(TCO A) Listed below are several information characteristics and accounting principles and assumptions. Match the letter of each with the…

1. (TCO A) Listed below are several information characteristics and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application. (Points: 30)Matching:Answer Potential Matches: 1: Stable dollar assumption2: Notes as part of necessary information to a fair presentation.3: Earnings process completed and realized or realizable.4: Valuing assets at amounts originally paid for them.5: the impact of an item on the overall financial operations of a company.6: Accruals and deferrals in adjusting and closing process (Do not use going concern).7: Affairs of the business distinguished from those of its owners.8: Presentation of error-free information with representational faithfulness9: Business enterprise assumed to have a long life.10: Cost of providing financial information versus the benefits derived from its use.1. (TCO C) Presented below is information related to Bruce Van Company. $ 650,0001,400,000240,000290,00033,600780,000520,000on depreciation charge in 2009(pre-tax)120,000100,000InstructionsPrepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year. Show EPS computations as well.(Points: 40)2. (TCO D) The following balance sheet was prepared by the bookkeeper for Purple Company as of December 31, 2011 Purple CompanyBalance Sheetas of December 31, 2011$ 75,000100,000218,50076,30096,00032,000$393,500The following additional information is provided:(1) Cash includes the cash surrender value of a life insurance policy $12,000, and a bank overdraft of $2,500 has been deducted.(2) The net accounts receivable balance includes:(a) accounts receivable debit balances $60,000;(b) accounts receivable 0;(c) allowance for doubtful accounts $3,800.(3) Inventories do not include goods costing $3,000 shipped out on consignment. Receivables of $3,000 were recorded on these goods.(4) Investments include investments in common stock, trading $13,000 and available-for-sale $48,300, and franchises $15,000.(5) Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000.(6) An unrecorded liability was not recorded on the balance sheet of $2000.InstructionsPrepare a balance sheet in good form (stockholders’ equity details can be omitted.)(Points: 40)3. (TCO E) Jack Sawyer is presently leasing a copier from John Office Equipment Company. The lease requires 11 annual payments of $2,500 at the end of each year and provides the leaser (John) with an 8% return on its investment. You may use the following 8% interest factors: 11 Periods2.33164.4288816.64549Ordinary Annuity of 17.13896Ordinary Annuity of 17.71008Annuity Due of 1(a) Assuming the computer has an eleven-year life and will have no salvage value at the expiration of the lease, what was the original cost of the copier to John?(b) What amount would each payment be if the 11 annual payments are to be made at the beginning of each period?(Points: 25)
1. (TCO A) Listed below are several information characteristics and accountingprinciples and assumptions. Match the letter of each with the appropriate phrase thatstates its application. (Points:…

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