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ACC 422 Final Exam Answers Guide

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ACC 422 Final Exam Answers Guide

About: ACC/422 is an upper division advanced accounting course called Intermediate Financial Accounting II. Students will be faced with a barrage of difficult accounting and finance problems that require a high attention to detail. The following final exam study guide will help students score 100% on this challenging final. Our tutors have verified this study guide to contain 30 correct wileyplus solutions.  

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Type: Instant Download

Format: Microsoft Word

Version: 2017 WileyPlus Exam Version

 

Preview of the Answers

ABE7-1

 

Kraft Enterprises owns the following assets at December 31, 2012.

 

Cash in bank–savings account

64,138

Checking account balance

17,270

Cash on hand

10,238

Postdated checks

887

Cash refund due from IRS

34,886

Certificates of deposit (180-day)

96,982

 

What amount should be reported as cash?

 

$188,628

 

Explanation: Post-dated checks and cash refund due from IRS would not be considered cash and equivalents. Therefor, the solution is 64138+17270+10238+96982 = 188,628

 

ABE9-1

 

Presented below is information related to Rembrandt Inc.'s inventory.

 

Determine the following:

 

(a) the two limits to market value (e.g., the ceiling and the floor) that should be used in the lower of cost or market computation for skis; (Round answers to 2 decimal places, e.g. 20.25.)

 

Ceiling $  234.74

Floor $  195.35

 

Explanation: Ceiling = Selling price – cost to distribute = 267.13 – 23.39 = 234.74

+ 30 Total Questions and Answers on the Full Study Guide

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