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ACC 423 Final Exam Answer Guide

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ACC 423 Final Exam Answer Guide

About: ACC/423 is an upper division advanced accounting course called Intermediate Financial Accounting III. A variety of challanging questions can be expected that cover equity transactions, pension fund accounting, and advanced bookkeeping procedures. Our tutors have verified this study guide to contain 30 correct WileyPLUS solutions.  

 

Type: Instant Download

Format: Microsoft Word

Version: 2016 WileyPlus Exam Version

 

Preview of the Answers

1. Buttercup Corporation issued 300 shares of $10 par value common stock for $4,500. 

Prepare Buttercup’s journal entry. 

Account

Debit

Credit

Cash

4,500

 

   Common Stock

 

3,000

   Paid in Capital in Excess of Par

 

1,500

 

6. Matt Schmitt Company's ledger shows the following balances on December 31, 2014.

 

Assuming that the directors decide to declare total dividends in the amount of $298,984, determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock.

The preferred stock is cumulative and fully participating.

Preferred           Common

 $  29,224            $  269,760

11. Arantxa Corporation made the following cash purchases of securities during 2014, which is the first year in which Arantxa invested in securities.

On May 20, 2014, Arantxa sold 3,900 shares of Gonzalez Company's common stock at a market price of $45.50 per share less brokerage commissions, taxes, and fees of $3,705. The year-end fair values per share were: Gonzalez $39.00, Belmont $71.50, and Thep $36.40. In addition, the chief accountant of Arantxa told you that Arantxa Corporation plans to hold these securities for the long term but may sell them in order to earn profits from appreciation in prices

Date

Account

Debit

Credit

1/15/14

Equity Investments  (AFS)

512,109

 

 

  Cash

 

512,109

4/1/14

Equity Investments  (AFS)

443,781

 

 

  Cash

 

443,781

+ 30 Total Questions and Answers on the Full Study Guide

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