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Comprehensive Examination A Problem A - I — Multiple Choice (20 points) Instructions: Designate the best answer for each of the following questions.               1.The ACER Company has five plants nationwide that cost $60 million. The current market value of the plants is $190 million. The plants will be recorded and reported as.
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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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AT7- 1 Achievement Test 7 PART V — TREASURY STOCK TRANSACTIONS (15 points) Seacrest Corporation has the following stockholders' equity accounts on January 1, 2014: 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 2014, the.
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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, 2014, 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, 2014. _________________ ÷ _________________ = ________% 2.For.
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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 2014. These data apply to each of the independent situations below. 1.Assuming that total dividends declared in 2014.
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AT10- 1 Achievement Test 10 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 utilities.                             d.direct labor. ____              2.Manufacturing costs.
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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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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 - IV — Payroll Accounting (12 points) Jefferson Company has three employees whose monthly salaries and accumulated year-to-date wages at September 30, 2014 are as follows: Accumulated EmployeeWages 9/30/14October Salary Ansell$62,000$6,900 Comer91,00010,000 Francis6,000800 The following payroll taxes are applicable: FICA tax on first $100,0008% FUTA tax on first $7,0006.2%* SUTA tax on first $7,0005.4% *Less.
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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 2014, 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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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 future.
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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, 2014, 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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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      2014       2013   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                   (85,000)                    (40,000) Total.
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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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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 do.
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AT9- 1 Achievement Test 9 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 income.                             c.equals the change in.
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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, 2014, for Christine and Dave were $140,000 and $210,000, respectively. During 2014, the Christine and Dave partnership had sales of $520,000, cost of goods sold of $182,000, and operating expenses.
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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 2014 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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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     2014     2013 Assets Cash.................................................              $    4,000              $  6,000 Accounts receivable (net).................................              16,000              12,000 Inventory..............................................              20,000              18,000 Land.................................................              28,000              8,000 Machinery.............................................              62,000              60,000 Accumulated depreciation................................                 (20,000)              (14,000) Total assets........................................              $110,000              $90,000 Liabilities and Stockholders' Equity Accounts payable.......................................              $ .
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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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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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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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AT11- 1 Achievement Test 11 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.both b. and c. above are correct. ____              2.A cost that.
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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 - 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 2014. You may omit journal entry explanations. 1.April 20The account of Steven Reynolds for $100 was deemed.
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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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AT8- 1 Achievement Test 8 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 subsequently sold at $80 per share.
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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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B- 1 Comprehensive Examination B Problem B - VII — Petty Cash (9 points) Instructions: Midland Medical Supplies Company uses an imprest petty cash system.  The fund was established on June 1 with a balance of $200.  The fund was replenished on June 30 when $38 and the following petty cash receipts were.
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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 $2,400,000 in total fixed costs to produce this product. They are currently selling 200,000 units. Instructions: Complete each of the following requirements,.
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AT12- 1 Achievement Test 12 PART II — BUDGETARY PLANNING (32 points) This problem consists of four independent mini-problems. Omit headings other than those already given. 1.Lavery Manufacturing produces and sells containers designed to hold liquid beverages. The sales budget for 2014 is as follows: 1st quarter — 120,000 units3rd quarter — 180,000 units 2nd quarter.
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AT13- 1 Achievement Test 13 PART II — VARIANCE ANALYSIS (26 points) Beta Guard Corporation manufactures fertilizer. The standard cost for one bag is as follows: Cost ElementQuantityPrice  Cost Direct Materials50 lbs.$ 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 $0.09 per.
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C- 1 Comprehensive Examination C Problem C - VI — Partnership Liquidation (20 points) The balance sheet of the Tri Brothers Partnership just prior to liquidation appears below: Tri Brothers Partnership Balance Sheet December 31, 2014 AssetsLiabilities and Owners' Equity Cash$  140,000Liabilities$240,000 Noncash assets380,000Grayson, Capital40,000 Lawson, Capital160,000       Myers, Capital    80,000 $520,000$520,000 Other information: 1.The partners Grayson, Lawson, and Myers share profits and losses in.
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AT13- 1 Achievement Test 13 PART I — MULTIPLE CHOICE (26 points) Instructions: Designate the best answer for each of the following questions. ____              1.The annual rate of return technique of capital budgeting ignores the:                             a.time value of money.                             b.timing of the cash flows.                             c.length of time over which the cash.
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Comprehensive Examination A Problem A - IV — Closing Entries (10 points) The end of the period account balances after adjustments of Hernandez Shoe Repair are as follows: Account Balances (After Adjustments) Cash$   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 entries.
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B- 1 Comprehensive Examination B Problem B - I — Multiple Choice (20 points) Instructions: Designate the best answer for each of the following questions.               1.The cost of goods available for sale is allocated between: a.beginning inventory and ending inventory. b.beginning inventory and cost of goods on hand. c.ending inventory and cost of goods sold. d.beginning inventory.
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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, 2014. 1.A delivery truck was purchased on June 1, 2012, for $60,000. It was estimated to have a $4,800 salvage value after being.
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AT12- 1 Achievement Test 12 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. A flexible budget would compare budgeted.
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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 the.
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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, 2014. Ozark declared and paid a cash dividend of $1.00 per share on its common stock on September.
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C- 1 Comprehensive Examination C Problem C - I — Multiple Choice (16 points) Instructions: Designate the best answer for each of the following questions.               1.A payroll tax which is levied against the employee and the employer equally based on the employee's wages is the:               a.federal unemployment tax.               b.state income tax.               c.FICA tax.              .
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Comprehensive Examination A Problem A - VI — Multiple-Step Income Statement (15 points) Below is a partial listing of the adjusted account balances of Pacific Department Store at year end on December 31, 2014. Accounts Receivable$   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 Payable4,500 Interest.
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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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Comprehensive Examination A Problem A - III — Adjusting Entries (15 points) The following information for Mountaintop Company is available on June 30, 2014, 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 given..
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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 2014. 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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AT11- 1 Achievement Test 11 PART IV — HIGH-LOW METHOD (14 points) Kinser Company incurred the following high and low maintenance costs totals during 2014: $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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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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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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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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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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