ACC 371 Intermediate Accounting

ACC 371 Week 8 Quiz 10 | Mercer UniversityQuestion 1On June 1, 2020, Mackenzie Inc. entered into a noncancelable contract to purchase 100,000 units of raw materials inventory at $60 per unit, which is the current market price of the inventory at that date. The contract period extends for one year from the date of its inception. Mackenzie’s accounting period ends December 31. On December 31, 2020, raw materials were being sold for $58 per uni

ACC 371 Week 7 Quiz 9 |Mercer UniversityQuestion 1Kalen Co. had the following consignment transactions during March 2020.Transaction AmountInventory on consignment to Rad Co. $18,000Freight paid by Kalen Co. 900Inventory held on consignment from Star Co. 12,000Freight paid by Star Co. 500No sales of consigned goods were made through March 2020. Kalen’s March 31, 2020, balance sheet should include consigned inventory for the following amount.$1

ACC 371 Week 6 Quiz 8 | Mercer UniversityQuestion 1Latham has a 5%, $40,000 note receivable from the sale of merchandise on January 1, 2020. The note was issued when the market rate was 5%. The note is due December 31, 2024. Annual interest is due each December 31. On December 31, 2020, Latham reviews the collectibility of its note and determines that there is a 30% probability of collecting $15,000 on the due date (and no further interest),

ACC 371 Week 5 Quiz 7 | Mercer UniversityQuestion 1In order for a performance obligation to be considered a separate performance obligation under the revenue recognition standard, the obligation must beEconomically beneficial to the customer. Identifiable from other promises within the contract. Material considering the seller’s total assets.A and B A, B, and C A or B Question 2Which of the following is not a condition of a valid contract?Full

ACC 371 Week 4 Quiz 6 | Mercer UniversityQuestion 1Alberta Corp. is looking to invest $8,000 in an account with an annual rate of 5.6%, compounded annually over 6 years. However, the CFO wants to consider other investment options.Which of the following investments will return the most for Alberta?Investing $8,000 in an account with an annual rate of 5.6% compounded annually over 6 years. The same as A but with an annual interest rate of 6%. T

ACC 371 Week 3 Quiz 5 |Mercer UniversityQuestion 1Which of the following activities would be included in the Investing section of the Statement of Cash Flows?1. Nontrade loan to another entity2. Purchase of the net assets of another company in exchange for company stock3. Cash dividends received on investment in stocks4. Sale of equipment used in operations, for casha and d a, b, and d a and c b and cAll of the activities would be included i

ACC 371 Week 2 Quiz 3 | Mercer UniversityQuestion 1In what order would the following accounts normally be listed in a classified balance sheet?a. Retained earningsb. Accumulated other comprehensive incomec. Non controlling interestd. Common stock a,b,c,d a,d,b,c d,a,b,c d,a,c,b d, b, a, cQuestion 2Stetson Industries is a manufacturer of affordable menswear. The company manages its business primarily on a geographic basis. There are differen

ACC 371 Week 2 Quiz 3 | Mercer UniversityQuestion 1Lansing Corporation declared and paid preferred dividends of $50,000 in 2019. There were 100,000 weighted average common shares outstanding. 2019 Net income for the company totaled $1,500,000. The company reported a loss from discontinued component (net of tax) of $50,000 and a loss on sale of discontinued component (net of tax) of $10,000 during the year.What was reported as earnings per sh

ACC 371 Week 1 Quiz 2 | Mercer UniversityQuestion 1Pinkerton HR Consultants borrowed $100,000 from National Bank on October 1, 2019, with a 9 month 6% note payable. The principal and interest on the note are due to be paid back on July 1, 2020.Pinkerton should record the following amount of interest expense in an adjusting journal entry on December 31, 2019:$-0-$ 4,500$ 6,000$ 1,500$ 2,000Question 2Which of the following will be recorded as a

ACC 371 Week 1 Quiz 1|Mercer UniversityQuestion 1Which of these enhancing qualitative characteristics is most closely related to faithful representation?ComparabilityTimelinessVerifiability Both A and B. Both B and C.Question 2Which of the following statements are true?Loss on impairment of intangible asset is an asset and is shown on the balance sheet.Loss on impairment of intangible asset is a loss and is shown on the balance sheet.Loss on i