Final (30%) Key.pdf
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HCT Al Ain Womens College *
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Course
1003
Subject
Accounting
Date
Nov 24, 2024
Type
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15
Uploaded by amnak00
Page
1
N\
2]
Higher
Colleges
of
Technology
Faculty-wide
Assessment
(FWA)
Question
Paper
Program
Bachelor
of
Accounting
|
Course
Name:
|
Intermediate
Financial
Accounting
Il
Course
Code:
ACC
3003
Date:
Student
Name
Duration:
180
minutes
Student
ID
Student
Section
Instructions
to
Students:
Calculators
Allowed
Yes
‘
Formula
Sheets
allowed
No
Exam
includes
attachment
case
study
or
reading
No
Open-book
exam
No
Group-based
Exam
No
BbL
exam
with
lock-down
browser
No
BYO
Laptop
required
No
Academic
Honesty
Statement
In
accordance
with
HCT
policy
LP201-
Academic
Honesty
»
Students
are
required
to
refrain
from
all
forms
of
academic
dishonesty
as
defined
and
explained
in
HCT
procedures
and
directions
from
HCT
personnel.
*
A
student
found
guilty
of
having
committed
acts
of
academic
dishonesty
may
be
subject
to
one
or
more
of
the
disciplinary
measures
as
outlined
in
Article
33
of
the
Student
and
Academic
Regulations.
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Signature:
For
Examiner’s
Use
Onl
‘
|
_
Section
Q1
|
@2
|
@3
|
4
|
@5
[
@6
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@8
|
(Question)
¢
,
number
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=
|
N
OO
R
S
e
e
Marks
Available
21
4
15
10
15
10
15
10
Marks
Earned
Marker
Name
Date
Page
2
SECTION
ONE:
PROBLEM
SOLVING
(100
possible
marks)
Instructions:
Carefully
read
each
question
and
answer
in
the
spaces
provided.
Question
1:
Equity
transactions
(21
marks)
On
December
31%,
2017
the
stockholders
Equity
section
of
Domajio
Systems
appears
as
follows,
after
one
year
of
operations:
Common
Stock
-
$10
par
value,
5,000,000
shares
authorized,
$720,000
72,000
shares
issued
and
outstanding
Paid
in
capital
in
excess
of
par
value,
common
stock
($3
p_ef
share)
216,000
Preferred
Stock
-
$
100
par
value,
1,000,000
shares
authorized,
500,000
5,000
shares
issued.
Paid
in
capital
in
excess
of
par
value,
preferred
stock
315,000
Retained
Earnings
864,000
Total
Stockholders’
Equity
$2,615,000
The
following
transactions
took
place
during
2018:
1.
The
company
issued
5,000
shares
common
stock
for
$90,000
cash.
2.
The
company
issued
1,250
shares
preferred
stock
for
$250,000
cash.
Cost
of
issuance
was
$8,000.
3.
The
company
issued
15,000
shares
common
stock
in
exchange
for
land.
The
land
has
an
appraised
value
of
$195,000
and
the
shares
are
trading
on
a
public
stock
exchange
for
$15
per
share.
4.
The
company
reacquired
for
retirement
2,000
shares
of
common
stock
that
it
had
originally
issued
in
2017
for
a
price
of
$12
per
share.
5.
Purchased
for
treasury
5,000
shares
of
its
own
common
stock
for
$22
per
share.
6.
Sold
2,000
treasury
shares
for
$23
per
share.
7.
Sold
1,000
treasury
shares
for
§
21
per
share.
ACC
3003
Final
Comprehensive
Exam
Required:
Prepare
journal
entries
for
the
above
transactions.
(21
marks)
(1
mark
each
line
divided
equally
between
account
and
amount)
Date
Account
Dr.
Cr.
1
Cash
90,000
CS
50,000
CIEP-cs
40,000
.
2
Cash
242,000
[
PS
125,000
CIEP-ps
117,000
-
3
Land
225,000
CS
150,000
CIEP-
cs
75,000
1
4
CS
20,000
e
CIEP
—cs
6,000
CIEP-
repurchase
2,000
Cash
24,000
T
5
[Ts
o0
Cash
110,000
i
6
Cash
-
46,000
CIEP
-
repurchase
2,000
TS
44,000
ACC
3003
Final
Comprehensive
Exam
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Page
4
7
Cash
21,000
CIEP
—
repurchase
1,000
TS
22,000
ACC
3003
Final
Comprehensive
Exam
Page
5
Question
2:
Equity
presentation
(4
marks)
The
following
information
is
available
about
Tulip
Corporation.
Balance
of
accounts
at
the
beginning
of
the
year:
Common
Stock
(2
million
shares
issued
at
$5
par):
$
10,000,000
Paid
in
Capital
in
Excess
of
par
-
Common
Stock
$14
per
share
28,000,000
Preferred
Stock
(100,000
shares
issued
at
$20
par):
2,000,000
Paid
in
Capital
in
Excess
of
par
-
Preferred:
100,000
Treasury
Stock
(22,000
shares
@10)
220,000
During
the
year
the
following
transactions
took
place:
1.
Reacquired
and
retired
25,000
common
shares
for
$600,000
cash
2.
Reissued
10,000
retired
shares
for
$
26
per
share.
Additional
information:
e
Preferred
shares
authorized
300,000
shares
e
Authorized
10,000,000
common
shares.
e
Retained Earnings
at
the
beginning
of
the
year
was
$1,790,000.
e
Net
income
for
the
year
was
$400,000
of
which
75%
was
paid
in
dividends.
Required:
Use
all
the
information
given
above
to
prepare
the
Equity
section
of
Balance
Sheet
at
the
end
of
the
year.
(4
marks)
ACC
3003
Final
Comprehensive
Exam
Page
6
Paid-in
capital:
CS
(10M
authorized,
5
par,
1,985,000
issued,
1,963,000
(0.5)
§
9,925,000
ontstandino)
PS
(300,000»authorized,
20
par,
100,000
issued)
(0.5)
2,000,000
CIEP
-
CS
(0.5)
.‘27,860,000
CIEP
—PS
(0.5)
100,000
Total
paid-in
capital
(8.5)
39,885,000
Add:
Retained
Earnings
(0.5)
1,765,000
Less:
Treasury
Shares
(22,000
shares
@
10)
(0.5)
(220.000)
Total
equity
(0.5)
§
41,430,000
ACC
3003
Final
Comprehensive
Exam
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Page
7
Question
3:
Partnership
transactions
(15
marks)
Nora
and
Laila
established
a
partnership
on
January
1,
2017.
Nora
invested
cash
of
$100,000
and
Laila
invested
$30,000
in
cash
and
equipment
with
a
book
value
of
$40,000
and
fair
value
of
$50,000.
For
both
partners,
the
beginning
capital
balance
was
to
equal
the
initial
investment.
Nora
and
Laila
agreed
to
the
following
procedure
for
sharing
profits
and
losses:
-
12%
interest
on
the
yearly
beginning
capital
balance
-
$10
per
hour
of
work
that
can
be
billed
to
the
partnership's
clients
-
The
remainder
divided
in
a
3:2
ratio
(Nora:Laila)
The
Articles
of
Partnership
specified
that
each
partner
should
withdraw
no
more
than
$1,000
per
month,
which
is
accounted
as
direct
reduction
of
that
partner’s
capital
balance.
For
2017,
the
partnership's
income
was
$70,000.
Nora
had
1,000
billable
hours,
and
Laila
worked
1,400
billable
hours.
Each
partner
withdrew
$1,000
per
month
throughout
2017.
Required:
a.
Determine
the
amount
of
net
income
allocated
to
each
partner
for
2017.
(8
marks)
Nora
1~
Laila
Interest
(1)
$
12,000
(1)
$
9,600
Compensation
(1)
10.000
(1)
14,000
Allocation
of
remainder
(1)
14,640
(1)
9,760
Totals
(1)
$
36,640
(1)
$
33,360
b.
Determine
the
balance
in
both
capital
accounts
at
the
end
of
2017.
(7
marks)
Nora
Laila
Beginning
capital
balances
(1)
$
100,000
(1)
$
80,000
Share
of
income
|
(1)
36,640
(1).33,360
withdrawals
(1)
(12,000)
(1)
(12,000)
Ending
capital
balances
(0.5)
$
124,640
(0.5)$
101,360
ACC
3003
Final
Comprehensive
Exam
Page
8
Question
4:
Partnership
Liquidation
(10
marks)
A
partnership
has
the
following
balance
sheet
prior
to
liquidation:
Cash
$
66,000
|
Liabilities
”
$
100,000
Other
assets
200,000
{|
Aysha,
capital
(40%)
Il
48,000
Maitha,
capital
(30%)
58,000
Asma,
capital
(30%)
60,000
[
Total
[
$266,000
|
Total
$
266,000
During
liquidation,
other
assets
are
sold
for
$160,000,
liabilities
are
paid
in
full,
and
$30,000
in
liquidation
expenses
are
paid.
Required:
What
amount
of
cash
does
each
partner
receive
as
a
result
of
this
liquidation?
Show
all
calculations.
(10
marks)
'
Beginning
cash
balance
(0.5)
$
66,000
Sale
of
noncash
assets
(0.5)
160,000
Subtotal
|
$
226,000
Payment
of
liabilities
(0.5)
(100,000)
Payment
of
liquidation
expenses
(0.5)
(30.000)
Cash
distributed
to
partners
(0.5)
$96.000
Aysha
Maitha
Asma
Capital
balances
(1.5)
$48,000
$58,000
$60,000
Loss
on
sale
of
assets
($40,000)
(1.5)
(16,000)
(12,000)
(12,000)
Liquidation
expenses
($30,000)
(split
4:3:3)
12,000)
9.000)
9,000
(1.5)
Remaining
balances
=
cash
distributed
(3)
$20,000
$
37.000
$
39.000
ACC
3003
Final
Comprehensive
Exam
Page
9
Question
5:
Investment
in
Debt
(15
marks)
On
January
1,
2017,
Zelda
Company
purchased
$300,000,
6%
bonds
of
Tori
Co.
for
$313,128.
The
bonds
were
purchased
to
yield
5%
interest.
Interest
is
payable
semiannually
on
June
30
and
December
31.
The
bonds
mature
on
December
31,
2021.
Zelda
Company
uses
the
effective-
interest
method
to
amortize
discount
or
premium.
Required:
a.
Prepare
the
journal
entry
to
record
the
purchase
of
bonds
on
January
1.
Assume
that
the
bonds
are
classified
as
available-for-sale.
(3
marks)
(1
mark
each
line
divided
equally
between
account
and
amount)
Date
Account
Dr.
i
uCr:
Jan1-2017
|
Investment
in
bonds
300,000
Discount
on
bonds
13,128
Cash
313,128
b.
Prepare
the
amoi/'tizatiori‘:\sChedule
for
the
bonds
till
December
31,
2018.
Round
up
or
down
to
the
nearest
dollar.
(4
"mgrks')
o
Date
Cash
interest
|
Effective
interest
Change
in
Outstanding
e
o
balance
balance
1-1-17
313,128
30-6-17
(0.25)
9,000
(0.25)
7,828
(0.25)
1,172
(0.25)
311,956
31-12-17
(0.25)
9,000
(0.25)
7,799
(0.25)
1,201
(0.25)
310,755
30-6-18
(0.25)
9,000
(0.25)
7,769
(0.25)
1,231
(0.25)
309,524
31-12-18
(0.25)
9,000
(0.25)
7,738
(0.25)
1,262
(0.25)
308,262
ACC
3003
Final
Comprehensive
Exam
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Page
10
c.
Prepare
the
necessary
journal
entries
for
June
30
and
Dec
31,
2017
assuming
that
the
bonds
had
a
fair
value
of
$§
320,000
on
December
31,
2017.
(8
marks)
(1
mark
each
line
divided
equally
between
account
and
amount)
Date
Account
Dr.
Cr.
30-6-
|
cash
]
9,000
17
Interest
revenue
7,828
Discount
on
bonds
1,172
31-12-17
|
cash
9,000
Interest
revenue
7,799
Discount
on
bonds
'
1,201
Fair
value
adjustment
9,245
Unrealized
holding
gain
9,245
ACC
3003
Final
Comprehensive
Exam
Page
11
Question
6:
Investment
in
Equity
(10
marks)
Kalvin
Co.
acquired
15%
of
the
5,000,000
shares
of
common
stock
of
Tops
Co.
at
a
cost
of
$8.50
per
share
on
January
1,
2017.
Tops
Co.
declared
and
paid
a
$250,000
cash
dividend
and
reported
net
income
of
$685,000
for
the
year.
On
January
2,
2018,
Kalvin
sold
these
shares
at
a
market
price
of
$9.00
per
share.
Required:
Prepare
all
necessary
journal
entries
for
2017
and
2018.
(10
marks)
(1
mark
each
line
divided
equally
between
account
and
amount)
Date
Account
Dr.
Cr.
1-1-17
|
Investment
in
shares
|
6,375,000
Cash
6,375,000
31-12-17
|
Cash
37,500
Dividend
revenue
‘
37,500
No
entry
for
Net
Income
(1)
Fair
value
adjustment
-
375,000
Unrealized
gain
375,000
2-1-18
Cash
6,750,000
Fair
value
adjustment
375,000
Investment
in
shares
6,375,000
ACC
3003
Final
Comprehensive
Exam
Question
7:
Page
12
Revenue
Long
Term
Contract
(15
marks)
Rocha
Company
uses
the
percentage-of-completion
method
of
accounting
for
long-term
construction
contracts.
During
2015,
Rocha
began
work
on
a
construction
contract
that
generates
revenue
of
AED
2,800,000
and
which
is
due
to
be
completed
in
2017.
The
accounting
records
shows
the
following
information
at
year-end:
2015
2016
2017
Contract
costs
incurred
during
the
year
300,000
1,000,000
1,000,000
Estimated
costs
to
complete
as
of
year
end
1,700,000
9,00,000
-0-
Billings
during
the
year
450,000
800,000
-
1,550,000
Cash
collections
during
the
year
300,000
600,000
1,900,000
Required:
a.
Compute
the
percentage
of
completion
for
2015,
2016
and
2017.
(3
marks)
e
bk
Workings
2015
300,000/2,000,000=15%
(1)
2016
1,300,000
/
2,200,000
=
59.0909
%
(1)
2017
100%
(1)
b.
Prepare
all
necessary
journal
entries
for
2015.
(9
marks)
-
R
——
-
(To
record
costs
of
the
project)
(2
marks)
Date
Account
Dr.
Cr.
Construction
in
progress
300,000
Cash/
material/
inventory/
etc..
300,000
ACC
3003
Final
Comprehensive
Exam
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Page
13
(To
record
billings
on
the
project)
(2
marks)
Date
Account
Dr.
Cr.
Accounts
receivable
450,000
Billings
450,000
(To
record
receipt
of
cash)
(2
marks)
Date
Account
Dr.
Cr.
cash
300,000
Accounts
receivable
300,000
(To
recognize
revenue
earned
&
gross
profit
for
2015)
(3
marks)
Date
Account
Dr.
Cr.
Cost
of
construction
|
300,000
Construction
in
progress
120,000
Construction
revenue
420,000
c.
What
amount
of
gross
profit
and
revenue
would
be
recognized
in
2016?
(3
marks)
A
2016
Workings:
Gross
profit:
|
(59.0909%
x
600,000)
—
120,000
=
§
234,545
(1.5)
Revenue:
(59.0909%
x
2,800,000)
—
420,000
=
$
1,234,545
(1.5)
ACC
3003
Final
Comprehensive
Exam
Question
8:
Page
14
Revenue
Installment
Sales
(10
marks)
Modi
&
Co
uses
the
installment-sales
method
of
accounting
to
recognize
income
in
its
financial
statements.
The
following
information
is
available
for
2016
and
2017.
2016
2017
Installment
sales
AED
300,000
Cost
of
installment
sales
180,000
Cash
collections
on
2016
sales
90,000
210,000
Required:
a.
Compute
the
amount
of
gross
profit
realized
in
2016
and
2017
assuming
Modi
&
Co
uses
the
installment-sales
method.
(3
marks)
e
e
2016
300,000
—
180,000
=
120,000
/
300,000
=
40%
Gross
profit
ratio
(1)
40%
x
90,000
=
36,000
(1)
2017
40%
x
210,000
=
84,000
(1)
ACC
3003
Final
Comprehensive
Exam
b.
Prepare
in
journal
form
all
entries
required
in
2016.
Page
15
equally
between
amount
and
account)
(7
Marks)
(1
mark
each
line
divided
Date
Account
Dr.
Cr.
|
Installment
receivable
300,000
inventory
'
180,000
Deferred
gross
profit
120,000
cash
90,000
Installment
receivable
90,000
Deferred
gross
profit
36,000
Realized
gross
profit
36,000
END
OF
SECTION
ONE
END
OF
EXAM
ACC
3003
Final
Comprehensive
Exam
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Cullumber Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to
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16 Received a $9,600, 180-day, 8% note to settle an open account from A. Murdock.
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The following Thursday she does ending inventory and finds that she has $3464 in food. She looks at her sales and finds that she made
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8
Identify benefits of a good credit score. Select all that apply.
O better job opportunities
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Estimating Allowance for Doubtful Accounts
Evers Industries has a past history of uncollectible accounts, as follows.
Age Class
Percent Uncollectible
Not past due
1 %
1-30 days past due
31-60 days past due
12
61-90 days past due
30
Over 90 days past due
75
Estimate the allowance for doubtful accounts, based on the aging of receivables information provided in the chart below.
Evers Industries
Estimate of Allowance for Doubtful Accounts
Not Past Days Past Days Past Days Past
Days Past
Due 1-30 Due 31-60 Due 61-90 Due Over 90
Balance
Due
Total receivables
1,124,500 607,400 233,000
121,600
96,500
66,000
1%
3%
12%
30%
75%
Percentage uncollectible
Allowance for doubtful accounts
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Sheffield Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become
uncollectible. Accounts receivable are $430,800 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,864.
(a) Prepare the adjusting journal entry to record bad debt expense for the year.
(b) If the allowance for doubtful accounts had a debit balance of $887 instead of a credit balance of $2,864, prepare the adjusting journal entry for
bad debt expense.
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Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total
materials costs are $91000. How much is the conversion cost per unit?
O $17.52.
O $4.70.
$12.82.
O $30.33
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Providing for Doubtful Accounts
At the end of the current year, the accounts receivable account has a debit balance of $969,000 and sales for the year total $10,990,000.
a. The allowance account before adjustment has a credit balance of $13,100. Bad debt expense is estimated at 1/4 of 1% of sales.
b. The allowance account before adjustment has a credit balance of $13,100. An aging of the accounts in the customer ledger indicates estimated
doubtful accounts of $41,900.
C. The allowance account before adjustment has a debit balance of $4,600. Bad debt expense is estimated at 3/4 of 1% of sales.
d. The allowance account before adjustment has a debit balance of $4,600. An aging of the accounts in the customer ledger indicates estimated
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Houston Company's current ratio is 3 to 2. The company is negotiating a loan, and the
company's management understands that a higher (i.e., better) current ratio will reduce the
company's cost of borrowing (interest rate). Which of the following transactions will
improve Houston Company's current ratio?
Select one:
O a. making a payment on a long-term debt
O b. using cash to pay current liabilities
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5
O a. 3.77
Ob. 3.73
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Percent of Sales Method
At the end of the current year, Accounts Receivable has a balance of $555,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for
the year total $2,500,000. Bad debt expense is estimated at 1/4 of 1% of sales.
a. Determine the amount of the adjusting entry for uncollectible accounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
24
Allowance for Doubtful Accounts
Bad Debt Expense
%24
c. Determine the net realizable value of accounts receivable.
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Goremann Corp (GC) has a total market value of $524 million. The market value of equity is $300 million and the company carries debt valued at $224 million. The before-tax cost of debt is 9
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O A. 9.34%.
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O D. 12.05%.
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and paid dividends of $18,000. What will be shown for ending retained earnings on Florist Grump's year-end balance sheet?
QUESTION 9
For the year ended December 31, Year 2
For the year ended December 31, Year 1
Revenues
$ 7,500
$ 500
Expenses
1,500
Net Income
December 31, Year 2
December 31, Year 1
Assets
$ 16,500
$ 1,000
500
Liabilities
Stock
300
300
Retained Earnings
1.$
200
Assume Year1 is the company's first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After
determining the missing amounts ($
Earnings 1.$
in the above…
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The adjustment of overapplied manufacturing overhead cost results in all the following, EXCEPT:
O a. decrease in net operating income.
ed
O b. increase in net operating income.
out of
Oc.
decrease in cost of goods sold
O d. none of the given answers
stion
XYZ Company had the following information for the year:
red
Direct materials used
OMR 110,000
dout of
Direct labor incurred (5,000 hours)
OMR 150,000
Actual manufacturing overhead incurred
OMR 166,000
on
The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventc
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Anand Kalaimani Al Harthi SAOG located in Muscat Sultanate of Oman involved in manufacturing of
Drugs and Pharmaceutical Industry from 1981 to till now. The SAOG Company has provided the
following information for the months of September, October, November and December 2023.
Month
Sales
Material
Wages
Postage
Electrical
Other
September
Expense
Expense
10,000
6,000
350
1,200
1,000
5,000
October
12,500
7,500
550
2,400
2,000
6,000
November
13,600
8,200
850
3,600
3,000
5,500
December
19,400
9,000
950
4,800
4,000
3,200
Additional information:
a) Cash Balance on 1/10/2023 is RO X000000
b) Sales 25 per cent is for Cash in the same month. 50 per…
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Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
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ISBN:9781337619202
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Horngren's Cost Accounting: A Managerial Emphasis...
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ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
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ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
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ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education