ACC 421 Final Exam Guide (New)

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Number of Questions 30

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Exercise 129 Prepare the necessary adjusting journal entries indicated

by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.
Brief Exercise 3-2Splish Repair Shop had the following transactions
during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt
expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.
Brief Exercise 5-9 Included in Windsor Companys December 31,
2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?
Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.
Question 17 Classify the following items as (1) operating, (2)
investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?
 (c) A company has current assets of $90,000 (of which
$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

An income statement
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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.
Brief Exercise 4-3 Kingbird Corporation had net sales of
$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040
each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.
Brief Exercise 5-15 Compute the net cash used (provided) by
financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.
(a) Groupo sells goods to MTN for $932,000, payment due at
delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.
Brief Exercise 23-8 In 2017, Martinez Corporation had net cash
provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?
Exercise 24-3 Kingbird Company is involved in four separate
industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

cash used (provided) by financing activities.

7
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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question
Exercise 129 Prepare the necessary adjusting journal entries
indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.
Exercise 4-2 Presented below is information related to Windsor
Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?
Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.
Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on
March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.
(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************
 Classify the following items
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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.
Brief Exercise 3-2Splish Repair Shop had the following transactions
during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt
expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.
Brief Exercise 5-9 Included in Windsor Companys December 31,
2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?
Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.
Question 17 Classify the following items as (1) operating, (2)
investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?
 (c) A company has current assets of $90,000 (of which
$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

Compute the net cash provided

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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.
Brief Exercise 4-3 Kingbird Corporation had net sales of
$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040
each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.
Brief Exercise 5-15 Compute the net cash used (provided) by
financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.
(a) Groupo sells goods to MTN for $932,000, payment due at
delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.
Brief Exercise 23-8 In 2017, Martinez Corporation had net cash
provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?
Exercise 24-3 Kingbird Company is involved in four separate
industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

Discount on Bonds Payable

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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question
Exercise 129 Prepare the necessary adjusting journal entries
indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.
Exercise 4-2 Presented below is information related to Windsor
Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?
Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.
Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on
March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.
(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************
 enters into a contract to deliver a product
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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.
Brief Exercise 3-2Splish Repair Shop had the following transactions
during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt
expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.
Brief Exercise 5-9 Included in Windsor Companys December 31,
2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?
Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.
Question 17 Classify the following items as (1) operating, (2)
investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?
 (c) A company has current assets of $90,000 (of which
$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

How much must he invest at the end

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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.
Brief Exercise 4-3 Kingbird Corporation had net sales of
$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040
each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.
Brief Exercise 5-15 Compute the net cash used (provided) by
financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.
(a) Groupo sells goods to MTN for $932,000, payment due at
delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.
Brief Exercise 23-8 In 2017, Martinez Corporation had net cash
provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?
Exercise 24-3 Kingbird Company is involved in four separate
industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

In which building would you recommend

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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question
Exercise 129 Prepare the necessary adjusting journal entries
indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.
Exercise 4-2 Presented below is information related to Windsor
Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?
Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.
Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on
March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.
(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************
 Included in Novak Companys
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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.
Brief Exercise 3-2Splish Repair Shop had the following transactions
during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt
expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.
Brief Exercise 5-9 Included in Windsor Companys December 31,
2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?
Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.
Question 17 Classify the following items as (1) operating, (2)
investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?
 (c) A company has current assets of $90,000 (of which
$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

Kingbird Company is involved

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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.
Brief Exercise 4-3 Kingbird Corporation had net sales of
$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040
each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.
Brief Exercise 5-15 Compute the net cash used (provided) by
financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.
(a) Groupo sells goods to MTN for $932,000, payment due at
delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.
Brief Exercise 23-8 In 2017, Martinez Corporation had net cash
provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?
Exercise 24-3 Kingbird Company is involved in four separate
industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

Kingbird Corporation had net sales

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Number of Questions 30

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(EVEN IF VALUES CHANGES) of below mentioned Question
Exercise 129 Prepare the necessary adjusting journal entries
indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.
Exercise 4-2 Presented below is information related to Windsor
Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?
Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.
Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on
March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.
(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************
 Martinez Corporation had net cash
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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.
Brief Exercise 3-2Splish Repair Shop had the following transactions
during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt
expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.
Brief Exercise 5-9 Included in Windsor Companys December 31,
2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?
Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.
Question 17 Classify the following items as (1) operating, (2)
investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?
 (c) A company has current assets of $90,000 (of which
$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

Martinez Corporations adjusted trial balance

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 uopashinfo@gmail.com

Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.
Brief Exercise 4-3 Kingbird Corporation had net sales of
$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040
each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.
Brief Exercise 5-15 Compute the net cash used (provided) by
financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.
(a) Groupo sells goods to MTN for $932,000, payment due at
delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.
Brief Exercise 23-8 In 2017, Martinez Corporation had net cash
provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?
Exercise 24-3 Kingbird Company is involved in four separate
industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

Novak Corporation is preparing

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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question
Exercise 129 Prepare the necessary adjusting journal entries
indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.
Exercise 4-2 Presented below is information related to Windsor
Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?
Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.
Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on
March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.
(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************
 Prepare Carlas journal entries
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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.
Brief Exercise 3-2Splish Repair Shop had the following transactions
during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt
expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.
Brief Exercise 5-9 Included in Windsor Companys December 31,
2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?
Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.
Question 17 Classify the following items as (1) operating, (2)
investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?
 (c) A company has current assets of $90,000 (of which
$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

Prepare the journal entries for Kingbird

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 uopashinfo@gmail.com

Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.
Brief Exercise 4-3 Kingbird Corporation had net sales of
$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040
each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.
Brief Exercise 5-15 Compute the net cash used (provided) by
financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.
(a) Groupo sells goods to MTN for $932,000, payment due at
delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.
Brief Exercise 23-8 In 2017, Martinez Corporation had net cash
provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?
Exercise 24-3 Kingbird Company is involved in four separate
industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

Prepare the necessary adjusting journal

entries
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course
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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question
Exercise 129 indicated by each item for the year ended December 31,
2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.
Exercise 4-2 Presented below is information related to Windsor
Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?
Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.
Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on
March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.
(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************
 Presented below are three revenue
recognition situations
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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

 3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt
expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.
Brief Exercise 5-9 Included in Windsor Companys December 31,
2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?
Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.
Question 17 Classify the following items as (1) operating, (2)
investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?
 (c) A company has current assets of $90,000 (of which
$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

Sarasota Company reported 2017 net income

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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?
Exercise 104 Presented below are changes in the account balances
of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?
 (d) A company has current assets of $628,000 and current
liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

Sheffield Company has recorded bad debt

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Number of Questions 30
Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?
Brief Exercise 5-2 Martinez Corporations adjusted trial balance
contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?
Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.
 (a) Prepare Teals cash flows from operating activities
section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

Splish Repair Shop had the following

transactions
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Number of Questions 30

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(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.
 2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt
expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?
Exercise 6-12 In which building would you recommend that The
Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?
(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

Teal Corporation had the following

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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions
Brief Exercise 3-8 Included in Novak Companys December 31 trial
balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.
Brief Exercise 5-13 Sarasota Company reported 2017 net income of
$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?
 (d) A company has current assets of $628,000 and current
liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

the account balances of Wenn Company

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Number of Questions 30
Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?
Brief Exercise 5-2 Martinez Corporations adjusted trial balance
contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?
Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.
 (a) Prepare Teals cash flows from operating activities
section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

The current ratio of a company

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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

 3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt
expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.
Brief Exercise 5-9 Included in Windsor Companys December 31,
2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?
Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.
Question 17 Classify the following items as (1) operating, (2)
investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?
 (c) A company has current assets of $90,000 (of which
$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

the end of its first year of operations

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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.
Brief Exercise 4-3 Kingbird Corporation had net sales of
$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040
each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.
Brief Exercise 5-15 Compute the net cash used (provided) by
financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.
(a) Groupo sells goods to MTN for $932,000, payment due at
delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.
Brief Exercise 23-8 In 2017, Martinez Corporation had net cash
provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?
Exercise 24-3 Kingbird Company is involved in four separate
industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

The Marin, Inc. sold 10,350 season tickets

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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question
Exercise 129 Prepare the necessary adjusting journal entries
indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.
Exercise 4-2 Presented below is information related to Windsor
Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?
Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.
Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on
March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.
(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************
 trial balance are the following accounts
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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.
Brief Exercise 3-2Splish Repair Shop had the following transactions
during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt
expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.
Brief Exercise 5-9 Included in Windsor Companys December 31,
2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?
Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.
Question 17 Classify the following items as (1) operating, (2)
investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?
 (c) A company has current assets of $90,000 (of which
$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

What amount must he invest today

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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.
Brief Exercise 4-3 Kingbird Corporation had net sales of
$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040
each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.
Brief Exercise 5-15 Compute the net cash used (provided) by
financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.
(a) Groupo sells goods to MTN for $932,000, payment due at
delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.
Brief Exercise 23-8 In 2017, Martinez Corporation had net cash
provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?
Exercise 24-3 Kingbird Company is involved in four separate
industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************

when it issues the bonds?

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course
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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question
Exercise 129 Prepare the necessary adjusting journal entries
indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.

Brief Exercise 3-2Splish Repair Shop had the following transactions

during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.
Exercise 4-2 Presented below is information related to Windsor
Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt

expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.

Brief Exercise 5-9 Included in Windsor Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?
Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.
Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on
March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.

Question 17 Classify the following items as (1) operating, (2)

investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.
(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?

(c) A company has current assets of $90,000 (of which

$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

***********************************************
 Whispering Corporation
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Number of Questions 30

Score atleast 90% easily with our EXCEL SHEET for any values
(EVEN IF VALUES CHANGES) of below mentioned Question

Exercise 129 Prepare the necessary adjusting journal entries

indicated by each item for the year ended December 31, 2017.

Exercise 132

1. An income statement.

2. A retained earnings statement.

3. A balance sheet.
Brief Exercise 3-2Splish Repair Shop had the following transactions
during the first month of business as a proprietorship. Journalize the
transactions

Brief Exercise 3-8 Included in Novak Companys December 31 trial

balance is a note receivable of $12,360. The note is a 4-month, 10% note
dated October 1. Prepare Novaks December 31 adjusting entry to record
$309 of accrued interest, and the February 1 journal entry to record
receipt of $12,772 from the borrower.

Brief Exercise 4-3 Kingbird Corporation had net sales of

$2,423,900 and interest revenue of $39,100 during 2017. Expenses for
2017 were cost of goods sold $1,464,800, administrative expenses
$218,000, selling expenses $283,500, and interest expense $54,200.
Kingbirds tax rate is 30%. The corporation had 103,100 shares of
common stock authorized and 72,670 shares issued and outstanding
during 2017. Prepare a condensed multiple-step income statement for
Kingbird Corporation.

Exercise 4-2 Presented below is information related to Windsor

Company at December 31, 2017, the end of its first year of operations.

(a) Income from operations

(b) Net income

(c) Comprehensive income

(d) Retained earnings balance at December 31, 2017

Brief Exercise 4-7 Sheffield Company has recorded bad debt
expense in the past at a rate of 1.5% of accounts receivable, based on an
aging analysis. In 2017, Sheffield decides to increase its estimate to 2%.
If the new rate had been used in prior years, cumulative bad debt
expense would have been $383,900 instead of $298,500. In 2017, bad
debt expense will be $132,400 instead of $96,720. If Sheffields tax rate
is 29%, what amount should it report as the cumulative effect of
changing the estimated bad debt rate?

Exercise 104 Presented below are changes in the account balances

of Wenn Company during the year, except for retained earnings.

(a) Compute the net income for the current year.

Question 13 The Marin, Inc. sold 10,350 season tickets at $2,040

each. By December 31, 2017, 16 of the 40 home games had been played.
What amount should be reported as a current liability at December 31,
2017?

Brief Exercise 5-2 Martinez Corporations adjusted trial balance

contained the following asset accounts at December 31, 2017: Cash
$9,750, Land $45,600, Patents $17,100, Accounts Receivable $94,270,
Prepaid Insurance $5,640, Inventory $39,400, Allowance for Doubtful
Accounts $4,500, and Equity Investments (trading) $11,570.Prepare the
current assets section of the balance sheet

Brief Exercise 5-8 Included in Sunland Companys December 31,

2017, trial balance are the following accounts: Accounts Payable
$221,400, Pension Liability $380,600, Discount on Bonds Payable
$31,100, Unearned Rent Revenue $43,600, Bonds Payable $406,600,
Salaries and Wages Payable $29,000, Interest Payable $13,460, and
Income Taxes Payable $30,460.
Brief Exercise 5-9 Included in Windsor Companys December 31,
2017, trial balance are the following accounts: Accounts Payable
$249,600, Pension Liability $376,400, Discount on Bonds Payable
$29,400, Unearned Rent Revenue $47,100, Bonds Payable $409,200,
Salaries and Wages Payable $27,100, Interest Payable $13,990, and
Income Taxes Payable $36,700.

Brief Exercise 5-13 Sarasota Company reported 2017 net income of

$152,800. During 2017, accounts receivable increased by $14,580 and
accounts payable increased by $9,723. Depreciation expense was
$46,700.

Brief Exercise 5-14 Compute the net cash provided (used) by

investing activities.

Brief Exercise 5-15 Compute the net cash used (provided) by

financing activities. 7.

Brief Exercise 6-2 What amount must he invest today if his

investment earns 12% compounded annually? What amount must he
invest if his investment earns 12% annual interest compounded
quarterly?

Brief Exercise 6-6 How much must he invest at the end of each year,
at 8% interest, to meet his needs?

Brief Exercise 6-15 What amount will Pearl receive when it issues the
bonds?

Exercise 6-12 In which building would you recommend that The

Sheridan Inc. locate, assuming a 12% cost of funds?
Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a
contract to deliver a product to Greig Inc. on June 15, 2017. Greig
agrees to pay the full contract price of $2,060 on July 15, 2017. The cost
of the goods is $1,350. Swifty delivers the product to Greig on June 15,
2017, and receives payment on July 15, 2017. Prepare the journal entries
for Swifty related to this contract. Either party may terminate the
contract without compensation until one of the parties performs.

Brief Exercise 18-8 Presented below are three revenue recognition

situations.

(a) Groupo sells goods to MTN for $932,000, payment due at

delivery.

(b) Groupo sells goods on account to Grifols for $753,000,

payment due in 30 days.

(c) Groupo sells goods to Magnus for $537,000, payment due in

two installments, the first installment payable in 18 months and the
second payment due 6 months later. The present value of the future
payments is $499,700.

Brief Exercise 18-10(a) Prepare the journal entries for Kingbird on

March 1, 2017.

(b) Prepare the journal entries for Kingbird on December

31, 2017.

Brief Exercise 18-13 Prepare Carlas journal entries to record (a)

the sale on July 10, 2017, and (b) $84,200 of returns on October 11,
2017, and on October 31, 2017. Assume that Carla prepares financial
statement on October 31, 2017.
Question 17 Classify the following items as (1) operating, (2)
investing, (3) financing, or (4) significant noncash investing and
financing activities, using the direct method.

Brief Exercise 23-1 Novak Corporation is preparing its 2017

statement of cash flows, using the indirect method. Presented below is a
list of items that may affect the statement. Using the code below,
indicate how each item will affect Novaks 2017 statement of cash
flows.

Brief Exercise 23-7 Whispering Corporation had January 1 and

December 31 balances as follows.

Brief Exercise 23-8 In 2017, Martinez Corporation had net cash

provided by operating activities of $511,000, net cash used by investing
activities of $992,000, and net cash provided by financing activities of
$570,000. At January 1, 2017, the cash balance was $330,000.

Brief Exercise 23-9 Teal Corporation had the following 2017 income
statement.

(a) Prepare Teals cash flows from operating activities

section of the statement of cash flows using the direct method.

(b) Prepare Teals cash flows from operating activities section of the
statement of cash flows using the indirect method.

Brief Exercise 24-8 (a) The current ratio of a company is 5:1 and its
acid-test ratio is 1:1. If the inventories and prepaid items amount to
$530,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $209,000 and its
inventory turnover was 6. If sales volume and unit cost remain the same
this year as last and inventory turnover is 8 this year, what will average
inventory have to be during the current year?
 (c) A company has current assets of $90,000 (of which
$44,000 is inventory and prepaid items) and current liabilities of
$44,000. What is the current ratio? What is the acid-test ratio? If the
company borrows $14,000 cash from a bank on a 120-day loan, what
will its current ratio be? What will the acid-test ratio be?

(d) A company has current assets of $628,000 and current

liabilities of $255,000. The board of directors declares a cash dividend
of $195,000. What is the current ratio after the declaration but before
payment? What is the current ratio after the payment of the dividend?

Exercise 24-3 Kingbird Company is involved in four separate

industries. The following information is available for each of the four
industries.

(a) Revenue test.

(b) Operating profit (loss) test.

(c) Identifiable assets test.

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