acct220 all homework latest 2017

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Question # 00503898 Subject Accounting Topic Accounting Tutorials: 1
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Homework 1

Question 1 On January 1, 2016, Mr. Bravo formed a new corporate (Bravo Unlimited) by investing $35,000 cash in capital stock. Prepare the general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 2 On January 5, 2016, Charlie Company purchased equipment on account for $25,000. The equipment was purchased for $6,000 with cash and the remainder was on account. Prepare the compound general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 3 On January 15, 2016, Bravo Company billed a customer for $25,000 of services rendered to be collected at a later date. Prepare the general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 4 On January 15, 2016, Bravo Company collected $30,000 from a customer, previously billed, for services rendered. Prepare the general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 5 On January 15, 2016, Bravo Company collected $30,000 from a customer, not previously billed, for services rendered. Prepare the general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 6 On January 15, 2016, Bravo Company purchased $1,500 of construction supplies, on account, from the Zulu Company. Prepare the general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 7 On January 15, 2016, Bravo Company purchased $5,000 of construction supplies, from the Zulu Company. Bravo paid for half of the supplies with cash and the remainder on account. Prepare the compound general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 8 On January 15, 2016, Bravo Company paid for $5,000 of construction supplies that had been purchased on account, from the Zulu Company. Prepare the general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 9 On January 16, 2016, Bravo Company paid for $6,000 of construction supplies of which half had been purchased on account. Prepare the general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 10 On January 31, 2016, Charlie Company paid employees $4,500 for January wages earned. Prepare the general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 11 On January 31, 2016, Bravo Company paid company shareholders $4,500 in dividends. Prepare the general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 12 On January 2, 2016, Delta Company paid $2,500 in advance for February rent. Prepare the general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 13 On January 2, 2016, Delta Company paid $2,000 rent. Prepare the general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 14 On January 15, 2016, Delta Company hired an assistant manager with a monthly salary of $6,000. Prepare the general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 15 On January 15, 2016, Delta Company signed a construction contract with Bravo Company to build a tool shed. The agreed on contract price was $16,000. Prepare the general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 16 On January 20, 2016, Bravo Construction Company purchased, on account, $2,500 of supplies. Half were used immediately for a current job. Prepare the compound general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 17 On January 20, 2016, Bravo Construction Company purchased $3,500 of supplies. Half were used immediately for a current job. Half of the purchase amount was paid for with cash and the rest was on account. Prepare the compound general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 18 On January 20, 2016, Bravo Construction Company purchased $2,500 of supplies. Half were used immediately for a current job. Half of the purchase amount was paid for with cash and the rest was on account. On January 31, 2016, Bravo Construction Company paid the balance due. Prepare the general journal entry (without explanation) for the payment of the balance due. If no entry is required then write "No Entry Required."

Question 19 On January 25, 2016, Charlie Company received and paid the $1,500 electric bill for the month. Prepare the general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 20 On January 31, 2016, Bravo Company paid employee wages of 3,200 and reimbursed the staff secretary $250 for company related travel. . Prepare the compound general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."

Question 21 Bravo Company has the following information regarding its assets, liabilities and stockholders' equity: Accounts Receivable $1,800, Prepaid Rent $2,000, Equipment $10,000, Stockholders' Equity $7,700, Supplies $400, Bank Loan $4,200 and Tools $300. Determine the Accounts Payable value for Bravo Company as this is the one unknown item. (All account balances are normal.)

Question 22 Bravo Company has the following information regarding its assets, liabilities and stockholders' equity: Accounts Receivable $800, Equipment $10,500, Stockholders' Equity $7,700, Supplies $400, Accounts Payable $1,600, Bank Loan $4,200 and Tools $300. Determine the Prepaid Rent value for Bravo Company as this is the one unknown item. (All account balances are normal.)

Question 23 Assume beginning assets of $60,000, ending assets of $80,000, a $10,000 decrease in liabilities, and ending stockholders' equity of $45,000. If dividends were twice the capital stock issuances of $20,000, how much was net income for the period?

Question 24 Assume beginning and ending total assets of $80,000 and $120,000, respectively. Total liabilities increased by $20,000, and net income was $70,000. If no additional capital stock was issued, how much were the dividends?

Question 25 Bravo Company experienced a total increase in stockholders' equity of $24,000 during the current year. Stockholders' equity was increased by additional issuances of $50,000 capital stock during the year. No dividends were paid. Expenses incurred during the year were $115,000. How much was Bravo's revenue for the year?

Homework 2

Question 1 The following is a partial unadjusted Trail Balance.

Bravo Unlimited

Unadjusted Trial Balance (partial)

1/31/16

Accounts

Debit

Credit

Equipment

$21,000

Accumulated Depreciation, Equipment

$8,400

Building

168,000

Accumulated Depreciation, Building

16,800

Equipment has a 10 year life without salvage value. It has been in use for four years. The building has a 40 year life without salvage value and has been in use for four years. Both are depreciated on a straight-line basis. Use this information to prepare the compound General Journal entry (without explanation) for the required end of the month adjustments. If no entry is required then write "No Entry Required."

Question 2 Bravo Unlimited provided accounting services, valued at $5,500, to its clients during the month of January 2016. Formal bills are sent to clients during the first week following the month in which services are provided. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

Question 3 The following is a partial unadjusted Trail Balance.

Bravo Unlimited

Unadjusted Trial Balance (partial)

1/31/16

Accounts

Debit

Credit

Cash

$32,527

Prepaid Insurance

1,800

Insurance Expense

$0

The beginning balance in the Prepaid Insurance account on January 1, 2016 was $600 and represented six months of the building liability insurance. On, January 2, 2016, Bravo Unlimited purchased a 12 month motor vehicle insurance policy. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

Question 4 The following is a partial unadjusted Trail Balance.

Bravo Unlimited

Unadjusted Trial Balance (partial)

3/31/16

Accounts

Debit

Credit

Cash

$27,500

Prepaid Expenses

2,400

Accounts Payable

$15,000

Office Rent Expense

1,200

Machine Rent Expense

1,200

Bravo pays office rent at the beginning of each month of occupancy. The beginning balance of Prepaid Expenses account on March 1, 2016 was $600 and was for one month of machine rent. Machine rent is paid in advance at the end of each quarter. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

Question 5 The following is a partial unadjusted Trail Balance.

Bravo Unlimited

Unadjusted Trial Balance (partial)

2/29/16

Accounts

Debit

Credit

Cash

$15,500

Supplies

13,000

Accounts Payable

$10,500

Supplies Expense

5,000

The Supplies account balance on February 1, 2016 was $1,000. During the month of February Bravo purchased $12,000 of supplies for use in its operations. On February 29, Bravo warehouse chief inventoried supplies and determine the value on hand was $1,500. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

Question 6 The following is a partial unadjusted Trail Balance.

Bravo Unlimited

Unadjusted Trial Balance (partial)

3/31/16

Accounts

Debit

Credit

Cash

$10,500

Accounts Receivable

5,500

Unearned Service Revenue

$2,000

Service Revenue

1,000

Bravo Unlimited provides snow removal & lawn care services to clients at a fixed fee of $500 per month, payable in advance on a quarterly basis. The balance in Unearned Service Revenue account on March 1 was $500. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

Question 7 The following is a partial unadjusted Trail Balance.

Bravo Unlimited

Unadjusted Trial Balance (partial)

5/31/16

Accounts

Debit

Credit

Cash

$25,000

Wages Expense

18,000

Wages Payable

$0

Bravo pays its employee weekly ($750 for a five day work week) on Fridays for work completed during that week. May 31 is a Tuesday. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

Question 8 The following is a partial unadjusted Trail Balance.

Bravo Unlimited

Unadjusted Trial Balance (partial)

5/31/16

Accounts

Debit

Credit

Cash

$25,000

Wages Expense

24,000

Wages Payable

$0

Bravo pays its employee weekly ($1,000 for a five day work week) on Fridays for work completed during that week. May 31 is a Tuesday. Use this information to prepare the compound General Journal entry (without explanation) for the required payroll payment on June 3, 2016. If no entry is required then write "No Entry Required."

Question 9 The following is a partial unadjusted Trail Balance.

Bravo Unlimited

Unadjusted Trial Balance (partial)

4/30/16

Accounts

Debit

Credit

Cash

$10,500

Interest Expense

300

Accounts Payable

$15,000

Interest Payable

0

Loans Payable

20,000

Bravo signed a $20,000 loan bearing a 6% interest rate for 3 year. Interest is payable on a quarterly basis with the principle due at the end of 3 years. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

Question 10 Bravo Zulu is a CPA. Typically performs services for clients in December, but does not bill those clients until January. Prepared the general journal entry (without explanation) if needed for December 31, 2016, to reflect $1,000 of services performed but unbilled. If no entry is required then write "No Entry Required."

Question 11On Tuesday May 31, 2016 the Bravo Company had accrued wages of $2,000. Friday, June 3, Bravo paid employee wages of $7,000 for the week. Prepared the compound general journal entry (without explanation) needed for June 3, 2016. If no entry is required then write "No Entry Required."

Question 12 Yankee Stores of Maine experienced an increase in total assets of $14,000 during the current year. During the same time period, total liabilities increased $5,000. Shareholders made no investments during the year and no dividends were paid. How much was Yankee's net income?

Question 13 Bravo Company had $5,100 of supplies on hand at the beginning of 2016. On March 31 Bravo purchased an additional $12,400 of supplies. On December 31, a physical count of revealed a total of $6,000 of supplies on hand. What dollar value of Supplies Expense will be reported in the annual financial statements?

Question 14 On January 26, 2016 a customer paid Bravo Unlimited a sum of $250 in advance for printing. On January 28, Bravo printed 500 posters for Zulu Company at a price of 30ยข each. What would be the adjusted balance in the Unearned Revenue account on January 31, 2016?

Question 15 On August 1, 2016 supplies were purchased; Accounts Payable was debited and Supplies credited for $1,500. The account was due in October, and $650 of these supplies was on hand at the end of August. On August 31, 2016, after all entries to correct and end of the month adjusting entries what are the account balances in the:

Question 16 Bravo's year-end is December 31. On June 1, 2016, Bravo borrowed $10,000 on a one-year loan. Interest on this loan accrues at 6% per year. What is the adjusted balance in the Interest Expense account on December 31, 2016?

Question 17 During 2016, Bravo Company had credit sales of $40,000 and cash sales of $18,000. In 2016 Bravo collected $21,500 of accounts receivable resulting from sales on credit. Bravo incurred operating expenses of $7,500; of this amount, $2,900 was paid in 2016, and the $4,600 balance represented a liability at year-end. In addition to these operating expenses, Bravo also purchased for cash a three-year insurance policy on January 1, 2016. The cost of this policy was $3,000. What is Bravo's 2016 cash basis net income?

Question 18 During 2016, Bravo Company had credit sales of $42,000 and cash sales of $18,000. In 2016 Bravo collected $21,000 of accounts receivable resulting from sales on credit. Bravo incurred operating expenses of $8,500; of this amount, $2,900 was paid in 2016, and the $5,600 balance represented a liability at year-end. In addition to these operating expenses, Bravo also purchased for cash a three-year insurance policy on January 1, 2016. The cost of this policy was $3,000. What is Bravo's 2016 accrual basis net income?

Question 19 On January 2, 2016, Bravo purchased a one-year insurance policy for $2,400. On that date, Bravo debited Prepaid Insurance for $2,400. If Bravo desires to prepare financial statements at the end of March, what would be the balance in the accounts for?

Homework 3

Question 1 The following is the Bravo Unlimited unadjusted Trail Balance.

Bravo Unlimited

Unadjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

331,860

Supplies

6,255

Prepaid Rent

11,000

Equipment

295,285

Accumulated Depreciation

$224,260

Accounts Payable

72,555

Wages Payable

0

Capital Stock

220,000

Retained Earnings

111,145

Service Revenue

893,105

Interest Income

1,500

Rent Expense

60,500

Wages Expense

527,260

Supplies Expense

42,520

Utilities Expense

8,595

Depreciation Expense

144,000

Interest Expense

6,840

_______

Totals

$1,522,565

$1,522,565

Adjusting Items:

1. The prepaid rent covers December 2016 thru March 2017 rents.

2. December depreciation on equipment is $11,000 per month.

3. At year end Wages of $10,000 were earned but unpaid.

Use this information to determine the adjusted account balances for the following:

1. Cash

2. Prepaid Rent

3. Equipment

4. Accumulated Depreciation

5. Wages Payable

6. Rent Expense

7. Wages Expense

8. Depreciation Expense

Question 2 The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited

Adjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

331,860

Supplies

15,255

Prepaid Rent

9,000

Equipment

295,285

Accumulated Depreciation

$235,760

Accounts Payable

73,555

Wages Payable

12,000

Capital Stock

220,000

Retained Earnings

111,145

Service Revenue

902,105

Interest Income

1,500

Rent Expense

63,500

Wages Expense

539,260

Supplies Expense

42,520

Utilities Expense

8,595

Depreciation Expense

155,500

Interest Expense

6,840

_________

Totals

$1,556,065

$1,556,065

Prepare the general journal entry (without explanation) needed to close the revenue(s) for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."

Question 3 The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited

Adjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

333,700

Supplies

15,255

Prepaid Rent

9,000

Equipment

295,285

Accumulated Depreciation

$235,760

Accounts Payable

73,555

Wages Payable

12,000

Capital Stock

220,000

Retained Earnings

111,145

Service Revenue

902,105

Interest Income

1,500

Rent Expense

63,500

Wages Expense

539,260

Supplies Expense

42,520

Depreciation Expense

164,095

Dividends

5,000

_________

Totals

$1,556,065

$1,556,065

Prepare the general journal entry (without explanation) needed to close expense(s) for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."

Question 4 The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited

Adjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

333,700

Supplies

15,255

Prepaid Rent

9,000

Equipment

295,285

Accumulated Depreciation

$235,760

Accounts Payable

73,555

Wages Payable

12,000

Capital Stock

220,000

Retained Earnings

111,145

Service Revenue

902,105

Interest Income

1,500

Rent Expense

63,500

Wages Expense

539,260

Supplies Expense

42,520

Depreciation Expense

164,095

Dividends

5,000

_________

Totals

$1,556,065

$1,556,065

Prepare the general journal entry (without explanation) needed to close Net Income or Net Loss for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."

Question 5 The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited

Adjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

333,700

Supplies

15,255

Prepaid Rent

9,000

Equipment

295,285

Accumulated Depreciation

$235,760

Accounts Payable

73,555

Wages Payable

12,000

Capital Stock

220,000

Retained Earnings

111,145

Service Revenue

902,105

Interest Income

1,500

Rent Expense

63,500

Wages Expense

539,260

Supplies Expense

42,520

Depreciation Expense

164,095

Dividends

5,000

_________

Totals

$1,556,065

$1,556,065

Prepare the general journal entry (without explanation) needed to close Dividends for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."

Question 6 The following is the Alpha Dog Company adjusted Trail Balance.

Alpha Dog Company

Adjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

157,700

Supplies

35,255

Stock Investment

158,250

Equipment

295,285

Accumulated Depreciation

$235,260

Accounts Payable

47,555

Wages Payable

30,000

Capital Stock

200,000

Retained Earnings

136,145

Service Revenue

897,105

Interest Income

1,500

Rent Expense

63,250

Wages Expense

537,260

Supplies Expense

42,520

Depreciation Expense

163,595

Dividends

6,000

________

Totals

$1,547,565

$1,547,565

What are the dollar values that will appear in Alpha Dog Company's year end financial statements for the following line items: (For any negative dollar value the number must be enclosed in brackets and do not use a minus sign.)

1. Total Current Assets

2. Total Long Term Investments

3. Total Assets

4. Total Liabilities

5. Total Equity

Question 7 The following is the Devil Dog Company adjusted Trail Balance.

The following is the Devil Dog Company adjusted Trail Balance.

Devil Dog Company

Adjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

157,700

Supplies

35,255

Stock Investment

158,250

Equipment

295,285

Accumulated Depreciation

$235,260

Accounts Payable

47,555

Wages Payable

30,000

Capital Stock

200,000

Retained Earnings

136,145

Service Revenue

897,105

Interest Income

1,500

Rent Expense

63,250

Wages Expense

537,260

Supplies Expense

42,520

Depreciation Expense

163,595

Dividends

6,000

________

Totals

$1,547,565

$1,547,565

What are Devil Dog Company's ratios for the following: (Round all non dollar value ratios to one decimal place. Do not enter the ":1" notation in the answer box. For dollar value ratios enter the dollar sign followed by the whole dollar amount. Any negative dollar value the number must be enclosed in brackets and do not use a minus sign.)

1. Current Ratio

2. Quick Ratio

3. Working Capital

Homework 4

Question 1Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.

> Alpha Company purchased on account $2,550 of merchandise from Bravo Company on May 2, 2016.

> Alpha Company returned, to Bravo Company, $200 of this merchandise on May 3, 2016.

> Freight charges related to this transaction of $150 were paid by Bravo Company.

Use this information to prepare the compound General Journal entry (without explanation) for the payment for merchandise on May 12. If no entry is required then write "No Entry Required."

Question 2 Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.

> Alpha Company purchased on account $2,500 of merchandise from Bravo Company on May 2, 2016.

> Alpha Company returned, to Bravo Company, $250 of this merchandise on May 3, 2016.

> Freight charges related to this transaction of $150 were paid by Bravo Company.

Use this information to prepare the General Journal entries (without explanation) for May 2 & May 3 entries. If no entry is required then write "No Entry Required."

Question 3 Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.

> Alpha Company sold on account $2,500 of merchandise to Bravo Company on May 2, 2016. Selling price was $4,000

> Bravo Company returned, to Alpha Company, $250 of this merchandise on May 3, 2016. Merchandise was sold for $400

> Freight charges related to this transaction of $150 were paid by Alpha Company.

Use this information to prepare Alpha Company's compound General Journal entry (without explanation) for the payment for merchandise on May 12. If no entry is required then write "No Entry Required."

Question 4 Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.

> Alpha Company sold on account $3,000 of merchandise to Bravo Company on May 2, 2016. Selling price was $4,500

> Bravo Company returned, to Alpha Company, $300 of this merchandise on May 3, 2016. Merchandise was sold for $450

> Freight charges related to this transaction of $150 were paid by Alpha Company.

Use this information to prepare Alpha Company's Journal entry (without explanation) for the payment for merchandise on May 15. If no entry is required then write "No Entry Required."

Question 5 Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the net method is used.

> Alpha Company purchased on account $2,700 of merchandise from Bravo Company on May 2, 2016.

> Alpha Company returned, to Bravo Company, $300 of this merchandise on May 3, 2016.

> Freight charges related to this transaction of $150 were paid by Bravo Company.

Use this information to prepare the General Journal entries (without explanation) for May 2 & May 3 entries. If no entry is required then write "No Entry Required."

Question 6 Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the net method is used.

> Alpha Company purchased on account $2,500 of merchandise from Bravo Company on May 2, 2016.

> Alpha Company returned, to Bravo Company, $250 of this merchandise on May 3, 2016.

> Freight charges related to this transaction of $150 were paid by Bravo Company.

Use this information to prepare the compound General Journal entry (without explanation) for the payment for merchandise on May 15. If no entry is required then write "No Entry Required."

Question 7 Alpha Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2016:

Date

Activity

Quantity

Unit Price

5/1

Beginning Inventory

175

$10

5/5

Purchase

200

$12

5/15

Purchase

300

$15

5/25

Purchase

150

$16

Sales were 545 units at $25. Using the LIFO method, determine the dollar values following for the month of May:

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

Question 8 Alpha Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2016:

Date

Activity

Quantity

Unit Price

5/1

Beginning Inventory

175

$10

5/5

Purchase

200

$12

5/15

Purchase

300

$15

5/25

Purchase

150

$16

Sales were 545 units at $25. Using the FIFO method, determine the dollar values following for the month of May:

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

Question 9 Alpha Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2016: (Round all per unit calculations to the nearest penny.)

Date

Activity

Quantity

Unit Price

5/1

Beginning Inventory

100

$10.10

5/5

Purchase

200

$11.15

5/15

Purchase

300

$13.00

5/25

Purchase

150

$15.00

Sales were 525 units at $22.00. Using weighted-average method, determine the dollar values following for the month of May: (Enter only whole dollar values.)

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

Question 10 The following is a partial Adjusted Trial Balance for Alpha Company for the month:

Alpha Company

Adjusted Trial Balance (partial)

January 31, 2016

Accounts

Debit

Credit

Inventory

$2,750

Sales

$12,500

Sales Discounts

200

Sales Returns & Allowances

1,200

Purchases

4,000

Purchases Discounts

150

Purchase Returns & Allowances

450

Freight In

50

Advertising Expense

150

Depreciation Expense

145

Freight Out

70

Income Tax Expense

500

Salaries Expense

500

Utilities Expense

100

Additionally, Inventory for December 31, 2015 was $2,700. Prepare a multiple-step income statement.

What amount should Alpha Company report on a Multi-Step Income Statement for the following items:

1. Net Sales

2. Cost of Goods Available for Sales

3. Gross Profit

4. General & Administrative Expenses

5. Income before Taxes

Question 11 On May 15, 2016 the Smoky Bear Company inventory storage facility was completely destroyed in a fire. Offsite accounting records reflect the normal gross profit rate is 45% of sales. Sales to the date of the fire were $1,600,000. The April 30, 2016 inventory value was $550,000. Two purchases were made during May, before the fire, for the values of $500,000 and $700,000. Using the Gross Profit Method determine the estimated inventory loss due to the fire.

Question 12 The following are selected account balances for Charlie Company's operations for the FY ended December 31, 2016. (All balances are normal):

Accounts

Amount

Net Sales

$100,500

Administrative Expenses

22,000

Selling Expenses

12,000

Cost of Goods Sold

46,000

Interest Expense

2,000

Income Tax Expense

1,000

Prepaid Expenses

$5,000

Interest Receivable

$1,000

What is the Net Profit on Sales ratio for the year 2016? (Enter the value as a percentage rounded to one decimal place. Example, 0.105134 would be entered as 10.5%)

Question 13 The following are selected account balances for Charlie Company's operations for the FY ended December 31, 2016. (All balances are normal):

Accounts

Amount

Net Sales

$100,500

Administrative Expenses

22,000

Selling Expenses

12,000

Cost of Goods Sold

46,000

Interest Expense

2,000

Income Tax Expense

1,000

Prepaid Expenses

$5,000

Interest Receivable

$1,000

What is the Gross Profit Margin ratio for the year 2016? (Enter the value as a percentage rounded to one decimal place. Example, 0.105134 would be entered as 10.5%)

Question 14 Alpha Company has the following account balances information for fiscal year 2015 & 2016 (all balances are normal):

Alpha Company

December 31

Accounts

2016

2015

Merchandise Inventory

$1,200,000

$800,000

Office Supplies

25,000

20,000

Sales

3,000,000

2,500,000

Cost of Goods Sold

2,500,000

1,600,000

Freight Out

15,000

10,000

What is the FY 2016 inventory turnover ratio? Enter the answer as a number rounded to one decimal place followed by a space and the word times. (Example 1.123 would be entered 1.1 times)

Homework 5

Question 1 The following information regarding cash for Alpha Company is provided for the month ending March 31, 2016:

Item

Amount

Ending Cash per Bank Statement

$1,500

Ending Cash per Company Books

$1,705

Bank Service Charges

$15

Deposits in Transit

$325

Outstanding Cheques

$230

Customer Cheque returned NSF

$95

What is the adjusted cash balance based on the completed bank reconciliation?

Question 2 One January 2, 2016, Alpha Company purchased 10,000 shares of Bravo Company stock, as trading securities, for $10 per share. On July 3, 2016 the securities were trading on the open market for $12.50 per share. On December 31, 2016, the closing market price for these securities was $9.00 per share. What value should the trading securities be reported for Alpha Company's FY 2016 balance sheet?

Question 3 Alpha Company sells goods to customers who use Worldwide Express nonbank credit cards. Credit card sales on July 15, 2016 amounted to $25,000 and were subject to a 5.5% credit card company collection fee. Alpha Company collected payment from Worldwide Express on July 21. What amounts should be recorded for the following accounts for the July 21 collection?

Cash

Sales

Service Charge

Accounts Receivable

Question 4 Alpha Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2016, Accounts Receivable has a balance that consists of:

Dollar Value

Age of Account

Estimated Collectible

$100,000

< 30 days old

98%

50,000

30 to 60 days old

90%

25,000

61 to 120 days old

50%

10,000

> 120 days old

10%

The current unadjusted Allowance for Uncollectable Accounts balance is a credit balance of $1,500 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the:

1. Accounts Receivable

2. Allowance for Doubtful Accounts

3. Bad Debt Expense

Question 5 Alpha Company used the percentage of sales method, with an historical rate of 2.5% for determining their bad debt expense. During 2016, sales were $1,500,000, and the January 1 Allowance for Doubtful Accounts had a normal balance of $25,000. $18,600 of accounts were written off during the year. What are the year end dollar amounts for:

Charged to the Bad Debt Expense account

Balance for Allowance for Doubtful Accounts

Question 6 Alpha Company has the following account balances information for fiscal year 2015 & 2016 (all balances are normal):

Alpha Company

December 31

Accounts

2016

2015

Accounts Receivable

$50,000

$45,000

Merchandise Inventory

57,000

50,000

Office Supplies

25,000

20,000

Credit Sales

1,000,000

740,000

Interest Income

25,000

20,000

Cost of Goods Sold

460,000

385,000

1. What is the FY 2016 accounts receivable turnover ratio? Enter the answer as a number rounded to one decimal place followed by a space and the word times. (Example 1.123 would be entered 1.1 times)

2. What is the FY 2016 days outstanding for accounts receivable ratio? Enter the answer as a number rounded to one decimal place followed by a space and the word days. (Example 1.123 would be entered 1.1 days)

Question 7 The following information regarding cash for Alpha Company is provided for the month ending March 31, 2016:

Item

Amount

Ending Cash per Bank Statement

$1,700

Ending Cash per Company Books

$1,905

Bank Service Charges

$25

Deposits in Transit

$425

Outstanding Cheques

$350

Customer Cheque returned NSF

$105

Use this information to prepare the compound General Journal entry (without explanation) for March 31, 2016, to cause the company books to match the adjusted cash balance based on the completed bank reconciliation. If no entry is required then write "No Entry Required."

Question 8 On April 1, 2016, Alpha Company set up a petty cash fund with a balance of $550. At the end of the month, the petty cash box contained vouchers of $85 for postage, $175 for supplies, $50 for gasoline, and cash on hand of $195. On April 30, 2016, the petty cash fund was replenished. Use this information to prepare the General Journal entries (without explanation) for April 1 and April 30 (compound entry). If no entry is required then write "No Entry Required."

Question 9 One August 2, 2016, Alpha Company purchased 10,000 shares of Bravo Company stock, as trading securities, for $10 per share. On September 30, 2016 the securities were trading on the open market for $12.50 per share. On December 31, 2016, the closing market price for these securities was $9.50 per share. Use this information to prepare the adjusting General Journal entry (without explanation) for December 31. If no entry is required then write "No Entry Required."

Question 10 Alpha Company uses the direct write-off method of recording uncollectible accounts. On August 15, 2016, Yankee Zulu filed for bankruptcy and informed Alpha that he would be unable to pay $350 owed to Alpha. Alpha is certain that it will be unable to collect the $350. Use this information to prepare the General Journal entry (without explanation) for August 15. If no entry is required then write "No Entry Required."

Question 11 Alpha Company uses an allowance method for recording bad debts. On July 15, 2016 Alpha Company was advised of the bankruptcy of the Broken Corporation and wrote off their $5,000 of accounts receivable. Suddenly, on August 25, 2016 Broken won the Maryland State Mega Millions. Without warning, on August 26, Alpha Company received half the payment for Broken's past debt. Use this information to prepare the General Journal entries (without explanation) for the August 26, 2016 event. If no entry is required then write "No Entry Required."

Question 12 On April 30, 2016, Alpha Company's note receivable from Bravo Company was dishonored due to the extreme decline in economic conditions. The note was a one-year, $30,000 note, issued on January 1, 2016, bearing 10%. Use t

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