Info
Warning
Danger

Study Resources (Accounting)

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.
6 Views
View Answer
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.
17 Views
View Answer
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.
15 Views
View Answer
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.
9 Views
View Answer
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.
14 Views
View Answer
Ex. 52 Flower Company is considering an investment which will return a lump sum of $2,500,000 six years from now. What amount should Flower Company pay for this investment to earn an 11% return? Ex. 53 Chang Company earns 12% on an investment that will return $400,000 eleven years from now. What is.
8 Views
View Answer
AT1- 1 Achievement Test 1 PART III — SHORT PROBLEMS (10 points) Instructions: Present the solutions, with appropriate supporting calculations, for each of the following independent problems. 1.Given the following information, compute the balance in the Owner’s Capital account at January 1, 2017 for Handley Lawn Service. Owner’s Capital—December 31, 2017$170,000 Owner’s investments during 201730,000 Owner’s withdrawals.
7 Views
View Answer
AT3- 1 Achievement Test 3 PART III — JOURNAL ENTRIES (26 points) The ledger accounts given below, with an identification number for each, are used by Tune Toys, which uses a perpetual inventory system. Instructions: Prepare appropriate entries for the month of August by placing the appropriate identification number(s) in the debit and credit.
6 Views
View Answer
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.
12 Views
View Answer
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,.
8 Views
View Answer
AT1- 1 Achievement Test 1 PART IV — TYPES OF ACCOUNTS (10 points) Instructions: Place a check in the appropriate columns to designate whether each of the following accounts: (1) has a debit or credit normal balance; and (2) is an asset, liability, or owner's equity account. ———————————————————————————————————————————     (1)               (2)           Owner's AccountDebitCreditAssetLiabilityEquity ———————————————————————————————————————————               1.Notes Payable ———————————————————————————————————————————               2.Rent Expense ———————————————————————————————————————————               3.Owner’s.
11 Views
View Answer
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.
21 Views
View Answer
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.
14 Views
View Answer
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.
12 Views
View Answer
COMPLETION STATEMENTS               67.Payments or receipts of equal dollar amounts are referred to as __________________.               68.The _____________________ of an annuity is the sum of all the payments plus the accumulated compound interest on them.               69.The process of determining the present value is referred to as _________________ the future amount.               70.If the.
8 Views
View Answer
AT2- 1 Achievement Test 2 PART II — WORKSHEET COMPLETION (25 points) Instructions: Complete the partial worksheet presented below, inserting additional labels as needed. LAWN BUTLER Partial Worksheet For the Month Ended April 30, 2017 Adjusted Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 6,500 Accounts Receivable 2,000 Supplies 3,075 Prepaid Insurance 2,000 Prepaid Rent 500 Equipment 35,000 Accum. Depreciation—Equip. 4,000 Notes Payable 14,000 Accounts Payable 12,000 Unearned Service Revenue 2,000 Salaries and Wages Payable 1,300 Interest Payable 50 Owner’s Capital 9,825 Owner’s Drawing 2,000 Service Revenue 20,300 Interest Expense 400 Salaries.
9 Views
View Answer
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.
13 Views
View Answer
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.
7 Views
View Answer
AT1- 1 Achievement Test 1 PART II — JOURNAL ENTRIES (39 points) The ledger accounts given below, with an identification number for each, are used by Young Company. Instructions: Indicate the appropriate entries for the month of May by placing the appropriate identification number(s) in the debit and credit columns provided. Item 0 is.
8 Views
View Answer
AT3- 1 Achievement Test 3 PART V — INVENTORY: SHORT PROBLEMS (10 points) Instructions: Complete the requirements specified for each of the following independent situations. 1.Fill in the missing labels by printing in the answer spaces provided. ______________________________ +  Purchases  –  Purchases discounts  –  Purchases returns and allowances +  Freight-in  =  ____________________________ B.Net purchases  + .
9 Views
View Answer
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.
15 Views
View Answer
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.
9 Views
View Answer
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.
12 Views
View Answer
AT2- 1 Achievement Test 2 PART V—BALANCE SHEET CLASSIFICATIONS (17 points) Instructions: Match the account titles given below with the appropriate balance sheet classification. An individual classification may be used more than once, or not at all. An account may also not appear in the balance sheet. Classifications CACurrent AssetsCLCurrent Liabilities PPEProperty, Plant and EquipmentLTLLong-term Liabilities LTILong-term.
13 Views
View Answer
AT2- 1 Achievement Test 2 Achievement Test 2: Chapters 3 and 4 Part I II III IV V Total Points 26 25 24 8 17 100 Score PART I — MULTIPLE CHOICE (26 points) Instructions: Designate the best answer for each of the following questions. ____              1.The Accumulated Depreciation account is a(n)               a.operating expense.               b.contra asset.               c.asset.               d.liability. ____              2.A post-closing trial balance contains               a.balance sheet or permanent accounts.               b.balance sheet.
19 Views
View Answer
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.
9 Views
View Answer
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.
9 Views
View Answer
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.
11 Views
View Answer
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.
16 Views
View Answer
AT4- 1 Achievement Test 4 Achievement Test 4: Chapters 7 and 8 Part I II III IV V VI VII Total Points 30 10 20 10 8 12 10 100 Score PART I — MULTIPLE CHOICE (30 points) Instructions: Designate the best answer for each of the following questions. ____              1.The use of a cash register for cash receipts is an example of the internal control principle of segregation of duties. documentation procedures.               c.physical controls.               d.independent.
19 Views
View Answer
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.
26 Views
View Answer
AT2- 1 Achievement Test 2 PART IV—CLOSING ENTRIES (8 points) Instructions: Place a "D" (Debit) or "C" (Credit) in the space provided to indicate whether the account would be debited or credited to close the account at yearend. Insert an X in the space provided if the account is not closed. _____              1.Cash              8.Interest.
6 Views
View Answer
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.
14 Views
View Answer
Ex. 60 Frye Company is considering investing in an annuity contract that will return $50,000 annually at the end of each year for 20 years. What amount should Frye Company pay for this investment if it earns an 8% return? Ex. 61 Sarah Denny purchased an investment for $40,260.48. From this investment, she.
6 Views
View Answer
AT3- 1 Achievement Test 3 PART II — BASIC INVENTORY COMPUTATIONS (18 points) Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made:         Purchases              Sales        May6300units at $7.20May4275units 14400units at $9.108300units 21100units.
14 Views
View Answer
MATCHING               71.Match the items below by entering the appropriate code letter in the space provided.               A.Compound interestD.Present value of a single amount               B.Future value of a single amountE.Present value of an annuity               C.Future value of an annuity _____1.The value today of a future amount to be received or paid. _____2.The value at.
8 Views
View Answer
AT2- 1 Achievement Test 2 PART III—ADJUSTING ENTRIES (24 points) The ledger accounts given below, with an identification number for each, are used by Sun Cleaning. Instructions: Prepare appropriate adjusting entries for the year ended December 31, 2017, by replacing the appropriate identification number(s) in the debit and credit columns provided and the dollar.
8 Views
View Answer
AT3- 1 Achievement Test 3 PART IV — CLOSING ENTRIES (10 points) Below is a partial listing of accounts in the general ledger of Warton Batteries Co. Instructions: Place an X in the appropriate column to designate whether the account should be closed at year end and, if so, whether the appropriate closing entry.
7 Views
View Answer
AT3- 1 Achievement Test 3 Achievement Test 3: Chapters 5 and 6 Part I II III IV V Total Points 36 18 26 10 10 100 Score PART I — MULTIPLE CHOICE (36 points) Instructions: Designate the best answer for each of the following questions. ____              1.When a customer returns merchandise purchased on credit, the               a.customer should credit Accounts Payable.               b.seller should credit Sales Returns and Allowances.               c.customer should credit.
41 Views
View Answer
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.
21 Views
View Answer
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.
7 Views
View Answer
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.
5 Views
View Answer
AT4- 1 Achievement Test 4 PART II — INTERNAL CONTROL OVER CASH RECEIPTS AND DISBURSEMENTS (10 points) Six internal control principles related to cash transactions are discussed in the textbook. These principles, with code letters, are: CodeInternal Control Principle AEstablishment of responsibility BSegregation of duties CDocumentation procedures DPhysical controls EIndependent internal verification FHuman resource controls Instructions: Match the above principles.
11 Views
View Answer
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.
9 Views
View Answer
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.
7 Views
View Answer
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.
8 Views
View Answer
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.
8 Views
View Answer
AT1- 1 Achievement Test 1 Achievement Test 1: Chapters 1 and 2 Part I II III IV Total Points 36 39 10 15 100 Score PART I — MULTIPLE CHOICE (36 points) Instructions: Designate the best answer for each of the following questions. ____              1."GAAP" refers to General Association of Accounting Practitioners. General Accounting and Auditing Principles.               c.Generally Accepted Accounting Principles.               d.Guidelines for American Accounting Procedures. ____              2.The requirement that only.
14 Views
View Answer