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Exam 1 Preparation Guide
ACT 330
Spring 2024
Overview
33 Multiple Choice Questions
100 points total, 1/6 of final grade
In-class, on paper, closed-book and closed-note
Full class period available
How to prepare? In order of priority:
1.
Study slides and in-class practice problems
2.
Review homework
3.
Do optional application problems in syllabus (solutions posted in Canvas)
4.
Read textbook for additional depth/clarification of topics covered in class
M
aterial Covered
Covers all material discussed in class thus far o
Chapters 1, 2, 3, 5, 18, 6. Where we only covered part of a chapter in class, you are only responsible for the topics we covered in class
Since this exam is on paper, you will not need to do tax research in RIA Checkpoint as part of the exam
The following information will be provided to you in the exam if it is related to the question at hand: 1.
Tax rates, including individual tax rate brackets
2.
Likelihood of success percentages for determining whether a position has reasonable basis, substantial authority, or more likely than not
3.
Gross receipts cutoff for using cash method
4.
Excess business loss limitation threshold amounts
You do not need to know prior law for NOL carryovers. For NOLs, just focus on the current rules.
Sample Question #1
How much tax will a $50 deduction save a taxpayer who is in the 30% tax bracket?
a.
$15
b.
$30
c.
$8
d.
$50
Sample Question #2
On October 6, 2022 Firm C (a cash basis, calendar-year taxpayer) paid $90,000 rent for the period January 1, 2023 to December 31, 2023. How much of this rent payment can Firm C deduct in 2022?
a.
$45,000
b.
$90,000
c.
$30,000
d.
$0
Sample Question #3
Which of the following is a primary source of tax law?
a.
Internal Revenue Code
b.
Academic article on tax matters written by prominent tax professor
c.
Neither of the above
d.
Both of the above
Sample Question #4
T Corporation generated a $100,000 net operating loss during the 2022 tax year. T has no NOL carryforwards from any earlier year. If T expects to have taxable income before NOL deduction of $60,000 in 2023, what would T’s 2023 taxable income be after taking the NOL deduction?
a.
$60,000
b.
$12,000
c.
$0
d.
$(40,000)
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Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total
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O $17.52.
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Proble X
P-F:2-30A. Journalizing transactions, posting journal entries to T-
accounts, and preparing a trial balance (Learning Objectives 3, 4)
15
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Ann Simpson started her practice as a design consultant on September 1,
2024. During the first month of operations, the business completed the
following transactions:
3. Prepare the trial balance of Vince York, M.D., as of July 31, 2024.
30
Received $48,000 cash and issued common stock to Simpson.
Purchased office supplies, $1,200, and furniture, $1,300, on account.
Performed services for a law firm and received $1,900 cash.
X
Paid $18,000 cash to acquire land to be used in operations.
Performed services for a hotel and received its promise to pay the $1,200
within one week.
Paid for the furniture purchased on September 4 on account.
Paid assistant's semimonthly salary, $1,500.
Received cash on…
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$700
2) Choose the best answer.
Caleb has a job that pays $11.15 per hour for a 40-hour work week. He is paid time
and a half for every hour over 40 that he works in a week. What will his gross pay be
for a week in which he works 46 hours?
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$446
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$256.45
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Question 8
Suppose you invest $120 a month for 5 years into an account earning 8% compounded monthly. After 5
years, you leave the money, without making additional deposits, in the account for another 23 years. How
much will you have in the end?
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Exercise 12-22 (Algorithmic) (LO. 2, 3, 5)
Yanni, who is single, provides you with the following information for 2021:
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Interest income
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Compute the following:
c. Yanni's tentative minimum tax:
$117,400
11,740
10,566
2,348
1,761
94,507
32,647
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8,488
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On Chapters 9, 10, and 11:
The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football.
YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year.
The charity’s income is derived wholly from voluntary donations. Sources of donations include:
(i) Cash collected by volunteers asking the public for donations in shopping areas,
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Chef Amy does beginning inventory on Thursday night and finds that she has $4194 in food products in the restaurant. Throughout the week
she purchases:
• $2088 produce,
• $1678 protein,
• $870 dry goods, and
• $3914 dairy.
The following Thursday she does ending inventory and finds that she has $3464 in food. She looks at her sales and finds that she made
$30541 over the same 7 day period. What is her total food cost?
Select one:
a. $12,744
K b. $16,208
c. $8,550
d. $9,280
Chef Fabio does beginning inventory on Thursday night and finds that he has $1456 in food products in the restaurant,. Throughout the week he
ered
purchases:
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• $632…
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Journalizing Installment Notes
On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note
payment consists of $5,720 of interest and $8,350 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.
b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.
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Oshifting the graph of f(x) to the right 39 units
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shifting the graph of f(x) upwards 39 units
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Entries for notes payable
Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory.
Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank.
a. Journalize Bennett Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
2
b. Journalize Spectrum Industries' entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
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Quick ratio
Adieu Company reported the following current assets and current liabilities for two recent years:
Dec. 31, 20Y4 Dec. 31, 20Y3
Cash
$830
$1,090
Temporary investments
1,200
1,500
Accounts receivable
820
910
Inventory
2,100
2,500
Accounts payable
1,900
2,500
a. Compute the quick ratio on December 31 for each year. Round to one decimal place.
20Υ4
20Υ3
Quick Ratio
b. Is the quick ratio improving or declining?
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1. In this section we examine three theories of investor preference: The dividend irrelevance
theory. The "bird in the hand" theory, the tax preference theory, which theory is the best?
What is the different of stock dividends, stock splits, and stock repurchase.
2. In the working capital management, we know about cash conversion cycle model. For
problem if average inventories are $3 million and sales are $11 million. If receivables are
S 657.535 and sales are S 11 million. Then, if its cost of goods sold are $9 million per year
and if its accounts payable average $ 657.535. What is the length of the cash conversion
sicle?
3. The ELGRAJO Corporation has capital structure as follow…
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Unit VI Assignment Instructions: This assignment involves answering a series of questions, and each question provides you with an opportunity to accomplish the following course learning outcome: 8. Critique interview techniques. Be sure to answer each question, save all of your work in this template, and submit it in Blackboard for grading. 1. After answering the last question, Jason said thank you and the interview was over. Briefly describe one or more techniques that Jason could have used to improve the conclusion of his interview. Your response should be at least 75 words. 2. Danielle was interviewing for a position, and the interviewer asked for her salary requirements. As Danielle was not expecting to hear that question, she mumbled for a minute before eventually saying $40,000.00, which is low for someone with her experience. Briefly describe one or more techniques…
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Buddy Company uses the allowance method to account for uncollectible receivables. At the beginning of the year,
Allowance for Bad Debts had a credit balance of $800. During the year Buddy wrote off uncollectible receivables of
$2,100. Buddy recorded Bad Debts Expense of $2,800. Buddy's year-end balance in Allowance for Bad Debts is
$1,500. Buddy's ending balance of Accounts Receivable is $20,300. Compute the net realizable value of Accounts
Receivable at year-end.
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ATG-110-20A01: Financial Accounting (Session II Summer 2021)
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Issuing Stock
1.
ETHICS Lou Hoskins and Shirley Crothers are
organizing Red Lodge Metals Unlimited Inc. to
undertake a high-risk gold mining venture in Canada.
Lou and Shirley tentatively plan to request
authorization for 400,000,000 shares of common
stock to be sold to the general public. Lou and Shirley
have decided to establish par of $0.03 per share in
order to appeal to a wide variety of potential
investors. Lou and Shirley believe…
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Exercise 9-12 a-b (Part Level Submission)
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at
December 31.
Nov. 1
Loaned $23,50Chcash to Manny Lopez on a 12-month, 12% note.
Dec. 11
Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note.
16
Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable.
31
Accrued interest revenue on all notes receivable.
(a)
Your answer is correct.
lournalize the transactions for Oriole Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are…
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On June 1, Forest Company sold merchandise with a list price of $30,000. For
each of the sales terms below, determine the proper amount of cash received:
Credit Terms
Date Paid
1
2/10, n/30
June 8
2
1/10, n/30
June 15
3
1/15, n/30
June 14
4
n/30
June 28
1 $
2 $
3 $
4 $
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c. $8,550
d. $9,280
Chef Fabio does beginning inventory on Thursday night and finds that he has $1456 in food products in the restaurant. Throughout the week he
purchases:
• $457 produce,
• $632 protein,
• $356 dry goods, and
• $147 dairy.
The following Thursday he does ending inventory and finds that he has $1643 in food. He looks at his sales and finds that he made $5546 over
the same 7 day period. What is his food cost as a percentage of sales (food cost percentage)?
Select one:
a. 54.96%
b. 28.70%
c. 55.88%
d. 25.33%
The ingredients for your braised greens cost $1.32. You sell it for $4. What is your contribution margin?
nswered
Select one:
ut of 1.00
a. $3.18
question
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Analysis of Receivables Method
At the end of the current year, Accounts Receivable has
balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale
for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000.
a. Determine the amount of the adjusting entry for uncollectible acfounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
Allowance for Doubtful Accounts
Bad Debt Expense
c. Determine the net realizable value of accounts receivable.
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The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be
collected.
The…
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Percent of Sales Method
At the end of the current year, Accounts Receivable has a balance of $555,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for
the year total $2,500,000. Bad debt expense is estimated at 1/4 of 1% of sales.
a. Determine the amount of the adjusting entry for uncollectible accounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
24
Allowance for Doubtful Accounts
Bad Debt Expense
%24
c. Determine the net realizable value of accounts receivable.
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a. Remember that since accounts receivable are created by credit sales, uncollectible accounts çan be estimated as a percent of credit sales. If the
portion of credit sales to sales id relatively constant, the…
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NTEGRATE
FABM1 21-22 WEEK 4 TASK
Learning Competency
• The learners shall be able to illustrate the accounting equation (ABM_FABM11-llb-c-8);
Perform operations involving simple cases with the use of the accounting equation (ABM_FABM11-Illb-c-9)
S.Y. 2021-2022
ARISTOTLE
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WEEK 4- LEARNING TASK 3 PAGE 21
Learning Task 3: The following transactions were made during the first month of a single
proprietor's business operation.
1. Mr. Y started a grocery store. He invested P 200,00 as initial investment.
2. He registered his business paying P 1,500 for registration.
3. He paid P 20,000 for store rent applicable for one year.
4. He incurred and paid P25,000 for the repair of the grocery store.
5. He purchased merchandise for sale amounting to P 300,000, paying P
200,000 with the balance to be paid after 60 days.
6. He paid P2,000 for the transportation of the merchandise purchased.
7. He hired a saleslady for a contract of P 5,000 per month salary.
8. He sold P100,000 worth…
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Ayayai Mowers Ltd. agreed to sell the City of Halifax four riding mowers and 20 push lawn mowers. The contract price was $72,00O.
Ayayai normally sells its riding mowers for $14,400 and its push lawn mowers for $960. The contract required the City of Halifax to
pay Ayayai once all of the merchandise has been delivered to the city's public works yard. Ayayai's management does not expect any
returns or any issues with payment.
Ayayai delivered all four of the riding mowers and 14 of the push mowers on April 26. The remaining six push mowers were delivered
on May 5. Ayayai received payment from the city on May 18. Ayayai's cost for each riding mower is $9,960, while the push mowers
cost…
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Case Study # 4 Excel Submission – Capital Budgeting Comprehensive Problem
Pinnacle Custom Home Builders purchased a 40 foot articulating boom lift three years ago for
$50,000. The equipment has been depreciated under the 5-year MACRS schedule (20%, 32%,
19%, 12%, 12% & 5%). The old equipment can be sold for $33,000.
Pinnacle is considering the purchase of a new 60 foot articulating boom lift that would allow
the company to complete nearly all of its construction projects without the need for costly rental
lifts. The new lift could be purchased for $105,000 and would also fall under the 5-year MACRS
depreciation schedule.
Assume the old and new equipment would provide the following operating gains (or losses)
over the next six years.…
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Assignment 6.1: Session 6 Comprehensive Problem (Chapter 8)
Instructions
In this session, we have a 6-part comprehensive problem. Download the Session 6 Comprehensive Problem Templates below to complete the 6 required parts of the problem. You will need your Bergevin and MacQueen book for reference.
Rancho Cucamonga Inc. began business on January 1, 2020. The firm earned $100 from sales in its first year of business. Rancho Cucamonga collected $90 of revenue earned in cash during 2020 and reported a $10 account receivable on its 2020 balance sheet. The firm paid $70 cash for operating expenses in 2020 and reported a $5 account payable for unpaid operating expenses on its 2020 balance sheet. Income tax laws only recognize cash collected from sales and cash paid for expenses as taxable items in the year collected or paid.
Rancho Cucamonga also reported a $10 fine, paid in cash, to the federal government for unfair business practices. Generally accepted accounting principles allow firms…
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Exercise 1-14 (Part Level Submission)
g 2021
Cheyenne Corp., a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2019.
Revenues during 2019-camping fees
$190,400
Notes payable
$81,600
1-4
Revenues during 2019-general store
63,920
Expenses during 2019
204,000
1-5
1-6
Accounts payable
14,960
Supplies on hand
3,400
Cash on hand
27,200
Common stock
27,200
Original cost of equipment
143,480
Retained earnings
?
1-8
e1-9
e 1-11
w14
v 1-5
Fair value of equipment
190,400
v (a)
Your answer is correct.
Determine Cheyenne Corp.'s net income for 2019.
11
14 (Part
mission)
Cheyenne Corp.'s net income
50320
-4A (Part
mission)
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Cullumber Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to
accrue interest except at December 31.
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Nov. 1 Loaned $53,400 cash to C. Bohr on a 12-month, 9% note.
ary Resources
Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $5,400, 90-day, 8% note.
16 Received a $9,600, 180-day, 8% note to settle an open account from A. Murdock.
31 Accrued interest revenue on all notes receivable.
Journalize the transactions for Cullumber Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered.…
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