Acc 291 Week 1 Wileyplus Assignment Week Five

Unformatted text preview: ACC 291 WileyPLUS Week 5 Assignment Questions 1-6 Exercise E13-1; Exercise E13-8; Exercise E14-1; Problem P13-9A; Problem P13-10A; Problem P14-2A University of Phoenix Do not copy directly. Please use as a guide. Come back for more. Buy the entire course collection and save! http://www.scribd.com/collections/4131080/ACC-291-UOP Exercise E13-1 Question 1 Pioneer Corporation had the transactions below during 2011. Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities. Exercise E13-8 Question 2 Here are comparative balance sheets for Taguchi Company. Additional information: 1. Net income for 2011 was $103,000. 2. Cash dividends of $45,000 were declared and paid. 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000. 4. Common stock was issued for $42,000 cash....
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Acc 422 Week 2 Wileyplus Assignment - Exercises

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ACC 422 Week 2 WileyPlus Assignment - Exercises
Business - Accounting

ACC422 Week 2 E7-2 E7-8 E8-5 E8-14 P7-1 E8-25

E7-2 (Determine Cash Balance) Presented below are a number of independent situations.

Instructions

For each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash, explain the rationale.

1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180.

2. Checking account balance $500,000; an overdraft in special checking…show more content…

8. Excluded from inventory was a carton labeled “Please accept for credit.” This carton contains merchandise costing $1,500 which had been sold to a customer for $2,600. No entry had been made to the books to reflect the return, but none of the returned merchandise seemed damaged.

Instructions
(a) Determine the proper inventory balance for Werth Company at December 31, 2010.
(b) Prepare any correcting entries to adjust inventory to its proper amount at December 31, 2010. Assume the books have not been closed.

E8-14 (FIFO, LIFO, and Average Cost Determination) LoBianco Company’s record of transactions for the month of April was as follows.
Purchases Sales
April 1 (balance on hand) 600 @ $6.00 April 3 500 @ $10.00
4 1,500 @ 6.08 9 1,300 @ 10.00
8 800 @ 6.40 11 600 @ 11.00
13 1,200 @ 6.50 23 1,200 @ 11.00
21 700 @ 6.60 27 900 @ 12.00
29 500 @ 6.79 4,500
5,300

Instructions
(a) Assuming that periodic inventory records are kept, compute the inventory at April 30 using (1) LIFO and (2) average cost.
(b) Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at April 30 using (1) FIFO and (2) LIFO.
(c) Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.
(d) In an inflationary period, which inventory method—FIFO, LIFO, average cost—will show the highest net income?

P7-1 (Determine Proper Cash Balance) Francis Equipment Co. closes its books regularly

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