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ACCT301 quiz 3 2017

ACCT 301 Due Sunday February 26, 2017
Answer all questions!
Prepare and present calculations for partial credits for
questions with calculations and presentations.

Quiz 3 Ch 14 15 16 17
– Your Name ____________________
(also include your name in the file name)
Will the income statement include cash dividends declared
and paid in the reporting period?
Yes or No?
Explain the journal entries, for the receipt of cash, and
for the first interest payment, in your own words, when, as a borrower, our
company does the following:
A. Issues Bonds
at Face Value

B. Issues Bonds
at a discount

C. Issues Bonds
at a premium

(Hint: your answer for each independent situation [A, B, and
C] should include the phrases “Credit to Bonds Payable” and “Contract Interest


Explain the change in the investment account for the year,
for each of the following independent situations, when the investment is
accounted for using the equity method:

A. The company
they invested in has a net loss for the year

B. The company
they invested in pays earns a profit and pays a cash dividend

What do we learn by using the vertical analysis process for
a company when analyzing the income statement and the balance sheet? That is, how would you explain to someone
what you learn about a company by completing a vertical analysis of their SEC
10K (a) income statement and (b) balance

Go to next page for Question 5 requiring you to complete a
Statement of Cash Flows using the indirect method.

Wheelhorse Products’ comparative balance sheets are
presented below.
Wheelhorse Products Inc.
Comparative Balance Sheets





Accounts receivable



Prepaid Insurance









Accumulated depreciation—buildings






Accounts payable



Unearned revenue



Common stock



Retained earnings






Additional information:

Net income was $18,475. Dividends declared and paid were
$11,500. All other changes in noncurrent
account balances had a direct effect on cash flows, except the change in
accumulated depreciation. The land was sold for $20,000

Required: Prepare a
statement of cash flows for the year ended December 31, 2015 using the indirect
method. (Hint: for any accounts where the balance changed,
create a T account or record other analysis for your review. You might make a column of changes, so you
can see if a balance increased or decreased and by how much. You do not need to
turn this in but you can. You may wish to use Excel for this problem. Copy and
paste the balance sheet into your Excel file.
If you use Excel you can submit a separate file for the statement of
cash flow problem.

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