UMUC ACCT220 Final Exam 2016

UMUC ACCT220 Final Exam 2016 in $34 only (Instant Download)

Free Sample Answer is given below.

XYZ Company

Trial Balance

December 31, 2015

Account Debit Credit

Cash $ 43,500

Accounts Receivable 53,500

Allowance for Doubtful Accounts 1,500

Notes Receivable 30,000

Merchandise Inventory 55,000

Land 20,000

Building 150,000

Accumulated Depreciation, Building $ 15,000

Equipment 50,000

Accumulated Depreciation, Equipment 21,000

Goodwill 26,000

Accounts Payable 25,000

Long-Term Notes Payable 75,000

Common Stock, $10 par, 2,000 shares authorized and outstanding 20,000

UMUC ECON201 Quiz 2 Latest December 2015

UMUC ECON201 Quiz 2 Latest December 2015 in $9 only (Instant Download)

Question

Chapter 11 Random

Question 1 1 / 1 point

_______________________ happens when the economy is producing at its potential and unemployment is at the natural rate of unemployment.

a) Stagflation

b) The interest rate effect

c) The foreign price effect

d) Full employment GDP

Question 2 1 / 1 point

Melanie decided to save 20% of her annual earnings for 10 years so she would have a down payment for a house. After 5 years, what change in the economy would cause an increase in the purchasing power of the funds she has managed to save?

a) stagflation

b) depression

c) deflation (Sample Answer)

d) recession

Question 3 1 / 1 point

If the price level of what firms produce is rising across an economy, but the costs of production are constant, then:

a) higher profits will induce expanded production.

b) a majority of industries will start running into limits.

c) increase in quantity produced won’t be large.

d) the maximum potential GDP will be exceeded.

Question 4 1 / 1 point

What term is used to describe the maximum quantity that an economy can produce, in the context of its existing inputs, market and legal institutions?

UMUC ACCT321 all Weeks Discussions Latest 2015 November

UMUC ACCT321 all Weeks Discussions Latest 2015 November in $54 only

As a first step to your SEC 10K project, you will select a publicly traded U.S. corporation (Fortune 500 company) you would like to study this semester and post a response to this discussion to obtain permission. See below for the criteria for the company and the posting requirement for this week (Week 1):

1. Post the name of the corporation, the stock market where it is traded, and its ticker symbol in the Subject line when you respond to this posting (as a new thread) and all other postings related to this project. Only 1 student per company — if you see your prospective company already listed, please choose another company. It must be of a manufacturing company — an entity that derives its products for sale, thereby revenue, through the direct manufacture of those products. I will respond with an approval during Week 1, so that you may proceed with the project.

For example:

Under Armour; NYSE: UA
Apple; NASDAQ: APPL
Exxon Mobile; NYSE: XOM
2. State (briefly) why you want to study this corporation.

UMUC ACCT321 Quiz 2 latest 2015 Winters

UMUC ACCT321 Quiz 2 latest 2015 Winters in $21 only (Instant Download)

1. Distinguish between a traditional costing system and an activity-based costing (ABC) system, and explain some benefits of ABC?

Sample Answer:

Using a traditional system is appropriate when there is one root cause of the indirect production costs or when the company manufactures similar products. However, if the company manufactures diversified products, of which some products require more overhead cost and some less, here the activity based costing is approriate.
Traditional Cost Accounting uses a single overhead pool and is not able to calculate the true cost. However, activity based costing is based on different cost pools and drivers and allocates the overhead cost more accurately.

Lockhart Products manufactures custom-built ships. Each ship is built to customer specifications. Most of the direct labor time is spent on welding activities. Following is the job cost sheet for an incinerator manufactured for the Galveston Harbor Corporation:

Lockhart Products Job Cost Sheet

Job: Galveston

Direct Labor Direct Material Applied Overhead Total

Hours Rate Total Qty Cost Per Unit Total Qty Rate Total

08-May-15

M. Martinez 9 $25 $225 $225

V. Garza 1 $12 $12 $12

Steel 10 $80 $800 $800

09-May-15

M. Martinez 2 $12 $24 $24

Applied Overhead ? ? $360 $360

12 $261 $800 $360 $1,421

(a) What types of costs do you imagine would be included in factory overhead? If overhead is applied based on direct labor hours, what is the application rate?

UMUC ACCT 427 Exam 1

UMUC ACCT 427 Exam 1 in $36 only

UMUC ACCT 427 Exam 1 Latest 2015 October

Exam # 1

Advanced Auditing

ACCT 427-6980

Spring 2015

Name: Date: ______________________

1. This is the phase of the audit during which audit risks are preliminarily assessed and audit procedures are designed to address assessed risks. The objective is to make preliminary decisions about the nature, timing, and extent of audit procedures to be performed.

This is called _____ _________________________.

2. Matters such as industry competition, supplier and customer relationships, technological developments, general economic conditions and other matters that affect a particular industry.

UMUC ACC301 Quiz

UMUC ACC301 Quiz in $31 only

Question 1 (10 points):

What is the difference between FOB Shipping and FOB Destination? When determine the balance of inventory at the end of the year, why does it matter to know the shipping terms of in-transit inventory?

Accountants report a merchandiser’s and a manufacturer’srevenues only when a sale is made. FOB Shipping Point pretty much indicates that the sale occurred at the shipping point, at the seller’s shipping dock. FOB Destination indicates that the sale will occur only when it arrives at the destination, meaning at the buyer’s receiving dock.

In Accounting, we assume that the cost of transporting the goods corresponds to these terms. If the sale occurred at the shipping point (seller’s shipping dock), then the buyer should definitely take responsibility for the cost of transporting the Merchandise. (The buyer will record this cost as Freight-In or Transportation-In.) If the sale doesn’t occur until the goods reach the destination (terms are FOB Destination) that means that the seller should be responsible for transporting the goods until they reach the buyer’s unloading dock. (The seller will record the transportation cost as Freight-Out, Transportation-Out, or Delivery Expense.)

Question 2 (5 points):

Franklin Corporation began the accounting period with $60,000 of merchandise inventory, purchases during the year totaled $240,000, and a physical count of inventory of hand at the end of the period totaled $72,000. What was Franklin Corporation’s cost of goods sold for the period?

UMUC ACCT311 Homework 7

UMUC ACCT311 Homework 7  in $19 only

Homework 7

BE 15-1

At thebeginningofits fiscal year,Lakeside,Inc.leased office spacetoLTT Corporation underasevenyearoperatinglease agreement. The contract calls

BE 15-2

BE 15-3

BE 15-4

BE 15-5

BE 20-1

In 2013, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2012, B&B’s inventories were $32 million (FIFO). B&B’s records indicated that the inventories would have totaled $23.8 million at December 31, 2012, if determined on an average cost basis. Ignoring income taxes, what journal entry will B&B use to record the adjustment in 2013? Briefly describe other steps B&B should take to report the change.

BE 20-2

In 2013, Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December 31, 2012, AdonisAc€?cs inventories were $48.4 million (average cost). AdonisAc€?cs records indicated that the inventories would have totaled $65.6 million at December 31, 2012, if determined on a FIFO basis.

Ignoring income taxes, what journal entry will Adonis use to record the adjustment in 2013?

BE 20-4

Irwin, Inc., constructed a machine at a total cost of $35 million. Construction was completed at the end of 2009 and the machine was placed in service at the beginning of 2010. The machine was being depreciated over a 10-year life using the straight-line method. The residual value is expected to be $3 million. At the beginning of 2013, Irwin decided to change to the sum-of-the-yearsAc€?c-digits method. Ignoring income taxes, prepare the journal entry to record relating to the machine for 2013.

BE 20-5

BE 20-8

BE 20-9

BE 20-11

Price of Answer: Just US$19 only

Buy Now

Need Assistance…??  email us at [email protected].

If you need any type of help regarding Homework, Assignments, Projects,  Case study, Essay writing or any thing else then just email us at [email protected]solvemyquestion.com. We will get back to you ASAP. Do not forget to maintain the time frame you need you work to be done.

UMUC ACCT 220 Final Exam Summer 2015

UMUC ACCT 220 Final Exam Summer 2015  in $46 (Instant Download)

University of Maryland University College

Final Examination

Acct220: Principles of Accounting I

For this exam, omit all general journal entry explanations.

Ensure to include correct dollar signs, commas, underlines & double underlines where required.

Question 1: 40% points:

Floozy Company’s December 31, 2014 trial balance is as follows:

Floozy Corporation
Trial Balance
December 31, 2014
AccountDebitCredit
Cash (A)$43,500
Accounts Receivable(A)53,500
Allowance for Doubtful Accounts (A)1,500
Notes Receivable (A)30,000
Merchandise Inventory (A)55,000
Land (A)20,000
Building (A)150,000
Accumulated Depreciation, Building (A)$15,000
Equipment (A)50,000
Accumulated Depreciation, Equipment (A)21,000
Goodwill (A)26,000
Accounts Payable (L)25,000
Long Term Notes Payable (L)75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding (SE)20,000
Retained Earnings (SE)147,000
Sales Revenue700,000
Salaries Expense150,000
Utilities Expense3,500
Cost of Goods Sold350,000
Administrative Expenses55,000
Sales Expenses15,000_______
Totals$1,003,000$1,003,000

Floozy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.

UMUC ACC311 Week 5 Homework

UMUC ACC311 Week 5 Homework $21 only

BE16-1, 16-2, 16-4, 16-5,16-6, 16-7,16-8, 16-9,16-10, 16-12, 16-13, 16-14
BE16-1

A company reports pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only $7 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%.

Prepare the appropriate journal entry to record income taxes

16-3,

A company reports pretax accounting income of $10 million, but because of a single temporary difference, taxable income is $12 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%.