# PureVolume

Blog Post

ACCT 212 FINAL EXAM LATEST

ACCT/212 Final Exam

PART-1

(TCO 6) BagODonuts Company bought a used delivery truck on January 1, 2010, for \$19,200. The van was expected to remain in service 4 years (30,000 miles). BagODonuts’ accountant estimated that the truck’s residual value would be \$2,400 at the end of its useful life. The truck traveled 8,000 miles the first year, 8,500 miles the second year, 5,500 miles the third year, and 8,000 miles in the fourth year.1. Calculate depreciation expense for the truck for each year (2010-2013) using the:
a. Straight-line method.
b. Double-declining balance method.
c. Units of Production method.
(For units-of-production and double-declining balance, round to the nearest two decimals after each step of the calculation.)
2. Which method best tracks the wear and tear on the van?
3. Which method would BagODonuts prefer to use for income tax purposes? Explain in detail why BagODonuts prefers this method.
2. (TCO 7) ABC Inc. was incorporated on 1/15/12. Their corporate charter ACCT 212 authorized the following capital stock:
Preferred Stock: 7%, par value \$100 per share, 100,000 shares.
Common Stock: \$1 par value, 500,000 shares.

The following transactions occurred during the year:

1/19/12 – Issued 100,000 shares of common stock for \$17 cash per share.
1/31/12 – Issued 3,000 shares of preferred stock for \$115 cash per share.
11/1/12 – Repurchased 30,000 shares click here of common stock for \$22 cash per share.
12/1/12 – Declared and paid a total dividend of \$95,000.

Required:
1. Prepare ACCT 212 Final the journal entry for each transaction listed above.
2. In your own words, explain the main differences between common and preferred stock.

3. (TCO 5) Internal Control Procedures are in place to protect the assets of every business as mentioned in the textbook and our discussions. Of the seven internal control procedures, list five of these controls and describe how each procedure is implemented. (5 points each with 2 points for listing and 3 points for a description)

Tags: ACCT, ACCT 212, ACCT 212 Final Exam Latest,ACCT 212 Final Exam,ACCT 212 Final

Posted Feb 11, 2017 at 6:40pm

## michael3bum2wblog

Back to Profile > Posts

### Posts (73) See all

• #### General: Wing Bowl Celebrates Philadelphia's Raucous Sporting activities routines

Social gathering phones were common in plenty of households whereby two or far more activities shared a line, thereby saving expenditures. My cellphone has excess comp…

Jun 25, 2017

In FIFA fifteen Ultimate Team, you'll find A growing number of gamers attempting to make the potential buyers confused. Generally This is certainly finished by advertis…

Jun 25, 2017

• #### General: traderush binary option demo No Further a Mystery

Consequently, you could sure say that trade with this particular buying and selling platform will would you tons benefits like what these traders experienced and knowle…

Jun 20, 2017

• #### General: Adapter Relieves Installment Of Baby Gates Orange Area Register

8. A little one gate assembly for use on stairs as described in case 1 in which said gates participant further makes up at the very least one modifiable shoe participan…

Jun 09, 2017

• #### General: Top iq option best strategy pdf Secrets

yeah, it’s definitely a pleasant opportunity for the reason that, not like most other broker, you really don’t have to speculate a great deal. moreover, this is amongst…

Jun 07, 2017

•