1. UOP ACC 290 Week 4 WilevPLUS - 100% Correct
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www.assignmentcloud.comQuestion 1
Mike Greenberg opened Clean Window Washing
Inc. on July 1, 2014. During July, the following
transactions were completed.
July 1 Issued 12,023 shares of common stock
for $12,023 cash.
1 Purchased used truck for $8,023, paying
2. $2,050 cash and the balance on account.
3 Purchased cleaning supplies for $917 on
account.
5 Paid $2,280 cash on a 1-year insurance policy
effective July 1.
12 Billed customers $4,890 for cleaning
services.
18 Paid $1,037 cash on amount owed on truck and
$506 on amount owed on cleaning supplies. 20
Paid $2,070 cash for employee salaries.
21 Collected $1,753 cash from customers billed
on July 12.
25 Billed customers $2,620 for cleaning
services.
31 Paid $370 for maintenance of the truck
during month.
31 Declared and paid $616 cash dividend.
Journalize the July transactions. (Credit account
titles are automatically indented when the amount
is entered. Do not indent manually. Record journal
entries in the order presented in the problem.)
Post to the ledger accounts. (Post entries in the
order of journal entries presented in the previous
question.)
Prepare a trial balance at July 31.
3. Journalize the following adjustments. (Credit
account titles are automatically indented when the
amount is entered. Do not indent manually.)
(1) Services performed but unbilled and
uncollected at July 31 were $1,871.
(2) Depreciation on equipment for the month
was $217.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $320 of cleaning
supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were
$446.
Post adjusting entries to the T-accounts.
Prepare an adjusted trial balance.
Prepare the income statement for July.
Prepare a retained earnings statement for July.
(List items that increase retained earnings first.)
Prepare a classified balance sheet at July 31. (List
current assets in order of liquidity.)
Journalize closing entries. (Credit account titles
are automatically indented when the amount is
entered. Do not indent manually.)
4. Prepare a post-closing trial balance at July
31.
Question 2
Presented here are the components in Casilla
Company's income statement.
Determine the missing amounts.
Question 3
Gerish Company buys merchandise on account
from Mangus Company. The selling price of the
goods is $1,413 and the cost of the goods sold is
$792. Both companies use perpetual inventory
systems.
Journalize the transactions on the books of both
companies. (Credit account titles are automatically
indented when amount is entered. Do not indent
manually.)
Question 4
The financial statements of Tootsie Roll are
5. presented below.
What was the percentage change in total revenue
and in net income from 2010 to 2011? (Round
answers to 1 decimal places, e.g. 15.2%. Show
decrease with either a negative sign, e.g. -15.2% or
in parentheses, e.g. (15.2)%.)
What was the profit margin in each of the 3 years?
(Use “Total Revenue.”). (Round answers to 1
decimal places, e.g. 15.2%.)
What was Tootsie Roll's gross profit rate in each of
the 3 years? (Use “Net Product Sales” amounts.).
(Round answers to 1 decimal places, e.g. 15.2%.)
Question 5
The financial statements of The Hershey Company
and Tootsie Roll are presented below.
Based on the information contained in these
financial statements, determine the following
values for each company. (Round all percentages
to 1 decimal places, e.g. 17.5%, and all other
answers to thousands.)
(1) Profit margin for 2011. (For Tootsie Roll, use
“Total Revenue.”)
6. (2) Gross profit for 2011. (For Tootsie Roll, use
“Product” amounts.)
(3) Gross profit rate for 2011. (For Tootsie
Roll,
use “Product” amounts.)
(4) Operating income for 2011.
(5) Percentage change in operating income
from 2011 to 2010. (Show decrease with either
a negative sign, e.g. -15.2% or in parentheses,
e.g.
(15.2)%.)
Question 6
For each of the following income statement
line items, state whether the item is a “by
nature” expense item or a “by function”
expense item.
Question 7
The company's complete annual report, including
the notes to its financial statements, is available in
the Investor Relations section at
www.zetarplc.com.
7. Visit Zetar's corporate website and answer the
following questions from Zetar's 2011 annual
report.
What is the approximate tax rate of Zetar's “Tax on
profit from continuing activities”? (Round answer
to 0 decimal places, e.g. 25%.)
Question 8
The operating cycle of a merchandising company
is ordinarily shorter than that of a service
company.
True
False
Question 9
Which of the following is a merchandiser that sells
directly to consumers?
Service enterprise
Customer
8. Retailer
Wholesaler
Question 10
Which is true about a wholesaler?
It sells only to manufacturing companies.
It is a company that sells to consumers at a
discount.
It sells to another business, which will sell to
a
consuming customer.
It conducts large sales for consumers on a
recurring basis.
