DeVry ECON 312 Mid-term Exam Complete A+ Answer

DeVry ECON 312 Mid-term Exam Complete A+ Answer



Question 1.1. (TCO 1) What is the economic meaning of the expression that There is no such thing as a free lunch? (Points : 3)

a. It refers to free-riders, who do not pay for the cost of a product but who receive the benefit from it.

b. It means that economic freedom is limited by the amount of income available to the consumer.

c. It means that there is an opportunity cost when resources are used to provide free products.

d. It indicates that products only have value because people are willing to pay for them.

Question 2.2. (TCO 1) Henry wants to buy a book. The economic perspective suggests that Henry will buy the book if (Points : 3)

a. the book will give him utility.

b. his income is high.

c. the marginal cost of the book is greater than its marginal benefit.

d. the marginal benefit of the book is greater than its marginal cost.

Question 3.3. (TCO 1) Which situation would most likely cause a nations production possibilities curve to shift inward? (Points : 3)

a. The construction of more capital goods

b. An increase in discrimination based on race

c. An increase in the number of skilled immigrant workers

d. The destruction from bombing and warfare in a losing military conflict

Question 4.4. (TCO 1) Which expression is another way of saying marginal cost? (Points : 3)

a. Scarce resources

b. Additional cost

c. Opportunity cost

d. Unrecognized cost

Question 5.5. (TCO 1) Which is not a factor of production? (Points : 3)

a. Money

b. Land

c. Labor

d. Capital

Question 6.6. (TCO 1) Another term for capitalism is (Points : 3)

a. the command system.

b. the socialist economy.

c. the market system.

d. the system of inputs and outputs.

Question 7.7. (TCO 1) Markets in which firms sell their output of goods and services are called (Points :

a. resource markets.

b. product markets.

c. command markets.

d. mixed markets.

Question 8.8. (TCO 1) Consumers express self-interest when they (Points : 3)

seek the lowest price for a product.

reduce business losses.

collect economic profits.

search for jobs with the highest wages.

Question 9.9. (TCO 1) Which is not one of the five fundamental questions that an economy must deal with? (Points : 3)

How will the goods and services be produced?

Why should the goods and services be produced?

Who is to receive the goods and services produced in the economy?

In what ways will progress be promoted?

Question 10.10. (TCO 1) A characteristic of centrally planned economies is that (Points : 3)

the price is relatively unimportant in allocating resources.

output reflects the pattern of consumer spending.

income is fairly distributed among individuals.

there are many incentives for innovation and hard work.

Question 11.11. (TCO 2) The quantity demanded of a product increases as its price declines because the (Points : 3)

lower price shifts the demand curve rightward.

lower price shifts the demand curve leftward.

lower price results in an increase in supply.

demand curve is downsloping.

Question 12.12. (TCO 2) A surplus of a product will arise when price is (Points : 3)

a. above equilibrium with the result that quantity demanded exceeds quantity supplied.

b. above equilibrium with the result that quantity supplied exceeds quantity demanded.

c. below equilibrium with the result that quantity demanded exceeds quantity supplied.

d. below equilibrium with the result that quantity supplied exceeds quantity demanded.

Question 13.13. (TCO 2) Which of the following is a consequence of rent controls established to keep housing affordable for the poor? (Points : 3)

a. Less rental housing is available as prospective landlords find it unprofitable to rent at restricted prices.

b. The quality of rental housing declines as landlords lack the funds and incentive to maintain properties.

c. Apartment buildings are torn down in favor of office buildings, shopping malls, and other buildings where rents are not controlled.

d. All of the above are consequences of rent controls.

Question 14.14. (TCO 2) A headline reads Lumber Prices Up Sharply. In a competitive market, this situation would lead to a(n) (Points : 3)

increase in the price and quantity of new homes.

decrease in the price and quantity of new homes.

increase in the price of new homes and decrease in quantity.

decrease in the price of new homes and increase in quantity.

Question 15.15. (TCO 2) Two months ago, the Marbury Shirt company sold 200 shirts at $30 per shirt. Last month, the company raised its price to $35 per shirt and sold 300 shirts. Evidently the company experienced a(n) (Points : 3)

decrease in demand.

increase in demand.

decrease in supply.

increase in supply.

Question 16.16. (TCO 2) If the price-elasticity coefficient for a good is .75, the demand for that good is described as (Points : 3)

a. normal.

b. elastic.

c. inferior.

d. inelastic.

Question 17.17. (TCO 2) Total revenue falls as the price of a good is raised, if the demand for the good is (Points : 3)

elastic.

inelastic.

unitary elastic.

perfectly elastic.

Question 18.18. (TCO 2) You are the sales manager for a software company and have been informed that the price elasticity of demand for your most popular software is less than 1. To increase total revenues, you should: (Points : 3)

increase the price of the software.

decrease the price of the software.

hold the price of the software constant.

increase the supply of the software.

Question 19.19. (TCO 2) A state government wants to increase the taxes on cigarettes to increase tax revenue. This tax would only be effective in raising new tax revenues if the price elasticity of demand is (Points : 3)

unity.

elastic.

inelastic.

perfectly elastic.

Question 20.20. (TCO 2) Movie theaters charge lower prices to see a movie in the afternoon than in the evening because there is an (Points : 3)

inelastic supply of movies in the evening.

elastic demand to see movies in the evening.

elastic demand to see movies in the afternoon.

inelastic demand to see movies in the afternoon.

Question 21.21. (TCO 3) Which would be an implicit cost for a firm? The cost (Points : 3)

of worker wages and salaries for the firm.

paid for leasing a building for the firm.

paid for production supplies for the firm.

of wages foregone by the owner of the firm.

Question 22.22. (TCO 3) Economic profits are equal to (Points : 3)

total revenues minus fixed costs.

total revenues minus the costs of raw materials.

total revenues minus the opportunity costs of all inputs.

gross profit minus selling and operating expenses.

Question 23.23. (TCO 3) The long run is a period of time, or a time frame, in which (Points : 3)

all resources are fixed.

the level of output is fixed.

the amount of all resources can be varied.

the capacity of the production plant is fixed.

Question 24.24. (TCO 3) Variable costs are (Points : 3)

sunk costs.

costs that change every day.

costs that change with the level of production.

the change in total cost due to the production of an additional unit of output.

Question 25.25. (TCO 3) At an output of 20,000 units per year, a firms variable costs are $80,000 and its average fixed costs are $3. The total costs per year for the firm are: (Points : 3)

$80,000.

$100,000.

$140,000.

$240,000.

Question 26.26. (TCO 3) A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers wont buy it because they dont like the taste. From an economic perspective, the company should (Points : 3)

keep the hamburger on the menu because theyve spent so much money and time developing and promoting the product.

spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time.

pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost.

keep trying to sell the hamburger so that people who developed and promote it have a job with the company.

Question 1.1. (TCO 3) Mutual interdependence would tend to limit control over price in which market model? (Points : 3)

Monopolistic competition

Pure competition

Pure monopoly

Oligopoly

Question 2.2. (TCO 3) In which two market models would advertising be used most often? (Points : 3)

Pure competition and monopolistic competition

Pure competition and pure monopoly

Monopolistic competition and oligopoly

Pure monopoly and oligopoly

Question 3.3. (TCO 3) The fast-food restaurants would be an example of which market model? (Points : 3)

Monopolistic competition

Pure competition

Pure monopoly

Oligopoly

Question 4.4. (TCO 3) In pure competition, the demand for the product of a single firm is perfectly (Points : 3)

elastic because the firm produces a unique product.

inelastic because the firm produces a unique product.

elastic because many other firms produce the same product.

inelastic because many other firms produce the same product.

Question 5.5. (TCO 3) T-Shirt Enterprises is selling in a purely competitive market. It is producing 3,000 units, selling them for $2 each. At this level of output, the average total cost is $2.50 and the average variable cost is $2.20. Based on these data, the firm should (Points : 3)

a. shut down in the short run.

b. decrease output to 2,500 units.

c. ontinue to produce 3,000 units.

d. increase output to 3,500 units.

Question 6.6. (TCO 3) A firm should increase the quantity of output as long as its (Points : 3)

a. marginal revenue is greater than its marginal cost.

b. marginal cost is greater than its marginal revenue.

c. average revenue is greater than its average total cost.

d. average revenue is greater than its average variable cost.

Question 7.7. (TCO 3) In pure competition, each extra unit of output that a firm sells will yield a marginal revenue that is (Points : 3)

a. equal to the price.

b. less than the price.

c. greater than the price.

d. equal to the average cost.

Question 8.8. (TCO 3) The classic example of a private, unregulated monopoly is (Points : 3)

a. Xerox.

b. De Beers.

c. General Motors.

d. General Electric.

Question 9.9. (TCO 3) Natural monopolies result from (Points : 3)

a. patents and copyrights.

b. pricing strategies.

c. extensive economies of scale in production.

d. control over an essential natural resource.

Question 10.10. (TCO 3) The nondiscriminating pure monopolist must decrease price on all units of a product sold in order to sell more units. This explains why (Points : 3)

there are barriers to entry in pure monopoly.

a monopoly has a perfectly elastic demand curve.

marginal revenue is less than average revenue.

total revenues are greater than total costs at the profit-maximizing level of output.

Question 11.11. (TCO 3) Which case below best represents a case of price discrimination? (Points : 3)

An insurance company offers discounts to safe drivers.

A major airline sells tickets to senior citizens at lower prices than to other passengers.

A professional baseball team pays two players with identical batting averages different salaries.

A utility company charges less for electricity used during off-peak hours, when it does not have to operate its less-efficient generating plants.

Question 12.12. (TCO 3) In which industry is monopolistic competition most likely to be found? (Points : 3)

Utilities

Agriculture

Retail trade

Mining

Question 13.13. (TCO 3) If monopolistically competitive firms in an industry are making an economic profit, then new firms will enter the industry and the product demand facing existing firms will (Points : 3)

increase.

become less elastic.

not be affected.

decrease.

Question 14.14. (TCO 3) In an oligopolistic market there are (Points : 3)

many buyers.

few buyers.

few sellers.

many sellers.

Question 15.15. (TCO 3) A low concentration ratio means that (Points : 3)

there is a low probability of entering the industry.

there is a low probability of success in the industry.

each firm accounts for a small market share of the industry.

each firm accounts for a large market share of the industry.

Question 16.16. (TCO 3) A major reason that firms form a cartel is to (Points : 3)

reduce the elasticity of demand for the product.

enlarge the market share for each producer.

minimize the costs of production.

maximize joint profits.

Question 17.17. (TCO 1) Which of the following is a land resource? (Points : 3)

A farmer

An oil-drilling rig

A machine for detecting earthquakes

Natural gas

Question 18.18. (TCO 1) Refer to the diagram which refers to the Circular Flow Model in Chapter 2. Arrows (1) and (3) are associated with

Graph Description

(Points : 3)

the money market.

the resource market.

the product market.

international trade.

Question 19.19. (TCO 2) Refer to the diagram. An increase in quantity demanded is depicted by a

Graph Description

(Points : 3)

move from Point x to Point y.

shift from D1 to D2.

shift from D2 to D1.

move from Point y to Point x.

Question 20.20. (TCO 2) Refer to the information and assume the stadium capacity is 5,000. The supply of seats for the game

Price per Ticket

Quantity Demanded

$13

1,000

11

2,000

9

3,000

7

4,000

5

5,000

3

6,000

(Points : 3)

a. varies inversely with ticket prices.

b. varies directly with ticket prices.

c. is perfectly inelastic.

d. is perfectly elastic.

Question 21.21. (TCO 2) Which of the following goods (with their respective income-elasticity coefficients in parentheses) will most likely suffer a decline in demand during a recession? (Points : 3)

a. Dinner at a nice restaurant (+1.8)

b. Chicken purchased at the grocery store for preparation at home (+0.25)

c. Facial tissue (+0.6)

d. Plasma-screen and LCD TVs (+4.2)

Question 22.22. (TCO 3) The following cost data are for a firm in the short run:

Output Total Cost

0 $400

1 500

2 550

3 600

4 650

5 700

What is the firms average variable cost at an output of 5 units?

(Points : 3)

a. $30

b. $60

c. $120

d. $140

Question 23.23. (TCO 1) Refer to the diagram. If society is producing nine units of bicycles and four units of computers and it now decides to increase computer output to six, the cost

Graph Description

(Points : 3)

a. will be four units of bicycles.

b. will be two units of bicycles.

c. will be zero because unemployed resources are available.

d. of doing so cannot be determined from the information given.

Question 24.24. (TCO 3) Any activity designed to transfer income or wealth to a particular individual or firm at societys expense is called (Points : 3)

a. patent protection.

b. X-inefficiency.

c. price discrimination.

d. rent-seeking.

Question 25.25. (TCO 3) a.) What is the relationship between economies of scale and a natural monopoly? b.) Why is the level of output at which marginal revenue equals marginal cost the profit-maximizing output? (Points : 25)

Question 26.26. (TCO 2) Evaluate how the following situations will affect the demand curve for iPods.

(a) Income statistics show that income of 1825-year-olds have increased by 10 percent over the last year.

(b) Efforts of music artists wanting greater protection of their music result in more stringent enforcement of copyrights and the shutdown of numerous illegal downloading sites.

(c) Believing that it has significant control of the market for portable digital music players, Apple decides to raise the price of iPods with the goal of increasing profits.

(d) The price of milk decreases.

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ACCT 212 All 7 Weeks Discussions Complete A+ Answer

ACCT-212 All 7 Weeks Discussions Complete A+ Answer

w1 dq1 Financial Statements

w2 dq1 Prepaid Expenses vs. Unearned Revenue

w2 dq2 Accrual vs. Cash Accounting

w3 dq1 Ethical Business Decisions

w3 dq2 Trade Credit Accounts Payable

w4 dq1 Inventory Management

w4 dq2 LIFO

w5 dq1 Non-current Assets and Related Liabilities

w5 dq2 Raising Capital (Cash)

w6 dq1 Stockholders Equity

w6 dq2 Net Income vs. Net Operating Cash

w7 dq1 Financial Statement Analysis

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ACCT 550 Final Exam Complete A+ Answer

ACCT 550 Final Exam Complete A+ Answer

1.Question :(TCO A) Listed below are several information, characteristics, and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application.

2.Question :(TCO B) Adjusting Entries: Unearned rent at 1/1/10 was $5,300 and at 12/31/10 was $6,000. The records indicate cash receipts from rental sources during 2010 amounted to $60,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

3.Question :(TCO B) Adjusting Entries: Data relating to the balances of various accounts affected by adjusting or closing entries appear below. (The entries which caused the changes in the balances are not given.) You are asked to supply the missing journal entries which would logically account for the changes in the account balances. Interest receivable at 1/1/10 was $1,000. During 2010 cash received from debtors for interest on outstanding notes receivable amounted to $1,000. The 2010 income statement showed interest revenue in the amount of $2,900. You are to provide the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit.

5.Question :(TCO B) Adjusting Entries: Allowance for doubtful accounts on 1/1/10 was $70,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $70,000 and during 2010 bad debts written off amounted to $40,000. You are to provide the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

1.Question :(TCO B) Adjusting Entries: Prepaid rent at 1/1/10 was $30,000. During 2010 rent payments of $100,000 were made and charged to rent expense. The 2010 income statement shows as a general expense the item rent expense in the amount of $130,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit.

2.Question :(TCO B) Adjusting Entries: Retained earnings at 1/1/10 were $100,000 and at 12/31/10 it was $300,000. During 2010, cash dividends of $40,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. For each journal entry write Dr. for debit and Cr. for credit.

3.Question :(TCO C) Presented below is information related to Bruce Van Company.Retained earnings, December 31, 2010$650,000Sales1,400,000Selling and administrative expenses240,000Hurricane loss (pre-tax) on plant (extraordinary item)290,000Cash dividends declared on common stock33,600Cost of goods sold780,000Gain resulting from computation error on depreciation charge in 2009(pre-tax)520,000Other revenue120,000Other expenses100,000

Instructions: Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year. Show EPS computations as well.

4.Question :(TCO D) The following balance sheet was prepared by the bookkeeper for Purple Company as of December 31, 2011 Purple Company Balance Sheet as of December 31, 2011Cash$ 80,000Accounts payable$ 75,000Accounts receivable (net)52,200Long-term liabilities100,000Inventories57,000Stockholders equity218,500Investments76,300Equipment (net)96,000Patents$393,500$393,500

The following additional information is provided:(1) Cash includes the cash surrender value of a life insurance policy $12,000, and a bank overdraft of $2,500 has been deducted.(2) The net accounts receivable balance includes:(a) accounts receivable debit balances $60,000;(b) accounts receivable 0;(c) allowance for doubtful accounts $3,800.(3) Inventories do not include goods costing $3,000 shipped out on consignment. Receivables of $3,000 were recorded on these goods.(4) Investments include investments in common stock, trading $13,000, available-for-sale $48,300, and franchises $15,000.(5) Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000.(6) An unrecorded liability was not recorded on the balance sheet of $2000.InstructionsPrepare a balance sheet in good form (stockholders equity details can be omitted.)

5.Question :(TCO E) Jack Sawyer is presently leasing a copier from John Office Equipment Company. The lease requires 11 annual payments of $2,500 at the end of each year and provides the leaser (John) with an 8% return on its investment. You may use the following 8% interest factors:9 Periods10 Periods11 PeriodsFuture Value of 11.999002.158922.33164Present Value of 1.50025.46319.42888Future Value of12.4875614.48656Ordinary Annuity of 1Present Value of6.246896.710087.13896Ordinary Annuity of 1Present Value of6.746647.246897.71008Annuity Due of 1(a) Assuming the computer has an eleven-year life and will have no salvage value at the expiration of the lease, what was the original cost of the copier to John?(b) What amount would each payment be if the 11 annual payments are to be made at the beginning of each period?

6.Question :(TCO F) Daniels Company deposits all receipts and makes all payments by check. The following information is available from the cash records:MARCH 31BANK RECONCILIATIONBalance per bank$26,746Add: Deposits in transit2,100Deduct: Outstanding checks(3,800)Balance per books$25,046Month of April ResultsPer BankPer BooksBalance April 30$27,995$24,355April deposits8,86413,889April checks13,10014,080April note collected3,000-0-(not included in April deposits)April bank service charge35-0-April NSF check ofa customer returned by the bank(recorded by bank as a charge)900-0-InstructionsCalculate the amount of the April 30:(1) Deposits in transit(2) Outstanding checksShow all your work for potential partial credit.

7.Question :(TCO G) Rye Company was formed on December 1, 2010. The following information is available from Ryes inventory record for Product Bread.UnitsUnit CostJanuary 1, 2011 (beginning inventory)1,700$17.00Purchases:January 5, 20112,600$20.00January 25, 20112,400$21.00February 16, 20111,000$22.00March 15, 20112,100$25.00

A physical inventory on March 31, 2011, shows 3,000 units on hand.InstructionsPrepare schedules to compute the ending inventory at March 31, 2011, under each of the following inventory methods:(a) FIFO.(b) LIFO.(c) Weighted-average.Show supporting computations in good form.

8.Question :(TCO H) A machine cost $500,000 on April 1, 2010. Its estimated salvage value is $50,000 and its expected life is eight years.InstructionsCalculate the depreciation expense (to the nearest dollar) by each of the following methods, showing the figures used.(a) Straight-line for 2010(b) Double-declining balance for 2011(c) Sum-of-the-years-digits for 2011

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ACCT 550 Week 4 Assignment Complete A+ Answer


E11-4 (Depreciation ComputationsFive Methods) Wenner Furnace Corp. purchased machinery for $279,000 on May 1, 2012. It is estimated that it will have a useful life of 10 years, salvage value of $15,000, production of 240,000 units, and working hours of 25,000. During 2013, Wenner Corp. uses the machinery for 2,650 hours, and the machinery produces 25,500 units.

E11-9 (Composite Depreciation) Presented below is information related to Morrow Manufacturing Corporation.MachineCostEstimated Salvage ValueEstimated Life (in years)A$40,500$5,50010B33,6004,8009C36,0003,6008D19,0001,5007E23,5002,5006(a) Compute the rate of depreciation per year to be applied to the machines under the composite method.(b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year.(c) Prepare the entry to record the sale of Machine D for cash of $5,000. It was used for 6 years, and depreciation was entered under the composite method.

E11-11 (DepreciationChange in Estimate) Machinery purchased for $52,000 by Carver Co. in 2008 was originally estimated to have a life of 8 years with a salvage value of $4,000 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2013, it is determined that the total estimated life should be 10 years with a salvage value of $4,500 at the end of that time. Assume straight-line depreciation.Instructions(a) Prepare the entry to correct the prior years depreciation, if necessary.(b) Prepare the entry to record depreciation for 2013.

E11-17 (Impairment) Assume the same information as E11-16, except that Pujols intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,000.Instructions(a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2012.(b) Prepare the journal entry (if any) to record depreciation expense for 2013.(c) The asset was not sold by December 31, 2013. The fair value of the equipment on that date is $5,100,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $20,000.

1. Unearned rent at 1/1/10 was $7,300 and at 12/31/10 was $8,000. The records indicate cash receipts from rental sources during 2010 amounted to $40,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry.

2. Allowance for doubtful accounts on 1/1/10 was $75,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $60,000, and during 2010 bad debts written off amounted to $30,000. You are to provide the missing adjusting entry.

3. Prepaid rent at 1/1/10 was $20,000. During 2010 rent payments of $123,000 were made and charged to rent expense. The 2010 income statement shows as a general expense the item rent expense in the amount of $122,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made.

4. Retained earnings at 1/1/10 was $100,000 and at 12/31/10 it was $210,000. During 2010, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry.

5. For the year ended December 31, 2010, Transformers Inc. reported the following:Net income $ 60,000Preferred dividends declared, $10,000Common dividend declared, $2,000Unrealized holding loss, net of tax; $1,000Retained earnings $80,000Common stock, $40,000Accumulated Other Comprehensive Income, Beginning Balance 5,000What would Transformers report as its ending balance of Accumulated Other Comprehensive Income? (Points: 15)

6. (TCO C) Presented below is certain information pertaining to Edson Company.Assets, January 1 $240,000Assets, December 31 $230,000Liabilities, January 1 $150,000Common stock, December 31 $80,000Retained earnings, December 31 $31,000Common stock sold during the year $10,000Dividends declared during the year $13,000Compute the net income for the year. (Points: 20)

7. (TCO C) At Ruth Company, events and transactions during 2010 included the following. The tax rate for all items is 30%.(1) Depreciation for 2008 was found to be understated by $30,000.(2) A strike by the employees of a supplier resulted in a loss of $25,000.(3) The inventory at December 31, 2008 was overstated by $40,000.(4) A flood destroyed a building that had a book value of $500,000. Floods are very uncommon in that area.The effect of these events and transactions on 2010 income from continuing operations net of tax would be:

8. What is FASB Codification? Explain in detail

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E11-4 (Depreciation ComputationsFive Methods) Wenner Furnace Corp. purchased machinery for $279,000 on May 1, 2012. It is estimated that it will have a useful life of 10 years, salvage value of $15,000, production of 240,000 units, and working hours of 25,000. During 2013, Wenner Corp. uses the machinery for 2,650 hours, and the machinery produces 25,500 units.

E11-9 (Composite Depreciation) Presented below is information related to Morrow Manufacturing Corporation.MachineCostEstimated Salvage ValueEstimated Life (in years)A$40,500$5,50010B33,6004,8009C36,0003,6008D19,0001,5007E23,5002,5006(a) Compute the rate of depreciation per year to be applied to the machines under the composite method.(b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year.(c) Prepare the entry to record the sale of Machine D for cash of $5,000. It was used for 6 years, and depreciation was entered under the composite method.

E11-11 (DepreciationChange in Estimate) Machinery purchased for $52,000 by Carver Co. in 2008 was originally estimated to have a life of 8 years with a salvage value of $4,000 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2013, it is determined that the total estimated life should be 10 years with a salvage value of $4,500 at the end of that time. Assume straight-line depreciation.Instructions(a) Prepare the entry to correct the prior years depreciation, if necessary.(b) Prepare the entry to record depreciation for 2013.

E11-17 (Impairment) Assume the same information as E11-16, except that Pujols intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,000.Instructions(a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2012.(b) Prepare the journal entry (if any) to record depreciation expense for 2013.(c) The asset was not sold by December 31, 2013. The fair value of the equipment on that date is $5,100,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $20,000.

1. Unearned rent at 1/1/10 was $7,300 and at 12/31/10 was $8,000. The records indicate cash receipts from rental sources during 2010 amounted to $40,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry.








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ACCT 550 Week 4 Midterm Perfect A+ Answer

ACCT 550 Week 4 Midterm Perfect A+ Answer

1. (TCO A) Which of the following statements is not an objective of financial reporting?

2. (TCO A) Under Sarbanes Oxley, the new law does not:

3. (TCO A) The cash method of accounting:

4. (TCO A) The characteristic that is demonstrated when a high degree of consensus can be secured among independent measurers using the same measurement methods is

5. (TCO A) The two primary qualities for accounting information are:

6. (TCO A) Which basic element of financial statements arise from peripheral or incidental transactions?

7. (TCO A) Which of the following is not a basic assumption underlying the financial accounting structure?

8. (TCO A) What is the quality of information that enables users to better forecast future operations?

9. (TCO A) Accounting information is considered to be relevant when it

10. (TCO A) Which of the following is not a basic assumption underlying the financial accounting structure?

11. (TCO A) Which of the following basic accounting assumptions is threatened by the existence of severe inflation in the economy?

12. (TCO A) Which of the following are benefits of providing financial information?

13. (TCO D) The balance sheet is useful for analyzing all of the following except

14. (TCO D) The balance sheet contributes to financial reporting by providing a basis for all of the following except

15. (TCO D) The net assets of a business are equal to

16. (TCO D) Stine Corp.s trial balance reflected the following account balances at December 31, 2010:Accounts receivable (net) $24,000Trading securities 6,000Accumulated depreciation on equipment and furniture 15,000Cash 11,000Inventory 30,000Equipment 25,000Patent 4,000Prepaid expenses 2,000Land held for future business site 18,000In Stines December 31, 2010 balance sheet, the current assets total is:

17. (TCO D) Which of the following is not a long-term investment?18. (TCO D) The presentation of long-term liabilities in the balance sheet should disclose:

19. (TCO D) Typical contractual situations that are disclosed in the notes to the balance sheet include all of the following except

20. (TCO D) A generally accepted account title is:

21. (TCO D) Equity or debt securities held to finance future construction of additional manufacturing plants should be classified on the balance sheet as: (Points: 5)

22. (TCO D) Working capital is1. Unearned rent at 1/1/10 was $7,300 and at 12/31/10 was $8,000. The records indicate cash receipts from rental sources during 2010 amounted to $40,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry.








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ACCT 550 Week 8 Final Exam Set 2 Perfect A+ Answer

ACCT 550 Week 8 Final Exam Set 2 Perfect A+ Answer

1. Which of the following steps in the acquisition of goods and services by an activity accounted for by the General Fund generally occurs first?

2. During January 2011 General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 were received at an actual cost of $2,200. The entry to record this transaction will require a debit to

3. When materials that were ordered for a capital projects fund for use on a construction project are received but the invoice has not yet paid, what account is debited?

4. Which of the following is true for debt service funds?

5. Which of the following is not a typical means of dissolving an internal service fund that a city no longer needs or wants?

6. Which of the following account balances would only be reported if a city-owned utility followed regulatory accounting principles?

7. Customers meter deposits, which cannot be spent for normal operating purposes, would be classified as restricted cash in the balance sheet of which fund type?

8. A local golfer contributed $100,000 to the city stipulating that the money be invested and that the earnings thereon be used for maintenance of the city golf course. The $100,000 would most appropriately be recorded in a(an)

9. A private-purpose trust fund sold investments in securities having a carrying value of $23,000 for $26,000, resulting in a $3,000 gain on the change in value. If there are no trust provisions to the contrary, the gain is generally

10. A statement of cash flows should be prepared for which of the following fiduciary fund types?

11. What is the minimum level of detail required for expenditures presented in the governmental fund statement of revenues, expenditures, and changes in fund balance?

12. Which of the following is one of the three sections of a comprehensive annual financial report?

13. Government-wide financial statements present the governments financial position using

14. A measure of the extent to which the governments business-type activities depend on subsidies from taxpayer or other general revenues rather than having the full cost of the activities operations funded by charges to the users of the service is

15. A measure of whether the government lived within its means in the measurement year, or was required to use prior year resources to fund a portion of current year costs, or shifted the funding of some current year costs to future periods, is

16. A measure of the adequacy of the amount of the governments total unrestricted net assets or deficit at the measurement date is

17. One of the most important reasons to evaluate the financial performance of a government is to

19. A term that describes a governments ongoing ability and willingness to raise revenues, incur debt, and meet its financial obligations as they become due is

20. One of the purposes of the Federal Financial Management Improvement Act of 1996 was to

21. Which of the following officials has shared responsibility under federal law for establishing and maintaining a sound financial structure for the federal government?

22. The Comptroller General of the United States is the head of the:

23. An auditor would not render an opinion on a(an)

24. A single audit conducted pursuant to the Single Audit Act Amendments of 1996 requires which of the following types of audits?

25. All of the following reports are included in the reporting package resulting from the single audit except

26. Which of the following is not an element of a typical governmental total quality management (TQM) structure?

27. Which of the following might appropriately be termed an outcome indicator for a police department that reports service efforts and accomplishments (SEA) indicators?

28. Which basis of accounting best contributes to measuring the cost of services for rational budgeting purposes?

29. Which of the following statements is correct regarding reporting of special events and related direct costs under current FASB standards?

30. Public disclosure rules require that a tax-exempt not-for-profit organization

31. Tuition scholarships for which there is no intention of collection from the student should be classified by a private university as

32. Which of the following statements usually will not be included in the annual financial report of a governmentally owned public university engaged only in business-type activities?

33. Which of the following would usually be considered as temporarily restricted net assets in a nongovernmental not-for-profit hospital?

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ACCT 304 Week 2 Homework Assignments Perfect A+ Answer

ACCT 304 Week 2 Homework Assignments Perfect A+ Answer

Exercise 3-2, 3-3, 3-4

ACCT 212 Week 4 Midterm Complete A+ Answer

ACCT 212 Week 4 Midterm Complete A+ Answer

TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what owners equity values would be if Assets are $100,000 and Liabilities are $27,000 by showing the Accounting Equation (10 points) and (2) provide an explanation of what accounts could be found in owners equity. (10 points)

(TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies where cash was generated and where it was spent during the year (10 points) and (2) identify the three major parts of this statement. (10 points)

(TCO 1) The accounting profession follows a set of guidelines for measurement and disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1) Explain what the International Financial Reporting Standards (IFRS) are (10 points) and (2) provide an example of its application. (10 points)

(TCO 2) Transaction analysis results in the development of a journal entry. Supplies are purchased on account agreeing to pay $500 within 30 days. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points)

(TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $1,350 of office supplies were purchased. There was not a beginning balance and the one purchase was the only one for the month. At the end of the month $500 of supplies remained. Develop the adjusting entry. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points)

(TCO 5) Internal Controls are required to safeguard assets and to ensure ethical business practices. (1) Identify and explain the reason for any two of the seven internal control procedures (10 points) and (2) provide examples of how your two selected internal control procedures will meet the goal of safeguarding assets and promoting ethical business practices. (15 points)

(TCO 5) The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the bank statement reconciliation. (Use the format shown on page 255 of your textbook) (25 points)

Prepare a bank reconciliation using B & Bs Restaurant Supply Inc.s information for August 31. A NSF check from Johnny Jones for $3,164.Two deposits made on August 31 were not on the bank statement, totaling $2,897.The bank collected an EFT payment for Rent for $2,600.August 31 balance in Cash was $2,005.The owner had written check # 1598 for $500 and recorded this check as $5,000.The balance on the bank statement as of August 31 was $5,316.Bank service charge of $28 was shown on the bank statement.Checks #1572, 1606, 1116, and 1242 for $419, $126, $650, and $1,105, respectively, were not shown on the bank statement, even though the company had sent the checks.

ACCT 212 Course Project Complete A+ Answer

ACCT-212 Course Project Complete A+ Answer

This course has two course projects due. The first, Course Project 1, reinforces the basic principles of accounting and application of the accounting information system. It is completed in two parts. The second, Course Project 2, is an opportunity to show the ability to analyze financial statements to arrive at conclusions based upon the analysis.

Course Project 1 Overview and Guidelines | Course Project 2 Overview and Guidelines

Course Project 1 Overview and Guidelines

Course Project 1 consists of two parts, A and B, respectively. There are 10 requirements for you to complete in this exercise, Part A has 1-3 and Part B has 4-10. Part A is due at the end of Week 3. Part B is due at the end of Week 5. See Syllabus/Due Dates for Assignments & Exams for due date information.The Course Project 1 template has all of the information you will need to complete Parts A & B of the project. The template also includes:

Detailed Project Instructions (with requirements) A reference list of October transactions A Chart of Accounts reference sheet A Grading Rubric to help explain what is expected. Each worksheet has the Check Figures embedded as a comment.

1. Download the Excel template named ACCT212_CourseProject1 located on the Doc Sharing tab in the course shell.

2. To complete Part A (due at the end of Week 3):Complete Requirements 1-3 on the Journal Entries, General Ledger, and Trial Balance worksheets. Type your work directly into the worksheets. Save your workbook as CourseProject1A_ ACCT212_YourLastName. Submit your workbook to the Dropbox under Course Project 1-Part A by the end of Week 3. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use theDropbox, read these Step-by-Step Instructions or watch this Dropbox Tutorial.

3. To complete Part B (due at the end of Week 5):Using feedback from your instructor and the worksheets from Part A, complete requirements 4-10. Type your work directly into the worksheets. Save your workbook as CourseProject1B_ACCT212_YourLastName. Submit the workbook to the Dropbox under Course Project 1-Part B by the end of Week 5. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use theDropbox, read these Step-by-Step Instructions or watch this Dropbox Tutorial.Course Project 2 Overview and GuidelinesCourse Project 2 consists of Problem 13-52A from your textbook. At the end of Course Project 2, you will be able to prepare common-size statements, analyze profitability; and make comparisons with the industry. Course Project 2 is due at the end of Week 7.

The Course Project 2 template has all of the information you will need to complete the project including:Detailed requirements A worksheet to enter your solutions A Grading Rubric to help explain what is expected.

1. Download the Excel template named ACCT212_CourseProject2 located on the Doc Sharing tab in the course shell.2. To complete Course Project 2 (due at the end of Week 7):

Using the requirements worksheet for reference, complete requirements 1-3 on the Your Solution worksheet. Type your work directly into the worksheet. Save your workbook as CourseProject2_ACCT212_YourLastName. Submit your workbook to the Dropbox under Course Project 2 by the end of Week 7. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use theDropbox, read these Step-by-Step Instructions or watch this Dropbox Tutorial.

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