additional final practice problems

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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng COMM 293 Final Practice Problems Chapter 9 – Plant Assets, Natural Resources, and Intangible Assets Question 1: Yello Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2022, at a cost of $148,000. Over its 4-year useful life, the bus is expected to be driven 100,000 miles. Salvage value is expected to be $8,000. a) Compute the depreciable cost per unit. b) Prepare a depreciation schedule assuming actual mileage was: 2022, 26,000; 2023, 32,000; 2024, 25,000; and 2025, 17,000. Question 2: Rottino Company purchased a new machine on October 1, 2022, at a cost of $150,000. The company estimated that the machine will have a salvage value of $12,000. The machine is expected to be used for 10,000 working hours during its 5-year life. Compute the depreciation expense under the following methods for the year indicated: a) Straight-line for 2022. b) Units-of-activity for 2022, assuming machine usage was 1,700 hours.
Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng c) Declining-balance using double the straight-line rate for 2022 and 2023. Question 3: Linton Company purchased a delivery truck for $34,000 on January 1, 2022. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in 2023. a) Compute depreciation expense for 2022 and 2023 using (1) the straight-line method, (2) the units- of-activity method, and (3) the double-declining-balance method, b) Assume that Linton uses the straight-line method. Prepare the Journal entry to record 2022 depreciation expense. Show how the truck would be reported in the December 31, 2022, balance sheet.
Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 4: Victor Mineli, the new controller of Santorini Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type of Asset Date acquired Cost Accumulated Depreciation, Jan. 1, 2022 Useful Life (years) Salvage Value Old Proposed Old Proposed Building Jan. 1, 2014 $700,000 $130,000 40 58 $50,000 $35,000 Warehouse Jan. 1, 2017 120,000 23,0000 25 20 5,000 3,600 All assets are depreciated by the straight-line method. Santorini Company uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.) a) Compute the revised annual depreciation on each asset in 2022. b) Prepare the entry (or entries) to record depreciation on the building in 2022.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 5: Here are selected 2022 transactions of Akron Corporation. Jan. 1: Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,000 and had a useful life of 10 years with no salvage value. Jun. 30: Sold a computer that was purchased on January 1, 2020. The computer cost $36,000 and had a useful life of 3 years with no salvage value. The computer was sold for $5,000 cash. Dec. 31: Sold a delivery truck for $9,000 cash. The truck cost $25,000 when it was purchased on January 1, 2019, and was depreciated based on a 5-year useful life with a $4,000 salvage value. a) Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Akron Corporation uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). Question 6: Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $5,000 and an estimated useful life of 5 years. Prepare Pryce Company's journal entries to record the sale of the equipment in these four independent situations:
Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng a) Sold for $31,000 on January 1, 2022. b) Sold for $31,000 on May 1, 2022. c) Sold for $11,000 on January 1, 2022. d) Sold for $11,000 on October 1, 2022.
Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 7: In recent years, Jayme Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. For the declining-balance method, Jayme Company uses the double-declining rate. For the units-of- activity method, total machine hours are expected to be 30,000. Actual hours of use in the first 3 years were 2021, 800; 2022, 4,500; and 2023, 6,000. a) Compute the amount of accumulated depreciation on each machine at December 31, 2023. b) If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2021? In 2022?
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 8: On January 1, 2022, Evers Company purchased the following two machines for use in its production process: Machine A: The cash price of this machine was $48,000. Related expenditures also paid in cash included: sales tax $1,700, shipping costs $150, insurance during shipping $80, installation and testing costs $70, and $100 of oil and lubricants to be used with the machinery during its first year of operations. Evers estimates that the useful life of the machine is 5 years with a $5,000 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. Machine B: The recorded cost of this machine was $180,000. Evers estimates that the useful life of the machine is 4 years with a $10,000 salvage value remaining at the end of that time period. a) Prepare the following for Machine A: the journal entry to record its purchase on January 1, 2022, and the journal entry to record annual depreciation at December 31, 2022. b) Calculate the amount of depreciation expense that Evers should record for Machine B each year of its useful life under the following assumptions: Evers uses the straight-line method of depreciation. Evers uses the declining-balance method. The rate used is twice the straight-line rate.
Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Evers uses the units-of-activity method and estimates that the useful life of the machine is 125,000 units. Actual usage is as follows: 2022, 45,000 units; 2023, 35,000 units; 2024, 25,000 units; and 2025, 20,000 units. c) Which method used to calculate depreciation on machine B reports the highest amount of depreciation expense in year 1 (2022)? The highest amount in year 4 (2025)? The highest total amount over the 4-year period? Question 9: At the beginning of 2020, Mazzaro Company acquired equipment costing $120,000. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $12,000 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year. During 2022 (the third year of the equipment's life), the company's engineers reconsidered their expectations and estimated that the equipment's useful life would probably be 7 years (in total) instead of 6 years. The estimated salvage value was not changed at that time. However, during 2025, the estimated salvage value was reduced to $5,000. Indicate how much depreciation expense should be recorded each year for this equipment, by completing the following table.
Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 10: At December 31, 2022, Arnold Corporation reported the following plant assets: During 2023, the following selected cash transactions occurred: a) Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2023 transactions.) Arnold uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng b) Record adjusting entries for depreciation for 2023. c) Prepare the plant assets section of Arnold’s balance sheet at December 31, 2023. Question 11: Ceda Co. has equipment that cost $80,000 and that has been depreciated $50,000. a) Record disposal if it was discarded with no cash received. b) Record disposal if it was sold for $21,000. c) Record disposal if it was sold for $31,000.
Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 12: The intangible assets section of Amato Corporation’s balance sheet at December 31, 2022, is presented here: The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. a) Prepare journal entries to record the transactions. b) Prepare journal entries to record the 2023 amortization expense for intangible assets.
Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng c) Prepare the intangible assets section of the balance sheet at December 31, 2023. d) Prepare the note to the financial statements on Amato Corporation’s intangible assets as of December 31, 2023. Question 13: Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Inland Corporation. 1) Inland developed a new manufacturing process, incurring research and development costs of $160,000. The company also purchased a patent for $40,000. In early January, Inland capitalized $200,000 as the cost of the patents. Patent amortization expense of $10,000 was recorded based on a 20-year useful life. 2) On July 1, 2022, Inland purchased a small company and as a result recorded goodwill of $80,000. Inland recorded a half-year's amortization in 2022, based on a 20-year life ($2,000 amortization). a) Prepare all journal entries necessary to correct any errors made during 2022. Assume the books have not yet been closed for 2022.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Chapter 10 –Liabilities Question 1: C.S. Lewis Company had the following transactions involving notes payable. a) Prepare journal entries for each of the transactions.
Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 2: On June 1, Marchon Company Ltd. Borrows $60,000 from Acme Bank on a 6-month, $60,000, 8% note. The note matures on December 1. a) Prepare the entry on June 1. b) Prepare the adjusting entry on June 30. c) Prepare the entry at maturity, assuming monthly adjusting entries have been made through November 30. d) What was the total financing cost (interest expense)?
Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 3: Season tickets for the Dingos are priced at #320 and include 16 home games. An equal amount of revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was $1,728,000. By the end of October, $1,188,000 of the Unearned Ticket Revenue had been recognized as revenue. a) How many season tickets did the Dingos sell? b) How many home games had the Dingos played by the end of October? c) Prepare the entry for the initial recording of the Unearned Ticket Revenue. d) Prepare the entry to recognize the revenue after the first home game had been played.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 4: Cassini Company Ltd. publishes a monthly sports magazine, Fishing Preview . Subscriptions to the magazine cost $28 per year. During November 2022, Cassini sells 6,300 subscriptions for cash, beginning with the December issue. Cassini prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end. a) Prepare the entry in November for the receipt of the subscriptions. b) Prepare the adjusting entry at December 31, 2022, to record subscription revenue in December 2022. c) Prepare the adjusting entry at March 31, 2023, to record subscription revenue in the first quarter of 2023. Question 5: On August 1, 2022, Gonzaga Corporation issued $600,000, 7%, 10-year bonds at face value. Interest is payable annually on August 1. Gonzaga’s year-end is December 31. Prepare journal entries to record the following: a) The issuance of the bonds.
Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng b) The annual accrual of interest on December 31, 2022. c) The payment of interest on August 1, 2023. Question 6: On January 1, Kirkland Company issued $300,000, 8%, 10-year bonds at face value. Kirkland’s year-end is December 31. Interest is payable annually on January 1. Prepare journal entries to record the following: a) The issuance of the bonds. b) The annual accrual of interest on December 31. c) The payment of interest on January 1.
Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 7: The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Interest on all notes is paid at maturity. a) Prepare journal entries for the listen transactions and events.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng b) Post to the accounts Notes Payable, Interest Payable, and Interest Expense. c) Show the balance sheet presentation of notes and interest payable at December 31, 2022. d) What is total interest expense for the year? Question 8: On October 1, 2021, Kristal Corp. issued $700,000, 5%, 10-year bonds at face value. The bonds were dated October 1, 2021, and pay interest annually on October 1. Financial states are prepared annually on December 31. a) Prepare the journal entry to record the issuance of the bonds. b) Prepare the adjusting entry to record the accrual of interest on December 31, 2021.
Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng c) Show the balance sheet presentation of bonds payable and bond interest payable on December 31, 2021. d) Prepare the journal entry to record the payment of interest on October 1, 2022. e) Prepare the adjusting entry to record the accrual of interest on December 31, 2022. f) Assume that on January 1, 2023, Kristal pays the accrued bond interest and calls the bonds. The call price is 104. Record the payment of interest and redemption of the bonds.
Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 9: Malcom Company sold $6,000,000, 7%, 15-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest each December 31. The bonds were sold at 98. a) Prepare the journal entry to record the issuance of the bonds on January 1, 2022. b) At December 31, 2022, $8,000 of the bond discount had been amortized. Show the long-term liability balance sheet presentation of the bond liability at December 31, 2022. c) At January 1, 2024, when the carrying value of the bonds was $5,896,000, the company redeemed the bonds at 102. Record the redemption of the bonds assuming that interest for the year had already been paid.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 10: Ehler Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2022, Ehler had the following transactions related to notes payable. Interest on all notes is paid at maturity. a) Prepare journal entries for the above transactions.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng b) Post the above entries to the Notes Payable, Interest Payable, and Interest Expense T-accounts. c) Show the balance sheet presentation of notes payable and interest payable at December 31. d) How much interest expense relating to notes payable did Ehler incur during the year?
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Chapter 11 – Shareholder’s Equity Question 1: Newland Company reported retained earnings at December 31, 2021, of $330,000. Newland had 200,000 shares of common stock outstanding at the beginning of 2022. The following transactions occurred during 2022: a) Complete the ending balance in retained earnings at the end of 2022. Question 2: Suppose the following financial information is available for Walgreens: a) Calculate the payout ratio and return on common stockholder’s equity for 2022 and 2021. Comment on your findings.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Chapter 12 – The Statement of Cash Flows Question 1: Kiley Corporation had these transactions during 2022: a) Analyze the transactions and indicate whether each transaction is an operating activity, investing activity, financing activity, or noncash investing and financing activity. Question 2: An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Hailey Corp. uncovered the following items. Assume all items involve cash unless there is information to the contrary. a) Indicate where each item should be presented in the statement of cash flows (indirect method) using these four major classifications: operating activity (that is, the item would be listed among the adjustments to net income to determine net cash provided by operating activities under the indirect method), investing activity, financing activity, or significant noncash investing and financing activity.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 3: Sosa Company reported net income of $190,000 for 2022. Sosa also reported depreciation expense of $35,000 and a loss of $5,000 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 increase in prepaid expenses. a) Prepare the operating activities section of the statement of cash flows for 2022. Use the indirect method.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 4: The current sections of Sunn Inc.’s balance sheets at December 31, 2021 and 2022 are presented here. Sunn’s net income for 2022 was $153,000. Depreciation expense was $27,000. a) Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 5: The following information is available for Stamos Corporation for the year ended December 31, 2022: a) Prepare a statement of cash flows using the indirect method.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 6: Rewe Company’s income statement contained the following condensed information: Rewe’s balance shets contained the following comparative data at December 31. Accounts payable pertain to operating expenses. a) Prepare the operating activities section of the statement of cash flows using the indirect method.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Chapter 13 – Financial Statement Analysis Question 1: Here is financial information for Glitter Inc: a) Prepare a schedule showing a horizontal analysis for 2022, using 2021 as the base year.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 2: Operating data for Joshua Corporation are presented as follows: a) Prepare a scheduling showing a vertical analysis for 2022 and 2021.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 3: Hypothetical comparative condensed balance sheets of Nike, Inc. are presented here: a) Prepare a horizontal analysis of the balance sheet data for Nike, using 2021 as a base. (Show the amount of increase or decrease as well.) b) Prepare a vertical analysis of the balance sheet data for Nike for 2022.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 4: Here are the comparative condensed income statements of Delaney Corporation: a) Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2021 as a base. (Show the amounts of increase or decrease.) b) Prepare a vertical analysis of the income statement data for Delaney Corporation for both years.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 5: Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2022 are presented below. For the year, net credit sales were $8,258 million, cost of goods sold wits $5,328 million, and net cash provided by operating activities was $1,251 million. a) Compute the current ratio, accounts receivable turnover, average collection period, inventory turnover, and days in inventory for the current year.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 6: Gwynn Incorporated had the following transactions involving current assets and current liabilities during February 2020. Additional information: As of February 1, 2022, current assets were $120,000 and current liabilities were $40,000. a) Compute the current ratio as of the beginning of the month and after each transaction
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 7: Lendell Company had these comparative balance sheet data: Additional information for 2022: Compute the following ratios at December 31, 2022: a) Current ratio. b) Accounts receivable turnover. c) Average collection period.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng d) Inventory turnover. e) Days in inventory. f) Free cash flow. Question 8: Selected hypothetical comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal year (in millions). Compute the following ratios for 2022: a) Profit margin.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng b) Asset turnover. c) Return on assets. d) Return on common stockholders’ equity. e) Gross profit rate.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 9: The condensed financial statements of Ness Company for the years 2021 and 2022 are as follows: Compute the following ratios for 2022 and 2021: a) Current ratio.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng b) Inventory turnover (inventory on December 31, 2020, was $340). c) Profit margin. d) Return on assets (assets on December 31, 2020, were $1,900). e) Return on common stockholders’ equity (stockholders’ equity – common on December 31, 2020, was $900).
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng f) Debt to assets ratio. g) Times interest earned.
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Financial Accounting (COMM 293) Term: 2022S1, Instructor: Xin Zheng Question 10: Here are comparative financial statement data for Duke Company and Lord Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. a) Prepare a vertical analysis of the 2022 income statement data for Duke Company and Lord Company. b) Comment on the relative profitability of the companies by coming the 2022 return on assets and the return on common stockholders’ equity for both companies
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