The document provides instructions for a 3-4 paragraph essay on the "Mummy's Curse" topic. Students are asked to: 1) State the mystery of the curse and summarize at least two theories from experts to explain it. 2) Choose one theory and provide two reasons why it is best. 3) Cite at least two sources besides the textbook and follow formatting guidelines.

1. Number of Pages: 2 (Double Spaced)
Language Style: English (U.S.)
Writing Style: APA
Number of sources: 1
Choose one (1) of the topics below and develop a three to four
(3-4) paragraph essay (of at least 250-500 words) which
adequately address the topic you have chosen. The topic I have
chosen is:
Considered the “Mummy’s Curse,” a series of unexplainable,
unfortunate, or tragic events that happened to the people who
were present at the opening of Tutankhamen’s tomb.
The instructions are as follows:
Write a 3-4 paragraph paper in which you:
1. Clearly state the “mystery” and provide a brief summary of at
least two (2) theories which could explain the mystery. Because
some theories may sound far-fetched, include the source or
promoter of each theory – such as a scientist, a historian, a
theologian, etc.
2. Identify one (1) of the theories and provide at least two (2)
convincing reasons why the theory you have chosen is the best
one to explain the mystery.
3. Use at least two (2) sources besides the textbook.
The assignment must follow these formatting requirements:

2. ? Be typed, double spaced, using Times New Roman font (size
12), with one-inch margins on all sides; citations and references
must follow APA Style format.
? Include a cover page containing the tile of the assignment, the
student’s name, the professor’s name, the course title, and the
date. The cover page and the reference page are not included in
the required assignment page length.
Acct 210
Spring 2013
1. What is meant by a classified balance sheet?
2. Why do we record accounts receivable on the balance sheet at
net realizable value?
3. Which is required by GAAP, the direct write-off method or
the allowance method for accounting for receivables?
4. Why is it important for the company to focus on improving
the accounts receivable turnover ratio (why do they want to
collect receivables as quickly as possible)?
5. There are two methods for calculating the allowance account,
percent of sales and aging of accounts receivable. Briefly
describe the difference between these two methods.
Nassau Auto Parts sells new and used auto parts. Although a
majority of its sales are cash sales, it makes a significant
amount of credit sales. During 2013, its first year of operations,
Dixie Auto Parts experienced the following:
Sales on account
$
275,000
Beginning accounts receivable balance
550,000

3. Collections of accounts receivable
368,000
Uncollectible accounts charged off during the year
1,200
Beginning allowance for uncollectible accounts balance
14,500
Assume that Dixie Auto Parts uses the allowance method of
accounting for bad debts and estimates that 1% of its sales on
account will not be collected
a. What is the Accounts Receivable balance at December 31,
2013?
b. What is the ending balance of Allowance for Uncollectible
Accounts (Allowance for Doubtful Accounts) at December 31,
2013, after all entries and adjusting entries are posted (the
adjustment for bad debt expense for 2013)?
c.What is the amount of bad debts expense recorded for 2013?
d. What is the net realizable value of accounts receivable at
December 31, 2013?
6. Asset purchase price less salvage value = the ____________
base of the asset.
7. What is the difference between a tangible and intangible
asset?
9. True or False – It is legal for companies to use one
depreciation method for their financial statements and a
different form of depreciation for tax purposes.
10. Why do companies depreciate assets (why is the asset not

4. all expensed immediately)?
11. Name the 3 methods companies can use to depreciate
assets.
12. Do companies depreciate the following (yes or no)?
Land
Autos
Building
Goodwill
Patent
13.
Which of the following items should be classified as long-term
operational assets?
a.
Accounts Receivable
b.
Building
c.
Office equipment
d.
Cash

5. e.
Supplies
f.
Copyright
g.
Delivery van
h.
Computer
i.
Inventory
j.
Patent
14.
Identify each of the following long-term operational assets as
either tangible (T) or intangible (I).
a.
Pizza oven
b.
Land
c.
Goodwill
d.
Filing cabinet
e.
Copyright

6. f.
Silver mine
g.
Office building
h.
Drill press
i.
Patent
j.
Desk
15. Pine Logging Co. purchased an electronic saw to cut
various types and sizes of logs. The saw had a list price of
$160,000. The seller agreed to allow a 5 percent discount
because Pine paid cash. Delivery terms were FOB shipping
point. Freight cost amounted to $4,200. Pine had to hire an
individual to operate the saw. Pine had to build a special
platform to mount the saw. The cost of the platform was $2,500.
The saw operator was paid an annual salary of $65,000.
Additionally, the cost of the company's theft insurance policy
increased by $2,000 per year as a result of the acquisition of the
saw. The saw had a four-year useful life and an expected
salvage value of $10,000.
Determine the amount to be capitalized in an asset account for
the purchase of the saw (what amount should be reported in the
saw asset account?).
16.
Keenum Company purchased a restaurant building, land, and
equipment for $900,000. Keenum paid cash for the purchase.
The appraised value of the assets was as follows:

7. Land
$
240,000
Building
600,000
Equipment
360,000
Total
$
1,200,000
Compute the amount to be recorded on the books for each of the
assets.
Allocated Cost
Land
$
Building
$
Equipment
$
17. What is the difference between capitalization of an asset
cost and an ordinary operating and maintenance expense?
18. Southwest Sand and Gravel paid $850,000 to acquire
1,500,000 cubic yards of sand reserves. The following
statements model reflects Southwest's financial condition just
prior to purchasing the sand reserves. The company extracted
540,000 cubic yards of sand in year 1 and 480,000 cubic yards

8. in year 2.
a. Compute the depletion charge per unit.
b. Record the acquisition of the sand reserves and the depletion
entry for year 1 in journal entry form.
19. The following normal balances appear on the adjusted trial
balance
Equipment
$75,000
Accumulated depreciation
$15,000
Depreciation expense
$5,000
The amount recorded on the balance sheet as original asset cost
is
a. $75,000
b. $70,000
c. $5,000
d. $60,000
20. Refer to the data in 19. The amount that would be the Net
Book Value of the asset is
e. $75,000

9. f. $70,000
g. $5,000
h. $60,000
21. Refer to the data in 19. The amount that would be expensed
on the income statement for the current year is:
i. $75,000
j. $70,000
k. $5,000
l. $60,000
22. Chase Corporation borrowed $90,000 from the bank on
November 1, 2012. The note had a 7% annual rate of interest
and matured on April 30, 2013. Interest and principal were paid
in cash on the maturity date.
a. What amount of interest expense was paid in cash in 2012?
b. What amount of interest expense was reported in the 2012
income statement?
c. What total amount of cash was paid to the bank on April 30,
2013 for principal and interest?
23. What is treasury stock? Why would a company purchase
treasury stock?
24. Fowler Corp. has the following stock outstanding:
- Preferred stock , cumulative, 5%, $10 par, 10,000 shares

10. - Common stock, $10 par, 20,000 shares
Dividends have not been paid in 2 years. In the current year,
the board of directors declared dividends of $25,000. How
much money in dividends will each class of stock receive?
25. Assume that JB Inc. issues 100 shares of common stock
with a par value of
$10 per share at a price of $22 per share. Record the
transaction in journal entry format.
26. What are the 3 main dates associated with issuing
dividends? What are they and which dates require journal
entries?
27. What happens to the number of shares in a 2 for 1 stock
split? What happens to the market price? Assume there were
20,000 shares of $100 par value common stock selling for $400
each.
28. Why would a company issue a stock dividend vs. paying a
cash dividend?
29. Why are dividends not considered expenses?
30. What is the difference between operating, investing and
financing activities of a business? Provide an example for each
area.
31. What are the 2 acceptable formats for preparing the
statement of cash flows? How do they differ?
32. Tony B’s Pizza purchased a delivery van for $25,000. The
useful life is estimated to be 5 years or 100,000 miles. The
salvage value is estimated to be $5,000.
a. Compute the annual depreciation amount for the first year
using straight line depreciation.
b. Compute the annual depreciation amount for the first year

11. using units of production (assuming the actual miles for year 1
were 17,000).
c. Compute the annual depreciation amount for the first year
using double declining balance.
33. If the stated rate of a bond is issued above market rate it is
issued at a ______________.
34. If the stated rate of a bond is issued below market rate it is
issued at a ______________.
35. Current assets of Next Clothing are $250,000 and current
liabilities are $150,000. Compute the current ratio. What does
this ratio tell us?