I need answers to all these questions please.

I need to show my work.

Name______________________ ACC121 Comprehensive Final Multiple choice 5 points each 325 points 1. Which financial statement would you utilize to determine whether a company will be able to pay liabilities which are due in 30 days? A. Income statement B. Balance sheet C. Statement of retained earnings D. Statement of cash flows 2. Which of the following is an objective of the external audit of a company's financial statements? A. To provide a forecast of the company's future earnings. B. To assure no fraud has been committed by the company's management. C. To provide credibility and assurance that the financial statement information conforms with generally accepted accounting principles in all material respects. D. To detect all accounting errors made by the accounting system and employees. 3. Huron has provided the following year-end balances: Cash, $25,000 Patents, $7,900 Accounts receivable, $9,300 Property, plant, and equipment, $98,700 Prepaid insurance, $3,600 Accumulated depreciation, $10,000 Inventory, $37,000 Trademarks, $12,600 How much are Huron's current assets? A. $85,900. B. $71,300. C. $74,900. D. $102,100. 4. Which group requires CPAs to follow a professional code of ethics and standards? A. American Institute of Certified Public Accountants B. Internal Revenue Service C. Securities & Exchange Commission D. Local taxing agency 5. Match each career with the related definition by entering the appropriate letter in the space provided. 8 points Careers Definitions _ ___(1) financial analyst a. Chief executive officer who has primary responsibility for the financial information presented in the financial statements. _____(2) Independent auditor b. Advisor who analyzes financial and other economic information to form forecasts and stock recommendations. _____(3) CEO c. CPA who examines financial statements and attests to their fairness. _____(4) Tax practitioner d. Individual who provides tax planning and tax services. 6. Phipps Company borrowed $25,000 cash on October 1, 2010, and signed a six-month, 8% interestbearing note payable with interest payable at maturity. Assuming that no adjusting entries have been made during the year, what is the amount of accrued interest payable to be reported on the December 31, 2010 balance sheet? Must show work 6 points ___________________________ 7. On January 1, 2011 Miller Corporation had retained earnings of $18,000. During 2010, Miller reported net income of $25,000, declared and paid dividends of $20,000, and issued stock for $10,000. What were Miller's retained earnings on December 31, 2011? Must show work 6 points _____________________________ 8. A corporation has $80,000 in total assets, $36,000 in total liabilities, and a $10,000 credit balance in retained earnings. What is the balance in the contributed capital account? Must show work 6 points _____________________________ 9. During 2010, Sigma Company earned service revenues amounting to $900,000, of which $700,000 was collected in cash; the balance will be collected in January 2011. What amount should the 2010 income statement report for service revenues? 6 points ____________________________ 10. A company receives a $55,000 cash deposit from a customer on December 15 but will not deliver the goods until January 20. What month will revenue be recorded? 6 points _____________________________ 11. On January 1, 2011, the general ledger of Global Corporation included supplies inventory of $2,000. During 2011, supplies purchases amounted to $6,000. A physical count of inventory on hand at December 31, 2011 determined that the supplies inventory was $1,300. How much is the 2011 supplies expense? Must show work 6 points ____________________________ 12. A company reported the following information for its most recent year of operation: purchases, $300,000; beginning inventory, $20,000; and cost of goods sold, $10,000. How much was the company's ending inventory? Must show work 6 points ___________________________ 13. Lauer Corporation uses the periodic inventory system and has provided the following information about one of their laptop computers: Date 1/1 5/5 8/10 10/15 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 100 200 300 200 During the year, 150 laptop computers were sold. Cost per Unit $800 $900 $1,000 $1,050 Must show work 6 points What was cost of goods sold using the FIFO cost flow assumption? _________________ 14. Lauer Corporation uses the periodic inventory system and has provided the following information about one of their laptop computers: Date 1/1 5/5 8/10 10/15 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 100 200 300 200 During the year, 150 laptop computers were sold. Cost per Unit $800 $900 $1,000 $1,050 Must show work 6 points What was cost of goods sold using the LIFO cost flow assumption? _________________ 15. On January 1, 2010, Woodstock, Inc. purchased a machine costing $40,000. Woodstock also paid $2,000 for transportation and installation. The expected useful life of the machine is 9 years and the residual value is $6,000. How much is the annual depreciation expense assuming use of the straight-line depreciation method? Must show work 6 points __________________________ 16. A company purchased an oil well for $50,000. It is estimated that 100,000 barrels can be extracted from the well. What is the depletion expense assuming 30,000 barrels are extracted and sold? Must show work 6 points ____________________________________ 17. The following data were provided by the detailed payroll records of Mountain Corporation for the month of March 2011: 3 points each entry, 21 points total Wages Income Taxes Withheld Union dues $35,000 7,350 175 FICA taxes at a 7.65% rate (no employee has reached the maximum) Requirements: a) Prepare the journal entry to record the payroll and the related employee deductions. b) Prepare the journal entry to record the employers FICA payroll tax expense. 18. For each of the transactions listed below, indicate whether it is an operating (O), investing (I) or financing (F) activity on the statement of cash flows. Also, indicate if the transaction increases (+) or decreases (-) cash. 1 point each, 12 points total Transaction A) Sold stock for cash B) Collected cash from customers on account C) Purchased equipment D) Paid operating expenses E) Repaid the bank loan F) Paid dividends to stockholders Type of Activity Effect on Cash 19. Record the following transactions indicating the account affected and whether the account increased (+) or decreased (-) 3 points each, 42 points total Transaction Assets Liabilities Stockholders' Equity A) B) C) D) E) F) G) H) I) J) K) L) M) N) O) 20 . Paid accounts payable of $15,000 -15,000 -15,000 Purchased $1,000 of supplies on account Borrowed $20,000 cash from the bank Purchased equipment for $18,000 and paid cash Sold stock and received $50,000 cash Earned $90,000 of revenue on account Collected $70,000 accounts receivable Paid dividends of $13,000 Paid operating expenses of $12,000 Depreciation expense for the year, $23,000 Accrued year end wages of $4,000 Received cash for services provided, $75,000 Paid $12,000 for a 2 year insurance policy Insurance expired for the year $6,000 Accrued interest expense on note, $1,000 Letter A B C D Account Title Cash Accounts receivable Supplies Prepaid Insurance Letter G H I J Account Title Notes payable Contributed capital Retained earning Revenue E F Equipment Accounts payable K Operating expenses During 2010, the company completed the transactions given below. Indicate the appropriate journal entry for each transaction by giving the account letter and amount. 2 point each, 44 points total 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) Transaction Paid $500 in operating expenses Paid $12,000 for a two year insurance policy Purchased equipment for $40,000. Paid $10,000 cash and signed a $30,000 note Issued capital stock and received $8,000 cash Received cash for services provided $7,500 Received $2,100 on accounts receivable Insurance expired for the year, $23,000 Accrued year end expenses of $4,000 Paid accounts payable of $1,2,00 Earned $9,000 of revenue on account Paid dividends to stockholders, $3,000 Letter Debit Letter Credit 21. National Shops, Inc. reported the following amounts on its balance sheet as of December 31, 2010: Inventory Notes payable Cash Contributed capital Equipment Accumulated depreciation Accounts receivable Accounts payable Retained earnings $325,000 100,000 150,000 250,000 700,000 600,000 30,000 45,000 210,000 Requirements: 5 points each, 15 points total 1. What is the amount of National's total assets? _______________ 2. What is the amount of National's total liabilities? _______________ 3. What is the amount of National's stockholders' equity _______________ 22. For each of the accounts listed below, indicate whether the normal balance is a debit (DR) or credit (CR) 1 points each, 12 points ______ Inventory ______ Prepaid insurance ______ Notes payable ______Accounts payable ______ Retained earnings ______Cost of Goods Sold ______ Equipment ______Cash ______ Accounts receivable ______ Wage Expense ______Revenue ______Contributed capital 23. Indicate whether the following items would be added (+) or subtracted (-) from the company's books or the bank statement during the preparation of a bank reconciliation. 20 points Reconciling item Outstanding checks Company's Books Bank Statement Bank service charge Interest earned on the account Deposits in transit A check written for $59 but was incorrectly recorded in the check register for $95 24. The following data were taken from the records of Lilo Corporation for the year ended December 31, 2010: Sales Sales returns and allowances Selling and administrative expenses Cost of goods sold 900,000 10,000 170,000 510,000 The income tax rate is 35%. Based on the above data, prepare a multiple-step income statement using good form. Include gross profit and pretax income. Use the form below. 21 points ________________________________________________ ________________________________________________ ________________________________________________ 25. For each of the accounts listed below, indicate whether they would be classified as an ASSET (A) , LIABILITY (L), STOCKHOLDERS EQUITY (SE), REVENUE (R), EXPENSE (E) 1 point each, 12 points total ______ Inventory ______ Prepaid insurance ______ Notes payable ______Accounts payable ______ Retained earnings ______Cost of Goods Sold ______ Equipment ______Cash ______ Accounts receivable ______ Wage Expense ______Revenue ______Contributed capital 26. For each of the accounts listed below, indicate which financial statement they would be included on Balance Sheet (BS) or Income Statement (IS) 1 point each, 12 points total ______ Inventory ______ Prepaid insurance ______ Notes payable ______Accounts payable ______ Retained earnings ______Cost of Goods Sold ______ Equipment ______Cash ______ Accounts receivable ______ Wage Expense ______Revenue ______Contributed capital 27. Compute the missing amounts for each independent case. Total Revenues A) Total Expenses 231,820 B) Net Income (Loss) C) Total Assets 196,700 175,780 36,590 12 points Total Liabilities 294,300 29,920 Beginning Inventory Purchases A) 650 100 700 B) 1,000 900 Total Available 348,400 189,675 28. Compute the missing amounts for each independent case. Sales Revenue 75,000 590,000 9,840 97,525 8 Points Ending Inventory Cost of Goods Sold 500 1,100 Stockholders' Equity Gross Profit 350 500 500