2024 ACCT 504 All Course Projects Midterm and Final Exam Devry Assignment Help
ACCT 504 Accounting and Finance Managerial Use and Analysis All Course Projects Midterm and Final Exam Week 4 2023
ACCT 504 Accounting and Finance, Managerial Use and Analysis All Course Projects Midterm and Final Exam Week 4 Midterm Exam 3 Different Sets Set 1 (TCOs A, B, and C) Which of the following statements concerning users of accounting information is incorrect? (TCO C) Paying back long-term debt is an example of a(n) (TCO A) Resources owned by a business are referred to as (TCO A) On a classified balance sheet, prepaid expenses are classified as (TCO B) For 2012, LBJ Corporation reported net income of $40,000; net sales $1,400,000; and weighted average shares outstanding of 10,000. There were no preferred stock dividends. What was the 2012 earnings per share? (TCO D) Which of the following describes the normal balance and classification of the dividends account? (TCO E) The accrual accounting term used to indicate an item paid in advance or the receipt of cash in advance is (TCOs A and B) A perpetual inventory system would most likely be used by a(n) (TCOs A and B) LBJ Company recorded the following events involving a recent purchase of merchandise. (TCO A) In periods of rising prices, which of the following inventory methods results in the lowest income taxes? (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. (TCOs B and E) The Caltor Company gathered the following condensed data for the Year Ended December 31, 2010. (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. (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. ACCT 504 Accounting and Finance, Managerial Use and Analysis M idterm Exam Set 2 TCO A, B, C) Which of the following statements concerning users of accounting information is incorrect? (TCO C) Issuing shares of stock in exchange for cash is an example of a(n) (TCO C) Which activities involve putting the resources of the business into action to generate a profit? (TCO A) The cost of assets consumed or services used is also known as (TCO C) Edwards Company recorded the following cash transactions for the year (TCO A) On a classified balance sheet, prepaid insurance is classified as (TCO A) An intangible asset (TCO A) These are selected account balances on December 31, 2007………….What is the total NET amount of property, plant, and equipment that will appear on the……? (TCO B) For 2010, Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? (TCO B) Liondale Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year, they issued common stock totaling $141,000. There were no dividends issued. What was their net income for the year? (TCO D) On March 1, 2010, Dillon Company hires a new employee who will start the work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not? (TCO D) Which one of the following is not a part of an account? (TCO D) Which of the following describes the classification and normal balance of the retained earnings account? (TCO D) A debit is the normal balance for which account listed below? (TCO D) Which of the following accounts follows the rules of debit and credit in relation to increases and decreases in the opposite manner? (TCO E) An accounting time period that is one year in length is called (TCO E) In a merchandising business, revenue may be considered earned when (TCO E) On April 1, 2010, M Corporation paid $48,000 cash for equipment that will be used in business operations. The equipment will be used for four years and will …. (TCO E) The following is selected information from M Corporation for the fiscal year ending October 31, 2010:…, what is M Corporation’s net income for the year ending….? (TCO E) Adjusting entries are made to ensure that (TCO A, B) Which of the following expressions is incorrect? (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $3,000 and credit terms of 2/10, n/30… (TCO A, B) Jake’s Market recorded the following events involving a recent purchase of merchandise………As a result of these events, the company’s merchandise inventory: (TCO A) The factor which determines whether or not goods should be included in a physical count of inventory is…….. (TCO A) Barnes Company is taking a physical inventory on March 31, the last day of its fiscal year. Which of the following must be included in this inventory count? (TCO A) A problem with the specific identification method is tha (TCO A) Which of the following statements is true regarding inventory cost flow assumptions? (TCO A) In periods of rising prices, the inventory method which results in the inventory value on the balance sheet that is closest to current cost is the (TCO B) Which of the following is a true statement about inventory systems? (TCO B) A merchandiser that sells directly to consumers is TCO D) A classmate is considering dropping his accounting class because he cannot understand the rules of debits and credits. Explain the rules of debits and ….. (TCOs B & E) The Caltor Company gathered the following condensed data for the year ended December 31, 2010 ACCT 504 (Accounting and Finance, Managerial Use and Analysis) Midterm Exam Set 3 (TCO A, B, C) Which of the following statements concerning users of accounting information is incorrect? (Points : 3) (TCO C) Issuing shares of stock in exchange for cash is an example of a(n) (Points : 3) (TCO C) The statement of cash flows would disclose the payment of a dividend (Points : 3) (TCO A) The cost of assets consumed or services used is also known as (Points : 3) (TCO C) Finley Company recorded the following cash transactions for the year:….What was Finley’s net cash provided by operating activities? (Points : 3) (TCO A) A current asset is (Points : 3) (TCO A) Which of the following is not considered an asset? (Points : 3) (TCO A) These are selected account balances on December 31, 2007….What is the total NET amount of property, plant, and equipment….? (Points : 3) (TCO B) For 2007 Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2007 earnings per share? (Points : 3) (TCO B) Liondale Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year, they issued common stock totaling $141,000. There were no dividends issued. What was their net income for the year? (Points : 3) (TCO D) Is the purchase of equipment treated as an expense at the time of purchase? Why or why not? (Points : 3) (TCO D) Which one of the following is not a part of an account? (Points : 3) (TCO D) The classification and normal balance of the dividend account is (Points : 3) (TCO D) A debit is not the normal balance for which account listed below? (Points : 3) (TCO D) Which of the following accounts follows the rules of debit and credit in relation to increases and decreases in the opposite manner? (Points : 3) Page Two (TCO E) One of the accounting concepts upon which adjustments for prepayments and accruals are based is (Points : 3) (TCO E) In a merchandising business, revenue may be considered earned when (Points : 3) (TCO E) Why do generally accepted accounting principles require the application of the revenue recognition principle? (Points : 3) The following is selected information from M Corporation for the fiscal year ending October 31, 2007: (TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is (Points : 3) (TCO B) A merchandiser that sells directly to consumers is a (Points : 3) (TCO A,B) Detailed records of movements in merchandise (each purchase and sale) are not maintained in the inventory account in a (Points : 3) (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $12,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period? (Points : 3) (TCO A) Zach’s Market recorded the following events involving a recent purchase of merchandise. As a result of these events, the company’s merchandise inventory (Points : 3) (TCO A) The factor which determines whether or not goods should be included in a physical count of inventory is (Points : 3) (TCO A) Which statement is false? (Points : 3) (TCO A) Which of the following items will increase inventoriable costs for the buyer of goods? (Points : 3) (TCO A) Which of the following statements is true regarding inventory cost flow assumptions? (Points : 3) (TCO A) In a period of declining prices, which of the following inventory methods generally results in the lowest balance sheet figure for inventory? (Points : 3) (TCO B) Which of the following is a true statement about inventory systems? (Points : 3) Week 7 Course Project ACCT 504 Week 7 Course Project (4 Versions) Taking a Closer Look at Microsoft and Oracle 2006-2007 (4 Different Versions) Ratio’s • Earnings per share PROFITABILITY • Current ratio LIQUIDITY • Gross Profit Ratio PROFITABILITY • Profit margin ratio PROFITABILITY • Inventory Turnover LIQUIDITY • Days in Inventory LIQUIDITY • Receivable Turnover Ratio LIQUIDITY • Average Collection Period LIQUIDITY • Assets Turnover Ratio PROFITABILITY • Return on Assets Ratio PROFITABILITY • Debt to Total Assets Ratio SOLVENCY • Times Interest Earned Ratio SOLVENCY • Payout ratio PROFITABILITY • Return on Common Stockholders’ Equity • PROFITABILITY • Free cash flow SOLVENCY • Current cash debt coverage ratio SOLVENCY • Price/Earnings ratio PROFITABILITY Week 8 Final Exam Set 14 Different Versions Final Exam Set 1 1. Question: (TCO A) An advantage of the corporate form of business is that _____. (Points : 5) 2. Question: (TCO A) When a corporation distributes a dividend, _____. (Points : 5) 3. Question: (TCOs A, B) Below is a partial list of account balances for Denton Company: 4. Question: (TCOs B, E) A small and private company may be able to justify using a cash basis of accounting if it has _____. 5. Question: (TCO D) In a period of increasing prices, which inventory cost flow assumption will result in the lowest amount of income tax expense? (Points : 5) 6. Question: (TCOs A, E) Equipment was purchased for $60,000. Freight charges amounted to $2,800 and there was a cost of $8,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points : 5) 7. Question: (TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5) 8. Question: (TCO C) Accounts receivable arising from sales to customers amounted to $35,000 and $40,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $120,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5) 9. Question: (TCO F) Which one of the following is not a tool in financial statement analysis? (Points : 5) 10. Question: (TCO F) In vertical analysis, the base amount for studying salary and wages expense is generally _____. (Points : 5) 11. Question: (TCO F) Ratios are most useful in identifying _____. (Points : 5) 12. Question: (TCO F) A common measure of liquidity is _____. (Points : 5) 13. Question: (TCO F) Return-on-assets ratio is most closely related to _____. (Points : 5) 14. Question: (TCO G) To calculate the market value of a bond, we need to _____. (Points : 5) 15. Question: (TCO A) Below you will find selected information (in millions) from Coca-Cola Co.’s 2012 Annual Report:…………Required: Using the information provided prepare a Balance Sheet. Separate the current assets from non-current assets and provide a total for each. Also separate the current liabilities from the non-current liabilities and provide a total for each. 2. Using the Balance Sheet from your answer above calculate; Current Ratio, Days in Inventory, Average Collection Period, Return on Assets Ratio, Debt to Total Assets and Return on common stockholders’ equity ratio. (Make sure to show all your work) 16. Question: TCO B) The following selected data was retrieved from the Wal-Mart, Inc. financial statements for the year ending January 31, 2013:……Required: Using the information provided above: 1. Prepare a multiple-step income statement 2. Calculate the Profit Margin, and Gross profit rate for the company. Be sure to provide the formula you are using, show your calculations, and discuss your findings/results. (Points : 36) 17. Question: (TCO C) Please review the following real-world Hewlett Packard Statement of Cash flows and address the 2 questions below:………Required:1) Please calculate the percentage increase or decrease in cash for the operating, investing, and financing sections and explain the major reasons for the increase or decrease for each of these sections.2) Please calculate the free cash flow for 2012 and explain the meaning of this ratio. (Points : 36) 18. Question: (TCO D) You are CFO of Goforit, Inc., a wholesale distribution company specializing in emerging technologies. Your CEO is a brilliant marketer, but relies on you to explain issues and choices in accounting and finance. She has heard from other members of a CEO organization to which she belongs that a company’s net income can vary widely depending on which accounting choices are made from the “GAAP menu.”………Required: a. Go for it carries significant electronics inventory in a competitive environment where prices are actually falling. Which inventory valuation method would you choose—LIFO, FIFO, or average cost? Assume that unit purchases exceed unit sales. b. Go for it has a large investment in warehouse equipment including conveyor belts, forklifts, and automated packaging systems. Which depreciation method would you choose: Straight line (SL) or double declining balance (DDB)? (Points : 36) 19. Question: (TCO F) Please review the following real-world ratios for Johnson & Johnson and Pfizer for the year ended 2012 and address the 2 questions below…………Required: 1) Please explain the meaning of each of the Pfizer ratios above. 2) Please state which company performed better for each ratio. (Points : 36) Final Exam Set 2 Page 1 1. Question: (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? 2. Question: (TCO A) When a corporation distributes a dividend, _____. (Points : 5) 3. Question: (TCOs A, B) Below is a partial list of account balances for Cerner Company: (Points : 5) 4. Question: (TCOs B, E) A small and private company may be able to justify using a cash basis of accounting if it has _____. 5. Question: (TCO D) Three companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5) 6. Question: (TCOs A, E) Equipment was purchased for $60,000. Freight charges amounted to $2,800 and there was a cost of $8,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points : 5) 7. Question: (TCOs D, G) Mendez Corporation issues 2,000 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 103. The journal entry to record the issuance will show a _____. (Points : 5) 8. Question: (TCO C) Accounts receivable arising from sales to customers amounted to $35,000 and $40,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $120,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5) 9. Question: (TCO F) One variation of the horizontal analysis is known as _____. (Points : 5) 10. Question: (TCO F) In a common-size balance sheet, the 100% figure is _____. (Points : 5) 11. Question: (TCO F) In vertical analysis, the base amount for studying salary and wages expense is generally _____. (Points : 5) 12. Question: (TCO F) A common measure of profitability is the _____. (Points : 5) 13. Question: (TCO F) Return-on-assets ratio is most closely related to _____. (Points : 5) 14. Question: (TCO G) To calculate the market value of a bond, we need to _____. (Points : 5) Page 2 1. Question: (TCO A) Below you will find selected information (in millions) from Coca-Cola Co.’s 2012 Annual Report: Required: 1. Using the information provided prepare a Balance Sheet. Separate the current assets from non-current assets and provide a total for each. Also separate the current liabilities from the non-current liabilities and provide a total for each. 2. Using the Balance Sheet from your answer above calculate; Current Ratio, Days in Inventory, Average Collection Period, Return on Assets Ratio, Debt to Total Assets and Return on common stockholders’ equity ratio. (Make sure to show all your work) (Points : 36) 3. Question: (TCO B) The following selected data was retrieved from the Wal-Mart, Inc. financial statements for the year ending January 31, 2013: Required:Using the information provided above: 1. Prepare a multiple-step income statement 2. Calculate the Profit Margin, and Gross profit rate for the company. Be sure to provide the formula you are using, show your calculations, and discuss your findings/results. (Points : 36) 4. Question: (TCO C) Please review the following real-world Hewlett Packard Statement of Cash flows and address the 2 questions below: Required: 1) Please calculate the percentage increase or decrease in cash for the operating, investing, and financing sections and explain the major reasons for the increase or decrease for each of these sections. 2) Please calculate the free cash flow for 2012 and explain the meaning of this ratio. (Points : 36) 5. Question: (TCO D) You are CFO of Goforit, Inc., a wholesale distribution company specializing in emerging technologies. Your CEO is a brilliant marketer, but relies on you to explain issues and choices in accounting and finance. She has heard from other members of a CEO organization to which she belongs that a company’s net income can vary widely depending on which accounting choices are made from the “GAAP menu.”…………(Points : 36) 6. Question: (TCO F) Please review the following real-world ratios for Johnson & Johnson and Pfizer for the year ended 2012 and address the 2 questions below…………….Required: 1) Please explain the meaning of each of the Pfizer ratios above. 2) Please state which company performed better for each ratio. (Points : 36) ACCT 504 Accounting and Finance, Managerial Use and Analysis Final Exam Set 3 Page 1 1. Question: (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) 2. Question: (TCO A) When a corporation distributes a dividend, _____. (Points : 5) 3. Question: (TCOs A, B) Below is a partial list of account balances for Cerner Company: (Points : 5) 4. Question: (TCOs B, E) Using accrual accounting, expenses are recorded and reported only _____. (Points : 5) 5. Question: (TCO D) Three companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5) 6. Question: (TCOs A, E) Equipment with a cost of $192,000 has an estimated salvage value of $18,000 and an estimated life of 4 years or 12,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 3,300 hours? (Points : 5) 7. Question: (TCOs D, G) Joyce Corporation issues 1,000 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 102. The journal entry to record the issuance will show a _____. (Points : 5) 8. Question: (TCO C) Accounts receivable arising from sales to customers amounted to $80,000 and $70,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $240,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5) 9. Question: (TCO F) One variation of the horizontal analysis is known as _____. (Points : 5) 10. Question: (TCO F) Comparisons of data within a company are an example of the following comparative basis. (Points : 5) 11. Question: (TCO F) Which one of the following is not a characteristic generally evaluated in ratio analysis? (Points : 5) 12. Question: (TCO F) Short-term creditors are usually most interested in assessing _____. (Points : 5) 13. Question: (TCO F) Long-term creditors are usually most interested in evaluating _____. (Points : 5) 14. Question: (TCO G) To calculate the market value of a bond, we need to _____. (Points : 5) Page 2 1. Question: (TCO A) Below you will find selected information (in millions) from Coca-Cola Co.’s 2012 Annual Report:…………… Required:1. Using the information provided prepare a Balance Sheet. Separate the current assets from non-current assets and provide a total for each. Also separate the current liabilities from the non-current liabilities and provide a total for each. 2. Using the Balance Sheet from your answer above calculate; Current Ratio, Days in Inventory, Average Collection Period, Return on Assets Ratio, Debt to Total Assets and Return on common stockholders’ equity ratio. (Make sure to show all your work) (Points : 36) 2. Question: (TCO B) The following selected data was retrieved from the Wal-Mart, Inc. financial statements for the year ending January 31, 2013:………….. Required:Using the information provided above: 1. Prepare a multiple-step income statement2. Calculate the Profit Margin, and Gross profit rate for the company. Be sure to provide the formula you are using, show your calculations, and discuss your findings/results. (Points : 36) 3. Question: (TCO C) Please review the following real-world Hewlett Packard Statement of Cash flows and address the 2 questions below:…………. Required: 1) Please calculate the percentage increase or decrease in cash for the operating, investing, and financing sections and explain the major reasons for the increase or decrease for each of these sections. 2) Please calculate the free cash flow for 2012 and explain the meaning of this ratio. (Points : 36) 4. Question: (TCO D) You are CFO of Goforit, Inc., a wholesale distribution company specializing in emerging technologies. Your CEO is a brilliant marketer, but relies on you to explain issues and choices in accounting and finance. She has heard from other members of a CEO organization to which she belongs that a company’s net income can vary widely depending on which accounting choices are made from the “GAAP menu.” 5. Question: (TCO F) Please review the following real-world ratios for Johnson & Johnson and Pfizer for the year ended 2012 and address the 2 questions below……………. Required:1) Please explain the meaning of each of the Pfizer ratios above. 2) Please state which company performed better for each ratio. (Points : 36) ACCT 504 (Accounting and Finance, Managerial Use and Analysis) Final Exam Set 4 1. (TCO A) Which of the following is an advantage of the sole proprietorship relative to the corporate form of business organization? (Points : 5) 2. (TCO A) Dividends _____. (Points : 5) 3. (TCOs A, B) Below is a partial list of account balances for LBJ Company: Cash $15,000 Prepaid insurance 5,000 Accounts receivable 2,500 Accounts payable 3,000 Notes payable 6,000 Common stock 10,000 Dividends 500 Revenues 15,000 Expenses 13,000 What did LBJ Company show as total debits? (Points : 5) 4. (TCOs B, E) Why is the accrual basis of accounting preferred by GAAP? (Points : 5) 5. (TCO D) In a period of increasing prices, which inventory cost flow assumption will result in the highest amount of net income?(Points : 5) 6. (TCOs A, E) Equipment was purchased for $75,000 on January 1, 2011. Freight charges of $3,200 were incurred and there was a cost of $6,000 for installation. It is estimated the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense for 2011 using the straight-line method will be _____. (Points : 5) 7. (TCO D,G) Payne Corporation issues 100 twenty-year, 6%, $1,000 bonds dated July 1, 2010, at 94. The journal entry to record the issuance will show a _____. (Points : 5) 8. (TCO C) Accounts receivable arising from sales to customers amounted to $80,000 and $100,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $1,000,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5) 9. (TCO F) If you are making comparisons within a company to detect changes in financial relationships and significant trends, you are performing what type of analysis? (Points : 5) 10. (TCO F) The formula for performing horizontal analysis is _____. (Points : 5) 11. (TCO F) Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time _____.(Points : 5) 12. (TCO F) A common measure of liquidity is _____. (Points : 5) 13. (TCO F) Short-term creditors would be most interested in which of the following ratios? (Points : 5) 14. (TCO G) To calculate the market value of a bond, we need to _____. (Points : 5) 1. (TCO A) Use the following partial financial statement information below to calculate the liquidity and profitability ratios. This information can be used to correctly solve each of the ratios below. Average common shares outstanding 35,000 Current liabilities $25,000 Capital expenditures $20,000 Net income $50,000 Cash provided by operations $77,000 Net sales $100,000 Preferred stock dividends paid $30,000 Total liabilities $50,000 Current assets $20,000 Total assets $80,000 Instructions: Compute the following. a) Current ratio b) Working capital c) Earnings per share d) Debt-to-total-assets ratio e) Free cash flow 2. (TCO D) The Oxford Company has budgeted sales revenues as follows. Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on credit, with 60% paid in the month of purchase and 40% in the month following purchase. Budgeted inventory purchases are $260,000 in October, $180,000 in November, and $84,000 in December. Other budgeted cash receipts include (a) the sale of plant assets for $49,400 in November and (b) the sale of new common stock for $67,400 in December. Other budgeted cash disbursements include (a) operating expenses of $27,000 each month, (b) selling and administrative expenses of $50,000 each month, (c) dividends of $76,000 to be paid in November, and (d) purchase of equipment for $24,000 cash in December. The company has a cash balance of $40,000 at the beginning of December and wishes to maintain a minimum cash balance of $40,000 at the end of each month. An open line of credit is available at the bank and carries an annual interest rate of 12%. Assume that all borrowing is done on the first day of the month in which financing is needed and that all repayments are made on the last day of the month in which excess cash is available. Also assume that $14,000 of financing was obtained on November 1. Requirements: Use this information to prepare a schedule of expected cash payments for purchases of inventory for the months of November and December only. This question does not require creation of an entire cash budget so please only create the schedule that is asked for in the question because otherwise you will be wasting valuable time. 3. (TCOs B, E) The following items are taken from the financial statements of Lansing Company for 2010. 4. (TCO D) Your friend James has hired you to evaluate the following internal control procedures. 5. (TCOs D, E) Please prepare the following journal entries. Indicate which account should be debited with the abbreviation DR in front of the account name and which account should be credited with the abbreviation CR in front of the account name along with the dollar amount of the debit and credit. 6. (TCO C) Please indicate which section of the statement of cash flows should contain each of the following items and whether each item would result in an inflow or outflow of cash. The sections are Operating, Investing, and Financing.
