ACC 291 ACC/291 Final Exam Correct 100% And Good Luck inEverything
1) Hahn Company uses the percentage of sales method for recordingbad debts expense. For the year, cash sales are $300,000 and creditsales are $1,200,000. Management estimates that 1% is the salespercentage to use. acc 291 final exam. What adjusting entry willHahn Company make to record the bad debts expense?
2) Using the percentage of receivables method for recording baddebts expense, estimated uncollectible accounts are $15,000. acc291 final exam. If the balance of the Allowance for DoubtfulAccounts is $3,000 credit before adjustment, what is the amount ofbad debts expense for that period?
3) Intangible assets
4) Intangible assets are the rights and privileges that result fromownership of long-lived assets that
5) The book value of an asset is equal to the
6) Gains on an exchange of plant assets that has commercialsubstance are
7) Ordinary repairs are expenditures to maintain the operatingefficiency of a plant asset and are referred to as
8) Costs incurred to increase the operating efficiency or usefullife of a plant asset are referred to as
9) When an interest-bearing note matures, the balance in the NotesPayable account is
10) The interest charged on a $200,000 note payable, at a rate of6%, on a 2-month note would be
11) If a corporation issued $3,000,000 in bonds which pay 10%annual interest, what is the annual net cash cost of this borrowingif the income tax rate is 30%?
12) Hilton Company issued a four-year interest-bearing note payablefor $300,000 on January 1, 2011. acc 291 final exam. Each Januarythe company is required to pay $75,000 on the note. How will thisnote be reported on the December 31, 2012 balance sheet?
13) A corporation issued $600,000, 10%, 5-year bonds on January 1,2011 for 648,666, which reflects an effective-interest rate of 8%.Interest is paid semiannually on January 1 and July 1. acc 291final exam. If the corporation uses the effective-interest methodof amortization of bond premium, the amount of bond interestexpense to be recognized on July 1, 2011, is
14) When the effective-interest method of bond discountamortization is used
15) If a corporation has only one class of stock, it is referred toas
16) Capital stock to which the charter has assigned a value pershare is called
17) ABC, Inc. has 1,000 shares of 5%, $100 par value, cumulativepreferred stock and 50,000 shares of $1 par value common stockoutstanding at December 31, 2011. acc 291 final exam. What is theannual dividend on the preferred stock?
18) Manner, Inc. has 5,000 shares of 5%, $100 par value,noncumulative preferred stock and 20,000 shares of $1 par valuecommon stock outstanding at December 31, 2011. acc 291 final exam.There were no dividends declared in 2010. acc 291 final exam. Theboard of directors declares and pays a $45,000 dividend in 2011.What is the amount of dividends received by the common stockholdersin 2011?
19) When the selling price of treasury stock is greater than itscost, the company credits the difference to
20) The purchase of treasury stock
21) Marsh Company has other operating expenses of $240,000. Therehas been an increase in prepaid expenses of $16,000 during theyear, and accrued liabilities are $24,000 lower than in the priorperiod. acc 291 final exam. Using the direct method of reportingcash flows from operating activities, acc 291 final exam what wereMarsh’s cash payments for operating expenses?
22) Where would the event purchased land for cash appear, if atall, on the indirect statement of cash flows?
23) In performing a vertical analysis, the base for cost of goodssold is
24) Blanco, Inc. has the following income statement (inmillions):
BLANCO, INC.
Income Statement
For the Year Ended December 31, 2011
Net Sales ………………………… $200
Cost of Goods Sold ………………………… 120
Gross Profit ………………………… 80
Operating Expenses ………………………… 44
Net Income ………………………… $ 36
Using vertical analysis, what percentage is assigned to NetIncome?
25) Dawson Company issued 500 shares of no-par common stock for$4,500. acc 291 final exam, Which of the following journal entrieswould be made if the stock has a stated value of $2 per share?
26) Andrews, Inc. paid $45,000 to buy back 9,000 shares of its $1par value common stock. This stock was sold later at a sellingprice of $6 per share. acc291 final exam. The entry to record thesale includes a
27) Which of the following is a fundamental factor in having aneffective, ethical corporate culture?
28) Two individuals at a retail store work the same cash register.You evaluate this situation as
29) The Sarbanes-Oxley Act imposed which new penalty forexecutives?
30) The Sarbanes-Oxley Act requires that all publicly tradedcompanies maintain a system of internal controls. Internal controlscan be defined as a plan to
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