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ACC 291 Final Exam




Question;ACC 291 Final Exam;1. Ordinary repairs are expenditures;to maintain the operating efficiency of a plant asset and are referred to as;2. Using the percentage of;receivables method for recording bad debts expense, estimated uncollectible;accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is;$3,000 credit before adjustment, what is the amount of bad debts expense for;that period?;3. Intangible assets;4. Intangible assets are the rights;and privileges that result from ownership of long-lived assets that;5. The book value of an asset is;equal to the;6. Gains on an exchange of plant;assets that has commercial substance are;7. Hahn Company uses the percentage;of sales method for recording bad debts expense. For the year, cash sales are;$300,000 and credit sales are $1,200,000. Management estimates that 1% is the;sales percentage to use. What adjusting entry will Hahn Company make to record;the bad debts expense?;8. Costs incurred to increase the;operating efficiency or useful life of a plant asset are referred to as;9. When an interest-bearing note;matures, the balance in the Notes Payable account is;10. The interest charged on a;$200,000 note payable, at a rate of 6%, on a 2-month note would be;11. If a corporation issued;$3,000,000 in bonds which pay 10% annual interest, what is the annual net cash;cost of this borrowing if the income tax rate is 30%?;12. Hilton Company issued a;four-year interest-bearing note payable for $300,000 on January 1, 2011. Each;January the company is required to pay $75,000 on the note. How will this note;be reported on the December 31, 2012 balance sheet?;13. A corporation issued $600,000;10%, 5-year bonds on January 1, 2011 for 648,666, which reflects an;effective-interest rate of 8%. Interest is paid semiannually on January 1 and;July 1. If the corporation uses the effective-interest method of amortization;of bond premium, the amount of bond interest expense to be recognized on July;1, 2011, is;14. When the effective-interest;method of bond discount amortization is used;15. If a corporation has only one;class of stock, it is referred to as;16. Capital stock to which the;charter has assigned a value per share is called;17. ABC, Inc. has 1,000 shares of;5%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par;value common stock outstanding at December 31, 2011. What is the annual;dividend on the preferred stock?;18. Manner, Inc. has 5,000 shares of;5%, $100 par value, noncumulative preferred stock and 20,000 shares of $1 par;value common stock outstanding at December 31, 2011. There were no dividends;declared in 2010. The board of directors declares and pays a $45,000 dividend;in 2011. What is the amount of dividends received by the common stockholders in;2011?;19. When the selling price of;treasury stock is greater than its cost, the company credits the difference to;20. The purchase of treasury stock;21. Marsh Company has other;operating expenses of $240,000. There has been an increase in prepaid expenses;of $16,000 during the year, and accrued liabilities are $24,000 lower than in;the prior period. Using the direct method of reporting cash flows from;operating activities, what were Marsh's cash payments for operating expenses?;22. Where would the event purchased;land for cash appear, if at all, on the indirect statement of cash flows?;23. In performing a vertical;analysis, the base for cost of goods sold is;24. Blanco, Inc. has the following;income statement (in millions);BLANCO, INC.;Income Statement;For the Year Ended December 31, 2011;Net Sales.............................. $200;Cost of Goods Sold..............................;120;Gross Profit.............................. 80;Operating Expenses.............................. 44;Net Income.............................. $ 36;Using vertical analysis, what;percentage is assigned to Net Income?;25. Dawson Company issued 500 shares;of no-par common stock for $4,500. Which of the following journal entries would;be made if the stock has a stated value of $2 per share?;26. Andrews, Inc. paid $45,000 to;buy back 9,000 shares of its $1 par value common stock. This stock was sold;later at a selling price of $6 per share. The entry to record the sale includes;a;27. Two individuals at a retail;store work the same cash register. You evaluate this situation as;28. The Sarbanes-Oxley Act imposed;which new penalty for executives?;29. The Sarbanes-Oxley Act requires;that all publicly traded companies maintain a system of internal controls.;Internal controls can be defined as a plan to;30. Which of the following is a;fundamental factor in having an effective, ethical corporate culture?


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