Acc 421 Week 4 Individual Assignment P1,P2,P3 and P4 Solution

ACC 421 Week 4 Individual Assignment P1,P2,P3 And P4 Solution

Click Following Link To Purchase

http://www.uopcoursetutorials.com/ACC-421/ACC-421-Week-4-Individual-Assignment-P1,P2,P3-And-P4-Solution

Problem 1:

Grading: This problem is worth a total of 18.75 points. There are 22grading elements each worth 18.75 x 2/3 / 22= 0.5682 points. There are 18.75 x 1/3 = 6.25 points available for effort.

The FJF Company does not employ a full-time accountant. However they do employ a bookkeeper that records entries and attempts to prepare drafts of financial statements. You have been retained by the company to review the bookkeeper’s work and prepare correct financial statements for 2014. You have completed your review of the bookkeeper’s work and, based upon your review, the bookkeeper has prepared the following draft balance sheet for your review.

FJF Company

Balance sheet

For the year ended December 31, 2014

Stockholders’ s equity

Common stock, $9 par, authorized 70,000

shares, Issued 48,000 shares $432,000

Additional paid-in capital 237,000

Retained earnings

Intangible assets

Goodwill 118,000

Prepaid expenses 18,000

Cash surrender value of life insurance 133,000

Trading securities at cost (fair value $177,000) 207,000

Property, plant, and equipment

Land held for future use 259,000

Building (net) 843,000

Office equipment (net) 237,000

Current assets

Cash 340,000

Accounts receivable (net) 503,000

Inventories at lower of average cost or market 593,000

Current liabilities

Accounts payable 200,000

Notes payable (due next year) 185,000

Pension obligation 121,000

Rent payable 72,000

Premium on bonds payable 78,000

Long-term liabilities

Bonds payable 739,000

Additional information:

The company ends its fiscal accounting year on December 31.

The accumulated depreciation on the building totals $237,000.

The accumulated depreciation on the office equipment totals $155,000.

The allowance for doubtful accounts has a balance of $25,000.

The...