Acc 422 Week 2 – 5 Wiley Plus Exercises

In: Other Topics

Submitted By hwsoloutions
Words 695
Pages 3
ACC 422 WEEK 2 – 5 WILEY PLUS EXERCISES

A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-2-5-wiley-plus-exercises Visit Our website: http://hwsoloutions.com/
Description:
ACC 422 WEEK 2 – 5 WILEY PLUS EXERCISES,
ALL Week Included
E13-13 (Contingencies) Presented below are three independent situations. Answer the question at the end of each situation.
1. During 2010, Maverick Inc. became involved in a tax dispute with the IRS. Maverick’s attorneys have indicated that they believe it is probable that Maverick will lose this dispute. They also believe that Maverick will have to pay the IRS between $800,000 and $1,400,000. After the 2010 financial statements were issued, the case was settled with the IRS for $1,200,000.
What amount, if any, should be reported as a liability for this contingency as of December 31,
2010?
2. On October 1, 2010, Holmgren Chemical was identified as a potentially responsible party by the
Environmental Protection Agency. Holmgren’s management along with its counsel have concluded that it is probable that Holmgren will be responsible for damages, and a reasonable estimate of these damages is $6,000,000. Holmgren’s insurance policy of $9,000,000 has a deductible clause of $500,000. How should Holmgren Chemical report this information in its financial statements at
December 31, 2010?
3. Shinobi Inc. had a manufacturing plant in Darfur, which was destroyed in the civil war. It is not certain who will compensate Shinobi for this destruction, but Shinobi has been assured by governmental officials that it will receive a definite amount for this plant. The amount of the compensation will be less than the fair value of the plant, but more than its book value. How should the contingency be reported in the financial statements of Shinobi Inc.?
P13-9 (Premium Entries and Financial Statement Presentation)…...

Similar Documents

Week 2 - Wiley Plus Solutions

...15.6 % | Other assets | ------------------------------------------------- 934 | ------------------------------------------------- 8.7 % | Total assets | ------------------------------------------------- $10,688 | ------------------------------------------------- 100 % |   |   |   | Liabilities and stockholders' equity | | | Current liabilities | $2,584 | 24.1 % | Long-term liabilities | 1,079 | 10 % | Stockholders' equity | ------------------------------------------------- 7,025 | ------------------------------------------------- 65.7 % | Total liabilities and stockholder's equity | ------------------------------------------------- $10,688 | ------------------------------------------------- 100 % | | Question 2 | Here are the comparative income statements of Winfrey Corporation.   | WINFREY CORPORATION | Comparative Income Statements | ------------------------------------------------- For the Years Ended December 31 | | 2010 | 2009 | Net sales | $598,000 | $520,000 | Cost of goods sold | ------------------------------------------------- 477,000 | ------------------------------------------------- 450,000 | Gross profit | $121,000 | $70,000 | Operating expenses | ------------------------------------------------- 80,000 | ------------------------------------------------- 45,000 | Net income | ------------------------------------------------- $41,000 | ------------------------------------------------- $25,000 | |......

Words: 786 - Pages: 4

Wiley Plus Week 5

...accounts payable. Cash outflow; operating activities E13-8 Here are comparative balance sheets for Taguchi Company. TAGUCHI COMPANY Comparative Balance Sheets December 31 Assets 2011 2010 Cash $ 73,000 $ 22,000 Accounts receivable 85,000 76,000 Inventories 170,000 189,000 Land 75,000 100,000 Equipment 260,000 200,000 Accumulated depreciation (66,000) (32,000) Total $597,000 $555,000 Liabilities and Stockholders’ Equity Accounts payable $ 39,000 $ 47,000 Bonds payable 150,000 200,000 Common stock ($1 par) 216,000 174,000 Retained earnings 192,000 134,000 Total $597,000 $555,000 Additional information: 1. Net income for 2011 was $103,000. 2. Cash dividends of $45,000 were declared and paid. 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000. 4. Common stock was issued for $42,000 cash. 5. No equipment was sold during 2011, but land was sold at cost. Instructions Prepare a statement of cash flows for 2011 using the indirect method. TAGUCHI COMPANY Statement of Cash Flows For the Year Ended December 31, 2011 Cash flows from operating activities Net income............................................................ $103,000) Adjustments to reconcile net......

Words: 2002 - Pages: 9

Acc 422 Week 5

...HELPIDO.COM -------------------------------------------------------------------------------- Follow the link to get the tutorial http://helpido.com/acc-422-week-5-wileyplus-assignment/ -------------------------------------------------------------------------------- ACC 422 Week 5 WileyPlus Assignment ACC 422 Week 5 WileyPlus Assignment E13-13 (Contingencies) Presented below are three independent situations. Answer the question at the end of each situation. 1. During 2010, Maverick Inc. became involved in a tax dispute with the IRS. Maverick’s attorneys have indicated that they believe it is probable that Maverick will lose this dispute. They also believe that Maverick will have to pay the IRS between $800,000 and $1,400,000. After the 2010 financial statements were issued, the case was settled with the IRS for $1,200,000. What amount, if any, should be reported as a liability for this contingency as of December 31, 2010? 2. On October 1, 2010, Holmgren Chemical was identified as a potentially responsible party by the Environmental Protection Agency. Holmgren’s management along with its counsel have concluded that it is probable that Holmgren will be responsible for damages, and a reasonable estimate of these damages is $6,000,000. Holmgren’s insurance policy of $9,000,000 has a deductible clause of $500,000. How should Holmgren Chemical report this information in its financial statements at December 31, 2010? 3. Shinobi Inc. had a......

Words: 851 - Pages: 4

Acc 422 Week 2 Invidual

...This work of ACC 422 Week 2 Individual Assignment includes: Chapter 8 1) Question 8-13 2. Due Day 7 (Monday): Exercises from the Text Prepare written responses to the following assignments from the text, Intermediate Accounting, 12th ed.: Chapter 7 1) Exercise E7-2 E7-2 (Determine Cash Balance) Presented below are a number of independent situations. Instructions For each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash, explain the rationale. 2) Exercise E7-8 E7-8 (Recording Bad Debts) At the end of 2007 Aramis Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000. On January 16, 2008, Aramis Company determined that its receivable from Ramirez Company of $6,000 will not be collected, and management authorized its write-off. Instructions (a) Prepare the journal entry for Aramis Company to write off the Ramirez receivable. (b) What is the net realizable value of Aramis Company’s accounts receivable before the write-off of the Ramirez receivable? (c) What is the net realizable value of Aramis Company’s accounts receivable after the write-off of the Ramirez receivable? Chapter 8 3) Exercise E8-5 E8-5 (Inventoriable Costs—Error Adjustments) Craig Company asks you to review its December 31, 2007, inventory values and prepare the necessary adjustments to the books. The following information is given to you. 4) Exercise E8-14 Question 1 Presented below......

Words: 374 - Pages: 2

Acc 561 Assignment Wiley Plus Week 3

...This paperwork ACC 561 Assignment Wiley Plus Week 3 includes answers to these exercises: BE15-5 In January, Reyes Tool Dye requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,200, Job 3 $700, and general factory use $600. During January, time tickets show that the factory labor of $5,000 was used as follows: Job 1 $1,200, Job 2 $1,600 Job 3 $1,400, and general factory use $800. Prepare the job cost sheets for each of the three jobs E16-1 Doc Gibbs has prepared the following list of statements about process cost accounting. Identify each statement as true or false. E17-9 Peter Catalano's Verde Vineyards in Oakville, California produces three varieties of wine: Merlot, Viognier, and Pinot Noir. His winemaster, Kyle Ward, has identified the following activities as cost pools for accumulating overhead and assigning it to products. For each of Verde's fifteen activity cost pools, identify a probable cost driver that might be used to assign overhead costs to its three wine varieties. Business - Accounting BE15-5 : In January, Reyes Tool Dye requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,200, Job 3 $700, and general factory use $600. During January, time tickets show that the factory labor of $5,000 was used as follows: Job 1 $1,200, Job 2 $1,600 Job 3 $1,400, and general factory use $800. E16-1 : Doc Gibbs has prepared the following list of statements about......

Words: 379 - Pages: 2

Acc 561 Assignment Wiley Plus Week 5

...This file ACC 561 Assignment Wiley Plus Week 5 contains solutions to these exercises: E20-2 Zeller Electronics Inc. produces and sells two models of pocket calculators, XQ-103 and XQ-104. The calculators sell for $12 and $25, respectively. Because of the intense competition Zeller faces, management budgets sales semiannually. Its projections for the first 2 quarters of 2010 are as follows E20-5 Moreno Industries has adopted the following production budget for the first 4 months of 2011. BE21-4 Hannon Company expects to produce 1,200,000 units of Product XX in 2010. Monthly production is expected to range from 80,000 to 120,000 units. Budgeted variable manufacturing costs per unit are: direct materials $4, direct labor $6, and overhead $8. Budgeted fixed manufacturing costs per unit for depreciation are $2 and for supervision are $1. Complete the flexible manufacturing budget for the relevant range value using 20,000 unit increments. E22-5 The standard cost of Product B manufactured by Mateo Company includes three units of direct materials at $5.00 per unit. During June, 28,000 units of direct materials are purchased at a cost of $4.70 per unit, and 28,000 units of direct materials are used to produce 9,000 units of Product B. Business - Accounting E20-2 Zeller Electronics Inc. produces and sells two models of pocket calculators, XQ-103 and XQ-104. The calculators sell for $12 and $25, respectively. Because of the intense......

Words: 355 - Pages: 2

Acc 422 Week 2 – 5 Wiley Plus Exercises

...ACC 422 WEEK 2 – 5 WILEY PLUS EXERCISES To buy this click here http://www.coursehomework.com/product/acc-422-week-2-5-wiley-plus-exercises/ Contact us :+1 315-750-4434 help@coursehomework.com ACC 422 WEEK 2 - 5 WILEY PLUS EXERCISES - A+ WORK Week 2 Question 1 (Determine Cash Balance) Presented below are a number of independent situations. For each individual situation, determine the amount that should be reported as cash. 1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180. 2. Checking account balance $500,000; an overdraft in special checking account at same bank as normal checking account of $17,000; cash held in a bond sinking fund $200,000; petty cash fund $300; coins and currency on hand $1,350. 3. Checking account balance $590,000; postdated check from customer $11,000; cash restricted due to maintaining compensating balance requirement of $100,000; certified check from customer $9,800; postage stamps on hand $620. 4. Checking account balance at bank $42,000; money market balance at mutual fund (has checking privileges) $48,000; NSF check received from customer $800. 5. Checking account balance $700,000; cash restricted for future plant expansion $500,000; short-term Treasury bills $180,000; cash advance received from customer $900 (not included in checking account balance); cash advance of $7,000 to company executive, payable on......

Words: 1039 - Pages: 5

Acc 561 Week 6 Assignment Wiley Plus - Latest

...ACC 561 Week 6 Assignment Wiley PLUS - Latest IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://www.hwspeed.com/ACC-561-Week-6-Assignment-WileyPLUS-Latest-438493893.htm?categoryId=-1 If You Face Any Problem E- Mail Us At JOHNMATE1122@Gmail.Com Exercise 20-3 Garza and Neely, CPAs, are preparing their service revenue (sales) budget for the coming year (2012). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below. Department Quarter 1 Quarter 2 Quarter 3 Quarter 4 Auditing 2,560 1,750 2,200 2,740 Tax 3,110 2,750 2,140 2,790 Consulting 1,780 1,780 1,780 1,780 Average hourly billing rates are: auditing $82, tax $94, and consulting $105. Prepare the service revenue (sales) budget for 2012 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue. Exercise 22-1 Stanton Company is planning to produce 2,100 units of product in 2012. Each unit requires 3.60 pounds of materials at $6.60 per pound and a half-hour of labor at $15.40 per hour. The overhead rate is 70% of direct labor. (a) Compute the budgeted amounts for 2012 for direct materials to be used, direct labor, and applied overhead. Direct materials $ Direct labor $ Overhead $ (b) Compute the standard cost of one unit of product. (Round......

Words: 674 - Pages: 3

Acc 422 Week 2 – 5 Wiley Plus Exercises

...A++PAPER;http://www.homeworkproviders.com/shop/acc-422-week-2-5-wiley-plus-exercises/ ACC 422 WEEK 2 – 5 WILEY PLUS EXERCISES ACC 422 WEEK 2 – 5 WILEY PLUS EXERCISES, ALL Week Included E13-13 (Contingencies) Presented below are three independent situations. Answer the question at the end of each situation. 1. During 2010, Maverick Inc. became involved in a tax dispute with the IRS. Maverick’s attorneys have indicated that they believe it is probable that Maverick will lose this dispute. They also believe that Maverick will have to pay the IRS between $800,000 and $1,400,000. After the 2010 financial statements were issued, the case was settled with the IRS for $1,200,000. What amount, if any, should be reported as a liability for this contingency as of December 31, 2010? 2. On October 1, 2010, Holmgren Chemical was identified as a potentially responsible party by the Environmental Protection Agency. Holmgren’s management along with its counsel have concluded that it is probable that Holmgren will be responsible for damages, and a reasonable estimate of these damages is $6,000,000. Holmgren’s insurance policy of $9,000,000 has a deductible clause of $500,000. How should Holmgren Chemical report this information in its financial statements at December 31, 2010? 3. Shinobi Inc. had a manufacturing plant in Darfur, which was destroyed in the civil war. It is not certain who will compensate Shinobi for this destruction, but Shinobi has been......

Words: 688 - Pages: 3

Acc 422 Week 3 Wileyplus Assignment Exercises

...A++PAPER;http://www.homeworkproviders.com/shop/acc-422-week-3/ ACC 422 WEEK 3 WILEYPLUS ASSIGNMENT EXERCISES ACC 422 Week 3 WileyPlus Assignment E9-1 (Lower-of-Cost-or-Market) The inventory of Oheto Company on December 31, 2011,consistsofthe following items. Part No. Quantity Cost per Unit Cost to Replace per Unit 110 600 $95 $100 111 1,000 60 52 112 500 80 76 113 200 170 180 120 400 205 208 121a 1,600 16 14 122 300 240 235 aPart No. 121 is obsolete and has a realizable value of $0.50 each as scrap. Instructions (a) Determine the inventory as of December 31, 2011, by the lower-of-cost-or-market method, applying this method directly to each item. (b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory. E9-12 (Gross Profit Method) Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 160,000 Purchases (gross) 640,000 Freight-in 30,000 Sales 1,000,000 Sales returns 70,000 Purchase discounts 12,000 Instructions (a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. (b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. E10-5 (Treatment of Various Costs) Allegro Supply Company, a newly formed corporation,incurred the following expenditures related to Land, to Buildings, and to......

Words: 698 - Pages: 3

Acc 422 Week 2 Acc422 Week 2

...ACC 422 Complete Course ACC422 Complete Course Click Link for the Answer: http://workbank247.com/q/acc-422-complete-course-acc422-complete-course/13514 http://workbank247.com/q/acc-422-complete-course-acc422-complete-course/13514 ACC 422 WEEK 1 DQ 1 Week 1 – DQ 1 Consider how an organization must manage cash, receivables, and inventory. Which of the three variables is the most important to manage? Is one more susceptible to fraud and errors than the others? Explain your answer. How would a misstatement in each affect the organization? ACC 422 WEEK 1 DQ 2 Week 1 – DQ 2 What is the perpetual method of tracking inventory? How does it differ from the periodic method of tracking inventory? Why would a company choose one method over the other method? Which is the best method? Why? ACC 422 WEEK 1 DQ 3 Week 1 – DQ 3 What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require? Why? Should all companies have bad debt? Explain your answer. ACC 422 WEEK 1 SUMMARY Post a 150 words summary what you have learned this week ACC 422 WEEK 1 INDIVIDUAL ASSIGNMENT DISCLOSURE ANALYSIS PAPER Resource: Internet  Select a publicly held company to use as the basis for this assignment. Research your selected company and acquire the company’s most recent financial statements using the Internet  Prepare a 700- to 1,050-word paper analyzing the disclosures contained within the notes...

Words: 1418 - Pages: 6

Acc 422 Week 5 Acc422 Week 5

...ACC 422 Complete Course ACC422 Complete Course Click Link for the Answer: http://workbank247.com/q/acc-422-complete-course-acc422-complete-course/13514 http://workbank247.com/q/acc-422-complete-course-acc422-complete-course/13514 ACC 422 WEEK 1 DQ 1 Week 1 – DQ 1 Consider how an organization must manage cash, receivables, and inventory. Which of the three variables is the most important to manage? Is one more susceptible to fraud and errors than the others? Explain your answer. How would a misstatement in each affect the organization? ACC 422 WEEK 1 DQ 2 Week 1 – DQ 2 What is the perpetual method of tracking inventory? How does it differ from the periodic method of tracking inventory? Why would a company choose one method over the other method? Which is the best method? Why? ACC 422 WEEK 1 DQ 3 Week 1 – DQ 3 What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require? Why? Should all companies have bad debt? Explain your answer. ACC 422 WEEK 1 SUMMARY Post a 150 words summary what you have learned this week ACC 422 WEEK 1 INDIVIDUAL ASSIGNMENT DISCLOSURE ANALYSIS PAPER Resource: Internet  Select a publicly held company to use as the basis for this assignment. Research your selected company and acquire the company’s most recent financial statements using the Internet  Prepare a 700- to 1,050-word paper analyzing the disclosures contained within the notes...

Words: 1419 - Pages: 6

Acc 422 Week 2 – 5 Wiley Plus Exercises

...ACC 422 WEEK 2 – 5 WILEY PLUS EXERCISES To purchase this, Click here http://www.activitymode.com/product/acc-422-week-2-5-wiley-plus-exercises/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 422 WEEK 2 - 5 WILEY PLUS EXERCISES - A+ WORK Week 2 Question 1 (Determine Cash Balance) Presented below are a number of independent situations. For each individual situation, determine the amount that should be reported as cash. 1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180. 2. Checking account balance $500,000; an overdraft in special checking account at same bank as normal checking account of $17,000; cash held in a bond sinking fund $200,000; petty cash fund $300; coins and currency on hand $1,350. 3. Checking account balance $590,000; postdated check from customer $11,000; cash restricted due to maintaining compensating balance requirement of $100,000; certified check from customer $9,800; postage stamps on hand $620. 4. Checking account balance at bank $42,000; money market balance at mutual fund (has checking privileges) $48,000; NSF check received from customer $800. 5. Checking account balance $700,000; cash restricted for future plant expansion $500,000; short-term Treasury bills $180,000; cash advance received from customer $900 (not included in checking account balance); cash advance of $7,000 to company executive, payable on demand; refundable deposit...

Words: 1039 - Pages: 5

Acc 422 Wiley Plus Exercises

...ACC 422 WILEY PLUS EXERCISES To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC422WILEYPLUSEXERCISES/328 contact us at: help@mindblows.us ACC 422 WILEY PLUS EXERCISES Week 2 Question 1 (Determine Cash Balance) Presented below are a number of independent situations. For each individual situation, determine the amount that should be reported as cash. 1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180. 2. Checking account balance $500,000; an overdraft in special checking account at same bank as normal checking account of $17,000; cash held in a bond sinking fund $200,000; petty cash fund $300; coins and currency on hand $1,350. 3. Checking account balance $590,000; postdated check from customer $11,000; cash restricted due to maintaining compensating balance requirement of $100,000; certified check from customer $9,800; postage stamps on hand $620. 4. Checking account balance at bank $42,000; money market balance at mutual fund (has checking privileges) $48,000; NSF check received from customer $800. 5. Checking account balance $700,000; cash restricted for future plant expansion $500,000; short-term Treasury bills $180,000; cash advance received from customer $900 (not included in checking account balance); cash advance of $7,000 to company executive, payable on demand; refundable deposit of $26,000 paid to federal government to......

Words: 1432 - Pages: 6

Acc 422 Wiley Plus Exercises

...ACC 422 WILEY PLUS EXERCISES TO purchase this tutorial visit following link: http://wiseamerican.us/product/acc-422-wiley-plus-exercises/ Contact us at: SUPPORT@WISEAMERICAN.US ACC 422 WILEY PLUS EXERCISES Week 2 Question 1 (Determine Cash Balance) Presented below are a number of independent situations. For each individual situation, determine the amount that should be reported as cash. 1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180. 2. Checking account balance $500,000; an overdraft in special checking account at same bank as normal checking account of $17,000; cash held in a bond sinking fund $200,000; petty cash fund $300; coins and currency on hand $1,350. 3. Checking account balance $590,000; postdated check from customer $11,000; cash restricted due to maintaining compensating balance requirement of $100,000; certified check from customer $9,800; postage stamps on hand $620. 4. Checking account balance at bank $42,000; money market balance at mutual fund (has checking privileges) $48,000; NSF check received from customer $800. 5. Checking account balance $700,000; cash restricted for future plant expansion $500,000; short-term Treasury bills $180,000; cash advance received from customer $900 (not included in checking account balance); cash advance of $7,000 to company executive, payable on demand; refundable deposit of $26,000 paid to federal......

Words: 1025 - Pages: 5