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ACC 561 FINAL EXAM 5

ACC 561 WEEK 3 Accounting Methods BizCon, a consulting firm, has just completed its first year of operations Purpose of Assignment This week’s activity illustrates the role a company’s accounting method plays in financial statement reporting. In this assignment, students evaluate the events occuring in a business setting and determine how to properly analyze those events to identify the impact on both cash and accrual accounting methods. Assignment Steps Resources: Generally Accepted Acco...

ACC 561 FINAL EXAM 1

ACC 561 FINAL EXAM 2

ACC 561 Final Exam

1. Henson Company began the year with retained earnings of $380,000. During the year, the company recorded revenues of $500,000, expenses of $380,000, and paid dividends of $40,000. What was Henson’s retained earnings at the end of the year? 2. In performing a vertical analysis, the base for sales revenues on the income statement is: 3. Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or over-application of overh...

ACC Exam 4 Final Exam With Complete Solution

1. Danner Corporation reported net sales of $650,000, $720,000, and $780,000 in the years 2016, 2017, and 2018, respectively. If 2016 is the base year, what percentage do 2018 sales represent of the base? 2.Ben Gordon, Inc. manufactures 2 products, wheels and seats. The company has estimated its overhead in the assembling department to be $660,000. The company produces 300,000 wheels and 600,000 seats each year. Each wheel uses 2 parts, and each seat uses 3 parts. How much of the assembly ove...