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kelly consulting practice set answers


    Kelly Consulting Practice Set

    Kelly Consulting Practice Set 

    ACCOUNTING

    ACT300 Portfolio Project

    You are given the following information:
    1. Post closing trial balance for April 30, 2008
    2. Transactions for the month of May 2008
    3. Adjustments for May 31,2008
    The following can be download from the Module 8 Assignment page or the Course Information page
    4. Journal page to copy and use
    5. Ledger page to copy and use
    6. Portfolio Project Excel Spreadsheet template with accounts pre-entered
    Kelly Consulting Transactions for May 2008
    May 3 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $1,550.
    May 5 Received cash from clients on account, $1,750.
    May 9 Paid cash for a newspaper advertisement, $100
    May 13 Paid Office Station Co. for part of the debt incurred on April 5, $400
    May 15 Recorded services provided on account for the period May 1-15, $5,100.
    May 16 Paid part-time receptionist for two weeks' salary including the amount owed on April 13, $750.
    May 17 Recorded cash from cash clients for fees earned during the period May 1-16, $7,380
    May 20 Purchased supplies on account, $500.
    May 21 Recorded services provided on account for the period May 16-20, $2,900.
    May 25 Recorded cash from cash clients for fees earned for the period May 17-23, $4,200.
    May 27 Received cash from clients on account, $6,600.
    May 28 Paid part-time receptionist for two weeks' salary, $750.
    May 30 Paid telephone bill for May, $150.
    May 31 Paid electricity bill for May, $225.
    May 31 Recorded cash from cash clients for fees earned for the period May 25-31, $2,875.
    May 31 Recorded services provided on account for the remainder of May, $2,200.
    May 31 Kelly withdrew $7,500 for personal use.

    Instructions are as follows:
    1. Record the ending balances from the April 30 post closing trial balance into the ledger sheets or alternatively, you may create T-accounts on an excel spreadsheet.
    2. Record journal entries for the May transactions on the journal sheets given or create a spreadsheet configured as a journal sheet.
    3. Post the journal entries to the ledger sheets or if you created T-accounts post the entries to your T-accounts.
    4. Enter the ending balances from the ledger or T-accounts on to the worksheet trial balance columns.
    5. Enter the adjustments directly on to the worksheet.
    6. Extend to the adjusted trial balance columns.
    7. Extend to the financial statement columns.
    8. Prepare the financial statements.
    9. Enter the closing entries on to the worksheet.
    10. Prepare the post closing trial balance for May.
    Submit your work in a Portfolio Project Excel worksheet that you can download from the Course Information page or the Module 8 Assignments page.
    Make sure you include the following in your final Excel Workbook:
    1. The completed Worksheet on the given downloadable spreadsheet.
    2. Formal income statement, statement of owner's equity, and balance sheet. These may be prepared on separate tabs on the Excel Workbook where the "Worksheet" is the first tab.
    3. Post Closing Trial Balance for May 31.

    Practice Set : Click HERE (for Answers) (item price: $29.97)

On January 1 2013 Bentley Contractors agreed to construct a building at a contract price of

On January 1, 2013, Bentley Contractors agreed to construct a building at a contract price of $6,000,000.  Bentley estimated total construction costs would be $4,200,000 and the project would be finished in 2015.  Information related to the costs and billings for this contract is as follows:


2013
2014
2015

Total costs incurred to date

$1,540,000

$2,695,000

$4,700,000

Estimated costs to complete

$2,660,000

$2,205,000

-0-

Customer billings to date

$2,200,000

$4,000,000

$6,000,000

Collections to date

$2,000,000

$3,500,000

$5,900,000

Required:

A. For percentage of completion and completed contract accounting, compute the gross profit or loss that should be recorded by 2013, 2014, and 2015.  Fill in the following schedules (show your work).
Percentage of completion                                      Completed contract
Gross Profit               Loss                            Gross Profit               Loss
2013   ____________   _____________ 2013   ____________   ____________

2014   ____________   _____________ 2014   ____________   ____________

2015   ____________   _____________ 2015   ____________   ____________  

B.        Prepare the journal entries for 2013, 2014 and 2015 for % of completion and completed contract.

C.        Assume instead that Bentley determines their total contract costs will be $6,200,000 in 2014 due to massive overruns. Describe the impact on your journal entries for 2014.

 --------------------------------------------------------------------------------

Answer:

The file is in .xls format with all the requirements met.

The following selected transactions are from Ohlde Company

~~~*Download HERE*~~~


 The following selected transactions are from Ohlde Company: 

2010 
Dec. 16 Accepted a $11,000, 60-day, 8% note dated this day in granting Todd Duke a time extension on his past-due account receivable.

31 Made an adjusting entry to record the accrued interest on the Duke note. 
2011 
Feb. 14 Received Duke’s payment of principal and interest on the note dated December 16. 
Mar. 2 Accepted an $6,300, 8%, 90-day note dated this day in granting a time extension on the past-due account receivable from Mare Co.

17 Accepted a $2,600, 30-day, 7% note dated this day in granting Jolene Halaam a time extension on her past-due account receivable.

Apr. 16 Halaam dishonored her note when presented for payment. 
June 2 Mare Co. refuses to pay the note that was due to Ohlde Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Mare Co.’s accounts receivable.

July 17 Received payment from Mare Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 8%.

Aug. 7 Accepted an $8,550, 90-day, 8% note dated this day in granting a time extension on the past-due account receivable of Birch and Byer Co.

Sept. 3 Accepted a $3,060, 60-day, 9% note dated this day in granting Kevin York a time extension on his past-due account receivable.

Nov. 2 Received payment of principal plus interest from York for the September 3 note. 
Nov. 5 Received payment of principal plus interest from Birch and Byer for the August 7 note. 
Dec. 1 Wrote off the Jolene Halaam account against Allowance for Doubtful Accounts.

Prepare journal entries to record these transactions and events. Use 360 days a year. Do not round intermediate calculations and round your final answers to the nearest dollar amount.

Download File Here ($9.97)

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