Quiz chapter 6 answer
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1. K donated land worth 500,000 with a 100,000 mortgage to daughter L and 200,000 cash to son M. The net gifts totaled 580,000 after deducting the mortgage and marriage gift deductions of 10,000 each. 2. A donated 600,000 to his son for marriage, 500,000 to his daughter for graduation, and 400,000 to godchildren. He also donated 100,000 to his neighbor. The tax on donations to relatives totaled 31,800 while the tax on donations to strangers was 150,000 at a 30% tax rate. 3. Mr. and Mrs. Dinero each donated 1,000,000 to their son for his wedding
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Required
1. Prepare the general journal entries the transactions completed in February 2010 and the
general journal entires the adjustments neccessary at the end of February.
2. T-Account for the .
accounting exam.docx
Sherif Consultant Group provides engineering consulting services. The document provides 25 transactions from January 1-25, 2019 to practice journalizing, posting to accounts, and preparing financial statements using the accounting equation and T-accounts. Key aspects covered include unearned and prepaid revenues, depreciation using straight-line method, and allowance method for estimating uncollectible accounts. The income statement shows net income of $12,000 and the balance sheet lists assets of $87,500 equal to liabilities and owner's equity.
accounting exam (1).docx
Sherif Consultant Group provides engineering consulting services. During January 2019, Sherif recorded over 25 transactions including starting the business, purchases, sales, expenses, payments, and adjusting entries. The transactions were recorded in a general journal and posted to accounts. Financial statements including an income statement, owner's equity statement, and balance sheet were prepared showing the results for the month.
accounting exam (2).docx
Sherif Consultant Group provides engineering consulting services. During January 2019, Sherif recorded over 25 transactions including starting the business, purchases, sales, expenses, payments, and adjustments. The assistant summarized the accounting cycle by journalizing transactions, posting to accounts, and preparing financial statements including an income statement showing net income of $12,000 and an ending capital balance of $76,500, as well as a balance sheet with total assets of $87,500 equal to total liabilities and owner's equity.
Proof_of_Cash_by_Lailane_pptx.pptx
- The document provides information from a proof of cash reconciliation for Bedlam Company for the month of December.
- It includes opening and closing cash balances per books and bank statements, as well as bank debits/credits and book debits/credits for the month.
- There are also reconciling items like outstanding checks, deposits in transit, and an erroneous bank charge that need to be accounted for.
- An adjusting entry is needed on December 31 to properly record a note receivable that was deposited but not yet collected in December.
A C G 6 0 2 6 - A c c o u n t i n g f o r M.docx
A C G 6 0 2 6 - A c c o u n t i n g f o r M a n a g e r s
ACCOUNTING CYCLE ASSIGNMENT
Spring 2016
Names
Points:
Problem 1 – 30 points
Problem 2 – 70 points
Total (100 points)
Problem 1. ABC Company began business on January 1, 2015. During January, the following
transactions occurred:
January:
1
st
Issued common stock in exchange for $150,000 cash.
2
nd
Purchased inventory on account for $30,000.
4
th
Paid an insurance company $2,450 for one-year insurance policy.
10
th
Sold merchandise on account for $13,000. The cost of the merchandise was $6,000.
15
th
Borrowed $35,000 from a local bank and signed a note. Principal and interest at 10%
will be repaid in six months.
20
th
Paid employees $6,000 in wages for the first half of the month.
22
nd
Sold merchandise for $11,000 cash. The cost of the merchandise was $7,000.
24
th
Paid $15,000 to suppliers for the merchandise purchased on January 2.
26
th
Collected $5,500 on account from customers.
28
th
Paid $2,000 to the local utility company for January water.
30
th
Paid $5,000 rent for the building. $2,500 was for January rent, and $2,500 for
February rent.
Required:
1. Prepare general journal entries (i.e., no adjusting journal entries) to record each
transaction. (10p.)
2. Post the entries to T-accounts. (10p.)
3. Prepare an unadjusted trial balance as of January 30, 2015. (10p.)
Problem 2.
Florida Company manufactures and sells various types of pasta to grocery chains as private label
brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of
December 31, 2015, appears below.
Information necessary to prepare the year-end adjusting entries appears below.
1. Depreciation on the equipment for the year is $20,000.
2. Employee wages are paid twice a month, on the 22
nd
for wages earned from the 1
st
through the 15
th
, and on the 7
th
of the following month for wages earned from the 16
th
through the end of the month. Wages earned from December 16 through December 31,
2015, were $2,000.
3. On October 1, 2015, Florida borrowed $50,000 from a local bank and signed a note. The
note requires interest to be paid annually on September 30 at 12%. The principal is due in
10 years.
4. On March 1, 2015, the company lent a supplier $20,000 and a note was signed requiring
principal and interest at 8% to be paid on February 28, 2016.
Account Title Debit Credit
Cash 29,000
Accounts Receivable 40,000
Supplies 1,500
Inventory 60,000
Notes Receivable 20,000
Interest Receivable -
Prepaid Rent 2,000
Prepaid Insurance 7,000
Equipment 80,000
Accumulated Depreciation-Equipment 30,000
Accounts Payable 31,000
Wages Payable -
Notes Payable 50,000
Interest Payable -
Unearned Rev.
AC1220 ACCOUNTING ILab 2.2AC1220 Lab.docx
AC1220 ACCOUNTING I
Lab 2.2
AC1220 Lab 2.2
Introduction
Jake’s Computer Repair Service was profitable in February 20x1 and continued to operate in March 20x1. The ending balances for assets, liabilities, and the capital account of Jake’s Computer Repair Service on February 28, 20x1 are listed here. These account balances are also the beginning balances for March 20x1.
Account
Balance
Debit
Credit
Cash
$7,760
Accounts Receivable
$1,630
Supplies
$260
Prepaid Advertising
$1,000
Equipment
$6,200
Accounts Payable
$490
Wages Payable
$30
Interest Payable
$120
Note Payable
$10,000
Unearned Revenue
$120
Capital, Jones
$6,090
Total
$16,850
$16,850
The following transactions occurred during March 20x1:
a. March 1, 20x1. Purchased supplies (on account): $640
b. March 4, 20x1. Service revenues for the first week of March: $1,420 (cash)
c. March 18, 20x1. Received cash from customers on accounts receivable: $1,600
d. March 25, 20x1. Paid interest expense on note payable: $120
e. March 31, 20x1. Service revenues for the rest of March: $5,680 ($5,000 cash, $680 on account)
f. March 31, 20x1. Paid rent: $500
g. March 31, 20x1. The cash payment for wages totaled $1,100. The journal entry includes debit to the wages payable account.
h. March 31, 20x1. Jake withdrew $2,000 in cash from the business for personal use.
Requirement 1
Journalize the transactions occurring during March, 20x1. The first transaction has been journalized and posted to the related ledger account.
DATE
REF
DEBIT
CREDIT
3/1/11
Supplies
$640
Accounts Payable
a
$640
To record purchase of supplies
a
3/4/x1
b
b
3/18/x1
c
c
3/25/x1
d
d
DATE
REF
DEBIT
CREDIT
3/31/x1
e
e
e
3/31/x1
f
f
3/31/x1
g
g
g
3/31/x1
h
h
Requirement 2
Post the journal entries made for March 31, 20x1, to the appropriate T-accounts. Use the journal entries for March 31 made in Requirement 2. All other entries have been posted.
CASH
ACCOUNTS RECEIVABLE
Bal.
$7,760
Bal.
$1,630
SUPPLIES
PREPAID ADVERTISING
Bal.
$260
Bal.
$1,000
Mar 1
$640
EQUIPMENT
Bal.
$6,200
ACCOUNTS PAYABLE
WAGES PAYABLE
Bal.
$490
Bal.
$30
Mar 1
$640
INTEREST PAYABLE
UNEARNED REVENUE
Mar 25
$120
Bal.
$120
Bal.
120
NOTES PAYBALE
Bal.
$10,000
CAPITAL, JONES
DRAWINGS, JONES
Bal.
$6,090
SERVICE REVENUES
WAGES EXPENSE
RENT EXPENSE
INTEREST EXPENSE
Requirement 3
Use the following unadjusted trial balance for Jake’s Computer Repair Service as on March 31, 20x1, to check the ending balances you computed for Requirement 2 above.
Account
Unadjusted Balance
Debit
Credit
Cash
$12,060
Accounts Receivable
$710
Supplies
$900
Prepaid Advertising
$1,.
Chapter 2 Basic Financial Statements exercise and solutions
This document contains sample balance sheets, income statements, and accounting exercises involving the accounting equation and recording business transactions. The exercises demonstrate how to prepare basic financial statements, record the effects of transactions on the accounting equation, and interpret financial statements. Key elements include assets, liabilities, owner's equity, revenues, expenses, and how various transactions impact these elements.
Week Four Exercise AssignmentLiability1. Payroll accounting. A.docx
Week Four Exercise Assignment
Liability
1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:
· Social Security taxes: 6% on the first $55,000 earned
· Medicare taxes: 1.5% on the first $130,000 earned
· Federal income taxes withheld from wages: $7,500
· State income taxes: 5% of gross earnings
· Insurance withholdings: 1% of gross earnings
· State unemployment taxes: 5.4% on the first $7,000 earned
· Federal unemployment taxes: 0.8% on the first $7,000 earned
The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.
a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:
· Social Security taxes
· Medicare taxes
· Federal income taxes withheld
· State income taxes
· Insurance withholdings
b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:
· Matching Social Security taxes
· Matching Medicare taxes
· State unemployment taxes
· Federal unemployment taxes
2. Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following:
12/1
Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity.
2/10
Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit.
12/22
Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.
12/26
Borrowed $5,000 from First City Bank; signed a note payable due in 60 days.
12/31
Repaired six XY-80s during the month at a total cost of $162.
12/31
Accrued 3 days of salaries at a total cost of $1,400.
Instructions
a. Prepare journal entries to record the transactions.
b. Prepare adjusting entries on October 31 to record accrued interest.
c. Prepare the Current Liability section of Red Bank’s balance sheet as of October 31. Assume that the Accounts Payable account totals $203,600 on this date.
3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:
8/2:
Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note.
8/20:
Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The note is due in 180 days and carries a 12% interest rate.
9/10:
Purchased merchandise from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed.
9/11:
Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and carries a 14% interest rate.
10/10:
The note to Pans Enterprises was p.
chapters from 1 - 3.pdf
The document summarizes transactions from May for Solki's Repair Shop. Key details include:
- Solki Lee started the repair shop on May 1 and invested $10,000 in cash.
- The shop purchased $5,000 of equipment for cash and paid $400 for May office rent in cash.
- The shop received $6,100 in cash from customers, paid $2,000 in employee salaries, and $170 in utility bills.
- The shop performed $750 of repair services on account and collected $120 in cash for those services.
Argosy university acc 201
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Accounting for non profit organization part 3
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chapters from 1 - 3.doc
Solki's Repair Shop had the following transactions in May: it invested $10,000 cash to start the business, purchased $5,000 of equipment, paid $400 for May rent, paid $500 for supplies, incurred $250 of advertising costs, received $6,100 from customers for repairs, withdrew $1,000 for personal use, paid employee salaries of $2,000, paid $170 for utilities, performed $750 worth of repairs on account, and collected $120 for those services.
Accruals and Prepayments | IGCSE and As Level PPT | Krishna Agarwal
Accruals and Prepayments Presentation Covers the Topic of 0452 Cambridge Syllabus in Book.
#Krishna429
#Accounting
#Education Here
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Ac Counting For Business
The document provides details about an accounting for business program by Afterscho☺ol Centre for Social Entrepreneurship. It includes instructions for participants to prepare trading and profit and loss accounts based on transaction details provided for a business owner named Goti for the year ended 31 March 2007. It also provides an additional information and asks participants to prepare a balance sheet as on that date.
Ac Counting For Business
This material is a part of our PGPSE programe. Our programme is available for any student after class 12th / graduation. AFTERSCHO☺OL conducts PGPSE, which is available free to all online students. There are no charges. PGPSE is a very rigorous programme, designed to give a comprehensive training in social entrepreneurship / spiritual entrepreneurship. This programme is aimed at those persons, who want to ultimately set up their own business enterprises which can benefit society substantially. PGPSE is a unique programme, as it combines industry consultancy, business solutions and case studies in addition to spirituality and social concerns. You can read the details at www.afterschoool.tk or at www.afterschool.tk
Accounting Journal Entries
Check this article with accounting journal entries, for more details visit site. https://www.accountingassignmenthelp.net/basic-journal-entries-examples/
The Balance Sheet provides a snapshot of the financial condition of .docx
The Balance Sheet provides a snapshot of the financial condition of a company at the end of an accounting period. It shows the assets, liabilities, and owner’s equity in the business.
1.
Identify each of the following as an asset (
A
), contra asset (
C
), liability (
L
), or equity (
E
). Insert the appropriate letter in each field
A
cash
C
depreciation
C
equipment
A
inventory
L
loan
E
paid in capital
C
prepaid insurance
E
retained earnings
L
taxes owed
A
utility deposit
2.
In early December, Alice and Bob decided to open the Sample Cafe with $15,000 of their own money and $20,000 borrowed from a friend. They have spent $12,000 on equipment and furniture, and purchased $3,000 worth of inventory. Having put down a $2,500 deposit for a location on Main St., they will pay the first month’s rent when they open their doors on January 1st.
HINT: Consider the change in each asset account, given the transactions above. Total Assets has been included as a second hint.
Create a balance sheet showing the financial position of the
Sample
Cafe
as of December 31
st
Use the data above. Remember, Assets must equal Total Liabilities + Equity.
Sample
Cafe
Balance
Sheet
As of December 31, 20xx
Assets
Liabilities
Cash
$15,000
Loans
$20,000
Deposits
$2,500
Total Liabilities
$20,000
Furniture & Equip.
$12,000
Depreciation
$2,500
Equity
Inventory
$3,000
Owner’s Equity
$15,000
Total Equity
$15,000
Total Assets
$35,000
Total Liab. & Equity
$35,000
3.
The Sample Café nearly broke even in the first month of business. Below is a summary of revenue and expenses for January. Starting with the balance sheet from December 31st, use the results to create an updated balance sheet for January 31st.
HINT: Remember, Net Income is added to Owner’s Equity; Net Loss is subtracted from Owner’s Equity. Total Assets has been added as a hint.
Sample Café
Income Statement
Summary
Month Ended January
31,
20xx
Revenue
$30,000
Cost of Goods Sold
$3,500
$1,000 from inventory
Total Expenses
$27,000
Includes equipment depreciation of $200.
Net Income
($500)
Sample
Cafe
Balance
Sheet
As of December 31, 20xx
Assets
Liabilities
Cash
$30,000
Loans
$20,000
Deposits
$2,500
Total Liabilities
$20,000
Furniture & Equip.
$0
Depreciation
$1,000
Equity
Inventory
$1,000
Owner’s Equity
$14,500
Total Equity
$14,500
Total Assets
$34,500
Total Liab. & Equity
$34,500
4.
What is the book value of the equipment at the end of January?
Because furniture and equipment are $12,000 I assume half of that is equipment. With the information above saying that $200 had depreciated
$6,000-$
200 would be a $5800 value for the equipment.
5.
Alice and Bob had a small loss for the month. What happened to cash? Explain.
Inventory was $3,000 but in January it was calculated that $3,500 was spent. That means $500 dollars of inventory was not expected
giving
the loss of $500.
.
6. Entry and trial balance preparation. Lee Adkins is a portra.docx
6.
Entry and trial balance preparation
. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.
Account number
Account name
Debit
Credit
110
Cash
$ 2,700
120
Accounts Receivable
12,100
130
Equipment and Supplies
2,800
140
Studio
45,000
210
Accounts Payable
$2,600
310
Lee Adkins, Capital
57,400
320
Lee Adkins, Drawing
30,000
410
Professional Fee Revenue
39,000
510
Advertising Expense
2,300
520
Salaries Expense
2,100
540
Utilities Expense
2,000
$99,000
$99,000
The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:
6/2
Collected $3,000 on account from customers
6/7
Sold 25% of the equipment and supplies to a young artist for $700 cash
6/10
Received a $300 invoice from the accountant for preparing last quarter's financial Statements.
6/15
Paid $1,900 to creditors on account.
6/27
Adkins withdrew $2,000 cash for personal use.
6/30
Billed a customer $3,000 for a portrait painted this month.
a. Record the necessary journal entries for June on page 2 of the company’s general journal. (See Exhibit 2.6)
b. Open running balance ledger “T” accounts by entering account titles, account numbers, and May 31 balances. (See exhibit 2.3 and 2.4)
c. Post the journal entries to the “T” accounts.
d. Prepare a trial balance as of June 30. (See exhibit 2.9)
7. Journal entry preparation.
On January 1 of the current year, Peter Houston invested $80,000 cash into his companyMuniServ.The cash was obtained from an owner investment by Peter Houston of $50,000 and a $30,000 bank loan. Shortly thereafter, the company acquired selected assets of a bankrupt competitor. The acquisition included land ($10,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $15,000 (an account payable) by February 15.
During January, the company had additional cash outlays for the following items:
Purchases of store equipment
$4,600
Note payment
500
Salaries expense
2,300
Advertising expense
700
The January utility bill of $200 was received on January 31 and will be paid next month. MuniServ rendered services to clients on account amounting to $9,400.
All customers have been billed; by month end, $3,700 had been received in settlement of account balances.
Instructions
a.
Present journal entries that reflect MuniServ's January transactions, including the $80,000raised from the owner investment and loan. (See exhibit 2.6)
b.
Compute the total debits, total credits, and ending balance that would befound in the company's Cash account. (Post to “T” Accounts, see exhibit 2.3 and 2.4)
c.
Determine the amount that would be shown on the January 31 trial balance for Accounts
Payable. Is the balance a debit or a credit?
.
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The following are the balances in the accounts for Joan Miller Adver.pdf
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Chapter 2 Basic Financial Statements exercise and solutions
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Quiz chapter 6 answer
- 1. 1. Donations on one date by K, father, of property and cash as follows: to L, a legitimate daughter on account of marriage, land with fair market value of 500,000 but subject to a mortgage of 100,000 which is assumed by L; to M, a legitimate son, on account of marriage, cash of 200,000. Required: Compute the amount of Net Gifts
- 2. Problem 1 Land 500,000.00 Cash 200,000.00 Gross Gift 700,000.00 less: Deductions Mortgage 100,000.00 Account of Marriage Daughter 10,000.00 Son 10,000.00 Net Gifts 580,000.00
- 3. 2. A, donated the following during 2014: Mar 1- to his son on account of marriage 600,000 Oct 1- to daughter on account of graduation, 500,000 Dec 25- to his god-children , 400,000 Dec 31- to his neighbour, 100,000 Compute donor’s tax for: a. Relative b. Strangers
- 4. Problem 2 Donation to Relative Mar 1 Gross Gift 600,000.00 Deductions (10,000.00) Net Gift 590,000.00 Tax on 500,000 14,000.00 Excess at 6% 5,400.00 Donor's Tax 19,400.00 Oct 1 Gross Gift 500,000.00 Deduction - Net Gift 500,000.00 Net Gift, Previous 590,000.00 Aggregate Net Gift 1,090,000.00 Tax on 1000,000 44,000.00 Excess at 8% 7,200.00 Total Donor's Tax 51,200.00 Donor's Tax, Previous (19,400.00) Donor's Tax, Donation to Stranger Current 31,800.00 Dec 25 Gross Gift 400,000.00 Dec 31 100,000.00 500,000.00 x Donor's Tax Rate 30% Donor's Tax Due 150,000.00
- 5. 3. Mr. and Mrs. Dinero donated the following: Jan 5,2012- to son for birthday, 1,000,000 Mar 30, 2013- to son for graduation, 500,000 Jun 28, 2013- to son for wedding, 2,000,000 Compute the donor’s tax for donation made on June 28, 2013.
- 6. Problem 3 Mr. Dinero Mrs. Dinero Total Mar 30 Gross Gift 250,000.00 250,000.00 500,000.00 - Deductions - - Net Gift 250,000.00 250,000.00 500,000.00 Tax on 200,000 2,000.00 2,000.00 4,000.00 Excess at 4% 2,000.00 2,000.00 4,000.00 Donor's Tax 4,000.00 4,000.00 8,000.00 Jun 28 Gross Gift 1,000,000.00 1,000,000.00 2,000,000.00 Deduction (10,000.00) (10,000.00) (20,000.00) Net Gift 990,000.00 990,000.00 1,980,000.00 Net Gift, Previous 250,000.00 250,000.00 500,000.00 Aggregate Net Gift 1,240,000.00 1,240,000.00 2,480,000.00 Tax on 1,000,000 44,000.00 44,000.00 88,000.00 Excess at 8% 19,200.00 19,200.00 38,400.00 Total Donor's Tax 63,200.00 63,200.00 126,400.00 Donor's Tax Previous (4,000.00) (4,000.00) (8,000.00) Donor's Tax Current 59,200.00 59,200.00 118,400.00
- 7. Problem 3 Mr. Dinero Mrs. Dinero Total Mar 30 Gross Gift 250,000.00 250,000.00 500,000.00 - Deductions - - Net Gift 250,000.00 250,000.00 500,000.00 Tax on 200,000 2,000.00 2,000.00 4,000.00 Excess at 4% 2,000.00 2,000.00 4,000.00 Donor's Tax 4,000.00 4,000.00 8,000.00 Jun 28 Gross Gift 1,000,000.00 1,000,000.00 2,000,000.00 Deduction (10,000.00) (10,000.00) (20,000.00) Net Gift 990,000.00 990,000.00 1,980,000.00 Net Gift, Previous 250,000.00 250,000.00 500,000.00 Aggregate Net Gift 1,240,000.00 1,240,000.00 2,480,000.00 Tax on 1,000,000 44,000.00 44,000.00 88,000.00 Excess at 8% 19,200.00 19,200.00 38,400.00 Total Donor's Tax 63,200.00 63,200.00 126,400.00 Donor's Tax Previous (4,000.00) (4,000.00) (8,000.00) Donor's Tax Current 59,200.00 59,200.00 118,400.00