ACC 421 Wiely Plus Final Exam

TOTAL 30 QUESTIONS. HERE ARE SOME QUESTIONS SAMPLE

Question 1

Transactions for Mehta Company for the month of May are presented below.

Prepare journal entries for each of these transactions.

Question 2

On July 1, 2012, Crowe Co. pays $19,628 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31. (Round answers to zero decimal places, e.g. 2,555.)

Question 3

Dresser Company's weekly payroll, paid on Fridays, totals $6,600. Employees work a 5-day week. Prepare Dresser's adjusting entry on Wednesday, December 31, and the journal entry to record the $6,600 cash payment on Friday, January 2. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Question 4

Side Kicks has year-end account balances of Sales $890,660; Interest Revenue $16,870; Cost of Goods Sold $557,320; Operating Expenses $207,440; Income Tax Expense $36,370; and Dividends $20,744. Prepare the year-end closing entries. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Question 7

Starr Co. had sales revenue of $632,600 in 2012. Other items recorded during the year were:

Prepare a single-step income statement for Allen for 2012. Allen has 100,000 shares of stock outstanding. (List multiple entries from largest to smallest amount, e.g. 10, 5, 2. Round earnings per share to 2 decimal places, e.g. 0.20. Enter all amounts as positive amounts and subtract where necessary.)

Question 8

Portman Corporation has retained earnings of $752,650 at January 1, 2012. Net income during 2012 was $1,751,960, and cash dividends declared and paid during 2012 totaled $78,100. Prepare a retained earnings statement for the year ended December 31, 2012. Assume an error was discovered: land costing $87,490 (net of tax) was charged to repairs expense in 2009. (Enter all amounts as positive amounts and subtract where necessary.)