ACCT504- Week 4 Midterm NEW

Want create site? With you can do it easy.

ACCT504- Week 4 Midterm NEW

1. (TCOs A, B, and C) Shareholders want answers to all of the following questions except:

2. (TCO C) Paying back long-term debt is an example of a(n)

3. (TCO C) Buying a new plant would be an example of which type of activity?

4. (TCO A) In a classified balance sheet, assets are usually classified as

5. (TCO B) For 2012, LBJ Corporation reported net income of $75,000; net sales $750,000; and weighted average shares outstanding of 7,500. There were no preferred stock dividends. What was the 2012 earnings per share?

6. (TCO D) Which of the following describes the normal balance and classification of the Unearned Revenue account?

7. (TCO E) The accrual accounting term used to indicate an item paid in advance or the receipt of cash in advance is

8. (TCOs A and B) Specific identification would not likely be used by which of the following businesses?

9. (TCOs A and B) LBJ Company recorded the following events involving a recent purchase of merchandise.
– Received goods for $100,000, terms 2/10, n/30
– Returned $5,000 of the shipment for a credit due to damaged goods
– Paid $1,500 for freight in
– Paid the invoice within the discount period

As a result of these events, the company’s merchandise inventory

10. (TCO A) In a period of increasing prices, which of the following inventory methods generally results in the highest gross profit?

11. (TCO D) Describe the process of preparing a trial balance. What is the purpose of preparing a trial balance? If a trial balance does not balance, identify what might be the reasons why it does not balance. If the trial balance does balance, does that ensure that the ledger accounts are correct? Explain

12. (TCOs B and E) The following information is available for Partin Company.

Sales $598,000
Sales returns and allowances 20,000
Cost of goods sold 398,000
Selling expense 69,000
Administrative expense 25,000
Interest expense 19,000
Interest revenue 20,000


1: Use the above information to prepare a multiple-step income statement for the year ended December 31, 2007.

2: Compute the profit margin ratio and gross profit rate. Partin Company’s assets at the beginning of the year were $770,000, and they were $830,000 at the end of the year. To qualify for full credit, you must state the formula you are using, show your computations, and explain your findings

13. (TCO D and E) Please prepare the following journal entries. Indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit.

a: Investors invest $600,000 in exchange for 30,000 shares of common stock.
b: Company paid rent of $3,000.
c: Company billed $5,000 for services performed.
d: Company purchased supplies of $3,000.

e: Company received $20,000 for services not yet performed.

14. (TCO D) Your friend Dean has hired you to evaluate the following internal control procedures.
a: Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which principle relates to each of the internal controls.
b: For the weaknesses, you also need to state a recommendation for improvement.

1: Bonding of the cashiers is not required because all of the cashiers have significant experience.
2: The treasurer is the only one allowed to sign checks.
3: All employees may operate cash registers.
4: Blank checks are stored in the safe.

5: Supervisors count cash receipts daily

Did you find apk for android? You can find new and apps.

Instant Nursing Papers
Hire a Nursing Expert
Pages (550 words)
Approximate price: -

Why Choose Instant Nursing Papers?

Quality Nursing Papers

We assist students in achieving the best top-grade in their nursing papers, and in compliance with the provided instructions. Have your nursing paper written with a certified specialist Ph.D., Bachelor's, and Master's graduates with many years of experience in academic writing.

Experts with Ph.d., MDs and DNP Holders

Our writers have acquired Ph.D., MDs and DNP credentials from world class institutions. Our writers can handle papers from any discipline and can handle over 100+ subjects.

Nursing Papers Cheap

We provide a great deal of student-friendly prices and professionalism with all our nursing essay writing services. Our paper writing services have a user-friendly interface and professional nursing academic assistance. We are committed to assisting all students with their nursing assignments and projects regardless of their academic level.

Fast Paper Delivery

Our writers follow a strict schedule to ensure papers are delivered before the deadline to enable our editors to proofread before the final delivery to our customers. We strictly observe the early delivery of assignments to meet our clients' deadlines.

Plagiarism-free Nursing Papers

Our expert nursing paper writers are dedicated to conducting thorough research and writing papers from scratch to deliver original papers. To avoid paper plagiarism, all orders go through steps of writing, editing, and proofreading.

24Hour Customer Help

Our customer support is available 24/7/365 to help clients and make their paper writing services easy to use. Our experienced support team is available to answer your queries any time, 24 hours a day.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Nursing Papers Writing Service

We provide Nursing Assignment Services to Nursing students. Also, we are not limited to providing Nursing assignment help to students only. We also provide assignment help and solutions to community health nursing, Anatomy & Physiology, Microbiology, Biochemistry and Biophysics, and Nutrition & Dietetics.


Nursing Essays

Sit back, relax while our writers sort you out on your most daunting nursing essay queries on how to write a good nursing essay. We got you if you are looking for the best nursing essay services.


Nursing Projects

It is no doubt that qualifying for a nursing career is difficult and requires a series of tests. Most nursing students must put in a lot of work in their assignments and coursework. will help you answer queries such as “who can write my nursing research paper?”.


Nursing Dissertation Help will save you the hustle of undergoing pressure or even depression while doing your nursing dissertation paper. Save yourself from all the long sleepless nights and pressure by working with our best nursing dissertation writing professionals.


Nursing Coursework Help

If you happen to hop into our site in search of nursing coursework help, look no further. We are the number one solution for the best nursing coursework assignments. Therefore, to complete the best APA nursing coursework, seek help from professional nursing coursework experts at