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DEVRY ACCT 504 Midterm Exam (4 Sets) Check this A+ tutorial guideline at

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For more classes visit http://www.assignmentcloud.com 1. Question : (TCOs A and E) Your friend, Ellen, has hired you to evaluate the following internal control procedures. Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which internal control procedure relates to each of the internal controls.

For the weaknesses, you also need to state a recommendation for improvement.

(1) The cashier counts the total receipts and reconciles the receipts with the cash register total. (2) Electronic documents are password-protected. (3) The accountant is completely independent of the sales department. (4) Invoices are not numbered. (5) Large purchase orders must be approved by a manager.

TCOs A and E) Your friend, Ellen, has hired you to evaluate the following internal control procedures. Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which internal control procedure relates to each of the internal controls.

For the weaknesses, you also need to state a recommendation for improvement.

(1) The cashier counts the total receipts and reconciles the receipts with the cash register total. (2) Electronic documents are password-protected. (3) The accountant is completely independent of the sales department. (4) Invoices are not numbered. (5) Large purchase orders must be approved by a manager. (Points : 30)

Set 2 1: Invoices are pre-numbered. 2: The controller approves of the purchases and makes the payment since he or she is familiar with the purchases. 3: The office manager is in charge of the petty cash fund. 4: Blank checks are stored in the safe. 5: At the end of the day, the total receipts are counted by the cashier on duty and reconciled to the cash register total. (Points : 30)

Set 3 Invoices are pre-numbered. The controller approves of the purchases and makes the payment since he or she is familiar with the purchases. The office manager is in charge of the petty cash fund. Blank checks are stored in the safe. At the end of the day, the total receipts are counted by the cashier on duty and reconciled to the cash register total

Set 4 Question 14. Question : (TCO D) Your friend Dean has hired you to evaluate the following internal control procedures. a: Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which principle relates to each of the internal controls. b: For the weaknesses, you also need to state a recommendation for improvement.

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DEVRY ACCT 504 Week 3 Quiz NEW Check this A+ tutorial guideline at

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Q -1 Other comprehensive income

A. includes extraordinary gains and losses.

B. affects earnings per share.

C. includes unrealized gains and losses on available-for-sale investments.

D. has no effect on income tax.

Q-2 Use the following data of TortoiseTortoise Sales, Inc.: Unit Total Units Units Cost Cost Sold Beginning inventory 16 $3 $48 Purchase on Apr 25 25 6 150 Purchase on Nov 16 11 8 88 Sales 40 ? ? Tortoise Sales' average cost of ending inventory is

An auditor report by independent accountants

A. gives investors assurance that the company's stock is a safe investment.

B. is ultimately the responsibility of the management of the client company.

C. ensures that the financial statements are error-free.

D. gives investors assurance that the company's financial statements conform to GAAP.

Use the following data of SeasideSeaside Sales, Inc.: Unit Total Units Units Cost Cost Sold Beginning inventory 18 $4 $72 Purchase on Apr 25 43 7 301 Purchase on Nov 16 19 10 190 Sales 45 ? ? SeasideSeaside Sales' LIFO cost of ending inventory would be

Use the following data of SeaspraySeaspray Sales, Inc.: Unit Total Units Units Cost Cost Sold Beginning inventory 24 $7 $168 Purchase on Apr 25 30 8 240 Purchase on Nov 16 14 9 126 Sales 50 ? ? SeaspraySeaspray Sales uses a FIFO inventory system. Cost of goods sold for the period is

The quality of earnings suggests that

A. stockholders want the corporation to earn enough income to be able to pay its debts.

B. income from continuing operations is a more relevant predictor of future performance than income from one-time transactions.

C. net income is the best measure of the results of operations.

D. continuing operations and one-time transactions are of equal importance.

Deferred Tax Liability is usually Type of Account Reported on the

A. Long-term Income statement

B. Short-term Statement of stockholders' equity

C. Short-term Income statement

D. Long-term Balance sheet

Which statement is true?

A. Discontinued operations are a separate category on the income statement.

B. Extraordinary items are combined with continuing operations on the income statement.

C. Extraordinary items are part of discontinued operations.

Hazard Company had anan $18,000 beginning inventory and aa $25,000 ending inventory. Net sales ere $153,000; purchases, $76,000; purchase returns and allowances, $3,000; and freight in, $9,000. Cost of goods sold for the period is $75,000.What is Hazard gross profit percentage (rounded to the nearest percentage)?

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DEVRY ACCT 504 Week 5 Homework (E7-15A, E7-19A, E8-20A, E9-23A, E9-29A) NEW

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For more classes visit http://www.assignmentcloud.com E 7-15A Potvin Self Storage purchased land, paying $175,000 cash as a down payment and signing a $185,000 note payable for the balance. Potvin also had to pay delinquent property tax of $5,500, title insurance costing $3,000, and $2,000 to level the land and remove an unwanted building. The company paid $55,000 to add soil for the foundation and then constructed an office building at a cost of $1100,000. It also paid $47,000 for a fence around the property, $16,000 for the company sign near the property entrance, and $10,000 for lighting of the grounds. Requirement 1. What is the capitalized cost of each of Potvin's land, land improvements, and building? 2. cost of land improvement 3. Cost of building

E 7-19A Tasteful's Pizza bought a used Toyota delivery van on January 2, 2014, for $18,000. The van was expected to remain in service for four years left parenthesis (41,750 miles). At the end of its useful life, Tasteful's officials estimated that the van's residual value would be $1,300. The van traveled 13,000 miles the first year, 11,250 miles the second year, 10,250 miles the third year, and 7,250 miles in the fourth year. Requirements 1. Prepare a schedule of depreciation expense per year for the van under the three depreciation methods. 2. Which method best tracks the wear and tear on the van? 3. Which method would Tasteful's prefer to use for income tax purposes? Explain in detail why Tasteful's prefers this method.

Prepare a schedule of depreciation expense per year for the van under the three depreciation methods Requirement 2. Which method best tracks the wear and tear on the van? The units-of-production method tracks the wear and tear on the van most closely.

Requirement 3. Which method would Tasteful's prefer to use for income tax purposes? Explain in detail why Tasteful's prefers this method. For income tax purposes, Tasteful's would prefer the double-declining-balance method because it provides the most depreciation, and thus, the largest tax deductions in the early life of the asset.

E8-20A

Corp. purchased 10, $1,000, 77% bonds of Power Source Corporation when the market rate of interest was 12%. Interest is paid semiannually on the bonds, and the bonds will mature in ten years. Using the PV function in Excel Superscript ®Excel®, compute the price Haygood paid (the present value) on the bond investment. (Assume that all payments of interest and principal occur at the end of the period. Round your answer to the nearest cent.) E9-23A Assume that Jasper Electronics completed these selected transactions during March 2014: a. Sales of $2,100,000 are subject to estimated warranty cost of 2%. The estimated warranty payable at the beginning of the year was $34,000, and warranty payments for the year totaled $57,000. b. On March 1, Jasper Electronics signed a 45,000 note payable that requires annual payments of $9,000 plus 4% interest on the unpaid balance each March 2. c. Music For You, Inc., a chain of music stores, ordered $135,000 worth of CD players. With its order, Music For Yo

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DEVRY ACCT 504 Week 6 Homework (E10-19A, E10-25A, E12-16A, E12-20A) NEW

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E10-19A Army Navy Sporting Goods is authorized to issue 10,000 shares of common stock. During a two-month period, Army Navy completed these stock-issuance transactions:

Apr 23 Issued 3,000 shares of $1.00 par common stock for cash of $13.00 per share. May 12 Received inventory with a market value of $20,000 and equipment with market value of $39,000 for 3,600 shares of the $1.00 par common stock.Requirements 1. Journalize the transactions. 2. Prepare the stockholders' equity section of Army Navy Sporting Goods' balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $45,000.

E10-25A (similar to) Question Help Ontario Manufacturing, Inc., reported the following at December 31, 2014 and December 31, 2015: Stockholders' Equity

Preferred stock, cumulative, $1.00 par, 12%, 45,000 shares issued $45,000

Common stock, $0.60 par, 9,070,000 shares issued 5,442,000 Ontario Manufacturing has paid all preferred dividends through 2011 Requirement

  1. Compute the total amounts of dividends to both preferred and common stockholders for 2014 and 2015 if total dividends are $30,000 in 2014 and $45,000 in 2015.

Begin with 2014. Compute the total amounts of dividends to both preferred and common stockholders for 2014 if total dividends are $30,000.

E12-16A

Donnahoo Investments specializes in low-risk government bonds. Identify each of Donnahoo's transactions as operating (O), investing (I), financing (F), noncash investing and financing (NIF), or a transaction that is not reported on the statement of cash flows (N). Indicate whether each item increases (+) or decreases

a. Cash sale of land b. Issuance of long-term note payable in exchange for cash c. Depreciation of equipment d. Purchase of treasury stock e. Issuance of common stock for cash f. Increase in accounts payable g. Net income h. Payment of cash dividend i. Decrease in accrued liabilities j. Loss on sale of land k. Acquisition of building by issuance of notes payable l. Payment of long-term debt m. Acquisition of building by issuance of common stock n. Decrease in accounts receivable o. Decrease in inventory p. Increase in prepaid expenses

E12-20A The income statement and additional data of Newton Travel Products, Inc., follow:

Requirements

  1. Prepare Newton Travel Products's statement of cash flows for the year ended December 31, 2014, using the indirect method.
  2. Evaluate Noel' cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation.

Requirement 1. Prepare Newton's statement of cash flows for the year ended December 31, 2014, using the indirect method. Start by completing the cash flows from operating activities. Then complete each section of the statement of cash flows, including the noncash investing and financing activities. (

Newton Travel Products, Inc.

Income Statement

Year Ended December 31, 2014

Requirement 2. Evaluate Newton's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation. Newton's .

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DEVRYACCT 504 Final Exam Guide NEW (2 Sets, NEW 2017) Check this A+ tutorial guideline at

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Question 1.1. (TCO D) Please describe the purpose of the Income Statement and the interrelationship between the income statement and the other major financial statements that we covered in this class. In your answer, please also address which financial statements should be created before the Income Statement, if any, and which financial statements need to be completed after the Income Statement, if any. (Points : 25)

Question 1—Set 2 1. Please describe the purpose of the Balance Sheet and the interrelationship between the balance sheet and the other major financial statements that we covered in this class. In your answer, please also address which financial statements should be created before the Balance Sheet, if any, and which financial statements need to be completed after the Balance Sheet, if any

Question 2.2. (TCO E) Your friend, Lisa, plans to open a nail salon. Lisa states that she does not have time to develop and implement a system of internal controls. (a) Explain to Lisa the components of internal control. (10 points) (b) Explain to Lisa at least 5 internal control procedures she must establish to protect herself against fraud. You should state specific internal control procedures from the textbook, and relate your answer to her nail salon business. (15 points) (Points : 25) Q-2-Set 2 2. Your friend, John, plans to open a parking garage business. John states that he does not have time to develop and implement a system of internal controls. (a) Explain to John the objectives of a system of internal control. (b) Explain to John at least 5 internal control procedures that he must establish to protect himself against fraud. You should state specific internal control procedures from the textbook and relate your answer to his parking garage business. solution

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