ACC/305 ACC305 ACC 305 WEEK 11 FINAL EXAM PART 2
- strayer university / ACC 305
- 31 Aug 2017
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ACC 305 WEEK 11 FINAL EXAM PART 2
Final Exam Part II
Exercise 83
Quigley Co. bought a machine on January 1, 2013 for $1,401,900. It had a $119,600 estimated residual value and a 12-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2015.
Prepare the entries related to the machine for 2015. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)
Exercise 90
The condensed financial statements of Marks Company for the years 2014-2015 are presented below:
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Additional data: |
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Market value of stock at 12/31/15 is $80 per share. |
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Marks sold 35,000 shares of common stock at par on July 1, 2015. |
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Compute the following financial ratios by placing the proper amounts for numerators and denominators. (Round per unit answers to 2 decimal places, e.g. 52.75.)
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Brief Exercise 111 Hughey Co. as lessee records a capital lease of machinery on January 1, 2014. The seven annual lease payments of $702,400 are made at the end of each year. The present value of the lease payments at 11% is $3,408,000. Hughey uses the effective-interest method of amortization and sum-of-the-years'-digits depreciation (no residual value). |
Prepare all of Hughey's journal entries for 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 5,275.)
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Account Titles and Explanation |
Debit |
Credit |
Exercise 121
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Your answer is partially correct. |
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Milner Co. sold a machine that cost $75,000 and had a book value of $32,000 for $98,000. Data from Milner's comparative balance sheets are:
Complete the cash flow statement below: (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
USA 
India