ACC 291 Week 2 Wiley Questions Latest 2016 Version
geniusy_2006Question 1
Suppose Nike, Inc. reported the following plant assets and intangible assets for the year ended May 31, 2014 (in millions): other plant assets $983.5; land $243.3; patents and trademarks (at cost) $547.4; machinery and equipment $2,012.3; buildings $943; goodwill (at cost) $188.9; accumulated amortization $54.1; and accumulated depreciation $2,397.
Prepare a partial balance sheet for Nike for these items. (List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
Question 2
Match the statement with the term most directly associated with it.
Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance
The allocation of the cost of an intangible asset to expense in a rational and systematic manner.
A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area.
Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred. |
The excess of the cost of a company over the fair value of the net assets acquired. |
Question 3
Wang Co. has delivery equipment that cost $47,610 and has been depreciated $23,640.
Record entries for the disposal under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a) | It was scrapped as having no value. | |
(b) | It was sold for $36,860. | |
(c) | It was sold for $19,880. |
Question 4
Here are selected 2014 transactions of Cleland Corporation.
Jan. 1 | Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $62,360 and had a useful life of 10 years with no salvage value. | |
June 30 | Sold a computer that was purchased on January 1, 2012. The computer cost $35,600 and had a useful life of 4 years with no salvage value. The computer was sold for $4,910 cash. | |
Dec. 31 | Sold a delivery truck for $9,290 cash. The truck cost $24,190 when it was purchased on January 1, 2011, and was depreciated based on a 5-year useful life with a $4,090 salvage value. |
Question 5
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC |
Question 6
The financial statements of The Hershey Company and Tootsie Roll are presented below.
Question 7
At December 31, 2014, Navaro Corporation reported the following plant assets.
Land | $ 4,122,000 | |||
Buildings | $36,260,000 | |||
Less: Accumulated depreciation—buildings | 16,384,950 | 19,875,050 | ||
Equipment | 54,960,000 | |||
Less: Accumulated depreciation—equipment | 6,870,000 | 48,090,000 | ||
Total plant assets | $72,087,050 |
Question 8
Presented below is an aging schedule for Bosworth Company.
Customer | Total | Not Yet Due | Number of Days Past Due | |||||||||
1–30 | 31–60 | 61–90 | Over 90 | |||||||||
Aneesh | $ 29,000 | $ 10,000 | $19,000 | |||||||||
Bird | 42,100 | $ 42,100 | ||||||||||
Cope | 52,100 | 6,700 | 7,500 | $37,900 | ||||||||
DeSpears | 48,500 | $48,500 | ||||||||||
Others |
| 134,600 |
| 93,100 |
| 31,300 |
| 10,200 |
|
| ||
|
| $306,300 |
| $141,900 |
| $48,800 |
| $29,200 |
| $37,900 |
| $48,500 |
Estimated percentage uncollectible |
|
| 5% |
| 7% |
| 10% |
| 30% |
| 66% | |
Total estimated bad debts |
| $ 56,811 |
| $ 7,095 |
| $3,416 |
| $2,920 |
| $ 11,370 |
| $32,010 |
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