Acc 291 Final Exam Uop A+ Course Tutorial

2573 words - 11 pages

NEW ACC 291 Final Exam

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 $30,000 at the beginning of
the year and end of year, ...view middle of the document...

What is the depreciation expense for year 2
under the double-declining-balance method of depreciation?
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ï‚·
ï‚·
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$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.

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Multiple Choice Question 146
Bonds with a face value of $300,000 and a quoted price of 97¼ have a selling
price of
ï‚·
ï‚·
ï‚·
ï‚·

$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?
ï‚·
ï‚·
ï‚·
ï‚·

$400,000
$420,700
$418,400
$381,600

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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
ï‚·

Legal Expense

14,400

ï‚·
ï‚·

ï‚·

Common Stock
Paid-in Capital in Excess of Par - Common
Legal Expense
Common Stock
Legal Expense
Common Stock
Paid-in Capital in Excess of Par - Common
Legal Expense
Common Stock

8,000
6,400
15,000
15,000
15,000
8,000
7,000
14,400
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
ï‚·
ï‚·
ï‚·
ï‚·

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 Retained Earnings for $500,000.
Paid-in Capital from Preferred Stock for $3,000,000.
Preferred Stock for $3,000,000.

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