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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



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


Cash in bank–savings account


Checking account balance


Cash on hand


Postdated checks


Cash refund due from IRS


Certificates of deposit (180-day)



What amount should be reported as cash?




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




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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