ACC 421 Final Exam Wiley Plus

Topics: Income statement, Balance sheet, Generally Accepted Accounting Principles Pages: 4 (1095 words) Published: September 4, 2014
ACC 421 Final Exam Wiley Plus
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http://www.finalexamguide.com/ACC-421-WileyPlus-Final-Exam-102.htm 1. Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. 2. On July 1, 2012, Crowe Co. pays $19,628 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31. 3. Dresser Company's weekly payroll, paid on Fridays, totals $6,600. Employees work a 5-day week. Prepare Dresser's adjusting entry on Wednesday, December 31, and the journal entry to record the $6,600 cash payment on Friday, January 2. 4. Side Kicks has year-end account balances of Sales $890,660; Interest Revenue $16,870; Cost of Goods Sold $557,320; Operating Expenses $207,440; Income Tax Expense $36,370; and Dividends $20,744. Prepare the year-end closing entries. 5. Financial information exhibits the characteristic of consistency when

6. What is the relationship between the Securities and Exchange Commission and accounting standard setting in the United States?

7. Starr Co. had sales revenue of $632,600 in 2012. Other items recorded during the year were: Prepare a single-step income statement for Allen for 2012. Allen has 100,000 shares of stock outstanding. 8. Portman Corporation has retained earnings of $752,650 at January 1, 2012. Net income during 2012 was $1,751,960, and cash dividends declared and paid during 2012 totaled $78,100. Prepare a retained earnings statement for the year ended December 31, 2012. Assume an error was discovered: land costing $87,490 (net of tax) was charged to repairs expense in 2009. 9. On January 1, 2012, Richards Inc. had cash and common stock of $63,790. At that date the company had no other asset, liability or equity balances. On January 2, 2012, it purchased for cash $24,120 of equity securities...
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