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ACC 291 Final Exam




1) 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?;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) Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as;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?;1 8) 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. acc/291 final exam. 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, acc 291 final exam 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);Using vertical analysis, what percentage is assigned to Net Income?;2 5) 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. acc291 final exam. The entry to record the sale includes a;27) Which of the following is a fundamental factor in having an effective, ethical corporate culture?;28) Two individuals at a retail store work the same cash register. You evaluate this situation as;29) The Sarbanes-Oxley Act imposed which new penalty for executives?;30) 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


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