(Solution) -ACC 541 Final Exam Updated

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ACC 541 Final Exam NEW

Question 95   Application of the full disclosure principle

Question 54   The omission of the adjusting entry to record depreciation expense will result in an

Question 84   What should be the balance of retained earnings at December 31, 2017?

Question 98    In Reese's December 31, 2017 balance sheet,The current assets total is

Question 44   Which of the following statements is true?

Question 63    Antique Company has notes receivable that have a fair value of $920,000 and a carrying amount of $710,000. Antique decides on December 31, 2017, to use the fair value option for these recently-acquired receivables. The adjusting entry to record this change will include a:

Question 46   What is the effect of a $50,000 overstatement of last year's inventory on current years ending retained earning balance?

Question 104   Based on the above information, the inventory account at December 31, 2017, should be reduced by

Question 87   On January 2, 2018, Gold Star Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $160,000 each, payable beginning January 2, 2018. Brick Co. agrees to guarantee the $100,000 residual value of the asset at the end of the lease term. Brick’s incremental borrowing rate is 10%, however it knows that Gold Star’s implicit interest rate is 8%. What journal entry would Brick Co. make at January 1, 2019 to record the second lease payment?

Question 95  What amount of cash was paid on accounts payable to suppliers during 2019?