For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com This Tutorial contains excel File which can be used to solve for any change in values Brief Exercise 7-1 Brief Exercise 7-7 Brief Exercise 7-14 Brief Exercise 7-15 Brief Exercise 8-4 (Part Level Submission) Brief Exercise 8-5 Brief Exercise 8-6 Multiple Choice Question 21

1. ACC 422 Final Exam Guide (New 2018, With EXCEL FILE, Score 29/30)
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This Tutorial contains excel File which can be used to solve for any change in values
Brief Exercise 7-1
Brief Exercise 7-7
Brief Exercise 7-14
Brief Exercise 7-15
Brief Exercise 8-4 (Part Level Submission)
Brief Exercise 8-5
Brief Exercise 8-6
Multiple Choice Question 21
Question 14
Brief Exercise 9-4
Exercise 9-4
Brief Exercise 10-6
Brief Exercise 10-8
Exercise 10-1

2. Question 9
Brief Exercise 11-8
Brief Exercise 12-2
Brief Exercise 12-8
Exercise 12-3
Brief Exercise 13-2
Brief Exercise 13-5
Brief Exercise 13-10
Brief Exercise 13-13
Brief Exercise 14-3
Brief Exercise 14-12
Brief Exercise 14-14
Brief Exercise 21-11
Exercise 21-1
Multiple Choice Question 99
Multiple Choice Question 70
Brief Exercise 7-1
Your answer is correct.
Vaughn Enterprises owns the following assets at December 31, 2017.
Cash in bank—
savings account
69,000
Checking account
balance
17,600

3. Cash on hand 9,030 Postdated checks 770
Cash refund due
from IRS
35,600
Certificates of
deposit (180-day)
94,570
What amount should be reported as cash?
Brief Exercise 7-7
Larkspur Family Importers sold goods to Tung Decorators for $40,800 on November 1,
2017, accepting Tung’s $40,800, 6-month, 6% note.
Prepare Larkspur’s November 1 entry, December 31 annual adjusting entry, and May 1
entry for the collection of the note and interest.
Brief Exercise 7-14
Recent financial statements of General Mills, Inc. report net sales of $12,442,000,000.
Accounts receivable are $912,000,000 at the beginning of the year and $953,000,000 at
the end of the year.
Brief Exercise 7-15
Indigo Company designated Jill Holland as petty cash custodian and established a petty
cash fund of $290. The fund is reimbursed when the cash in the fund is at $26, which it
is. Petty cash receipts indicate funds were disbursed for office supplies $92 and
miscellaneous expense $169.
Prepare journal entries for the establishment of the fund and the reimbursement.
Brief Exercise 8-4 (Part Level Submission)
Pharoah Company uses a periodic inventory system. For April, when the company
sold 500 units, the following information is available.
Units Unit Cost Total Cost
April 1 inventory 290 $32 $ 9,280
April 15 purchase 430 38 16,340
April 23 purchase 280 42 11,760
1,000 $37,380
Brief Exercise 8-6

4. Your answer is correct.
Sandhill Company uses a periodic inventory system. For April, when the company
sold 600 units, the following information is available.
Units Unit Cost Total Cost
April 1 inventory 270 $30 $ 8,100
April 15 purchase 440 36 15,840
April 23 purchase 290 39 11,310
1,000 $35,250
Compute the April 30 inventory and the April cost of goods sold using the LIFO method.
Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the
merchandise inventory of a retailer?
Question 14
A fire destroys all of the merchandise of Shamrock Company on February 10, 2017.
Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017 $432,200
Sales revenue to February 10, 2017 1,935,200
Purchases to February 10, 2017 1,104,580
Freight-in to February 10, 2017 59,180
Rate of gross profit on selling price 35%
What is the approximate inventory on February 10, 2017?
Exercise 9-4
Martinez Company began operations in 2017 and determined its ending inventory at cost
and at LCNRV at December 31, 2017, and December 31, 2018. This information is
presented below.
Cost
Net Realizable
Value

5. 12/31/17 $322,170 $299,520
12/31/18 409,250 390,440
(a) Prepare the journal entries required at December 31, 2017, and December 31, 2018,
assuming inventory is recorded at LCNRV and a perpetual inventory system using the
cost-of-goods-sold method.
Brief Exercise 10-6
Waterway Inc. purchased land, building, and equipment from Laguna Corporation for a
cash payment of $327,600. The estimated fair values of the assets are land $62,400,
building $228,800, and equipment $83,200. At what amounts should each of the three
assets be recorded?
Brief Exercise 10-8
Pearl Corporation traded a used truck (cost $29,600, accumulated depreciation $26,640)
for a small computer with a fair value of $4,884. Pearl also paid $740 in the transaction.
Prepare the journal entry to record the exchange. (The exchange has commercial
substance.)
Exercise 10-1
The expenditures and receipts below are related to land, land improvements, and
buildings acquired for use in a business enterprise. The receipts are enclosed in
parentheses.
(a)
Money borrowed to pay building contractor
(signed a note)
$(285,400)
(b) Payment for construction from note proceeds 285,400
(c) Cost of land fill and clearing 11,790
(d)
Delinquent real estate taxes on property
assumed by purchaser
7,300
(e)
Premium on 6-month insurance policy during
construction
8,580
(f)
Refund of 1-month insurance premium
because construction completed early
(1,430)
(g) Architect’s fee on building 26,200
(h)
Cost of real estate purchased as a plant site
(land $209,100 and building $52,900)
262,000
(i) Commission fee paid to real estate agency 8,970

6. (j) Installation of fences around property 3,770
(k) Cost of razing and removing building 11,710
(l)
Proceeds from salvage of demolished
building
(4,550)
(m)
Interest paid during construction on money
borrowed for construction
13,150
(n) Cost of parking lots and driveways 20,050
(o)
Cost of trees and shrubbery planted
(permanent in nature)
14,440
(p) Excavation costs for new building 2,700
Identify each item by letter and list the items in columnar form, using the headings shown
below. All receipt amounts should be reported in parentheses. For any amounts entered in
the Other Accounts column, also indicate the account title.
Question 9
Sage Company purchased machinery for $174,300 on January 1, 2017. It is estimated that
the machinery will have a useful life of 20 years, salvage value of $14,700, production of
81,900 units, and working hours of 44,000. During 2017, the company uses the
machinery for 11,440 hours, and the machinery produces 9,009 units. Compute
depreciation under the straight-line, units-of-output, working hours, sum-of-the-years’-
digits, and double-declining-balance methods.
Brief Exercise 11-8
Carla Company owns equipment that cost $1,008,000 and has accumulated depreciation
of $425,600. The expected future net cash flows from the use of the asset are expected to
be $560,000. The fair value of the equipment is $448,000.
Prepare the journal entry, if any, to record the impairment loss.
Brief Exercise 12-8
Concord Corporation purchased Johnson Company 3 years ago and at that time recorded
goodwill of $330,000. The Johnson Division’s net assets, including the goodwill, have a
carrying amount of $700,000. The fair value of the division is estimated to be
$668,000 and the implied goodwill is $298,000.
Prepare Concord journal entry to record impairment of the goodwill.
Exercise 12-3

7. Joni Marin Inc. has the following amounts reported in its general ledger at the end of the
current year.
Organization costs $24,400
Trademarks 16,900
Discount on bonds payable 37,400
Deposits with advertising agency for ads to
promote goodwill of company
12,400
Excess of cost over fair value of net
identifiable assets of acquired subsidiary
77,400
Cost of equipment acquired for research
and development projects; the
equipment has an alternative future use 87,400
Costs of developing a secret formula for a
product that is expected to
be marketed for at least 20 years 83,800
(a)
On the basis of this information, compute the total amount to be reported by Marin for
intangible assets on its balance sheet at year-end.
Brief Exercise 13-2
Ivanhoe Company borrowed $30,000 on November 1, 2017, by signing a $30,000, 8%, 3-
month note. Prepare Ivanhoe’s November 1, 2017, entry; the December 31, 2017, annual
adjusting entry; and the February 1, 2018, entry.
Brief Exercise 13-5
Riverbed Corporation made credit sales of $19,800 which are subject to 7% sales tax.
The corporation also made cash sales which totaled $28,462 including the 7% sales tax.
Prepare the entry to record Riverbed’s credit sales.
Brief Exercise 13-10
Windsor Inc. is involved in a lawsuit at December 31, 2017.
Prepare the December 31 entry assuming it is probable that Windsor will be liable for
$862,200 as a result of this suit.
Brief Exercise 13-13
Martinez Factory provides a 2-year warranty with one of its products which was first sold
in 2017. Martinez sold $930,400 of products subject to the warranty. Martinez expects

8. $124,050 of warranty costs over the next 2 years. In that year, Martinez spent $70,460
servicing warranty claims. Prepare Martinez’s journal entry to record the sales (ignore
cost of goods sold) and the December 31 adjusting entry, assuming the expenditures are
inventory costs.
Brief Exercise 14-3
The Skysong Company issued $260,000 of 10% bonds on January 1, 2017. The bonds are
due January 1, 2022, with interest payable each July 1 and January 1. The bonds were
issued at 98.
Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume
The Skysong Company records straight-line amortization semiannually.
Brief Exercise 14-12
Vaughn Corporation issued a 4-year, $55,000, 5% note to Greenbush Company on
January 1, 2017, and received a computer that normally sells for $44,762. The note
requires annual interest payments each December 31. The market rate of interest for a
note of similar risk is 11%.
Prepare Vaughn’s journal entries for (a) the January 1 issuance and (b) the December 31
interest.
Multiple Choice Question 99
On June 30, 2018, Sheridan Co. sold equipment to an unaffiliated company for
$2250000. The equipment had a book value of $1205000 and a remaining useful life of
10 years. That same day, Sheridan leased back the equipment at $12500 per month for 5
years with no option to renew the lease or repurchase the equipment. Sheridan’s rent
expense for this equipment for the year ended December 31, 2018, should be