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Uop Acc 291 Final Exam Homework Help

2434 words - 10 pages

ACC 291 Final Exam Assignments

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Multiple Choice Question 86

An aging of a company's accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a

• debit to Bad Debt Expense for $4,500.

• debit to Bad Debt Expense for $3,300.

• credit to Allowance for Doubtful Accounts for $4,500.

• debit to Allowance for Doubtful Accounts for $3,300.

Multiple Choice Question 182

The financial statements of the Melton Manufacturing Company reports net sales of $300,000 and accounts receivable of $50,000 and ...view middle of the document...

What is the depreciation expense for year 2 under the double-declining-balance method of depreciation?

• $38,400.

• $48,000.

• $23,040.

• $28,800.

IFRS Multiple Choice Question 01

As a recent graduate of State University you're aware that IFRS requires component depreciation for plant assets. A friend has asked you to succinctly explain what component depreciation means. Which of the following correctly describes component depreciation?

• The method that requires that significant parts of a plant asset with different useful lives be depreciated separately.

• The method used to ensure that the depreciation rate remains constant from year to year.

• The method used to prorate annual depreciation on a time basis.

• The method of depreciation recommended for an asset that is expected to be significantly more productive in the first half of its useful life.

Want to see the Entire Course Assignment..?? Click ACC 291

Multiple Choice Question 146

Bonds with a face value of $300,000 and a quoted price of 97¼ have a selling price of

• $292,500.

• $291,075.

• $291,750.

• $291,006.

Multiple Choice Question 188

Sparks Company received proceeds of $423,000 on 10-year, 8% bonds issued on January 1, 2013. The bonds had a face value of $400,000, pay interest annually on December 31st, and have a call price of 102. Sparks uses the straight-line method of amortization. What is the carrying value of the bonds on January 1, 2015?

• $400,000

• $420,700

• $418,400

• $381,600

Want to check out the complete Assignment..?? Visit UOP ACC 291 Individual Assignments

Multiple Choice Question 90

S. Lawyer performed legal services for E. Corp. Due to a cash shortage, an agreement was reached whereby E. Corp. would pay S. Lawyer a legal fee of approximately $15,000 by issuing 8,000 shares of its common stock (par $1). The stock trades on a daily basis and the market price of the stock on the day the debt was settled is $1.80 per share. Given this information, the best journal entry for E. Corp. to record for this transaction is

• Legal Expense 14,400

Common Stock 8,000

Paid-in Capital in Excess of Par - Common 6,400

• Legal Expense 15,000

Common Stock 15,000

• Legal Expense 15,000

Common Stock 8,000

Paid-in Capital in Excess of Par - Common 7,000

• Legal Expense 14,400

Common Stock 14,400

Multiple Choice Question 110

Logan Corporation issues 50,000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for $3,000,000 and a credit or credits to

• Preferred Stock for $2,500,000 and Paid-in Capital in Excess of Par Value—Preferred Stock for $500,000.

• Preferred Stock for $2,500,000 and...

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