I am looking for Online Exam help on Dec 17th US time . It is basic accounting including bonds,tax,investment etc . I can share the questions through email batch by batch . The exam expecting 1. 45 min for approx 30 questions . it has lot of True/False multiple choice questions and 5-6 descriptive .More calculations . Please let me know you can help me ..Timing is very important
For 1-9, indicative if the statement is true or false 1. Companies should recognize inventory as an expense when purchased. 2. Companies using LIFO are required to disclose the amount at which inventory would have been reported had the company used FIFO. The difference between LIFO and FIFO inventories is called the LIFO reserve. 3. Depreciation requires only two estimates—useful life and residual value—both of which are specified by GAAP depending on the asset type. 4. A bond will sell for a discount when the market rate is greater than the coupon rate. 5. Recognizing a lease as a finance lease or as an operating lease requires that both the leased asset and lease liability be reported on the balance sheet. 6. Companies are required to report total pension assets and total pension liabilities separately on their balance sheets. 7. When a company issues its stock, the equity increase is equal to the number of shares sold multiplied by the market price of the stock on the issue date. 8. If company A accounts for its investment in company B using the equity method, then all of company B’s earnings are reported on company A’s income statement. 9. When investments are classified as available-for-sale, fair value changes are recognized on the balance sheet as unrealized gains or losses as part of accumulated other comprehensive income For 10-28, select the best response 10. The average cost inventory costing method is used by Quest, Inc. Sales are $275,000, the number of units available for sale is 250, the number of units sold during the period is 220, and the average cost of the goods available for sale is $1,000 each. How much is gross profit for the company? A) $0 B) $25,000 C) $35,000 D) $55,000 11. The following data refer to Brompton Company’s ending inventory: Item CodeQuantityUnit CostUnit NRV Small100$250$246 Medium400150 145 Large600170 162 Extra-Large250265 270 What is the ending inventory balance if the lower of cost or net realizable value rule is applied to each item of inventory? A) $248,050 B) $246,050 C) $253,250 D) $252,850 12. Blue Company and Yellow Company reported the following information in their financial statements: Blue Company (FIFO)Yellow Company (LIFO) $millionsSales COGS InventoriesSales COGSInventories 2021$60,000 $45,000$15,000$85,000 $75,000 $30,000 202052,000 36,000 13,00082,000 60,000 27,000 To the closest hundredth, how much is 2021 inventory turnover for Blue Company? A) 4.29 B) 3.00 C) 2.57 D) 3.21 13. On January 1, 2020, Danvers Company purchased a copy machine. The machine cost $800,000, its estimated useful life is 5 years, and its expected salvage value is $50,000. What is the depreciation expense for 2021 using the double-declining-balance method? A)$200,000 B)$128,000 C)$150,000 D)$192,000 14. The following amounts and costs of serving bowls were available for sale by Carl’s Pottery during 2021: Beginning inventory20 units at $45 First purchase15 units at $50 Second purchase40 units at $55 Third purchase25 units at $60 Carl’s has 20 bowls on hand at the end of the year. What is the dollar amount of inventory at the end of the year according to the average cost method? A) $1,000 B) $1,113 C) $1,070 D) $1,200 15. Trainor Corporation purchased equipment on January 1, 2020 at a cost of $500,000. The equipment has an estimated residual value of $50,000 and an estimated life of 5 years. At the end of two years, Trainor reevaluated the useful life of the equipment. Management extended the total useful life an additional 5 years but estimated that the equipment would have no residual value at the end of this time. If the company uses straight-line depreciation, what amount would be recorded as depreciation expense each year, beginning with the third year? A)$50,000 B) $40,000 C) $32,000 D) $45,000 16. Goodwill can be recorded as an asset when A) An offer is received to purchase the business at a price in excess of the value of the assets B) A business has above normal profitability compared to other businesses in its industry C) A business is purchased and payment is made in excess if the fair value of the net assets D) A business can determine that it has created customer goodwill and name recognition 17. Which of the following does not affect the current liabilities section of the balance sheet? A) Purchase of inventory on credit B) Wages owed to employees but not yet paid C) Insurance bill to be paid next month D) Sale of goods on credit E) A probable legal obligation, due within 12 months 18. Ancient Grains, Inc. issued a 4 month note in the amount of $500,000 on October 1, 2021 with an annual rate of 5%. What amount of interest has accrued as of December 31, 2020? A) $ 2,083 B) $ 6,250 C) $ 8,333 D) $25,000 19. Which one of the following would be considered a contingent liability? A) A company owes $44,000 on inventories purchased on credit B) A company has $980,000 worth of bonds outstanding C) A company estimates that it will probably have to pay $48,000 to the Department of Environment Protection for a chemical spill D) The company has access to a line of credit with a bank in the amount of $576,000 E) The company believes that it is reasonably possible it will lose a lawsuit but is unable to determine the possible damages 20. On January 1, 2021, Lumina Corporation issued $700,000, 5% bonds for $685,000, to yield 6%. The bonds pay interest on June 30 and December 31. How much is the interest expense on the bonds for the first interest payment on June 30, 2021? A) $21,000 B) $42,000 C) $20,550 D) $41,100 21. For a defined benefit plan, which of the following is correct? A) The plan defines the contribution the employer is to make, with no promise concerning the ultimate payout to employees. B) The plan requires that the pension expense and the cash funding amount be the same. C) The plan requires that the employee bears the risk of loss or benefit of gain from assets contributed to the plan. D) The plan defines the benefits that the employee will receive at retirement. 22. Why might a company repurchase its own stock? A) It feels that the market undervalues its shares B) To offset dilutive effects of employee stock options C) To increase the number of shares outstanding D) A and B 23. Gravel Company reported net income of $4,500,000 in 2021. The weighted average number of common shares outstanding during 2021 was 200,000 shares. Gravel paid $250,000 in dividends on preferred stock, which was convertible into 40,000 shares of common stock. How much is basic earnings per share for 2021? A) $22.50 B) $21.25 C) $18.75 D) $17.71 24. In which one of the following intercorporate investment classifications are unrealized gains and losses in marketable securities always reflected in the income statement of the investor company? A) Equity method securities B) Passive securities C) Trading securities D) Available-for-sale securities E) Purchase method securities 25. If Pamela & Lee, Inc. paid $8,000 at book value for its 25% stake in Parkersburg Company, and in the next year total shareholders’ equity for Parkersburg Company increases by 75%, what will Pamela & Lee’s interest of Parkersburg’s equity be? A) $ 7,000 B) $ 1,750 C) $ 3,000 D) $14,000 26. If Eve Company buys 26% of Adam Company’s stock, and pays $4,000 more than current book value for these shares, what percentage of Adam Company’s shareholder equity belongs to Eve Company? A) 25% B) It depends on the dollar value of total shareholders’ equity for Adam Company. C) 35% D) 26% Use the following information for questions 27 and 28. Blanco Company purchased 200 of the 1,000 outstanding shares of Darby Company's common stock for $600,000 on January 2, 2018. During 2018, Darby Company declared dividends of $100,000 and reported earnings for the year of $400,000. 27. If Blanco Company used the fair value method of accounting for its investment in Darby Company, its Equity Investments (Darby) account on December 31, 2018 should be a.$580,000. b.$660,000. c.$600,000. d.$680,000. 28. If Blanco Company uses the equity method of accounting for its investment in Darby Company, its Equity Investments (Darby) account at December 31, 2018 should be a.$580,000. b.$600,000. c.$660,000. d.$680,000. For 29-36, provide responses and show all calculations 29. Lankford Company reported the following information related to inventory. The product sells for $10 per unit: UnitsUnit Cost Beginning Inventory2,000$3 Purchase 12,000$4 Purchase 26,000$5 At the end of the period, the company has 3,000 units in ending inventory. Compute the following dollar amounts: (in dollars) Weighted Average FIFO LIFO Sales Cost of Goods Sold Gross Profit Ending Inventory 30. Hotworx buys a specialty table saw for its metal fabrication business on January 1, 2021. The machine cost $350,000 and is expected to be used for five years. At the end of the five years it is expected that the machine can be sold for $15,000. Compute the depreciation expense for the first two years using both straight-line and double-declining-balance depreciation methods. 31. Monolith Company gave a creditor a 4 month, 5% note payable for $60,000 on December 1, 2021. What amount of interest will be accrued as of December 31, 2021? Where will this amount be reported in the company’s financial statements? 32. Carter Company began business on January 1 and immediately issued 500,000 shares of its $5 par value common stock for $12,500,000. At the end of the year it paid $200,000 in cash dividends. In midyear, the firm bought back some of its own shares. The company reports the following additional information at December 31: Net income$2,000,000 Retained earnings beginning of year$0 Common shares authorized5,000,000 Shares outstanding at year end 450,000 A. How much is the Additional Paid-in Capital account at the end of the year? B. Determine the retained earnings amount at the end of the year. C. How many shares of stock are in the treasury at the end