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Intermediate Accounting Final Exam Part 2

Intermediate Accounting Final Exam Part 2
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Solution Guide / Answer Key:

ACCOUNTING
J. David Spiceland, James Sepe, and Mark Nelson (2010)
Intermediate Accounting with British Airways Annual Report, 6th Edition McGraw-Hill
8 Multiple Choice (Choose A, B, C or D & show calculations)
1) Robertson Corporation’s inventory balance was $22,000 at the beginning of the year and $20,000 at the end. The inventory turnover ratio for the year was 6.0 and gross profit ratio 40%. What were net sales for the year?

2) Southern California Inc through no fault of its own lost an entire plant due to an earthquake on May 1, 2011. In preparing their insurance claim on the inventory loss, they developed the following data: Inventory January 1, 2011-$300,000; sales and purchases from January 1, 2011 to May 1, 2011-$1,300.000 & $875,000 respectively. Southern California reports a 40% gross profit. The estimated inventory on May 1, 2011 is:

3) If Dizbert Company concluded that an investment originally classified as available for sale would now more appropriately be classified as held to maturity, Dizbert would:

4) Jeremiah Corporation purchased securities during 2011 and classified them as securities available for sale:
Security Cost Fair Value 12/31/2011
A $40,000 $49,000
B $70,000 $66,000
C $28,000 $39,000
All declines are considered to be temporary. How much gain will be reported by Jeremiah Corp. in December 31, 2011, income statement relative to the portfolio?

5) B Company switched from the sum-of-years digits depreciation method to straight-line depreciation in 2011. The change affects machinery purchased at the beginning of 2009 at a cost of $72,000. The machinery has an estimated life of 5 years and an estimated value of $3,600. What is B’s 2011 depreciation?

6) A company failed to record unrealized gains of $20 million on its available for sale security investments. Its tax rate is 30%. As a result of this error, comprehensive income would be:

7) On June 1, 2011, Dirty Harry Co. borrowed cash by issuing a 6 month noninterest bearing note with a maturity value of $500,000 and a discount rate of 6%. What is the carrying value of the note as of September 30, 2011?

8) Indiana Co. began a construction project in 2011 that will provide it $150 million when it is completed in 2013.During 2011, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project. Suppose that in 2012, Indiana incurred costs of $63.75 million and estimated an additional $42.75 million in cost to complete the project. Using the percentage-of-completion method, Indiana:

 

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