ACC 291 Course Tutorial (Tutorialoutlet)
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# ACC 291 Course Tutorial (Tutorialoutlet)

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## ACC 291 Week 2 - Fordyce and Atwater

Fordyce Electronics issues a \$400,000, 8%, 10-year mortgage note on December 31, 2007. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of \$29,433. Payments are due June 30 and December 31.

Complete the installment payments schedule for the first 2 years. (Round answers to 0 decimal places, e.g. 125. Use rounded amounts for future calculations.)

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## ACC 291 Final Exam Guide (New)

ACC 291 Final Exam Study Guide

Question 207

On January 1, a machine with a useful life of five years and a residual value of \$40,000 was purchased for \$120,000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation?

IFRS Multiple Choice Question 01

As a recent graduate of State University you're aware that IFRS requires component depreciation for plant assets. A friend has asked you to succinctly explain what component depreciation means. Which of the following correctly describes component depreciation?

Multiple Choice Question 198

Given the following account balances at year end, compute the total intangible assets on the balance sheet of Janssen Enterprises.

Cash    \$1,500,000

Accounts Receivable  4,000,000

Goodwill         2,500,000

Research & Development Costs         2,000,000

Explanation:  Intangible Assets = Goodwill + Trademarks = 3,500,000

Multiple Choice Question 146

Bonds with a face value of \$300,000 and a quoted price of 97&frac14; have a selling price of

Multiple Choice Question 188

Sparks Company received proceeds of \$423,000 on 10-year, 8% bonds issued on January 1, 2013. The bonds had a face value of \$400,000, pay interest annually on December 31st, and have a call price of 102. Sparks uses the straight-line method of amortization. What is the carrying value of the bonds on January 1, 2015?

Multiple Choice Question

S. Lawyer performed legal services for E. Corp. Due to a cash shortage, an agreement was reached whereby E. Corp. would pay S. Lawyer a legal fee of approximately \$15,000 by issuing 8,000 shares of its common stock (par \$1). The stock trades on a daily basis and the market price of the stock on the day the debt was settled is \$1.80 per share. Given this information, the best journal entry for E. Corp. to record for this transaction is

Multiple Choice Question 110

Logan Corporation issues 50,000 shares of \$50 par value preferred stock for cash at \$60 per share. The entry to record the transaction will consist of a debit to Cash for \$3,000,000 and a credit or credits to

IFRS Multiple Choice Question 01

Jahnke Corporation issued 8,000 shares of €2 par value ordinary shares for €11 per share. The journal entry to record the sale will include

Multiple Choice Question 80

Zoum Corporation had the following transactions during 2014:

1.     Issued \$125,000 of par value common stock for cash.

2.     Recorded and paid wages expense of \$60,000.

3.     Acquired land by issuing common stock of par value \$50,000.

4.     Declared and paid a cash dividend of \$10,000.

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## ACC 291 Week 1 Wileyplus Assignment E8-4, E8-11, BYP8-1, and BYP8-2

Wiley Plus Assignment Week 1

E8-4, E8-11, BYP8-1, and BYP8-2 in MS Excel

Exercise 8-4 Wainwright Company

Exercise 8-11 Fedex Corporation