ACC 421 Final Exam Wiley Plus

are costs that have already been incurred and cannot be changed by any decision made

Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.

E5-6 On April 25, Foreman Electric installs wiring in a new home for 3500 on account. However, on April 27, Foreman’s electrical work does not pass inspection, and Foreman grants the customer an allowance of 600 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30.

Item 7.|  |MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS|  | |25|  |

| (TCO D) The basis for classifying assets as current or noncurrent is conversion to cash within

f) To evaluate the material misstatement in the accounts, I think both of the consolidated income statement and the three financial statements are useful. We need to use the information properly from all the financial statements. However the consolidated income statement is the most useful one. If there is a significant change in an account balance comparing with preceding two years, the auditor will examine whether there a material misstatement exists. For instance, the bad debt expense as a percent of net sales in 2011, 2010 and 2009 are 0.56%, 0.70% and 0.69%, respectively. There should

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Remember, since there are no balance sheets or operating statements, you will have to MANUALLY calculate the ACP. Just look at the numbers: 30% pay after 10 days + 50% pay after 30 days + 20% pay after 60 days. What’s the average? Voila! Also, for consistency, use 360 days = one year

Q 103 - Stan's Market recorded the following events involving a recent purchase of merchandise: Received goods for $90,000, terms 2/10, n/30. Returned $1800 of the shipment for credit. Paid $450 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's merchandise inventory

Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2006 and 2007 and a 40% tax rate for the remaining years.

The total premium for (month) is (amount per week) per week with (number of pay DATES remaining) pay dates remaining, for a total of (enter total) due.

5) A cost object is any item such as products, customers, departments, regions, and so on, for which costs are measured and assigned.

C. report the financial position of the reporting entity at a particular point in time.

1 In Ravi Suria’s analysis, “we believe that the current cash balances will last the company through the first quarter of 2001.” According to Exhibit 12c the cash flow statement, in contrast, the cash balance could last for the first quarter of 2001, when it suffered from 407 losses in operating activities, though positive in investing and

Management’s discussion and analysis year ended December 31, 2011 Consolidated Financial Statements year ended December 31, 2011 Notes Statutory Auditors’ report on the Consolidated Financial Statements 4 19 25 108