of a plant asset should approximate its
fair value. Depreciation applies to three classes of plant assets: land,
buildings, and equipment. Depreciation does not apply to a building
because its usefulness and revenue‐producing ability generally remain
intact over time. The revenue‐producing ability of a depreciable asset
will decline due to wear and tear and to obsolescence. Recognizing
depreciation on an asset results in an accumulation of cash for
replacement of the asset. The balance in accumulated depreciation
represents the total cost that has been charged to expense since
placing the asset in service. Depreciation expense and accumulated
depreciation are reported on the income statement. Three factors
affect the computation of depreciation: cost, useful life, and salvage
value. Instructions Identify each statement as true or false. If false,
indicate how to correct the statement.
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ACC 291 Week 2 Wileyplus Assignment P8-3A, BE9-11, DI9-
5, E9-7, E9-8, BYP9, P9-2A (New)
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·P8-3A, BE9-11, DI9-5, E9-7, E9-8, BYP9, P9-2A.
Problem 8-3A: Bosworth Company
Brief Exercise 9-11: Nike, Inc.
Do It! 9-5
Exercise 9-7: Wang, Co.
Exercise 9-8: Cleand Company
Broadening Your Perspective 9-1: Tootsie Roll
Broadening Your Perspective 9-2: Tootsie& Hershey
Problem 9-2A: Navaro Corporation
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(With Excel File)
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values ACC 291 Week 3 Apply Connect Assignment 1. On August 1,
2019, the accountant for Western Imports downloaded the company's
July 31, 2019, bank statement from the bank's Website. The balance
shown on the bank statement was $28,710. The July 31, 2019, balance
in the Cash account in the general ledger was $14,537. Jenny Irvine, the
accountant for Western Imports, noted the following differences
between the bank's records and the company's Cash account in the
general ledger: a. An electronic funds transfer for $13,900 from
FoncierRicard, a customer located in France, was received by the bank
on July 31. b. Check 1422 was correctly written and recorded for
$1,200. The bank mistakenly paid the check for $1,270. c. The
accounting records indicate that Check 1425 was issued for $60 to
make a purchase of supplies. However, examination of the check online
showed that the actual amount of the check was for $90. d. A deposit
of $750 made after banking hours on July 31 did not appear on the July
31 bank statement. e. The following checks were outstanding: Check
1429 for $1,244, and Check 1430 for $136. f. An automatic debit of
$257 on July 31 from CentralComm for telephone service appeared on
the bank statement but had not been recorded in the company's
accounting records. Required: 1. Prepare a bank reconciliation for the
firm as of July 31. 2. Record general journal entries for the items on
the bank reconiliation that must be journalized. Analyze: What effect
on total expenses occurred as a result of the general journal entries
recorded? 2. On August 31, 2019, the balance in the checkbook and the
Cash account of the Dry Creek Bed and Breakfast was $12,362. The
balance shown on the bank statement on the same date was $13,242.
Notes a. The firm’s records indicate that a $1,540 deposit dated

August 30 and a $710 deposit dated August 31 do not appear on the
bank statement. b. A service charge of $8 and a debit memorandum
of $365 covering an NSF check have not yet been entered in the firm’s
records. (The check was issued by Art Corts, a credit customer.) c. The
following checks were issued but have not yet been paid by the bank:
Check 712,$ 119 Check 713, $ 134 Check 716,$ 247
Check 736,$ 586 Check 739,$ 87 Check 741,$ 129
________________________________________ d. A credit
memorandum shows that the bank collected a $2,129 note receivable
and interest of $72 for the firm. These amounts have not yet been
entered in the firm’s records. Required: 1. Prepare a bank
reconciliation statement for the firm as of August 31. 2. Record
general journal entries for items on the bank reconciliation statement
that must be journalized. Analyze: What effect did the journal entries
recorded as a result of the bank reconciliation have on the fundamental
accounting equation? Royal Jewels, a retail business, started business
on June 25, 2019. It keeps a $300 change fund in its cash register. The
cash receipts for the period from June 25 to June 30, 2019 are below.
DATETRANSACTIONS June 25 Cash sales per the cash register tape,
$1,226. Cash count, $1,518. 26 Cash sales per the cash register tape,
$1,364. Cash count, $1,657. Required: Record the cash receipts from
June 25 to June 30, 2019, in a general journal. Post the amounts for
Cash Short or Over in the journal entries to the general ledger. Analyze:

How will the balance in Cash Short or Over on June 30 be reported in
the financial statements?
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ACC 291 Week 3 Assignment The Liabilities Section of
O’Brian’s Balance Sheet
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understand the balance sheet presentation for the liabilities of a
company. Assignment Steps Resources: Financial Accounting: Tools for
Business Decision Making Prepare the liabilities section of O’Brian’s
balance sheet using the following information: • Accounts payable
$157,000 • Notes payable (due May 1, 2018) $20,000 • Bonds
payable (due 2021) $900,000 • Unearned rent revenue $240,000 •
Discount on bonds payable $41,000 • FICA taxes payable $7,800
• Interest payable (due 2019) $80,000 • Income taxes payable
$3,500 • Sales taxes payable $1,700 The Liabilities Section of
O’Brian’s balance sheet must be 525 words. Show work on the Week 3
Excel® spreadsheet. Note: This assignment requires that you only
submit an Excel® Workbook file. There are no written or APA guideline

requirements. Click the Assignment Files tab to submit your
assignment.
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ACC 291 Week 3 Exercise BE 1-2, BE 10-3, BE 10-4, BE 10-5,
BE 10-14
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BE 1-2, BE 10-3, BE 10-4, BE 10-5, BE 10-14 BRIEF EXERCISES Prepare
entries for an interest‐bearing note payable. BE10-2 Hive Company
borrows $90,000 on July 1 from the bank by signing a $90,000, 7%,
1‐year note payable. Prepare the journal entries to record (a) the
proceeds of the note and (b) accrued interest at December 31,
assuming adjusting entries are made only at the end of the year.
Compute and record sales taxes payable. BE10-3 Greenspan Supply
does not segregate sales and sales taxes at the time of sale. The register
total for March 16 is $10,388. All sales are subject to a 6% sales tax.
Compute sales taxes payable and make the entry to record sales taxes
payable and sales. Prepare entries for unearned revenues. BE10-4
Bramble University sells 3,500 season basketball tickets at $80 each for
its 10‐game home schedule. Give the entry to record (a) the sale of

the season tickets and (b) the revenue recognized after playing the first
home game. Compute gross earnings and net pay. BE10-5 Betsy
Strand's regular hourly wage rate is $16, and she receives an hourly
rate of $24 for work in excess of 40 hours. During a January pay period,
Betsy works 47 hours. Betsy's federal income tax withholding is $95,
and she has no voluntary deductions. Compute Betsy Strand's gross
earnings and net pay for the pay period. Assume that the FICA tax rate
is 7.65%. Analyze solvency. BE10-14 Suppose the 2017 Adidas financial
statements contain the following selected data (in millions). Current
assets $4,485 Interest expense $169 Total assets 8,875 Income taxes
113 Current liabilities 2,836 Net income 245 Total liabilities 5,099 Cash
775 Compute the following values and provide a brief interpretation of
each. (a) Working capital. (b) Current ratio. (c) Debt to assets ratio. (d)
Times interest earned.
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ACC 291 Week 3 Practice Connect Practice Assignment (100%
Score)
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ACC 291 Week 3 Practice Connect Practice Assignment attempt 1 1
Florence Company received a bank statement showing a balance of

$13,550 on November 30, 2019. During the bank reconciliation process,
Florence’s accountant noted the following bank errors: A check for
$265 issued by Florentine, Inc., was mistakenly charged to Florence
Company’s account. Check 2782 was written for $200 but was paid by
the bank as $1,200. Check 2920 for $85 was paid by the bank twice. A
deposit for $580 on November 22 was credited by the bank for $850.
Assuming outstanding checks total $2,450, prepare the adjusted bank
balance section of the November 30, 2019, bank reconciliation. 2 On
January 2, The Public Legal Clinic issued Check 2108 for $450 to
establish a petty cash fund. Indicate how this transaction would be
recorded in a general journal. 3 Di Stefano Office Supply Company
received a bank statement showing a balance of $70,005 as of March
31, 2019. The firm’s records showed a book balance of $71,487 on
March 31. The difference between the two balances was caused by the
following items. A debit memorandum for $40, which covers the bank’s
collection fee for the note (item 6). A deposit in transit of $4,700. A
check for $348 issued by another firm that was mistakenly charged to
Di Stefano’s account. A debit memorandum for an NSF check of $6,145
issued by Wozniak Construction Company, a credit customer.
Outstanding checks: Check 3782 for $2,200; Check 3840 for $251. A
credit memorandum for a $7,300 noninterest-bearing note receivable
that the bank collected for the firm. Prepare a bank reconciliation
statement for the firm as of March 31. Prepare the necessary journal
entries for March 31, 2019 from the statement. 4 After returning from
a three-day business trip, the accountant for Southeast Sales, Johanna
Estrada, checked bank activity in the company’s checking account
online. The activity for the last three days follows. Business Checking
Account #123456-987Date Type Description Additions

Payments Balance 09/24/2019 Loan Payment Online Transfer
to CM XXXX $ 3,500.00 $ 15,675.06 09/24/2019
Deposit DEPOSIT ID NUMBER 8888 $ 2,269.60 $
19,175.06 09/23/2019 Check CHECK #1554 (view) $
3,500.00 $ 16,905.46 09/23/2019 Bill Payment Online
Payment $ 36.05 $ 20,405.46 09/22/2019 Check
CHECK #1553 (view) $ 240.00 $ 20,441.51
09/22/2019 Check CHECK #1551 (view) $ 1,750.00 $
20,681.51 09/22/2019 ACH CreditEdwards UK AP PAYMENT
$ 8,900.00 $ 22,431.51 09/22/2019 ATM ATM
WITHDRAWAL $ 240.00 $ 13,531.51 After matching these
transactions to the company’s Cash account in the general ledger,
Johanna noted the following unrecorded transactions: The ATM
withdrawal on 9/22/2019 was for personal use by the owner, Robert
Savage. The ACH credit on 9/22/2019 was an electronic funds payment
received on account from Edwards UK, a credit customer located in
Great Britain. The bill payment made 9/23/2019 was to Waste Control
Trash Services (utilities). The loan payment on 9/24/2019 was an
automatic debit by Central Motors for the company’s monthly payment
on a loan for its automobiles. The loan does not bear interest. Prepare
the journal entries in a general journal to record the four transactions
above. (Round your answers to 2 decimal places.) 5 Teng Corporation
received a bank statement showing a balance of $15,700 as of October
31, 2019. The firm’s records showed a book balance of $15,262 on
October 31. The difference between the two balances was caused by
the following items. A debit memorandum for an NSF check from
Richard Wolf for $332. Three outstanding checks: Check 7017 for $124,
Check 7098 for $55, and Check 7107 for $1,560. A bank service charge

of $12. A deposit in transit of $957. Prepare the adjusted bank balance
section and the adjusted book balance section of the bank
reconciliation statement. Prepare the necessary journal entries for the
year 2019.
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ACC 291 Week 3 Wileyplus Assignment P9-7A, E10-5, E10-8,
E10-13, E10-22, E10-24, BYP10, P10-9A, P10-13A, IFRS10-4
(New)
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·P9-7A, E10-5, E10-8, E10-13, E10-22, E10-24, BYP10, P10-9A, P10-13A,
IFRS10-4.
Exercise 10-5: Olinger Company
Exercise 10-8: Ortega Company
Exercise 10-13: Romine Company
Exercise 10-22: Cole Corporation

Exercise 10-24: Nance, Co.
Broadening Your Perspective 10-1: Tootsie Roll
Broadening Your Perspective 10-2: Tootsie& Hershey
Problem 9-7A: Farr Company
Problem 10-9A: Wempe, Co.
Problem 10-13A: Grace Herron
IFRS10-4: Ratzlaff
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ACC 291 Week 4 Apply Connect Assignment (With Excel file)
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values (CONTAINS ALL QUESTIONS, SCROLL DOWN TO CHECK)
Assignment 1 a.-b. Merchandise Inventory, before adjustment, has a
balance of $6,600. The newly counted inventory balance is $7,100. 1.
Unearned Seminar Fees has a balance of $5,100, representing
prepayment by customers for five seminars to be conducted in June,
July, and August 2019. Two seminars had been conducted by June 30,

2019. 2. Prepaid Insurance has a balance of $6,600 for six months’
insurance paid in advance on May 1, 2019. 3. Store equipment
costing $12,890 was purchased on March 31, 2019. It has a salvage
value of $410 and a useful life of four years. 4. Employees have
earned $160 that has not been paid at June 30, 2019. 5. The
employer owes the following taxes on wages not paid at June 30, 2019:
SUTA, $4.80; FUTA, $0.96; Medicare, $2.32; and social security, $9.92.
6. Management estimates uncollectible accounts expense at 1
percent of sales. This year’s sales were $1,100,000. 7. Prepaid Rent
has a balance of $5,250 for six months’ rent paid in advance on March
1, 2019. 8. The Supplies account in the general ledger has a balance of
$310. A count of supplies on hand at June 30, 2019, indicated $105 of
supplies remain. 9. The company borrowed $13,700 from First Bank
on June 1, 2019, and issued a four-month note. The note bears interest
at 12 percent. Required: Based on the information above, record the
adjusting journal entries that must be made for Sufen Consulting on
June 30, 2019. The company has a June 30 fiscal year-end. Analyze:
After all adjusting entries have been journalized and posted, what is the
balance of the Prepaid Rent account? Assignment 1 The Green Thumb
Gardener Merchandise inventory on December 31, 2019, is $11,521.
During 2019, the firm had net credit sales of $27,000; the firm
estimates that 0.6 percent of these sales will result in uncollectible
accounts. On December 31, 2019, an inventory of the supplies showed
that items costing $235 were on hand. On October 1, 2019, the firm
signed a six-month advertising contract for $960 with a local newspaper
and paid the full amount in advance. On January 2, 2018, the firm
purchased store equipment for $7,620. At that time, the equipment
was estimated to have a useful life of five years and a salvage value of

$520. On January 2, 2018, the firm purchased office equipment for
$1,120. At that time, the equipment was estimated to have a useful life
of five years and a salvage value of $120. On December 31, 2019, the
firm owed salaries of $1,750 that will not be paid until 2020. On
December 31, 2019, the firm owed the employer’s social security tax
(assume 6.2 percent) and Medicare tax (assume 1.45 percent) on the
entire $1,750 of accrued wages. On December 31, 2019, the firm owed
federal unemployment tax (assume 0.6 percent) and state
unemployment tax (assume 5.4 percent) on the entire $1,750 of
accrued wages. Assignment 2 TRANSACTIONS Signed a lease for an
office and issued Check 101 for $14,100 to pay the rent in advance for
six months. Borrowed money from Second National Bank by issuing a
four-month, 12 percent note for $32,800; received $31,488 because
the bank deducted the interest in advance. Signed an agreement with
Carter Corp. to provide accounting and tax services for one year at
$6,600 per month; received the entire fee of $79,200 in advance.
Purchased office equipment for $26,400 from Office Outfitters; issued a
two-month, 6 percent note in payment. The equipment is estimated to
have a useful life of six years and a $1,920 salvage value. The
equipment will be depreciated using the straight-line method.
Purchased a one-year insurance policy and issued Check 102 for $1,692
to pay the entire premium. Purchased office furniture for $18,400 from
Furniture Warehouse; issued Check 103 for $10,400 and agreed to pay
the balance in 60 days. The equipment has an estimated useful life of
five years and a $1,000 salvage value. The office furniture will be
depreciated using the straight-line method. Purchased office supplies
for $1,930 with Check 104. Assume $860 of supplies are on hand July
31, 2019.

==============================================
ACC 291 Week 4 Exercise E11-2, E11-5, E11-7, E11-13
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Journalize issuance of common stock and preferred stock and purchase
of treasury stock. E11-2 Sagan Co. had these transactions during the
current period. June 12 Issued 80,000 shares of $1 par value common
stock for cash of $300,000. July 11 Issued 3,000 shares of $100 par
value preferred stock for cash at $106 per share. Nov. 28 Purchased
2,000 shares of treasury stock for $9,000. Prepare correct entries for
capital stock transactions. E11-5 Mesa Corporation recently hired a new
accountant with extensive experience in accounting for partnerships.
Because of the pressure of the new job, the accountant was unable to
review what he had learned earlier about corporation accounting.
During the first month, he made the following entries for the
corporation's capital stock. Compare effects of a stock dividend and a
stock split. E11-7 On October 31, the stockholders' equity section of
Manolo Company's balance sheet consists of common stock $648,000
and retained earnings $400,000. Manolo is considering the following
two courses of action: (1) declaring a 5% stock dividend on the 81,000
$8 par value shares outstanding or (2) effecting a 2‐for‐1 stock split

that will reduce par value to $4 per share. The current market price is
$17 per share. Instructions Prepare a tabular summary of the effects of
the alternative actions on the company's stockholders' equity and
outstanding shares. Use these column headings: Before Action, After
Stock Dividend, and After Stock Split. Calculate ratios to evaluate
profitability and solvency. E11-13 Kojak Corporation decided to issue
common stock and used the $300,000 proceeds to redeem all of its
outstanding bonds on January 1, 2017. The following information is
available for the company for 2017 and 2016. (a) Compute the return
on common stockholders' equity for both years. (b) Explain how it is
possible that net income increased but the return on common
stockholders' equity decreased. (c) Compute the debt to assets ratio for
both years, and comment on the implications of this change in the
company's solvency.
==============================================
ACC 291 Week 4 Practice Connect Assignment (100% Score)
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ACC 291 Week 4 Practice Connect Practice Assignment attempt 1 1 1.
During the year 2019, Sampson Company had net credit sales of
$1,950,000. Past experience shows that 1.5 percent of the firm’s net

credit sales result in uncollectible accounts. 2. Equipment purchased
by Park Consultancy for $38,220 on January 2, 2019, has an estimated
useful life of 10 years and an estimated salvage value of $2,700. What
adjustment for depreciation should be recorded on the firm’s
worksheet for the year ended December 31, 2019? 3. On December
31, 2019, Giant Plumbing Supply owed wages of $11,400 to its factory
employees, who are paid weekly. 4. On December 31, 2019, Giant
Plumbing Supply owed the employer’s social security (6.2 percent) and
Medicare (1.45 percent) taxes on the entire $11,400 of accrued wages
for its factory employees. 5. On December 31, 2019, Giant
Plumbing Supply owed federal (0.6 percent) and state (5.4 percent)
unemployment taxes on the entire $11,400 of accrued wages for its
factory employees. 2 On December 1, 2019, Jim’s Java Joint borrowed
$50,000 from its bank in order to expand its operations. The firm issued
a four-month, 6 percent note for $50,000 to the bank and received
$49,000 in cash because the bank deducted the interest for the entire
period in advance. In general journal form, show the entry that would
be made to record this transaction and the adjustment for prepaid
interest that should be recorded on the firm’s worksheet for the year
ended December 31, 2019. 3 1. On December 31, 2019, the Notes
Payableaccount at Northwood Manufacturing Company had a balance
of $16,000. This balance represented a three-month, 7.5 percent note
issued on November 1. 2. On January 2, 2019, Hitech Computer
Consultants purchased flash drives, paper, and other supplies for
$5,230 in cash. On December 31, 2019, an inventory of supplies
showed that items costing $1,590 were on hand. The Suppliesaccount
has a balance of $5,230. 3. On September 1, 2019, North Dakota
Manufacturing paid a premium of $14,640 in cash for a one-year

insurance policy. On December 31, 2019, an examination of the
insurance records showed that coverage for a period of four months
had expired. 4. On May 1, 2019, Headcase Beauty Salon signed a one-
year advertising contract with a local radio station and issued a check
for $10,800 to pay the total amount owed. On December 31, 2019, the
Prepaid Advertisingaccount has a balance of $10,800. For each of the
above independent situations, prepare the adjusting entries that must
be made on the December 31, 2019, worksheet assuming no previous
adjusting entries have been made during the year. 4 The Income
Statement section of the Johnson Company worksheet for the year
ended December 31, 2019, has $199,000 recorded in the Debit column
and $215,345 in the Credit column on the line for the Income Summary
account. What were the beginning and ending balances for
Merchandise Inventory? 5 On December 31, 2019, the Notes Payable
account at Vanessa’s Boutique Shop had a balance of $90,000. This
amount represented funds borrowed on a six-month, 8 percent note
from the firm’s bank on December 1. Record the journal entry for
interest expense on this note that should be recorded on the firm’s
worksheet for the year ended December 31, 2019.
==============================================
ACC 291 WEEK 4 Stockholders’ Equity Section of the Balance
Sheet (Lachlin Corporation Balance Sheet)

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become familiar with examining the stockholders' equity section of the
balance sheet. Assignment Steps Resources: Financial Accounting: Tools
for Business Decision Making Answer the following questions in 1,050
words using the Lachlin Corporation Balance Sheet (partial) below: •
How many shares of common stock are outstanding? • Assuming
there is a stated value, what is the stated value of the common stock? •
What is the par value of the preferred stock? • If the annual
dividend on preferred stock is $36,000, what is the dividend rate on
preferred stock? • If dividends of $72,000 were in arrears on
preferred stock, what would be the balance reported for retained
earnings?
==============================================
ACC 291 Week 4 Wileyplus Assignment Do It! 11-1, E11-5,
E11-7, BYP11-1, BYP11-2, P11-5A, P11-8A (New)
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·Do It! 11-1, E11-5, E11-7, BYP11-1, BYP11-2, P11-5A, P11-8A.

Do It! 11-1
Exercise 11-5 Garcia Corporation
Exercise 11-7 Pele Company
Broadening Your Perspective 11-1 Tootsie Roll
Broadening Your Perspective 11-2 Tootsie Roll & Hershey
Problem 11-5A Pringle Corporation
Problem 11-8A Everett Corporation
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(with Excel File)
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values 1 The Artisan Wines is a retail store selling vintage wines. On
December 31, 2019, the firm’s general ledger contained the accounts
and balances below. All account balances are normal. Required: 1.

Prepare a classified income statement for the year ended
December 31, 2019. The company does not classify its operating
expenses as selling expenses and general and administrative expenses.
2. Prepare a statement of owner’s equity for the year ended
December 31, 2019. No additional investments were made during the
year. 3. Prepare a classified balance sheet as of December 31, 2019.
Analyze: What is the inventory turnover for Artisan Wines? 2 Superior
Hardwood Company distributes hardwood products to small furniture
manufacturers. The adjusted trial balance data given below is from the
firm’s worksheet for the year ended December 31, 2019. Required: 1.
Prepare a classified income statement for the year ended
December 31, 2019. The expense accounts represent warehouse
expenses, selling expenses, and general and administrative expenses. 2.
Prepare a statement of owner’s equity for the year ended
period. 3. Prepare a classified balance sheet as of December 31, 2019.
The mortgage payable extends for more than a year. Analyze: What is
the current ratio for this business?
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ACC 291 Week 5 Assignment Financial Reporting Problem II
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Purpose of Assignment The purpose of this assignment is to expose you
to the basic process involved in the analysis of the cash flow statement.
Assignment Steps Resources: Appendix A of Financial Accounting: Tools
for Business Decision Making Note: This is a two part assignment. Part 1
Answer questions A-F in problem CT12-1 in Financial Accounting (p.
640). Provide an 875-word analysis of your findings. Include conclusions
concerning the management of the company's cash. Part 2 Complete a
1,050-word summary of findings and recommendations from the
following questions: •What is the par or stated value per share of
Apple's common stock? • What percentage of Apple's authorized
common stock was issued at September 27, 2014? • How many
shares of common stock were outstanding at September 28, 2013, and
at September 27, 2014? • Calculate the payout ratio, earnings per
share, and return on common stockholders' equity for 2014. Use the
Week 5 Excel® spreadsheet and submit with your analysis and
summary.
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ACC 291 Week 5 Connect Practice Connect Assignment (Score
100%)
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Coffee Bean Artisan wines Good to Go Auto Products Superior
Hardware Healthy Eating Foods Company The data below concerns
adjustments to be made at Coffee Bean Importers. Adjustments a.On
November 1, 2019, the firm signed a lease for a warehouse and paid
rent of $21,000 in advance for a six-month period. b. On December
31, 2019, an inventory of supplies showed that items costing $1,940
were on hand. The balance of the Supplies account was $11,880. c.
A depreciation schedule for the firm’s equipment shows that a
total of $10,750 should be charged off as depreciation in 2019. d. On
December 31, 2019, the firm owed salaries of $6,100 that will not be
paid until January 2020. e. On December 31, 2019, the firm owed the
employer’s social security (6.2 percent) and Medicare (1.45 percent)
taxes on all accrued salaries. f. On October 1, 2019, the firm received
a five-month, 8 percent note for $6,500 from a customer with an
overdue balance. Required: 1. Record the adjusting entries in the
general journal as of December 31, 2019. 2. Record reversing entries in
the general journal as of January 1, 2020. Analyze: After the adjusting
entries have been posted, what is the balance of the Prepaid Rent
account on January 1, 2020? 2 The Artisan Wines is a retail store selling
vintage wines. On December 31, 2019, the firm’s general ledger
contained the accounts and balances below. All account balances are
normal. Required: 1. Prepare a classified income statement for the
year ended December 31, 2019. The company does not classify its
operating expenses as selling expenses and general and administrative
expenses. 2. Prepare a statement of owner’s equity for the year
ended December 31, 2019. No additional investments were made
during the year. 3. Prepare a classified balance sheet as of

December 31, 2019. Analyze: What is the inventory turnover for Artisan
Wines? 3 Good to Go Auto Products distributes automobile parts to
service stations and repair shops. The adjusted trial balance data that
follows is from the firm’s worksheet for the year ended December 31,
2019 Required: 1. Prepare a classified income statement for the
year ended December 31, 2019. The expense accounts represent
warehouse expenses, selling expenses, and general and administrative
expenses. 2. Prepare a statement of owner’s equity for the year
ended December 31, 2019. No additional investments were made
during the period. 3. Prepare a classified balance sheet as of
December 31, 2019. The mortgage payable extends for more than one
year. Analyze: What percentage of total operating expenses is
attributable to warehouse expenses? 4 Healthy Eating Foods Company
is a distributor of nutritious snack foods such as granola bars. On
December 31, 2019, the firm’s general ledger contained the accounts
and balances that follow. Required: 1. Record adjusting entries in the
general journal as of December 31, 2019. 2. Record closing entries in
the general journal as of December 31, 2019. 3. Record reversing
entries in the general journal as of January 1, 2020. Analyze: Assuming
that the firm did not record a reversing entry for salaries payable, what
entry is required when salaries of $6,000 are paid on January 3? 5.
Superior Hardwood Company distributes hardwood products to small
furniture manufacturers. The adjusted trial balance data given below is
from the firm’s worksheet for the year ended December 31, 2019.
Required: 1. Prepare a classified income statement for the year
ended December 31, 2019. The expense accounts represent warehouse
expenses, selling expenses, and general and administrative expenses. 2.
Prepare a statement of owner’s equity for the year ended

period. 3. Prepare a classified balance sheet as of December 31, 2019.
The mortgage payable extends for more than a year. Analyze: What is
the current ratio for this business?
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ACC 291 Week 5 Exercise E12-3, E12-10
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Prepare the operating activities section—indirect method. E12-3 Sosa
Company reported net income of $190,000 for 2017. Sosa also reported
depreciation expense of $35,000 and a loss of $5,000 on the disposal of
plant assets. The comparative balance sheets show an increase in
accounts receivable of $15,000 for the year, a $17,000 increase in
accounts payable, and a $4,000 increase in prepaid expenses.
Instructions Prepare the operating activities section of the statement of
cash flows for 2017. Use the indirect method. Compare free cash flow
of two companies. E12-10 Information for two companies in the same
industry, Merrill Corporation and Wingate Corporation, is presented
here. Merrill Corporation Wingate Corporation Net cash provided by
operating activities $ 80,000 $100,000 Average current liabilities
50,000 100,000 Net income 200,000 200,000 Capital

expenditures 40,000 70,000 Dividends paid 5,000
10,000 Instructions Compute free cash flow for both companies
and compare.
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ACC 291 Week 5 Wileyplus Assignment E7-3, E12-1, E12-8,
P12-9A, P12-10A, E13-3, E13-4, IFRS13-1, P13-2A (New)
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· E7-3, E12-1, E12-8, P12-9A, P12-10A, E13-3, E13-4, IFRS13-1, P13-2A.
Exercise 7-3
Exercise 12-1
Exercise 12-8
Problem 12-9A
Problem 12-10A
Exercise 13-3
Exercise 13-4

International Financial Reporting Standards 13-1
Problem 13-2A
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ACC 291 Final Exam Guide (100% Score

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