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Question 1 (40 points) XYZ Company's December 31, 2015, trial balance is as follows:XYZ CompanyTrial BalanceDecember 31, 2015AccountDebitCreditCash$   43,500 Accounts Receivable53,500 Allowance for Doubtful Accounts1,500 Notes Receivable30,000 Merchandise Inventory55,000 Land20,000 Building150,000 Accumulated Depreciation, Building $   15,000Equipment50,000 Accumulated Depreciation, Equipment 21,000Goodwill26,000 Accounts Payable 25,000Long-Term Notes Payable 75,000Common Stock, $10 par, 2,000 shares authorized and outstanding 20,000Retained Earnings 147,000Sales Revenue 700,000Salaries Expense150,000 Utilities Expense3,500 Cost of Goods Sold350,000 Administrative Expenses55,000 Sales Expenses    15,000_______   Totals$1,003,000$1,003,000XYZ is a small company and records adjusting entries and closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.Additional Information:Notes Receivable is a 3-month, 6% note accepted on November 1, 2015.Long-Term Notes Payable is a 5-year, 5% note that was signed on July 1, 2015. Interest is payable annually.Building is depreciated at 3% per year. There is no salvage value.Equipment is depreciated at 15% per year. There is no salvage value.XYZ discovered, on December 30, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.Salaries for the last half of December, payable in January, amount to $5,500.XYZ estimates that of the Accounts Receivable, 5% will not be collectable.Required:Prepare in journal form, any required correcting entries.Prepare in journal form, all end-of-the-period adjusting entries.Prepare a December adjusted trial balance.Prepare a classified balance sheet for the year ended December 31, 2015.Prepare in journal form, the closing entries for the year ended December 31, 2015.Question 2 (8 points) XYZ Company uses the periodic method and had the following inventory events during January:DateUnits PurchasedUnit CostDateUnits SoldUnit Sales PriceJan. 1150$7.00Jan. 2100$10.00Jan. 52257.20Jan. 712510.00Jan. 101007.50Jan. 127512.00Jan. 151507.80Jan. 1720012.50Jan. 202007.95Jan. 2415015.00Jan. 251508.00   Jan. 30758.20   Note: The January 1 amounts were the beginning inventory and unit value.(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)Required:Calculate the cost of goods available for sale.Calculate the dollar value of sales.Calculate the value of Ending Inventory and Cost of Goods Sold under the following independent assumptions:(1) LIFO method(2) FIFO method(3) Average-cost methodQuestion 3 (7 points) Required: Prepare Acme Supply Company's general journal entries for the following transactions:Jan. 1Accepted RunTimeCo's 120-day, 10% note as settlement of an outstanding $15,000 account receivable for goods sold last year.Jan. 15Purchased $10,000 Equipment from XYZ, signing a 9-month, 12% note.Jan. 15Loaned Warner Co. $30,000 cash, accepting a 90-day, 10% note.Jan. 31Prepared accrual adjusting entry for any interest revenue.Apr. 15Received payment in full from Warner Co. for outstanding note and interest.May 1Received payment in full from RunTimeCo for outstanding note and interest.Oct. 15Paid XYZ in full.Question 4 (9 points) XYZ Company purchased a refrigerated delivery truck for $65,000 on January 1, 2015. The plan is to use the truck for 5 years and then replace it. At the end of its useful life, the truck is expected to have a salvage value of $10,000. The fiscal year ends December 31.Prepare the depreciation table for XYZ's truck, assuming that the company uses the straight-line method for depreciation.Prepare the depreciation table for XYZ's truck, assuming that the company uses the double-declining-balance depreciation method.Compute the depreciation expense for 2015 for XYZ's truck, assuming the truck has an expected life of 200,000 miles and during 2015 the truck was driven 24,540 miles. Round your depreciation expense per mile to three decimal places.Question 5: (7 Points)Acme Company has a January 15 mid-month gross salaries expense of $25,000. All is subject to FICA Social Security (6.2%), FICA Medicare (1.45%), state income tax (5%) and federal income tax (15%) withholdings. Additionally, all is subject to employer taxes to include FUTA (0.8%) and SUTA (5.4%) taxes. (Round all calculations to the nearest penny.)Required:Prepare the general journal entry to record the employer's payroll liability.Prepare the general journal entry to record the employer's payroll-tax liability.Prepare the general journal entry to liquidate the liabilities accrued in parts (a) and (b) on January 22.Question 6 (4 points) At the end of the fiscal 2015 year, Acme Company has the following information: Credit Sales, $2,500,000; Sales Returns and Allowances, $25,000; Accounts Receivable, $200,000; and Allowance for Doubtful Accounts with a Debit, $1,500.Required:Prepare the general journal entry to record the end-of-the-year adjusting entry if Acme uses 0.5% of Net Credit Sales as the basis for determining Bad-Debt Expense.Prepare the general journal entry to record the end-of-the-year adjusting entry if Acme uses 5% of Accounts Receivable as the basis for determining Bad-Debt Expense.
Accounting 220 - Final Exam

Accounting 220 - Final Exam

Question # 00352760 Posted By: carenann32 Updated on: 08/03/2016 09:14 PM Due on: 08/05/2016
Subject Accounting Topic Accounting Tutorials:
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I need questions 1-6 put on the word document that says final answer sheet. This is for ACCT 220 final exam.
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