Accounting 970643 paper 4 problem solving (supplementary topics) october nove...alproelearning
Accounting 970643 paper 4 problem solving (supplementary topics) october november 2010
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
Accounting 970643 paper 4 problem solving (supplementary topics) october nove...alproelearning
Accounting 970643 paper 4 problem solving (supplementary topics) october november 2010
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
For more course tutorials visit
www.newtonhelp.com
This Tutorial contains 2 Different Course Project
ACCT 551 Course Project (Notes to Financial Statement)
For more course tutorials visit
www.newtonhelp.com
This Tutorial contains 2 Different Course Project
ACCT 551 Course Project (Notes to Financial Statement)
Problem 1 (ch 8)On January 1, 20X3, Perkins Printing Corporation p.docxChantellPantoja184
Problem 1 (ch 8)On January 1, 20X3, Perkins Printing Corporation purchased a digital press for $1,450,000. It cost an additional $50,000 to deliver, install, and calibrate the press. This machine has a service life of 5 years, at which time it is expected that the device will be scrapped for a $100,000 salvage value.Perkins uses the straight-line depreciation method.`(a)Prepare a schedule showing annual depreciation expense, accumulated depreciation, and related calculations for each year.(b)Show how the asset and related accumulated depreciation would appear on a balance sheet at December 31, 20X5.(c)Prepare journal entries to record the asset's acquisition, annual depreciation for each year, and the asset's eventual sale for $100,000.
&R&"Myriad Web Pro,Bold"&20B-10.06
B-10.06
Worksheet 1 (ch 8)(a)YearAnnual ExpenseAccumulated
Depreciation at End of YearAnnual
Expense CalculationX3X4X5X6X7(b)Property, Plant & Equipment (20X5)EquipmentLess: Accumulated depreciation(c)GENERAL JOURNALDateAccountsDebitCredit1-JanTo record the purchase of press31-Dec20X3To record 20X3 depreciation31-Dec20X4To record 20X4 depreciation31-Dec20X5To record 20X5 depreciation31-Dec20X6To record 20X6 depreciation31-Dec20X7To record 20X7 depreciation31-Dec20X7To record disposal of asset
&L&"Myriad Web Pro,Bold"&12Name:
Date: Section: &R&"Myriad Web Pro,Bold"&20B-10.06
B-10.06
Problem 2 (ch 8)On January 1, 20X6, Outback Air purchased a new engine for one of its airplanes used to transport adventurers to remote regions of western Australia. The engine cost $750,000 and has a service life of 10,000 flight hours. Regulations require careful records of usage, and the engines must be replaced or rebuilt at the end of the 10,000 hour service period. Outback simply chooses to sell its used engines and acquire new ones. Used engines are expected to be resold for 1/3 of their original cost.Outback uses the units-of-output depreciation method.`(a)Assuming that the engine was used as follows, prepare a schedule showing annual depreciation expense, accumulated depreciation, and related calculations for each year.
20X6 1,500 hours
20X7 4,000 hours
20X8 3,000 hours
20X9 1,500 hours(b)Show how the asset and related accumulated depreciation would appear on a balance sheet at December 31, 20X7.(c)Prepare journal entries to record the asset's acquisition, annual depreciation for each year, and the asset's eventual sale for $250,000.
B-10.07
Worksheet 2 (ch 8)(a)YearAnnual ExpenseAccumulated
Depreciation at End of YearAnnual
Expense CalculationX6X7X8X9(b)Property, Plant & Equipment (20X7)Aircraft engineLess: Accumulated depreciation(c)GENERAL JOURNAL DateAccountsDebitCredit1-JanTo record the purchase of engine31-Dec20X6To record 20X6 depreciation31-Dec20X7To record 20X7depreciation31-Dec20X8To record 20X8 depreciation31-Dec20X9To record 20X9 depreciation31-Dec20X9To record disposal of asset
B-10.07
Problem 3 (ch 8)On January 1, 20X1, Pagoda.
A GUI design elements is a combination of technology and equipment.docxevonnehoggarth79783
A GUI design elements is a combination of technology and equipment to provide users with a platform that allows users to interact with it. A series of GUI components follow a visual language to represent the information stored in the computer. The most common elements include a combination of components such as model WIMP (window, icon, menu, pointing device) in the personal computer.
1. (TCO A) An advantage of the corporate form of business is that _____. (Points : 5)
it has limited life
its owner's personal resources are at stake
its ownership is easily transferable via the sale of shares of stock it is simple to establish
2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5)
the most common form of distribution is a cash dividend the Dividends account will be increased with a credit
the Retained Earnings account will be directly increased with a debit the Dividends account will be decreased with a debit
3. (TCOs A, B) Below is a partial list of account balances for Denton Company:
Cash $7,000
Prepaid insurance 700
Accounts receivable 3,500
Accounts payable 2,800
Notes payable 4,200
Common stock 1,400
Dividends 700
Revenues 21,000
Expenses 17,500
What did Denton Company show as total credits? (Points : 5)
$30,100 $29,400 $28,700 $30,800
4. (TCOs B, E) A small and private company may be able to justify using a cash basis of accounting if it has _____. (Points : 5)
sales under $1,000,000 no accountants on staf
insignificant receivables and payables all sales and purchases on account
5. (TCO D) In a period of increasing prices, which inventory cost flow assumption will result in the lowest amount of income tax expense? (Points : 5)
FIFO
LIFO
The average cost method
Income tax expense for the period will be the same under all assumptions.
6. (TCOs A, E) Equipment was purchased for $60,000. Freight charges amounted to $2,800 and there was a cost of $8,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points : 5)
$14,160 $11,760 $9,840 $9,600
7. (TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5)
debit to Cash of $500,000
credit to Discount on Bonds Payable for $20,000 credit to Bonds Payable for $480,000
debit to Cash for $480,000
8. (TCO C) Accounts receivable arising from sales to customers amounted to $35,000 and $40,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was
$120,000. Exclusive of the efect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5)
$120,000 $125,000 $155,000 $115,000
9. (TCO F) Which one of the following is not a tool in fin.
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Question 1. 1. (TCO C) Which characteristic is not possessed by intangible assets? (Points : 5)
Physical existence
Short-lived
Result in future benefits
Expensed over current and/or future years
Question 2. 2. (TCO C) One factor that is not considered in determining the useful life of an intangible asset is (Points : 5)
salvage value.
provisions for renewal or extension.
legal life.
Strayer pad 505 assignment 3 presenting the budget newcharlesangles123
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Strayer pad 505 assignment 1 the operating budget newcharlesangles123
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For more course tutorials visit
www.newtonhelp.com
This Tutorial contains 2 Different Course Project
ACCT 551 Course Project (Notes to Financial Statement)
For more course tutorials visit
www.newtonhelp.com
This Tutorial contains 2 Different Course Project
ACCT 551 Course Project (Notes to Financial Statement)
Problem 1 (ch 8)On January 1, 20X3, Perkins Printing Corporation p.docxChantellPantoja184
Problem 1 (ch 8)On January 1, 20X3, Perkins Printing Corporation purchased a digital press for $1,450,000. It cost an additional $50,000 to deliver, install, and calibrate the press. This machine has a service life of 5 years, at which time it is expected that the device will be scrapped for a $100,000 salvage value.Perkins uses the straight-line depreciation method.`(a)Prepare a schedule showing annual depreciation expense, accumulated depreciation, and related calculations for each year.(b)Show how the asset and related accumulated depreciation would appear on a balance sheet at December 31, 20X5.(c)Prepare journal entries to record the asset's acquisition, annual depreciation for each year, and the asset's eventual sale for $100,000.
&R&"Myriad Web Pro,Bold"&20B-10.06
B-10.06
Worksheet 1 (ch 8)(a)YearAnnual ExpenseAccumulated
Depreciation at End of YearAnnual
Expense CalculationX3X4X5X6X7(b)Property, Plant & Equipment (20X5)EquipmentLess: Accumulated depreciation(c)GENERAL JOURNALDateAccountsDebitCredit1-JanTo record the purchase of press31-Dec20X3To record 20X3 depreciation31-Dec20X4To record 20X4 depreciation31-Dec20X5To record 20X5 depreciation31-Dec20X6To record 20X6 depreciation31-Dec20X7To record 20X7 depreciation31-Dec20X7To record disposal of asset
&L&"Myriad Web Pro,Bold"&12Name:
Date: Section: &R&"Myriad Web Pro,Bold"&20B-10.06
B-10.06
Problem 2 (ch 8)On January 1, 20X6, Outback Air purchased a new engine for one of its airplanes used to transport adventurers to remote regions of western Australia. The engine cost $750,000 and has a service life of 10,000 flight hours. Regulations require careful records of usage, and the engines must be replaced or rebuilt at the end of the 10,000 hour service period. Outback simply chooses to sell its used engines and acquire new ones. Used engines are expected to be resold for 1/3 of their original cost.Outback uses the units-of-output depreciation method.`(a)Assuming that the engine was used as follows, prepare a schedule showing annual depreciation expense, accumulated depreciation, and related calculations for each year.
20X6 1,500 hours
20X7 4,000 hours
20X8 3,000 hours
20X9 1,500 hours(b)Show how the asset and related accumulated depreciation would appear on a balance sheet at December 31, 20X7.(c)Prepare journal entries to record the asset's acquisition, annual depreciation for each year, and the asset's eventual sale for $250,000.
B-10.07
Worksheet 2 (ch 8)(a)YearAnnual ExpenseAccumulated
Depreciation at End of YearAnnual
Expense CalculationX6X7X8X9(b)Property, Plant & Equipment (20X7)Aircraft engineLess: Accumulated depreciation(c)GENERAL JOURNAL DateAccountsDebitCredit1-JanTo record the purchase of engine31-Dec20X6To record 20X6 depreciation31-Dec20X7To record 20X7depreciation31-Dec20X8To record 20X8 depreciation31-Dec20X9To record 20X9 depreciation31-Dec20X9To record disposal of asset
B-10.07
Problem 3 (ch 8)On January 1, 20X1, Pagoda.
A GUI design elements is a combination of technology and equipment.docxevonnehoggarth79783
A GUI design elements is a combination of technology and equipment to provide users with a platform that allows users to interact with it. A series of GUI components follow a visual language to represent the information stored in the computer. The most common elements include a combination of components such as model WIMP (window, icon, menu, pointing device) in the personal computer.
1. (TCO A) An advantage of the corporate form of business is that _____. (Points : 5)
it has limited life
its owner's personal resources are at stake
its ownership is easily transferable via the sale of shares of stock it is simple to establish
2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5)
the most common form of distribution is a cash dividend the Dividends account will be increased with a credit
the Retained Earnings account will be directly increased with a debit the Dividends account will be decreased with a debit
3. (TCOs A, B) Below is a partial list of account balances for Denton Company:
Cash $7,000
Prepaid insurance 700
Accounts receivable 3,500
Accounts payable 2,800
Notes payable 4,200
Common stock 1,400
Dividends 700
Revenues 21,000
Expenses 17,500
What did Denton Company show as total credits? (Points : 5)
$30,100 $29,400 $28,700 $30,800
4. (TCOs B, E) A small and private company may be able to justify using a cash basis of accounting if it has _____. (Points : 5)
sales under $1,000,000 no accountants on staf
insignificant receivables and payables all sales and purchases on account
5. (TCO D) In a period of increasing prices, which inventory cost flow assumption will result in the lowest amount of income tax expense? (Points : 5)
FIFO
LIFO
The average cost method
Income tax expense for the period will be the same under all assumptions.
6. (TCOs A, E) Equipment was purchased for $60,000. Freight charges amounted to $2,800 and there was a cost of $8,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points : 5)
$14,160 $11,760 $9,840 $9,600
7. (TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5)
debit to Cash of $500,000
credit to Discount on Bonds Payable for $20,000 credit to Bonds Payable for $480,000
debit to Cash for $480,000
8. (TCO C) Accounts receivable arising from sales to customers amounted to $35,000 and $40,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was
$120,000. Exclusive of the efect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5)
$120,000 $125,000 $155,000 $115,000
9. (TCO F) Which one of the following is not a tool in fin.
For more course tutorials visit
Uophelp is now newtonhelp.com
www.newtonhelp.com
Question 1. 1. (TCO C) Which characteristic is not possessed by intangible assets? (Points : 5)
Physical existence
Short-lived
Result in future benefits
Expensed over current and/or future years
Question 2. 2. (TCO C) One factor that is not considered in determining the useful life of an intangible asset is (Points : 5)
salvage value.
provisions for renewal or extension.
legal life.
Strayer pad 505 assignment 3 presenting the budget newcharlesangles123
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Strayer pad 505 assignment 1 the operating budget newcharlesangles123
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Stayer pad 505 assignment 3 presenting the budget newcharlesangles123
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Stayer pad 505 assignment 1 the operating budget newcharlesangles123
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Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
Sectors of the Indian Economy - Class 10 Study Notes pdf
Devry acct 550 final exam
1. DEVRY ACCT 550 Final Exam
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ACCT 550 Final Exam
1. (TCO A) Listed below are several information, characteristics, and accounting
principles and assumptions. Match the letter of each with the appropriate phrase
that states its application.
(Points : 30)
Potential Matches:
1 : Earnings process completed and realized or realizable
2 : Cost of providing financial information versus the benefits derived from its use
3 : Accruals and deferrals in adjusting and closing process
4 : Business enterprise assumed to have a long life
5 : Stable dollar assumption
6 : Notes as part of necessary information to a fair presentation
7 : Valuing assets at amount originally paid for them
8 : The impact of an item on the overall financial operations of a company
9 : Presentation of error-free information with representational faithfulness
2. (TCO B) Adjusting Entries: Unearned rent at 1/1/10 was $10,300 and at 12/31/10
was $6,000. The records indicate cash receipts from rental sources during 2010
amounted to $50,000, all of which was credited to the Unearned Rent Account. You
are to prepare the missing adjusting entry. For each journal entry write Dr. for debit
and Cr. for credit. (Points : 10)
2. 3. (TCO B) Adjusting Entries: Data relating to the balances of various accounts
affected by adjusting or closing entries appear below. (The entries which caused the
changes in the balances are not given.) You are asked to supply the missing journal
entries which would logically account for the changes in the account balances.
Interest receivable at 1/1/10 was $1,000. During 2010 cash received from debtors
for interest on outstanding notes receivable amounted to $1,000. The 2010 income
statement showed interest revenue in the amount of $2,900. You are to provide the
missing adjusting entry that must have been made, assuming reversing entries are
not made. For each journal entry write Dr. for debit and Cr. for credit. (Points : 10)
4. (TCO B) Adjusting entries: Accumulated depreciation-equipment at 1/1/10 was
$200,000. At 12/31/10, the balance of the account was $320,000. During 2010, one
piece of equipment was sold. The equipment had an original cost of $50,000 and was
1/2 depreciated when sold. You are to prepare the missing adjusting entry. For each
journal entry, write Dr. for debit and Cr. for credit. (Points : 10)
5. (TCO B) Adjusting Entries: Allowance for doubtful accounts on 1/1/10 was
$70,000. The balance in the allowance account on 12/31/10 after making the annual
adjusting entry was $70,000 and during 2010 bad debts written off amounted to
$40,000. You are to provide the missing adjusting entry. For each journal entry write
Dr. for debit and Cr. for credit. (Points : 10)
6. (TCO B) Adjusting Entries: Prepaid rent at 1/1/10 was $50,000. During 2010 rent
payments of $110,000 were made and charged to "rent expense." The 2010 income
statement shows as a general expense the item "rent expense" in the amount of
$135,000. You are to prepare the missing adjusting entry that must have been made,
assuming reversing entries are not made. For each journal entry write Dr. for debit
and Cr. for credit. (Points : 10)
7. (TCO B) Adjusting Entries: Retained earnings at 1/1/10 were $100,000 and at
12/31/10 it was $300,000. During 2010, cash dividends of $40,000 were paid and a
stock dividend of $40,000 was issued. Both dividends were properly charged to
retained earnings. You are to provide the missing closing entry. For each journal
entry write Dr. for debit and Cr. for credit. (Points : 10)
8. (TCO C) Presented below is information related to Big Blast Company.
Retained earnings, December 31, 2010 $ 2,350,000
Sales 2,600,000
Selling and administrative expenses 240,000
Earthquake loss (pre-tax) on plant (extraordinary item) 250,000
Cash dividends declared on common stock 53,600
Cost of good sold 1,000,000
Gain resulting from computation error on depreciation charge in 2009 (pre-tax)
520,000
3. Other revenue 80,000
Other expenses 50,000
Instructions: Prepare in good form a multiple-step income statement for the year
2011. Assume a 30% tax rate and that 100,000 shares of common stock were
outstanding during the year. (Points : 40)
9. (TCO D) The following balance sheet was prepared by the bookkeeper for Purple
Company as of December 31, 2011 Purple Company Balance Sheet as of December
31, 2011:
Cash $ 80,000 Accounts payable $ 75,000
Accounts receivable (net) 52,200 Long-term liabilities 100,000
Inventories 57,000 Stockholders' equity 218,500
Investments 76,300
Equipment (net) 96,000
Patents
$393,500 $393,500
The following additional information is provided:
(1) Cash includes the cash surrender value of a life insurance policy $12,000, and a
bank overdraft of $2,500 has been deducted.
(2) The net accounts receivable balance includes:
(a) accounts receivable debit balances $60,000;
(b) accounts receivable 0;
(c) allowance for doubtful accounts $3,800.
(3) Inventories do not include goods costing $3,000 shipped out on consignment.
Receivables of $3,000 were recorded on these goods.
(4) Investments include investments in common stock, trading $13,000, available-
for-sale $48,300, and franchises $15,000.
(5) Equipment costing $5,000 with accumulated depreciation $4,000 is no longer
used and is held for sale. Accumulated depreciation on the other equipment is
$40,000.
(6) An unrecorded liability was not recorded on the balance sheet of $2000.
Instructions:
Prepare a balance sheet in good form (stockholders' equity details can be omitted.)
(Points : 40)
10. (TCO E) Jack Sawyer is presently leasing a copier from John Office Equipment
Company. The lease requires 11 annual payments of $4,500 at the end of each year
and provides the leaser (John) with an 8% return on its investment. You may use the
following 8% interest factors:
9 Periods 10 Periods 11 Periods
4. Future Value of 1 1.99900 2.15892 2.33164
Present Value of .50025 .46319 .42888
Future Value of 12.48756 14.48656 16.64549
Ordinary Annuity of 1
Present Value of 6.24689 6.71008 7.13896
Ordinary Annuity of 1
Present Value of 6.74664 7.24689 7.71008
Annuity Due of 1
Instructions
(a) Assuming the computer has an eleven-year life and will have no salvage value at
the expiration of the lease, what was the original cost of the copier to John?
(b) What amount would each payment be if the 11 annual payments are to be made
at the beginning of each period? (Points : 25)
11. (TCO F) David deposits all receipts and makes all payments by check. The
following information is available from the cash records:
MARCH 31 BANK RECONCILIATION
Balance per bank $26,746
Add: Deposits in transit 2,100
Deduct: Outstanding checks (3,800)
Balance per books $25,046
Month of April Results Per Bank Per Book
Balance April 30 $27,995 $24,355
April deposits 8,864 14,889
April checks 12,200 16,080
April note collected 3,000 -0-
(not included in April deposits)
April bank service charge 35 -0-
April NSF check of a customer 900 -0-
returned by the bank
(recorded by bank as a charge)
Instructions:
Calculate the amount of the April 30:
(1) Deposits in transit
(2). Outstanding checks
Show all your work for potential partial credit. (Points : 25)
12. (TCO G) Steve Company was formed on December 1, 2010. The following
information is available from Steve's inventory record for Product X.
Units Unit Cost
5. January 1, 2011 (beginning inventory) 1,500 $19.00
Purchases:
January 5, 2011 2,600 $20.00
January 25, 2011 2,400 $21.00
February 16, 2011 1,000 $22.00
March 15, 2011 2,300 $24.00
A physical inventory on March 31, 2011, shows 2,800 units on hand.
Instructions
Prepare schedules to compute the ending inventory at March 31, 2011, under each of
the following inventory methods:
(a) FIFO
(b) LIFO
(c) Weighted-average.
Show supporting computations in good form. (Points : 40)
13. (TCO H) A machine cost $500,000 on April 1, 2010. Its estimated salvage value is
$50,000 and its expected life is eight years.
Instructions
Calculate the depreciation expense (to the nearest dollar) by each of the following
methods, showing the figures used.
(a) Straight-line for 2010
(b) Double-declining balance for 2011
(c) Sum-of-the-years'-digits for 2011 (Points : 40)
6. January 1, 2011 (beginning inventory) 1,500 $19.00
Purchases:
January 5, 2011 2,600 $20.00
January 25, 2011 2,400 $21.00
February 16, 2011 1,000 $22.00
March 15, 2011 2,300 $24.00
A physical inventory on March 31, 2011, shows 2,800 units on hand.
Instructions
Prepare schedules to compute the ending inventory at March 31, 2011, under each of
the following inventory methods:
(a) FIFO
(b) LIFO
(c) Weighted-average.
Show supporting computations in good form. (Points : 40)
13. (TCO H) A machine cost $500,000 on April 1, 2010. Its estimated salvage value is
$50,000 and its expected life is eight years.
Instructions
Calculate the depreciation expense (to the nearest dollar) by each of the following
methods, showing the figures used.
(a) Straight-line for 2010
(b) Double-declining balance for 2011
(c) Sum-of-the-years'-digits for 2011 (Points : 40)