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# Registro______ UNIVERSIDAD METROPOLITANA PROGRAMA AHORA Materia: Contabilidad Intermedia Parte II ACCO 202 Segundo Examen Parcial Nombre (Apellidos...

Please make sure of this answer because is my final exam, also note that at the end is are two problems to solve and there respective journal need step a a detail answer thank you  

# Registro______ Examen #2 – Profesor Carlos Álvarez Zengotita ACCO 202 (INTERMEDIA II) 1 UNIVERSIDAD METROPOLITANA PROGRAMA AHORA Materia: Contabilidad Intermedia Parte II ACCO 202 Segundo Examen Parcial Nombre (Apellidos Primero):________________________ Fecha: 5/6/ 2016 Número de Estudiante: _______________________ I. Assume that a company has the following situations existing at its year-end : ______a. Refundable deposits received from customers. ______b. Dividends in arrears on its cumulative preferred stock. ______c. Unearned interest included in the face amount of a note receivable. ______d. Estimated property taxes prior to receiving the tax bill. ______e. Future warranty costs, but the company uses the modified cash basis. ______f. A declared property dividend. ______g. Sick pay benefits that accumulate, but do not vest. ______h. Current portion of a long-term lease obligation that comes due next year. ______i. Current portion of a serial bond payable being paid from a sinking fund. ______j. Short-term debt that is being refinanced on a long-term basis. ______k. Derivative financial instruments which represent fair-value obligations Required: Use yes , no , or optional to indicate whether each situation should or should not be classified as a current liability, or if accrual is optional.
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# Registro______ Examen #2 – Profesor Carlos Álvarez Zengotita ACCO 202 (INTERMEDIA II) 2 II. Listed below are several types of contingencies : ______a. A company has signed as a guarantor of a loan that one of its key suppliers has taken out with a local bank. The probability of the supplier defaulting on the note is remote. ______b. The company is suing another firm for trademark infringement, and the probability of winning the case is excellent. The amount of any award can be reasonably estimated. ______c. The company has a significant distribution center in another country where it is reasonably possible that the warehouse will be expropriated. The amount of the loss can be reliably estimated. ______d. The company has a manufacturing plant in California near a major earthquake fault line. The company has no earthquake insurance and it is reasonably possible that a quake will occur. The amount of any loss can be reasonably estimated. ______e. The company is involved in another lawsuit where it is reasonably possible that the company will be found at fault, but the amount of the loss cannot be reasonably estimated. Required: Indicate whether the company should make an accrual, a footnote disclosure , or neither of these for each contingency. III. On January 1, 2016, a creditor has a $200,000 note receivable with an impaired value of $178,571.43 . The contract interest rate is 12% and the current market rate is 10% . The principal is due on December 31, 2019. Required: 1. Prepare the journal entry to record the 2016 interest revenue. 2. Prepare the journal entry to record the 2018 interest revenue. 3. Prepare the journal entry to record receipt of the final interest payment and principal.
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ACCOUNTING ANSWERS.xlsx

Column1
I
A
B
C
D
E
F
G
H
I
J
K
II
A
B
C
D
E Column2 Column3 Column4 yes
optional
yes
yes
optional
yes
optional
no
optional
optional
yes
Footneote disclosure
foot note disclosure
accrual
footnote...

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