Compute factored receivables and write journal entries

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Reference no: EM13494594

Final Exam

Additional Review Notes

Some notes before you take the final:

1. Don't erase your work and leave a blank problem. If you start working, and find you are out of your depth, go on to another problem, but don't erase the work you put into that problem. If your work is there, I may be able to find a couple of points toward your final score. If you erase your work, the score is zero.

2. SHOW YOUR WORK! I cannot give you partial credit otherwise.

3. Use good time management. All of the problems are worth 10 points. If it is a long, multi-part problem, it is worth 10 points. If it is a short, one-computation problem, it is worth 10 points. Look at the short problems first, and then go on to the long problems. I have had students get stuck on the first problem and spend almost all of the time allowed grinding on that one problem. Don't do that. If you are not making headway on a problem, leave it, and go on to another problem.

4. Here is a more focused review for the final.

Chapter 4:
• Write an income statement, or
• Know the components and placement of all of the elements of the income statement
o Income from continuing operations
o Discontinued operations
o Extraordinary items
o Earnings per share

Chapter 5:
• Write a balance sheet, or
• Write a statement of cash flows

Chapter 7:
• Compute the ending balance in cash and write adjusting entries (bank reconciliation), or
• Compute factored receivables and write journal entries
o Accounts Receivable
o Notes Receivable

Chapter 8:
• Compute COGS and ending inventory using dollar-value LIFO, or
• Compute COGS and ending inventory using moving average cost (perpetual)

Chapter 9:
• Estimate ending inventory using the conventional retail inventory method, or
• Compute ending inventory using lower-of-cost-or-market
o Per unit
o Total inventory

Chapter 10:
• Compute the capitalized interest on construction projects, or
• Write journal entries for non-cash exchanges
o With commercial substance
o Without commercial substance

Chapter 11:
• Compute depreciation expense using double-declining balance for partial periods, or
• Compute depreciation expense using sum-of-the-years' digits for partial periods

Chapter 12:

• Amortize intangible assets, or
• Impair
o Tangible or intangible assets other than goodwill
o Goodwill

Chapter 17:
• Compute cash, interest revenue, amortization, and book value of investments in debt securities using the effective interest amortization method and write journal entries, or
• Write adjusting entries to bring investments in equity securities to fair value.

Chapter 18:
• Write journal entries and compute values to be recognized for long-term construction projects using the percentage of completion method, or
• Write journal entries and compute gross profit to be recognized using the installment method.

Reference no: EM13494594

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