ACC 291 Final Exam Guide Analysis

ACC 291 Final Exam Guide (New, 2019, 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 Assignment Comparative Analysis Problem (2
Papers)

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

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: 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. 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)

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)
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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ACC 291 Week 2 Apply Connect Assignment (Score 10/10) (with
Excel File)
This Tutorial contains an Excel File which can be used for any change
in 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 merchandise for
$2,500, plus a freight charge of $78, 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?

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ACC 291 Week 2 Assignment Financial Reporting Problem, Apple
Inc
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)
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 $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:
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
merchandise for $1,700 from BioCenter Inc., Invoice 606; terms 2/10,
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. 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 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 $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 $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
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. 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 merchandise for $3,200, plus a freight charge of $85,
from New 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 501 Purchases 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
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)
·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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ACC 291 Week 3 Apply Connect Assignment (Score 10/10) (With
Excel File)
in 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. DATE TRANSACTIONS 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
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
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)
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 Credit
Edwards 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)
·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)
in 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.
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ACC 291 Week 4 Exercise E11-2, E11-5, E11-7, E11-13
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.
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ACC 291 Week 4 Practice Connect Assignment (100% Score)
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.
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ACC 291 WEEK 4 Stockholders’ Equity Section of the Balance
Sheet (Lachlin Corporation Balance Sheet)
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?
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ACC 291 Week 4 Wileyplus Assignment Do It! 11-1, E11-5, E11-7,
BYP11-1, BYP11-2, P11-5A, P11-8A (New)
·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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ACC 291 Week 5 Apply Connect Assignment (Score 10/10) (with
Excel File)
in 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 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 a year. Analyze: What is the current ratio for
this business?
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ACC 291 Week 5 Assignment Financial Reporting Problem II
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%)
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 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 a year. Analyze: What is the current ratio for
this business?
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ACC 291 Week 5 Exercise E12-3, E12-10

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)

· 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 Analysis

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ACC 291 Final Exam Guide Analysis