10Colaw Stores accepts both its own and national credit cards. Durin.docx
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Colaw Stores made $18,000 in sales on their credit card and $4,500 in Visa credit card sales in January. In February, they collected $10,000 of the Colaw credit card sales and added 1.5% in finance charges to remaining Colaw credit card balances.
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![10Colaw Stores accepts both its own and national credit cards.
During the year, the following selected summary transactions
occurred.
Jan. 15
Made Colaw credit card sales totaling $18,000. (There were no
balances prior to January 15.)
20
Made Visa credit card sales (service charge fee 2%) totaling
$4,500.
Feb. 10
Collected $10,000 on Colaw credit card sales.
15
Added finance charges of 1.5% to Colaw credit card account
balances.
(a)
Journalize the transactions for Colaw Stores.
(Credit account titles are automatically indented when amount
is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 15
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Jan. 20](https://image.slidesharecdn.com/10colawstoresacceptsbothitsownandnationalcreditcards-221127184543-ec334d25/85/10Colaw-Stores-accepts-both-its-own-and-national-credit-cards-Durin-docx-1-320.jpg)
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Feb. 10
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Feb. 15
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Recommended
1)At July 31, Ramirez Company has the following bank information.docx
1)
At July 31, Ramirez Company has the following bank information: cash balance per bank $7,882, outstanding checks $701, deposits in transit $1,916, and a bank service charge $23.
Determine the adjusted cash balance per bank at July 31.
The adjusted cash balance per bank
$
2)
Setterstrom Company established a petty cash fund on May 1, cashing a check for $125.00. The company reimbursed the fund on June 1 and July 1 with the following results.
June 1: Cash in fund $2.75.
Receipts: delivery expense $28.25; postage expense $37.25; and miscellaneous expense $54.05.
July 1: Cash in fund $4.75.
Receipts: delivery expense $23.75; entertainment expense $49.50; and miscellaneous expense $47.00.
On July 10, Setterstrom increased the fund from $125.00 to $155.00.
Prepare journal entries for Setterstrom Company.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May 1
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[removed]
[removed]
[removed]
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June 1
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July 1
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July 10
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
3)
At the end of 2014, Carpenter Co. has accounts receivable of $729,030 and an allowance for doubtful accounts of $54,500. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $7,140. On March 4, 2015, Carpenter Co. receives payment of $7,140 in full from Megan Gray.
Prepare the journal entries to record this transaction.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To reverse write-off)
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To record collection from Gray)
4)
Presented below are data on three promissory notes.
Determine the missing amounts.
(Use 360 days for calculation.)
Date of
Note
Terms
Maturity
Date
Principal
Annual
Interest Rate
Total
Interest
(a)
April 1
60 days
$589,200
5
%
$
[removed]
(b)
July 2
30 days
64,080
[removed]
%
$534
(c)
March 7
6 months
134,400
9
%
$
5)
Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.
Jan. 15
Made Colaw credit card sales totaling $25,600. (There were no balances prior to January 15.)
20
Made Visa credit card sales (service charge fee 4%) totaling $6,100.
Feb. 10
Collected $12,700 on Colaw credit card sales.
15
Added finance charges of 3% to Colaw credit card account balances.
(a)
Journalize the transactions for.
1) At July 31, Ramirez Company has the following bank information.docx
1) At July 31, Ramirez Company has the following bank information: cash balance per bank $7,882, outstanding checks $701, deposits in transit $1,916, and a bank service charge $23.
Determine the adjusted cash balance per bank at July 31.
The adjusted cash balance per bank
$
2) Setterstrom Company established a petty cash fund on May 1, cashing a check for $125.00. The company reimbursed the fund on June 1 and July 1 with the following results.
June 1: Cash in fund $2.75.
Receipts: delivery expense $28.25; postage expense $37.25; and miscellaneous expense $54.05.
July 1: Cash in fund $4.75.
Receipts: delivery expense $23.75; entertainment expense $49.50; and miscellaneous expense $47.00.
On July 10, Setterstrom increased the fund from $125.00 to $155.00.
Prepare journal entries for Setterstrom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May 1
June 1
July 1
July 10
3) At the end of 2014, Carpenter Co. has accounts receivable of $729,030 and an allowance for doubtful accounts of $54,500. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $7,140. On March 4, 2015, Carpenter Co. receives payment of $7,140 in full from Megan Gray.
Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
(To reverse write-off)
(To record collection from Gray)
4) Presented below are data on three promissory notes.
Determine the missing amounts. (Use 360 days for calculation.)
Date of
Note
Terms
Maturity
Date
Principal
Annual
Interest Rate
Total
Interest
(a)
April 1
60 days
$589,200
5
%
$
(b)
July 2
30 days
64,080
%
$534
(c)
March 7
6 months
134,400
9
%
$
5) Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.
Jan. 15
Made Colaw credit card sales totaling $25,600. (There were no balances prior to January 15.)
20
Made Visa credit card sales (service charge fee 4%) totaling $6,100.
Feb. 10
Collected $12,700 on Colaw credit card sales.
15
Added finance charges of 3% to Colaw credit card account balances.
(a)
Journalize the transactions for Colaw Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 15
Jan. 20
Feb. 10
Feb. 15
Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31.
Nov. 1
Loaned $10,000 cash to Manny Lopez on a 12-month, 12% note.
Dec. 11
Sold goods to R ...
BradBradCarterCarterstarted a mobile DJ business namedParty Wh.pdf
BradBrad
CarterCarter
started a mobile DJ business named
Party WheelsParty Wheels?,
?Inc., on
AprilApril
?1,
20162016.
In the month of
AprilApril?,
prior to providing services to? customers, the business incurred six transactions which have been
posted to the accounts as?follows:
LOADING...
?(Click the icon to view the? accounts.)Read the requirements
LOADING...
.
Requirement 1. Based on the? accounts, create the journal entries that resulted from the six
transactions. Include explanations with each journal entry. ?(Record debits? first, then credits.
Select the explanation on the last line of the journal entry? table.)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
(1)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
(2)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
(3)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
(4)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
(5)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
(6)
Requirement 2. Calculate the ending balance in each account. Enter the? amount, along with a?
\"Bal\" reference on the appropriate side of each? T-account.
Cash
Supplies
Equipment
Building
(1)
30,000
(4)
2,000
(2)
1,200
(4)
2,000
(3)
120,000
(5)
2,000
(6)
400
Accounts payable
Notes payable
Common stock
(6)
400
(2)
1,200
(5)
2,000
(3)
120,000
(1)
30,000
Requirement 3. Prepare the trial balance for
Party WheelsParty Wheels?,
?Inc., at
AprilApril
?30,
20162016.
Party Wheels, Inc.
Trial Balance
April 30, 2016
Account
Debit
Credit
Total
Requirement 4. Prepare a balance sheet for
Party WheelsParty Wheels?,
?Inc., as of
AprilApril
?30,
20162016.
First complete the asset portion of the? statement, and then complete the liabilities and?
stockholders\' equity sections of the statement. ?(If a box is not used in the? statement, leave the
box? empty; do not select a label or enter a? zero.)
Party Wheels, Inc.
Balance Sheet
April 30, 2016
Assets
Total assets
Liabilities
Total liabilities
Stockholders\' Equity
Total liabilities and stockholders\' equity
Journal Entry
Date
Accounts and Explanations
Debit
Credit
(1)
Solution
Answers
Journal Entry
Date
Accounts and Explanations
Debit
Credit
1
Cash
$ 30,000.00
Common Stock
$ 30,000.00
(common stock issued and acash received)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
2
Supplies
$ 1,200.00
Accounts Payable
$ 1,200.00
(Supplies purchased on account)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
3
Building
$ 120,000.00
Notes Payable
$ 120,000.00
(Building purchased and notes payable issued against purchase)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
4
Equipment
$ 2,000.00
Cash
$ 2,000.00
(Equipment purchased for cash)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
5
Notes Payable
$ 2,000.00
Cash
$ 2,000.00
(Notes payable paid in cash)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
6
Accounts Payable
$ 400.00
Cash
$ 400.00
(Cash paid to accounts payable)
Cash
Supplies
Eq.
Project 3 Recording Daily and Adjusting Entries, and Preparing and .docx
Jones Widget Company (JWC) recorded various transactions throughout January 2015, including payroll, inventory purchases and sales, equipment purchases and sales, bond issuances, and stock transactions. Journal entries were made for these transactions as well as adjusting entries. The adjusted trial balance and January 2015 financial statements were prepared.
Cfs exercise 1
The document provides cash transaction information for two businesses - Rendezvous Partnership and The Sprite Way Ltd. - and asks to prepare cash flow statements for each, describing their overall cash position and reasons for changes in cash during the period. For Rendezvous Partnership, various cash inflows and outflows are given for 2014, including sales, drawings, purchases, expenses and ending balance. For The Sprite Way Ltd., similar cash transaction data is provided for 2013, to prepare a cash flow statement analyzing changes in cash position.
Will’s Widget Company (WWC) incorporated near the end of 2017. Opera.pdf
Will’s Widget Company (WWC) incorporated near the end of 2017. Operations began in January
of 2018. WWC prepares adjusting entries and financial statements at the end of each month.
Balances in the accounts at the end of January are as follows:
Account Title
Dr
Cr
Cash
21,170
Accounts Receivable
12,200
Allowance for Doubtful Accounts
1,750
Inventory (45 units)
3,825
Unearned Revenue (40 units)
5,200
Accounts Payable (Jan Rent)
3,000
Notes Payable
14,500
Contributed Capital
6,700
Retained Earnings – Feb 1, 2012
6,045
Additional Information you need to know about WWC:
•
WWC establishes a policy that it will sell inventory at $165 per unit.
•
In January, WWC received a $5,200 advance for 40 units, as reflected in Unearned Revenue.
•
WWC’s February 1 inventory balance consisted of 45 units at a total cost of $3,825.
•
WWC’s note payable accrues interest at a 12% annual rate.
•
WWC will use the FIFO inventory method and record COGS on a perpetual basis.
Below are transactions for February 2018:
Record Journal Entries for following transactions:
02/01
Included in WWC’s February 1 Accounts Receivable balance is a $1,500 account due from Kit
Kat, a WWC customer. Kit Kat is having cash flow problems and cannot pay its balance at this
time. WWC arranges with Kit Kat to convert the $1,500 balance to a note, and Kit Kat signs a 6-
month note, at 9% annual interest. The principal and all interest will be due and payable to
WWC on August 1, 2012.
02/02
WWC paid a $900 insurance premium covering the month of February. The amount paid is
recorded directly as an expense.
02/05
An additional 150 units of inventory are purchased on account by WWC for $11,250 – terms
2/15, n30.
02/05
WWC paid Federal Express $450 to have the 150 units of inventory delivered overnight.
Delivery occurred on 02/06. (Hint--Recall company uses perpetual inventory system, record
transportation fees as part of inventory costs—debit to inventory)
02/10
Sales of 120 units of inventory occurred during the period of 02/07 – 02/10. The sales terms are
2/10, net 30. (Hint --Recall company follows FIFO. What are the COGS of 120 sold units?)
02/15
The 40 units that were paid for in advance and recorded in January are delivered to the customer.
(Hint --Recall WWC follows FIFO. What are the COGS of 40 sold units?)
02/15
10 units of the inventory that had been sold on 2/10 are returned to WWC. The units are not
damaged and can be resold. Therefore, they are returned to inventory. Assume the units returned
are from the 2/05 purchase.
02/16
WWC pays the first 2 weeks wages to the employees. The total paid is $2,500.
02/17
Paid in full the amount owed for the 2/05 purchase of inventory. WWC records purchase
discounts as a reduction of inventory costs (credit to inventory).
02/18
Wrote off a customer’s account in the amount of $1,850.
02/19
$6,000 of rent for January and February was paid. Because all of the rent will soon expire, the
February portion of the payment is charged directly to expense.
02.
The Hills City maintains a Water and Sewer Fund to provide utility s.pdf
The Hills City maintains a Water and Sewer Fund to provide utility services to its citizens. As of
January 1, 2020, the Water and Sewer Fund had the following account balances:
(1) During the year, sales of water to non-government customers amounted to $1,025,000 and
sales of water to the General Fund amounted to $37,000.
(2) Collections from non-government customers amounted to $983,000.
(3) The Stores and Services Fund repaid $15,000 of the long-term advance to the Water and
Sewer Fund.
(4) Materials and supplies in the amount of $261,000 were received. A liability in that amount
was recorded.
(5) Materials and supplies were issued and were charged to the following accounts: cost of sales
and services, $180,000; selling, $15,000; administration, $18,000; construction work in progress,
$50,000.
(6) Payroll costs for the year totaled $416,200 plus $34,200 for the employer's share of payroll
taxes. Of that amount, $351,900 was paid in cash, and the remainder was withheld for taxes. The
$450,400 (416,200 + 34,200) was distributed as follows: cost of sales and services, $265,800;
sales, $43,900; administration, $91,400; construction work in progress, $49,300.
(7) Bond interest (5%) was paid.
(8) In accord with the revenue bond indenture, $25,000 cash was transferred from operating cash
to restricted assets.
(9) Construction projects at the water treatment plant (reflected in the beginning balance of
construction in process) were completed in the amount of $214,000, and the assets were placed
in service. Payments for these amounts were made in the previous year (no effect on 2020
Statement of Cash Flows).
(10) Collection efforts were discontinued on bills totaling $3,500. The unpaid receivables were
written off.
(11) An analysis of customer receivable balances indicated the Estimated Uncollectible Accounts
needed to be increased by $6,500.
(12) Payment of accounts payable amounted to $332,000. Payments of payroll taxes totaled
$95,200.
(13) Supplies transferred from the Stores and Services Fund amounted to $58,000. Cash in the
amount of $50,000 was paid to the Stores and Services Fund for supplies.
(14) Depreciation expense for the year was computed to be $267,000.
Required:
(A) Open a general journal for the Water and Sewer Utility Fund and record the above
transactions.
(B) A Statement of Revenues, Expenses, and Changes in Fund Net position for the Year Ended
December 31, 2020.
(C) A Statement of Net position, as of December 31, 2020.DebitsCreditsCash$102,000Customer
Accounts Receivable80,000Estimated Uncollectible Accounts Receivable$4,500Materials and
Supplies28,000Advance to Stores and Services Fund30,000Restricted Assets117,000Water
Treatment Plant in Service4,200,000Construction Work in Progress203,000Accumulated
Depreciation - Utility Plant1,200,000Accounts Payable96,500Revenue Bonds Payable (5%
interest)2,500,000Net position959,000Totals$4,760,000$4,760,000.
CFS Exercise 1.doc
The document provides cash transaction information for two businesses - Rendezvous Partnership and The Sprite Way Ltd. - and asks to prepare cash flow statements for each, describing their overall cash position and reasons for changes in cash during the period. For Rendezvous Partnership, various cash inflows and outflows are given for 2014, resulting in a final balance of $8,000. For The Sprite Way Ltd., cash transactions for 2014 are provided, with a ending balance of $20,370.
Recommended
1)At July 31, Ramirez Company has the following bank information.docx
1)
At July 31, Ramirez Company has the following bank information: cash balance per bank $7,882, outstanding checks $701, deposits in transit $1,916, and a bank service charge $23.
Determine the adjusted cash balance per bank at July 31.
The adjusted cash balance per bank
$
2)
Setterstrom Company established a petty cash fund on May 1, cashing a check for $125.00. The company reimbursed the fund on June 1 and July 1 with the following results.
June 1: Cash in fund $2.75.
Receipts: delivery expense $28.25; postage expense $37.25; and miscellaneous expense $54.05.
July 1: Cash in fund $4.75.
Receipts: delivery expense $23.75; entertainment expense $49.50; and miscellaneous expense $47.00.
On July 10, Setterstrom increased the fund from $125.00 to $155.00.
Prepare journal entries for Setterstrom Company.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May 1
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
June 1
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
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[removed]
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[removed]
July 1
[removed]
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[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
July 10
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
3)
At the end of 2014, Carpenter Co. has accounts receivable of $729,030 and an allowance for doubtful accounts of $54,500. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $7,140. On March 4, 2015, Carpenter Co. receives payment of $7,140 in full from Megan Gray.
Prepare the journal entries to record this transaction.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To reverse write-off)
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To record collection from Gray)
4)
Presented below are data on three promissory notes.
Determine the missing amounts.
(Use 360 days for calculation.)
Date of
Note
Terms
Maturity
Date
Principal
Annual
Interest Rate
Total
Interest
(a)
April 1
60 days
$589,200
5
%
$
[removed]
(b)
July 2
30 days
64,080
[removed]
%
$534
(c)
March 7
6 months
134,400
9
%
$
5)
Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.
Jan. 15
Made Colaw credit card sales totaling $25,600. (There were no balances prior to January 15.)
20
Made Visa credit card sales (service charge fee 4%) totaling $6,100.
Feb. 10
Collected $12,700 on Colaw credit card sales.
15
Added finance charges of 3% to Colaw credit card account balances.
(a)
Journalize the transactions for.
1) At July 31, Ramirez Company has the following bank information.docx
1) At July 31, Ramirez Company has the following bank information: cash balance per bank $7,882, outstanding checks $701, deposits in transit $1,916, and a bank service charge $23.
Determine the adjusted cash balance per bank at July 31.
The adjusted cash balance per bank
$
2) Setterstrom Company established a petty cash fund on May 1, cashing a check for $125.00. The company reimbursed the fund on June 1 and July 1 with the following results.
June 1: Cash in fund $2.75.
Receipts: delivery expense $28.25; postage expense $37.25; and miscellaneous expense $54.05.
July 1: Cash in fund $4.75.
Receipts: delivery expense $23.75; entertainment expense $49.50; and miscellaneous expense $47.00.
On July 10, Setterstrom increased the fund from $125.00 to $155.00.
Prepare journal entries for Setterstrom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
May 1
June 1
July 1
July 10
3) At the end of 2014, Carpenter Co. has accounts receivable of $729,030 and an allowance for doubtful accounts of $54,500. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $7,140. On March 4, 2015, Carpenter Co. receives payment of $7,140 in full from Megan Gray.
Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
(To reverse write-off)
(To record collection from Gray)
4) Presented below are data on three promissory notes.
Determine the missing amounts. (Use 360 days for calculation.)
Date of
Note
Terms
Maturity
Date
Principal
Annual
Interest Rate
Total
Interest
(a)
April 1
60 days
$589,200
5
%
$
(b)
July 2
30 days
64,080
%
$534
(c)
March 7
6 months
134,400
9
%
$
5) Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.
Jan. 15
Made Colaw credit card sales totaling $25,600. (There were no balances prior to January 15.)
20
Made Visa credit card sales (service charge fee 4%) totaling $6,100.
Feb. 10
Collected $12,700 on Colaw credit card sales.
15
Added finance charges of 3% to Colaw credit card account balances.
(a)
Journalize the transactions for Colaw Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 15
Jan. 20
Feb. 10
Feb. 15
Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31.
Nov. 1
Loaned $10,000 cash to Manny Lopez on a 12-month, 12% note.
Dec. 11
Sold goods to R ...
BradBradCarterCarterstarted a mobile DJ business namedParty Wh.pdf
BradBrad
CarterCarter
started a mobile DJ business named
Party WheelsParty Wheels?,
?Inc., on
AprilApril
?1,
20162016.
In the month of
AprilApril?,
prior to providing services to? customers, the business incurred six transactions which have been
posted to the accounts as?follows:
LOADING...
?(Click the icon to view the? accounts.)Read the requirements
LOADING...
.
Requirement 1. Based on the? accounts, create the journal entries that resulted from the six
transactions. Include explanations with each journal entry. ?(Record debits? first, then credits.
Select the explanation on the last line of the journal entry? table.)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
(1)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
(2)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
(3)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
(4)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
(5)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
(6)
Requirement 2. Calculate the ending balance in each account. Enter the? amount, along with a?
\"Bal\" reference on the appropriate side of each? T-account.
Cash
Supplies
Equipment
Building
(1)
30,000
(4)
2,000
(2)
1,200
(4)
2,000
(3)
120,000
(5)
2,000
(6)
400
Accounts payable
Notes payable
Common stock
(6)
400
(2)
1,200
(5)
2,000
(3)
120,000
(1)
30,000
Requirement 3. Prepare the trial balance for
Party WheelsParty Wheels?,
?Inc., at
AprilApril
?30,
20162016.
Party Wheels, Inc.
Trial Balance
April 30, 2016
Account
Debit
Credit
Total
Requirement 4. Prepare a balance sheet for
Party WheelsParty Wheels?,
?Inc., as of
AprilApril
?30,
20162016.
First complete the asset portion of the? statement, and then complete the liabilities and?
stockholders\' equity sections of the statement. ?(If a box is not used in the? statement, leave the
box? empty; do not select a label or enter a? zero.)
Party Wheels, Inc.
Balance Sheet
April 30, 2016
Assets
Total assets
Liabilities
Total liabilities
Stockholders\' Equity
Total liabilities and stockholders\' equity
Journal Entry
Date
Accounts and Explanations
Debit
Credit
(1)
Solution
Answers
Journal Entry
Date
Accounts and Explanations
Debit
Credit
1
Cash
$ 30,000.00
Common Stock
$ 30,000.00
(common stock issued and acash received)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
2
Supplies
$ 1,200.00
Accounts Payable
$ 1,200.00
(Supplies purchased on account)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
3
Building
$ 120,000.00
Notes Payable
$ 120,000.00
(Building purchased and notes payable issued against purchase)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
4
Equipment
$ 2,000.00
Cash
$ 2,000.00
(Equipment purchased for cash)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
5
Notes Payable
$ 2,000.00
Cash
$ 2,000.00
(Notes payable paid in cash)
Journal Entry
Date
Accounts and Explanations
Debit
Credit
6
Accounts Payable
$ 400.00
Cash
$ 400.00
(Cash paid to accounts payable)
Cash
Supplies
Eq.
Project 3 Recording Daily and Adjusting Entries, and Preparing and .docx
Jones Widget Company (JWC) recorded various transactions throughout January 2015, including payroll, inventory purchases and sales, equipment purchases and sales, bond issuances, and stock transactions. Journal entries were made for these transactions as well as adjusting entries. The adjusted trial balance and January 2015 financial statements were prepared.
Cfs exercise 1
The document provides cash transaction information for two businesses - Rendezvous Partnership and The Sprite Way Ltd. - and asks to prepare cash flow statements for each, describing their overall cash position and reasons for changes in cash during the period. For Rendezvous Partnership, various cash inflows and outflows are given for 2014, including sales, drawings, purchases, expenses and ending balance. For The Sprite Way Ltd., similar cash transaction data is provided for 2013, to prepare a cash flow statement analyzing changes in cash position.
Will’s Widget Company (WWC) incorporated near the end of 2017. Opera.pdf
Will’s Widget Company (WWC) incorporated near the end of 2017. Operations began in January
of 2018. WWC prepares adjusting entries and financial statements at the end of each month.
Balances in the accounts at the end of January are as follows:
Account Title
Dr
Cr
Cash
21,170
Accounts Receivable
12,200
Allowance for Doubtful Accounts
1,750
Inventory (45 units)
3,825
Unearned Revenue (40 units)
5,200
Accounts Payable (Jan Rent)
3,000
Notes Payable
14,500
Contributed Capital
6,700
Retained Earnings – Feb 1, 2012
6,045
Additional Information you need to know about WWC:
•
WWC establishes a policy that it will sell inventory at $165 per unit.
•
In January, WWC received a $5,200 advance for 40 units, as reflected in Unearned Revenue.
•
WWC’s February 1 inventory balance consisted of 45 units at a total cost of $3,825.
•
WWC’s note payable accrues interest at a 12% annual rate.
•
WWC will use the FIFO inventory method and record COGS on a perpetual basis.
Below are transactions for February 2018:
Record Journal Entries for following transactions:
02/01
Included in WWC’s February 1 Accounts Receivable balance is a $1,500 account due from Kit
Kat, a WWC customer. Kit Kat is having cash flow problems and cannot pay its balance at this
time. WWC arranges with Kit Kat to convert the $1,500 balance to a note, and Kit Kat signs a 6-
month note, at 9% annual interest. The principal and all interest will be due and payable to
WWC on August 1, 2012.
02/02
WWC paid a $900 insurance premium covering the month of February. The amount paid is
recorded directly as an expense.
02/05
An additional 150 units of inventory are purchased on account by WWC for $11,250 – terms
2/15, n30.
02/05
WWC paid Federal Express $450 to have the 150 units of inventory delivered overnight.
Delivery occurred on 02/06. (Hint--Recall company uses perpetual inventory system, record
transportation fees as part of inventory costs—debit to inventory)
02/10
Sales of 120 units of inventory occurred during the period of 02/07 – 02/10. The sales terms are
2/10, net 30. (Hint --Recall company follows FIFO. What are the COGS of 120 sold units?)
02/15
The 40 units that were paid for in advance and recorded in January are delivered to the customer.
(Hint --Recall WWC follows FIFO. What are the COGS of 40 sold units?)
02/15
10 units of the inventory that had been sold on 2/10 are returned to WWC. The units are not
damaged and can be resold. Therefore, they are returned to inventory. Assume the units returned
are from the 2/05 purchase.
02/16
WWC pays the first 2 weeks wages to the employees. The total paid is $2,500.
02/17
Paid in full the amount owed for the 2/05 purchase of inventory. WWC records purchase
discounts as a reduction of inventory costs (credit to inventory).
02/18
Wrote off a customer’s account in the amount of $1,850.
02/19
$6,000 of rent for January and February was paid. Because all of the rent will soon expire, the
February portion of the payment is charged directly to expense.
02.
The Hills City maintains a Water and Sewer Fund to provide utility s.pdf
The Hills City maintains a Water and Sewer Fund to provide utility services to its citizens. As of
January 1, 2020, the Water and Sewer Fund had the following account balances:
(1) During the year, sales of water to non-government customers amounted to $1,025,000 and
sales of water to the General Fund amounted to $37,000.
(2) Collections from non-government customers amounted to $983,000.
(3) The Stores and Services Fund repaid $15,000 of the long-term advance to the Water and
Sewer Fund.
(4) Materials and supplies in the amount of $261,000 were received. A liability in that amount
was recorded.
(5) Materials and supplies were issued and were charged to the following accounts: cost of sales
and services, $180,000; selling, $15,000; administration, $18,000; construction work in progress,
$50,000.
(6) Payroll costs for the year totaled $416,200 plus $34,200 for the employer's share of payroll
taxes. Of that amount, $351,900 was paid in cash, and the remainder was withheld for taxes. The
$450,400 (416,200 + 34,200) was distributed as follows: cost of sales and services, $265,800;
sales, $43,900; administration, $91,400; construction work in progress, $49,300.
(7) Bond interest (5%) was paid.
(8) In accord with the revenue bond indenture, $25,000 cash was transferred from operating cash
to restricted assets.
(9) Construction projects at the water treatment plant (reflected in the beginning balance of
construction in process) were completed in the amount of $214,000, and the assets were placed
in service. Payments for these amounts were made in the previous year (no effect on 2020
Statement of Cash Flows).
(10) Collection efforts were discontinued on bills totaling $3,500. The unpaid receivables were
written off.
(11) An analysis of customer receivable balances indicated the Estimated Uncollectible Accounts
needed to be increased by $6,500.
(12) Payment of accounts payable amounted to $332,000. Payments of payroll taxes totaled
$95,200.
(13) Supplies transferred from the Stores and Services Fund amounted to $58,000. Cash in the
amount of $50,000 was paid to the Stores and Services Fund for supplies.
(14) Depreciation expense for the year was computed to be $267,000.
Required:
(A) Open a general journal for the Water and Sewer Utility Fund and record the above
transactions.
(B) A Statement of Revenues, Expenses, and Changes in Fund Net position for the Year Ended
December 31, 2020.
(C) A Statement of Net position, as of December 31, 2020.DebitsCreditsCash$102,000Customer
Accounts Receivable80,000Estimated Uncollectible Accounts Receivable$4,500Materials and
Supplies28,000Advance to Stores and Services Fund30,000Restricted Assets117,000Water
Treatment Plant in Service4,200,000Construction Work in Progress203,000Accumulated
Depreciation - Utility Plant1,200,000Accounts Payable96,500Revenue Bonds Payable (5%
interest)2,500,000Net position959,000Totals$4,760,000$4,760,000.
CFS Exercise 1.doc
The document provides cash transaction information for two businesses - Rendezvous Partnership and The Sprite Way Ltd. - and asks to prepare cash flow statements for each, describing their overall cash position and reasons for changes in cash during the period. For Rendezvous Partnership, various cash inflows and outflows are given for 2014, resulting in a final balance of $8,000. For The Sprite Way Ltd., cash transactions for 2014 are provided, with a ending balance of $20,370.
CFS Exercise 1.doc
The document provides cash transaction information for two businesses - Rendezvous Partnership and The Sprite Way Ltd. - and asks to prepare cash flow statements for each business for the year ended 2014 based on the information given. It also asks to describe the overall cash position of each business and explain why their cash has increased or decreased during the period.
19375__-Chap 31 - Managing Cash Flow.pptx
The document discusses forecasting and managing cash flow, including calculating gross profit and cash balance based on sample transactions. It defines cash inflows and outflows, and provides examples of cash flow forecasts and identifying transactions as inflows or outflows. Managing cash flow is important as lack of planning or unexpected events can cause problems, while improving inflows and reducing outflows through accounts receivable, payable, inventory and cash can help.
ACCT 220 FINAL EXAM SPRING 2016
This document provides a 19 question multiple choice accounting exam covering various accounting topics such as adjusting entries, inventory methods, depreciation, payroll accounting, and more. The exam includes journal entries, calculations, and multiple choice questions. It tests understanding of accounting principles for financial statements, inventory, depreciation, and payroll.
Continuous Problem – City of Monroe 1Continuous Probl.docx
Continuous Problem – City of Monroe
1
Continuous Problem – City of Monroe
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL
AND NOT-FOR-PROFIT ORGANIZATIONS:
TWELFTH EDITION
Chapters 2 through 8 describe accounting and financial reporting by state and local
governments. A continuous problem is presented to provide an overview of the reporting
process, including preparation of fund basis and government-wide statements. The problem
assumes the government is using fund accounting for its internal record-keeping and then at
year-end makes necessary adjustments to prepare the government-wide statements. The
problem that follows is presented in the same order as the textbook (beginning with Chapters
3, and 4).
Each chapter requires the preparation of journal entries to record the events and transactions
of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts
for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds,
use separate accounts for each type of revenue and expenditure/expense. At appropriate
stages, preparation of the fund and government-wide statements are required. The following
funds are included in this series of problems:
Governmental Funds
¾ General
¾ Special revenue—Street and Highway Fund
¾ Capital projects—City Hall Annex Construction Fund
¾ Debt service—City Jail Annex Debt Service Fund
¾ Debt service—City Hall Debt Service Fund
Proprietary Funds
¾ Internal service—Stores and Services Fund
¾ Enterprise—Water and Sewer Fund
Fiduciary Funds
¾ Private-purpose—Student Scholarship Fund
¾ Pension trust—Fire and Police Retirement Fund
Chapters 3 & 4
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of
Monroe as of December 31, 2014, follow. These (beginning) balances have been entered in
the proper general ledger accounts, as of 1/1/2015.
Continuous Problem – City of Monroe
2
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred Inflows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred inflows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund.
Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx
Week Four Exercise Assignment
Liability
1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:
· Social Security taxes: 6% on the first $55,000 earned
· Medicare taxes: 1.5% on the first $130,000 earned
· Federal income taxes withheld from wages: $7,500
· State income taxes: 5% of gross earnings
· Insurance withholdings: 1% of gross earnings
· State unemployment taxes: 5.4% on the first $7,000 earned
· Federal unemployment taxes: 0.8% on the first $7,000 earned
The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.
a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:
· Social Security taxes
· Medicare taxes
· Federal income taxes withheld
· State income taxes
· Insurance withholdings
b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:
· Matching Social Security taxes
· Matching Medicare taxes
· State unemployment taxes
· Federal unemployment taxes
2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following:
12/1
Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity.
2/10
Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit.
12/22
Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.
12/26
Borrowed $5,000 from First City Bank; signed a note payable due in 60 days.
12/31
Repaired six XY-80s during the month at a total cost of $162.
12/31
Accrued 3 days of salaries at a total cost of $1,400.
Instructions
a. Prepare journal entries to record the transactions.
b. Prepare adjusting entries on October 31 to record accrued interest.
c. Prepare the Current Liability section of Red Bank’s balance sheet as of October 31. Assume that the Accounts Payable account totals $203,600 on this date.
3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:
8/2:
Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note.
8/20:
Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The note is due in 180 days and carries a 12% interest rate.
9/10:
Purchased merchandise from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed.
9/11:
Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and carries a 14% interest rate.
10/10:
The note to Pans Enterprises was p.
Uop acc 290 week 2 wiley plus correct
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Financial Accounting Journal entries Prepare the proper journal entry.docx
Financial Accounting Journal entries
Prepare the proper journal entry for each:
1) On January 1,2012, MC Hammer contributed $2,000 in cash to establish Can\'t Touch This, inc. (CTTI). He is the sole owner of the firm.
2) on January 15,2012, CTTI acquired acoustin equipment costing $15,000 from Run DMC. CTTI paid $3,000 cash and signed a note payable for the rest.
3) On march 1, 2012, CTTI held a concert. Ticket sales to bored, suburban children totaled $20,000 in cash.
4) On march 15, 2012, CTTI paid MC Hammer wages of 6,000 in cash.
5) On march 20th, the company purchased $10,000 of inventory on account.
Solution
1 jan)Cash Debit $2 ,000
owner\'s equity /capital credit $ 2,000
15 jan) Equipment Debit $ 15,000
Cash Credit $ 3,000
Note payable credit $ 12,000
1 march) cash Debit $ 20,000
Concert/ sales revenue credit $ 20,000
15 march) Wages Debit $ 6,000
Cash credit $ 6,000
20march) Inventory Debit $ 10 ,000
Accounts payable credit $ 10,000
.
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Acc 205 week 4 exercise assignment liability new
Partner investments were recorded with a journal entry showing Levy contributed $30,000 cash and $80,000 land, while Parcells contributed $50,000 cash and $20,000 equipment. Brookhaven Publishing recorded a $50,000 salary expense in February with journal entries to deduct payroll taxes, income tax withholdings, and record the company's payroll tax expenses. Visconti's recorded several short-term borrowing and liability transactions in December with journal entries, including notes payable, wages accrual, and warranty liability.
Cash flow statement mf h
This document provides an overview and instructions for preparing a statement of cash flows. It discusses:
1. The usefulness and format of the statement of cash flows, including classifying cash flows as operating, investing, or financing activities.
2. How to prepare the statement of cash flows using the indirect method, which involves adjusting net income to determine net cash from operating activities.
3. An illustration of preparing the operating, investing, and financing sections of the statement of cash flows, including adjusting entries for depreciation, equipment sales, and non-cash transactions.
bank reconciliaton statement
The document discusses bank reconciliation statements. It provides examples to illustrate the process of reconciling a bank book balance with a bank statement balance. Key points include:
- Transactions may be recorded on different dates in the bank book versus the statement due to processing times.
- Unpresented cheques in the bank book are deducted from the book balance to match the statement.
- Uncredited deposits in the statement are deducted from the statement balance to match the book.
- Adjusting entries may be needed if one record captures fees/charges not in the other.
- A reconciliation statement deducts unpresented and uncredited amounts to show equivalent book and statement balances.
Uop acc 290 week 2 wiley plus 100% correct
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ch02-POA (1).pptx
The document provides an overview of accounting principles related to the recording process. It discusses how accounts, debits, credits, journals, ledgers, and trial balances are used to record business transactions according to the double-entry system. Specifically, it explains how transactions are analyzed and recorded in journals before being posted to ledger accounts. It also discusses how a trial balance can be used to check the accuracy of recording by ensuring total debits equal total credits.
Principal accounting - Ch02 analyzing transaction
The document provides objectives and content for analyzing transactions in accounting. It discusses accounts and their characteristics, debit and credit rules, analyzing transaction effects on financial statements, preparing trial balances, and discovering and correcting errors. It also covers horizontal analysis to compare financial statements over different periods.
Acc2051 5
The document provides a tutorial with solutions for ACC 205 Week 1-5 assignments on financial ratios. It includes 16 pages of tutorial solutions and 10 practice problems covering basic accounting concepts like identifying assets, liabilities, revenues and expenses; preparing basic financial statements; journal entries; adjusting entries; and bank reconciliations. The high-level tasks involve preparing basic financial statements, journal entries, adjusting entries and a bank reconciliation based on sample business transactions provided.
Accounting BBA DU Finance
The document discusses the accounting transactions of Acosta Corporation in 2011-2012 and their effects on the accounting cycle. It includes details of various transactions, journal entries, ledger accounts, trial balance, adjusting entries and financial statements. It also provides calculations of key financial ratios to analyze the company's liquidity, activity and profitability.
ACCT 220 FINAL EXAM (SUMMER 2016)
XYZ Company provided its trial balance as of December 31, 2015. The document lists account balances and additional information regarding notes receivable, notes payable, building and equipment depreciation, and inventory. It provides several required tasks including preparing correcting and adjusting entries, an adjusted trial balance, classified balance sheet, and closing entries.
General JournalDateAccount Titles RefDebitCredit.docx
General Journal
Date
Account Titles
Ref
Debit
Credit
Date
Account Titles
Ref
Debit
Credit
GENERAL LEDGER
CASH No. 101
Date
Explanation
Ref
Debit
Credit
Balance
2015
ACCOUNTS RECEIVABLE No. 102
Date
Explanation
Ref
Debit
Credit
Balance
2015
OFFICE SUPPLIES No. 103
Date
Explanation
Ref
Debit
Credit
Balance
2015
PREPAID INSURANCE No. 104
Date
Explanation
Ref
Debit
Credit
Balance
2015
BUILDING No. 110
Date
Explanation
Ref
Debit
Credit
Balance
2015
ACCUMULATED DEPRECIATION No. 112
Date
Explanation
Ref
Debit
Credit
Balance
2015
ACCOUNTS PAYABLE No. 201
Date
Explanation
Ref
Debit
Credit
Balance
2015
UNEARNED SERVICE REVENUE No. 202
Date
Explanation
Ref
Debit
Credit
Balance
2015
WAGES PAYABLE No. 203
Date
Explanation
Ref
Debit
Credit
Balance
2015
INTEREST PAYABLE No. 210
Date
Explanation
Ref
Debit
Credit
Balance
2015
NOTES PAYABLE No. 220
Date
Explanation
Ref
Debit
Credit
Balance
2015
CAPITAL STOCK No. 301
Date
Explanation
Ref
Debit
Credit
Balance
2015
RETAINED EARNINGS No. 310
Date
Explanation
Ref
Debit
Credit
Balance
2015
DIVIDENDS DECLARED No. 320
Date
Explanation
Ref
Debit
Credit
Balance
2015
SERVICE REVENUE No. 401
Date
Explanation
Ref
Debit
Credit
Balance
2015
WAGE EXPENSE No.
2. Session 11 contains the Final Prezi Presentation. There are diff.docx
2. Session 11 contains the Final Prezi Presentation. There are different directions for the submission of this assignment than what we have done thus far, so make sure to CAREFULLY read and follow the directions. Please keep in mind that submitting your assignment correctly is part of your grade.
.
2. In generaI, how do the gods and goddesses described in the myth.docx
2. In generaI, how do the gods and goddesses described in the myths resemble human men and women? How do they differ? Are the similarities and differences important to their divine status? Explain why or why not.
1.Do myths of divinities influence how cultures think of the ideal for women and men? If so, explain in what way. If not, explain why. Do you consider these portrayals positive or negative?
.
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CFS Exercise 1.doc
The document provides cash transaction information for two businesses - Rendezvous Partnership and The Sprite Way Ltd. - and asks to prepare cash flow statements for each business for the year ended 2014 based on the information given. It also asks to describe the overall cash position of each business and explain why their cash has increased or decreased during the period.
19375__-Chap 31 - Managing Cash Flow.pptx
The document discusses forecasting and managing cash flow, including calculating gross profit and cash balance based on sample transactions. It defines cash inflows and outflows, and provides examples of cash flow forecasts and identifying transactions as inflows or outflows. Managing cash flow is important as lack of planning or unexpected events can cause problems, while improving inflows and reducing outflows through accounts receivable, payable, inventory and cash can help.
ACCT 220 FINAL EXAM SPRING 2016
This document provides a 19 question multiple choice accounting exam covering various accounting topics such as adjusting entries, inventory methods, depreciation, payroll accounting, and more. The exam includes journal entries, calculations, and multiple choice questions. It tests understanding of accounting principles for financial statements, inventory, depreciation, and payroll.
Continuous Problem – City of Monroe 1Continuous Probl.docx
Continuous Problem – City of Monroe
1
Continuous Problem – City of Monroe
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL
AND NOT-FOR-PROFIT ORGANIZATIONS:
TWELFTH EDITION
Chapters 2 through 8 describe accounting and financial reporting by state and local
governments. A continuous problem is presented to provide an overview of the reporting
process, including preparation of fund basis and government-wide statements. The problem
assumes the government is using fund accounting for its internal record-keeping and then at
year-end makes necessary adjustments to prepare the government-wide statements. The
problem that follows is presented in the same order as the textbook (beginning with Chapters
3, and 4).
Each chapter requires the preparation of journal entries to record the events and transactions
of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts
for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds,
use separate accounts for each type of revenue and expenditure/expense. At appropriate
stages, preparation of the fund and government-wide statements are required. The following
funds are included in this series of problems:
Governmental Funds
¾ General
¾ Special revenue—Street and Highway Fund
¾ Capital projects—City Hall Annex Construction Fund
¾ Debt service—City Jail Annex Debt Service Fund
¾ Debt service—City Hall Debt Service Fund
Proprietary Funds
¾ Internal service—Stores and Services Fund
¾ Enterprise—Water and Sewer Fund
Fiduciary Funds
¾ Private-purpose—Student Scholarship Fund
¾ Pension trust—Fire and Police Retirement Fund
Chapters 3 & 4
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of
Monroe as of December 31, 2014, follow. These (beginning) balances have been entered in
the proper general ledger accounts, as of 1/1/2015.
Continuous Problem – City of Monroe
2
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred Inflows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred inflows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund.
Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx
Week Four Exercise Assignment
Liability
1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:
· Social Security taxes: 6% on the first $55,000 earned
· Medicare taxes: 1.5% on the first $130,000 earned
· Federal income taxes withheld from wages: $7,500
· State income taxes: 5% of gross earnings
· Insurance withholdings: 1% of gross earnings
· State unemployment taxes: 5.4% on the first $7,000 earned
· Federal unemployment taxes: 0.8% on the first $7,000 earned
The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.
a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:
· Social Security taxes
· Medicare taxes
· Federal income taxes withheld
· State income taxes
· Insurance withholdings
b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:
· Matching Social Security taxes
· Matching Medicare taxes
· State unemployment taxes
· Federal unemployment taxes
2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following:
12/1
Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity.
2/10
Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit.
12/22
Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.
12/26
Borrowed $5,000 from First City Bank; signed a note payable due in 60 days.
12/31
Repaired six XY-80s during the month at a total cost of $162.
12/31
Accrued 3 days of salaries at a total cost of $1,400.
Instructions
a. Prepare journal entries to record the transactions.
b. Prepare adjusting entries on October 31 to record accrued interest.
c. Prepare the Current Liability section of Red Bank’s balance sheet as of October 31. Assume that the Accounts Payable account totals $203,600 on this date.
3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:
8/2:
Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note.
8/20:
Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The note is due in 180 days and carries a 12% interest rate.
9/10:
Purchased merchandise from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed.
9/11:
Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and carries a 14% interest rate.
10/10:
The note to Pans Enterprises was p.
Uop acc 290 week 2 wiley plus correct
uop acc 290 week 2,acc 290 week 2,uop acc 290 week 2 tutorial,uop acc 290 week 2 assignment,uop acc 290 week 2 help
Uop acc 290 week 2 wiley plus correct
uop acc 290 week 2,acc 290 week 2,uop acc 290 week 2 tutorial,uop acc 290 week 2 assignment,uop acc 290 week 2 help
Financial Accounting Journal entries Prepare the proper journal entry.docx
Financial Accounting Journal entries
Prepare the proper journal entry for each:
1) On January 1,2012, MC Hammer contributed $2,000 in cash to establish Can\'t Touch This, inc. (CTTI). He is the sole owner of the firm.
2) on January 15,2012, CTTI acquired acoustin equipment costing $15,000 from Run DMC. CTTI paid $3,000 cash and signed a note payable for the rest.
3) On march 1, 2012, CTTI held a concert. Ticket sales to bored, suburban children totaled $20,000 in cash.
4) On march 15, 2012, CTTI paid MC Hammer wages of 6,000 in cash.
5) On march 20th, the company purchased $10,000 of inventory on account.
Solution
1 jan)Cash Debit $2 ,000
owner\'s equity /capital credit $ 2,000
15 jan) Equipment Debit $ 15,000
Cash Credit $ 3,000
Note payable credit $ 12,000
1 march) cash Debit $ 20,000
Concert/ sales revenue credit $ 20,000
15 march) Wages Debit $ 6,000
Cash credit $ 6,000
20march) Inventory Debit $ 10 ,000
Accounts payable credit $ 10,000
.
Uop acc 290 week 2 wiley plus correct
uop acc 290 week 2,acc 290 week 2,uop acc 290 week 2 tutorial,uop acc 290 week 2 assignment,uop acc 290 week 2 help
Uop acc 290 week 2 wiley plus correct
uop acc 290 week 2,acc 290 week 2,uop acc 290 week 2 tutorial,uop acc 290 week 2 assignment,uop acc 290 week 2 help
Acc 205 week 4 exercise assignment liability new
Partner investments were recorded with a journal entry showing Levy contributed $30,000 cash and $80,000 land, while Parcells contributed $50,000 cash and $20,000 equipment. Brookhaven Publishing recorded a $50,000 salary expense in February with journal entries to deduct payroll taxes, income tax withholdings, and record the company's payroll tax expenses. Visconti's recorded several short-term borrowing and liability transactions in December with journal entries, including notes payable, wages accrual, and warranty liability.
Cash flow statement mf h
This document provides an overview and instructions for preparing a statement of cash flows. It discusses:
1. The usefulness and format of the statement of cash flows, including classifying cash flows as operating, investing, or financing activities.
2. How to prepare the statement of cash flows using the indirect method, which involves adjusting net income to determine net cash from operating activities.
3. An illustration of preparing the operating, investing, and financing sections of the statement of cash flows, including adjusting entries for depreciation, equipment sales, and non-cash transactions.
bank reconciliaton statement
The document discusses bank reconciliation statements. It provides examples to illustrate the process of reconciling a bank book balance with a bank statement balance. Key points include:
- Transactions may be recorded on different dates in the bank book versus the statement due to processing times.
- Unpresented cheques in the bank book are deducted from the book balance to match the statement.
- Uncredited deposits in the statement are deducted from the statement balance to match the book.
- Adjusting entries may be needed if one record captures fees/charges not in the other.
- A reconciliation statement deducts unpresented and uncredited amounts to show equivalent book and statement balances.
Uop acc 290 week 2 wiley plus 100% correct
uop acc 290 week 2,acc 290 week 2,uop acc 290 week 2 tutorial,uop acc 290 week 2 assignment,uop acc 290 week 2 help
ch02-POA (1).pptx
The document provides an overview of accounting principles related to the recording process. It discusses how accounts, debits, credits, journals, ledgers, and trial balances are used to record business transactions according to the double-entry system. Specifically, it explains how transactions are analyzed and recorded in journals before being posted to ledger accounts. It also discusses how a trial balance can be used to check the accuracy of recording by ensuring total debits equal total credits.
Principal accounting - Ch02 analyzing transaction
The document provides objectives and content for analyzing transactions in accounting. It discusses accounts and their characteristics, debit and credit rules, analyzing transaction effects on financial statements, preparing trial balances, and discovering and correcting errors. It also covers horizontal analysis to compare financial statements over different periods.
Acc2051 5
The document provides a tutorial with solutions for ACC 205 Week 1-5 assignments on financial ratios. It includes 16 pages of tutorial solutions and 10 practice problems covering basic accounting concepts like identifying assets, liabilities, revenues and expenses; preparing basic financial statements; journal entries; adjusting entries; and bank reconciliations. The high-level tasks involve preparing basic financial statements, journal entries, adjusting entries and a bank reconciliation based on sample business transactions provided.
Accounting BBA DU Finance
The document discusses the accounting transactions of Acosta Corporation in 2011-2012 and their effects on the accounting cycle. It includes details of various transactions, journal entries, ledger accounts, trial balance, adjusting entries and financial statements. It also provides calculations of key financial ratios to analyze the company's liquidity, activity and profitability.
ACCT 220 FINAL EXAM (SUMMER 2016)
XYZ Company provided its trial balance as of December 31, 2015. The document lists account balances and additional information regarding notes receivable, notes payable, building and equipment depreciation, and inventory. It provides several required tasks including preparing correcting and adjusting entries, an adjusted trial balance, classified balance sheet, and closing entries.
General JournalDateAccount Titles RefDebitCredit.docx
General Journal
Date
Account Titles
Ref
Debit
Credit
Date
Account Titles
Ref
Debit
Credit
GENERAL LEDGER
CASH No. 101
Date
Explanation
Ref
Debit
Credit
Balance
2015
ACCOUNTS RECEIVABLE No. 102
Date
Explanation
Ref
Debit
Credit
Balance
2015
OFFICE SUPPLIES No. 103
Date
Explanation
Ref
Debit
Credit
Balance
2015
PREPAID INSURANCE No. 104
Date
Explanation
Ref
Debit
Credit
Balance
2015
BUILDING No. 110
Date
Explanation
Ref
Debit
Credit
Balance
2015
ACCUMULATED DEPRECIATION No. 112
Date
Explanation
Ref
Debit
Credit
Balance
2015
ACCOUNTS PAYABLE No. 201
Date
Explanation
Ref
Debit
Credit
Balance
2015
UNEARNED SERVICE REVENUE No. 202
Date
Explanation
Ref
Debit
Credit
Balance
2015
WAGES PAYABLE No. 203
Date
Explanation
Ref
Debit
Credit
Balance
2015
INTEREST PAYABLE No. 210
Date
Explanation
Ref
Debit
Credit
Balance
2015
NOTES PAYABLE No. 220
Date
Explanation
Ref
Debit
Credit
Balance
2015
CAPITAL STOCK No. 301
Date
Explanation
Ref
Debit
Credit
Balance
2015
RETAINED EARNINGS No. 310
Date
Explanation
Ref
Debit
Credit
Balance
2015
DIVIDENDS DECLARED No. 320
Date
Explanation
Ref
Debit
Credit
Balance
2015
SERVICE REVENUE No. 401
Date
Explanation
Ref
Debit
Credit
Balance
2015
WAGE EXPENSE No.
Similar to 10Colaw Stores accepts both its own and national credit cards. Durin.docx (20)
Continuous Problem – City of Monroe 1Continuous Probl.docx
Continuous Problem – City of Monroe 1Continuous Probl.docx
Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx
Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx
Financial Accounting Journal entries Prepare the proper journal entry.docx
Financial Accounting Journal entries Prepare the proper journal entry.docx
General JournalDateAccount Titles RefDebitCredit.docx
General JournalDateAccount Titles RefDebitCredit.docx
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2. Supply of Insurance
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Topic 2:
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Century
Period
Information
14th Century
Renaissance era
Cultural movement
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16th Century
Protestant reformation
A division between churches and Western Christianity
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Modern World Studies – Questions 5-10
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2-13CreatingaSolutionofKnownMolarityIn this a.docx
2-13:
Creating
a
Solut
i
on
of
Known
Molarity
In this assignment,
y
o
u will weigh out asa
m
p
le of baking soda (NaHC
O
3
) and create a solution ofknown
m
o
l
arit
y
.
1.
Start
VirtualChemLab,
select
Reactions and Stoichiometry,
and then select
Creating aSolut
i
on of Known
M
o
larity
from
t
he list of assig
n
m
ents.The lab will open in the Ti
t
ration laborato
r
y
.
2.
In the labora
t
o
r
y
, a bot
t
le of baking soda (sodiumbicarbonate, NaHCO
3
) will be next to thebalance, and an e
m
ptybeaker will be on the stir plate. Drag the e
m
ptybeaker to the spot
l
ight next
t
o
t
h
e balance, clickin the
Ba
l
an
c
e
area to zoomin, place aweigh paper on the balan
c
e, and tare the
balance.
3.
Open the bot
t
le by clicking on the l
i
d (
Remove Li
d
). Pick up the
S
c
oo
p
and scoop out so
m
e sa
m
ple by first dragging the scoop tothe
m
outh of the bottle and then pull
i
ngthe scoop down the face of the
bottle. As the scoop is dragged down
t
h
e face of the bottle it will p
i
ckup different quantities ofsolid. Select the largest sa
m
ple possible and d
r
ag the scoop
t
othe weighing paper on
th
e balance until it
snaps in place and then let go. This will put app
r
oximately1 gofsa
m
ple on the balance. Repeat
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Scoop
. Record the
m
a
ss of the NaHCO
3
in the data table.
4.
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i
gh paper to the beaker and add the NaHC
O
3
sa
m
p
le
t
othe beaker. Click on thegreen
Zoom
Out
arrow to return
t
othe laborator
y
.
5.
Drag the beaker to the 50mL graduated c
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l
i
nder (thelargest one) by the sink and e
m
ptythe sa
m
ple
into the
c
y
linder. Hold thec
y
l
i
nder under the tap unt
i
l it fills withwater to
m
a
k
e an aqueous solution
of NaHC
O
3
. (When the graduated c
y
linder is full it will auto
m
at
i
ca
l
ly snap back into place.) Note that the solid is added and dissolved before the volu
m
e ismeasured when
m
aking a
m
ol
ar solution.
Che
m
ists normallyuse a volu
m
etric flask for
m
aking
m
o
l
ar solutions, but
t
his is not available in the s
i
m
ulation.
6.
Determine the liters of solution
i
nthe
c
ylinder and
r
ecord the da
t
a in thedata
t
able.
7.
Determine the moles of NaHCO
3
in
the sample and r
e
cord the datain the da
t
a table.
Data
T
a
ble
ma
s
s N
a
HC
O
3
m
o
l
es
N
aH
C
O
3
liters solution
8.
The
m
olarityis calcula
t
ed using the fo
r
m
u
l
a:
mass
solute
molarity
=
=
molarmasssolute
moles
solute
L
solution
L
solution
67
Virtual ChemLab: General Chemistry, Student Lab Manual/Workbook, v4.5
, Third Edition, by Brian F. Woodfield and Matthew C. Asplund. Published by Prentice Hall.
Copyright © 2013 by Pearson Education, Inc.
Rea
c
tionsandS
t
oichiom
e
t
r
y
Calculate
the molarity of
t
h
e NaHCO
3
solution
inun
i
ts of mol/
L
.
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2-3 page APA with 3-4 cites Prepare a 2-3 page paper using APA f.docx
2-3 page APA with 3-4 cites
Prepare a 2-3 page paper using APA format discussing how the Coase Theorem provides an alternative to government regulation and provision of services. How is the definition of private property a critical part of this analysis? Paper requires 2-4 cites from scholarly works.
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2-3 page essay question selected from
one
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Internet access has been lauded by some commentators as the prescription for bringing an end to nationalism across the world. It has also been seen as a way to give oppressed peoples a voice. What is your assessment of the utility of the internet for precipitating political and cultural change in East Asia?
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2 part task: APA Format
Part 1
The role of the nurse educator requires specialized knowledge and skills. One of the essential competencies necessary for the role is the ability to develop relevant curricula for the preparation of future nurses. It is therefore important that nurse educators comprehend and stay well-informed of trends and issues which may impact nursing education.
This task is intended to facilitate your ability to develop competency statements and related learning objectives; select relevant learning assessment and evaluation tools; create learning activities that promote critical thinking and reflective skills; and actively engage and support students with diverse learning needs. As an educator, you are also required to demonstrate effective analytical skills in the evaluation of methods used to determine the achievement of program outcomes. In addition, in this task you write an element of an exam. This will help you comprehend different item types and the process involved when you develop items for course exams. These learning activities assist in building an educational foundation between the classroom setting and the clinical setting.
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four
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1. Explain how
each
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four
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one
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3. Discuss
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2 parts
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2ed. part is reply to this student's post:
I was very surprised and interested in a lot of the information in chapter 1. I have always been interested in crime shows and talking about crime but it turns out there is a lot I did not know about it. I had no idea there were so many different theories and perspectives on crime. Personally, I believe in the classical theory and have a conformity perspective on human nature. The strain theory was very interesting to me because I believe many feel this way and will do anything they need to do in order to achieve something they want. I also did not know there were so many different data basis and crime reporting systems. Crime is measured in so many different ways, it's very interesting to me.
2 parts split up and half page for each part
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2 parts
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2ed. part is reply to this student's post:
I was very surprised and interested in a lot of the information in chapter 1. I have always been interested in crime shows and talking about crime but it turns out there is a lot I did not know about it. I had no idea there were so many different theories and perspectives on crime. Personally, I believe in the classical theory and have a conformity perspective on human nature. The strain theory was very interesting to me because I believe many feel this way and will do anything they need to do in order to achieve something they want. I also did not know there were so many different data basis and crime reporting systems. Crime is measured in so many different ways, it's very interesting to me.
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2 POwer Point slide
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In the past 2–5 years, employee handbooks and manuals have needed to be updated to include the use of social media and electronic devices. Using an employee handbook from a current or previous workplace, make suggestions for improving these sections, because new sources of social media and more advanced electronic devices are regularly being introduced to the market. Address topics such as: refraining from workplace commentary on social media, maintaining a professional image, what can be shared and what not to share on social media, harassment, privacy, and IT security.
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