Sample Final - Sample Final.pdf Acct 210 Final Exam - Supporting Material Dow Chemical - Sample Final.pdf FORM 10-K DECEMBER 31, 2007 1-3433 THE DOW CHEMICAL COMPANY Delaware XXXXXXXXXX 2030 DOW...

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Sample Final - Sample Final.pdf Acct 210 Final Exam - Supporting Material Dow Chemical - Sample Final.pdf FORM 10-K DECEMBER 31, 2007 1-3433 THE DOW CHEMICAL COMPANY Delaware 38-1285128 2030 DOW CENTER, MIDLAND, MICHIGAN 48674 989-636-1000 2007 2006 2005 The Dow Chemical Company and Subsidiaries Consolidated Statements of Income 2007 2006 Assets Liabilities and Stockholders' Equity The Dow Chemical Company and Subsidiaries Consolidated Balance Sheets 2007 2006 2005 The Dow Chemical Company and Subsidiaries Consolidated Statements of Cash Flows NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Cash and cash equivalents include time deposits and readily marketable securities with original maturities of three months or less. Inventories Inventories are stated at the lower of cost or market. The method of determining cost varies among last-in, first-out ("LIFO"); first-in, first-out ("FIFO"); and is used consistently from year to year. Property Land, buildings and equipment, including property under capital lease agreements, are carried at cost less accumulated depreciation. Depreciation is based on the estimated service lives of depreciable assets and is calculated using the straight-line method. For most assets capitalized through 1996, the declining balance method was used. Fully depreciated assets are retained in property and depreciation accounts until they are removed from service. In the case of disposals, assets and related depreciation are removed from the accounts, and the net amounts, less proceeds from disposal, are included in income. Impairment and Disposal of Long-Lived Assets The Company evaluates long-lived assets and certain identifiable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When undiscounted future cash flows are not expected to be sufficient to recover an asset's carrying amount, the asset is written down to its fair value. Long-lived assets to be disposed of other than by sale are classified as held and used until they are disposed of. Long-lived assets to be disposed of by sale are classified as held for sale and are reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Revenue Sales are recognized when the revenue is realized or realizable, and has been earned, in accordance with the U.S. Securities and Exchange Commission's Staff Accounting Bulletin ("SAB") No. 104, "Revenue Recognition in Financial Statements." Approximately 98 percent of the Company's sales are related to sales of product. The remaining 2 percent is related to the Company's service offerings, insurance operations, and licensing of patents and technology. Revenue for product sales is recognized as risk and title to the product transfer to the customer, which usually occurs at the time shipment is made. Substantially all of the Company's products are sold FOB (free on board) shipping point or, with respect to countries other than the United States, an equivalent basis. As such, title to the product passes when the product is delivered to the freight carrier. Dow's standard terms of delivery are included in its contracts of sale, order confirmation documents and invoices. Freight costs and any directly related associated costs of transporting finished product to customers are recorded as "Cost of sales." The Company's primary service offerings are in the form of contract manufacturing services and services associated with Dow AgroSciences' termite solution, SENTRICON™ Termite Colony Elimination System. Revenue associated with these service offerings is recognized when services are rendered, according to contractual agreements. Revenue related to the Company's insurance operations includes third-party insurance premiums, which are earned over the terms of the related insurance policies and reinsurance contracts. Revenue related to the initial licensing of patents and technology is recognized when earned; revenue related to royalties is recognized according to licensee production levels. NOTE E – PROPERTY Property at December 31 Estimated In millions Useful Lives (Years) 2007 2006 Land – $602 $582 Land and waterway improvements 15-25 1,286 1,206 Buildings 5-55 3,717 3,376 Machinery and equipment 3-20 36,266 33,457 Utility and supply lines 5-20 2,253 2,133 Other property 3-30 1,770 1,982 Construction in progress – 1,814 1,645 Total property $47,708 $44,381 In millions 2007 2006 2005 Depreciation expense $2,118 $1,904 $1,904 Manufacturing maintenance and repair costs $1,482 $1,376 $1,289 The Dow Chemical Company and Subsidiaries Valuation and Qualifying Accounts Schedule II (In millions) For the Years Ended December 31 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E Description Balance at Beginning of Year Additions to Reserves Deductions from Reserves Balance at End of Year 2007 RESERVES DEDUCTED FROM ASSETS TO WHICH THEY APPLY: For doubtful receivables $122 14 18 $118 Other investments and noncurrent receivables $365 122 14 $473 2006 RESERVES DEDUCTED FROM ASSETS TO WHICH THEY APPLY: For doubtful receivables $169 9 56 $122 Other investments and noncurrent receivables $329 47 11 $365 2005 RESERVES DEDUCTED FROM ASSETS TO WHICH THEY APPLY: For doubtful receivables $136 52 19 $169 Other investments and noncurrent receivables $319 29 19 $329 Excerpts cover page Final - Supporting Material nVidia - Sample Final.pdf
Answered 3 days AfterMar 31, 2021

Answer To: Sample Final - Sample Final.pdf Acct 210 Final Exam - Supporting Material Dow Chemical - Sample...

Tanmoy answered on Apr 03 2021
138 Votes
Principles of Financial Accounting – J23 Final Exam – Spring 2021 Professor Ilan Guttman
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Signature:     
Last Name (Print)    First Name (Print)
(
Name


Andrew Blumstein
)
(
Page
14

of
14
)
Parts II - V pertain to the enclosed excerpts from the 2014 financial statements of
Cisco Systems, Inc. – (“Cisco”)
In Answering all of the questions ignore any tax effects.
    Part I
    Statement of Cash Flows
    (12 points)
    Part II
    Accounts Receivables
    (23 points)
    Part III
    Fixed Assets
    (23 points)
    Part IV
    Intangibles
    (19 points)
    Part V
Total
    Stockholders’ Equity
    (23 points)
(100 points)
Part I – Statement of Cash Flows (9 points)
Below are the Balance Sheet and the Income statement of ABC Inc. for fiscal year 2019. Prepare the Operating section of the Statement of Cash Flows for ABC Inc. for the year ended December 31, 2019 (using the indirect method).
    
ABC Inc. Balance Sheet
12/31/ 2018    12/31/ 2019
Assets
Current Assets:
    Cash and cash equivalents
    $150,000
    
    $130,000
    Accounts Receivable, net
    250,000
    
    270,000
    Prepaid Rent
    270,000
    
    290,000
    Inventory
    310,000
    
    300,000
    Total Current Assets
    980,000
    
    990,000
    Property & Equipment - at cost
    450,000
    
    480,000
    Less Accumulated depreciation
    (120,000)
    
    (152,000)
    Net Property & Equipment
    330,000
    
    328,000
    Total Assets
Liabilities and Equity
    $1,310,000
    
    $1,318,000
    Current Liabilities: Accounts payable
    
$125,000
    
$100,000
    Wages payable
         120,000
         130,000
    Total Current Liabilities
    245,000
    230,000
    Long-term Debt
    340,000
    362,000
    Common Stock
    500,000
    500,000
    Retained Earnings
    225,000
    226,000
    Total Liabilities and Equity
    1,310,000
    1,318,000
ABC Inc.
Income Statement
For year ended December 31, 2019
    Revenues
    $1,300,000
    Cost of Goods Sold
    850,000
    Gross Profit
    450,000
    Wages and Salaries
    300,000
    Depreciation Expense
         80,000    
    Total operating expense
    380,000
    Operating Profit
    70,000
    Loss on Sale of Equipment
    (10,000)
    Income before tax
    60,000
    Income Tax Expense
         20,000    
    Net Income
    $40,000
ABC Inc.
Statement of Cash flows Year ended on December 31, 2019
    ABC Inc.
    Statement of Cash flows
    December 31, 2019
     
     
    CFFO section-indirect method
     
     
    Net Income
    40000
    Adjustments
    (+) Depreciation
    80000
     
    (-) Loss on sale of equipments
    -10000
     
    (-) Change in A/R
    -20000
     
    (+) Change in Inventory
    10000
     
    (-) Change in A/P
    -25000
     
    (+) Change in Deferred Revenue
    10000
     
    Net CFFO
    85000
Change in A/R     = 270000- 250000 = 20000
Change in Inventory = 300000-310000 = -10000
Change in A/P     = 100000-125000 = -25000
Change in Wages...
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