acct 551 education on your terms tutorialrank com n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
ACCT 551 Education on your terms-tutorialrank.com PowerPoint Presentation
Download Presentation
ACCT 551 Education on your terms-tutorialrank.com

Loading in 2 Seconds...

play fullscreen
1 / 15

ACCT 551 Education on your terms-tutorialrank.com - PowerPoint PPT Presentation


  • 2 Views
  • Uploaded on

For more course tutorials visit\nwww.tutorialrank.com\nTutorial Purchased: 3 Times, Rating: A \n\n\n\nACCT 551 Course Project (Notes to Financial Statement) (2 Project)

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' ACCT 551 Education on your terms-tutorialrank.com ' - SmitheTansey


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
acct 551 education on your terms tutorialrank com 1

ACCT 551 Education on your terms/tutorialrank.com

ACCT 551 Course Project (Notes to Financial Statement) (2 Project)

For more course tutorials visit

www.tutorialrank.com

ACCT 551 Course Project (Notes to Financial Statement) (2 Project)

acct 551 education on your terms tutorialrank com 2

ACCT 551 Education on your terms/tutorialrank.com

ACCT 551 Final Exam Set 1

For more course tutorials visit

www.tutorialrank.com

Question 1. (TCO C) Which characteristic is not possessed by intangible assets?

Physical existence

Short-lived

Result in future benefits

Expensed over current and/or future years

acct 551 education on your terms tutorialrank com 3

ACCT 551 Education on your terms/tutorialrank.com

ACCT 551 Final Exam Set 2

For more course tutorials visit

www.tutorialrank.com

Question 1. 1. (TCO C) Which characteristic is not possessed by intangible assets? (Points : 5)

Physical existence

Short-lived

Result in future benefits

Expensed over current and/or future years

acct 551 education on your terms tutorialrank com 4

ACCT 551 Education on your terms/tutorialrank.com

ACCT 551 Midterm Exam Set 1

For more course tutorials visit

www.tutorialrank.com

Question 1. (TCO C) The major problem of accounting for intangibles is determining

fair market value.

separability.

salvage value.

useful life.

Question 2. (TCO C) Wriglee, Inc. went to court this year and successfully defended its patent from infringement by a competitor. The cost of this defense should be charged to

patents, and amortized over the legal life of the patent.

acct 551 education on your terms tutorialrank com 5

ACCT 551 Education on your terms/tutorialrank.com

ACCT 551 Midterm Exam Set 2

For more course tutorials visit

www.tutorialrank.com

Question 1. (TCO C) The major problem of accounting for intangibles is determining

Question 2. Question : (TCO C) Wriglee, Inc. went to court this year and successfully defended its patent from infringement by a competitor. The cost of this defense should be charged to

acct 551 education on your terms tutorialrank com 6

ACCT 551 Education on your terms/tutorialrank.com

ACCT 551 Week 1 Discussion BE12-2, BE12-3, BE12-7, BE12-6, BE 12-12, Ex 12-15

For more course tutorials visit

www.tutorialrank.com

BE12-2 makes us learn that if any legal cost is incurred to defend an intangible assets it should be added to the book value of intangible asset and depreciated over its remaining useful life. Book Value is determined by subtracting amortization till the date of incurring legal cost from the purchase price.

BE12-3 provides us repeated practice to record amortization on intangible asset



acct 551 education on your terms tutorialrank com 7

ACCT 551 Education on your terms/tutorialrank.com

ACCT 551 Week 1 Homework E12-5, E12-16

For more course tutorials visit

www.tutorialrank.com

E12-5 (Correct Intangible Assets Account) As the recently appointed auditor for William J. Bryan Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2014, are prepared. The controller for William J. Bryan Corporation mentions that only one account is kept for intangible assets. The account is shown below.

E12-16 (Accounting for R&D Costs) Leontyne Price Company from time to time embarks on a research pro- gram when a special project seems to offer possibilities.

In 2013, the company expends $325,000 on a research project, but by the end of 2013 it is impossible to determine whether any benefit will be derived from it.

acct 551 education on your terms tutorialrank com 8

ACCT 551 Education on your terms/tutorialrank.com

ACCT 551 Week 2 Homework E13-11, E13-12, P13-9

For more course tutorials visit

www.tutorialrank.com

E13-11 (Warranties) Sheryl Crow Equipment Company sold 500 Rollomatics during 2014 at $6,000 each. During 2014, Crow spent $20,000 servicing the 2-year warranties that accompany the Rollomatic. All applicable transactions are on a cash basis.

E13-12 (Premium Entries) No Doubt Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2014, No Doubt Company purchased 8,800 premiums at 80 cents each and sold 110,000 boxes of soap powder at $3.30 per box; 44,000 coupons were presented for redemption in 2014. It is estimated that 60% of the coupons will eventually be presented for redemption.

acct 551 education on your terms tutorialrank com 9

ACCT 551 Education on your terms/tutorialrank.com

ACCT 551 Week 3 Homework P14-5, P14-6, P14-7

For more course tutorials visit

www.tutorialrank.com

P14-5 (Comprehensive Bond Problem) In each of the following independent cases the company closes its books on December 31.

P14-6 (Issuance of Bonds between Interest Dates, Straight-Line, Redemption) Presented below are

acct 551 education on your terms tutorialrank com 10

ACCT 551 Education on your terms/tutorialrank.com

ACCT 551 Week 4 Homework E15-2, E15-5, E15-6

For more course tutorials visit

www.tutorialrank.com

EXERCISE 15-2

Facts: Kathleen Battle Corporation was organized on January 1, 2014. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $1 per share. The following transactions were completed during the first year. Prepare entries to record the transactions.

E15-5 (Lump-Sum Sales of Stock with Preferred Stock) Dave Matthew Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $100,000.

EXERCISE 15-6 (15th edition)

acct 551 education on your terms tutorialrank com 11

ACCT 551 Education on your terms/tutorialrank.com

ACCT 551 Week 5 Homework E15-15, E15-16

For more course tutorials visit

www.tutorialrank.com

E15-15 (Dividend Entries) The following data were taken from the balance sheet accounts of Masefield Corporation on December 31, 2013.

(a) A 5% stock dividend is declared and distributed at a time when the market price per share is $39.

acct 551 education on your terms tutorialrank com 12

ACCT 551 Education on your terms/tutorialrank.com

ACCT 551 Week 6 Homework E16-6, E16-7, E16-12, E16-22

For more course tutorials visit

www.tutorialrank.com

E16-6 (Conversion of Bonds)

On January 1, 2014, Gottlieb Corporation issued $4,000,000 of 10-year, 8% convertible debentures at 102. Interest is to be paid semiannually on June 30 and December 31. Each $1,000 debenture can be converted into eight shares of Gottlieb Corporation $100 par value common stock after December 31, 2015.

E16-7 (Issuance of Bonds with Warrants)

acct 551 education on your terms tutorialrank com 13

ACCT 551 Education on your terms/tutorialrank.com

ACCT 551 Week 7 Homework E17-7, E17-9, E17-15

For more course tutorials visit

www.tutorialrank.com

E17-7 (Trading Securities Entries) On December 21, 2013, Bucky Katt Company provided you with the following information regarding its trading securities.

E17-9 (Available-for-Sale Securities Entries and Financial Statement Presentation) At December 31, 2013, the available-for-sale equity portfolio for Steffi Graf, Inc. is as follows.

E17-15 (Equity Investments—Trading) Kenseth Company has the following securities in its trading port- folio of securities on December 31, 2013.