ACC Nerd

ACC 291 Week 3 Study Guide | Updated 2017-18

$5.99

Need more details? Contact Us for Personal Support

See More Details

Description

Overview

Our fully updated 2017-18 ACC 291 Week 3 answer guide. All problems requiring calculations are performed in MS Excel, so you can easily learn the formulas and plug in new values. 

List of Problems Covered

  • Liabilities section of O'Brian's Balance Sheet | BE10-13
  • Multiple Choice Practice Answers with Explanations

O'Brian's Balance Sheet

Prepare the liabilities section of O'Brian's Balance Sheet balance sheet using the following information:

Multiple Choice

The time period for classifying a liability as current is one year or the operating cycle, whichever is 

Longer

Explanation: Fiscal years will almost always be a full calendar year, but in cases when it is longer, current liabilities will be extended to match the full fiscal year.

Which one of the following is not a typical current liability? 

Mortgages Payable

Explanation: Mortgages are usually used on major asset purchase, such as real estate, and last for multiple years.

Buttner Company borrows $8,500 on September 1, 2017, from Harrington State Bank by signing an $88,500, 12%, one-year note. How much is accrued interest at 05 December 31, 2017?

$3,540 

Explanation: 

Annual Interest = 88,500 * 0.12 = 10,620

4 Month Interest = 10,620 * (4 / 12) = 3,540

+ More on the full study guide 

Need Additional Help? 

Your purchase includes end-to-end support for ACC291 Week 3. If you are stuck on an assignment or need additional help, we provide quick customized tutorials for free.