AP10-1A
On January 1, 2011, the ledger of Mane Company contains the following liability accounts.
Accounts payable
$53,390
Sales taxes payable
7,280
Unearned service revenue
16,860
During January the following selected transactions occurred.
Jan. 5
Sold merchandise for cash totaling $30,952, which includes 6% sales taxes.
12
Provided services for customers who had made advance payments of $10,450. (Credit Service Revenue.)
14
Paid state revenue department for sales taxes collected in December 2010 ($7,280).
20
Sold 720 units of a new product on credit at $50 per unit, plus 6% sales tax.
21
Borrowed $24,600 from UCLA Bank on a 3-month, 6%, $24,600 note.
25
Sold merchandise for cash totaling $12,508, which includes 6% sales taxes.
Your answer is partially correct. Try again.
Journalize the January transactions.
(For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
Date
Account/Description
Debit
Credit
Jan. 5
$
,
$
,
$
$
,
$
$
in the
.
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AE12-6
On February 1, Neil Company purchased 530 shares (2% ownership) of Young Company common stock for $28 per share plus brokerage fees of $474. On March 20, Neil Company sold 100 shares of Young stock for $2,700, less a $56 brokerage fee. Neil received a dividend of $1.19 per share on April 25. On June 15, Neil sold 250 shares of Young stock for $8,750, less a $99 brokerage fee. On July 28, Neil received a dividend of $1.79 per share.
Prepare the journal entries to record the transactions described above.
(For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2. Round answers to 0 decimal places, e.g. 125.)
Date
Account/Description
Debit
Credit
Feb. 1
$
$
section of the
.
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ADO IT! 13-2
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JMB Photography reported net income of $103,910 for 2011. Included in the income statement were depreciation expense of $9,340, patent amortization expense of $2,480, and a gain on sale of equipment of $4,000. JMB's comparative balance sheets show the following balances.
12/31/10
12/31/11
Accounts receivable
$29,160
$23,100
Accounts payable
7,450
11,750
Calculate net cash provided by operating activities for JMB Photography.
(List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Cash flows from operating activities
$
$
by operating activities
$
section. The
is deducted from net income in the
section.
Account / Description
Debit
Credit
2. (a)
section.
Account / Descri.
Basic Civil Engineering notes on Transportation Engineering & Modes of Transport
AP10-1AOn January 1, 2011, the ledger of Mane Company contains the.docx
1. AP10-1A
On January 1, 2011, the ledger of Mane Company contains the
following liability accounts.
Accounts payable
$53,390
Sales taxes payable
7,280
Unearned service revenue
16,860
During January the following selected transactions occurred.
Jan. 5
Sold merchandise for cash totaling $30,952, which includes 6%
sales taxes.
12
Provided services for customers who had made advance
payments of $10,450. (Credit Service Revenue.)
14
Paid state revenue department for sales taxes collected in
December 2010 ($7,280).
20
Sold 720 units of a new product on credit at $50 per unit, plus
6% sales tax.
21
Borrowed $24,600 from UCLA Bank on a 3-month, 6%, $24,600
note.
25
2. Sold merchandise for cash totaling $12,508, which includes 6%
sales taxes.
Your answer is partially correct. Try again.
Journalize the January transactions.
(For multiple debit/credit entries, list amounts from largest to
smallest e.g. 10, 5, 3, 2.)
Date
Account/Description
Debit
Credit
Jan. 5
$
5. in the
.
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AE12-6
On February 1, Neil Company purchased 530 shares (2%
ownership) of Young Company common stock for $28 per share
plus brokerage fees of $474. On March 20, Neil Company sold
100 shares of Young stock for $2,700, less a $56 brokerage fee.
Neil received a dividend of $1.19 per share on April 25. On
June 15, Neil sold 250 shares of Young stock for $8,750, less a
$99 brokerage fee. On July 28, Neil received a dividend of
$1.79 per share.
Prepare the journal entries to record the transactions described
above.
(For multiple debit/credit entries, list amounts from largest to
smallest e.g. 10, 5, 3, 2. Round answers to 0 decimal places,
e.g. 125.)
Date
Account/Description
Debit
Credit
Feb. 1
7. ADO IT! 13-2
Your answer is partially correct. Try again.
JMB Photography reported net income of $103,910 for 2011.
Included in the income statement were depreciation expense of
$9,340, patent amortization expense of $2,480, and a gain on
sale of equipment of $4,000. JMB's comparative balance sheets
show the following balances.
12/31/10
12/31/11
Accounts receivable
$29,160
$23,100
Accounts payable
7,450
11,750
Calculate net cash provided by operating activities for JMB
Photography.
(List amounts from largest positive to smallest positive
followed by most negative to least negative, e.g. 15, 14, 10, -17,
8. -5, -1. If amount decreases cash flow, use either a negative sign
preceding the number e.g. -45 or parentheses e.g. (45).)
Cash flows from operating activities
$
$
by operating activities
$
section. The
is deducted from net income in the
section.
Account / Description
Debit
Credit
2. (a)
section.
Account / Description
Debit
Credit
3. (a)
section.
Account / Description
Debit
9. Credit
4. (a)
reported separately on the statement of cash flows.
Account / Description
Debit
Credit
5. (a)
activity at the bottom of the statement of cash flows.
Account / Description
Debit
Credit
6. (a)
section. The
is added to net income in the
section.
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AE13-4
10. Villa Company reported net income of $190,170 for 2011. Villa
also reported depreciation expense of $48,910 and a loss of
$6,490 on the sale of equipment. The comparative balance sheet
shows a decrease in accounts receivable of $14,950 for the year,
a $18,090 increase in accounts payable, and a $3,360 decrease
in prepaid expenses.
Prepare the operating activities section of the statement of cash
flows for 2011. Use the indirect method.
(List amounts from largest positive to smallest positive
followed by most negative to least negative, e.g. 15, 14, 10, -17,
-5, -1. If amount decreases cash flow, use either a negative sign
preceding the number e.g. -45 or parentheses e.g. (45).)
VILLA COMPANY
Partial Statement of Cash Flows
For the Year Ended December 31, 2011
Cash flows from operating activities
$
$
$
$
$
$
by operating activities
by financing activities
in cash
11. from the issue of stock was $
for dividends was $
.
The payment of dividends would be classified as
.
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AP13-9A
Condensed financial data of Arma Inc. follow.
ARMA INC.
Comparative Balance Sheets
December 31
Assets
2011
2010
Cash
$90,783
$48,484
Accounts receivable
92,601
33,127
14. Operating expenses, excluding depreciation
12,371
Depreciation expense
46,373
Income taxes
27,154
Interest expense
4,625
Loss on sale of plant assets
7,424
232,420
Net income
$160,116
Additional information:
New plant assets costing $84,896 were purchased for cash
during the year.
Old plant assets having an original cost of $57,500 were sold
for $1,661 cash.
Bonds matured and were paid off at face value for cash.
A cash dividend of $48,077 was declared and paid during the
year.
Complete the statement of cash flows using the indirect
method.
(List amounts from largest positive to smallest positive
followed by most negative to least negative, e.g. 15, 14, 10, -17,
15. -5, -1. If amount decreases cash flow, use either a negative sign
preceding the number e.g. -45 or parentheses e.g. (45).)
ARMA INC.
Statement of Cash Flows
For the Year Ended December 31, 2011
Cash flows from operating activities
$
$
by operating activities
by investing activities
by financing activities
in cash
[removed]
Cash at beginning of period
[removed]
Cash at end of period
$
[removed]
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