Recording Transactions, Preparing Journal Entries, Posting to T-Accou.pdf

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Recording Transactions, Preparing Journal Entries, Posting to T-Accounts, Preparing a Statement of Financial Position, and Evaluating the Current Ratio (P2-5) BCE Inc., Canadn's largest communications company, provides a comprehensive and innovative suite of broadband communications and content services to consumer, residential, business, and governme customers in Canada. The following is BCE's (simplified) statement of financial position from a recent year: Assume that the following transactions (in millions of dollars) occurred in fiscal year 2021 (ended on December 31, 2021): a. Issued additional shares for $200 in cash. b. Borrowed $6,300 from creditors; due in 10 years. Long Term 300 c. Purchased additional investments for $1,500 cash; one-fifth were long-term and the rest were short-term. 1200 d. Purchased property, plant, and equipment; paid $4,650 in cash and $850 with additional long-term bank loans. e. Lent $250 to associated companies that signed a six-month note. f. Sold short-term investments costing $200 for $200 cash. Required: 1. Prepare a journal entry for each transaction. 2. Create a T- account for each item on the statement of financial position and include the December 31 , 2020 balances. Post each journal entry to the appropriate T-account. 3. Prepare a trial balance as at December 31, 2021. 4. Prepare a statement of financial position for BCE based on the T-account ending balances at December 31, 2021. 5. Compute BCE's current ratio for fiscal year 2021. What does this suggest about the company?.

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E2-11 Assume Down.com was organized on May 1,2010 to compete with Despair.com-a company that sells de-motivational posters and office products. The following events occurred during the first month of Down.coms operations. a. Received $60,000 cash from the investors who organized Down.com Corporation. b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered computer equipment costing $16,000. d. Purchased $9,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received and paid for the computer equipment ordered in (c). Paid for half of it, and put the rest on account. Prepare a balance sheet. Solution Equity & Liabilities Amount Assets Amount Capital 60000 Cash 70000 Loan 20000 Computer Equipment 16000 Payable for Computer Equipment 8000 Equipment 9000 Payable for Equipment 7000 Total 95000 Total 95000 .

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Recording Transactions (Including Adjusting and Closing Entries), Preparing Financial Statements, and Performing Ratio Analysis Ben and Kelly Perry began operations of their Roof repair company (Perry Roofing, Inc.) on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, was as follows: Debit Credit Cash 7,000 Accounts Receivable 5,000 Supplies 9,000 Equipment Accumulated Depreciation (on equipment) Intangible assets (long term, not detailed to simplify) 8,000 Accounts Payable 6,000 Notes Payable Wages payable Interest Payable Income Taxes Payable Unearned revenue Common Stock (50,000 shares, $0.10 par value) 5,000 Additional Paid-in Capital 10,000 Retained Earnings 8,000 Service revenue Depreciation expense Supplier expense Wage Expense General and Administrative Expense Interest Expense Income Tax Expense Totals 29,000 29,000 Transactions during 2021 follow: Borrowed $18,000 cash on July 1, 2021, signing a one-year, 10 percent note payable. Purchased equipment for $20,000 cash on July 1, 2021. Sold 10,000 additional shares of capital stock for cash at $1.1 market value per share at the beginning of the year. Earned $110,000 in revenues for 2021, including $30,000 on credit and the rest in cash. Incurred General and Administrative expenses of $16,000 for 2021, including $5,000 on credit and the rest paid with cash. Purchased $12,000 of supplies: $4,000 was paid in cash with the rest on account. Collected accounts receivable, $18,000. Paid accounts payable, $9,000. Paid 50,000 cash for wage expense. Received a $2,000 deposit on work to start January 15, 2022. Declared and paid a cash dividend, $5,000. Data for adjusting entries: Supplies of $5,000 were counted on December 31, 2021. Depreciation for 2021, $2,500. Interest accrued on notes payable (to be computed). Wages earned since the December 24 payroll but not yet paid, $800. Income tax expense was $9,000, payable in 2022. Required (all in an Excel file with separate spreadsheets): Set up T-accounts for the accounts on the trial balance and enter beginning balances. 1) Prepare journal entries for transactions ( a ) through ( k ) and 2) Post them to the T-accounts. 1) Journalize the adjusting entries ( l ) through ( p ) and 2) Post them to the T-accounts. Prepare a trial balance, with columns of both unadjusted and adjusted. Prepare: an income statement (including earnings per share), statement of stockholders' equity, and balance sheet. Debit Credit Cash 7,000 Accounts Receivable 5,000 Supplies 9,000 Equipment Accumulated Depreciation (on equipment) Intangible assets (long term, not detailed to 8,000 simplify) Accounts Payable 6,000 Notes Payable Wages payable Interest Payable Income Taxes Payable Unearned revenue Common Stock (50,000 shares, $0.10 par value) 5,000 Additional Paid-in Capital 10,000 Retained Earnings 8,000 Service revenue Depreciation expense Supplier expense Wage Expense General and Administrative Expense Interest Expense Inc.

Recording Transactions (Including Adjusting and Closing Entries)- Prep.pdf

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Excel Storage Corporation You are an accountant working at Kyle & Co. Jeff Reynolds, a partner in your firm, leaves you the following voicemail message: The scheduling manager tells me you have some time available. We have recently been advised that management of Excel Storage Corporation (ESC) has received an offer from Edge Capital Partners to sell 100% of all issued and outstanding common shares. I have a meeting with management in two weeks regarding this issue, and I havent had much time to think about this engagement. I have prepared some background information on the company for you to review, including background information on the client (Exhibit I), the companys most recent internal financial statements (Exhibit II), and the proposed share purchase agreement (Exhibit III). I also met with ESC management earlier this month and made some notes from that meeting (Exhibit IV). They should all be in your inbox by now. Exhibit I Background Information Excel Storage Corporation (ESC) duplicates, DVDs, MP3s, and all forms of electronic files from master copies provided by its clients. The company started operations in 2000 in the basement of the home of part-owner, Amanda Biden. Sales increased quickly, and within one year of starting operations the company moved into a rented space in downtown Toronto. The market that ESC currently serves is mainly large companies that require training programs, corporate messages, and so on. The company is owned equally by Amanda Biden, Phil Mills, and Beth Iskiw. Amanda started the venture and has always managed the sales function. In order to keep the company growing, she brought in Phil and Beth as equal shareholders. Phil and Beth each paid $30,000 for one-third of Amandas shares. Phil is a good administrator and handles the accounting functions for the company. Amandas skills are mainly in sales. Beth looks after the production end and stays abreast of changes in technology. ESC has an October 31 fiscal year end. Exhibit II Internal Financial Statements Statement of Financial Position Exhibit II continued Statement of Income Exhibit II continued Notes to the Financial Statements Capital assets Future income tax asset A future tax asset has been recorded for noncapital losses carry forward. The losses were incurred during a bad year in fiscal 2018. ESC expects strong future profits to be able to generate taxable income to fully utilize the tax losses. The owners decided not to use the tax losses in the 2020 or 2019 fiscal years because they expect their marginal tax rate to increase significantly in the near future due to significant growth in income. Bank loan A small business bank loan and line of credit for $200,000 (presently unused) are secured by a general security agreement, a registered general assignment of book debts, and chattel mortgages on duplication equipment. Principal repayments on the small business loan are due as follows during the years ended October 31: Interest on the small busi.

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AC1220 Lab 5.3 Introduction Jake’s Computer Sales and Repair acquired land, land improvements, and a building in exchange for a $180,000 note payable. The building was renovated at a cost of $15,000 before being placed into use. The cost of the renovation work was capitalized, and Jake’s Computer Sale and Repair signed a note payable for the full amount. Notes payable are dated June 1, 20x1, totaling $195,000. The notes are payable over 10 years at an annual interest rate of 6 percent. The principal is to be repaid in equal annual installments of $19,500 each. Interest and principal payments are scheduled for June 1 each year, from 20x1 to 2x11. Requirement 1 a. Journalize the issuance of the long-term note payable. Date Account and Explanation Debit Credit 6/1/x1 To record long-term note payable b. Compute the interest accrued on the long-term notes payable at December 31, 20x1. b. Journalize the accrual of interest at December 31, 20x1. Date Account and Explanation Debit Credit 12/31/x1 To accrue interest on long-term note payable c. Make the entry necessary at December 31, 20x1, to reclassify the first principal installment on the note payable as the current portion of the long-term notes payable. Date Account and Explanation Debit Credit 12/31/x1 To accrue interest on long-term note payable AC1220 ACCOUNTING I Lab 5.3 1 d. Enter the correct amounts into the shaded cells of the following partial balance sheet dated December 31, 20x1: In the Income Statement for the Year Ended Dec. 31, 20x1 In the Balance Sheet at Dec. 31, 20x1 Expenses Current Liabilities Interest Expense Current Portion of Long-Term Notes Payable Long-Term Liabilities Long-Term Notes Payable Requirement 2 Jake is considering raising additional cash by issuing $100,000 in bonds with a stated interest rate of 6 percent and a maturity of 10 years. a. Compute the annual interest payment on the bonds payable. b. Compute the present value of the bonds if the market interest rate is 8 percent. To compute the present value of the bonds, you can use the present value tables in Appendices B-1 and B-2 of your textbook, or you can set up the following formulas using Microsoft Excel: c. Would these bonds be issued at a discount or at a premium? Explain. d. Compute the bond discount or premium. e. Journalize the issue of the bonds. Date Account and Explanation Debit Credit 6/1/x1 To accrue interest on long-term note payable f. Compute the amount by which the discount or premium would be amortized in each period, assuming straight-line amortization. AC1220 Lab 5.2 Introduction On July 25, 20x1, Jake’s Computer Sales and Repair enters into an agreement with Inner-Tech, a local computer software development firm. Inner-Tech pays Jake’s Computer Sales and Repair $45,000 in advance for ongoing computer repair services. At year-end, Jake determines that $38,500 of this amount has been e.

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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.

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Qusstion Read the passage and answer the questiots that follow: A ranomeare pang calling itself "Snatch" - affer the iconic Guy Ritchic film relensed in 2000 - has daimed responsibility for exfilarating 200 icrabytes of data from the South African Department of Defence (DOD). The group has apparcently posted enly a fraction of the data it stole onliee, releasing a 4996B compressed archive that it says catracts to anouse coefirmed that the leak appeared legitimate. They said the data came froe the DOD, not an affiliated company like Armscor or Denet. In addition to leaking DOD data, Seatch also posted the contact infoemation of screnal senior government officiab online - including phone numbers it says belong so Cyril Ramaphosa. Checking the lise of eight cellphone numbers against Truecaller's database revealed that two could belone to South Africa's sieting president. According to sybernecurity compary Sophos, Snatch wass an antack medel network throogh haman-directed action. Their malware reboots Windosas machines into Safe Mode before enerypting the data they wish to hold ransom. The attackens may be using this technique to circurnent endpoint protestion, which often won't ran in Safe Mode," Sopbos. said. When it discovered this attack vtctor in 2019 . Sophos quickly raiked the alarm as the severity of rasooemware that runs in Safe Mode was a significam threat. In adsition to the novel modus eperandi. Sophos also found froms recruitenent past that Snasch eely accegicd Rusian speakers inte the gang. lnserestingly, the Russian-language gang chose the weck ef the BRICS Summit, which is being hosted in South Africa, to release the data it exfiliraled from the DOD. Accorting to Seatch itwelf, this was no coincidence. The projoct is a year old, about 2007T of data was extracted during the year," it kaid ita a post online. Serocnishot from the Seatch ransomware proup'i website aboul data it stale from the South African Depurtment of Defence Snahch sad in specifically cheoe the weck of Ee BRICS mummir to reflease the data. It then wed the opsortunity to spread its messape that South Afrnca is Lundering arms foe the United Stanes and mesey fec corporations, They also accused Ramaphosa of beine the main anms baron of the black continent of the main gaket foe latsdering arms contracts in the USA." AdAitionally, the attackers said. The BRICS suminih for Africa is jus a sereen tssucd by the whate masters finm a coumtry wish a ceenantly sumbling president.- Snatch's statement fevealed a telativily poos prase of geopolitics and Soust Africa's donsestic polities. Ramaphosa's government has keen routinely criticied for its unaligned stance on Russia's invasion of Ukraine, Potinical analysts have warned that South Afnea stands to be cocluded from the United States' African Gifontl and Oportunity Aet (AGOA), losing ou on bellions in exports. Feemer Warld Bank presickem David Malpass warned Sondh Africa was playing with fire by trying to play conareries agaitu.

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QUESTION 2 (14 marks)(17 minutes) FUAC03G Commence this question on a new (separate) page. October 2022 The following information pertains to CycleLife Club: 1. Selected balances: <. Adaitional information: 2.1 During the 2022 financial year, the club had 46 members and the membership fees amounted to R2 000 per member per year. 2.2 The treasurer confirmed that she banked the following amounts received as membership fees during the 2022 financial year: Membership fees for the 2021 financial year Membership fees for the 2022 financial year R 6000 80000 10000 Membership fees for the 2023 financial year..... 2.3 The outstanding membership fees for the 2021 financial year must be written off. 2.4 On 28 February 2022 the membership fees of 4 members were still outstanding. REQUIRED: Prepare the membership fees account of CycleLife Club, properly balanced at 28 February 2022. Each entry must disclose the correct contra ledger account. [14] NB: Show all calculations..

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Question 1 It was the worst fire in the history of Welland. At 1:00 a.m. on August 1, 2023, a fire started at a Home Depot lumberyard located at 1 Main Street. The fire eventually spread to Welland's commercial district. By the time it was extinguished on August 3,2023 , the entire commercial district of 38 buildings was destroyed. Andrea owned the building and operated a coffee shop at 52 Main Street, approximately 1,200 metres from where the fire started. She estimates that her losses total $1,500,000 consisting of the building value of $1,000,000 and book inventory of a retail value of $500,000. The fire inspector has determined: 1. The fire originated at an unfenced, unlocked, and unused shed of the Home Depot lumberyard at 1 Main Street. Further, it was determined that the fire started either: (i) by the spontaneous combustion of the paint/solvent products stored in the shed, or (ii) by careless smoking or intentional action which ignited the solvents. 2. Bill, the owner of the Home Depot lumberyard at 1 Main Street knew that the shed was frequented by an employee, Drew, during his break, and at times saw Drew smoking. Bill knew that the shed was also frequented by teenagers and transients. Bill had stopped locking the shed since there was nothing of value stored there and it had been broken into numerous times. 3. The fire started at approximately 1:00 a.m. and spread to the lumberyard by 1:20 a.m. It had spread to the adjoining building at 3 Main Street by 1:30 a.m. Patrons of a bar across the street noticed the smoke and called 9-1-1 at 1:15 a.m. 4. Main Street recently was converted from a one-way street to two-way traffic. The 9-1-1 dispatcher was not aware of the change and directed the fire trucks on an alternate route, resulting in a delayed response. Firefighters arrived at 1:45 a.m. 5. The City inspected the Home Deport lumberyard at 1 Main Street on June 1, 2023, discovered that there was no alarm or sprinkler system and ordered Bill to clean up the property and to install the systems by June 7,2023 , or be prosecuted under the City's bylaws. No work had been done and the City had not reinspected or commenced prosecution. 6. The firefighters initially attempted to extinguish the fire in the buildings located at 1 and 3 Main Street rather than attempt to prevent the fire from spreading to the adjoining buildings. Fire Departments from adjacent cities were not called for assistance until the fire had spread to both sides of Main Street. 7. Andrea was aware of the fire on August 1, 2023 (as was the rest of the City), but assumed that it would be confined to the vicinity of the lumberyard at 1 Main Street. She took no steps to protect her premises or remove any inventory. Following the incident, Andrea developed a severe phobia of sirens given their connections to the fire that destroyed her business. She does not leave her house due to the fear that she may hear sirens out in public, which causes her severe mental anguish. Andrea.

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Q3b (5 points) Sue operates a food truck on Florida beaches, where she sells paninis and drinks, which she can sell for $8.00 and $4.00, respectively. Sue uses all of the money she makes to purchase theme park tickets, which cost $96.00, and her only other income comes from dividend payments of $32.00 from her investment portfolio. (i) Let x1 represent paninis, x2 represent drinks, t represents tickets, and d represents dividend income. Write Sue's budget. [2 marks] (ii) Two of Sue's friends are coming to town, and Sue wants to take them to a theme park. If she buys three tickets, draw the graph to show the possible combinations of paninis and drinks that will allow her to afford three tickets. Show your work. [3 marks].

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Property, Plant, and Equipment: Land Buildings Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment Intangibles: Patents (net) Trademarks Total intangibles Total Assets Liabilities Current Liabilities: Accounts payable Wages payable Current taxes payable Total current liabilities Long-Term Liabilities: Bonds payable Add: Treasury stock (at cost) x$ Erroneous Balance Sheet Cutler Corporation prepared the following balance sheet: Determine the errors and prepare a corrected, properly classified balance sheet. Total Liabilities Shareholders' Equity Contributed Capital: Preferred stock, \$50 par Common stock, \$2 par Additional paid-in capital on preferred stock Total contributed capital Total contributed capital, retained earnings, and accumulated other comprehensive income Total Shareholders' Equity Total Liabilities and Shareholders' Equity.

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Please mark all correct statements A Demand for rubber is more elastic then steel given their physical properties B Diamond is luxury and has elastic demand, bread doesn't C) Demand for housing is more elastic since it is a major part of expenditures D) Demand over gasoline cars is more elastic in a long run than in short, since consumers can adjust by switching to electric cars E MeDonalds having Burgerking substitute is bound to have more elastic demand.

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On January 1,2025 , Sheffield Corporation redeemed $430,000 of bonds at 99 . At the time of redemption, the unamortized premium was $12,900. Prepare the corporation's journal entry to record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.).

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Rainey Enterprises loaned $50,000 to Smali Company on June 1, Year 1, for one year at 9 percent interest. Required Show the effects of the following Iransactions in a horizontal statements modet In the Statement of Cash Fiows column. indicate whether the itern is an operating activity (OA), an irvesting activity (IA) or a financing activity (FA) Note: Enter any decreases to account balances and cash outflows with a minus slgn. Leave cells blenk if no input is needed. (1) The ioan to Small Company (2) The adjusting entry at December 31. Yeat 1 (3) The adjusting entry and collection of the note on June 1, Year 2.

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