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Study Resources (Accounting)

AT10- 1 Achievement Test 10 PART IV — JOB ORDER COST ACCOUNTING ENTRIES (28 points) The ledger accounts of Robertson Company are presented below, with an identification number for each. Instructions: Prepare appropriate job order cost system entries to record the data/events given below. Place the appropriate identification number(s) in the debit and credit.
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A- 1 Comprehensive Examination A COMPREHENSIVE EXAMINATION A (Chapters 1 - 5) Approximate ProblemTopicPointsMinutes A - IMultiple Choice.......................2010 A - IIMatching ...........................1010 A - IIIAdjusting Entries .....................1520 A - IVClosing Entries .......................1010 A - VJournal Entries.......................1812 A - VIMultiple-Step Income Statement.........1510 A - VIICorrecting Entries.....................  12 15 10087 Checking Work ......................   5 92 Problem A - I — Multiple Choice (20 points) Instructions: Designate the.
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AT11- 1 Achievement Test 11 PART IV — HIGH-LOW METHOD (14 points) Kinser Company incurred the following high and low maintenance costs totals during 2017: $370,000 at 20,000 units of activity during March and $274,000 at 12,000 units during August. Instructions: Answer parts 1 through 3 below, presenting carefully labeled supporting calculations in all.
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AT6- 1 Achievement Test 6     aPART IV — ADMISSION/WITHDRAWAL OF PARTNERS (18 points) 1.Tompson, Gregson, and Timer are partners who share profits 50%, 25%, and 25%. Their capital balances were $117,000, $78,000, and $45,000, respectively, before Timer's retirement. Tompson and Gregson each paid Timer $30,000 from their personal assets to buy half his.
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AT5- 1 Achievement Test 5 (Supporting Computations) PART VI — PLANT ASSETS: SHORT PROBLEMS (15 points) Instructions: Complete the requirements specified for each of the following independent situations. 1.Mellies Company purchased land and an office building on September 1 for a combined cash price of $2,200,000. The land had a cost of $1,300,000 and the.
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AT6- 1 Achievement Test 6 Achievement Test 6: Chapters 11 and 12 Part I II III IV V Total Points 28 18 20 18 16 100 Score PART I — MULTIPLE CHOICE (28 points) Instructions: Designate the best answer for each of the following questions. ____              1.Employer payroll taxes include federal income tax withholding, federal unemployment taxes, and pension funding. state income tax withholding, deductions for charitable contributions, and federal unemployment taxes. c.FICA.
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AT11- 1 Achievement Test 11 Achievement Test 11: Chapters 21 and 22 Part I II III IV V Total Points 22 20 20 14 24 100 Score PART I — MULTIPLE CHOICE (22 points) Instructions: Designate the best answer for each of the following questions. ____              1.Variable costs, as activity increases, will:                             a.increase per unit.                             b.increase in total.                             c.remain constant per unit.                             d.increase per unit and.
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AT7- 1 Achievement Test 7 PART IV — EARNINGS PER SHARE (12 points) 1.Picket Industries had 300,000 common shares and 10,000 preferred shares outstanding throughout 2017. The preferred stock is not cumulative and received dividends of $40,000 for the year. If net income was $280,000, earnings per share equals: $              . 2.Powder Corporation declared, but had.
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AT4- 1 Achievement Test 4 PART V — SPECIAL JOURNALS (8 points) Instructions: Indicate in which journal the transactions given below would be recorded by placing the appropriate journal abbreviation in the space provided. AbbreviationJournal GGeneral Journal CRCash Receipts Journal SSales Journal CPCash Payments Journal PPurchases Journal ____              1.Recorded adjusting entries ____              2.Sold merchandise to customer on account ____              3.Received cash on.
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AT9- 1 Achievement Test 9 PART IV — STATEMENT OF CASH FLOWS — Indirect Method (30 Points) Condensed financial data for Chester Highland Corporation are given below. CHESTER HIGHLAND CORPORATION Comparative Balance Sheet December 31 Assets      2017       2016   Cash              $   131,000              $     40,000 Accounts receivable              68,000              54,000 Inventory              200,000              230,000 Land              1,430,000              1,300,000 Equipment              1,006,000              916,000 Accumulated depreciation – equipment                   (85,000)             .
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AT4- 1 Achievement Test 4 PART VI—MATCHING: ACCOUNTING INFORMATION SYSTEMS TERMINOLOGY (12 points) Instructions: Match the terms given below with the definitions or descriptions that follow by placing the appropriate letter in the space provided. A.Control accountD.Special journal B.Cost effectivenessE.Subsidiary ledger C.FlexibilityF.Usefulness ____              1.Used to record similar types of transactions ____              2.The accounting system should accommodate a variety.
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AT11- 1 Achievement Test 11 PART II — TRUE/FALSE (20 points) Instructions: Designate whether each of the following statements dealing with the process cost accounts and cost-volume-profit relationship is true or false by circling the T or F. TF              1.Contribution margin is the amount of revenue left over to cover selling and administrative costs.
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AT4- 1 Achievement Test 4 2. Journal Entries (Note: Assume no interest has been accrued on the notes.) PART IV — PETTY CASH FUND (10 points) The ledger accounts given below, with an identification number for each, are used by Mersa Company. The company uses a perpetual inventory system. Instructions: Prepare appropriate entries for.
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AT5- 1 Achievement Test 5 PART V — DEPRECIATION METHODS (13 points) Cryer’s Frozen Goods purchased a machine on January 1, 2016, at a total cost of $500,000. The machine has an estimated useful life of 5 years or 900,000 units of output and a salvage value of $50,000. Instructions: Complete the following table.
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A- 1 Comprehensive Examination A Problem A - II — Matching (10 points) Match the items below by entering the appropriate letter in the space. _____              1.Partnership _____              2.Liabilities _____              3.Revenues _____              4.General ledger _____              5.Expense recognition principle _____              6.Unearned service revenue _____              7.Income summary _____              8.Intangible assets _____              9.Freight-out _____              10.Sales returns and allowances A.A contra-revenue account. B.Creditorship claims on total assets. C.Noncurrent resources that.
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AT8- 1 Achievement Test 8   aPART III — BOND COMPUTATIONS (16 points) 1.Sasha Corporation issued $400,000 face value, ten-year, 10% bonds on January 1, 2017, for $453,680. The bonds pay interest annually on January 1 and the effective interest rate is 8%. Assuming that the premium on bonds payable is amortized using the.
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AT6- 1 Achievement Test 6 PART II — PAYROLL COMPUTATIONS (18 points) Employees at BJ’s Grill are paid 1.5 times their regular pay rate for each hour worked in excess of 40 hours per week. The FICA tax rate is 7.65% of the first $117,000 of gross earnings. The state unemployment tax rate.
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AT5- 1 Achievement Test 5 Achievement Test 5: Chapters 9 and 10 Part I II III IV V VI VII Total Points 24 5 18 10 13 15 15 100 Score PART I — MULTIPLE CHOICE (24 points) Instructions: Designate the best answer for each of the following questions. ____              1.Randall Company bought real estate, on which there was an old office building, for $400,000. It paid $30,000 in cash as a down payment.
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AT11- 1 Achievement Test 11 PART III — PROCESS COSTING (20 points) Instructions: Using the following data, complete the requirements given below. When you are given amounts to assume as the answers to previous requirements, be careful to use such assumed amounts rather than your answers (in order to minimize carry-through errors) The Machining.
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AT12- 1 Achievement Test 12 PART II — BUDGETARY PLANNING (32 points) This problem consists of four independent mini-problems. Omit headings other than those already given. 1.Lavery Manufacturing produces and sells containers designed to hold liquid beverages. The sales budget for 2017 is as follows: 1st quarter — 120,000 units3rd quarter — 180,000 units 2nd quarter.
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AT4- 1 Achievement Test 4 PART III — BANK RECONCILIATION WITH ENTRIES (20 points) Instructions: Given the information provided below, prepare (1) a bank reconciliation in proper format and (2) the necessary journal entries for the month of April for Hanlon Mowers. 1.Balance per Bank on April 30—$20,601 2.Balance per Books on April 30—$19,262 3.Total outstanding.
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AT10- 1 Achievement Test 10 PART II — CLASSIFICATION OF COSTS AND EXPENSES (20 points) Instructions: Classify the following manufacturing costs and expenses by using the following code letters:               A.              Direct materials cost               B.              Direct labor cost               C.              Manufacturing overhead cost               D.              Period cost Abel Manufacturing Company incurs the following costs and expenses in.
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AT12- 1 Achievement Test 12 Achievement Test 12: Chapters 23 and 24 Part I II III IV Total Points 26 32 22 20 100 Score PART I — MULTIPLE CHOICE (26 points) Instructions: Designate the best answer for each of the following questions. ____              1.Sutton Company produced 98,000 units in 46,000 direct labor hours. Production for the period was estimated at 100,000 units and 50,000 direct labor hours..
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AT5- 1 Achievement Test 5 PART III — ACCOUNTS RECEIVABLE (18 points) 1. UNCOLLECTIBLE ACCOUNTS Instructions: Present the journal entries specified below; show supporting calculations. The trial balance of Harlem Company at December 31, 2016 includes the following: DebitsCredits Accounts Receivable .................................              $80,000 Allowance for Doubtful Accounts .......................                            $   3,000 Sales (all on credit) ..................................                            700,000 Sales Returns.
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AT7- 1 Achievement Test 7 Achievement Test 7: Chapters 13 and 14 Part I  II III IV V Total Points 34 24 15 12 15 100 Score PART I — MULTIPLE CHOICE (34 points) Instructions: Designate the best answer for each of the following questions. ____              1.Restrictions of retained earnings may result from each of the following except:                             a.contractual restrictions.                             b.legal restrictions.                             c.voluntary restrictions.                             d.prior period.
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AT11- 1 Achievement Test 11 PART V — COST-VOLUME-PROFIT (24 points) Richmond Company manufactures a product that sells for $50 per unit. Richmond incurs a variable cost per unit of $35 and $2,400,000 in total fixed costs to produce this product. They are currently selling 200,000 units. Instructions: Complete each of the following requirements,.
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AT8- 1 Achievement Test 8 PART II — LONG-TERM STOCK INVESTMENTS (20 points) 1.Adam Corporation purchased 3,000 shares of Ozark Company's common stock for $12 per share as a long-term available-for-sale investment on June 30, 2017. Ozark declared and paid a cash dividend of $1.00 per share on its common stock on September.
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AT9- 1 Achievement Test 9 PART II — RATIO ANALYSIS (27 points) Financial statements for Claire Corporation are presented below. CLAIRE CORPORATION Comparative Balance Sheet December 31     2017     2016 Assets Cash.................................................              $    4,000              $  6,000 Accounts receivable (net).................................              16,000              12,000 Inventory..............................................              20,000              18,000 Land.................................................              28,000              8,000 Equipment.............................................              62,000              60,000 Accumulated depreciation – equipment......................                 (20,000)              (14,000) Total assets........................................              $110,000              $90,000 Liabilities and Stockholders' Equity Accounts.
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AT9- 1 Achievement Test 9 PART II — RATIO ANALYSIS (cont.) CLAIRE CORPORATION Income Statement For the year ended December 31, 2017 Sales .............................................              $370,000 Less: Sales returns and allowances .....................                  10,000 Net sales ..........................................              360,000 Cost of goods sold ...................................                275,000 Gross profit ........................................              85,000 Selling expenses ....................................$26,000 Administrative expenses ..............................  14,000                  40,000 Income before income taxes ...........................              45,000 Income.
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AT9- 1 Achievement Test 9 PART III — STATEMENT OF CASH FLOWS CLASSIFICATIONS (15 points) Instructions: Each of the events below may have an effect on the indirect statement of cash flows. Designate how the event should be reported within the statement of cash flows using the codes provided below. Codes may be.
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AT8- 1 Achievement Test 8 Achievement Test 8: Chapters 15 and 16 Part I  II III IV Total Points 33 20 16 31 100 Score PART I — MULTIPLE CHOICE (33 points) Instructions: Designate the best answer for each of the following questions. ____              1.Willow Corporation purchased 2,000 shares of Apex common stock at $70 per share plus $4,000 brokerage fees as a short-term investment. The shares were.
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AT5- 1 Achievement Test 5 PART VII — ASSET PURCHASES AND DISPOSITIONS (15 points) a1.Winder Construction gave up a used crane and $82,000 cash for a new crane. The old crane cost $210,000, had $84,000 of accumulated depreciation, and a fair value of $136,000. The exchange had commercial substance. In recording this exchange,.
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AT6- 1 Achievement Test 6 PART V — INTEREST ON SHORT-TERM NOTES PAYABLE (16 points) The following cases are independent and relate to short-term notes payable. Principal and interest are to be paid at maturity in all cases. Fill in the missing items in the table below. If no number is required, enter.
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AT7- 1 Achievement Test 7 PART III — STOCK SPLITS, DIVIDENDS, AND RESTRICTIONS OF RETAINED EARNINGS (15 points) Instructions: Match each item/event pair below with the indicated change in the item. An individual classification may be used more than once, or not at all. For each dividend, assume that both declaration and payment or.
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AT12- 1 Achievement Test 12 PART IV — COMPUTATION OF RETURN ON INVESTMENT (ROI) (20 points) For the year ended December 31, 2016, Gomez Company reports the following: Sales$6,000,000 Variable costs3,600,000 Controllable fixed costs1,400,000 Average operating assets4,000,000 Instructions: Compute ROI for each of the following situations. Show all computations. 1.The year ended December 31, 2016. _________________ ÷ _________________ = ________% 2.For.
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AT13- 1 Achievement Test 13 PART II — VARIANCE ANALYSIS (26 points) Beta Guard Corporation manufactures fertilizer. The standard cost for one bag is as follows: Cost ElementQuantityPrice  Cost Direct Materials50 lbs.$ 0.10$  5.00 Direct Labor2 hrs.10.0020.00 Overhead2 hrs.6.00  12.00 $37.00 During the month, the following transactions occurred in manufacturing 100,000 bags: (1)Purchased and used 5,400,000 pounds at $0.09 per.
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AT9- 1 Achievement Test 9 Achievement Test 9: Chapters 17 and 18 Part I II III IV Total Points 28 27 15 30 100 Score PART I — MULTIPLE CHOICE (28 points) Instructions: Designate the best answer for each of the following questions. ____              1.Cash provided by operating activities:                             a.summarizes cash flows relating to the purchase and disposal of long-lived assets.                             b.may be larger than net.
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AT13- 1 Achievement Test 13 Achievement Test 13: Chapters 25 and 26 Part I II III IV Total Points 26 26 28 20 100 Score PART I — MULTIPLE CHOICE (26 points) Instructions: Designate the best answer for each of the following questions. ____              1.The annual rate of return technique of capital budgeting ignores the:                             a.time value of money.                             b.timing of the cash flows.                             c.length.
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AT6- 1 Achievement Test 6 PART III — DIVISION OF EARNINGS (20 points) Drew, Eaton, and Howard formed a partnership. When applicable, the articles of co-partnership state that salaries are to be paid first, interest on partners' capital second, with the remainder to be divided equally. The cases below are independent. 1.Net income for.
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AT10- 1 Achievement Test 10 Achievement Test 10: Chapters 19 and 20 Part I II III IV Total Points 30 20 22 28 100 Score PART I — MULTIPLE CHOICE (30 points) Instructions: Designate the best answer for each of the following questions. ____              1.One cost which is part of both manufacturing overhead and total manufacturing costs is:                             a.selling and administrative costs.                             b.direct materials.                             c.factory.
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AT8- 1 Achievement Test 8 PART IV — BOND ENTRIES (31 points) Instructions: Nectarine Company uses the chart of accounts shown below. Use the numbers preceding each account title to create journal entries for each situation. Account titles may be used more than once, or not at all, and journal entries may have.
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AT13- 1 Achievement Test 13 PART IV — CAPITAL BUDGETING (20 points) Troy Company is considering a capital investment of $800,000 in new equipment. It is expected to have a useful life of 10 years with no salvage value. Depreciation is by the straight-line method. During the life of the investment, annual net.
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AT7- 1 Achievement Test 7 PART II — DIVIDEND COMPUTATIONS (24 points) Oceanview Wholesale Merchandise had 20,000 shares of 6%, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2017. These data apply to each of the independent situations below. 1.Assuming that total dividends declared in 2017.
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AT7- 1 Achievement Test 7 PART V — TREASURY STOCK TRANSACTIONS (15 points) Seacrest Corporation has the following stockholders' equity accounts on January 1, 2017: Common Stock, $10 par value ......................$1,500,000 Paid-in Capital in Excess of Par......................200,000 Retained Earnings................................     500,000 Total Stockholders' Equity.......................$2,200,000 The company uses the cost method to account for treasury stock transactions. During 2017, the.
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AT10- 1 Achievement Test 10 PART III—DETERMINE WORK IN PROCESS AND FINISHED GOODS BALANCES (22 points) Anderson Manufacturing begins operations on March 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned (non-cumulative) Job  March   April   May A$10,500 B$  4,900$9,300 C$  2,400$6,200$4,200 D$7,100$6,300 E$3,400 Job A was completed in March. Job B was completed in April. Job C was.
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AT12- 1 Achievement Test 12 PART III — FLEXIBLE BUDGETS (22 points) Tucker Company uses a flexible budget for overhead based on direct labor hours (DLH). Master budget figures, based on 900,000 direct labor hours, and actual overhead for June, when 88,000 labor hours were worked, are as follows: Master BudgetJune Actual Variable: Indirect labor$   315,000$ .
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AT4- 1 Achievement Test 4 PART VII –– SPECIAL JOURNALS (10 points) Listed below are various column headings that may appear in special journals. Using the following code letters, identify for each column heading (1) the special journal where the column heading would appear, and (2) whether the amounts entered under the column.
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AT5- 1 Achievement Test 5 PART IV — NOTES RECEIVABLE (10 points) Instructions: Prepare journal entries to record the following events, rounding to the nearest dollar if necessary: April1Annstar Company received a 7%, 6-month $50,000 note dated April 1 from a customer whose account balance was in default. Oct.1The note is honored and no interest.
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AT13- 1 Achievement Test 13 PART III — INCREMENTAL ANALYSIS (28 points) Instructions: This problem is comprised of four independent parts covering different types of decisions where incremental analysis is appropriate. Show appropriate, labeled calculations in all cases! 1.Limited Resources Canyon Corp. manufactures two models of a fishing reel: Deluxe and Supreme, selling for $90.
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AT5- 1 Achievement Test 5 PART II—MATCHING (5 points) Instructions: Match the cash expenditures given below with the appropriate accounting treatment. An individual classification may be used more than once, or not at all. Treatments A.Record the expenditure as an asset and depreciate it. B.Record the expenditure as an asset and amortize it. C.Record the expenditure as.
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