Brief Exercise 5-1Presented below are the components in Gates .docx

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Brief Exercise 5-1 Presented below are the components in Gates Company’s income statement. Determine the missing amounts. Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income (a) $75,000 $ $30,000 $ $10,800 (b) $108,000 $70,000 $ $ $29,500 (c) $ $83,900 $79,600 $39,500 $ Brief Exercise 5-2 Radomir Company buys merchandise on account from Lemke Company. The selling price of the goods is $780, and the cost of the goods is $470. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Radomir Company Lemke Company (To record credit sale) (To record cost of merchandise sold) Warning Don't show me this message again for the assignment Ok Cancel Click if you would like to Show Work for this question: Open Show Work Brief Exercise 5-7 Arndt Company provides the following information for the month ended October 31, 2014: sales on credit $280,000, cash sales $100,000, sales discounts $5,000, sales returns and allowances $11,000. Prepare the sales revenues section of the income statement based on this information. Arndt COMPANY Income Statement (Partial) For the Month Ended October 31, 2014 $ : $ Brief Exercise 5-9 Assume Kader Company has the following reported amounts: Sales revenue $510,000, Sales returns and allowances $15,000, Cost of goods sold $330,000, and Operating expenses $110,000. (a) Compute net sales. Net sales $ (b) Compute gross profit. Gross profit $ (c) Compute income from operations. Income from operations $ (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate % Warning Don't show me this message again for the assignment Ok Cancel Click if you would like to Show Work for this question: Open Show Work Modify Show Work Exercise 5-4 (Part level Submission) On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Warning Don't show me this message again for the assignment Ok Cancel (a) Prepare separate entries for each transaction on the books of Tuzun Company. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Exercise 5-6 (Part level Submission) The adjusted trial balance of Tsai Company shows the following data pe ...

Education

$
$
$29,500
(c)
$
$83,900
$79,600
$39,500
$
Brief Exercise 5-2
Radomir Company buys merchandise on account from Lemke
Company. The selling price of the goods is $780, and the cost
of the goods is $470. Both companies use perpetual inventory
systems.
Journalize the transaction on the books of both companies.
(Credit account titles are automatically indented when amount
is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
Radomir Company

Lemke Company
(To record credit sale)
(To record cost of merchandise sold)
Warning
Don't show me this message again for the assignment
Ok
Cancel
Click if you would like to Show Work for this question:
Open Show Work

Brief Exercise 5-7
Arndt Company provides the following information for the
month ended October 31, 2014: sales on credit $280,000, cash
sales $100,000, sales discounts $5,000, sales returns and
allowances $11,000.
Prepare the sales revenues section of the income statement
based on this information.
Arndt COMPANY
Income Statement (Partial)
For the Month Ended October 31, 2014
$
:
$

Brief Exercise 5-9
Assume Kader Company has the following reported amounts:
Sales revenue $510,000, Sales returns and allowances $15,000,
Cost of goods sold $330,000, and Operating expenses $110,000.
(a) Compute net sales.
Net sales
$
(b) Compute gross profit.
Gross profit
$
(c) Compute income from operations.
Income from operations

$
(d) Compute the gross profit rate. (Round answer to 1 decimal
place, e.g. 25.2%.)
Gross profit rate
%
Warning
Don't show me this message again for the assignment
Ok
Cancel
Click if you would like to Show Work for this question:
Open Show Work
Modify Show Work
Exercise 5-4 (Part level Submission)
On June 10, Tuzun Company purchased $8,000 of merchandise
from Epps Company, FOB shipping point, terms 2/10, n/30.
Tuzun pays the freight costs of $400 on June 11. Damaged
goods totaling $300 are returned to Epps for credit on June 12.
The fair value of these goods is $70. On June 19, Tuzun pays
Epps Company in full, less the purchase discount. Both
companies use a perpetual inventory system.
Warning
Don't show me this message again for the assignment
Ok
Cancel

(a)
Prepare separate entries for each transaction on the books of
Tuzun Company. (Record journal entries in the order presented
in the problem. Credit account titles are automatically indented
when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit

Exercise 5-6 (Part level Submission)
The adjusted trial balance of Tsai Company shows the following
data pertaining to sales at the end of its fiscal year October 31,

2014: Sales Revenue $820,000, Freight-out $16,000, Sales
Returns and Allowances $25,000, and Sales Discounts $13,000.
Warning
Don't show me this message again for the assignment
Ok
Cancel
(a)
Prepare the sales revenues section of the income statement.
Tsai COMPANY
Income Statement (Partial)
For the Year Ended October 31, 2014
$

:
$
$
Warning
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Ok
Cancel
Click if you would like to Show Work for this question:

Open Show Work
Modify Show Work
Show List of Accounts
Exercise 5-14
Financial information is presented below for three different
companies.
Determine the missing amounts.
Allen Cosmetics
Bast Grocery
Corr Wholesalers
Sales revenue
$90,000
$
(e)
$122,000
Sales returns and allowances

(a)
5,000
12,000
Net sales
86,000
95,000
(i)
Cost of goods sold
56,000
(f)
(j)
Gross profit
(b)
38,000

24,000
Operating expenses
15,000
(g)
18,000
Income from operations
(c)
(h)
(k)
Other expenses and losses
4,000
7,000
(l)
Net income
(d)

11,000
5,000
Warning
Don't show me this message again for the assignment
Ok
Cancel
Click if you would like to Show Work for this question:
Open Show Work

Exercise 5-4 (Part level Submission) On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Warning Don't show me this message again for the assignment Ok Cancel (a) Your answer is correct. Prepare separate entries for each transaction on the books of Tuzun Company. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit res_EAT_1356326717214_0_008152485672270005_002 Inventory 8000 Accounts Payable 8000 res_EAT_1356326717214_0_008152485672270005_020 Inventory 400 Cash 400 res_EAT_1356326717214_0_008152485672270005_038 Accounts Payable 300 Inventory 300 res_EAT_1356326717214_0_008152485672270005_056 Accounts Payable 7700 Inventory 154 Cash 7546 Warning Don't show me this message again for the assignment Ok Cancel Click if you would like to Show Work for this question: Open Show Work Show List of Accounts Show Solution Show Answer Link to Text Attempts: 2 of 3 used (b) Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 10 (To record credit sale.) (To record cost of merchandise sold.) June 12 (To record merchandise returned.) (To record cost of merchandise returned.) June 19 Warning Don't show me this message again for the assignment Ok Cancel Click if you would like to Show Work for this question: Open Show Work Modify Show Work Exercise 5-6 (Part level Submission) The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2014: Sales Revenue $820,000, Freight-out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $13,000. Warning Don't show me this message again for the assignment Ok Cancel (a) Your answer is correct. Prepare the sales revenues section of the income statement. Tsai COMPANY Income Statement (Partial) For the Year Ended October 31, 2014 res_EAT_1356326719183_0_13752846772701122_007 Sales Revenue $820000 res_EAT_1356326719183_0_13752846772701122_016: Sales Returns and Allowances $25000 Sales Discounts 13000 38000 res_EAT_1356326719183_0_13752846772701122_037 $782000 Warning Don't show me this message again for the assignment Ok Cancel Click if you would ...

Budgeting exercise

Gaurav Chauhan

This document contains 7 budgeting problems. Problem 1 requires preparing a production budget and summary production cost budget for 6 months. Problem 2 requires preparing a production budget (quantitative) and material purchase budget (quantitative). Problem 3 requires calculating a material purchases budget and wages budget. Problem 4 requires preparing a sales overhead budget for 3 months. Problem 5 requires preparing an estimate of cash position for 3 months. Problem 6 requires preparing a forecast statement to show the effect of a proposed price reduction. Problem 7 requires preparing flexible budgets for administration, selling, and distribution costs at different capacity levels.

Directions Answer the following questions on a separate Micro.docx

tenoelrx

Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard. Exercises E4-7 . Kay Magill Company had the following adjusted trial balance. Instructions Prepare closing entries at June 30, 2015. Prepare a post-closing trial balance. E4-13 . Keenan Company has an inexperienced accountant. During the ﬁrst 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500. Instructions Prepare the correcting entries. E5-4 . On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Instructions Prepare separate entries for each transaction on the books of Tuzun Company. Prepare separate entries for each transaction for Epps Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800. E5-7. Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,900. Instructions Prepare the adjusting entry necessary as a result of the physical count. Prepare closing entries. E6-1 . Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following. Josef sold goods costing $38,000 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. The goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination on December 27 and were still in transit at year-end. Josef received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Solita Co. The goods were not included in the.

Insert Your Last Name, First InitialSPHE 314 Exercise Physiolog.docx

jaggernaoma

Insert Your Last Name, First Initial SPHE 314: Exercise Physiology 1 Essay Submission Assignment #1 1. Discuss the relationship between distribution of muscle fiber type and performance. How might exercise training modify or change a person’s fiber-type distribution? 2. Describe the mechanisms by which muscle glycogen is broken down to glucose for use in glycolysis. 3. Describe how a nerve impulse is transmitted along its axon. 4. What are two advantages of fat over carbohydrate for fuel storage in the body? 5. Describe the primary structure of the heart and the primary functions of blood. Instructions Chart of AccountsAsset AccountsLiability AccountsEquity AccountsAcct #Acct #Acct #Cash101Notes Payable201Common Stock301Baking Supplies102Accounts Payable202Dividends302Prepaid Rent103Wages Payable203Prepaid Insurance104Interest Payable 204Baking Equipment105Misc. Supplies106Accounts Receivable107 Accumulated Depreciation108Merchandise Inventory 109Revenue AccountsThis chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you.Acct #Bakery Sales401Merchandise Sales402Expense AccountsAcct #Baking Supplies Expense501Rent Expense502Insurance Expense503Misc. Expense504Business License Expense505Advertising Expense506Wages Expense507Telephone Expense508Interest Expense509Depreciation Expense510Misc. Supplies Expense511Cost of Goods Sold512 Step 1 July JournalPeyton ApprovedGeneral Journal Entries Jul-14DateAccountsDebitCredit1-JulCash15,000.00 Common Stock15,000.00Contributed cash for common stock1-JulBaking Suppllies 8,500.00 Vendor8,500.00To record Baking Supplies purchased 3-JulCash 10,000.00 Notes Payable 10,000.00To record loan from parents 7-JulLease Expense Advance1,500.00 Cash1,500.003,000.00To Record Lease Agreements10-JulBusiness License 375.00 Cash 375.00To record Buisness License11-JulMiscellaneous Expense250.00 Cash250.00To record cash resgister 13-JulBaking Equipment 5,000.00 Common Stock5,000.0013-JulAdvertising Expense200.00 Cash200.0014-JulMiscellaneous Supplies300.00 Cash300.0015-JulNo Entry Required 30-JulTelephone Expenses45.00 Accounts Payable 45.0031-JulPrepaid Insurance1,200.00 Cash1,200.0031-JulCash 10,000.00Accounts Receivable 5,000.00 Bakery Sales15,000.00 Step 2 August JournalPeyton ApprovedGeneral Journal Entries Aug-14DateAccountsDebitCredit31-JulWages Expense120.00 Wages Payable 120.008-AugCash3,200.00 Accounts Receivable 3,200.0010-AugTelephone Expense 45.00 Cash 45.0015-AugBaking Supplies 5,000.00 Accounts Payables 5,000.0015-AugWages Expense 480.00 Wages Payable 480.0015-AugRent Expense 1,500.00 Cash 1,500.0018-AugCash 1,000.00 Accounts Receivables1,000.0020-AugAccounts Payables 8,500.00 Cash8,500.0020-AugWages Expense480.00 Ca.

Student ID 21458913 Exam 061684RR - The Impact of Manage.docx

emelyvalg9

Student ID: 21458913 Exam: 061684RR - The Impact of Management Decisions and Other Topics When you have completed your exam and reviewed your answers, click Submit Exam. Answers will not be recorded until you hit Submit Exam. If you need to exit before completing the exam, click Cancel Exam. Questions 1 to 20: Select the best answer to each question. Note that a question and its answers may be split across a page break, so be sure that you have seen the entire question and all the answers before choosing an answer. 1. (Ignore income taxes in this problem.) The Keego Company is planning a $200,000 equipment investment that has an estimated five-year life with no estimated salvage value. The company has projected the following annual cash flows for the investment: Assuming that the cash inflows occur evenly over the year, the payback period for the investment is _______ years. Year Cash Inflows 1 $120,000 2 60,000 3 40,000 4 40,000 5 40,000 Total $300,000 A. 0.75 B. 2.50 C. 4.91 D. 1.67 2. The Clemson Company reported the following results last year for the manufacture and sale of one of its products known as a Tam. Clemson Company is trying to determine whether to discontinue the manufacture and sale of Tams. The operating results reported above for last year are expected to continue in the foreseeable future if the product isn't dropped. The fixed manufacturing overhead represents the costs of production facilities and equipment that the Tam product shares with other products produced by Clemson. If the Tam product were dropped, there would be no change in the fixed manufacturing costs of the company. Sales (6,500 Tams at $130 each) $845,000 Variable cost of sales 390,000 Variable distribution costs 65,000 Fixed advertising expense 275,000 Salary of product line manager 25,000 Fixed manufacturing overhead 145,000 Net operating loss $(55,000) Assume that discontinuing the manufacture and sale of Tams will have no effect on the sale of other product lines. If the company discontinues the Tam product line, the change in annual operating income (or loss) should be a A. $90,000 decrease. B. $65,000 decrease. C. $55,000 decrease. D. $70,000 increase. 3. Part N19 is used by Malouf Corporation to make one of its products. A total of 7,000 units of this part are produced and used every year. The company's Accounting Department reports the following costs of producing the part at this level of activity: An outside supplier has offered to make the part and sell it to the company for $24.50 each. If this offer is accepted, the supervisor's salary and all of the variable costs, including the direct labor, can be avoided. The special equipment used to make the part was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company, none of which would be avoided if the part were purchased instea.

Due Tues., May 2- 7 questions Big Time Picture Frames h.docx

sagarlesley

Due Tues., May 2- 7 questions Big Time Picture Frames has asked you to determine whether the company's ability to pay current liabilities and total liabilities improved or deteriorated during 2009. To answer this question, you gather the following data: ______________________________________________2009__________2008 Cash $52, 000 51, 000 Short-term investments 30,000 -- Net receivables 110,000 120, 000 Inventory 217,000 262,000 Total assets 540,000 490,000 Total current liabilities 265,000 202,000 Long-term note payable 44,000 54,000 Income from operations 165,000 153,000 Interest expense 44,000 37,000 Requirement 1. Compute the following ratios for 2009 and 2008: a. Current ratio b. Acid-test ratio c. Debt ratio d. Times-interest-earned ratio a. Calculate the current ratio for both years. (Round your answers to two decimal places.) 2009: nothing 2008: nothing The Variline Inc., comparative income statement follows. 2010 data are given as needed. Variline, Inc. Comparative Income Statement Years Ended December 31, 2012 and 2011 (Dollars in thousands) 2012 2011 2010 Net sales $176,000 $160,000 Cost of goods sold 93,600 86,000 Selling and general expenses 46,800 41,400 Interest expense 9,600 10,900 Income tax expense 10,200 9,200 Net income $15,800 $12,500 Additional data: Total assets $201,000 $192,000 $174,000 Common stockholders' equity $96,900 $89,800 $79,500 Preferred dividends $3,400 $3,400 $0 Common shares outstanding during the year 20,000 20,000 18,000 Requirements 1. Calculate the rate of return on net sales. 2. Calculate the rate of return on total assets. 3. Calculate the rate of return on common stockholders' equity. 4. Calculate the EPS. 5. Did the company's operating performance improve or deteriorate during 2012? Requirement 1. Calculate the rates of return on net sales for 2012 and 2011. (Round your answers to three decimal places.) 2012: nothing 2011: nothing The Specialty Department Stores, Inc., chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the average for the industry. The CEO has given you the company's income statement and balance sheet, as well as the industry average data for retailers. Specialty Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2010 Industry Specialty Average Net sales $782,000 100.0 % Cost of goods sold 526,286 65.8 Gross profit 255,714 34.2 Operating expenses 164,220 19.7 Operating income 91,494 14.5 Other expenses 6,256 0.4 Net income $85,238 14.1 % Specialty Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2010 ...

WEEK 2HW Due in LEO no later than 1100 PM on 30-AUG-2015 U.S.docx

melbruce90096

WEEK 2 H/W Due in LEO no later than 11:00 PM on 30-AUG-2015 U.S. Eastern Time (Washington, DC) Brief Exercise 15-1 Moby Inc. is considering two alternatives to finance its construction of a new $1.60 million plant. (a) Issuance of 160,000 shares of common stock at the market price of $10 per share. (b) Issuance of $1,600,000, 8% bonds at face value. Complete the following table. (Round earnings per share to 2 decimal places, e.g. 0.25.) Issue Stock Issue Bond Income before interest and taxes $701,100 $701,100 Interest expense from bonds Income before income taxes Income tax expense (25%) Net income $ $ Outstanding shares 541,100 Earnings per share $ $ Indicate which alternative is preferable. Net income is if stock is used. However, earnings per share is than earnings per share if bonds are used because of the additional shares of stock that are outstanding. Brief Exercise 15-2 Meera Corporation issued 3,770, 7%, 5-year, $1,000 bonds dated January 1, 2014, at 100. Prepare the journal entry to record the sale of these bonds on January 1, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Top of Form Bottom of Form Prepare the journal entry to record the first interest payment on July 1, 2014 (interest payable semiannually), assuming no previous accrual of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Bottom of Form Prepare the adjusting journal entry on December 31, 2014, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Bottom of Form Brief Exercise 15-4 Frankum Company has issued three different bonds during 2014. Interest is payable semiannually on each of these bonds. 1. On January 1, 2014, 1,110, 7%, 5-year, $1,200 bonds dated January 1, 2014, were issued at face value. 2. On July 1, $726,200, 8%, 5-year bonds dated July 1, 2014, were issued at 104. 3. On September 1, $315,400, 6%, 5-year bonds dated September 1, 2014, were issued at 98. Prepare the journal entries to record each bond transaction at the date of issuance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 July 1 Sept. 1 Brief Exercise 16-1 Ownbey Corporation purchased debt investments for $47,020 on January 1, 2014. On July 1, 2014, Ownbey received cash interest of $3,800. Journalize the purchase and the receipt of interest. Assume that no interest has been accrued. (Credit account titles are automatically indented when amount is entered..

Acct 550 week 4 homework assignment

eyavagal

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 . Click if you would like to Show Work for this question: Open Show Work 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 . Click if you would like to Show Work for this question: Open Show Work 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, -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.

Accounting 970601 paper 1 multiple choice october november 2008

Alpro

Acc 290 t acc290t acc 290t education for service uopstudy.com

ssuserd9bf9e

- Grace Labeille opened a web consulting business called Travel Smart and invested $92,000 cash and $28,000 of office equipment. - In its first month of operations, the company prepaid $11,400 for 12 months of rent, purchased $8,400 of equipment and $4,000 of supplies on credit, and completed $5,200 and $8,000 of services for clients. - Journal entries were prepared for each transaction to record their financial statement impact.

Acc 290 t acc290t acc 290t best tutorials guide uopstudy.com

ssuserd9bf9e

Wilco Corporation has the following account balances at December 3.docx

alanfhall8953

Wilco Corporation has the following account balances at December 31, 2012. Common stock, $5 par value $555,600 Treasury stock 90,720 Retained earnings 2,426,200 Paid-in capital in excess of par—common stock 1,321,900 Prepare Wilco’s December 31, 2012, stockholders’ equity section. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.) WILCO CORPORATION Stockholders’ Equity December 31, 2012 $ : $ Sprinkle Inc. has outstanding 10,050 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 107 shares at $89 per share. On September 1, Sprinkle reissued 61 shares at $90 per share. On November 1, Sprinkle reissued 46 shares at $85 per share. Prepare Sprinkle’s journal entries to record these transactions using the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 7/1/12 9/1/12 11/1/12 Graves Mining Company declared, on April 20, a dividend of $519,800, on its $5 par common stock, payable on June 1. Of this amount, $133,700 is a return of capital. Prepare the April 20 and June 1 entries for Graves. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 20 June 1 Apr. 20 Retained Earnings = ($519,800 – $133,700) = $386,100 Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,290 shares of 8%, $65 par value preferred stock, and 544,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,330 shares of common stock for cash at $6 per share. Mar. 1 Issued 5,670 shares of preferred stock for cash at $113 per share. Apr. 1 Issued 24,730 shares of common stock for land. The asking price of the land was $90,540; the fair value of the land was $80,330. May 1 Issued 80,330 shares of common stock for cash at $9 per share. Aug. 1 Issued 10,290 shares of common stock to attorneys in payment of their bill of $50,620 for services rendered in helping the company organize. Sept. 1 Issued 10,290 shares of common stock for cash at $11 per share. Nov. 1 Issued 1,940 shares of preferred stock for cash at $115 per share. Prepare the journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 10 M.

Acct 504

Tenny Trumph

This document provides information about an online course and final exam for ACCT 504. It includes details on assignments and case studies for each week of the course, as well as three different practice final exams with multiple choice questions testing concepts related to financial accounting, reporting, analysis, and more. The document provides high-level overviews and essential details about the course content and structure as well as samples of the type of questions included on the final exam.

Aaaaa

yahyazafar4

The document contains an accounting exam for ACCT1101 with 5 questions. Question 1 has parts (a) and (b) calculating cash paid to suppliers, employees and others as well as net cash from investing activities for Bunney Ltd. Question 2 involves calculating ending inventory under FIFO, LIFO and weighted average for Ben's Bargain. Question 3 analyzes liquidity and profitability ratios for Securitie Ltd over 2 years. Question 4 requires stating whether accounting statements are true or false. Question 5 includes preparing an inventory and purchase budget for Mattress World and calculating budgeted cash payments for Moon Ltd. The exam tests accounting concepts such as financial statements, ratio analysis, inventory valuation and budgeting.

Practice test 1 acct 201

Shawn Bray

The document contains 5 practice exam problems involving various accounting concepts: 1) Prepare adjusting entries for inventory, rent revenue, interest expense, insurance expense, and depreciation expense. 2) Prepare closing entries for the adjusted trial balance provided, including accounts such as supplies, equipment, salaries, etc. 3) Prepare an income statement for the sale of a division including operating losses before and after sale, tax rate, continuing operations income, and EPS. 4) Determine gross profit for an airplane contract using the percentage-of-completion method given costs and billings for two years. 5) Compute gross profit to recognize from an installment sale of inventory over three years using the installment method given down payment, install

Tax return-problem 7 C corporationInstructionsPlease compl.docx

mattinsonjanel

Tax return-problem 7: C corporation Instructions: Please complete the required federal corporation income tax return forms for Express Catering, Inc. for the 2012 tax year based upon the facts presented below. Also, if required information is missing, use reasonable assumptions to fill in the gaps. Ignore any Alternative Minimum Tax (AMT) calculations and do not prepare any AMT related forms. Express Catering, Inc. (EC) is organized in New York as a corporation and is taxed as a “C” corporation with a calendar year-end. EC operates a delicatessen/bakery in New York City, NY that specializes in mobile food catering for events and gatherings within the tri-state area. EC’s address, employer identification number (EIN), and date of incorporation are as follows: Express Catering, Inc. 257 West 55th Avenue New York City, NY 10027 EIN- 13-9823459 Date Incorporated- March 17, 2007 EC has been at the same address and has not changed its same since inception. EC has only common shares issued (no preferred stock). There are currently 10,000 shares of EC common stock issued and outstanding. EC is owned by four shareholders from the same family: Raphael Giordano (father) and his three children Silvia, Andrea, and Marco. Their personal information is provided below: Raphael Giordano 160 West 57th Avenue New York City, NY 10027 SSN-356-87-4322 Shares owned 5,500 Silvia Giordano Costa 250 South Main Hoboken, New Jersey 07030 SSN-284-58-4583 Shares owned 1,500 Andrea Giordano 65 East 55th Avenue New York City, NY 10027 SSN-423-84-2343 Shares owned 1,500 Marco Giordano 160 West 57th Avenue New York City, NY 10027 SSN-487-27-4797 Shares owned 1,500 EC uses the accrual method of accounting and follows GAAP. EC is not a subsidiary nor is it in an affiliated group with any other entity. EC is not audited by a CPA firm and has never had a restatement of its income statement. In addition, EC reported the following information for the current year: · EC did not pay dividends in excess of its current and accumulated earnings and profits. · None of the stock of EC is owned by non U.S. persons · EC has never issued publicly offered debt instruments. · EC is not required to file a Form UTP · EC made several payments in the current year that required the filing of federal Form(s) 1099. These Forms 1099 were filed timely by EC. · During the year, none of the shareholders of EC changed. · EC has never disposed of more than 65% (by value) of its assets in a taxable, non-taxable, or tax-deferred transaction. · EC did not receive any assets in Section 351 transfers during the year. · All of the questions on Schedule B, Form 1120 are no for the year. Additional information: EC has been expanding rapidly its catering business. This expansion has required a significant amount of new equipment purchases. EC sold some of its liquid investments in order to avoid having to take on debt to fund these purchases. Further, EC invested heav ...

InstructionsPlease complete the required federal corporation .docx

doylymaura

Instructions: Please complete the required federal corporation income tax return forms for Express Catering, Inc. for the 2013 tax year based upon the facts presented below. If required information is missing, use reasonable assumptions to fill in the gaps. Ignore any Alternative Minimum Tax (AMT) calculations and do not prepare any AMT related forms. Express Catering, Inc. (EC) is organized in the state of New York as a corporation and is taxed as a “C” corporation with a calendar year-end. EC operates a delicatessen/bakery in New York City, NY that specializes in mobile food catering for events and gatherings within the tri-state area. EC’s address, employer identification number (EIN), and date of incorporation are as follows: Express Catering, Inc. 257 West 55 th Avenue New York City, NY 10027 EIN- 13-9825934 Date Incorporated: March 17, 2008 EC has been at the same address and has not changed its name since inception. EC has only common shares issued (no preferred stock). There are currently 10,000 shares of EC common stock issued and outstanding. EC is owned by four shareholders from the same family: Raphael Giordano (father) and his three children Silvia, Andrea, and Marco. Their personal information is provided below: Raphael Giordano 160 West 57 th Avenue New York City, NY 10027 SSN: 356-87-4322 Shares owned 5,500 Silvia Giordano Costa 250 South Main Hoboken, New Jersey 07030 SSN: 284-58-4583 Shares owned 1,500 Andrea Giordano 65 East 55 th Avenue New York City, NY 10027 SSN: 423-84-2343 Shares owned 1,500 Marco Giordano 160 West 57 th Avenue New York City, NY 10027 SSN-487-27-4797 Shares owned 1,500 EC uses the accrual method of accounting and follows GAAP. EC is not a subsidiary nor is it in an affiliated group with any other entity. EC is not audited by a CPA firm and has never had a restatement of its income statement. EC reported the following information for the year: · EC did not pay dividends in excess of its current and accumulated earnings and profits. · None of the stock of EC is owned by non U.S. persons · EC has never issued publicly offered debt instruments. · EC is not required to file a Form UTP · EC made several payments in the current year that required the filing of federal Forms 1099. These Forms 1099 were filed timely by EC. · During the year, none of the shareholders of EC changed. · EC has never disposed of more than 65% (by value) of its assets in a taxable, non-taxable, or tax-deferred transaction. · EC did not receive any assets in Section 351 transfers during the year. · All of the questions on Schedule B, Form 1120 should be checked “no” for the year. Additional information: EC has been expanding rapidly its catering business. This expansion has required a significant amount of new equipment purchases. EC sold some of its liquid investments in order to avoid having to take on debt to fund these purchases. Further, EC invested heavily in its catering business by.

ch07 (2).pdf

rabieharoun1

The document provides details of transactions recorded in special journals for Cope Company in June and July. It asks questions to determine the balances of accounts receivable and accounts payable control accounts after postings for July, and to identify the accounts that various journal totals are posted to. It also provides instructions for exercises involving posting transactions to control and subsidiary accounts from special journals.

Financial Statement Analysis ppt

Shimanto Deb

The document provides examples of how to calculate various financial ratios used in analyzing financial statements. It includes calculations for current and quick ratios, average accounts receivable and related turnover ratios, inventory turnover ratios, times interest earned ratio, debt and debt to equity ratios, return on sales, return on assets, earnings per share, price earnings ratio, dividend yield, and dividend payout ratio. The document demonstrates how to perform the calculations using financial data from sample company income statements and balance sheets.

Exam 061684RR - THE IMPACT OF MANAGEMENT Questions 1 to 20 S.docx

gitagrimston

Exam: 061684RR - THE IMPACT OF MANAGEMENT Questions 1 to 20: Select the best answer to each question. Note that a question and its answers may be split across a page break, so be sure that you have seen the entire question and all the answers before choosing an answer. 1. Brittman Corporation makes three products that use the current constraint-a particular type of machine. Data concerning those products appear below: IP NI YD Selling price per unit $183.57 $207.74 $348.15 Variable cost per unit $144.42 $155.04 $269.50 Minutes on the constraint 2.90 3.40 5.50 Assume that sufficient constraint time is available to satisfy demand for all but the least profitable product. Up to how much should the company be willing to pay to acquire more of the constrained resource? A. $39.15 per unit B. $15.50 per minute C. $78.65 per unit D. $13.50 per minute 2. A project profitability index greater than zero for a project indicates that A. there has been a calculation error. B. the project is unattractive and shouldn't be pursued. C. the company should reevaluate its discount rate. D. the discount rate is less than the internal rate of return. 3. A company's current ratio and acid-test ratios are both greater than 1. If obsolete inventory is written off, this would A. decrease the current ratio. B. increase net working capital. C. decrease the acid-test ratio. D. increase the acid-test ratio. Use the following information to answer this question. Financial statements for Larkins Company appear below: Larkins Company Statement of Financial Position December 31, Year 2 and Year 1 (dollars in thousands) Year 2 Year 1 Current assets: Cash and marketable securities $180 $180 Accounts receivable, net 210 180 Inventory 130 120 Prepaid expenses 5050 Total current assets 570 530 Noncurrent assets: Plant & equipment, net 1,540 1,480 Total assets $2,110 $2,010 Current liabilities: Accounts payable $100 $130 Accrued liabilities 60 60 Notes payable, short term 90120 Total current liabilities 250 310 Noncurrent liabilities: Bonds payable 480500 Total liabilities 730810 Stockholders' equity: Preferred stock, $20 par, 10% 120 120 Common stock, $10 par 180 180 Additional paid-in capital--common stock 240 240 Retained earnings 840660 Total stockholders' equity 1,3801,200 Total liabilities & stockholders' equity $2,110 $2,010 Larkins Company Income Statement For the Year Ended December 31, Year 2 (dollars in thousands) Sales (all on account) $2,760 Cost of goods sold 1,930 Gross margin 830 Selling and administrative expense 330 Net operating income 500 Interest expense 50 Net income before taxes 450 Income taxes (30%) 135 $315 Net income Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $150. 4. Larkins Company's dividend payout ...

ACCT 220 FINAL EXAM SPRING 2016

SophiaMorgans

1) At July 31, Ramirez Company has the following bank information.docx

SONU61709

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 ...

Financial management

Nalitye Nghitewapo

ACCT 505 Final Exam (New) All 3 Set3

critterc06

The document contains a practice exam for an accounting course with multiple choice and essay questions covering various topics such as cost accounting, budgeting, and investment analysis. Specifically: - The exam contains 3 sets of questions, with each set containing between 5-7 questions. Questions assess topics like cost-volume-profit analysis, process costing, absorption vs variable costing, budgeting, and make-or-buy decisions. - Sample questions calculate break-even points, predetermined overhead rates, income statements, cash budgets, and net present value of investment opportunities. - Answers are provided for some questions, including calculations and brief explanations of results. Other questions only list the requirements and provide no solutions.

Chapter 9 Perpetual Inventory System – Test

VCE Accounting - Michael Allison

This document contains a 25 question multiple choice test on the perpetual inventory system. The test is from Chapter 9 of the VCE Accounting Unit 3 curriculum. It covers topics like identifying appropriate debit and credit entries for a stock control ledger, recording stock gains and losses, preparing stock cards, and analyzing inventory information to complete stock control ledgers. The document provides the full test questions and multiple choice answers. It is copyrighted material from Trinity Grammar School that requires the author's permission for external use.

Acct 505 final exam (new) all 3 set

niharikaa14

BUS M02C – Managerial Accounting SLO Assessment project .docx

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