On July 10 2025 Ivanhoe Music sold CDs to retailers on acc.pdf
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On July 10, 2025, Ivanhoe Music sold CDs to retailers on account and recorded sales revenue of $724,000( cost $528,520). Ivanhoe grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11,2025, retailers returned CDs to Ivanhoe and were granted credit of $81,700. Prepare Ivanhoe's journal entries to record (a) the sale on July 10, 2025, and (b) $81,700 of returns on October 11, 2025, and on October 31, 2025. Assume that Ivanhoe prepares financial statements on October 31, 2025. (Credit occount titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the. amounts. List all debit entries before credit entries.)(b) (To record sales returns) (To record cost of goods returned).
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Chapter 19 Prepaid and Accrued Revenues - Test
This document contains a 25 question multiple choice test on balance-day adjustments for revenue. It covers concepts like prepaid revenue, accrued revenue, and the journal entries required to record balance-day adjustments. It is from a VCE Accounting unit on analyzing business performance, and was created by an accounting teacher at Trinity Grammar School.
Merchandising Activities
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and LinkedIn account
Wiggins Corporation utilizes an accounting software pack.docx
Wiggins Corporation utilizes an accounting software package that is capable of producing a detailed aging
of outstanding accounts receivable. Following is the aging schedule as of December 31, 20X2.
Spreadsheet
f x
A B C D E
1 Age Amount Outstanding
2 0 to 30 days $1,200,000
3 31 to 60 days 700,000
4 61 to 120 days 200,000
5 Over 120 days 25,000
6
Casper Wiggins has owned and operated Wiggins Corporation for many years and has a very good sense
of the probability of collection of outstanding receivables, based on an aging analysis. The following table
reveals the likelihood of collection:
Allowance method: Aging of accounts B-07.05
Mike
Highlight
Spreadsheet
f x
A B C D E
1 Age Probability of Collection
2 0 to 30 days 98%
3 31 to 60 days 90%
4 61 to 120 days 75%
5 Over 120 days 50%
6
(a) Prepare an aging analysis and show how accounts receivable and the related allowance for
uncollectibles should appear on the balance sheet at December 31.
(b) Prepare the necessary journal entry to update the allowance for uncollectibles, assuming the
balance prior to preparing the aging was a $15,000 credit.
(c) Prepare the necessary journal entry to update the allowance for uncollectibles, assuming the
balance prior to preparing the aging was a $5,000 debit. How could the allowance account have
contained a debit balance?
Morrison Supply sells pressured air devices that assist patients with breathing disorders during sleep. These
devices are delivered to patients immediately upon completion of a diagnostics exam, and are subsequently
billed to insurance companies. Insurance companies sometime refuse to pay and/or only agree to a reduced
price. Patients are then responsible for any amount denied by the insurance company, but are often unable
or unwilling to pay. Because clinical standards of cleanliness must be maintained, Morrison is unable to ac-
cept returns for resale to others.
Morrison is reluctant to litigate to collect unpaid amounts. As a result, Morrison experiences a high rate of
uncollectible accounts, and prepares a monthly adjusting entry for uncollectibles that is equal to 20% of sales.
Morrison's Monthly sales and write-offs for the first quarter of 20X7 follow:
MONTH SALES ACTUAL WRITEOFFS
January $630,000 $100,000
February $480,000 $ 80,000
March $590,000 $140,000
(a) Prepare monthly journal entries to summarize sales on account, the recording of the provision for
uncollectibles, and the actual write-offs.
(b) The provision for uncollectibles is established at 20% of sales. Why are the monthly write-offs not
also proportional to that month's sales? Does the amount written off in a particular month impact
net income for that month?
B-07.06 Allowance method: Percentage of sales
Mike
Highlight
Supreme Vacuum uses television advertising blitzes to generate consumer interest in its highly-touted floor
cleaners. Customers are directed to a website for more information. Once on the webs.
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the
following stockholders' equity accounts. A review of the accounting records reveals the
following. 1. No errors have been made in recording 2022 transactions or in preparing the
closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares
have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred,
520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings
was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per
share. 6. On September 1, the company discovered an understatement error of $92,400 in
computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly
debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly
allocated to preferred and common stock on October 1. No dividends were paid to preferred
stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of
retained eamings on common stock when the market price per share was $18. 9. Net income for
the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a
$208,000 restriction of retained earnings for plant
Compute the allocation of the cash dividend to preferred and common stock. Allocation of the
cash dividend to preferred stock Allocation of the cash dividend to common stock
(a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the
problem.)
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do
not provide descriptive information) WILDHORSE CORPORATION Partial Balance Sheet $$.
Acct 6031 – Fall 2016 Accounting Practice SetThis case is desi.docx
Acct 6031 – Fall 2016 Accounting Practice Set
This case is designed to reinforce certain technical accounting skills that are a prerequisite to a solid understanding of the generally accepted accounting principles that underlie preparation of general purpose financial statements.
You are tasked with the preparation of a set of 2015 financial statements for BRONX BOMBERS, INC. a company that purchases merchandise inventory for resale.
You will be required to prepare journal entries (utilizing a general journal along with a set of special journals), the posting of those entries to both general and subsidiary ledger accounts, and preparation of month-end adjustments, an adjusted trial balance, financial statements, and closing entries in order to ready the general ledger for 2015 activity. BRONX BOMBERS, INC. uses the following chart of accounts:
Account NumberAccount Title
100 Cash
110 Accounts Receivable
115 Allowance for Doubtful Accounts (AFDA)
120 Interest Receivable
130 Inventory
135 Supplies
140 Prepaid Rent
145 Prepaid Insurance
150 Available for Sale Investments (non-current)
160 Land
170 Buildings
175 Accumulated Depreciation – Buildings
180 Equipment
185 Accumulated Depreciation – Equipment
190 Patents
210 Accounts Payable
220 Salaries Payable
225 Utilities Payable
230 Interest Payable
235 Unearned Rent
240 Income Taxes Payable
245 Dividends Payable
250 Notes Payable (non-current)
300 Common Stock
310 Additional Paid-In Capital
320 Retained Earnings
325 Dividends
330 Accumulated Other Comprehensive Income
350 Treasury Stock
400 Sales Revenue
402 Sales Returns & Allowances
404 Sales Discounts
410 Interest Revenue
420 Rent Revenue
430 Dividend Revenue
500 Cost of Goods Sold
505 Purchases
507 Purchase Returns & Allowances
508 Purchase Discounts
510 Salaries Expense
515 Bad Debt Expense
520 Rent Expense
530 Depreciation Expense – Buildings
535 Depreciation Expense – Equipment
540 Patent Amortization Expense
550 Utilities Expense
555 Supplies Expense
560 Insurance Expense
570 Interest Expense
590 Income Tax Expense
Bronx Bombers, Inc. is a calendar-year firm that has been in business in the USA for the past ten years. Your job is to maintain the accounting records of Bronx Bombers, Inc. for the month of December, prepare the annual financial statements (income statement, balance sheet, and statement of cash flows—using the direct method) as of December 31, 2015, and then close the nominal accounts to prepare the accounting records for 2015 entries.
BRONX BOMBERS, INC. utilizes the following five journals:
· Sales journal – this journal is exclusively used to record all credit sales
· Purchases journal – this journal is exclusively used to record all purchases of inventory items on credit
· Cash Receipts journal – this journal is exclusively used to record all transactions that involve a receipt of cash
· Cash Disbursements journal – this journal is exclusively used to recor.
BUSI-320 Corporate Finance-2013 Fall-B (Moten)assignment Homew.docx
BUSI-320 Corporate Finance-2013 Fall-B (Moten)
assignment: Homework 2
1.Problem 4-1 Growth and financing [LO4]
Philip Morris is excited because sales for his clothing company are expected to double from $650,000 to $1,300,000 next year. Philip notes that net assets (Assets – Liabilities) will remain at 50 percent of Sales. His clothing firm will enjoy a 12 percent return on total sales. He will start the year with $250,000 in the bank and is already bragging about the two Mercedes he will buy and the European vacation he will take.
(a)
Compute his likely cash balance or deficit for the end of the year. Start with beginning cash and subtract the asset buildup (equal to 50 percent of the sales increase) and add in profit. (Negative amount should be indicated by a minus sign. Omit the "$" sign in your response.)
Ending cash balance
$
(b)
Does his optimistic outlook for his cash position appear to be correct?
2.Problem 4-3 Growth and financing [LO4]
Galehouse Gas Stations, Inc., expects sales to increase from $1,710,000 to $1,910,000 next year. Mr. Galehouse believes that net assets (Assets – Liabilities) will represent 45 percent of sales. His firm has a 8 percent return on sales and pays 20 percent of profits out as dividends.
(a)
What effect will this growth have on funds? (Negative amount should be indicated by a minus sign. Omit the "$" sign in your response.)
The cash balance will change by $ .
(b)
If the dividend payout is only 15 percent, what effect will this growth have on funds? (Omit the "$" sign in your response.)
The cash balance will change by $ .
3.Problem 4-4 Sales projections [LO2]
The Alliance Corp. expects to sell the following number of units of copper cables at the prices indicated, under three different scenarios in the economy. The probability of each outcome is indicated.
Outcome
Probability
Units
Price
A
.30
260
$
27
B
.50
440
42
C
.20
650
52
What is the expected value of the total sales projection? (Omit the "$" sign in your response.)
Total expected value
$
4.Problem 4-6 Sales projections [LO2]
Cyber Security Systems had sales of 3,200 units at $60 per unit last year. The marketing manager projects a 15 percent increase in unit volume sales this year with a 40 percent price increase. Returned merchandise will represent 5 percent of total sales.
What is your net dollar sales projection for this year? (Omit the "$" sign in your response.)
Net sales
5.Problem 4-8 Production requirements [LO2]
Sales for Western Boot Stores are expected to be 49,000 units for October. The company likes to maintain 25 percent of unit sales for each month in ending inventory (i.e., the end of October). Beginning inventory for October is 13,000 units.
How many units should Western Boot produce for the coming month?
Units to be produced
6.Problem 4-11 Cost of goods sold-FIFO [LO2]
On December 31 of last year, Wolfson Corporation had in inventory 560 units of ...
ch07 (2).pdf
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.
Accounting Economics And Business 14 Nov Ii
The document describes an afterschool programme on accounting, economics and business run by Dr. T.K. Jain's Centre for Social Entrepreneurship in Bikaner, India. It is a free programme that provides the world's most comprehensive training in social and spiritual entrepreneurship. Contact details are provided.
Recommended
Chapter 19 Prepaid and Accrued Revenues - Test
This document contains a 25 question multiple choice test on balance-day adjustments for revenue. It covers concepts like prepaid revenue, accrued revenue, and the journal entries required to record balance-day adjustments. It is from a VCE Accounting unit on analyzing business performance, and was created by an accounting teacher at Trinity Grammar School.
Merchandising Activities
(follow my slide share LinkedIn account for more presentation)
http://www.slideshare.net/unaib763
and LinkedIn account
Wiggins Corporation utilizes an accounting software pack.docx
Wiggins Corporation utilizes an accounting software package that is capable of producing a detailed aging
of outstanding accounts receivable. Following is the aging schedule as of December 31, 20X2.
Spreadsheet
f x
A B C D E
1 Age Amount Outstanding
2 0 to 30 days $1,200,000
3 31 to 60 days 700,000
4 61 to 120 days 200,000
5 Over 120 days 25,000
6
Casper Wiggins has owned and operated Wiggins Corporation for many years and has a very good sense
of the probability of collection of outstanding receivables, based on an aging analysis. The following table
reveals the likelihood of collection:
Allowance method: Aging of accounts B-07.05
Mike
Highlight
Spreadsheet
f x
A B C D E
1 Age Probability of Collection
2 0 to 30 days 98%
3 31 to 60 days 90%
4 61 to 120 days 75%
5 Over 120 days 50%
6
(a) Prepare an aging analysis and show how accounts receivable and the related allowance for
uncollectibles should appear on the balance sheet at December 31.
(b) Prepare the necessary journal entry to update the allowance for uncollectibles, assuming the
balance prior to preparing the aging was a $15,000 credit.
(c) Prepare the necessary journal entry to update the allowance for uncollectibles, assuming the
balance prior to preparing the aging was a $5,000 debit. How could the allowance account have
contained a debit balance?
Morrison Supply sells pressured air devices that assist patients with breathing disorders during sleep. These
devices are delivered to patients immediately upon completion of a diagnostics exam, and are subsequently
billed to insurance companies. Insurance companies sometime refuse to pay and/or only agree to a reduced
price. Patients are then responsible for any amount denied by the insurance company, but are often unable
or unwilling to pay. Because clinical standards of cleanliness must be maintained, Morrison is unable to ac-
cept returns for resale to others.
Morrison is reluctant to litigate to collect unpaid amounts. As a result, Morrison experiences a high rate of
uncollectible accounts, and prepares a monthly adjusting entry for uncollectibles that is equal to 20% of sales.
Morrison's Monthly sales and write-offs for the first quarter of 20X7 follow:
MONTH SALES ACTUAL WRITEOFFS
January $630,000 $100,000
February $480,000 $ 80,000
March $590,000 $140,000
(a) Prepare monthly journal entries to summarize sales on account, the recording of the provision for
uncollectibles, and the actual write-offs.
(b) The provision for uncollectibles is established at 20% of sales. Why are the monthly write-offs not
also proportional to that month's sales? Does the amount written off in a particular month impact
net income for that month?
B-07.06 Allowance method: Percentage of sales
Mike
Highlight
Supreme Vacuum uses television advertising blitzes to generate consumer interest in its highly-touted floor
cleaners. Customers are directed to a website for more information. Once on the webs.
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the
following stockholders' equity accounts. A review of the accounting records reveals the
following. 1. No errors have been made in recording 2022 transactions or in preparing the
closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares
have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred,
520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings
was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per
share. 6. On September 1, the company discovered an understatement error of $92,400 in
computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly
debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly
allocated to preferred and common stock on October 1. No dividends were paid to preferred
stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of
retained eamings on common stock when the market price per share was $18. 9. Net income for
the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a
$208,000 restriction of retained earnings for plant
Compute the allocation of the cash dividend to preferred and common stock. Allocation of the
cash dividend to preferred stock Allocation of the cash dividend to common stock
(a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the
problem.)
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do
not provide descriptive information) WILDHORSE CORPORATION Partial Balance Sheet $$.
Acct 6031 – Fall 2016 Accounting Practice SetThis case is desi.docx
Acct 6031 – Fall 2016 Accounting Practice Set
This case is designed to reinforce certain technical accounting skills that are a prerequisite to a solid understanding of the generally accepted accounting principles that underlie preparation of general purpose financial statements.
You are tasked with the preparation of a set of 2015 financial statements for BRONX BOMBERS, INC. a company that purchases merchandise inventory for resale.
You will be required to prepare journal entries (utilizing a general journal along with a set of special journals), the posting of those entries to both general and subsidiary ledger accounts, and preparation of month-end adjustments, an adjusted trial balance, financial statements, and closing entries in order to ready the general ledger for 2015 activity. BRONX BOMBERS, INC. uses the following chart of accounts:
Account NumberAccount Title
100 Cash
110 Accounts Receivable
115 Allowance for Doubtful Accounts (AFDA)
120 Interest Receivable
130 Inventory
135 Supplies
140 Prepaid Rent
145 Prepaid Insurance
150 Available for Sale Investments (non-current)
160 Land
170 Buildings
175 Accumulated Depreciation – Buildings
180 Equipment
185 Accumulated Depreciation – Equipment
190 Patents
210 Accounts Payable
220 Salaries Payable
225 Utilities Payable
230 Interest Payable
235 Unearned Rent
240 Income Taxes Payable
245 Dividends Payable
250 Notes Payable (non-current)
300 Common Stock
310 Additional Paid-In Capital
320 Retained Earnings
325 Dividends
330 Accumulated Other Comprehensive Income
350 Treasury Stock
400 Sales Revenue
402 Sales Returns & Allowances
404 Sales Discounts
410 Interest Revenue
420 Rent Revenue
430 Dividend Revenue
500 Cost of Goods Sold
505 Purchases
507 Purchase Returns & Allowances
508 Purchase Discounts
510 Salaries Expense
515 Bad Debt Expense
520 Rent Expense
530 Depreciation Expense – Buildings
535 Depreciation Expense – Equipment
540 Patent Amortization Expense
550 Utilities Expense
555 Supplies Expense
560 Insurance Expense
570 Interest Expense
590 Income Tax Expense
Bronx Bombers, Inc. is a calendar-year firm that has been in business in the USA for the past ten years. Your job is to maintain the accounting records of Bronx Bombers, Inc. for the month of December, prepare the annual financial statements (income statement, balance sheet, and statement of cash flows—using the direct method) as of December 31, 2015, and then close the nominal accounts to prepare the accounting records for 2015 entries.
BRONX BOMBERS, INC. utilizes the following five journals:
· Sales journal – this journal is exclusively used to record all credit sales
· Purchases journal – this journal is exclusively used to record all purchases of inventory items on credit
· Cash Receipts journal – this journal is exclusively used to record all transactions that involve a receipt of cash
· Cash Disbursements journal – this journal is exclusively used to recor.
BUSI-320 Corporate Finance-2013 Fall-B (Moten)assignment Homew.docx
BUSI-320 Corporate Finance-2013 Fall-B (Moten)
assignment: Homework 2
1.Problem 4-1 Growth and financing [LO4]
Philip Morris is excited because sales for his clothing company are expected to double from $650,000 to $1,300,000 next year. Philip notes that net assets (Assets – Liabilities) will remain at 50 percent of Sales. His clothing firm will enjoy a 12 percent return on total sales. He will start the year with $250,000 in the bank and is already bragging about the two Mercedes he will buy and the European vacation he will take.
(a)
Compute his likely cash balance or deficit for the end of the year. Start with beginning cash and subtract the asset buildup (equal to 50 percent of the sales increase) and add in profit. (Negative amount should be indicated by a minus sign. Omit the "$" sign in your response.)
Ending cash balance
$
(b)
Does his optimistic outlook for his cash position appear to be correct?
2.Problem 4-3 Growth and financing [LO4]
Galehouse Gas Stations, Inc., expects sales to increase from $1,710,000 to $1,910,000 next year. Mr. Galehouse believes that net assets (Assets – Liabilities) will represent 45 percent of sales. His firm has a 8 percent return on sales and pays 20 percent of profits out as dividends.
(a)
What effect will this growth have on funds? (Negative amount should be indicated by a minus sign. Omit the "$" sign in your response.)
The cash balance will change by $ .
(b)
If the dividend payout is only 15 percent, what effect will this growth have on funds? (Omit the "$" sign in your response.)
The cash balance will change by $ .
3.Problem 4-4 Sales projections [LO2]
The Alliance Corp. expects to sell the following number of units of copper cables at the prices indicated, under three different scenarios in the economy. The probability of each outcome is indicated.
Outcome
Probability
Units
Price
A
.30
260
$
27
B
.50
440
42
C
.20
650
52
What is the expected value of the total sales projection? (Omit the "$" sign in your response.)
Total expected value
$
4.Problem 4-6 Sales projections [LO2]
Cyber Security Systems had sales of 3,200 units at $60 per unit last year. The marketing manager projects a 15 percent increase in unit volume sales this year with a 40 percent price increase. Returned merchandise will represent 5 percent of total sales.
What is your net dollar sales projection for this year? (Omit the "$" sign in your response.)
Net sales
5.Problem 4-8 Production requirements [LO2]
Sales for Western Boot Stores are expected to be 49,000 units for October. The company likes to maintain 25 percent of unit sales for each month in ending inventory (i.e., the end of October). Beginning inventory for October is 13,000 units.
How many units should Western Boot produce for the coming month?
Units to be produced
6.Problem 4-11 Cost of goods sold-FIFO [LO2]
On December 31 of last year, Wolfson Corporation had in inventory 560 units of ...
ch07 (2).pdf
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.
Accounting Economics And Business 14 Nov Ii
The document describes an afterschool programme on accounting, economics and business run by Dr. T.K. Jain's Centre for Social Entrepreneurship in Bikaner, India. It is a free programme that provides the world's most comprehensive training in social and spiritual entrepreneurship. Contact details are provided.
Condensed financial data of Waterway Company for 2025 and 2024 are pr.pdf
Condensed financial data of Waterway Company for 2025 and 2024 are presented below.
Additional information: During the year, $70 of common stock was issued in exchange for plant
assets. No plant assets were sold in 2025 . Prepare a statement of cash flows using the indirect
method. (Show amounts that decrease cash flow with either asign e.g. 15,000 or in parenthesis
eg. (15,000).)
For the Year Ended December 31, 2025 (Indirect Method) Cash Flows from Operating Activities
Net Income $ 780 Adjustments to reconcile net income to Cash Flows from Operating Activities
Depreciation Expense Increase in Accounts Receivable Decrease in Inventory Increase in
Accounts Payable Decrease in Accrued Liabilities Gain on Sale of Investments 70 490
Cash Flows from Financing Activities Issuance of Capital Stock Payment of Cash Dividends
Redemption of Bonds Payable Net Cash Used by Financing Activities Net Increase in Cash
Cash, January 1, 2025 Cash, December 31, 2025 Noncash Investing and Financing Activities
Issuance of Common Stock for Plant Assets \begin{tabular}{|r|} \hline-190 \\ \hline
\end{tabular} 180 \begin{tabular}{|r|} \hline-260 \\ \hline \end{tabular} 680
\begin{tabular}{|c|c|} \hline & 1,140 \\ \hline$ & 1,820 \\ \hline \end{tabular}.
Problem 1 (ch 8)On January 1, 20X3, Perkins Printing Corporation p.docx
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.
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.
This case is designed to reinforce certain technical accounting .docx
This case is designed to reinforce certain technical accounting skills that are a prerequisite to a solid understanding of the generally accepted accounting principles that underlie preparation of general purpose financial statements.
You are tasked with the preparation of a set of 2015financial statements for BRONX BOMBERS, INC. a company that purchases merchandise inventory for resale.
You will be required to prepare journal entries (utilizing a general journal along with a set of special journals), the posting of those entries to both general and subsidiary ledger accounts, and preparation of month-end adjustments, an adjusted trial balance,financial statements, and closing entries in order to ready the general ledger for 2015 activity.BRONX BOMBERS, INC. uses the following chart of accounts:
Account NumberAccount Title
100 Cash
110 Accounts Receivable
115 Allowance for Doubtful Accounts (AFDA)
120 Interest Receivable
130 Inventory
135 Supplies
140 Prepaid Rent
145 Prepaid Insurance
150 Available for Sale Investments (non-current)
160 Land
170 Buildings
175 Accumulated Depreciation – Buildings
180 Equipment
185 Accumulated Depreciation – Equipment
190 Patents
210 Accounts Payable
220 Salaries Payable
225 Utilities Payable
230 Interest Payable
235 Unearned Rent
240 Income Taxes Payable
245 Dividends Payable
250 Notes Payable (non-current)
300 Common Stock
310 Additional Paid-In Capital
320 Retained Earnings
325 Dividends
330 Accumulated Other Comprehensive Income
350 Treasury Stock
400 Sales Revenue
402 Sales Returns & Allowances
404 Sales Discounts
410 Interest Revenue
420 Rent Revenue
430 Dividend Revenue
500 Cost of Goods Sold
505 Purchases
507 Purchase Returns & Allowances
508 Purchase Discounts
510 Salaries Expense
515 Bad Debt Expense
520 Rent Expense
530 Depreciation Expense – Buildings
535 Depreciation Expense – Equipment
540 Patent Amortization Expense
550 Utilities Expense
555 Supplies Expense
560 Insurance Expense
570 Interest Expense
590 Income Tax Expense
Bronx Bombers, Inc. is a calendar-year firm that has been in business in the USA for the past ten years. Your job is to maintain the accounting records of Bronx Bombers, Inc. for the month of December, prepare the annual financial statements (income statement, balance sheet, and statement of cash flows—using the direct method) as of December 31, 2015, and then close the nominal accounts to prepare the accounting records for 2015 entries.
BRONX BOMBERS, INC.utilizes the following five journals:
· Sales journal – this journal is exclusively used to record all credit sales
· Purchases journal – this journal is exclusively used to record all purchases of inventory items on credit
· Cash Receipts journal – this journal is exclusively used to record all transactions that involve a receipt of cash
· Cash Disbursements journal – this journal is exclusively used to record all transactions that involve a cash payment
· Gen ...
Principle Of Accounts School Based Assessments 2017 Guide
The document provides guidance for completing a school-based assessment (SBA) in accounting. It includes sections like business description, aims of the SBA, transaction list, sample documents, journals, ledgers, trial balance, financial statements, ratios and recommendations. The document was created by Darien Guillen to help understand what the exam board and teacher expect for the SBA and guide the reader through completing it in detail.
Acc 422-week-2-wiley plus-assignment
uop acc 422 week 2 wileyplus,uop acc 422 week 2,acc 422 week 2,uop acc 422 week 2 tutorial,uop acc 422 week 2 assignment,uop acc 422 week 2 help
Acc 422-week-2-wiley plus-assignment
uop acc 422 week 2 wileyplus,uop acc 422 week 2,acc 422 week 2,uop acc 422 week 2 tutorial,uop acc 422 week 2 assignment,uop acc 422 week 2 help
Acquisition of Saban Ltd On 1stJanuary 2010, Habiki Ltd acquir.docx
Acquisition of Saban Ltd
On 1
st
January 2010, Habiki Ltd acquired 90% of the share capital (ex div) of Saban Ltd for $14,500,000. At this date, the accounts of Saban Ltd included the following balances:
Share capital (9,000,000 shares) $9,000,000
General reserve 2,100,000
Retained profits 1,050,000
Dividends payable 900,000
All of the identifiable net assets of Saban Ltd were recorded at fair value except for Patents which had a fair value of $1,180,000 above the carrying amount. Adjustments for the differences are made on consolidation and tax-effect entries are needed.On the 15 June 2011, Saban Ltd paid a cash dividend of $450,000 (appropriated from pre-acquisition profits). This amount was recognised as revenue by Habiki Ltd. The Financial Controller of Habiki Ltd felt that the dividend had impaired the value of the company’s investment in Saban Ltd and subsequently records an impairment of the Investment in SabanAccount for the applicable amounts received as a dividend.
(a) On 1
st
October 2014, Saban sold inventory to Habiki Ltd for $1,350,000, at a mark-up of 20%. At 31stDecember 2014, $778,000 of this inventory was still on hand
(b) On 28
th
November 2013, Habiki Ltd sold some inventory to Saban Ltd for $980,000, at a profit before tax of $530,000. This was still on hand in Saban Ltd at 31
st
December 2013, but was all sold by 31
st
December 2014.
(c) On 1
st
July 2014, Saban Ltd sold an item of equipment to HabikiLtd for $2,680,000 at a before tax loss of $985,000. The equipment has a useful life of 5 years and is depreciated using the straight-line method by both companies.
(d) During the year Habiki Ltd paid $165,000 of Staff Training Fees to Saban Ltd. This amount is disclosed under General Administrative Expenses by Habiki Ltd.
(e) Habiki Ltd extended a loan of $700,000 to Saban Ltd. This loan was issued on the 1
st
March 2012 payable over 10 years, with an interest rate on the loan of 5.5% pa. Interest is paid on the 1
st
April and 1
st
October every year.
(f) A goodwill impairment test in December 2014 revealed the need to impair goodwill by $221,600. No other impairment of goodwill has been recorded. For consolidation purposes the partial goodwill method is used.
(g) All dividends are recognised before receipt of cash.
(h) The corporate income tax rate is 30% and the companies in the group have financial years from 1
st
January to 31
st
December.
REQUIRED:
Consolidate Habiki Ltd and Saban Ltd:
(a) Prepare the consolidation journal entries, with narrations, and the consolidated worksheet (using Excel) to consolidate HABIKI Ltd and SABAN Ltd for the year ended 31
st
December 2014.
(b) Produce the completed Consolidated Financial Reports (Statement of Comprehensive Income and Statement of Financial Position) for the year ended 31stDecember 2014. You are advised to comply with AASB standards and the requirements in the Australian Corporations Legislation when determining the structure and presentation r.
ch17.pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to prepare various sections of the statement of cash flows.
ch17 (1).pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to calculate cash flow amounts and complete statements of cash flows.
Account Receivable QuestionsZ
The document provides information about accounting for accounts receivable, including journal entries for various transactions involving accounts receivable, allowance for doubtful accounts, and estimating bad debt expense. Specifically, it discusses entries for collections on accounts, write-offs of uncollectible accounts, discounting notes receivable, accruing interest on notes, and estimating bad debt expense using different approaches.
Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
Acct 221Final Exam
Student Name:
Question 1: 30 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Partial Classified Balance Sheet
Question 2: 5 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Stock Investments Accounts Balance 12/31/14:
Question 3: 10 points
Question 4: 15 points
Date
Account
Debit
Credit
Question 5: 10 points
a.1.
Breakeven Sales Dollars
a.2.
Breakeven Units
b.1.
Breakeven Sales Dollars
b.2.
Breakeven Units
Question 6: 5 points
Question 7: 6 points
Produce
Buy
Question 1 (30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2 (5 points)
On January 1, 2016, XYZ Company purchased.
All answers must be on the answer sheet provided. $ and . needed.docx
All answers must be on the answer sheet provided. $ and . needed
Question 1
(30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a
On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (
see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b
8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c
Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d
Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2
(5 points)
On January 1, 2016, XYZ Company purchased shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Rayco made $25,000 of net income in 2014, and paid dividends of $10,000.
Requirements:
Prepare the January 1 and December 31 general journal entries for XYZ Company.
How much should the XYZ Company report on the balance sheet for the investment in Rayco at the end of 2016?
Question 3
(10 points)
The following is selected information from Reliant Company for the fiscal years ended December 31, 2016: Reliant Company had net income of $1,225,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Depreciation was $500,000. Purchases of plant assets were for $1,250,000 cash, and sold plant assets for $500,000 cash, which resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Dividends of $300,000.
Question #3FlipCorp.hasthefollowinginformationregardingitsallo.docx
Question #3
FlipCorp.hasthefollowinginformationregardingitsallowanceforuncollectibleaccounts.
BalanceDecember31, 2014 $28,000
Write-offsduring2015 (27,000)
Recoveriesduring2015 7,000
RequiredallowanceatDecember31, 2015 31,000
Prepare t he journal entries for the write-offs and recoveries for 2015, and for the provision for
Uncollectible accounts expense at December 31,2015. Do not provide any journal explanations. If no entry is necessary, write "no
entry." (please be sure to fill the date, account name and debit/credit)
General Journal:
Write-offs:
Date Account Debit Credit
Question#2
On January 1, 2014, Floppy enters into an agreement with State Finance Corporation to sell a group of receivables without
recourse. The total face value of the receivables is $150,000. State Finance Corp. will charge 15%interest on the weighted-average
time to maturity of the receivables of 95 days plus a 2%fee. Do
not provide any journal explanations. If no entry is necessary, write "no entry."
Date Account Debit Credit
Question #3
Floopy uses the periodic inventory method for inventories. Prepare the journal entries for each of the following transactions. Do not
provide any journal explanations. If no entry is necessary, write "no entry." Floopy uses the net method for recording inventory
transactions.
>> On January 5, year 2, purchased $17,000 of garden tillers on account fromFlip, terms 2/10, n/30, FOB destination.
Freight charges were $200.
>> On January 10, year 2, returned garden tillers worth $2,000 to Flip due to defects.
>> On January 24, year 2, paid for tillers purchased fromFlip.
>> On January 28, year 2, purchased $30,000 of lawn mowers fromFlam, terms 3/10, n/30, FOB shipping point. The
freight charges were $820.
>> On February 6, year 2, paid for the lawn mowers purchased on January 28, year 2, fromFlam.
AllowanceforUncollectibleAccountsandProvisionforUncollectibleAccounts
Date Account Debit Credit
Question#4
On January 2, 2014, Floppy Co. issued 6% bonds with a face value of $440,000 when the market interest rate was 8% for $380,208.
The bonds are due in ten years, and interest is payable every June 30 and December 31. Floppy does not elect the fair value option
for reporting its financial liabilities. Do not provide any journal explanations. If no entry is necessary, write "no entry." Round all
numbers to the nearest dollar.
Required:
a. Prepare the journal entries for the bond issue on January 2, 2014.
b. Prepare the journal entry for the interest payment on June 30, 2014.
c. Prepare any required end of 2014 adjusting entry.
General Journal:
Date Account Debit Credit
Question#5
January 1, 2014, Frick Co. issued 3,000 of its 9%, $1,000 face value bonds at 101 1/2. In connection with the sale of these bonds,
Frick paid the following expenses:
Promotion costs $ 20,000
Engraving and pri ...
Zimbabwe School Examination Council Accounting Paper 1 Zimsec November 1998 S...
Kane and Abel form a limited company called K&A Ltd to expand their partnership business. K&A Ltd issues shares, debentures, and preference shares to acquire the partnership assets and liabilities. Kane and Abel prepare a budgeted income statement for K&A Ltd's first year that shows an operating profit of $50,000. They calculate investment ratios from the budget to evaluate if their investment in K&A Ltd will be worthwhile. K&A Ltd also manufactures a new product, but the actual profit is less than expected. Kane and Abel ask for an explanation of the differences between the expected and actual profits.
Krull Corporation presented the following selected information- The co.docx
Krull Corporation presented the following selected information. The company has a calendar year end. Before considering the effects of dividends, if any, Krull\'s net income for 20X7 was $2,500,000. Before considering the effects of dividends, if any, Krull\'s net income for 20X8 was $3,000,000. Krull declared $750,000 of dividends on November 15, 20X7. The date of record was January 15, 20X8. The dividends were paid on February 1, 20X8. Stockholders\' equity, at January 1, 20X7, was $5,000,000. No transactions impacted stockholders\' equity throughout 20X7 and 20X8, other than the impact of earnings and dividends on retained earnings.
(a) Prepare journal entries, if needed, to reflect the dividend declaration, the date of record, and the date of payment. (b) How much was net income for 20X7 and 20X8?
(c) How much was total equity at the end of 20X7 and 20X8?
(d) Is total \"working capital\" reduced on the date of declaration, date of record, and/or date of payment?
Solution
(a) Journal Entries for Dividend Declaration on 15.11.2007
Dividend A/c DR (Profit and Loss Account) $ 750,000
To Dividend Payable A/c (Current Liabilities) $ 750,000
No journal entry for date of record of dividend other than a memorandum entry on 15.01.2008 that the dividend declared will be paid to the shareholders
Journal Entry for Dividend Paid on 01.02.2008
Dividend Payable A/c DR (Liability Payment) $ 750,000
To Bank A/c $ 750,000
(b) Net Income for 2007 = $2,500,000 - $ 750,000 = $ 1,750,000
Net Income for 2008 = $ 3,000,000 since payment of dividend does not affect retained earnings
(c) Total equity at the end of 2007 = $ 5,000,000 - $750,000 = $ 4,250,000
Total equity at the end of 2008 = $ 4,250,000 (no change owing to dividend payment)
(d) Total \"Working Capital\" is only reduced by $750,000 on the date of declaration. There is no journal entry on the date of record. The date of payment entry is a compensating one,affecting both current assets and current liabilities, and hence the impact on Working Capital is NIL.
.
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.
1—Balance sheet computations.(Balance Sheet) Presented below is .docx
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase in account.
A 17yearold high school student has mild cognitive deficit.pdf
A 17-year-old high school student has mild cognitive deficits secondary to a TBI. The student has
not been turning in homework assignments or completing household chores. When questioned
about activities, the student reports spending 4 to 5 hours a day watching television and 2 to 3
hours on internet-based social media sites. What should be the focus of intervention based on the
student's behaviors?.
11 Is it possible that one can find an algorithm to find th.pdf
Yes, it is possible to find an algorithm to calculate the Fibonacci numbers Fn with linear time complexity O(n). The key insight is that each Fibonacci number Fn can be expressed as a linear combination of the previous two numbers, allowing us to iteratively calculate the values in a single pass.
Cathy ikinci kez hamile lk ocuu Donaldda Kistik fibroz C.pdf
Cathy ikinci kez hamile. lk ocuu Donald'da Kistik fibroz (CF) var. Cathy'nin iki erkek kardei Charles
ve Colin ve bir kz kardei Cindy vardr. Charles, Carolyn adnda akraba olmayan bir kadnla evli ve
Debbie adnda 2 yanda bir kz var. Cathy'nin ebeveynleri Bob ve Betty'dir. Betty'nin kz kardei
Barbara, Cathy'nin kocas Calvin'in annesidir. Daha nce ailede Kistik fibroz yks yoktur.
Kistik Fibrozisin bulama ekli nedir? Cathy'nin bir sonraki ocuu iin Kistik Fibrozis riski nedir? Bu
soyaacndaki hangi insanlar zorunlu heterozigottur?.
create an activity diagram for Deleting an Authorized User.pdf
An activity diagram can be created to show the process of deleting an authorized user. The diagram would show the initial start event followed by an activity such as an administrator selecting a user to delete from a list. It would then show a decision activity where the system checks for any dependencies on the user's data before deleting the user profile and ending the process.
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Condensed financial data of Waterway Company for 2025 and 2024 are pr.pdf
Condensed financial data of Waterway Company for 2025 and 2024 are presented below.
Additional information: During the year, $70 of common stock was issued in exchange for plant
assets. No plant assets were sold in 2025 . Prepare a statement of cash flows using the indirect
method. (Show amounts that decrease cash flow with either asign e.g. 15,000 or in parenthesis
eg. (15,000).)
For the Year Ended December 31, 2025 (Indirect Method) Cash Flows from Operating Activities
Net Income $ 780 Adjustments to reconcile net income to Cash Flows from Operating Activities
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Problem 1 (ch 8)On January 1, 20X3, Perkins Printing Corporation p.docx
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.
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.
This case is designed to reinforce certain technical accounting .docx
This case is designed to reinforce certain technical accounting skills that are a prerequisite to a solid understanding of the generally accepted accounting principles that underlie preparation of general purpose financial statements.
You are tasked with the preparation of a set of 2015financial statements for BRONX BOMBERS, INC. a company that purchases merchandise inventory for resale.
You will be required to prepare journal entries (utilizing a general journal along with a set of special journals), the posting of those entries to both general and subsidiary ledger accounts, and preparation of month-end adjustments, an adjusted trial balance,financial statements, and closing entries in order to ready the general ledger for 2015 activity.BRONX BOMBERS, INC. uses the following chart of accounts:
Account NumberAccount Title
100 Cash
110 Accounts Receivable
115 Allowance for Doubtful Accounts (AFDA)
120 Interest Receivable
130 Inventory
135 Supplies
140 Prepaid Rent
145 Prepaid Insurance
150 Available for Sale Investments (non-current)
160 Land
170 Buildings
175 Accumulated Depreciation – Buildings
180 Equipment
185 Accumulated Depreciation – Equipment
190 Patents
210 Accounts Payable
220 Salaries Payable
225 Utilities Payable
230 Interest Payable
235 Unearned Rent
240 Income Taxes Payable
245 Dividends Payable
250 Notes Payable (non-current)
300 Common Stock
310 Additional Paid-In Capital
320 Retained Earnings
325 Dividends
330 Accumulated Other Comprehensive Income
350 Treasury Stock
400 Sales Revenue
402 Sales Returns & Allowances
404 Sales Discounts
410 Interest Revenue
420 Rent Revenue
430 Dividend Revenue
500 Cost of Goods Sold
505 Purchases
507 Purchase Returns & Allowances
508 Purchase Discounts
510 Salaries Expense
515 Bad Debt Expense
520 Rent Expense
530 Depreciation Expense – Buildings
535 Depreciation Expense – Equipment
540 Patent Amortization Expense
550 Utilities Expense
555 Supplies Expense
560 Insurance Expense
570 Interest Expense
590 Income Tax Expense
Bronx Bombers, Inc. is a calendar-year firm that has been in business in the USA for the past ten years. Your job is to maintain the accounting records of Bronx Bombers, Inc. for the month of December, prepare the annual financial statements (income statement, balance sheet, and statement of cash flows—using the direct method) as of December 31, 2015, and then close the nominal accounts to prepare the accounting records for 2015 entries.
BRONX BOMBERS, INC.utilizes the following five journals:
· Sales journal – this journal is exclusively used to record all credit sales
· Purchases journal – this journal is exclusively used to record all purchases of inventory items on credit
· Cash Receipts journal – this journal is exclusively used to record all transactions that involve a receipt of cash
· Cash Disbursements journal – this journal is exclusively used to record all transactions that involve a cash payment
· Gen ...
Principle Of Accounts School Based Assessments 2017 Guide
The document provides guidance for completing a school-based assessment (SBA) in accounting. It includes sections like business description, aims of the SBA, transaction list, sample documents, journals, ledgers, trial balance, financial statements, ratios and recommendations. The document was created by Darien Guillen to help understand what the exam board and teacher expect for the SBA and guide the reader through completing it in detail.
Acc 422-week-2-wiley plus-assignment
uop acc 422 week 2 wileyplus,uop acc 422 week 2,acc 422 week 2,uop acc 422 week 2 tutorial,uop acc 422 week 2 assignment,uop acc 422 week 2 help
Acc 422-week-2-wiley plus-assignment
uop acc 422 week 2 wileyplus,uop acc 422 week 2,acc 422 week 2,uop acc 422 week 2 tutorial,uop acc 422 week 2 assignment,uop acc 422 week 2 help
Acquisition of Saban Ltd On 1stJanuary 2010, Habiki Ltd acquir.docx
Acquisition of Saban Ltd
On 1
st
January 2010, Habiki Ltd acquired 90% of the share capital (ex div) of Saban Ltd for $14,500,000. At this date, the accounts of Saban Ltd included the following balances:
Share capital (9,000,000 shares) $9,000,000
General reserve 2,100,000
Retained profits 1,050,000
Dividends payable 900,000
All of the identifiable net assets of Saban Ltd were recorded at fair value except for Patents which had a fair value of $1,180,000 above the carrying amount. Adjustments for the differences are made on consolidation and tax-effect entries are needed.On the 15 June 2011, Saban Ltd paid a cash dividend of $450,000 (appropriated from pre-acquisition profits). This amount was recognised as revenue by Habiki Ltd. The Financial Controller of Habiki Ltd felt that the dividend had impaired the value of the company’s investment in Saban Ltd and subsequently records an impairment of the Investment in SabanAccount for the applicable amounts received as a dividend.
(a) On 1
st
October 2014, Saban sold inventory to Habiki Ltd for $1,350,000, at a mark-up of 20%. At 31stDecember 2014, $778,000 of this inventory was still on hand
(b) On 28
th
November 2013, Habiki Ltd sold some inventory to Saban Ltd for $980,000, at a profit before tax of $530,000. This was still on hand in Saban Ltd at 31
st
December 2013, but was all sold by 31
st
December 2014.
(c) On 1
st
July 2014, Saban Ltd sold an item of equipment to HabikiLtd for $2,680,000 at a before tax loss of $985,000. The equipment has a useful life of 5 years and is depreciated using the straight-line method by both companies.
(d) During the year Habiki Ltd paid $165,000 of Staff Training Fees to Saban Ltd. This amount is disclosed under General Administrative Expenses by Habiki Ltd.
(e) Habiki Ltd extended a loan of $700,000 to Saban Ltd. This loan was issued on the 1
st
March 2012 payable over 10 years, with an interest rate on the loan of 5.5% pa. Interest is paid on the 1
st
April and 1
st
October every year.
(f) A goodwill impairment test in December 2014 revealed the need to impair goodwill by $221,600. No other impairment of goodwill has been recorded. For consolidation purposes the partial goodwill method is used.
(g) All dividends are recognised before receipt of cash.
(h) The corporate income tax rate is 30% and the companies in the group have financial years from 1
st
January to 31
st
December.
REQUIRED:
Consolidate Habiki Ltd and Saban Ltd:
(a) Prepare the consolidation journal entries, with narrations, and the consolidated worksheet (using Excel) to consolidate HABIKI Ltd and SABAN Ltd for the year ended 31
st
December 2014.
(b) Produce the completed Consolidated Financial Reports (Statement of Comprehensive Income and Statement of Financial Position) for the year ended 31stDecember 2014. You are advised to comply with AASB standards and the requirements in the Australian Corporations Legislation when determining the structure and presentation r.
ch17.pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to prepare various sections of the statement of cash flows.
ch17 (1).pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to calculate cash flow amounts and complete statements of cash flows.
Account Receivable QuestionsZ
The document provides information about accounting for accounts receivable, including journal entries for various transactions involving accounts receivable, allowance for doubtful accounts, and estimating bad debt expense. Specifically, it discusses entries for collections on accounts, write-offs of uncollectible accounts, discounting notes receivable, accruing interest on notes, and estimating bad debt expense using different approaches.
Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
Acct 221Final Exam
Student Name:
Question 1: 30 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Partial Classified Balance Sheet
Question 2: 5 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Stock Investments Accounts Balance 12/31/14:
Question 3: 10 points
Question 4: 15 points
Date
Account
Debit
Credit
Question 5: 10 points
a.1.
Breakeven Sales Dollars
a.2.
Breakeven Units
b.1.
Breakeven Sales Dollars
b.2.
Breakeven Units
Question 6: 5 points
Question 7: 6 points
Produce
Buy
Question 1 (30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2 (5 points)
On January 1, 2016, XYZ Company purchased.
All answers must be on the answer sheet provided. $ and . needed.docx
All answers must be on the answer sheet provided. $ and . needed
Question 1
(30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a
On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (
see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b
8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c
Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d
Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2
(5 points)
On January 1, 2016, XYZ Company purchased shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Rayco made $25,000 of net income in 2014, and paid dividends of $10,000.
Requirements:
Prepare the January 1 and December 31 general journal entries for XYZ Company.
How much should the XYZ Company report on the balance sheet for the investment in Rayco at the end of 2016?
Question 3
(10 points)
The following is selected information from Reliant Company for the fiscal years ended December 31, 2016: Reliant Company had net income of $1,225,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Depreciation was $500,000. Purchases of plant assets were for $1,250,000 cash, and sold plant assets for $500,000 cash, which resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Dividends of $300,000.
Question #3FlipCorp.hasthefollowinginformationregardingitsallo.docx
Question #3
FlipCorp.hasthefollowinginformationregardingitsallowanceforuncollectibleaccounts.
BalanceDecember31, 2014 $28,000
Write-offsduring2015 (27,000)
Recoveriesduring2015 7,000
RequiredallowanceatDecember31, 2015 31,000
Prepare t he journal entries for the write-offs and recoveries for 2015, and for the provision for
Uncollectible accounts expense at December 31,2015. Do not provide any journal explanations. If no entry is necessary, write "no
entry." (please be sure to fill the date, account name and debit/credit)
General Journal:
Write-offs:
Date Account Debit Credit
Question#2
On January 1, 2014, Floppy enters into an agreement with State Finance Corporation to sell a group of receivables without
recourse. The total face value of the receivables is $150,000. State Finance Corp. will charge 15%interest on the weighted-average
time to maturity of the receivables of 95 days plus a 2%fee. Do
not provide any journal explanations. If no entry is necessary, write "no entry."
Date Account Debit Credit
Question #3
Floopy uses the periodic inventory method for inventories. Prepare the journal entries for each of the following transactions. Do not
provide any journal explanations. If no entry is necessary, write "no entry." Floopy uses the net method for recording inventory
transactions.
>> On January 5, year 2, purchased $17,000 of garden tillers on account fromFlip, terms 2/10, n/30, FOB destination.
Freight charges were $200.
>> On January 10, year 2, returned garden tillers worth $2,000 to Flip due to defects.
>> On January 24, year 2, paid for tillers purchased fromFlip.
>> On January 28, year 2, purchased $30,000 of lawn mowers fromFlam, terms 3/10, n/30, FOB shipping point. The
freight charges were $820.
>> On February 6, year 2, paid for the lawn mowers purchased on January 28, year 2, fromFlam.
AllowanceforUncollectibleAccountsandProvisionforUncollectibleAccounts
Date Account Debit Credit
Question#4
On January 2, 2014, Floppy Co. issued 6% bonds with a face value of $440,000 when the market interest rate was 8% for $380,208.
The bonds are due in ten years, and interest is payable every June 30 and December 31. Floppy does not elect the fair value option
for reporting its financial liabilities. Do not provide any journal explanations. If no entry is necessary, write "no entry." Round all
numbers to the nearest dollar.
Required:
a. Prepare the journal entries for the bond issue on January 2, 2014.
b. Prepare the journal entry for the interest payment on June 30, 2014.
c. Prepare any required end of 2014 adjusting entry.
General Journal:
Date Account Debit Credit
Question#5
January 1, 2014, Frick Co. issued 3,000 of its 9%, $1,000 face value bonds at 101 1/2. In connection with the sale of these bonds,
Frick paid the following expenses:
Promotion costs $ 20,000
Engraving and pri ...
Zimbabwe School Examination Council Accounting Paper 1 Zimsec November 1998 S...
Kane and Abel form a limited company called K&A Ltd to expand their partnership business. K&A Ltd issues shares, debentures, and preference shares to acquire the partnership assets and liabilities. Kane and Abel prepare a budgeted income statement for K&A Ltd's first year that shows an operating profit of $50,000. They calculate investment ratios from the budget to evaluate if their investment in K&A Ltd will be worthwhile. K&A Ltd also manufactures a new product, but the actual profit is less than expected. Kane and Abel ask for an explanation of the differences between the expected and actual profits.
Krull Corporation presented the following selected information- The co.docx
Krull Corporation presented the following selected information. The company has a calendar year end. Before considering the effects of dividends, if any, Krull\'s net income for 20X7 was $2,500,000. Before considering the effects of dividends, if any, Krull\'s net income for 20X8 was $3,000,000. Krull declared $750,000 of dividends on November 15, 20X7. The date of record was January 15, 20X8. The dividends were paid on February 1, 20X8. Stockholders\' equity, at January 1, 20X7, was $5,000,000. No transactions impacted stockholders\' equity throughout 20X7 and 20X8, other than the impact of earnings and dividends on retained earnings.
(a) Prepare journal entries, if needed, to reflect the dividend declaration, the date of record, and the date of payment. (b) How much was net income for 20X7 and 20X8?
(c) How much was total equity at the end of 20X7 and 20X8?
(d) Is total \"working capital\" reduced on the date of declaration, date of record, and/or date of payment?
Solution
(a) Journal Entries for Dividend Declaration on 15.11.2007
Dividend A/c DR (Profit and Loss Account) $ 750,000
To Dividend Payable A/c (Current Liabilities) $ 750,000
No journal entry for date of record of dividend other than a memorandum entry on 15.01.2008 that the dividend declared will be paid to the shareholders
Journal Entry for Dividend Paid on 01.02.2008
Dividend Payable A/c DR (Liability Payment) $ 750,000
To Bank A/c $ 750,000
(b) Net Income for 2007 = $2,500,000 - $ 750,000 = $ 1,750,000
Net Income for 2008 = $ 3,000,000 since payment of dividend does not affect retained earnings
(c) Total equity at the end of 2007 = $ 5,000,000 - $750,000 = $ 4,250,000
Total equity at the end of 2008 = $ 4,250,000 (no change owing to dividend payment)
(d) Total \"Working Capital\" is only reduced by $750,000 on the date of declaration. There is no journal entry on the date of record. The date of payment entry is a compensating one,affecting both current assets and current liabilities, and hence the impact on Working Capital is NIL.
.
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.
1—Balance sheet computations.(Balance Sheet) Presented below is .docx
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase in account.
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Problem 1 (ch 8)On January 1, 20X3, Perkins Printing Corporation p.docx
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Will’s Widget Company (WWC) incorporated near the end of 2017. Opera.pdf
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This case is designed to reinforce certain technical accounting .docx
This case is designed to reinforce certain technical accounting .docx
Principle Of Accounts School Based Assessments 2017 Guide
Principle Of Accounts School Based Assessments 2017 Guide
Acquisition of Saban Ltd On 1stJanuary 2010, Habiki Ltd acquir.docx
Acquisition of Saban Ltd On 1stJanuary 2010, Habiki Ltd acquir.docx
Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
All answers must be on the answer sheet provided. $ and . needed.docx
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Question #3FlipCorp.hasthefollowinginformationregardingitsallo.docx
Question #3FlipCorp.hasthefollowinginformationregardingitsallo.docx
Zimbabwe School Examination Council Accounting Paper 1 Zimsec November 1998 S...
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Krull Corporation presented the following selected information- The co.docx
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How to Setup Warehouse & Location in Odoo 17 Inventory
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Pollock and Snow "DEIA in the Scholarly Landscape, Session One: Setting Expec...
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Executive Directors Chat Leveraging AI for Diversity, Equity, and Inclusion
Executive Directors Chat Leveraging AI for Diversity, Equity, and Inclusion
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Pengantar Penggunaan Flutter - Dart programming language1.pptx
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How to Build a Module in Odoo 17 Using the Scaffold Method
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LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UP
On July 10 2025 Ivanhoe Music sold CDs to retailers on acc.pdf
- 1. On July 10, 2025, Ivanhoe Music sold CDs to retailers on account and recorded sales revenue of $724,000( cost $528,520). Ivanhoe grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11,2025, retailers returned CDs to Ivanhoe and were granted credit of $81,700. Prepare Ivanhoe's journal entries to record (a) the sale on July 10, 2025, and (b) $81,700 of returns on October 11, 2025, and on October 31, 2025. Assume that Ivanhoe prepares financial statements on October 31, 2025. (Credit occount titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the. amounts. List all debit entries before credit entries.)(b) (To record sales returns) (To record cost of goods returned)