ACCT 346 Week 8 Final 2 Complete A+ Answer

ACCT 346 Week 8 Final 2 Complete A+ Answer

1. (TCO 1) Who are the users of managerial accounting information? How does their
use of accounting information differ from the users of financial accounting information?
(Points : 15)
2. (TCO 2) What is direct labor cost? What is an example of a direct labor cost?
(Points : 15)
3. (TCO 3) What is the difference between job order and process costing? (Points : 15)
4. (TCO 4) What is a fixed cost? What is an example of a fixed cost? (Points : 15)
Page 2
1. (TCO 5) What is full costing? How does it differ from variable costing? (Points : 15)
2. (TCO 6) What is the third step in the cost allocation process? Give an example of this
step. (Points : 15)
3. (TCO 7) What is incremental analysis? What costs are relevant in incremental
analysis? (Points : 15)
4. (TCO 8) What is activity-based pricing? How is the price determined? (Points : 15)
Page 3
1. (TCO 6) Name the steps in the ABC approach. Describe each of them. Which do you
think is the most important step? Why? (Points : 30)
2. (TCO 7) Products Alpha and Beta are joint products. The joint production cost of the
products is $800. Alpha has a market value of $400 at the split-off point. If Alpha is
further processed at an additional cost of $600, its market value is $1,400. Product Beta
has a market value of $1,200 at the split-off point. If Product Beta is further processed
at an additional cost of $300, its market value is $1,400. Using the relative sales value
method, calculate the joint product cost that would be allocated to Alpha and Beta. How
do you know if one of the products should be further processed? (Points : 30)
3. (TCO 8) A company must incur annual fixed costs of $4,000,000 and variable costs of
$400 per unit and estimates that it can sell 40,000 pumps annually and marks up cost by
30 percent. Using cost-plus pricing, what is the cost per unit and the price? What are
advantages and disadvantages of cost-plus pricing? (Points : 30)
Page 4
1. (TCO 9) A project will require an initial investment of $400,000 and will return
$100,000 each year for six years. If taxes are ignored and the required rate of return is
9%, what is the projects net present value? Based on this analysis, should the company
proceed with the project? (Points : 30)

2. (TCO 10) Why does a company perform ratio analysis? What are the debt-related
ratios? Describe the formula for one debt-related ratio and explain how to interpret the
ratio. (Points : 30

ACCT 212 Final Exam / Financial Accounting Perfect A+

Answer
ACCT 212 Final Exam / Financial Accounting Perfect A+ Answer
1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1)
Explain why this process is required (10 points) and (2) provide an example of the
closing of an expense account, Salary Expense in the form of a journal entry. (10 points)
(Points : 20)
2. (TCO 2) As required to complete Course Project 1, one must follow the cycle that
includes 10 steps to complete the accounting cycle. (1) Explain how the debit/credit rules
are used when developing journal entries (10 points) and (2) provide an example of the
application of the debit/credit rules in the form of a journal entry. (10 points)(Points :
20)
3. (TCO 5) Internal Control Procedures are required to safeguard company assets and
to ensure ethical operation of the business. (1) Explain how limited access can satisfy the
purpose of internal control (10 points) and (2) provide an example of how this control
could be implemented. (10 points) (Points : 20)
4. (TCO 4) Inventory valuation methods determine the cost of goods sold and the
inventory balance. (1) Explain how the First in First out (FIFO) method is applied (10
points) and (2) provide an example of the impact that this method of inventory
valuation will have on Gross Profit. (10 points) (Points : 20)
5. (TCO 1) To evaluate the financial operation and health of a business ratio analysis is
used. (1) Provide the formula for the Current Ratio and explain how it is computed (10
points) and (2) provide an example of how this ratio can be used in decision-making in
business. (10 points) (Points : 20)
1. (TCO 6) BagODonuts Company bought a used delivery truck on January 1, 2010, for
$19,200. The van was expected to remain in service 4 years (30,000 miles). BagODonuts
accountant estimated that the trucks residual value would be $2,400 at the end of its
useful life. The truck traveled 8,000 miles the first year, 8,500 miles the second year,
5,500 miles the third year, and 8,000 miles in the fourth year.
1. Calculate depreciation expense for the truck for each year (2010-2013) using the:
a. Straight-line method.
b. Double-declining balance method.
c. Units of Production method.
(For units-of-production and double-declining balance, round to the nearest two
decimals after each step of the calculation.)
2. Which method best tracks the wear and tear on the van?

3. Which method would BagODonuts prefer to use for income tax purposes? Explain in
detail why BagODonuts prefers this method. (Points : 25)
2. (TCO 7) ABC Inc. was incorporated on 1/15/12. Their corporate charter authorized
the following capital stock: Preferred Stock: 7%, par value $100 per share, 100,000
shares. Common Stock: $1 par value, 500,000 shares.
The following transactions occurred during the year:
1/19/12 Issued 100,000 shares of common stock for $17 cash per share.
1/31/12 Issued 3,000 shares of preferred stock for $115 cash per share.
11/1/12 Repurchased 30,000 shares of common stock for $22 cash per share.
12/1/12 Declared and paid a total dividend of $95,000.
Required:
1. Prepare the journal entry for each transaction listed above.
2. In your own words, explain the main differences between common and preferred
stock.
(Points : 25)
3. (TCO 5) Fraud is an intentional misrepresentation of facts, made for the purpose of
persuading another party to act in a way that causes injury or damage to that party. In
our readings and discussions we have seen several examples of fraud in business. Using
that experience (1) provide an example of a common fraudulent practice in business
with an explanation of how the practice works and (2) name and describe each of the
elements of the Fraud Triangle.
4. (TCO 5) Internal Control Procedures are in place to protect the assets of every
business as mentioned in the textbook and our discussions. Of the seven internal control
procedures, list five of these controls and describe how each procedure is implemented
(Points : 25)
5. (TCO2) Below are the accounts of Super Pool Service, Inc. The accounts have normal
balances on June 30, 2012. The accounts are listed in no particular order.
Account Balance
Common stock $5,100
Accounts payable $4,400
Service revenue $17,100
Land $28,800
Note payable $9,500
Cash $5,200
Dividends $6,100
Utilities expense $2,100
Accounts receivable $10,600
Delivery expense $700
Retained earnings $25,600
Salary expense $8,200
Prepare the companys trial balance as of June 30, 2012, listing accounts in proper
sequence, as illustrated in the chapter. For example, Accounts Receivable comes before
Land. List the expense with the largest balance first, the expense with the next largest

balance second, and so on.

(Points : 25)
6.
(TCO4) Lindas Lampshades started business on Jan. 1, 2001. They had the following
inventory transactions:
Journals Jan. 2001
Purchases
Supplier Date Received Quantity Unit Cost Amount
Donna 01/10/01 110 12.00 1320.00
Thomas 01/15/01 160 14.00 2240.00
Cindy 01/18/01 150 15.00 2250.00
Sales
Customer Date shipped Quantity Sel. Price Amount
Norilene 01/16/01 200 25.00 5000.00
1. Calculate the ending inventory, using the perpetual inventory method:
A. Using FIFO
B. Using LIFO
C. Using Average Cost
2. Prepare the following statement
Using
FIFO LIFO Average Cost
Sales
Cost of Sales
Gross Profit
(Points : 25)
1. Depreciation is a process to allocate the cost of long-life assets to each periods income
statement and adjusts the value of the asset on the balance sheet. (1) Explain how the
Units-of-Production method is computed (10 points) and (2) provide an example of how
this method could be used on a new delivery truck purchased for $25,000 to be used for
100,000 miles with a salvage value of $5,000 for year one only (25,000 miles driven in

ACCT 305 Week 5 Homework Perfect A+ Answer

ACCT 305 Week 5 Homework Perfect A+ Answer
E 13-3, E 13-11, E 13-15, E 13-17, E 13-27
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ACCT 305 Week 6 Homework Perfect A+ Answer

ACCT 305 Week 6 Homework Perfect A+ Answer
E 14-2, E 14-3, E 14-5, E 14-18

ACCT 305 Week 7 Homework Complete A+ Answer

ACCT 305 Week 7 Homework Complete A+ Answer
E 15-1, E 15-3, E 15-4, E 15-5, E 15-8

ACCT 304 Week 3 Homework Assignments Complete A+

Answer
ACCT 304 Week 3 Homework Assignments Complete A+ Answer
Exercise 4-1, Exercise 4-3, Exercise 4-14, Exercise 4-15, Exercise 4-16

ACCT 304 Week 4 Homework Assignments Complete A+

Answer
ACCT 304 Week 4 Homework Assignments Complete A+ Answer
Exercise 5-8, 6-1, 6-3

ACCT 304 Week 5 Homework Assignments Complete A+

Answer
ACCT 304 Week 5 Homework Assignments Complete A+ Answer
Exercise 7-1, 7-5, 7-8, 7-28, 7-29

ACCT 304 Week 6 Homework AssignmentsComplete A+

Answer
ACCT 304 Week 6 Homework AssignmentsComplete A+ Answer
Exercise E 8-1, 8-9, 8-13
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ACCT 304 Week 7 Homework Assignments Complete A+

Answer
ACCT 304 Week 7 Homework Assignments Complete A+ Answer
Exercises 9-1, 9-8, 9-13, 9-26