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FE1- 1 Final Exam 1 PART II — MATCHING (20 points) Instructions: Designate the terminology that best represents the definition or statement given below by placing the identifying letter(s) in the space provided. No letter should be used more than once.               A.Additions and improvements               N.              Debit               B.Natural resources              O.              Declining-balance method               C.Allowance.
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C- 1 Comprehensive Examination C Problem C - IV — Payroll Accounting (12 points) Jefferson Company has three employees whose monthly salaries and accumulated year-to-date wages at September 30, 2017 are as follows: Accumulated EmployeeWages 9/30/17October Salary Ansell$62,000$6,900 Comer91,00010,000 Francis6,000800 The following payroll taxes are applicable: FICA tax on first $117,0008% FUTA tax on first $7,0006.2%* SUTA tax on first $7,0005.4% *Less.
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D- 1 Comprehensive Examination D COMPREHENSIVE EXAMINATION D (Chapters 13 – 15) Approximate ProblemTopicPointsMinutes D - IMultiple Choice.......................2020 D - IIBonds Converted and Retired...........1010 D - IIICorporation Entries....................2820 D - IVBonds Payable—Straight-line Method.....1715 D - VIncome Statement and Retained Earnings Statement...........................2015 D - VICompute Earnings per Share ...........    5  5 10085 Checking Work ......................  5 90 Problem D - I — Multiple Choice (20.
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B- 1 Comprehensive Examination B Problem B - IV — Bank Reconciliation (15 points) Jamison Company received a bank statement for the month of July 2017, which showed a balance per bank of $2,750. The company's Cash account in the general ledger showed a balance of $2,140 at July 31. Other information that.
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F- 1 Comprehensive Examination F Problem F - IV — Process Cost Accounting (23 points) The Painting Department of Shore Manufacturing Company has the following production and manufacturing cost data for September. Production: Beginning inventory 8,000 units that are 100% complete as to materials and 40% complete as to conversion costs; units started into.
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D- 1 Comprehensive Examination D Problem D - III — Corporation Entries (28 points) Zippo Corporation stockholders' equity consisted of the following on January 1, 2016: Stockholders' Equity Paid-in capital Capital stock 6% Preferred stock, $100 par value, cumulative, 50,000 shares authorized, 30,000 shares issued and outstanding$  3,000,000 Common stock, no par, $20 stated value, 1,000,000 shares authorized,.
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E- 1 Comprehensive Examination E Problem E - II — Short-term Investments (10 points) Instructions: Brevin Company entered into the transactions listed below during 2017. Prepare the appropriate journal entries for Brevin Company. You may omit journal entry explanations but you should show computations. Jan.10Purchased 500 shares of Doherty Company common stock for $37,000.
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FE1- 1 Final Exam 1 PART III — ADJUSTING ENTRIES (13 points) The trial balance of Gleimer Corporation reported the following balances for selected accounts on July 31, 2017: Prepaid Insurance$24,000Unearned Service Revenue$  9,600 Equipment120,000Notes Payable60,000 Accumulated Depreciation18,000Interest Payable1,400 Instructions: Using the additional information given below, prepare the appropriate monthly adjusting entries at July 31. Show computations. 1.Revenue.
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F- 1 Comprehensive Examination F COMPREHENSIVE EXAMINATION F (Chapters 19 - 23) Approximate ProblemTopicPointsMinutes F - IMultiple Choice ......................2020 F - IICost of Goods Manufactured and Sold ....1510 F - IIIJob Order Cost Accounting .............1510 F - IVProcess Cost Accounting ..............2320 F - VCost-Volume-Profit ...................1210 F - VIProduction and Direct Materials Budgets ..   1515 10085 Checking Work ......................  5 90 Problem F.
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C- 1 Comprehensive Examination C Problem C - II — Division of Partnership Income (18 points) The capital account balances on January 1, 2017, for Christine and Dave were $140,000 and $210,000, respectively. During 2017, the Christine and Dave partnership had sales of $520,000, cost of goods sold of $182,000, and operating expenses.
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E- 1 Comprehensive Examination E Problem E - V — Calculation of Ratios (27 points) The financial information below was taken from the annual financial statements of Alden Company.     2017    2016 Current assets$280,000$170,000 Current liabilities80,00090,000 Total assets550,000450,000 Sales revenue760,000600,000 Cost of goods sold525,000510,000 Inventory100,000110,000 Accounts receivable (net)100,00060,000 Net income57,00048,000 Common stockholders’ equity330,000270,000 Total liabilities220,000180,000 Instructions: Calculate the following ratios for Alden Company for 2017. 1.Return.
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G - 1 Comprehensive Examination G COMPREHENSIVE EXAMINATION G (Chapters 24 – 26, Appendix G) Approximate ProblemTopicPointsMinutes G - IMultiple Choice.......................2020 G - IIFlexible Overhead Budget..............1410 G - IIIVariance Analysis.....................2415 G - IVIncremental Analysis...................1010 G - VReturn on Investment..................1615 G - VICapital Budgeting.....................  16 15 10085 Checking Work.......................   5 90 Problem G - I — Multiple Choice (20 points) Instructions: Designate the best answer.
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A- 1 Comprehensive Examination A Problem A - VI — Multiple-Step Income Statement (15 points) Below is a partial listing of the adjusted account balances of Pacific Department Store at year end on December 31, 2017. Accounts Receivable$   10,500 Cost of Goods Sold107,500 Selling Expenses (includes depreciation)13,500 Interest Expense400 Accumulated Depreciation—Building16,500 Sales Discounts6,500 Unearned Service Revenue14,000 Inventory18,500 Administrative Expenses (includes depreciation)9,000 Sales Revenue165,000 Accounts.
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B- 1 Comprehensive Examination B Problem B - VI — Accounts Receivable (10 points) Instructions: Owens Company uses the allowance method to account for uncollectible accounts. Prepare the appropriate journal entries to record the following transactions during 2017. You may omit journal entry explanations. 1.April 20The account of Steven Reynolds for $100 was deemed.
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A- 1 Comprehensive Examination A Problem A - IV — Closing Entries (10 points) The end of the period account balances after adjustments of Hernandez Shoe Repair are as follows: Account Balances (After Adjustments) Cash$   36,000 Supplies2,700 Prepaid Rent9,600 Equipment94,000 Accumulated Depreciation—Equipment22,000 Accounts Payable14,500 Owner’s Capital54,600 Owner’s Drawing7,500 Service Revenues41,000 Supplies Expense2,000 Depreciation Expense3,000 Rent Expense900 Salaries and Wages Expense1,200 Utilities Expense1,800 Instructions: Prepare the end of the period closing.
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B- 1 Comprehensive Examination B Problem B - III — Special Journals (10 points) Instructions: Robertson Company maintains four special journals and a general journal to record its transactions. For each of the transactions listed below, place an (X) in the box which indicates the appropriate journal for recording that transaction. Journal Code: S=Sales journal CR=Cash.
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A- 1 Comprehensive Examination A Problem A - V — Journal Entries (18 points) Prepare the necessary general journal entries for the month of March for Dogwood Company for each situation given below. Dogwood uses a perpetual inventory system. 1.Mar. 5Paid cash of $6,000 for operating expenses that were incurred and properly recorded in.
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E- 1 Comprehensive Examination E Problem E - IV — Statement of Cash Flows (25 points) The comparative balance sheet for Lucas Company appears below: LUCAS COMPANY Comparative Balance Sheet Dec. 31, 2017Dec. 31, 2016 Assets Cash................................................              $54,000              $12,000 Accounts receivable...................................              6,000              8,000 Inventory............................................              11,000              7,000 Prepaid expenses.....................................              2,000              3,000 Equipment...........................................              20,000              20,000 Accumulated depreciation—equipment....................                 (3,000)                 (2,000) Total assets.......................................              $90,000              $48,000 Liabilities and.
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F- 1 Comprehensive Examination F Problem F - VI — Production and Direct Materials Budgets (15 points) Walsh Company has budgeted the following unit sales for the first quarter of 2017: Units January36,000 February54,000 March45,000 It takes two pounds of direct materials, which cost $6 per pound, to manufacture one unit of product. It is the company's.
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B- 1 Comprehensive Examination B Problem B - V — Periodic Inventories (12 points) Christoph Company uses the periodic inventory method and had the following inventory information available for the month of March. DateTransactionUnitsUnit Cost 3/1Beginning inventory              100              $2 3/5Purchase No. 1              200              $3 3/12Sale No. 1              150 3/18Purchase No. 2              200              $3.5 3/25Sale No. 2              250 3/30Purchase No. 3             .
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B- 1 Comprehensive Examination B Problem B - II — Computation of Net Purchases/Cost of Goods Sold (10 points) Hamilton Company uses a periodic inventory system and has the following account balances: Beginning Inventory $140,000, Ending Inventory $120,000, Freight-in $20,000, Purchases $680,000, Purchase Returns and Allowances $8,000, and Purchase Discounts $4,000. Instructions: Compute each.
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E- 1 Comprehensive Examination E COMPREHENSIVE EXAMINATION E (Chapters 16 - 18) Approximate ProblemTopicPointsMinutes E - IMultiple Choice.......................1818 E - IIShort-term Investments................1010 E - IIILong-term Investments................. 2014 E - IVStatement of Cash Flows...............2521 E - VCalculation of Ratios...................2722 10085 Checking Work.......................  5 90 Problem E - I — Multiple Choice (18 points) Instructions: Designate the best answer for each of the following questions.              .
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FE1- 1 Final Exam 1 PART IV — BANK RECONCILIATION (15 points) A review of the June 30 bank statement and other data of Jordan Company reveals the following: 1.Balance per bank statement on June 30...............................$1,950 2.Balance per books on June 30.......................................$460 3.NSF Check from R. Angel in payment of account........................$420 4.Collection of $2,000, 6-month, 5% note.
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C- 1 Comprehensive Examination C COMPREHENSIVE EXAMINATION C (Chapters 10 - 12) Approximate ProblemTopicPointsMinutes C - IMultiple Choice.......................1616 C - IIDivision of Partnership Income...........189 aC - IIIPlant Asset Disposal Entries............1815 C - IVPayroll Accounting....................1210 C - VDepreciation Methods..................1615 C - VIPartnership Liquidation.................  20  20 10085 Checking Work.......................  5 90 Problem C - I — Multiple Choice (16 points) Instructions: Designate the best answer for.
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D- 1 Comprehensive Examination D Problem D-V — Income Statement and Retained Earnings Statement (20 points) The following information is available for Wrina Corporation for the year ended December 31, 2016: Beginning retained earnings$   340,000 Cost of goods sold620,000 Declared cash dividends50,000 Operating expenses170,000 Other expenses and losses40,000 Other revenues and gains60,000 Sales revenue1,000,000 Tax rate30% Instructions: 1.Prepare a corporate income statement in.
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G - 1 Comprehensive Examination G Problem G - V — Return on Investment (16 points) The Omaha Division, an investment center of Nebraska Manufacturing Company, reported the following data for the current year. Sales$4,000,000 Variable costs2,400,000 Controllable fixed costs300,000 Noncontrollable fixed costs400,000 Average operating assets3,600,000 Top management is unhappy with the center's return on investment (ROI). The manager.
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F- 1 Comprehensive Examination F Problem F - V — Cost-Volume-Profit (12 points) Safe Harbor Company prepared the following income statement for 2017: SAFE HARBOR COMPANY Income Statement For the Year Ended December 31, 2017 ——————————————————————————————————————————— Sales (20,000 units)..............................................$600,000 Variable expenses...............................................  360,000 Contribution margin..............................................240,000 Fixed expenses.................................................   150,000 Net income.....................................................$  90,000 Instructions: Answer the following independent questions and show computations to support your answers. 1.What.
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FE1- 1 Final Exam 1 ____              11.A contingent liability should be recorded in the accounts if it is:               a.remote.               b.reasonably possible.               c.probable and reasonably estimable.               d.remote and reasonably possible. ____              12.In a period of rising prices, the inventory method that results in the lowest income tax payment is:               a.LIFO.               b.FIFO.               c.average cost.              .
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D- 1 Comprehensive Examination D Problem D - IV — Bonds Payable—Straight-line Method (17 points) Jozoi Company issues $700,000 of 10%, 10-year bonds on January 1, 2016, at 102. Interest is payable annually on January 1. The company uses the straight-line method of amortization. Instructions: 1.Journalize the entries on (1) January 1, 2016, (2) December.
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F- 1 Comprehensive Examination F Problem F - II — Cost of Goods Manufactured and Sold (15 points) Selected account balances of McKnight Manufacturing Company appear below for 2017: Beginning of YearEnd of Year Finished Goods Inventory$32,000$  25,000 Work In Process Inventory35,00030,000 Raw Materials Inventory26,00046,000 Sales Revenue360,000 Direct Labor40,000 Factory Supervisory Salaries18,000 Income Tax Expense25,000 Factory Insurance9,000 Raw Material Purchases75,000 Administrative Expenses17,000 Sales Returns and.
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FE1- 1 Final Exam 1 ____              21.The assumption that assumes a company will continue in operation long enough to carry out its existing objectives is the:               a.economic entity assumption.               b.monetary unit assumption.               c.time period assumption.               d.going concern assumption. ____              22.All of the following are intangible assets except:               a.patents.               b.oil deposits.               c.goodwill.              .
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A- 1 Comprehensive Examination A Problem A - VII — Correcting Entries (12 points) The following errors were made in journalizing and posting transactions in September in the Marburg Company. Instructions: Prepare the correcting entries at September 30 assuming the incorrect entry is not reversed. (Omit explanations.) 1.The receipt of $9,000 from a customer for.
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G - 1 Comprehensive Examination G Problem G - II — Flexible Overhead Budget (14 points) Cascade Company budgeted a level of activity of 20,000 machine hours to be worked each month in the Machining Department. At this level of activity, manufacturing overhead costs were budgeted as follows: Variable manufacturing overhead Indirect materials$  25,000 Indirect labor38,000 Repairs4,000 Utilities10,000 Fixed.
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A- 1 Comprehensive Examination A Problem A - III — Adjusting Entries (15 points) The following information for Mountaintop Company is available on June 30, 2017, the end of a monthly accounting period. You are to prepare the necessary adjusting journal entries for Mountaintop Company for the month of June for each situation.
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B- 1 Comprehensive Examination B COMPREHENSIVE EXAMINATION B (Chapters 6 - 9) Approximate ProblemTopicPointsMinutes B - IMultiple Choice.......................2015 B - IIComputation of Net Purchases/Cost of Goods Sold.......................1010 B - IIISpecial Journals......................1010 B - IVBank Reconciliation...................1510 B - VPeriodic Inventories...................1210 B - VIAccounts Receivable..................1010 B - VIIPetty Cash..........................910 B - VIIINotes Receivable.....................  14  15 10090 Checking Work ......................  5 95 Problem B - I — Multiple.
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D- 1 Comprehensive Examination D Problem D - VI — Compute Earnings per Share (5 points) MK Company has a simple capital structure. At December 31, 2016, it had $500,000 of $100 par value 6% preferred stock outstanding, and $1,000,000 of $5 par value common stock outstanding. Net income for the year was.
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FE1- 1 Final Exam 1 PART I — MULTIPLE CHOICE (72 points) Instructions:Designate the best answer for each of the following questions. ____1.Which of the following events cannot be quantified into dollars and cents and recordedas an accounting transaction? The appointment of a new CPA firm to perform an audit. The sale of store equipment. The purchase.
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E- 1 Comprehensive Examination E Problem E - III — Long-term Investments (20 points) Sullivan Corporation purchased the following long-term investments in stock securities on January 10, 2017: 10,000 shares of the 100,000 outstanding common shares of Alec Corporation for $400,000. 3,000 shares of the 10,000 outstanding common shares of Mountain Company for $135,000. 6,000 shares.
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G - 1 Comprehensive Examination G Problem G - III — Variance Analysis (24 points) Hanson Company developed the following standard costs for its product for 2017: Standard Cost Card Unit Standard Cost Direct materials(5 pounds @ $4 per pound)$20 Direct labor(4 hours @ $8 per hour)32 Manufacturing overhead Variable(4 hours @ $4 per hour)16 Fixed(4 hours @ $3 per.
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C- 1 Comprehensive Examination C Problem C - V — Depreciation Methods (16 points) The following information is available for Carnegie Company, which has an accounting year-end on December 31, 2017. 1.A delivery truck was purchased on June 1, 2015, for $60,000. It was estimated to have a $4,800 salvage value after being.
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C- 1 Comprehensive Examination C aProblem C - III — Plant Asset Disposal Entries (18 points) Instructions: Prepare the necessary journal entries to record the following transactions in 2017 for Dorsett Company. 1.May 1Exchanged old store equipment and $80,000 cash for new store equipment. The old store equipment originally cost $160,000 and had a.
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B- 1 Comprehensive Examination B Problem B - VIII — Notes Receivable (14 points) Instructions: Prepare journal entries to record the following events, rounding to the nearest dollar if necessary. 1.April 1Trane Company accepted a 4%, 6-month, $120,000 note dated April 1 from Greenway Company for account balance due. 2.April 30Trane accrued interest on the.
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C- 1 Comprehensive Examination C Problem C - VI — Partnership Liquidation (20 points) The balance sheet of the Tri Brothers Partnership just prior to liquidation appears below: Tri Brothers Partnership Balance Sheet December 31, 2017 AssetsLiabilities and Owners' Equity Cash$  140,000Liabilities$240,000 Noncash assets380,000Grayson, Capital40,000 Lawson, Capital160,000       Myers, Capital    80,000 $520,000$520,000 Other information: 1.The partners Grayson, Lawson, and Myers share profits and losses in.
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