Accounting Quiz Help Available

Accounting Quiz Help Available
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Accounting Quiz Help Available

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43. It appears that I'm stuck at the 2nd question, I was unable to upload the work that I've already ...
It appears that I'm stuck at the 2nd question, I was unable to upload the work that I've already completed. Could you show how you get the answers and what calculations that you used to acquire for each. Thanks
Hillside issues $1,400,000 of 5%, 15-year bonds dated January 1, 2016, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,713,594.
Required:
1. Prepare the January 1, 2016, journal entry to record the bonds’ issuance.
2. (a) For each semiannual period, complete the table below to compute the cash payment.
2. (b) For each semiannual period, complete the table below to compute the straight-line premium amortization.
2. (c) For each semiannual period, complete the table below to compute the bond interest expense.
3. Complete the below table to compute the total bond interest expense to be recognized over the bonds' life.
4. Prepare the first two years of an amortization table using the straight-line method
5. Prepare the journal entries to record the first two interest payments.
I'm not sure how to upload them for viewing.
44. 5) The accounting principle that ensures that all expenses are recorded when they are incurred...
5) The accounting principle that ensures that all expenses are recorded when they are incurred during the period, and compares those expenses against the revenues of the period is called the ________ principle.
A) comparison
B) accrual
C) matching
D) revenue recognition
6) Which of the following accounting terms assumes that a business's activities can be divided into small segments and financial statements can be prepared for specific periods, such as a month, quarter, or year?
A) adjusting entry concept
B) revenue recognition principle
C) matching principle
D) time period concept
7) The matching principle is also called:
A) adjusting entry concept.
B) revenue recognition principle.
C) expense recognition principle.
D) time period concept.
8) Which of the following accounting elements does the matching principle help to match?
A) revenues and liabilities
B) expenses and assets
C) expenses and revenues
D) expenses and liabilities
9) To match expenses against revenues means to:
A) add expenses incurred during one period from revenues earned during that same period.
B) subtract expenses incurred during one period from revenues earned during the previous period.
C) add expenses incurred during one period from revenues earned during the previous period.
D) subtract expenses incurred during one period from revenues earned during that same period.
10) The revenue recognition principle guides accountants in:
A) ensuring only revenues received in cash are recorded.
B) determining when to record expenses.
C) determining when to record revenues.
D) ensuring expenses are deducted from revenues.
11) The assumption that the financial statements of a business can be prepared for specific periods is made by the:
A) matching principle.
B) revenue recognition principle.
C) time period concept.
D) adjusting entry principle.
12) The matching principle states that:
A) financial statements can be prepared for specific periods.
B) a business's activities can be sliced into small time segments.
C) all expenses should be recorded when they are incurred during the period.
D) companies should record revenue when it has been earned.
13) The time period concept states that:
A) financial statements can be prepared for specific periods.
B) all expenses should be recorded when they are incurred during the period.
C) companies should record revenue when it has been earned.
D) expenses incurred during a period should be matched against the revenues of the period.
14) Which of the following entries would be made as the result of the revenue recognition principle?
A)
Service Revenue 1,000
Service Revenue 1,000
B)
Accounts Receivable 1,000
Service Revenue 1,000
C)
Salaries Expense 1,000
Accounts Payable 1,000
D)
Depreciation Expense 1,000
Accumulated Depreciation 1,000

45. 1. Was Linderman Industries’ adoption of project organization an appropriate one for getting the...
1. Was Linderman Industries’ adoption of project organization an appropriate one for getting the Mexican subsidiary started? 2. In consideration of Robert Linderman’s letting the division managers know that the project manager would be asking for some of their key people, why would Conway have any difficulty in getting the ones he wanted? 3. Would you expect that many people would turn down a chance to join a project organization, as Bert Mill did? 4. Why would Conway take his problem with the engineering vice president to Linderman and have it resolved in his favor, yet back down in two disputes with the manufacturing vice president? 5. What could Linderman Industries have done to assure good jobs for the people coming off Project Mexicano, including Carl Conway, the project manager? “The mission of the project which you will head is to get our new Mexi-can subsidiary ready for take-over by Mexican managers. My hope is that you will be able to do this in about two years,” explained Robert Linderman, president of Linderman Industries, Inc., to Carl Conway, newly appointed manager for “Operation Mexicano.” Conway had been hired specifically for this assignment because of his experience in man-aging large defense projects in the aerospace industry. “The first thing that I will have to do is put a project team together,” said Conway. “I imagine that you have in mind my drawing people from the functional divisions.”
46. 1. (TCO F) Assume there is no beginning work in process inventory and the ending work in process...
1. (TCO F) Assume there is no beginning work in process inventory and 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: (Points : 5)
the same as the number of units put into production.
less than the number of units put into production.
the same as the number of units completed.
less than the number of units completed.
Question 2.2. (TCO F) Which of the following companies would be most likely to use a job-order costing system rather than a process costing system? (Points : 5)
Fast food restaurant
Shipbuilding
Crude oil refining
Candy making
Question 3.3. (TCO F) Assume there was 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: (Points : 5)
the same as the units completed.
less than the units completed.
the same as the units started during the period.
less than the units started during the period.
Question 4.4. (TCO F) Which of the following accounts is debited when direct labor is recorded? (Points : 5)
Work in process
Salaries and wages expense
Salaries and wages payable
Manufacturing overhead
Question 5.5. (TCO F) During October, Crusan Corporation incurred $62,000 of direct labor costs and $4,000 of indirect labor costs. The journal entry to record the accrual of these wages would include a: (Points : 5)
debit to Work in Process of $66,000.
credit to Work in Process of $66,000.
debit to Work in Process of $62,000.
credit to Work in Process of $62,000.
Question 6.6. (TCO F) Wedd Corporation had $35,000 of raw materials on hand on May 1. During the month, the company purchased an additional $68,000 of raw materials. During May, $92,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $5,000. The debits to the Work in Process account as a consequence of the raw materials transactions in May total: (Points : 5)
$92,000.
$0.
$68,000.
$87,000.
1. (TCO F) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. A number of companies in different industries are listed below:
i. Custom boat builder
ii. Frozen cranberry juice processor
iii. Concrete block manufacturer
iv. Winery that produces a number of varietal wines
v. Aluminum refiner that makes aluminum ingots from bauxite ore
For each company, indicate whether the company is most likely to use job-order costing or process costing.
(Points : 15)
Question 2.2. (TCO F) Job 728 was recently completed. The following data have been recorded on its job cost sheet:
Direct materials $81,000
Direct labor hours 1,220 labor hours
Direct labor wage rate $15 per labor-hour
Machine Hours 1,520 machine hours
Number of units completed 4,400 units
The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $16 per machine-hour.
Compute the unit product cost that would appear on the job cost sheet for this job. (Points : 15)
Question 3.3. (TCO F) Auger Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.
Work in process, beginning
Units in process700
Percent complete with respect to materials80%
Percent complete with respect to conversion40%
Costs in the beginning inventory:
Materials cost$1,904
Conversion cost $8,624
Units started into production during the month29,000
Units completed and transferred out28,800
Costs added to production during the month:
Materials cost$104,044
Conversion cost $875,266
Work in process, ending:
Units in process 900
Percent complete with respect to materials70%
Percent complete with respect to conversion20%
Required:
i. Determine the equivalent units of production.
ii. Determine the costs per equivalent unit.
iii. Determine the cost of ending work in process inventory.
iv. Determine the cost of the units transferred to the next department (Points : 15)
Question 4.4. (TCO F) Hunsicker Corporation has provided the following data for the month of January:
Inventories Beginning Ending
Raw materials $30,000 $33,000
Work In process $20,000 $18,000
Finished goods $52,000 $60,000
Additional Information:
Raw material purchases $63,000
Direct labor costs $92,000
Manufacturing overhead cost incurred $75,000
Indirect materials included in manufacturing overhead costs incurred $6,000
Manufacturing overhead cost applied to work in process $69,000
Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.
(Points : 15)
47. The following items were selected from among the transactions completed by Aston Martin Inc. during...
PR 10-1B Liability transactions
The following items were selected from among the transactions completed by Aston Martin Inc. during the current year:
Apr. 15. Borrowed $225,000 from Audi Company, issuing a 30-day, 6% note for that amount.
May 1. Purchased equipment by issuing a $320,000, 180-day note to Spyder Manufacturing Co., which discounted the note at the rate of 6%.
15. Paid Audi Company the interest due on the note of April 15 and renewed the loan by issuing a new 60-day, 8% note for $225,000. (Record both the debit and credit to the notes payable account.)
July 14. Paid Audi Company the amount due on the note of May 15.
Aug. 16. Purchased merchandise on account from Exige Co., $90,000, terms, n/30.
Sept. 15. Issued a 45-day, 6% note for $90,000 to Exige Co., on account.
Oct. 28. Paid Spyder Manufacturing Co. the amount due on the note of May 1.
30. Paid Exige Co. the amount owed on the note of September 15.
Nov. 16. Purchased store equipment from Gallardo Co. for $450,000, paying $50,000 and issuing a series of twenty 9% notes for $20,000 each, coming due at 30-day intervals.
Dec. 16. Paid the amount due Gallardo Co. on the first note in the series issued on November 16.
28. Settled a personal injury lawsuit with a customer for $87,500, to be paid in January.
Aston Martin Inc. accrued the loss in a litigation claims payable account.
Instructions
1. Journalize the transactions.
2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year:
a. Product warranty cost, $26,800.
b. Interest on the 19 remaining notes owed to Gallardo Co.
48. Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2016, was $950,...
Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2016, was $950,000 (38,000 units at $25 each). During 2016, 116,000 units were purchased, all at the same price of $30 per unit. 120,000 units were sold during 2016. Esquire uses a periodic inventory system. Complete the below table to calculate the December 31, 2016, ending inventory and cost of goods sold.
49. On January 3, 2013, Persoff Corporation acquired all of the outstanding voting stock of SeaCliff,...
On January 3, 2013, Persoff Corporation acquired all of the outstanding voting stock of SeaCliff, Inc. in exchange for $6,000,000 in cash. Persoff elected to exercise control over Sea Cliffas a wholly owned subsidiary with an independent accounting system. Both companies haveDecember 31 fiscal year-ends. At the acquisition date, Sea Cliff’s stockholders’ equity was$2,500,000 including retained earnings of $1,700,000.Persoff pursued the acquisition, in part, to utilize Sea Cliff ’s technology and computersoftware. These items had fair values that differed from their values on Sea Cliff ’s books asfollows:Asset Book Value Fair ValueRemainingUseful LifePatented technology $140,000 $2,240,000 7 yearsComputer software $ 60,000 $1,260,000 12 yearsLO 3-1, 3-3aConsolidations—Subsequent to the Date of Acquisition 131Sea Cliff’s remaining identifiable assets and liabilities had acquisition-date book values thatclosely approximated fair values. Since acquisition, no assets have been impaired. During thenext three years, Sea Cliff reported the following income and dividends:Net Income Dividends2013 $900,000 $150,0002014 940,000 150,0002015 975,000 150,000December 31, 2015, financial statements for each company appear below. Parentheses indicatecredit balances. Dividends declared were paid in the same period.Income Statement Persoff Sea CliffRevenues $ (2,720,000) $(2,250,000)Cost of goods sold 1,350,000 870,000Depreciation 275,000 380,000Amortization 370,000 25,000Equity earnings in Sea Cliff (575,000 ) –0–Net income $ (1,300,000 ) $ (975,000 )Statement of Retained EarningsRetained earnings 1/1 $ (7,470,000) $(3,240,000)Net income (above) (1,300,000) (975,000)Dividends declared 600,000 150,000Retained earnings 12/31 $ (8,170,000) $(4,065,000)Balance SheetCurrent assets $ 490,000 $ 375,000Investment in Sea Cliff 7,165,000 –0–Computer software 300,000 45,000Patented technology 800,000 80,000Goodwill 100,000 –0–Equipment 1,835,000 4,500,000Total assets $ 10,690,000 $ 5,000,000Liabilities $ (520,000) $ (135,000)Common stock (2,000,000) (800,000)Retained earnings 12/31 (8,170,000 ) (4,065,000 )Total liabilities and equity $(10,690,000 ) $(5,000,000 )a. Construct Persoff’s acquisition-date fair-value allocation schedule for its investment in SeaCliff.b. Show how Persoff determined its Equity earnings in Sea Cliff balance for the year endedDecember 31, 2015.c. Show how Persoff determined its December 31, 2015, Investment in Sea Cliff balance.d. Prepare a worksheet to determine the consolidated values to be reported on Persoff’sfinancial statements.
50. PROBLEM 5.2A Preparing Financial Statements and Closing Entries of a Profitable Company Affordabl...
Urgent!!
Single problem




PROBLEM 5.2A Preparing Financial Statements and Closing Entries of a Profitable Company Affordable Lawn Care, Inc., provides lawn- mowing services to both commercial residential customers. The company adjusting entries on a monthly basis, whereas closingentries are prepared ani December 31. An adjusted trial balance dated December 31, 2015, follows. and performs