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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, 2012: 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 Sales1,000,000 Tax rate30% Instructions: 1.Prepare a corporate income statement in good.
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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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FEV2- 1 Final Exam PART III — STATEMENT OF CASH FLOWS (18 points) Presented below is information related to the operations of Voyage Corporation. December     2014    2013    2014 Cash              $110,000              $  80,000              Sales$760,000 Accounts receivable              115,000              96,000Cost of goods sold                460,000 Inventory              60,000              44,000              Gross profit              300,000 Prepaid expenses              30,000              40,000              Depreciation expense              30,000 Land              81,000              40,000             .
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MULTIPLE CHOICE QUESTIONS 41.Accountants refer to an economic event as a a.purchase. b.sale. c.transaction. d.change in ownership. 42.The starting point of the accounting process is a.communicating information to users. b.identifying economic events. c.recording economic events. d.None of these answers are correct. 43.Communication of economic events is the part of the accounting process that involves a.identifying economic events. b.quantifying transactions into dollars and cents. c.preparing.
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F- 1 Comprehensive Examination F Problem F - I — Multiple Choice (20 points) Instructions: Designate the best answer for each of the following questions.               1.Cost of goods manufactured during a period is obtained by taking the total manufacturing costs incurred during the period and adding and subtracting the following inventories:               AddingSubtracting               a.Beginning.
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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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FEV2- 1 Final Exam ____              21.Which of the following would not be included in the operating activities section of a statement of cash flows?                             a.Cash inflows from returns on loans (i.e., interest).                             b.Cash inflows from returns on equity securities (i.e., dividends).                             c.Cash outflows to reacquire treasury stock.                            .
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G - 1 Comprehensive Examination G Problem G - I — Multiple Choice (20 points) Instructions: Designate the best answer for each of the following questions.               1.A company's planned activity level for next year is expected to be 100,000 machine hours. At this level of activity, the company budgeted the following manufacturing overhead.
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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 2014. 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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FEV2- 1 Final Exam ____              31.The directors of Bennett Corp. are trying to decide whether they should issue par or no par stock. They are considering three alternatives for their new stock, which they are assuming will be issued at $8 per share. The alternatives are: (A) $5 par value, (B).
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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, 2014: 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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E- 1 Comprehensive Examination E Problem E - I — Multiple Choice (18 points) Instructions: Designate the best answer for each of the following questions.               1.Inventory turnover is computed by dividing the average inventories into:               a.net sales.               b.total assets.               c.cost of goods sold.               d.stockholders' equity.               2.Unrealized gain on available-for-sale securities appears as an.
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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 2014: SAFE HARBOR COMPANY Income Statement For the Year Ended December 31, 2014 ——————————————————————————————————————————— 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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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, 2014Dec. 31, 2013 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 2015: 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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G - 1 Comprehensive Examination G Problem G - III — Variance Analysis (24 points) Hanson Company developed the following standard costs for its product for 2014: 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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71.Financial information that is capable of making a difference in a decision is a.faithfully representative. b.relevant. c.convergent. d.generally accepted. 72.The Dulce Company has five plants nationwide that cost a total of $200 million. The current fair value of the plants is $600 million. The plants will be recorded and reported as assets at a.$200 million. b.$600 million. c.$400.
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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 2014: Beginning of YearEnd of Year Finished Goods Inventory$32,000$  25,000 Work In Process Inventory35,00030,000 Raw Materials Inventory26,00046,000 Sales360,000 Direct Labor40,000 Factory Supervisory Salaries18,000 Income Tax Expense25,000 Factory Insurance9,000 Raw Material Purchases75,000 Administrative Expenses17,000 Sales Returns and Allowances15,000 Factory.
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FE1- 1 Final Exam 1 PART VII — DIVISION OF PARTNERSHIP NET INCOME (LOSS) (20 points) Kristie and Dawn have formed a partnership and are interested in seeing the results of various income and loss sharing arrangements before they finalize their partnership agreement. Kristie and Dawn will have beginning capital balances of $100,000.
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FEV2- 1 Final Exam PART I — MULTIPLE CHOICE (80 points) Instructions: Designate the best answer for each of the following questions. ____              1.A responsibility center that incurs costs (and expenses) and generates revenues is classified as a(n):                             a.cost center.                             b.profit center.                             c.revenue center.                             d.investment center. ____              2.The most useful.
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81.Which of the following is true regarding the corporate form of business organization? a.Corporations are the most prevalent form of business organization. b.Corporate businesses are generally smaller in size than partnerships and proprietor-ships. c.The revenues of corporations are greater than the combined revenues of partnerships and proprietorships. d.Corporations are separate legal entities organized exclusively.
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D- 1 Comprehensive Examination D Problem D - I — Multiple Choice (20 points) Instructions: Designate the best answer for each of the following questions.               1.The amortization of premium on bonds payable:               a.will increase bond interest expense.               b.should take place over a period not to exceed 20 years.               c.will increase bond interest revenue.              .
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G - 1 Comprehensive Examination G Problem G - II — Flexible Overhead Budget (14 points) Cascade Company budgeted a level of activity of 20,000 machine hours to be worked each month in the Machining Department. At this level of activity, manufacturing overhead costs were budgeted as follows: Variable manufacturing overhead Indirect materials$  25,000 Indirect labor38,000 Repairs4,000 Utilities10,000 Fixed.
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11.A working knowledge of accounting is not relevant to a lawyer or an architect. 12.A partnership must have more than one owner. 13.The economic entity assumption requires that the activities of an entity be kept separate and distinct from the activities of its owner and all other economic entities. 14.The monetary unit assumption.
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21.In order to possess future service potential, an asset must have physical substance. 22.Owners' claims to total business assets take precedence over the claims of creditors because owners invest assets in the business and are liable for losses. 23.The basic accounting equation states that Assets = Liabilities. 24.Accountants record both internal and external.
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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, 2012: 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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a32.Expressing an opinion as to the fairness of the information presented in financial statements is a service performed by CPAs. 33.Identifying is the process of keeping a chronological diary of events measured in dollars and cents. 34.Management consulting includes examining the financial statements of companies and expressing an opinion as to the.
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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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FEV2- 1 Final Exam PART II — MATCHING (27 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 term should be used more than once.               A.Accounts receivable              R.              Ideal standards               B.Annual rate of return              S.              Liquidity ratios              .
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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 recorded as an accounting transaction? The appointment of a new CPA firm to perform an audit. The sale of store.
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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, 2012, 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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61.The final step in solving an ethical dilemma is to a.identify and analyze the principal elements in the situation. b.recognize an ethical situation. c.identify the alternatives and weigh the impact of each alternative on stakeholders. d.recognize the ethical issues involved. 62.The first step in solving an ethical dilemma is to a.identify and analyze the principal elements.
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FE1- 1 Final Exam 1 PART VI — DEPRECIATION (18 points) Blume Company purchased equipment for $250,000 cash on January 1, 2013. The estimated life is 4 years or 300,000 units; salvage value is estimated at $10,000. Actual activity was 52,500 units in 2013 and 67,500 units in 2014. Instructions: Compute the annual depreciation.
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FE1- 1 Final Exam 1 PART V — INVENTORY (12 points) Erving Company had a beginning inventory of 600 units at a cost of $8 per unit on August 1. During the month, the following purchases and sales were made.        Purchases            Sales       Aug6400 units at $9Aug9400 units Aug17800 units at $8Aug13500 units Aug22200 units at $10Aug19600 units Aug26300 units Erving.
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FEV2- 1 Final Exam ____              11.The most useful measure for evaluating the performance of the manager of an investment center is:                             a.contribution margin.                             b.controllable margin.                             c.income from operations.                             d.return on investment. ____              12.Which of the following capital budgeting techniques explicitly takes the time value of money into consideration?              .
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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.Both (a) and (b) above. ____              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.
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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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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, 2014: 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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51.Which of the following would not be considered internal users of accounting data for a company? a.The president of a company. b.The controller of a company. c.Creditors of a company. d.Salesmen of the company. 52.Which of the following is an external user of accounting information? a.Labor unions. b.Finance directors. c.Company officers. d.Managers. 53.Which one of the following is not an.
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FEV2- 1 Final Exam PART V — MISCELLANEOUS MANAGERIAL MINI-PROBLEMS (21 points) Matthew Corporation manufactures paper shredding equipment. You are requested to "audit" a sampling of computations made by Matthew's internal accountants via your independent recalculation of the information. Instructions: Compute the requested information for each of the following independent situations (present supporting.
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FE1- 1 Final Exam 1 ____              31.Bylander Company's records show the following for the month of March:               Total Owner's Equity at March 1........................$140,000               Total Owner's Equity at March 31.......................210,000               Total Revenues.....................................530,000               Total Withdrawals by Owner...........................25,000               There were no investments made during March. Total expenses for March were:               a.$505,000.               b.$435,000.               c.$530,000.               d.$460,000. ____             .
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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.     2014    2013 Current assets$280,000$170,000 Current liabilities80,00090,000 Total assets550,000450,000 Sales760,000600,000 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 2014. 1.Return on.
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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, 2012, at 102. Interest is payable semiannually on July 1 and January 1. The company uses the straight-line method of amortization. Instructions: 1.Journalize the entries on (1) January 1,.
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TRUE-FALSE STATEMENTS 1.Owners of business firms are the only people who need accounting information. 2.Transactions that can be measured in dollars and cents are recorded in the financial information system. 3.The hiring of a new company president is an economic event recorded by the financial information system. 4.Management of a business enterprise is the.
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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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FEV2- 1 Final Exam PART IV — RATIO ANALYSIS (14 points) The condensed financial statements of Clair Corporation for 2014 are presented below. Clair CorporationClair Corporation Balance SheetIncome Statement December 31, 2014For the Year Ended December 31, 2014 AssetsRevenues$2,000,000 Current assetsExpenses Cash and short-termCost of goods sold960,000   investments$   30,000Selling and administrative Accounts receivable70,000  expenses740,000 Inventories    140,000Interest expense       50,000 Total current assets240,000Total.
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