Monthly Archives: January 2015

ACC 557 Week 3 WileyPlus (E4-1, E4-13, P4-3A and P4-4A) – ANSWER KEY

Exercise 4-1 The trial balance columns of the worksheet for Cajon Company at June 30, 2014, are as follows. CAJON COMPANY Worksheet For the Month Ended June 30, 2014 Trial Balance Account Titles Dr. Cr. Cash $4,226 Accounts Receivable 2,540 … Continue reading

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ACC 557 Week 4 WileyPlus – E5-4, E5-8, E5-13, P5-2A, P5-3A, E6-1, E6-10, E6-14 and P6-3A

Exercise 5-4 On June 10, Rebecca Company purchased $8,950 of merchandise from Clinton Company, FOB shipping point, terms 4/10, n/30. Rebecca pays the freight costs of $420 on June 11. Damaged goods totaling $300 are returned to Clinton for credit … Continue reading

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AC SPEED CORPORATION (WINTER 2015)

JUNE JOURNAL TRANSACTIONS  June 1  Signed a 3 year 7.5% , $200000 note payable with First Bank. June 1  Purchased 3000 GPS units on credit from Navistar for $36 per unit. June 1  Issued 5,500 shares of common stock for … Continue reading

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ACCT202 Practice Set Winter 2015 (A+ Guaranteed)

JUNE JOURNAL TRANSACTIONS   June 1  Signed a 3 year 7.5% , $200000 note payable with First Bank. June 1  Purchased 3000 GPS units on credit from Navistar for $36 per unit. June 1  Issued 5,500 shares of common stock … Continue reading

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ACC 557 Week 2 WileyPlus (E2-6, E2-9, E2-11, P2-2A, P2-4A, E3-6, E3-7, E3-11 and P3-11A)

ACC 557 Week 2 WileyPlus (Chapter 2 and 3) Exercise 2-6 Elvira Industries had the following transactions. 1. Borrowed $6,150 from the bank by signing a note. 2. Paid $3,075 cash for a computer. 3. Purchased $553 of supplies on … Continue reading

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ACC 544 Final Exam (A+ Guaranteed)

ACC 544 Final Exam 1) Which is NOT one of the AICPA’s Code of Professional Conduct principles? A. The public interest B. Integrity C. Quality control D. Scope and nature of services 2) The ethical philosophy that considers the consequences … Continue reading

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Presented below are selected transactions of Molina Company (A+ Guaranteed)

Presented below are selected transactions of Molina Company. Molina sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $9,800, terms 4/10, n/30. … Continue reading

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Lance Lawn Services reports warranty expense by estimating the amount (A+ Guaranteed)

Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its product sales. For tax purposes, the expense is deducted when the cost is incurred. At December 31, 2013, Lance has … Continue reading

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Ayres Services acquired an asset for $80 million in 2013 (A+ Guaranteed)

Ayres Services acquired an asset for $80 million in 2013. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset’s cost is depreciated by MACRS. The enacted … Continue reading

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On January 1, 2015 Fisher Corporation paid $2,290,000 for 35% (A+ Guaranteed)

On January 1, 2015 Fisher Corporation paid $2,290,000 for 35% of the outstanding voting stock of Steel, Inc and appropriately applies the equity method for its investment. Any excess cost over Steel’s book value was attributed to Goodwill. During 2015, … Continue reading

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