ACCT 3320. REVIEW PROBLEM. Spring 2015Spring Company has the following opening account balances in its general ledger on January 1. All balances are normal balances. Spring uses all typical accounts used
by a merchandising business. Listed below are accou
Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations.
Apr-01 Tanner invests $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common
The following are the transactions for Candies Galore for the month of January.
During January the following transactions occurred:
8-Jan Purchased $5,900 of merchandise from The Chocolate Shop.
Terms 2/15, n/45, FOB shipping point. The Chocolate
072-115.Jeter03.QXD 7/14/03 7:17 PM Page 72
1. Understand the concept of control as used in reference to consolidations.
2. Explain the role of a noncontrolling interest in busines
6. Under a perpetual inventory system, when goods are returned to a retailer from a customer, _ is
debited and _ is credited.
A. Sales; Cost Goods Sold
B. Inventory; Sales
C. Sales Returns and Allowances; Cost of Goods Sold
D. Cost of Goods Sold; Sales Re
Analyzing and Recording
A Look Back
Chapter 1 defined accounting and
introduced financial statements. We
described forms of organizations and
identified users and uses of accounting.
We defined the accounting equation
1. Venture capitalists expect returns of 40% or more from their investments, because the
betas of start-up companies are very high.
Reason: Venture Capitalist invest in private start up companies due to the very speculative
Thousands of Debt Crisis both private and public exists in world today. There are
number of countries that are opposite to the problem of pending debt crisis. In the 20 th
century the developed world particularly United States is faced more with debt diff
If you are continuously notified for resting your password by your email service
provider, means someone had attempted attack on your personal information including
password. Most of the unauthorized breaches are successful when your password is
Cash vs. Accrual Accounting
Danny Klinefelter and Dean McCorkle*
Selecting a record-keeping system is an important decision for agricultural producers. The system should help with decision making in a risky envi
This brief contains two case analysis approaches: (I) a general approach and, (II)
an approach that focuses on the strategic aspects of case analysis.
OPTION I: A General Approach to Case Analysis
What is a Case St
The Statement of
After completing this chapter, you should be able to:
Briefly describe the evolution of the statement of cash flows.
State the purposes of the statement of cash flows.
Describe the types of cash flows sh
1) Special allocations of profits & losses are not permitted in which of the following entities?
Limited Liability Company
2) The ownership of interests in a PLLC generally will have more restrictions than
Interest Rates and
hat do Canadian Imperial Bank of Commerce,
companies have higher debt loads and lower bond
Domtar, Loblaw, Husky Energy, and Rogers
ratings than others. Bonds issued by such riskier
Communications all have in
Module Exam II: Chapter 14
1. On October 1 of the current year a corporation sold, at par plus accrued interest, $1,000,000 of its 12% bonds,
which were dated July 1 of this year. What amount of bond interest expense should the company report on its curre
ACC 102 Module Exam I, Chapter 10 and 13
1. A company purchased a truck on October 1 of the current year at a cost of $40,000. The truck is expected to last six years and has a salvage value of $2,200.
The company's annual accounting period ends on Decemb
Question 1: Given the fact pattern above, identify whether White should seek reductions in
variable or fixed costs for the greatest impact on the forecast.
Cost profit analysis for the Swiss Manufacturing company indicates declines in sales
volume, but it
Module Exam III Chapters 16 and 17
True / False Questions
1. The primary purpose of the statement of cash flows is to report all major cash receipts (inflows)
and cash payments (outflows) during a period. True
2. The statement of cash flows reports and pr
Module Exam 4: Chapters 18 and 22
1. For each of the characteristics below, identify whether it is a focus of financial accounting
or managerial accounting. Use the letter F to identify financial accounting and M to identify
Case Study of Respondent Superior
And Bona Fide Occupational Qualification Laws
Type your name
Type your Institution name or course title or no
Agency and Respondeat Superior
Respondeat superior is the set of guidelines that states that an em
1. What is the difference between macro economics and macro economics?
2. Suppose a Government official is trying to decide whether or not to allow more
immigration. Which of the following is not the aspect of the economic way of thinking that
Unit cost $70.00
$11.00 $17.00 $14.00
(11/27.50 (17/42.50 (14/35)
Arnold then calculated the mark-on fo
Limitations of Financial Analysis
The analysis of financial statement of a company is used by three different
groups, managers, creditors and investors for evaluation purpose. Though
the analysis can provide useful information concerning a companys
SE1: Advantages and disadvantages of a corporation
1. Ease of transfer of ownership:
3. Separate legal entity:
4. Lack of mutual agency:
5. Government regulations:
SE1: Advantages and disadvantages of a corporation
1. Ease of transfer of ownership: This is an advantage of a corporation. Transfer of ownership is very
easy by simply selling the stock.
2. Taxation: There is a possibility of double taxation on dividends
The following three questions only require one sentence (or sentence fragment)
1) Why would you be more (or less) willing to buy a share of Microsoft Stock in the
a) Your wealth falls
Ill be less willing to invest because I
Multiple Choice Practice1
The total return on a 5 percent coupon bond that initially sells for $1,000 and sells for $950 next year is
A consol(perpetual bond)paying $20 annually whe
Given the following , please calculate the Retained Earnings Balance as of 12/31/07:
Retained Earnings as of 12/31/10 of $450M
Dividends in '10 of $175M
Income in '08 of $50M
Income in '09 of $100M
Dividends in '09 of $75M
Loss in '10 of $2