Practice Final Exam – ACC 221 (PREVIEW)
PREVIEW only contains 3 out of 38 total questions.
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1. Question
Consider the following – Steez Inc. has a printing press they purchased for $10,000. At the end of its 4 year life, Steez Inc. estimates it will be worth $2,000. During the course of its life, Steez Inc. expects it to produce 8,000 shirts. The actual number of shirts it produced are:
- Year 1: 2,500
- Year 2: 1,500
- Year 3: 1,000
- Year 4: 2,000
Calculate the depreciation on the printing press over the 4 years of usage with the activity-based method.
Year 1: $ in depreciation
Year 2: $ in depreciation
Year 3: $ in depreciation
Year 4: $ in depreciation
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2. Question
Consider the following – Steez Inc. has a printing press they purchased for $10,000. At the end of its 4 year life, Steez Inc. estimates it will be worth $2,000. During the course of its life, Steez Inc. expects it to produce 8,000 shirts. The actual number of shirts it produced are:
- Year 1: 2,500
- Year 2: 1,500
- Year 3: 1,000
- Year 4: 2,000
Imagine that instead Steez Inc. sells the printing press for $4,000. Assume they still use the straight-line depreciation method. Write the journal entry for the sale.
Transaction Debit Credit Cash 4000
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3. Question
What’s the selling price (a.k.a. present value) of this bond?
Face Amount $10,000 Stated Annual Interest Rate 10% Terms 5 Interest Paid Annually Effective Interest Rate 8% Selling Price: $
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