Attachment # 00002682 - Accounting_questions.doc
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A parcel of land that was originally purchased for 170,000 is offered for sale at 300,000, is assessed for tax purposes at 190,000, is recognized by its purchasers as easily being worth 280,000, and is sold for 274,000. At the time of the sale, assume that the seller still owed 60,000 to the bank on the land that was purchased for 170,000. Immediately after the sale, the seller paid off the loan to the bank. What is the effect of the sale and the payoff of the loan on the accounting equation, i.e. what are the dollar increases and/or decreases in assets, liabilities, and owners equity Problem 2 Match each of the following transactions and events to the accounting principle applicable to recording and reporting them. a. Business entity principle b. Objectivity principle c. Cost principle d. Going concern principle e. Monetary unit principle f. Revenue recognition principle _____1.An insurance company receives insurance premiums for six future months worth of coverage. _____2.Mr Jones, a sole proprietor, pays for his daughters preschool out of business funds. _____3.To make the balance sheet look better, Mr Jones added several thousand dollars to the Equipment account that he believed was undervalued. _____4.A building is for sale at 480,000. An appraisal is given for 450,000. _____5.Mayan Imports receives a shipment from Mexico. The invoice is stated in pesos. Problem 3 Classify the following activities according to the appropriate section of the statement of cash flows. a. Operating activity b. Investing activity c. Financing activity _____1.Cash paid for dividends to stockholders._____2.Cash received from customers._____3.Cash received from owners contributions._____4.Cash paid for a delivery van to be used in the business._____5.Cash received from a one-time sale of used office equipment._____6.Cash paid from utilities. Problem 4 a. Prepare an income statement for the adjusted trial balance of Hanson Storage. b. Prepare a statement of owners equity from the adjusted trial balance of Hanson Storage. Ms. Hansons capital account balance of 40,340 consists of a 30,340 beginning-year balance plus a 10,000 investment during the current year. c. Prepare a balance sheet from the adjusted trial balance of Hanson Storage. Problem 5 The following year-end adjusted trial balance is for Tom Jones Co. at the end of December 31. The credit balance in Tom Jones, Capital at the beginning of the year, January 1, was 320,000. The owner, Tom Jones, invested an additional 300,000 during the current year. The land held for future expansion was also purchased during the current year. Required Prepare a classified year-end balance sheet. (Note A 22,000 installment on the long-term note payable is due within one year.) Problem 6 Prepare journal entries to record the following merchandising transactions of Dean Company, which applies the perpetual inventory system. Dean Company offers all of its credit customers credit terms of 2/10, n/30. Problem 7 Target Store uses the periodic inventory system and had the following transactions during the month of May Prepare the required journal entries that Target Store must make to record these transactions. Problem 8 A company made the following merchandise purchases and sales during the month of May There was no beginning inventory. If the company uses the weighted average inventory valuation method and the perpetual inventory system, what would be the cost of its ending inventory Problem 9 Evaluate each inventory error separately and determine whether it overstates or understates cost of goods sold and net income. Problem 10 A companys warehouse was destroyed by a tornado on October 15. 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  1. neil2103
    Tutorial # 00044316 Posted By: neil2103 Posted on: 02/02/2015 03:47 PM
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    The solution of Accounting Problems #10 questions...
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