===================================================================================== ACC 421 Week 5 CPA Practice FOR MORE CLASSES VISIT www. acc421mart. com
building in the process of construction.( The company rents factory space at the present time.) Theland on which the building is being constructed cost $ 85,000, as shown in the trial balance.
4. The patents were purchased by the company at a cost of $ 40,000 and are being amortized on a
CA24-2( Disclosures Required in Various Situations) Ace Inc. produces electronic components for sale tomanufacturers of radios, television sets, and digital sound systems. In connection with her examination ofAce’ s financial statements for the year ended December 31, 2015, Gloria Rodd, CPA, completed field work2 weeks ago. Ms. Rodd now is evaluating the significance of the following items prior to preparing her auditor’ sreport. Except as noted, none of these items have been disclosed in the financial statements or notes.
===================================================================================== ACC 421 Week 5 CPA Practice FOR MORE CLASSES VISIT www. acc421mart. com
ACC 421 Week 5 CPA Practice Question 1:
In its December 31, 2005, balance sheet, what amount should Chang report as note receivable?
Question 2:
On Bart ' s December 31, 2005 balance sheet, the note payable to Fell was