ACC 422 Final Exam Wileyplus
ACC 422 Final Exam Wileyplus
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Question 1
Kraft Enterprises owns the following assets at December 31, 2012.
Cash in bank–savings account 67, 516 Checking account balance 26,445
Cash on Hand 9,478 Postdated checks 753
Cash refund due from IRS 40,324 Certificates of deposit(180 day) 94,754
What amount should be reported as cash?
Question 2
Presented below is information related to Rembrandt Inc. 's inventory.
Per Units Skis Boots Parkas
Historical Cost $254.22 $141.83 $70.91
Selling Price 290.35 194.01 98.68
Cost to distribute 25.42 10.70 3.35
Current replacement cost 271.61 140.49 68.24
Normal profit margin 42.82 38.80 28.43
Determine the following
a). the two limits to market value (e.g., the ceiling and the floor) that should be used in the lower of cost or market computation for skis; (Round answers to 2 decimal places, e.g. 20.25.)
b). the cost amount that should be used in the lower of cost or market comparison of boots; (Round answer to 2 decimal places, e.g. 20.25.)
c). the market amount that should be used to value parkas on the basis of the lower of cost or market. (Round answer to 2 decimal places, e.g. 20.25.)
Question 3
Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 74 units that cost $44 each. During June, the company purchased 222 units at $44 each, returned 9 units for credit, and sold 185 units at $74 each. Journalize the June transactions.
Question 4
Amsterdam Company uses a periodic inventory system. For April, when the company sold 700 units, the following information is available. Units Unit Cost Total Cost
April 1 inventory 250 $16 $4,000
April 15 purchase 400 19 7,600
April 23 purchase 350 21 7,350 1,000 $18,950
Compute the April 30 inventory and the April cost of goods sold
Copy this link to your browser and download
http://www.finalexamguide.com/ACC-422-Final-Exam-2-WileyPlus-167.htm
Question 1
Kraft Enterprises owns the following assets at December 31, 2012.
Cash in bank–savings account 67, 516 Checking account balance 26,445
Cash on Hand 9,478 Postdated checks 753
Cash refund due from IRS 40,324 Certificates of deposit(180 day) 94,754
What amount should be reported as cash?
Question 2
Presented below is information related to Rembrandt Inc. 's inventory.
Per Units Skis Boots Parkas
Historical Cost $254.22 $141.83 $70.91
Selling Price 290.35 194.01 98.68
Cost to distribute 25.42 10.70 3.35
Current replacement cost 271.61 140.49 68.24
Normal profit margin 42.82 38.80 28.43
Determine the following
a). the two limits to market value (e.g., the ceiling and the floor) that should be used in the lower of cost or market computation for skis; (Round answers to 2 decimal places, e.g. 20.25.)
b). the cost amount that should be used in the lower of cost or market comparison of boots; (Round answer to 2 decimal places, e.g. 20.25.)
c). the market amount that should be used to value parkas on the basis of the lower of cost or market. (Round answer to 2 decimal places, e.g. 20.25.)
Question 3
Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 74 units that cost $44 each. During June, the company purchased 222 units at $44 each, returned 9 units for credit, and sold 185 units at $74 each. Journalize the June transactions.
Question 4
Amsterdam Company uses a periodic inventory system. For April, when the company sold 700 units, the following information is available. Units Unit Cost Total Cost
April 1 inventory 250 $16 $4,000
April 15 purchase 400 19 7,600
April 23 purchase 350 21 7,350 1,000 $18,950
Compute the April 30 inventory and the April cost of goods sold