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Scroll Down to See Details of the Questions Transactions for Mehta
Company for the month of May are presented below. Prepare journal
entries for each of these transactions. On July 1, 2014, Crowe Co. pays
$15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both
companies have fiscal years ending December 31. For Crowe Co.,
journalize the entry on July 1 and the adjusting entry on December 31.
Dresser Company’s weekly payroll, paid on Fridays, totals $8,000.
Employees work a 5-day week. Prepare Dresser’s adjusting entry on
Wednesday, December 31, and the journal entry to record the $8,000
cash payment on Friday, January 2 Side Kicks has year-end account
balances of Sales Revenue $808,900; Interest Revenue $13,500; Cost of
Goods Sold $556,200; Administrative Expenses $189,000; Income Tax
Expense $35,100; and Dividends $18,900. Prepare the year-end closing
entrie To convert cash receipts from customers to revenue on an
accrual basis, the following adjustments are made: Cash receipts from
customers Subtract beginning A/R Add ending A/R Add beginning
Unearned Service Revenue Subtract ending Unearned Service Revenue
At the time a company prepays a cost Starr Co. had sales revenue of
$540,000 in 2014. Other items recorded during the year were Portman
Corporation has retained earnings of $675,000 at January 1, 2014. Net

income during 2014 was $1,400,000, and cash dividends declared and
paid during 2014 totaled $75,000. Prepare On January 1, 2014, Richards
Inc. had cash and common stock of $60,000. At that date, the company
had no other asset, liability, or equity balances. On January 2, 2014, it
purchased for cash $20,000 of equity securities that it classified as
available-for-sale. It received cash dividends of $3,000 during the year
on these securities. Harding Corporation has the following accounts
included in its December 31, 2014, trial balance: Accounts Receivable
$110,000; Inventory $290,000; Allowance for Doubtful Accounts
$8,000; Patents $72,000; Prepaid Insurance $9,500; Accounts Payable
$77,000; Cash $30,000. Patrick Corporation’s adjusted trial balance
contained the following asset accounts at December 31, 2014: Prepaid
Rent $12,000; Goodwill $50,000; Franchise Fees Receivable $2,000;
Franchises $47,000; Patents $33,000; Trademarks $10,000 Hawthorn
Corporation’s adjusted trial balance contained the following accounts
at December 31, 2014: Retained Earnings $120,000; Common Stock
$750,000; Keyser Beverage Company reported the following items in
the most recent year. Ames Company reported 2014 net income of
$151,000. During 2014, accounts receivable increased by $13,000 and
accounts payable increased by $9,500. Depreciation expense was
$44,000. Martinez Corporation engaged in the following cash
transactions during 2014. Martinez Corporation engaged in the
following cash transactions during 2014. A comparative balance sheet
for Shabbona Corporation is presented below. Chris Spear invested
$15,000 today in a fund that earns 8% compounded annually. (Use the
tables below.) Amy Monroe wants to create a fund today that will
enable her to withdraw $25,000 per year for 8 years, with the first
withdrawal to take place 5 years from today Zach Taylor is settling a

$20,000 loan due today by making 6 equal annual payments of
$4,727.53. (Use the tables below.) Alan Jackson invests $20,000 at 8%
annual interest, leaving the money invested without withdrawing any
of the interest for 8 years. At the end of the 8 years, Alan withdraws the
accumulated amount of money. Guillen, Inc. began work on a
$7,000,000 contract in 2014 to construct an office building. Guillen uses
the completed-contract method. At December 31, 2014, the balances in
certain accounts were Construction in Process $1,715,000; Accounts
Receivable $240,000; and Billings on Construction in Process
$1,000,000. Lazaro Inc. sells goods on the installment basis and uses
the installment-sales method. Due to a customer default, Lazaro
repossessed merchandise that was originally sold for $800, resulting in
a gross profit rate of 40%. At the time of repossession, the uncollected
balance is $520, and the fair value of the repossessed merchandise is
$275 Morlan Corporation is preparing its December 31, 2014, financial
statements. Two events that occurred between December 31, 2014,
and March 10, 2015, when the statements were issued, are described
below. Foley Corporation has seven industry segments with total
revenues as follows. Operating profits and losses for the seven industry
segments of Foley Corporation are: Heartland Company’s budgeted
sales and budgeted cost of goods sold for the coming year are
$144,000,000 and $99,000,000, respectively. Short-term interest rates
are expected to average 10%. If Heartland can increase inventory
turnover from its present level of 9 times a year to a level of 12 times
per year. The payout ratio is calculated by dividing Presented below are
four segments that have been identified by Haley Productions: At
December 31, 2014, Grinkov Corporation had the following account
balances. Indicate how these accounts would be reported in Grinkov’s

December 31, 2014, balance sheet. The 2013 accounts are collectible in
2015, and the 2014 accounts are collectible in 2016. Brief Exercise 3-1
Brief Exercise 3-3 Brief Exercise 3-7 Brief Exercise 3-11 Practice
Question 41 Multiple Choice Question 56 Brief Exercise 4-1 Brief
Exercise 4-10 Brief Exercise 4-11 Brief Exercise 5-1 Brief Exercise 5-6
Brief Exercise 5-10 Brief Exercise 5-12 Brief Exercise 5-13 Brief Exercise
5-14 Brief Exercise 5-16 Exercise 5-16 Brief Exercise 6-1 Brief Exercise 6-
14 Brief Exercise 6-17 Exercise 6-2 Brief Exercise 18-10 Brief Exercise
18-13 Brief Exercise 24-3 (Essay) Brief Exercise 24-5 Brief Exercise 24-6
Brief Exercise 18-14 Multiple Choice Question 56
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ACC 421 Final Exam Guide (New)
Number of Questions 30 Score atleast 90% easily with our EXCEL SHEET
for any values (EVEN IF VALUES CHANGES) of below mentioned
Question Exercise 129 Prepare the necessary adjusting journal entries
indicated by each item for the year ended December 31, 2017. Exercise
132 1. An income statement. 2. A retained earnings statement. 3. A
balance sheet. Brief Exercise 3-2 Splish Repair Shop had the following
transactions during the first month of business as a proprietorship.

Journalize the transactions Brief Exercise 3-8 Included in Novak
Company’s December 31 trial balance is a note receivable of $12,360.
The note is a 4-month, 10% note dated October 1. Prepare Novak’s
December 31 adjusting entry to record $309 of accrued interest, and
the February 1 journal entry to record receipt of $12,772 from the
borrower. Brief Exercise 4-3 Kingbird Corporation had net sales of
$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbird’s tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation. Exercise 4-2 Presented below is information
related to Windsor Company at December 31, 2017, the end of its first
year of operations. (a) Income from operations (b)Net income (c)
Comprehensive income (d) Retained earnings balance at
December 31, 2017 Brief Exercise 4-7 Sheffield Company has recorded
bad debt expense in the past at a rate of 1.5% of accounts receivable,
based on an aging analysis. In 2017, Sheffield decides to increase its
estimate to 2%. If the new rate had been used in prior years,
cumulative bad debt expense would have been $383,900 instead of
$298,500. In 2017, bad debt expense will be $132,400 instead of
$96,720. If Sheffield’s tax rate is 29%, what amount should it report as
the cumulative effect of changing the estimated bad debt rate? Exercise
104 Presented below are changes in the account balances of Wenn
Company during the year, except for retained earnings. (a) Compute
the net income for the current year. Question 13 The Marin, Inc. sold
10,350 season tickets at $2,040 each. By December 31, 2017, 16 of the

40 home games had been played. What amount should be reported as
a current liability at December 31, 2017? Brief Exercise 5-2 Martinez
Corporation’s adjusted trial balance contained the following asset
accounts at December 31, 2017: Cash $9,750, Land $45,600, Patents
$17,100, Accounts Receivable $94,270, Prepaid Insurance $5,640,
Inventory $39,400, Allowance for Doubtful Accounts $4,500, and Equity
Investments (trading) $11,570.Prepare the current assets section of the
balance sheet Brief Exercise 5-8 Included in Sunland Company’s
December 31, 2017, trial balance are the following accounts: Accounts
Payable $221,400, Pension Liability $380,600, Discount on Bonds
Payable $31,100, Unearned Rent Revenue $43,600, Bonds Payable
$406,600, Salaries and Wages Payable $29,000, Interest Payable
$13,460, and Income Taxes Payable $30,460. Brief Exercise 5-9 Included
in Windsor Company’s December 31, 2017, trial balance are the
following accounts: Accounts Payable $249,600, Pension Liability
$376,400, Discount on Bonds Payable $29,400, Unearned Rent Revenue
$47,100, Bonds Payable $409,200, Salaries and Wages Payable $27,100,
Interest Payable $13,990, and Income Taxes Payable $36,700. Brief
Exercise 5-13 Sarasota Company reported 2017 net income of
$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700. Brief Exercise 5-14 Compute the net cash provided (used) by
investing activities. Brief Exercise 5-15 Compute the net cash used
(provided) by financing activities. 7. Brief Exercise 6-2 What amount
must he invest today if his investment earns 12% compounded
annually? What amount must he invest if his investment earns 12%
annual interest compounded quarterly? Brief Exercise 6-6 How much
must he invest at the end of each year, at 8% interest, to meet his

needs? Brief Exercise 6-15 What amount will Pearl receive when it
issues the bonds? Exercise 6-12 In which building would you
recommend that The Sheridan Inc. locate, assuming a 12% cost of
funds? Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal
entries for Swifty related to this contract. Either party may terminate
the contract without compensation until one of the parties performs.
Brief Exercise 18-8 Presented below are three revenue recognition
situations. (a) Groupo sells goods to MTN for $932,000, payment due
at delivery. (b) Groupo sells goods on account to Grifols for $753,000,
payment due in 30 days. (c)Groupo sells goods to Magnus for $537,000,
payment due in two installments, the first installment payable in 18
months and the second payment due 6 months later. The present value
of the future payments is $499,700. Brief Exercise 18-10 (a) Prepare the
journal entries for Kingbird on March 1, 2017. (b) Prepare the journal
entries for Kingbird on December 31, 2017. Brief Exercise 18-13 Prepare
Carla’s journal entries to record (a) the sale on July 10, 2017, and (b)
$84,200 of returns on October 11, 2017, and on October 31, 2017.
Assume that Carla prepares financial statement on October 31, 2017.
Question 17 Classify the following items as (1) operating, (2) investing,
(3) financing, or (4) significant noncash investing and financing
activities, using the direct method. Brief Exercise 23-1 Novak
Corporation is preparing its 2017 statement of cash flows, using the
indirect method. Presented below is a list of items that may affect the
statement. Using the code below, indicate how each item will affect

Novak’s 2017 statement of cash flows. Brief Exercise 23-7 Whispering
Corporation had January 1 and December 31 balances as follows. Brief
Exercise 23-8 In 2017, Martinez Corporation had net cash provided by
operating activities of $511,000, net cash used by investing activities of
$992,000, and net cash provided by financing activities of $570,000. At
January 1, 2017, the cash balance was $330,000. Brief Exercise 23-9
Teal Corporation had the following 2017 income statement. (a) Prepare
Teal’s cash flows from operating activities section of the statement of
cash flows using the direct method. (b) Prepare Teal’s cash flows from
operating activities section of the statement of cash flows using the
indirect method. Brief Exercise 24-8 (a) The current ratio of a company
is 5:1 and its acid-test ratio is 1:1. If the inventories and prepaid items
amount to $530,000, what is the amount of current liabilities? (b) A
company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the
same this year as last and inventory turnover is 8 this year, what will
average inventory have to be during the current year? (c) A company
has current assets of $90,000 (of which $44,000 is inventory and
prepaid items) and current liabilities of $44,000. What is the current
ratio? What is the acid-test ratio? If the company borrows $14,000 cash
from a bank on a 120-day loan, what will its current ratio be? What will
the acid-test ratio be? (d) A company has current assets of $628,000
and current liabilities of $255,000. The board of directors declares a
cash dividend of $195,000. What is the current ratio after the
declaration but before payment? What is the current ratio after the
payment of the dividend? Exercise 24-3 Kingbird Company is involved in
four separate industries. The following information is available for each

of the four industries. (a) Revenue test. (b) Operating profit (loss)
test. (c) Identifiable assets test.
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ACC 421 Final Exam Guide
Question 1 Transactions for Mehta Company for the month of May are
presented below. May 1 B.D. Mehta invests $3,054 cash in exchange for
common stock of Mehta Company, a small welding corporation. 3 Buys
equipment on account for $1,547. Question 2 On July 1, 2012, Crowe
Co. pays $19,796 to Zubin Insurance Co. for a 3-year insurance contract.
Both companies have fiscal years ending December 31. For Crowe Co.
Question 3 Dresser Company's weekly payroll, paid on Fridays, totals
$12,000. Employees work a 5-day week. Prepare Dresser's adjusting
entry on Wednesday, December 31, and the Question 4 Side Kicks has
year-end account balances of Sales $876,990; Interest Revenue
$17,650; Cost of Goods Sold $577,500; Operating Expenses $200,240;
Income Tax Expense Question 5 Financial information exhibits the
characteristic of consistency when: Question 6 What is the relationship
between the Securities and Exchange Commission and accounting
standard setting in the United States? Question 7 Starr Co. had sales

revenue of $609,500 in 2012. Other items recorded during the year
were: Cost of goods sold $326,100 Wage expense 125,100 Income tax
expense 28,000 Question 8 Portman Corporation has retained earnings
of $688,540 at January 1, 2012. Net income during 2012 was
$1,749,750, and cash dividends declared and paid during 2012 totaled
Question 9 On January 1, 2012, Richards Inc. had cash and common
stock of $63,640. At that date the company had no other asset, liability
or equity balances. On January 2, 2012, it purchased for cash $24,740 of
equity securities that it classified as available-for-sale. It received cash
dividends of $3,300 net of tax during the year on these securities. In
Question 10 Armstrong Corporation reported the following for 2012:
net sales $1,249,000; cost of goods sold $757,900; selling and
administrative expenses $325,400; and an unrealized Question 11
Guillen, Inc. began work on a $7,017,700 contract in 2012 to construct
an office building. Guillen uses the completed-contract method. At
December 31, 2012, the Question 12 Lazaro, Inc. sells goods on the
installment basis and uses the installment-sales method. Due to a
customer default, Lazaro repossessed merchandise that was originally
sold for Question 13 Harding Corporation has the following accounts
included in its December 31, 2012, trial balance: Accounts Receivable
$110,240; Inventories $296,950; Allowance for Doubtful Question 14
Patrick Corporation's adjusted trial balance contained the following
asset accounts at December 31, 2012: Prepaid Rent $16,220; Goodwill
$59,100; Franchise Fees Receivable Question 15 Hawthorn
Corporation's adjusted trial balance contained the following accounts
at December 31, 2012: Retained Earnings $126,760; Common Stock
$700,260; Bonds Question 16 Keyser Beverage Company reported the
following items in the most recent year. Net income $45,190 Dividends

paid 5,770 Increase in accounts receivable 10,140 Question 17 Linden
Corporation is preparing its December 31, 2012, financial statements.
Two events thatoccurred between December 31, 2012, and March 10,
2013, when the Question 18 Roder Corporation has seven industry
segments with total revenues as follows. Penley $1,827 Cheng $609
Konami 2,088 Takuhi 522 KSC 696 Molina 2,175 Red Moon Question 19
Operating profits and losses for the seven industry segments of Roder
Corporation are: Penley $234 Cheng $(54) Question 20 Which of the
following events will appear in the cash flows from financing activities
section of the statement of cash flows? Question 21 Heartland
Company's budgeted sales and budgeted cost of goods sold for the
coming year are $146,550,000 and $35,397,000 respectively. Short-
term interest rates are expected to average 10%. Question 22 The
financial statement which summarizes operating, investing, and
financing activities of an entity for a period of time is the: Question 23
Ames Company reported 2012 net income of $159,290. During 2012,
accounts receivable increased by $15,630 and accounts payable
increased by $9,930. Question 24 Martinez Corporation engaged in the
following cash transactions during 2012. Sale of land and building
$191,970 Purchase of treasury stock 45,020 Question 25 Martinez
Corporation engaged in the following cash transactions during 2012.
Sale of land and building $184,990 Purchase of treasury stock 42,320
Purchase of land 46,050 Question 26 A comparative balance sheet for
Orozco Corporation is presented below. Question 27 Chris Spear
invested $11,999 today in a fund that earns 12% compounded annually.
To what amount will the investment grow in 3 years? To what amount
would the Question 28 Amy Monroe wants to create a fund today that
will enable her to withdraw $30,910 per year for 8 years, with the first

withdrawal to take place 4 years from today. If the fund Question 29
Zach Taylor is settling a $26,000 loan due today by making 6 equal
annual payments of $6025.15. Question 30 Lyle O 'Keefe invests
$30,000 at 8% annual interest, leaving the money invested without
withdrawing any of the interest for 8 years. At the end of the 8 years,
Lyle withdrew the
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ACC 421 Week 1 US GAAP Versus IFRS
Write a 1,050- to 1,400-word paper that addresses the following
scenario and questions: Your aunt recently received the annual report
for a company in which she has invested. The report notes that the
statements have been prepared in accordance with “generally accepted
accounting principles.” She has also heard that certain terms have
special meanings in accounting relative to everyday use. She would like
you to explain the meaning of terms she has come across related to
accounting. • Go to the FASB website and access the FASB Concepts
Statements and use the IASB website to respond to the following items.
(Provide paragraph citations.) When you have accessed the documents,
you can use the search tool in your Internet browser. o Explain how
“materiality” is defined by both FASB and IASB. o The concepts

statements provide several examples in which specific quantitative
materiality guidelines are provided to firms. Identity at least two of
these examples. Do you think the materiality guidelines should be
quantified? Why or why not? o The concepts statements discuss the
concept of “articulation” between financial statement elements. Briefly
summarize the meaning of this term and how it relates to an entity’s
financial statements. Click the Assignment Files tab to submit your
assignment.
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ACC 421 Week 2 DQs
1. What are different criteria for recognizing revenue? 2. What are the
different revenue recognition methods? Why are there so many revenue
recognition methods? 3. Why are the methods subjective, and what are
the implications on income statement quality? 4. What are the
differences between regular and irregular items on an income
statement? 5. What are the requirements for items to qualify as
irregular? What are some examples of irregular items?
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ACC 421 Week 2 Individual BE 4-2, BE 4-3, BE 4-10, Ex 4-5,
Ex 18-3, Ex 18-7, Ex 18-12
Complete the following Week 2 Assignment in WileyPLUS: • Brief
Exercise 4-2 • Brief Exercise 4-4 • Brief Exercise 4-9 • Brief Exercise 18-2
• Brief Exercise 18-5 • Brief Exercise 18-6
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ACC 421 Week 2 Individual Revenue Recognition standards (2
PPT)
This Tutorial contains 2 Presentation Create a 7- to 12-slide
presentation. Describe the new Revenue Recognition standards. Project
the impact of these new standards on financial reporting. Click the
Assignment Files tab to submit your assignment.
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ACC 421 Week 2 Team Coca-Cola PepsiCo Comparative
Analysis Cases p. 72 and 145
Complete, as a team, the Coca-Cola/PepsiCo Comparative Analysis
Cases on p. 72 and 145. Your responses should be approximately one to
two sentences for each segment (a-d, a-c). Compile all team member’s
input. Click the Assignment Files tab to submit your assignment. (a)
What are the primary lines of business of these two companies as
shown in their notes to the financial statements? (b) Which company
has the dominant position in beverage sales? (c) How are inventories for
these two companies valued? What cost allocation method is used to
report inventory? How does their accounting for inventories affect
comparability between the two companies? (d) What accounting policy
changes do the companies discuss? Comparative Analysis Case P.145 (a)
Which company had the greater percentage increase in total assets
from 2013 to 2014? (b) Using the Selected Financial Data section of
these two companies, determine their 5-year average growth rates
related to net sales and income from continuing operations. (c) Which
company had more depreciation and amortization expense for 2014?
Provide a rationale as to why there is a difference in these amounts
between the two companies.

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ACC 421 Week 3 Assignment CA 4-2, Problem 18-3, Problem
18-2
Complete the following individually and discuss your individual answers
as a team: • CA 4-2, p. 190 • Problem 18-3, p. 1043 • Problem 18-2, p.
1047 After discussing your answers, compile each into a team response.
Click the Assignment Files tab to submit your assignment. CA4-2
GROUPWORK (Earnings Management) Bobek Inc. has recently reported
steadily increasing income. The company reported income of $20,000 in
2014, $25,000 in 2015, and $30,000 in 2016. A number of market
analysts have recommended that investors buy the stock because they
expect the steady growth in income to continue. Bobek is approaching
the end of its fiscal year in 2017, and it again appears to be a good year.
However, it has not yet recorded (a) What is earnings management? (b)
Assume income before warranty expense is $43,000 for both 2017 and
2018 and that total warranty expense over the 2-year period is $10,000.
What is the effect of the proposed accounting in 2017? In 2018? (c)
What is the appropriate accounting in this situation? P18-2 (LO2,3,4)
(Allocate Transaction Price, Modification of Contract) Refer to the
Tablet Bundle A revenue arrangement in P18-1. In response to

competitive pressure for Internet access for Tablet Bundle A, after 2
years of the 3-year contract, Tablet Tailors offers a modified contract
and extension incentive. The extended contract services are similar to
those provided in the first 2 years of the contract. (a) Prepare the
journal entries when the contract is signed on January 2, 2019, for the
40 extended contracts. Assume the modification does not result in a
separate performance obligation. (b) Prepare the journal entries on
December 31, 2019, for the 40 extended contracts (the first year of the
revised 3-year contract). P18-3 (LO2,3,4) (Allocate Transaction Price,
Discounts, Time Value) Grill Master Company sells total outdoor grilling
solutions, providing gas and charcoal grills, accessories, and installation
services for custom patio grilling stations. (a) Grill Master offers
contract GM205, which is comprised of a free-standing gas grill for
small patio use plus installation to a customer's gas line for a total price
$800. On a standalone basis, the grill sells for $700 (cost $425), and Grill
Master estimates that the standalone selling price of the installation
service (based on cost-plus estimation) is $150 (b) The State of Kentucky
is planning major renovations in its parks during 2017 and enters into a
contract with Grill Master to purchase 400 durable, easy maintenance,
standard charcoal grills during 2017. The grills are priced at $200 each
(with a cost of $160 each), and Grill Master provides a 6% volume
discount if Kentucky purchases at least 300 grills during 2017 (d) On
October 1, 2017, Grill Master sold one of its super deluxe combination
gas/charcoal grills to a local builder. The builder plans to install it in one
of its “Parade of Homes” houses. Grill Master accepted a 3-year, zero-
interest-bearing note with face amount of $5,324
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ACC 421 Week 3 Individual BE 5-1, Ex 5-3, Ex 5-9, Pr 5-2, BE
2-1, BE 24-8, Pr 24-3 (With Excel File)
This Tutorial contains Excel File which can be used to solve for any
values Exercise 5-1: Pronghom corporation has the following accounts
included in its December 31, 2017, trial balance: Accounts receivable
$110,600, Inventory $293,500, Allowance for Doubtful Accounts $9,450,
Patents $72,500, prepaid insurance $9,590, Accounts payable $81,200
and cash $30,200. Prepare the current assets section of the balance
sheet. Exercise 5-3: For Fielder Enterprises, indicate how each of the
following usually should be classified. If an item should appear in a note
to the financial statements, select “note to Financial Statement” to
indicate this fact. If an item need to be reported on the balance sheet,
select “Balance Sheet” and if an item need not be reported at all, select
“Not to be Reported” Exercise 5-9 (Part Level Submission) The current
assests and current liabilities sections of the balance sheet of Cheyenne
company appear as follows. a) calculate following adjusted balances.
Problem 5-2 Presented below are a number of balance sheet items for
waterway, Inc., for the current year, 2017. Brief Exercise 24-1 (Essay) An
annual report of Crestwood Industries states, “The company
subsidiaries have long-term leases expiring on various dates after
December 31,2017. Amounts payables under such commitments,
without reduction for related rental income, are expected to average

approximately $5,711,000 annually for the next 3 years. Related rental
income from certain subleases to others is estimated to average
$3,094,000 annually for the next 3 years”. What information is provided
by this note? Brief Exercise 24-8 Answer each of the questions in the
following unrelated situations a) The current ratio of a company is 5:1
and its acid-test ratio is 1:1. If the inventories and prepaid items amount
to $485,500, what is the amount of current liabilities? b) A company
had an average inventory last year of $196,000 and its inventory
turnover was 5. If sales volume and unit cost remain the same this year
as last inventory turnover is 8 this year, what will average inventory
have to be during the current year? c) A company has a current assest
of $89,000 (of which $42,000 is inventory and prepaid items) and
current liabilities of $42,000. What is the current ratio? What is the
acid-test ratio? If the company borrows $14,000 cash from bank on a
120 day loan, what will its current ratio be? What will the acid test ratio
be? d) A company has a current assest of $570,000 and current
liabilities of $250,000. The board of directors declares a cash dividend of
$196,000.What is the current ratio? what is the current ratio after the
declaration but before payment? What is the current ratio after
payment of the dividend? Problem 24-3 (Essay) Bradbum Corporation
was Formed 5 years age through a public subscription of common stock.
Daniel Brown, who owns 15% of the common stock, was one of the
organizers of Bradburn and is its current president. The company has
been successful, but it currently is experiencing a shortage of funds. On
june 10, 2018, Daniel Brown approached the Topeka National Bank,
asking for a 24-month extension on two $35,000 notes, which are due
on June 30,2018, and September 30,2018. Another notes of $6,000 is
due on March 31,2019, but he expects no difficulty in paying this note

on its due date. Brown explained that Bradburn’s. The commercial loan
officer of Topeka National Bank requested the following reports for last
2 fiscal years. Identify and explain what other financial reports and/or
financial analysis might be helpful to the commercial loan officer of
Topeka National Bank in evaluating Daniel Brown’s request for a time
extension on Bradburn’s notes. Assume that the percentage changes
experienced in fiscal year 2018 as compared with fiscal year 2017 for
sales and cost of goods sold will be repeated in each of the next 2 years.
Is Bradburn’s desire to finance the plant expansion from internally
generated funds realistic? Discuss. Should Topeka National Bank grant
the extension on Bradburn’s notes considering Daniel Brown’s
statement about financing the plant expansion through internally
generated funds? Discuss
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ACC 421 Week 3 Individual BE 24-1 (Essay) (with Excel File)
values Brief Exercise 24-1 (Essay) An annual report of Crestwood
Industries states, “The company subsidiaries have long-term leases
expiring on various dates after December 31,2017. Amounts payables
under such commitments, without reduction for related rental income,

are expected to average approximately $5,711,000 annually for the
next 3 years. Related rental income from certain subleases to others is
estimated to average $3,094,000 annually for the next 3 years”. What
information is provided by this note?
==============================================
ACC 421 Week 3 Individual BE 24-8 (with Excel File)
values Brief Exercise 24-8 Answer each of the questions in the following
unrelated situations a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$485,500, what is the amount of current liabilities? b) A company had
an average inventory last year of $196,000 and its inventory turnover
was 5. If sales volume and unit cost remain the same this year as last
inventory turnover is 8 this year, what will average inventory have to be
during the current year? c) A company has a current assest of $89,000
(of which $42,000 is inventory and prepaid items) and current liabilities
of $42,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from bank on a 120 day loan, what will
its current ratio be? What will the acid test ratio be? d) A company has
a current assest of $570,000 and current liabilities of $250,000. The

board of directors declares a cash dividend of $196,000.What is the
current ratio? what is the current ratio after the declaration but before
payment? What is the current ratio after payment of the dividend?
==============================================
ACC 421 Week 3 Individual Brief Exercise 5-1 (with Excel
File)
values Exercise 5-1: Pronghom corporation has the following accounts
included in its December 31, 2017, trial balance: Accounts receivable
$110,600, Inventory $293,500, Allowance for Doubtful Accounts $9,450,
Patents $72,500, prepaid insurance $9,590, Accounts payable $81,200
and cash $30,200. Prepare the current assets section of the balance
sheet.
==============================================
ACC 421 Week 3 Individual Exercise 5-3

Exercise 5-3: For Fielder Enterprises, indicate how each of the following
usually should be classified. If an item should appear in a note to the
financial statements, select “note to Financial Statement” to indicate
this fact. If an item need to be reported on the balance sheet, select
“Balance Sheet” and if an item need not be reported at all, select “Not
to be Reported”
==============================================
ACC 421 Week 3 Individual Exercise 5-9 (with Excel File)
values Exercise 5-9 (Part Level Submission) The current assests and
current liabilities sections of the balance sheet of Cheyenne company
appear as follows. a) calculate following adjusted balances.
==============================================
ACC 421 Week 3 Individual Problem 5-2 (with Excel File)

values Problem 5-2 Presented below are a number of balance sheet
items for waterway, Inc., for the current year, 2017.
==============================================
ACC 421 Week 3 Individual Problem 24-3 (Essay)
Problem 24-3 (Essay) Bradbum Corporation was Formed 5 years age
through a public subscription of common stock. Daniel Brown, who
owns 15% of the common stock, was one of the organizers of Bradburn
and is its current president. The company has been successful, but it
currently is experiencing a shortage of funds. On june 10, 2018, Daniel
Brown approached the Topeka National Bank, asking for a 24-month
extension on two $35,000 notes, which are due on June 30,2018, and
September 30,2018. Another notes of $6,000 is due on March 31,2019,
but he expects no difficulty in paying this note on its due date. Brown
explained that Bradburn’s. The commercial loan officer of Topeka

National Bank requested the following reports for last 2 fiscal years.
Identify and explain what other financial reports and/or financial
analysis might be helpful to the commercial loan officer of Topeka
National Bank in evaluating Daniel Brown’s request for a time extension
on Bradburn’s notes. Assume that the percentage changes experienced
in fiscal year 2018 as compared with fiscal year 2017 for sales and cost
of goods sold will be repeated in each of the next 2 years. Is Bradburn’s
desire to finance the plant expansion from internally generated funds
realistic? Discuss. Should Topeka National Bank grant the extension on
Bradburn’s notes considering Daniel Brown’s statement about financing
the plant expansion through internally generated funds? Discuss
==============================================
ACC 421 Week 3 Team Assignment Comparative Analysis
Case (Coca Cola/Pepsi Co)
Complete the following deliverables as a team: • The Coca-Cola/PepsiCo
Comparative Analysis Case on p. 192. Your responses should be
approximately one to two sentences for each segment (a-c). (a) What
type of income format(s) is used by these two companies? Identify any
differences in income statement format between these two companies.
(b) What are the gross profits, operating profits, net incomes, and net

incomes attributable to non-controlling interests for these two
companies over the 3-year period 2012-2014? Which company has had
better financial results over this period of time? (c) What income
statement format do these two companies use to report comprehensive
income?
==============================================
ACC 421 Week 4 Team Coca-Cola PepsiCo Assignment (p.255,
p.1458, CA 5-3, CA 24-12)
Complete the following deliverables as a team: 1. The Coca-
Cola/PepsiCo Comparative Analysis Case on p. 255. Your responses
should be approximately one to two sentences for each segment (a, b,
c,e). 2. The Financial Reporting Problem, The Procter & Gamble
Company on p. 1458. Your responses should be approximately one to
two sentences for each segment (a, b, c,). Complete the following
individually and discuss your individual answers as a team: • CA 5-3, p.
252 • CA 24-12, p. 1457 After discussing your answers, compile each
into a team response. Click the Assignment Files tab to submit your
assignment.

==============================================
ACC 421 Week 4 Wileyplus BE 5-12, Ex 5-13, Ex 5-14, BE
23-1, Ex 23-14
values Complete the following assignments in WileyPLUS: • Brief
Exercise 5-12 • Exercise 5-13 • Exercise 5-14 • Brief Exercise 23-1 •
Exercises 23-13 • Exercise 23-14 Brief Exercise 5-12 Monty Beverage
Company reported the following items in the most recent year. Net
Income $43,400 Dividends paid 5,210 Increase in a/r 11,440 Increase in
a/p 8,490 Purchase of equipment (capital expenditure) 8,720
Depreciation expense 5,490 Issue of notes payable 24,020 Compute net
cash provided by operating activities, the net change in cash during the
year Exercise 5-13 The major classifications of activities reported in the
statement of cash flows are operating, investing, and financing. Classify
each of the transactions listed below as: 1.Operating activity-add to net
income. 2.Operating activity-deduct from net income. 3.Investing
activity. 4.Financing activity. 5.Reported as significant noncash activity
The transaction are as follows. a) Issuance of common stock. b)
Purchase of land and building. c) Redemption of bonds. d) Sale of
equipments. e) Depreciation of machinery. f) Amortization of patent. g)

Issuance of bonds for plant assets. h) Payment of cash dividends. i)
Exchange of furniture for office equipments. j) Purchase of treasury
stock. k) Loss on sale of equipment. l) Increase in accounts receivable
during the year. m) Decrease in accounts payable during the year.
Exercise 5-14 The comparative balance sheets of Cheyenne Inc. at the
beginning and the end of the year 2017 are as follows. Net income of
$47,730 was reported, and dividends of $28,130 were paid in 2017.
New equipment was purchased and none was sold. Prepare a statement
of cash flows for the year 2017. Brief Exercise 23-1 Novak Corporation is
preparing its 2017 statement of cash flows, using the indirect method.
Presented below is a list of items that may affect the statement. Using
the code below, indicate how each item will affect Novak’s 2017
statement of cash flows. a) Purchase of land and building. b) Decrease
in accounts receivable. c) Issuance of stock. d) Depreciation expense. e)
Sale of land at book value. f) Sale of land at a gain. g) Payment of
dividends. h) Increase in accounts receivable. i) Purchase of available-
for-sale debt investment. j) Increase in accounts payable. k) Decrease in
accounts payable. l) Loan from bank by signing note. m) Purchase of
equipment using a note. n) Increase in inventory. o) Issuance of bonds.
p) Redemption of bonds payable. q) Sale of equipment at a loss. r)
Purchase of treasury stock. Exercise 23-13 Novak Inc., a greeting card
company, had the following statements prepared as of December 31,
2017. Additional information: 1. Dividends in the amount of $6,000
were declared and paid during 2012. 2. Depreciation expense and
amortization expense are included in operating expenses. 3. No
unrealized gains or losses have occurred on the investments during the
year. 4. Equipment that had a cost of $30,000 and was 70% depreciated
was sold during 2012 Instructions Complete the statement of cash flows

using the direct method. (Do not prepare a reconciliation schedule.)
Exercise 23-14 Whispering Inc., a greeting card company, had the
following statements prepared as of December 31, 2017. Prepare a
statement of cash flows using the indirect method.
==============================================
ACC 421 Week 5 Analyzing Amazon document
Resources: Analyzing Amazon document. Write a 700- to 1,050-word
paper. The incredible growth of Amazon.com has put fear into the
hearts of traditional retailers. Amazon’s stock price has soared to
amazing levels. However, it is often pointed out in the financial press
that it took the company several years to report its first profit. Calculate
free cash flow for Amazon for the current and prior years. Evaluate its
ability to finance expansion from internally generated cash. Thus far,
Amazon has avoided purchasing large warehouses. Instead, it has used
those of others. It is possible, however, that in order to increase
customer satisfaction, the company may have to build its own
warehouses. If this happens: • Describe how your impression of its
ability to finance expansion change. • Project any potential implications
of the change in Amazon’s cash provided by operations from the prior

year to the current year. Click the Assignment Files tab to submit your
assignment.
==============================================

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