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ACC 421 Final Exam Guide (New) For more course tutorials visit www.uophelp.comNumber of Questions 30Score atleast 90% easily with our EXCEL SHEET for any values(EVEN IF VALUES CHANGES) of below mentioned QuestionExercise 129 Prepare the necessary adjusting journal entries indicatedby each item for the year ended December 31, 2017.Exercise 132 1. An income statement. 2. A retained earnings statement. 3. A balance sheet.Brief Exercise 3-2Splish Repair Shop had the following transactionsduring the first month of business as a proprietorship. Journalize thetransactionsBrief Exercise 3-8 Included in Novak Company’s December 31 trialbalance is a note receivable of $12,360. The note is a 4-month, 10%note dated October 1. Prepare Novak’s December 31 adjusting entry torecord $309 of accrued interest, and the February 1 journal entry torecord receipt of $12,772 from the borrower.Brief Exercise 4-3 Kingbird Corporation had net sales of$2,423,900 and interest revenue of $39,100 during 2017. Expenses for2017 were cost of goods sold $1,464,800, administrative expenses

$218,000, selling expenses $283,500, and interest expense $54,200.Kingbird’s tax rate is 30%. The corporation had 103,100 shares ofcommon stock authorized and 72,670 shares issued and outstandingduring 2017. Prepare a condensed multiple-step income statement forKingbird Corporation.Exercise 4-2 Presented below is information related to WindsorCompany at December 31, 2017, the end of its first year of operations.(a) Income from operations(b) Net income(c) Comprehensive income(d) Retained earnings balance at December 31, 2017Brief Exercise 4-7 Sheffield Company has recorded bad debt expensein the past at a rate of 1.5% of accounts receivable, based on an aginganalysis. In 2017, Sheffield decides to increase its estimate to 2%. If thenew rate had been used in prior years, cumulative bad debt expensewould have been $383,900 instead of $298,500. In 2017, bad debtexpense will be $132,400 instead of $96,720. If Sheffield’s tax rate is29%, what amount should it report as the cumulative effect of changingthe estimated bad debt rate?Exercise 104 Presented below are changes in the accountbalances of Wenn Company during the year, except for retainedearnings.(a) Compute the net income for the current year.Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040each. By December 31, 2017, 16 of the 40 home games had been played.What amount should be reported as a current liability at December 31,2017?Brief Exercise 5-2 Martinez Corporation’s adjusted trial balancecontained the following asset accounts at December 31, 2017: Cash$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful

Accounts $4,500, and Equity Investments (trading) $11,570.Prepare thecurrent assets section of the balance sheetBrief Exercise 5-8 Included in Sunland Company’s December 31,2017, trial balance are the following accounts: Accounts Payable$221,400, Pension Liability $380,600, Discount on Bonds Payable$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,Salaries and Wages Payable $29,000, Interest Payable $13,460, andIncome Taxes Payable $30,460.Brief Exercise 5-9 Included in Windsor Company’s December 31,2017, trial balance are the following accounts: Accounts Payable$249,600, Pension Liability $376,400, Discount on Bonds Payable$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,Salaries and Wages Payable $27,100, Interest Payable $13,990, andIncome Taxes Payable $36,700.Brief Exercise 5-13 Sarasota Company reported 2017 net income of$152,800. During 2017, accounts receivable increased by $14,580 andaccounts payable increased by $9,723. Depreciation expense was$46,700.Brief Exercise 5-14 Compute the net cash provided (used) by investingactivities.Brief Exercise 5-15 Compute the net cash used (provided) byfinancing activities. 7.Brief Exercise 6-2 What amount must he invest today if hisinvestment earns 12% compounded annually? What amount must heinvest if his investment earns 12% annual interest compounded quarterly?Brief Exercise 6-6 How much must he invest at the end of each year,at 8% interest, to meet his needs?Brief Exercise 6-15 What amount will Pearl receive when it issues thebonds?Exercise 6-12 In which building would you recommend that TheSheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into acontract to deliver a product to Greig Inc. on June 15, 2017. Greigagrees to pay the full contract price of $2,060 on July 15, 2017. The costof the goods is $1,350. Swifty delivers the product to Greig on June 15,2017, and receives payment on July 15, 2017. Prepare the journalentries for Swifty related to this contract. Either party may terminate thecontract without compensation until one of the parties performs.Brief Exercise 18-8 Presented below are three revenue recognitionsituations.(a) Groupo sells goods to MTN for $932,000, payment dueat delivery.(b) Groupo sells goods on account to Grifols for $753,000,payment due in 30 days.(c) Groupo sells goods to Magnus for $537,000, paymentdue in two installments, the first installment payable in 18 months andthe second payment due 6 months later. The present value of the futurepayments is $499,700.Brief Exercise 18-10(a) Prepare the journal entries for Kingbird onMarch 1, 2017. (b) Prepare the journal entries for Kingbird onDecember 31, 2017.Brief Exercise 18-13 Prepare Carla’s journal entries to record (a)the sale on July 10, 2017, and (b) $84,200 of returns on October 11,2017, and on October 31, 2017. Assume that Carla prepares financialstatement on October 31, 2017.Question 17 Classify the following items as (1) operating, (2)investing, (3) financing, or (4) significant noncash investing andfinancing activities, using the direct method.Brief Exercise 23-1 Novak Corporation is preparing its 2017statement of cash flows, using the indirect method. Presented below is alist of items that may affect the statement. Using the code below, indicatehow each item will affect Novak’s 2017 statement of cash flows.Brief Exercise 23-7 Whispering Corporation had January 1 andDecember 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cashprovided by operating activities of $511,000, net cash used by investingactivities of $992,000, and net cash provided by financing activities of$570,000. At January 1, 2017, the cash balance was $330,000.Brief Exercise 23-9 Teal Corporation had the following 2017 incomestatement. (a) Prepare Teal’s cash flows from operating activitiessection of the statement of cash flows using the direct method.(b) Prepare Teal’s cash flows from operating activities section of thestatement of cash flows using the indirect method.Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and itsacid-test ratio is 1:1. If the inventories and prepaid items amount to$530,000, what is the amount of current liabilities?(b) A company had an average inventory last year of $209,000 and itsinventory turnover was 6. If sales volume and unit cost remain the samethis year as last and inventory turnover is 8 this year, what will averageinventory have to be during the current year? (c) A company has current assets of $90,000 (of which$44,000 is inventory and prepaid items) and current liabilities of$44,000. What is the current ratio? What is the acid-test ratio? If thecompany borrows $14,000 cash from a bank on a 120-day loan, whatwill its current ratio be? What will the acid-test ratio be? (d) A company has current assets of $628,000 and currentliabilities of $255,000. The board of directors declares a cash dividendof $195,000. What is the current ratio after the declaration but beforepayment? What is the current ratio after the payment of the dividend?Exercise 24-3 Kingbird Company is involved in four separate industries.The following information is available for each of the four industries. (a) Revenue test. (b) Operating profit (loss) test. (c) Identifiable assets test.--------------------------------------------------------------