strayer acc100 full courses [ all discussions all quizes all homework and all assignments ]

Question

strayer acc100 full courses [ all discussions all quizes all homework and all assignments ]

Question # 00039514 Posted By: vikas Updated on: 12/30/2014 10:08 PM Due on: 01/29/2015

Subject Accounting Topic Accounting Tutorials:

Question

uestion 1

2 out of 2 points

Correct

Which of the following options does a student in ACC100 have to seek additional help with the course material?

Question 2

2 out of 2 points

Correct

WileyPlus is an online teaching and learning system that has been integrated with your Strayer ACC100 Blackboard course. Which of the following is not included with WileyPlus?

Question 3

3 out of 3 points

Correct

Which of the following items is not located within the student center of the course?

Question 4

0 out of 3 points

Incorrect

Which of the following is false about late policy (without documented exceptional circumstances)?

Question 5

3 out of 3 points

Correct

Which of the following actions will not satisfy the requirements to be marked “present” online? (Please note: Although course assignments can be submitted timely through Mondays at 9:00am EST, attendance is recorded by the calendar week):

Question 6

0 out of 3 points

Incorrect

How do I obtain the registration code needed to register for WileyPlus?

Question 7

2 out of 2 points

Correct

Which of the following is necessary in order for me to fully prepare for my weekly quizzes in WileyPlus?

Question 8

2 out of 2 points

Correct

In order to receive full credit for your weekly discussions, you must

Brief Exercise 1-3

Correct answer.

Your answer is correct.

At the beginning of the year, Sielert Company had total assets of $800,000 and total liabilities of $300,000. Answer the following questions.

(a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of owner’s equity at the end of the year?

Owner’s equity

(b) During the year, total liabilities increased $100,000 and owner’s equity decreased $70,000. What is the amount of total assets at the end of the year?

Total assets

(c) If total assets decreased $80,000 and owner’s equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year?

Total liabilities

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5.

Withdrew cash for owner’s personal use.

6.

4/4

1,800

Accounts Payable

No. 201

4/25

1,500

4/4

1,800

Unearned Service Revenue

No. 209

4/30

1,000

Owner’s Capital

No. 301

4/1

12,000

Service Revenue

No. 400

4/7

3,200

4/12

900

Salaries and Wages Expense

No. 726

4/nue $820,000, Freight-out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $13,000.

(a)

Your answer is correct.

Prepare the sales revenues section of the income statement.

Tsai COMPANY

Income Statement (Partial)

For the Year Ended October 31, 2014

Exercise 5-6 (Part level Submission)

The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2014: Sales Revenue $820,000, Freight-out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $13,000.

(b)

Your answer is correct.

Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Exercise 5-14

Your answer is correct.

Financial information is presented below for three different companies.

Determine the missing amounts.

Allen Cosmetics Bast Grocery Corr Wholesalers

Sales revenue (e)

Sales returns and allowances

(a) Net sales

(i)

Cost of goods sold

(f)

(j)

Gross profit

(b)

Operating expenses

(g) 18,000

Income from operations

(c)

(h)

(k)

Other expenses and losses 4

(l)

Net income

(d)

Brief Exercise 7-3

Benji Borke has prepared the following list of statements about accounting information systems.

Identify each statement as true or false.

1.

The accounting information system includes each of the steps of the accounting cycle, the documents that provide evidence of transactions that have occurred, and the accounting records.

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2.

The benefits obtained from information provided by the accounting information system need not outweigh the cost of providing that information.

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3.

Designers of accounting systems must consider the needs and knowledge of various users.

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4.

If an accounting information system is cost-effective and provides useful output, it does not need to be flexible.

Brief Exercise 7-5

Identify in what ledger (general or subsidiary) each of the following accounts is shown.

Accounts

Ledger

(a)

Rent Expense

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(b)

Accounts Receivable—Cabrera

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(c)

Notes Payable

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(d)

Accounts Payable—Pacheco

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Brief Exercise 7-6

Identify the journal in which each of the following transactions is recorded.

Transactions

Journals

(a)

Cash sales

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(b)

Owner withdrawal of cash

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(c)

Cash purchase of land

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(d)

Credit sales

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(e)

Purchase of merchandise on account

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(f)

Receipt of cash for services performed

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Brief Exercise 7-10

Rauch Computer Components Inc. uses a multi-column cash receipts journal.

Indicate which column(s) is/are posted only in total, only daily, or both in total and daily.

Accounts

Column in Cash Journal Receipts

(a)

Accounts Receivable

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(b)

Sales Discounts

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(c)

Cash

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(d)

Other Accounts

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Exercise 7-5 (Part level Submission)

Pennington Company has a balance in its Accounts Payable control account of $9,250 on January 1, 2014. The subsidiary ledger contains three accounts: Hale Company, balance $3,000; Janish Company, balance $1,875; and Valdez Company. During January, the following payable-related transactions occurred.

Purchases

Payments

Returns

Hale Company

$6,750

$6,000

$ -0-

Janish Company

5,250

1,875

2,250

Valdez Company

6,375

6,750

-0-

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Collapse question part

(a)

What is the January 1 balance in the Valdez Company subsidiary account?

Balance in the Valdez Company subsidiary account $http://edugen.wiley.com/edugen/art2/common/pixel.gif

What is the January 31 balance in the control account?

The balances in the subsidiary accounts at the end of the month.

Which January transaction would not be recorded in a special journal?

Exercise 7-7 (Part level Submission)

R. Santiago Co. uses special journals and a general journal. The following transactions occurred during May 2014.

May 1

R. Santiago invested $40,000 cash in the business.

2

Sold merchandise to Lawrie Co. for $6,300 cash. The cost of the merchandise sold was $4,200.

3

Purchased merchandise for $7,700 from J. Moskos using check no. 101.

14

Paid salary to H. Rivera $700 by issuing check no. 102.

16

Sold merchandise on account to K. Stanton for $900, terms n/30. The cost of the merchandise sold was $630.

22

A check of $9,000 is received from M. Mangini in full for invoice 101; no discount given.

Adjustment

After

Adjustment

Dr.

Cr.

Dr.

Cr.

Cash

$10,400

Accounts Receivable

8,800

10,800

Supplies

2,300

900

Prepaid Insurance

4,000

2,500

Equipment

14,000

Accumulated Depreciation—Equipment

$ 3,600

$ 4,500

Accounts Payable

5,800

Salaries and Wages Payable

0

1,100

Unearned Rent Revenue

1,500

600

Owner’s Capital

15,600

Service Revenue

34,000

36,000

Rent Revenue

11,000

11,900

Salaries and Wages Expense

17,000

18,100

Supplies Expense

0

1,400

Rent Expense

15,000

Insurance Expense

0

1,500

Depreciation Expense

0

900

$71,500

$75,500

Top of Form

Prepare the adjusting entries that were made.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

(To record rent earned)

Warning

Don't show me this message again for the assignment

Brief Exercise 8-9

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Correct answer.

Your answer is correct.

On March 20, Dody’s petty cash fund of $100 is replenished when the fund contains $9 in cash and receipts for postage $52, freight-out $26, and travel expense $10.

Prepare the journal entry to record the replenishment of the petty cash fund.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Brief Exercise 8-13

At July 31, Ramirez Company has the following bank information: cash balance per bank $7,420, outstanding checks $762, deposits in transit $1,620, and a bank service charge $20.

Determine the adjusted cash balance per bank at July 31.

The adjusted cash balance per bank

$

Light meters:

Vivitar

12

125

115

Kodak

14

120

135

Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.

The ending inventory

Exercise 6-7

Lisa Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Lisa had 80 units in ending inventory.

(a)

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.)

FIFO

LIFO

Average-cost

The cost of the ending inventory

The cost of goods sold

uestion 1

The factor which determines whether or not goods should be included in a physical count of inventory is

legal title.

physical possession.

management's judgment.

whether or not the purchase price has been paid.

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SCORE

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Points Earned: 5

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Question 2

Understating beginning inventory will understate

cost of goods sold.

owner's equity.

assets.

net income.

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SCORE

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Points Earned: 5

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CANCEL

Question 3

Inventory is reported in the financial statements at

the higher-of-cost-or-market.

market.

the lower-of-cost-or-market.

cost.

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Points Earned: 5

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Question 4

Which of the following statements is correct with respect to inventories?

It is generally good business management to sell the most recently acquired goods first.

FIFO seldom coincides with the actual physical flow of inventory.

The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.

Under FIFO, the ending inventory is based on the latest units purchased.

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SCORE

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Points Earned: 5

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Question 5

In a manufacturing business, inventory that is ready for sale is called

work in process inventory.

finished goods inventory.

store supplies inventory.

raw materials inventory.

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Points Earned: 5

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Question 6

Eneri Company's inventory records show the following data:

Units Unit Cost

Inventory January 1 10,000 $9.20

Purchases: June 18 9,000 8.00

November 8 6,000 7.00

A

July 1

Feb. 10

Collected $10,000 on Colaw credit card sales.

15

Added finance charges of 1.5% to Colaw credit card account balances.

(a)

Journalize the transactions for Colaw Stores.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 15

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Jan. 20

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Feb. 10

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Feb. 15

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Exercise 9-10

Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31.

Nov. 1

Loaned $30,000 cash to Manny Lopez on a 12-month, 10% note.

Dec. 11

Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note.

16

Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti’s outstanding accounts receivable.

31

Accrued interest revenue on all notes receivable.

Question 1

A compound journal entry involves

three or more accounts.

two accounts.

three accounts.

four or more accounts.

SCORE

Question 2

Evidence that would not help with determining the effects of a transaction on the accounts would be a(n)

check.

cash register sales tape.

bill.

advertising brochure.

Question 3

The entire group of accounts maintained by a company is called the

general ledger.

trial balance.

general journal.

chart of accounts.

Question 4

The first step in designing a computerized accounting system is the creation of the

chart of accounts.

general ledger.

general journal.

trial balance.

Question 5

A trial balance is a listing of

the chart of accounts.

the totals from the journal pages.

general ledger accounts and balances.

transactions in a journal.

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Question 6

A business organized as a corporation

is owned by its stockholders.

terminates when one of its original stockholders dies.

is not a separate legal entity in most states.

requires that stockholders be personally liable for the debts of the business.

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Question 7

The fair value principle is applied for

buildings.

investment securities.

all assets.

current assets.

Question 8

A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the

monetary unit assumption.

corporate form of ownership.

economic entity assumption.

stand alone concept.

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Question 9

The proprietorship form of business organization

is characterized by a legal distinction between the business as an economic unit and the owner.

represents the largest number of businesses in the United States.

combines the records of the business with the personal records of the owner.

must have at least three owners in most states.

Question 10

Financial information that is capable of making a difference in a decision is

relevant.

convergent.

generally accepted.

faithfully representative.

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Question 1

An adjusting entry

affects two balance sheet accounts.

affects two income statement accounts.

affects a balance sheet account and an income statement account.

is always a compound entry.

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Question 2

Accounts often need to be adjusted because

there are never enough accounts to record all the transactions.

many transactions affect more than one time period.

there are always errors made in recording transactions.

management can't decide what they want to report.

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Question 3

If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be

debit Unearned Service Revenue and credit Service Revenue.

debit Unearned Service Revenue and credit Cash.

debit Unearned Service Revenue and credit Accounts Receivable.

debit Unearned Service Revenue and credit Prepaid Expense.

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Question 4

The time period assumption states that

adjustments to the company's accounts can only be made in the time period when the business terminates its operations.

estimates should not be made if a transaction affects more than one time period.

the economic life of a business can be divided into artificial time periods.

a transaction can only affect one period of time.

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Question 5

Failure to prepare an adjusting entry at the end of the period to record an accrued expense would cause

an overstatement of expenses and an overstatement of liabilities.

an understatement of expenses and an understatement of liabilities.

net income to be understated.

an overstatement of assets and an overstatement of liabilities.

Question 6

The balance in the Prepaid Rent account before adjustment at the end of the year is $21,000, which represents three months’ rent paid on December 1. The adjusting entry required on December 31 is to

debit Prepaid Rent, $14,000; credit Rent Expense, $14,000.

debit Rent Expense, $7,000; credit Prepaid Rent, $7,000.

debit Prepaid Rent, $7,000; credit Rent Expense, $7,000.

debit Rent Expense, $14,000; credit Prepaid Rent $14,000.

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Question 7

Pixies Inc. pays its rent of $54,000 annually on January 1. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following will be true?

Assets will be overstated by $4,500 and net income and owner’s equity will be overstated by $4,500.

Assets will be overstated by $9,000 and net income and owner’s equity will be understated by $9,000.

Failure to make the adjustment does not affect the February financial statements.

Expenses will be overstated by $4,500 and net income and owner’s equity will be understated by $4,500.

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Question 8

A flower shop makes a large sale for $1,200 on November 30. The customer is sent a statement on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,200 considered to be recognized?

December 5.

December 10.

December 1.

November 30.

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Question 9

A business pays weekly salaries of $30,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on a Thursday is

debit Salaries and Wages Expense, $6,000; credit Salaries and Wages Payable, $6,000.

debit Salaries and Wages Payable, $24,000; credit Cash, $24,000.

debit Salaries and Wages Expense, $24,000; credit Cash, $24,000.

debit Salaries and Wages Expense, $24,000; credit Salaries and Wages Payable, $24,000.

Question 10

NWA Air Charter signed a four-month note payable in the amount of $20,000 on September 1. The note requires interest at an annual rate of 9%. The amount of interest to be accrued at the end of September is

$600.

$1,800.

$150.

$200.

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uestion 1

The factor which determines whether or not goods should be included in a physical count of inventory is

legal title.

physical possession.

management's judgment.

whether or not the purchase price has been paid.

Question 2

Understating beginning inventory will understate

cost of goods sold.

owner's equity.

assets.

net income.

Question 3

Inventory is reported in the financial statements at

the higher-of-cost-or-market.

market.

the lower-of-cost-or-market.

cost.

Question 4

Your answer has been saved and sent for grading. See Gradebook for score details.

Which of the following statements is correct with respect to inventories?

It is generally good business management to sell the most recently acquired goods first.

FIFO seldom coincides with the actual physical flow of inventory.

The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.

Under FIFO, the ending inventory is based on the latest units purchased.

Question 5

In a manufacturing business, inventory that is ready for sale is called

work in process inventory.

finished goods inventory.

store supplies inventory.

raw materials inventory.

Question 6

Eneri Company's inventory records show the following data:

Units Unit Cost

Inventory January 1 10,000 $9.20

Purchases: June 18 9,000 8.00

November 8 6,000 7.00

A physical inventory on December 31 shows 4,000 units on hand. Eneri sells the units for $13 each. The company has an effective tax rate of 20%. Eneri uses the periodic inventory method. Under the LIFO method, cost of goods sold is

$169,200.

$173,040.

$178,000.

$28,000.

: Question 7

Switzer, Inc. has 8 computers which have been part of the inventory for over two years. Each computer cost $600 and originally retailed for $900. At the statement date, each computer has a current replacement cost of $400. How much loss should Switzer, Inc., record for the year?

$2,400.

$1,600.

$3,200.

$4,000.

Question 8

The following information was available for Pete Company at December 31, 2014: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $984,000; and sales $1,350,000. Pete’s inventory turnover ratio in 2014 was

16.9times.

14.1times.

12.3times.

10.9times.

Question 9

A company purchased inventory as follows:

150 units at $5

350 units at $6

The average unit cost for inventory is

$5.70.

$6.00.

$5.00.

$5.50.

Question 10

Netta Shutters has the following inventory information.

July 1 Inventory 30 units @ $8.00

8 Purchase 120 units @ $8.30

17 Purchase 60 units @ $8.40

25 Purchase 90 units @ $8.80

A physical count of merchandise inventory on November 30 reveals that there are 90 units on hand. Assume a periodic inventory system is used. Ending inventory under FIFO is

$1,740.

$738.

$1,794.

$792.

Brief Exercise 18-2

Schellhammer Corporation reported the following amounts in 2013, 2014, and 2015.

2013 2014 2015

Current assets $200,000 $210,000 $240,000

Current liabilities $150,000 $168,000 $184,000

Total assets $500,000 $600,000 $620,000

(b)

Perform each of the three types of analysis on Schellhammer’s current assets.(Round percentages to 0 decimal places, e.g. 43% and ratios to 2 decimal places, e.g.1.58.)

2013 2014 2015

Horizontal Analysis

Current assets

%

Vertical Analysis

Current assets

%

Ratio Analysis

Current ratio

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Brief Exercise 18-3

Using the following data from the comparative balance sheet of Goody Company.

December 31, 2015 December 31, 2014

Accounts receivable $520,000 $400,000

Inventory $840,000 $600,000

Total assets $3,000,000 $2,500,000

Illustrate horizontal analysis.(Round percentages to 0 decimal places, e.g. 12%.)

Increase or (Decrease)

Goody Company

Balance Sheet December 31, 2015 December 31, 2014 Amount Percentage

Accounts receivable $520,000 $400,000 $

%

Inventory $840,000 $600,000 $

%

Total assets $3,000,000 $2,500,000 $

%

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Brief Exercise 18-8

Vertical analysis (common size) percentages for Kochheim Company’s sales, cost of goods sold, and expenses are shown below.

Vertical Analysis 2015 2014 2013

Sales 100.0 100.0 100.0

Cost of goods sold 60.2 62.4 63.5

Expenses 25.0 25.6 27.5

(a) Calculate net income.

2015 2014 2013

Net income

(b) Did Kochheim’s net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period?

Brief Exercise 18-11 (Part Level Submission)

The following data are taken from the financial statements of Rainsberger Company.

2015 2014

Accounts receivable (net), end of year $550,000 $520,000

Net sales on account 3,960,000 3,100,000

Terms for all sales are 1/10, n/60.

(a1)

Compute for each year the accounts receivable turnover. At the end of 2013, accounts receivable (net) was $480,000.(Round answers to 1 decimal place, e.g. 1.6.)

2015 2014

Accounts receivable turnover times

times

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(a2)

Compute for each year the average collection period. At the end of 2013, accounts receivable (net) was $480,000.(Round answers to 1 decimal place, e.g. 1.6.)

2015 2014

Average collection period days

days

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Brief Exercise 18-12 (Part Level Submission)

The following data are from the income statements of Haskin Company.

2015 2014

Sales $6,420,000 $6,240,000

Beginning inventory 940,000 860,000

Purchases 4,340,000 4,661,000

Ending inventory 1,020,000 940,000

(a1)

Compute for each year the inventory turnover.(Round answers to 1 decimal place, e.g. 1.6.)

2015 2014

Inventory turnover times

times

(a2)

Compute for each year the average days to sell the inventory.(Round answers to 1 decimal place, e.g. 1.6.)

2015 2014

Days in inventory days

days

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(a1)

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Brief Exercise 18-13

Guo Company has owners’ equity of $400,000 and net income of $66,000. It has a payout ratio of 20% and a return on assets of 15%.

How much did Guo pay in cash dividends, and what were its average assets?(Round answers to 0 decimal places, e.g. 125.)

Cash dividends $

Average assets $

Exercise 18-2

Operating data for Navarro Corporation are presented below.

2015 2014

Net sales $750,000 $600,000

Cost of goods sold 465,000 390,000

Selling expenses 105,000 66,000

Administrative expenses 60,000 54,000

Income tax expense 36,000 27,000

Net income 84,000 63,000

Prepare a schedule showing a vertical analysis for 2015 and 2014.(Round answers to 1 decimal place, e.g. 48.5%.)

NAVARRO CORPORATION

Condensed Income Statements

For the Years Ended December 31

2015 2014

Amount Percent Amount Percent

Net sales $750,000 %

$600,000 %

Cost of goods sold 465,000 %

390,000 %

Gross profit 285,000 %

210,000 %

Selling expenses 105,000 %

66,000 %

Administrative expenses 60,000 %

54,000 %

Total operating expenses 165,000 %

120,000 %

Income before income taxes 120,000 %

90,000 %

Income taxes expense 36,000 %

27,000 %

Net income $84,000 %

$63,000 %

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Exercise 18-5

SupposeNordstrom, Inc., which operates department stores in numerous states, has the following selected financial statement data for the year ending January 30, 2014.

NORDSTORM, INC.

Balance Sheet (partial)

(in millions) End-of-Year Beginning-of-Year

Cash and cash equivalents $ 795 $ 72

Accounts receivable (net) 2,035 1,942

Inventory 898 900

Prepaid expenses 88 93

Other current assets 238 210

Total current assets $4,054 $3,217

Total current liabilities $2,014 $1,601

For the year, net sales were $8,258 and cost of goods sold was $5,328 (in millions).

(a)

Compute the four liquidity ratios at the end of the year.(Round answers to 1 decimal place, e.g. 1.6 .)

Brief Exercise 7-3

Benji Borke has prepared the following list of statements about accounting information systems.

Identify each statement as true or false.

1. The accounting information system includes each of the steps of the accounting cycle, the documents that provide evidence of transactions that have occurred, and the accounting records.

2. The benefits obtained from information provided by the accounting information system need not outweigh the cost of providing that information.

3. Designers of accounting systems must consider the needs and knowledge of various users.

4. If an accounting information system is cost-effective and provides useful output, it does not need to be flexible.

Brief Exercise 7-5

Identify in what ledger (general or subsidiary) each of the following accounts is shown.

Accounts Ledger

(a) Rent Expense

(b) Accounts Receivable—Cabrera

(c) Notes Payable

(d) Accounts Payable—Pacheco

Brief Exercise 7-6

Identify the journal in which each of the following transactions is recorded.

Transactions Journals

(a) Cash sales

(b) Owner withdrawal of cash

(c) Cash purchase of land

(d) Credit sales

(e) Purchase of merchandise on account

(f) Receipt of cash for services performed

Brief Exercise 7-10

Rauch Computer Components Inc. uses a multi-column cash receipts journal.

Indicate which column(s) is/are posted only in total, only daily, or both in total and daily.

Accounts Column in Cash Journal Receipts

(a) Accounts Receivable

(b) Sales Discounts

(c) Cash

(d) Other Accounts

Exercise 7-5 (Part level Submission)

Pennington Company has a balance in its Accounts Payable control account of $9,250 on January 1, 2014. The subsidiary ledger contains three accounts: Hale Company, balance $3,000; Janish Company, balance $1,875; and Valdez Company. During January, the following payable-related transactions occurred.

Purchases Payments Returns

Hale Company $6,750 $6,000 $ -0-

Janish Company 5,250 1,875 2,250

Valdez Company 6,375 6,750 -0-

(a)

What is the January 1 balance in the Valdez Company subsidiary account?

Balance in the Valdez Company subsidiary account $

What is the January 31 balance in the control account?

The balances in the subsidiary accounts at the end of the month.

Which January transaction would not be recorded in a special journal?

Exercise 7-7 (Part level Submission)

R. Santiago Co. uses special journals and a general journal. The following transactions occurred during May 2014.

May 1 R. Santiago invested $40,000 cash in the business.

2 Sold merchandise to Lawrie Co. for $6,300 cash. The cost of the merchandise sold was $4,200.

3 Purchased merchandise for $7,700 from J. Moskos using check no. 101.

14 Paid salary to H. Rivera $700 by issuing check no. 102.

16 Sold merchandise on account to K. Stanton for $900, terms n/30. The cost of the merchandise sold was $630.

22 A check of $9,000 is received from M. Mangini in full for invoice 101; no discount given.

(a)

Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized.(Record entries in the order presented in the problem statement.)

R. SANTIAGO CO.

Cash Receipts Journal

CR1

Date Account

Credited Ref Cash

Dr. Sales

Discounts

Dr. Accounts

Receivable

Cr. Sales

Revenue

Cr. Other

Accounts

Cr. Cost of Goods Sold

Dr.

Inventory Cr.

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Exercise 7-14

Selected account balances for Hulse Company at January 1, 2014, are presented below.

Accounts Payable $14,000

Accounts Receivable 22,000

Cash 17,000

Inventory 13,500

Hulse’s sales journal for January shows a total of $110,000 in the selling price column, and its one-column purchases journal for January shows a total of $77,000.

The column totals in Hulse’s cash receipts journal are: Cash Dr. $61,000; Sales Discounts Dr. $1,100; Accounts Receivable Cr. $45,000; Sales Revenue Cr. $6,000; and Other Accounts Cr. $11,100.

The column totals in Hulse's cash payments journal for January are: Cash Cr. $55,000; Inventory Cr. $1,000; Accounts Payable Dr. $46,000; and Other Accounts Dr. $10,000. Hulse’s total cost of goods sold for January is $63,600.

Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales Revenue are not involved in the “Other Accounts” column in either the cash receipts or cash payments journal, and are not involved in any general journal entries.

Compute the January 31 balance for Hulse in the following accounts.

(a) Accounts Payable $

(b) Accounts Receivable $

(c) Cash $

(d) Invent

4/15

1,300

4/12

900

4/25

1,500

4/29

400

4/30

1,000

2.

Services provided but not recorded total $1,900.

3.

Salaries earned by employees of $900 have not been recorded.

Use the following account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries and Wages Payable.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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11,000

11,900

Salaries and Wages Expense

17,000

18,100

Supplies Expense

0

1,400

Rent Expense

15,000

Insurance Expense

0

1,500

Depreciation Expense

0

900

$71,500

$75,500

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Prepare the adjusting entries that were made.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

(To record rent earned)

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Brief Exercise 4-5

The ledger of Rios Company contains the following balances: Owner’s Capital $30,000; Owner’s Drawings $2,000; Service Revenue $50,000; Salaries and Wages Expense $27,000; and Supplies Expense $7,000.

The closing entries are as follows:

(1)

Close revenue accounts.

(2)

Close expense acc

Exercise 4-1

The trial balance columns of the worksheet for Nanduri Company at June 30, 2014, are as follows.

NANDURI COMPANY

Worksheet

For the Month Ended June 30, 2014

Trial Balance

Account Titles

Dr.

Cr.

Cash

2,320

Accounts Receivable

2,440

Supplies

1,880

Accounts Payable

1,120

Unearned Service Revenue

240

Owner’s Capital

3,600

Service Revenue

2,400

Salaries and Wages Expense

560

Miscellaneous Expense

160

Total

7,360

Other data:

1.

A physical count reveals $500 of supplies on hand.

2.

$100 of the unearned revenue is still unearned at month-end.

3.

Accrued salaries are $210.

Complete the worksheet.

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Exercise 4-9 (Part level Submission)

Prepare an income statement for the year.

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Exercise 4-11 (Part level Submission)

Prepare the closing entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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Exercise 4-11 (Part level Submission)

Post the closing entries to Income Summary.(Post entries in the order of journal entries posted in the previous part of the question.)

Brief Exercise 5-1

Presented below are the components in Gates Company’s income statement.

Determine the missing amounts.

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Brief Exercise 5-2

Radomir Company buys merchandise on account from Lemke Company. The selling price of the goods is $780, and the cost of the goods is $470. Both companies use perpetual inventory systems.

Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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Brief Exercise 5-7

Arndt Company provides the following information for the month ended October 31, 2014: sales on credit $280,000, cash sales $100,000, sales discounts $5,000, sales returns and allowances $11,000.

Prepare the sales revenues section of the income statement based on this information.

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assignments

Question

Week 4 Assignment 1 Submission

Assignment 1: Careers in Accounting
Due Week 4 and worth 240 points

Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. These activities include computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial performance, tax strategy, and health care benefits management.
Use the Internet or the Strayer Online database to research career options within the accounting field and accounting job postings in your local area to respond to the questions in the assignment.

Write a one to two (1-2) page paper in which you:

Describe at least two (2) career options someone with an accounting education can pursue. Be sure to reference sources such as the Bureau of Labor Statistics and the American Institute of Certified Public Accountants.
Describe one (1) researched accounting position, and explain the essential skills that would make a candidate successful in the position. Articulate the primary manner in which the researched accounting positions could add value to the company seeking candidates.

Your assignment must follow these formatting requirements:

Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

Identify and explain the fundamental concepts and principles in accounting, the components of the accounting equation, the primary financial accounting equation, and financial statements and reports.
Use technology and information resources to research issues in financial accounting.
Write clearly and concisely about financial accounting using proper writing mechanics.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.
Click here for the grading rubric.

East Anglia Tea Company

The East Anglia Tea Company imports three varieties of tea from Asia: black tea, oolong tea, and green tea. The company purchases 70 pounds of black tea every week, at a cost of $2.70 per pound. Also, it purchases 120 pounds of oolong tea at $3.00 per pound, and 150 pounds of green tea at $2.10 per pound, every week. By mixing these teas in various combinations, the company creates three tea blends, Mongolian, Manchu, and House, that it sells to a packaging company for further processing. Mongolian blend is at least 70% black tea but no more than 10% green tea. Manchu blend is at least 30% black tea and at least 40% oolong tea. The company’s House blend is no more than 60% green tea, but its oolong tea component must be at least 30%. The wholesale prices per pound that East Anglia charges the packaging company are $6.50 for Mongolian blend, $7.25 for Manchu blend, and $6.00 for House blend.

(a.) How much of each blend should the East Anglia Tea Company make each week to maximize its profit? Create a linear programming model, and solve it using the Solver utility of Excel.

(b.)Discuss the sensitivity ranges of the decision variables. Point out and explain any interesting facts about those ranges.

(c.) Discuss the sensitivity ranges that pertain to the total amounts (of the three tea varieties) purchased each week. How would variations in those amounts affect the optimal product mix? What do the shadow prices imply about the relative values of the three resources (teas)?

Assignment 1. Linear Programming Case Study

Your instructor will assign a linear programming project for this assignment according to the following specifications.

It will be a problem with at least three (3) constraints and at least two (2) decision variables. The problem will be bounded and feasible. It will also have a single optimum solution (in other words, it won’t have alternate optimal solutions). The problem will also include a component that involves sensitivity analysis and the use of the shadow price.

You will be turning in two (2) deliverables, a short writeup of the project and the spreadsheet showing your work.

Writeup.

Your writeup should introduce your solution to the project by describing the problem. Correctly identify what type of problem this is. For example, you should note if the problem is a maximization or minimization problem, as well as identify the resources that constrain the solution. Identify each variable and explain the criteria involved in setting up the model. This should be encapsulated in one (1) or two (2) succinct paragraphs.

After the introductory paragraph, write out the L.P. model for the problem. Include the objective function and all constraints, including any non-negativity constraints. Then, you should present the optimal solution, based on your work in Excel. Explain what the results mean.

Finally, write a paragraph addressing the part of the problem pertaining to sensitivity analysis and shadow price.

Excel.

As previously noted, please set up your problem in Excel and find the solution using Solver. Clearly label the cells in your spreadsheet. You will turn in the entire spreadsheet, showing the setup of the model, and the results.

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