Part 1 � 10 marksAster Turane Computers uses a perpetual accountin.pdf

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Part 1 10 marks Aster Turane Computers uses a perpetual accounting system. Use the following transactions to complete both FIFO (4 marks) and MWA (6 marks) Inventory Costing methods. Apr. 1 Physical inventory count revealed $3,480 of merchandise inventory and 110 pieces. (no entry required) 7 Purchased $11,500 of merchandise (310 units) from LedCor with terms of 1/10, n/30, FOB shipping point. 13 Sold 175 units of merchandise with a retail value of $7,000 to Starbust Inc. with terms of 1/10, n/30, FOB shipping point. 20 Purchased $14,000 (350 units) of merchandise from LedCor with terms of 1/10,n/30, FOB destination. 23 Sold 200 units of merchandise for $7,800 to Lendrum Sales; 1/10, n30. 26 Sold merchandise (40 units) for $1,800 to Gillette Industries; 1/10, n30. 30. Sold merchandise (60 units) for $2,640 on credit to Whistler Resort. Part 2 10 marks Complete the journal entries for the transactions above using the cost from the MWA model. (10 marks) The Adjusted Trial Balance for Aster Turane Computers is below: Adjusted Trial Balance Account Debit Credit Accounts Payable 8,500 Accounts Receivable - Gillette Industries 1,800 Accounts Receivable - Lendrum Sales 7,800 Accounts Receivable - Norton Electric 3,080 Accounts Receivable - Sharp Co. 4,320 Accounts Receivable - Starburst Inc. 7,000 Accounts Receivable - Whistler Resort 2,640 Accumulated Depreciation, Computer Equipment 504 Accumulated Depreciation, Office Equipment 600 Advertising Expense 780 Aster Turane, Capital 59,619 Aster Turane, Withdrawals 1,800 Cash 6,200 Charitable Donations Expense 0 Computer Equipment 5,040 Computer Supplies 160 Computer Supplies Expense *To make sales* 1,520 Cost of Goods Sold 17,705 Depreciation Expense, Computer Equipment *sales* 504 Depreciation Expense, Office Equipment 600 Insurance Expense 2,160 Merchandise Inventory 11,275 Mileage Expense *to make direct sales to customer* 2,336 Office Equipment 12,000 Prepaid Insurance 4,320 Prepaid Rent 4,650 Rent Expense *office* 4,650 Repairs Expense, Office Computer 120 Sales 33,251 Sales Discounts 54 Sales Returns and Allowances 600 Unearned Computer Services Revenue 0 Wages Expense *salesmen wages* 7,245 Wages Payable 7,885 Totals 110,359 110,359 Part 3 10 Marks Create a Multi-step Income Statement (7 marks) and a Single-Step Income Statement (3 marks) for year ended April 30, 2019 Part 4 10 Marks Prepare the Journal Entries to close out the temporary accounts (10 marks). Part 5 10 Marks Prepare a Classified Balance Sheet for April 30, 2019. (10 marks) Adjusted Trial Balance Account Debit Credit Accounts Payable 8,500 Accounts Receivable - Gillette Industries 1,800 Accounts Receivable - Lendrum Sales 7,800 Accounts Receivable - Norton Electric 3,080 Accounts Receivable - Sharp Co. 4,320 Accounts Receivable - Starburst Inc. 7,000 Accounts Receivable - Whistler Resort 2,640 Accumulated Depreciation, Computer Equipment 504 Accumulated Depreciation, Office Equipment 600 Advertising Expense 780 Aster Turane, Capi.

Education

Accounts Payable
8,500
Accounts Receivable - Gillette Industries
1,800
Accounts Receivable - Lendrum Sales
7,800
Accounts Receivable - Norton Electric
3,080
Accounts Receivable - Sharp Co.
4,320
Accounts Receivable - Starburst Inc.
7,000
Accounts Receivable - Whistler Resort
2,640

Accumulated Depreciation, Computer Equipment
504
Accumulated Depreciation, Office Equipment
600
Advertising Expense
780
Aster Turane, Capital
59,619
Aster Turane, Withdrawals
1,800
Cash
6,200
Charitable Donations Expense
0

Computer Equipment
5,040
Computer Supplies
160
Computer Supplies Expense *To make sales*
1,520
Cost of Goods Sold
17,705
Depreciation Expense, Computer Equipment *sales*
504
Depreciation Expense, Office Equipment
600
Insurance Expense
2,160
Merchandise Inventory

11,275
Mileage Expense *to make direct sales to customer*
2,336
Office Equipment
12,000
Prepaid Insurance
4,320
Prepaid Rent
4,650
Rent Expense *office*
4,650
Repairs Expense, Office Computer
120
Sales

33,251
Sales Discounts
54
Sales Returns and Allowances
600
Unearned Computer Services Revenue
0
Wages Expense *salesmen wages*
7,245
Wages Payable
7,885
Totals
110,359
110,359

Part 3 10 Marks
Create a Multi-step Income Statement (7 marks) and a Single-Step Income Statement (3 marks)
for year ended April 30, 2019
Part 4 10 Marks
Prepare the Journal Entries to close out the temporary accounts (10 marks).
Part 5 10 Marks
Prepare a Classified Balance Sheet for April 30, 2019. (10 marks)
Adjusted Trial Balance
Account
Debit
Credit
Accounts Payable
8,500
Accounts Receivable - Gillette Industries
1,800
Accounts Receivable - Lendrum Sales
7,800

Accounts Receivable - Norton Electric
3,080
Accounts Receivable - Sharp Co.
4,320
Accounts Receivable - Starburst Inc.
7,000
Accounts Receivable - Whistler Resort
2,640
Accumulated Depreciation, Computer Equipment
504
Accumulated Depreciation, Office Equipment
600
Advertising Expense
780

Aster Turane, Capital
59,619
Aster Turane, Withdrawals
1,800
Cash
6,200
Charitable Donations Expense
0
Computer Equipment
5,040
Computer Supplies
160
Computer Supplies Expense *To make sales*
1,520

Cost of Goods Sold
17,705
Depreciation Expense, Computer Equipment *sales*
504
Depreciation Expense, Office Equipment
600
Insurance Expense
2,160
Merchandise Inventory
11,275
Mileage Expense *to make direct sales to customer*
2,336
Office Equipment
12,000

Prepaid Insurance
4,320
Prepaid Rent
4,650
Rent Expense *office*
4,650
Repairs Expense, Office Computer
120
Sales
33,251
Sales Discounts
54
Sales Returns and Allowances
600
Unearned Computer Services Revenue

0
Wages Expense *salesmen wages*
7,245
Wages Payable
7,885
Totals
110,359
110,359

The Adjusted Trial Balance for Aster Turane Computers is below: Adjusted Trial Balance Account Debit Credit Accounts Payable 8,500 Accounts Receivable - Gillette Industries 1,800 Accounts Receivable - Lendrum Sales 7,800 Accounts Receivable - Norton Electric 3,080 Accounts Receivable - Sharp Co. 4,320 Accounts Receivable - Starburst Inc. 7,000 Accounts Receivable - Whistler Resort 2,640 Accumulated Depreciation, Computer Equipment 504 Accumulated Depreciation, Office Equipment 600 Advertising Expense 780 Aster Turane, Capital 59,619 Aster Turane, Withdrawals 1,800 Cash 6,200 Charitable Donations Expense 0 Computer Equipment 5,040 Computer Supplies 160 Computer Supplies Expense *To make sales* 1,520 Cost of Goods Sold 17,705 Depreciation Expense, Computer Equipment *sales* 504 Depreciation Expense, Office Equipment 600 Insurance Expense 2,160 Merchandise Inventory 11,275 Mileage Expense *to make direct sales to customer* 2,336 Office Equipment 12,000 Prepaid Insurance 4,320 Prepaid Rent 4,650 Rent Expense *office* 4,650 Repairs Expense, Office Computer 120 Sales 33,251 Sales Discounts 54 Sales Returns and Allowances 600 Unearned Computer Services Revenue 0 Wages Expense *salesmen wages* 7,245 Wages Payable 7,885 Totals 110,359 110,359 Create a Multi-step Income Statement (7 marks) and a Single-Step Income Statement (3 marks) for year ended April 30, 2019 Adjusted Trial Balance Account Debit Credit Accounts Payable 8,500 Accounts Receivable - Gillette Industries 1,800 Accounts Receivable - Lendrum Sales 7,800 Accounts Receivable - Norton Electric 3,080 Accounts Receivable - Sharp Co. 4,320 Accounts Receivable - Starburst Inc. 7,000 Accounts Receivable - Whistler Resort 2,640 Accumulated Depreciation, Computer Equipment 504 Accumulated Depreciation, Office Equipment 600 Advertising Expense 780 Aster Turane, Capital 59,619 Aster Turane, Withdrawals 1,800 Cash 6,200 Charitable Donations Expense 0 Computer Equipment 5,040 Computer Supplies 160 Computer Supplies Expense *To make sales* 1,520 Cost of Goods Sold 17,705 Depreciation Expense, Computer Equipment *sales* 504 Depreciation Expense, Office Equipment 600 Insurance Expense 2,160 Merchandise Inventory 11,275 Mileage Expense *to make direct sales to customer* 2,336 Office Equipment 12,000 Prepaid Insurance 4,320 Prepaid Rent 4,650 Rent Expense *office* 4,650 Repairs Expense, Office Computer 120 Sales 33,251 Sales Discounts 54 Sales Returns and Allowances 600 Unearned Computer Services Revenue 0 Wages Expense *salesmen wages* 7,245 Wages Payable 7,885 Totals 110,359 110,359.

A ll questions according to topics

Ziyad Zaidi

Cogg Hill Camping Equipment CompanyPractice SetFor Use w.docx

monicafrancis71118

Cogg Hill Camping Equipment Company Practice Set For Use with Fundamental Accounting Principles 20th Edition Wild, Larson & Chiappetta Prepared by Leland Mansuetti Introduction The Cogg Hill Camping Equipment Company sells and rents camping equipment from its store in Denver, Colorado. It is a sole proprietorship and is owned and operated by Samuel Stephens. The company sells camping equipment and outdoor clothing. Cogg Hill maintains a perpetual inventory system. The company also rents tents and groups of assorted camping equipment (e.g., Type A, B, and C) to trail guides. The terms of all sales and all rentals are “net 30.” The company delivers the equipment to many of its customers. Some customers pick it up at the store. Mr. Stephens makes all deposits. He removes the cash from the cash register and lists all checks received on a deposit ticket. He then gives the duplicate deposit slip to you for recording. The company’s accounting system includes: Journals Ledgers Sales Journal General Ledger Purchases Journal Accounts Receivable Subsidiary Ledger Cash Receipts Journal Accounts Payable Subsidiary Ledger Cash Disbursements Journal General Journal The accounting files include: Name of File Business Papers to be Filed Sales and Rental Invoices Bookkeeper’s copy of sales invoices Bookkeeper’s copy of rental invoices Purchase Invoices Purchase invoices and credit memorandums Interoffice Memoranda Interoffice memoranda received from Mr. Stephens Checks to be signed Checks prepared for Mr. Stephens Duplicate Deposit Tickets Bookkeeper’s copy of deposit ticketsThe post-closing trial balance of the Cogg Hill Camping Equipment Company, as of May 31, was as follows: Cash $ 21,567.81 Accounts Receivable 11,492.00 Allowance for Doubtful Accounts $ 379.35 Interest Receivable 56.00 Notes Receivable – Emory Co. 9,870.40 (6-month, 8%, due August 15) Merchandise Inventory 174,985.00 Office Supplies 557.05 Store Supplies 324.75 Prepaid Insurance 650.00 Office Equipment 17,250.00 Accumulated Depreciation – Office Equipment 6,450.00 Store Equipment 69,500.00 Accumulated Depreciation – Store Equipment 22,650.00 Camping Rental Equipment 163,175.15 Accumulated Depreciation – Camping Rental Equipment 91,387.00 Building 350,000.00 Accumulated Depreciation – Building 121,475.00 Accounts Payable 10,435.35 Interest Payable 1,200.00 Mortgage Note Payable – 9% 160,000.00 Samuel Stephens, Capital 405,451.46 Totals $ 819,428.16 $ 819,428.16 Accounts Receivable Subsidiary Ledger P. Davis $ 2,131.00 K. Gragg 890.00 H. Holmes 1,696.00 S. Peeples 655.00 A. Smith 1,275.00 J. Still 4,845.00 Total $ 11,492.00 Accounts Payable Subsidiary Ledger Dex Company $ 1,117.90 Dixon Company 817.40 Fulton, Inc. 108.00 Robinson Co. 1,942.05 Samson Dist. 1,950.00 Technical Corp. 2,000.00 Zappo Corp. 2,500.00 Totals $ 10,435.35 Instructions 1. Examine the business papers that follow. Th.

Discrepancies on Chapter 5 5.4 The following selected

AlyciaGold776

Discrepancies on Chapter 5 5.4 The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, n/15. The cost of the goods sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000. 9 Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, n/45. Summit paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000. 16 Beartooth Co. paid Summit Company for purchase of August 1. 20 Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co. kept the merchandise. 31 Beartooth Co. paid Summit Company on account for purchase of August 5. 31 Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of $4,000 that was returned from the August 15 sale. The cost of the merchandise returned was $2,500. Required: Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Chart of Accounts-Summit Company CHART OF ACCOUNTS Summit Company General Ledger ASSETS 110 Cash 121 Accounts Receivable-Beartooth Co. 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense Chart of Accounts-Beartooth Co. CHART OF ACCOUNTS Beartooth Co. General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts Payable-Summit Company 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales 610 ...

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

sagarlesley

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

Week 5 – Term 5 Homework60 PointsDue June 10, 20121.(6 poi.docx

melbruce90096

Week 5 – Term 5 Homework 60 Points Due June 10, 2012 1.(6 points) At the beginning of 2010, Zuir Company's accounting department calculated the following estimates for the coming year's production: Estimated overhead $441,600 Direct labor hours 9,200 hr During the year, Zuir Company experienced $440,000 in actual overhead costs and actually worked 9,100 direct labor hours. Zuir applies overhead to production using a predetermined overhead rate based on direct labor hours. a. Calculate the predetermined overhead rate Zuir uses to apply overhead. (Show your computations.) b. By what amount was overhead over- or underapplied for 2010? (Show your computations.) c. Assuming the amount of over- or underapplied overhead is not significant, will the Cost of Goods Sold account be increased or decreased to correct the application of overhead? 2.(10 points) Yamishi Production had the following inventories for the first quarter of 20xx: Beginning Ending Materials $606,600 $522,100 Work in process 312,100 280,800 Finished goods 416,100 540,200 Purchases of materials during the quarter were $427,800. Total direct labor costs were incurred in the amount of $1,482,000. Actual overhead costs were incurred as follows: operating supplies used, $17,100; janitorial and maintenance, $87,300; employee benefits, $26,400; utilities, $162,000; depreciation of factory, $43,200; property taxes, $24,000; factory insurance, $29,000. Net sales for the quarter were $3,562,200. Selling and administrative expenses were $508,000. Income taxes should be computed at 40 percent. Prepare a statement of cost of goods manufactured for the first quarter of 20xx. 3.(6 points) The following information has been made available to you. Assume that overhead is applied on the basis of direct labor hours. Estimated overhead $1,638,000 Estimated direct labor hours 390,000 Actual direct labor hours 442,000 Actual overhead $1,862,000 a. Compute the predetermined overhead rate. b. Compute the amount of applied overhead for the year. c. Compute the amount of underapplied or overapplied overhead. 4.(6 points) Job 29 consists of 300 units and has total manufacturing costs of direct materials, $4,500; direct labor, $7,500; and overhead, $3,600. a. What is the unit product cost? b. What are the prime costs per unit? c. What are the conversion costs per unit? 5.(10 points) Cancun Company uses a FIFO process costing system. Cancun Company Equivalent Production November Physical Units Beginning inventory 2,350 Equivalent Units Units started this period 10,120 Direct Materials % Conversion Costs % Units to be accounted for 12,470 Beginning inventory 2,350 Units started and completed 9,120 Ending inventory 1,000 Units accounted for 12,470 The following costs relate to work in process during November: Beginning inventory Direct materials $7,200 Direct labor 380 Overhead 630 Current month's costs Direct materials $51,612 Direct labor 21,562.

1. Reid Recreation Products sells the Amazing Foam Frisbee for $12.docx

paynetawnya

1. Reid Recreation Products sells the Amazing Foam Frisbee for $12. The variable cost per unit is $2; fixed costs are $36,100 per month. a. Breakeven Point? b. Breakeven sales? 2. How many frisbees must Reid sell to earn $21,100 in operating income? 3. What operating income must Reid earn to realize net income of $19,080, assuming that the company is in the 40% tax bracket? 4. How many frisbees must Reid sell to earn $19,080 in net income, assuming that the company is in the 40% tax bracket? 5. (below) Maverick Wings, Inc. manufactures airplanes for use in stunt shows. Maverick’s factory is highly automated, using the latest in robotic technology. To keep costs low, the company employs as few factory workers as possible. Since each plane has different features (such as its shape, weight, and color), Maverick uses a job order costing system to accumulate product costs. At the end of 2013, Maverick’s accountants developed the following expectations for 2014 based on the marketing department’s sales forecast: Budgeted overhead cost $1,053,000 Estimated machine hours 48,000 Estimated direct labor hours 8,000 Estimated direct materials cost $1,520,000 Maverick’s inventory count, completed on December 31, 2013, revealed the following ending inventory balances: Raw Materials Inventory $249,000 Work in Process Inventory $626,000 Finished Goods Inventory $1,530,000 The company’s 2014 payroll data revealed the following actual payroll costs for the year: Job Title Number Employed Wage Rate per Hour Annual Salary per Employee Total Hours Worked perEmployee President and CEO 1 $225,000 Vice president and CFO 1 $177,000 Factory manager 1 $40,600 Assistant factory manager 1 $30,600 Machine operator 5 $14.50 2,250 Security guard, factory 2 $20,600 Materials handler 2 $7.50 2,000 Corporate secretary 1 $37,000 Janitor, factory 2 $6 2,150 The following information was taken from Maverick’s Schedule of Plant Assets. All assets are depreciated using the straight-line method. Plant Asset Purchase Price Salvage Value Useful Life Factory building $4,000,000 $150,000 20 Years Administrative office $650,000 $125,000 30 Years Factory equipment $2,000,000 $20,000 12 Years Other miscellaneous costs for 2014 all paid in cash included: Cost Amount Factory insurance $14,000 Administrative office utilities $5,100 Factory utilities $30,600 Office supplies $4,400 Additional information about Maverick’s operations in 2014 includes the following: • Raw materials purchases for the year amounted to $1,948,000. All purchases were on account. • The company used $1,870,000 in raw materials during the year. Of that amount, 85% was direct materials and 15% was indirect materials. • Maverick applied overhead to Work in Process Inventory based on direct materials cost. • Airplanes costing $3,450,000 to manufacture were completed and transferred out of Work in Process Inventor ...

The goal of this graded project is to create the followingfina.docx

cherry686017

The goal of this graded project is to create the following financial statements for Ice Cream Systems (ICS): ■ Balance sheet ■ Income statement ■ Post-closing trial balance The financial statements must be created in one Word document (.doc or .docx file). Alternatively, an Excel workbook may be used (.xls or .xlsx file). A Rich Text Format (.rtf file) may be used by Mac users. The Word, Excel, or Rich Text Format file will be uploaded for grading. The following financial statements are provided for ICS: 1. Chart of Accounts 2. Post-Closing Trial Balance 3. Schedule of Accounts Receivable 4. Schedule of Accounts Payable 5. Schedule of Employer Payroll Taxes Allocation 6. Format for the Income Statement 7. Format for the Balance Sheet 8. Job Cost Record Chart of Accounts Assets (1000–1999) Account Number Account Title 1100 Cash 1200 Accounts Receivable 1300 Direct Materials 1350 Indirect Materials and Factory Supplies 1400 Work in Process 1500 Finished Goods 1600 Prepaid Advertising 1650 Prepaid Insurance 1700 Office Supplies 1800 Factory Equipment 1800.1 Accumulated Depreciation—Factory Equipment 1850 Office Equipment 1850.1 Accumulated Depreciation—Office Equipment Liabilities (2000–2999) 2100 Accounts Payable 2200 Salaries Payable 2300 Federal Withholding Tax (FWT) Payable 2325 FICA Tax Payable 2350 FUTA Tax Payable 2375 SUTA Tax Payable 2500 Unearned Revenue Owner’s Equity (3000–3999) 3100 Common Stock ($10 Par) 3150 Paid-In Capital in Excess of Par—Common Stock 3700 Retained Earnings 3900 Income Summary Revenues (4000–4999) 4100 Sales 4200 Sales Discounts Expenses (5000–5999) 5100 Cost of Goods Sold 5150 Factory Overhead 5200 Sales Salaries Expense 5225 Officers’ Salaries Expense 5250 Office Salaries Expense 5300 Rent Expense 5350 Advertising Expense 5400 Utilities Expense 5450 Office Supplies Expense 5500 Postage Expense 5550 Telephone Expense 5575 Insurance Expense 5600 Depreciation Expense 5700 Payroll Tax Expense 5800 Bad Debt Expense 5900 Miscellaneous Expense Trial Balance January 1, 20— ACCOUNT NO. DESCRIPTION DEBIT CREDIT 1100 Cash $117,964.23 1200 Accounts Receivable 51,484.00 1300 Direct Materials 64,350.00 1350 Indirect Materials & Factory Supplies 18,772.00 1400 Work in Process 142,695.00 1500 Finished Goods 27,696.00 1600 Prepaid Advertising — 1650 Prepaid Insurance — 1700 Office Supplies 342.25 1800 Factory Equipment 246,857.00 1800.1 Accumulated Depreciation— Factory Equipment 99,653.35 1850 Office Equipment 38,567.00 1850.1 Accumulated Depreciation— Office Equipment 18,845.66 2100 Accounts Payable 9,814.00 2200 Salaries Payable — 2300 FWT Payable 1,613.11 2325 FICA Tax Payable 822.68 2350 FUTA Tax Payable 1,032.39 2375 SUTA Tax Payable 1,871.20 2500 Unearned Revenue — 3100 Common Stock ($10 Par) 350,000.00 3150 Paid-In Capital in Excess of Par—Common 32,500.00 3700 Retained Earnings 192,575.09 TOTALS $708,727.48 $708,727.48 ...

Presented below is information related to Rembrandt Inc.'s inventory. (per unit) Skis Boots Parkas Historical cost $255.93 $142.78 $71.39 Selling price 292.30 195.32 99.34 Cost to distribute 25.59 10.78 3.37 Current replacement cost 273.44 141.44 68.70 Normal profit margin 43.10 39.06 28.62 Determine the following: (a) the two limits to market value (e.g., the ceiling and the floor) that should be used in the lower of cost or market computation for skis; (Round answers to 2 decimal places, e.g. 20.25.) ( ) Ceiling $ ( ) Floor $ (b) the cost amount that should be used in the lower of cost or market comparison of boots; (Round answer to 2 decimal places, e.g. 20.25.) Cost amount $ (c) the market amount that should be used to value parkas on the basis of the lower of cost or market. (Round answer to 2 decimal places, e.g. 20.25.) ( ) Market amount $ 3. Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 55 units that cost $33 each. During June, the company purchased 166 units at $33 each, returned 7 units for credit, and sold 138 units at $55 each. Journalize the June transactions. Description/Account Choose One for Each Debit Credit Sales,Inventory,Accounts receivable,Accounts payable,Cost of goods sold Cost of goods sold,Accounts payable,Inventory,Accounts receivable,Sales (To record inventory purchased.) Inventory,Accounts receivable,Sales,Cost of goods sold,Accounts payable Accounts receivable,Sales,Cost of goods sold,Inventory,Accounts payable (To record inventory returned.) Sales,Accounts receivable,Inventory,Cost of goods sold,Accounts payable Cost of goods sold,Sales,Inventory,Accounts payable,Accounts receivable (To record inventory sold.) Sales,Accounts payable,Inventory,Cost of goods sold,Accounts receivable Accounts receivable,Sales,Inventory,Cost of goods soldAccounts payable (To record cost of goods sold.) Question 4 Amsterdam Company uses a periodic inventory system. For April, when the company sold 700 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 250 $17 $4,250 April 15 purchase 400 20 8,000 April 23 purchase 350 22 7,700 1,000 $19,950 Compute the April 30 inventory and the April cost of goods sold using the average cost method. (Round computations for cost per unit to 2 decimal places, e.g. 10.25 and answers to 0 decimal places, e.g. 2,250.) Inventory Cost of goods sold Question 5 Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 250 $15 $3,750 April 15 purchase 400 18 7,200 April 23 purchase 350 20 7,000 1,000 $17,950 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Inventory Cost of goods sold Question 6 .

Cost Sheet , Tender and quotation

RajaKrishnan M

Financial statements of sole trader without adjustments

Mahesh Chandra Sharma

This document provides information about final accounts or financial statements prepared at the end of an accounting period. It includes an income statement (also called a profit and loss account) and a position statement (also called a balance sheet). The document discusses the trading account, which is the first part of the income statement and is used to calculate gross profit or loss from trading activities. It provides the format of a trading account and explains the items shown on the debit and credit sides, including opening and closing stock, purchases, sales, expenses, and gross profit or loss. Examples are provided to illustrate the calculation of cost of goods sold and gross profit from the trading account information.

Ffs,cfs assignment

DLCA3E539

This document provides information about fund flow statements and cash flow statements. It includes sample profit and loss statements and balance sheets. It asks the reader to calculate cash flow from operating activities based on the information provided, and to state how various transactions should be reported in a cash flow statement. It also provides additional financial information and asks the reader to calculate sources and uses of funds or prepare cash flow statements based on the information given.

Cashflow questions

MUHAMMAD AYAZ IQBAL

Financial Accounting May jun-2013

Sazzad Hossain, ITP, MBA, CSCA™

The document is a 4 page exam for a Financial Accounting course. It includes 4 questions assessing understanding of concepts like provisions, contingencies, property plant and equipment, consolidated financial statements, and cash flow statements. Question 1 has multiple parts asking about inventory write downs, provisions, and contingencies. Question 2 covers measurement bases, property exchanges, and consolidated financial statements. Question 3 requires preparation of a cash flow statement and reconciliation. Question 4 requires preparation of a consolidated balance sheet from provided company balance sheets.

Accounting 97064 paper 4 problem solving (extension topics) may june session ...

Alpro

Tc10 bqd13

Sazzad Hossain, ITP, MBA, CSCA™

The document is an examination paper for the Accounting Technician Programme in Malawi. It contains instructions for the exam, which has two sections - Section A contains two questions and Section B contains three questions to choose from. For each section, the summary provides: 1) Section A requires candidates to answer both questions, which cover topics like allowable deductions, computation of taxable income, definitions of tax terms, and calculation of capital allowances. 2) Section B gives candidates a choice of answering any three out of five questions, touching on subjects like treatment of club income, foreign currency loans, excise tax compliance, VAT registration thresholds, and penalty for late provisional tax payments. 3) Candid

Cost Accounting: Unit-5 Cost Sheet Questions & Answers

Acharya Institute of Graduate Studies

A cost sheet is a document used in managerial accounting that provides a detailed breakdown of the costs associated with producing a product or providing a service. It is an essential tool for businesses to analyze and manage their costs effectively. The cost sheet typically includes various cost components classified into different categories, helping managers make informed decisions regarding pricing, production processes, and resource allocation.

cpt-pilot-paper-eng.pdf

JahinApser

ABC (Pvt) Ltd. reported a net profit before tax of Rs. 39,994,000 for the year ended 31 March 2019. Various adjustments were made to arrive at taxable business income of Rs. 25,180,200 and taxable investment income of Rs. 2,770,000, resulting in total assessable income of Rs. 27,950,200. After deducting tax credits of Rs. 5,209,750, the company had a balance tax payable of Rs. 1,516,722 for the year of assessment 2018/19.

Section 11 revision

Mohamed Mahmoud

The document contains journal entries and calculations for accounting exercises. It provides solutions to exercises involving journal entries for transactions, depreciation calculations using different methods, adjusting entries at fiscal period-end, inventory calculations, and ratio calculations. Key information includes journal entries to record purchases, sales, expenses and adjusting entries. Calculations show depreciation expense and accumulated depreciation amounts.

Acct 505 final exam

teocaduffspook1984

1. True or false. Unlike a merchandising business, a manufacturing

AbbyWhyte974

1. True or false. Unlike a merchandising business, a manufacturing business uses multiple inventory accounts to reflect the cost of raw materials, partially completed goods, and finished goods. TRUE FALSE 2.5 points QUESTION 2 1. For a manufacturing business, the finished goods inventory account reflects the cost of what? Shipping Partially completed goods Completed goods Raw materials 2.5 points QUESTION 3 1. Super Goods, an electronics retailer, purchases $80,000 worth of computers from a manufacturer in Taiwan. The terms of the purchase are FOB shipping point. Freight costs total $9,000. The goods are shipped on June 1 and delivered on June 15. On June 1, which two accounts should be debited by Super Goods in the following journal entry? Date Account Dr. Cr. 6-01-XX 80000.00 9000.00 Accounts Payable 89000.00 Inventory and Freight-out Accounts Receivable and Freight-out Inventory and Freight-in Accounts Receivable and Freight-in 2.5 points QUESTION 4 1. At the time of shipment, goods that are purchased FOB shipping point are reported on the seller's balance sheet. considered the responsibility of the buyer. designated as freight-out. categorized as partially completed inventory. 2.5 points QUESTION 5 1. On February 15, a buyer purchases $30,000 worth of goods from a manufacturer. The manufacturer offers the buyer a 3% discount ($900) if payment for the goods is made within 10 days. The buyer pays for the merchandise on February 20. In a journal entry, the seller should debit ________ and credit ________ for $900. Sales; Purchase Discounts Accounts Receivable; Sales Sales; Accounts Receivable Accounts Payable; Inventory 2.5 points QUESTION 6 1. A buyer receives a sales discount from a seller for paying for purchased goods within a specific period of time. In what way does the sales discount affects the buyer? Reducing freight-in costs Reducing the cost of inventory Increasing freight-out costs Increasing the cost of inventory 2.5 points QUESTION 7 1. For a manufacturing business, the __________ inventory account reflects the cost of products that have been manufactured and are ready to be sold. Raw materials Work-in-process Freight-in Finished goods 2.5 points QUESTION 8 1. Which term refers to goods that a merchandising business purchases and resells? Inputs Frieght Supplies Inventory 2.5 points QUESTION 9 1. On February 15, a buyer purchases $10,000 worth of goods from a manufacturer, who spent $5,000 to manufacture the goods. The terms of sale are FOB shipping point, and shipping costs are $800. The goods will be shipped on June 1. The manufacturer must make two journal entries on June 1. In the second journal entry, the manufacturer should debit ________ and credit ________. Date Account Dr. Cr. 6-01-XX Accounts Receivable 10,000.00 Cash 800.00 Sales 10,000.00 Date Account Dr. Cr. 6-01-XX 5,000.00 5,000.00 Cash; Cost of Goods Sold Cost of Goods Sold; ...

1. True or false. Unlike a merchandising business, a manufacturing

SantosConleyha

Managerial Accounting 9th Edition Crosson Solutions Manual

xeqevic

1. The document provides accounting information for cost of goods sold, cost of goods manufactured, and inventory balances for a manufacturing company. It includes details on direct materials, direct labor, overhead costs, and beginning and ending inventory balances. 2. Cost of goods sold was calculated as $123,000 based on beginning and ending finished goods inventory and cost of goods manufactured. 3. Cost of goods manufactured was calculated as $97,000 based on direct materials, direct labor, overhead costs, and beginning and ending work in process inventory.

ACC 422 Enhance teaching - tutorialrank.com

LeoTolstoy05

ACC 422 Lessons in Excellence / acc422.com

kopiko31

Brief Exercise 9-11Suppose Nike, Inc. reported the following pla.docx

hartrobert670

The document provides financial statements for The Hershey Company and Tootsie Roll Industries for the years 2009-2011. It includes income statements, balance sheets, and statements of cash flows. The income statements show revenues, expenses, operating income, net income, and earnings per share. The balance sheets present assets, liabilities, and shareholders' equity. The cash flow statements report cash from operating, investing and financing activities. Notes provide details on accounting policies for items like property, plant and equipment.

ACC 422 Redefined Education--acc422.com

agathachristie201

ACC 422 Achievement Education -- acc422.com

agathachristie165

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