ACC 423 Entire Course
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ACC 423 Week 5 Individual Assignment WileyPLUS Assignment Week Five - www.onlinehomework.guru

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Access WileyPLUS using the link on the student website.
Complete the following in WileyPLUS:
Exercise E20-7
Problem P20-4
Exercise E22-19
Problem P22-6

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ACC 423 Week 4 Individual Assignment WileyPLUS Assignment Week Four - www.onlinehomework.guru

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Resources: WileyPLUS
Access WileyPLUS using the link on the student website.
Complete the following in WileyPLUS:
Exercise E19-6
Exercise E19-9
Problem P19-1
Problem P19-3

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ACC 423 Week 3 Individual Assignment WileyPLUS Assignment Week Three - www.onlinehomework.guru

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Conwaydfucoulter's insight:

Resources: WileyPLUS
Access WileyPLUS using the link on the student website.
Complete the following in WileyPLUS:
Exercise E17-7
Exercise E17-12
Problem P17-3

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ACC 423 Week 2 Individual Assignment WileyPLUS Assignment Week Two - www.onlinehomework.guru

http://www.onlinehomework.guru/product/acc-423-week-2-individual-assignment-wileyplus-assignment-week-two/

Conwaydfucoulter's insight:

Access WileyPLUS using the link on the student website.
Complete the following in WileyPLUS:
Exercise E15-13
Problem P15-1
Exercise E16-20
Problem P16-7

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ACC 423 Final Exam - www.onlinehomework.guru

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Question 1

Buttercup Corporation issued 250 shares of $11 par value common stock for $4,125. Prepare Buttercup’ journal entry.

 

Question 2

Wilco Corporation has the following account balances at December 31, 2012.
Common stock, $5 par value $511,670
Treasury stock 95,260
Retained earnings 2,400,840
Paid-in capital in excess of par 1,320,150
Prepare Wilco’s December 31, 2012, stockholders’ equity section

 

Question 3

Woolford Inc. declared a cash dividend of $1.38 per share on its 2.22 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare the journal entries necessary on those three dates.

Question 4

The outstanding capital stock of Pennington Corporation consists of 3,100 shares of $109 par value, 6% preferred, and 5,700 shares of $52 par value common.
Assuming that the company has retained earnings of $83,000, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions.

Question 5

Martinez Company’s ledger shows the following balances on December 31, 2012.
5% Preferred stock-$10 par value, outstanding 22,480 shares $224,800
Common stock-$100 par value, outstanding 33,720 shares 3,372,000
Retained earnings 708,120
Assuming that the directors decide to declare total dividends in the amount of $298,984, determine how much each class of stock should receive under each of the conditions stated below. One year’s dividends are in arrears on the preferred stock.

Question 6

On January 1, 2012, Barwood Corporation granted 5,040 options to executives. Each option entitles the holder to purchase one share of Barwood’s $5 par value common stock at $50 per share at any time during the next 5 years. The market price of the stock is $72 per share on the date of grant. The fair value of the options at the grant date is $154,000. The period of benefit is 2 years. Prepare Barwood’s journal entries for January 1, 2012, and December 31, 2012 and 2013.

Question 7

Rockland Corporation earned net income of $340,800 in 2012 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $908,800 of 10% bonds, which are convertible into 18,176 shares of common. Rockland’s tax rate is 40 percent. Compute Rockland’s 2012 diluted earnings per share.

Question 8

DiCenta Corporation reported net income of $250,000 in 2012 and had 50,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,410 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. DiCenta’ tax rate is 40%. Compute DiCenta’ 2012 diluted earnings per share.

Question 9

Ferraro, Inc. established a stock appreciation rights (SAR) program on January 1, 2012, which entitles executives to receive cash at the date of exercise for the difference between the market price of the stock and the pre-established price of $24 on 5,050 SARs. The required service period is 2 years. The fair value of the SAR’s are determined to be $6 on December 31, 2012, and $13 on December 31, 2013.

Question 10

Hillsborough Co. has an available-for-sale investment in the bonds of Schuyler with a carrying (and fair) value of $88,020. Hillsborough determined that due to poor economic prospects for Schuyler, the bonds have decreased in value to $57,020. It is determined that this loss in value is other-than temporary. Prepare the journal entry, if any, to record the reduction in value.

Question 11

Capriati Corporation made the following cash purchases of securities during 2012, which is the first year in which Arantxa invested in securities.
1. On January 15, purchased 11,700 shares of Gonzalez Company’s common stock at $43.55 per share plus commission $2,574.
2. On April 1, purchased 6,500 shares of Belmont Co.’s common stock at $67.60 per share plus commission $4,381.
3. On September 10, purchased 9,100 shares of Thep Co.’s preferred stock at $34.45 per share plus commission $6,383.
On May 20, 2012, Capriati sold 3,900 shares of Gonzalez Company’s common stock at a market price of $45.50 per share less brokerage commissions, taxes, and fees of $3,705. The year-end fair values per share were: Gonzalez $39.00, Belmont $71.50, and Thep $36.40. In addition, the chief accountant of Capriati told you that Capriati Corporation plans to hold these securities for the long term but may sell them in order to earn profits from appreciation in prices.

Question 12

(Journal Entries for Fair Value and Equity Methods)
Presented below are two independent situations.
Prepare all necessary journal entries in 2012 for each situation.
Situation 1
Hatcher Cosmetics acquired 10% of the 207,400 shares of common stock of Ramirez Fashion at a total cost of $15 per share on March 18, 2012. On June 30, Ramirez declared and paid a $80,200 cash dividend. On December 31, Ramirez reported net income of $123,500 for the year. At December 31, the market price of Ramirez Fashion was $18 per share. The securities are classified as available-for-sale.

Situation 2
Holmes, Inc. obtained significant influence over Nadal Corporation by buying 25% of Nadal’s 30,800 outstanding shares of common stock at a total cost of $9 per share on January 1, 2012. On June 15, Nadal declared and paid a cash dividend of $43,800. On December 31, Nadal reported a net income of $90,500 for the year.

Question 13

(Equity Method)
Gator Co. invested $1,380,000 in Demo Co. for 25% of its outstanding stock. Demo Co. pays out 40% of net income in dividends each year.
Use the information in the following T-account for the investment in Demo to answer the following questions.

Question 14

(Fair Value and Equity Method Compared)
Gregory Inc. acquired 20% of the outstanding common stock of Handerson Inc. on December 31, 2012. The purchase price was $1,320,000 for 50,000 shares. Handerson Inc. declared and paid an $0.87 per share cash dividend on June 30 and on December 31, 2013. Handerson reported net income of $741,000 for 2013. The fair value of Handerson’s stock was $32 per share at December 31, 2013.

Question 15

(Call Option)
On January 2, 2012, Jones Company purchases a call option for $450 on Merchant common stock. The call option gives Jones the option to buy 1,000 shares of Merchant at a strike price of $50 per share. The market price of a Merchant share is $50 on January 2, 2012 (the intrinsic value is therefore $0). On March 31, 2012, the market price for Merchant stock is $60 per share, and the time value of the option is $200.

Question 16

In 2012, Amirante Corporation had pretax financial income of $207,000 and taxable income of $166,400. The difference is due to the use of different depreciation methods for tax and accounting purposes. The effective tax rate is 40%. Compute the amount to be reported as income taxes payable at December 31, 2012.

Question 17

At December 31, 2012, Fell Corporation had a deferred tax liability of $732,802, resulting from future taxable amounts of $2,155,300 and an enacted tax rate of 34%. In May 2013, a new income tax act is signed into law that raises the tax rate to 42% for 2013 and future years. Prepare the journal entry for Fell to adjust the deferred tax liability.

Question 18

AMR Corporation (parent company of American Airlines) reported the following for 2009 (in millions).
Service cost $405
Interest cost on P.B.O 736
Return on plan assets 825
Amortization of service cost 29
Amortization of loss 66
Compute AMR Corporation’s 2009 pension expense (in millions).

Question 19

For Warren Corporation, year-end plan assets were $2,094,700. At the beginning of the year, plan assets were $1,762,400. During the year, contributions to the pension fund were $120,000, and benefits paid were $200,000. Compute Warren’s actual return on plan assets.

Question 20

For 2010, Campbell Soup Company had pension expense of $48 million and contributed $296 million to the pension fund. Prepare Campbell Soup Company’s journal entry to record pension expense and funding.

Question 21

Lahey Corp. has three defined-benefit pension plans as follows.
Pension Assets
(at Fair Value) Projected Benefit
Obligation
Plan X $637,500 $504,000
Plan Y 902,200 739,900
Plan Z 584,600 713,200
How will Lahey report these multiple plans in its financial statements?

Question 22

For 2012, Sampsell Inc. computed its annual postretirement expense as $278,680. Sampsell’s contribution to the plan during 2012 was $185,750. Prepare Sampsell’s 2012 entry to record postretirement expense.

Question 23

Wertz Corporation decided at the beginning of 2012 to change from the completed-contract method to the percentage-of-completion method for financial reporting purposes. The company will continue to use completed-contract method for tax purposes. For years prior to 2012, pre-tax income under the two methods was as follows: percentage-of-completion $143,000, and completed-contract $65,800. The tax rate is 32%. Prepare Wertz’s 2012 journal entry to record the change in accounting principle.

Question 24

In 2012, Bailey Corporation discovered that equipment purchased on January 1, 2010, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 29%. Prepare Hiatt’s 2012 journal entry to correct the error.

Question 25

At January 1, 2012, Beilder Company reported retained earnings of $2,027,300. In 2012, Beilder discovered that 2011 depreciation expense was understated by $442,300. In 2012, net income was $931,270 and dividends declared were $204,310. The tax rate is 38%. Complete the 2012 retained earnings statement for Beilder Company.

Question 26

Simmons Corporation owns stock of Armstrong, Inc. Prior to 2012, the investment was accounted for using the equity method. In early 2012, Simmons sold part of its investment in Armstrong, and began using the fair value method. In 2012, Armstrong earned net income of $81,100 and paid dividends of $90,400. Prepare Simmons’s entries related to Armstrong’s net income and dividends, assuming Simmons now owns 11% of Armstrong’s stock.

Question 27

Manno Corporation has the following information available concerning its postretirement benefit plan for 2012.
Service cost $53,750
Interest cost 58,360
Actual return on plan assets 40,190
Compute Manno’s 2012 postretirement expense

Question 28

Ravonette Corporation issued 310 shares of $13 par value common stock and 130 shares of $47 par value preferred stock for a lump sum of $17,500. The common stock has a market price of $22 per share, and the preferred stock has a market price of $98 per share. Prepare the journal entry to record the issuance

Question 29

Garfield Company purchased, as a held-to-maturity investment, $82,400 of the 9%, 8-year bonds of Chester Corporation for $73,919, which provides an 11% return. Prepare Garfield’s journal entries for (a) the purchase of the investment and (b) the receipt of annual interest and discount amortization. Assume effective interest amortization is used.

Question 30

Clydesdale Corporation has a cumulative temporary difference related to depreciation of $606,600 at December 31, 2012. This difference will reverse as follows: 2013, $43,100; 2014, $264,300; and 2015, $299,200. Enacted tax rates are 34% for 2013 and 2014, and 40% for 2015. Compute the amount Clydesdale should report as a deferred tax liability at December 31, 2012.

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ACC 423 Week 4 Learning Team Assignment - www.onlinehomework.guru

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Conwaydfucoulter's insight:

Prepare written responses to the following assignments from Ch. 19 of Intermediate Accounting:
Concepts for Analysis CA19-1
Format paper consistent with APA guidelines

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ACC 423 Week 3 Learning Team Assignment - www.onlinehomework.guru

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Conwaydfucoulter's insight:

Prepare written responses to the following assignments from Ch. 17 of Intermediate Accounting:
Concepts for Analysis CA17-1
Format paper consistent with APA guidelines

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ACC 423 Week 2 Learning Team Assignment - www.onlinehomework.guru

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Conwaydfucoulter's insight:

Prepare written responses to the following assignments from Ch. 16of Intermediate Accounting:

Concepts for Analysis CA16-4

Format paper consistent with APA guidelines

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ACC 423 Week 1 Individual Assignment Owners' Equity Paper - www.onlinehomework.guru

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Conwaydfucoulter's insight:

Prepare a one to two page summary to the following questions:

Explain the differences between Common and Preferred Stock.Define paid-in capital and earned capital.  Explain the importance of keeping Paid-in Capital separate from Earned Capital.Define Basic Earnings per Share vs. Diluted Earnings per Share?  As an investor, are basic or diluted earnings per share more important? Explain why.
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