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[answered] 1) Adjusting Entries: Unearned rent at 1/1/1X was $10,300 a


  1. Adjusting Entries: Unearned rent at 1/1/1X was $10,300 and at 12/31/1X was $10,000. The records indicate cash receipts from rental sources during 201X amounted to $50,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

  1. Adjusting Entries: Data relating to the balances of various accounts affected by adjusting or closing entries appear below. (The entries which caused the changes in the balances are not given.) You are asked to supply the missing journal entries which would logically account for the changes in the account balances. Interest receivable at 1/1/1X was $5,000. During 201X cash received from debtors for interest on outstanding notes receivable amounted to $8,000. The 201X income statement showed interest revenue in the amount of $10,900. You are to provide the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit.
  2. Adjusting Entries: Accumulated depreciation-equipment at 1/1/1X was $230,000. At 12/31/1X the balance of the account was $480,000. During 201X, one piece of equipment was sold. The equipment had an original cost of $40,000 and was 3/4 depreciated when sold. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit
  3. Adjusting Entries: Allowance for Doubtful accounts made on 1/1/1X was $40,000. The balance in the allowance account on 12/31/1X after making the annual adjusting entry was $50,000 and during 201X bad debts written off amounted to $30,000. You are to provide the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.
  4. Adjusting Entries: Prepaid rent at 1/1/1X was $50,000. During 201X rent payments of $110,000 were made and charged to "rent expense." The 201X income statement shows as a general expense the item "rent expense" in the amount of $140,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit.
  5. Adjusting Entries: Retained earnings at 1/1/1X were $100,000 and at 12/31/1X it was $350,000. During 201X, cash dividends of $40,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. For each journal entry write Dr. for debit and Cr. for credit

(TCO C) Presented below is information related to Square Company.

Retained earnings, December 31, 20X2

$2,750,000

Sales

2,000,000

Selling and administrative expenses

240,000

Hurricane loss (pre-tax) on plant (extraordinary item)

250,000

Cash dividends declared on common stock

33,600

Cost of goods sold

960,000

Gain resulting from computation error on depreciation charge in 20X1 (pre-tax)

2,000,000

Other revenue

80,000

Other expenses

50,000



  1. Instructions: Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during the year .

  1. TCO D) The following balance sheet was prepared by the bookkeeper for Diamone Company as of December 31, 201x Diamond Company.
    Balance Sheet as of December 31, 201X is as follows .

8) Cash

9) $90,000

10) Accounts payable

11) $75,000

12) Accounts receivable (net)

13) 42,200

14) Long-term liabilities

15) 100,000

16) Inventories

17) 57,000

18) Stockholders' equity

19) 218,500

20) Investments

21) 76,300

22)

23)

24) Equipment (net)

25) 96,000

26)

27)

28) Patents

29) 32,000

30)

31)

32)

33) $393,500

34)

35) $393,500



  1. The following additional information is provided:
    (1) Cash includes the cash surrender value of a life insurance policy $5,000 and a bank overdraft of $4,000 has been deducted.
    (2)The net accounts receivable balance includes:


    (a) accounts receivable debit balances $50,000;
    (b) accounts receivable credit balances $0; and
    (c) allowance for doubtful accounts $3,800.


    (3) Inventories do not include goods costing $3,000 shipped out on consignment. Receivables of $3,000 were recorded on these goods.
    (4) Investments include investments in common stock, trading $13,000, available-for-sale $46,300, and franchises $17,000.
    (5) Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000.
    Instructions:
    Prepare a balance sheet in good form (stockholders' equity details can be omitted).
    Do not worry about balancing the statement but rather use your time to compute the account balances properly for presentation purposes.

8) (TCO E) Jack Sawyer is presently leasing a copier from John Office Equipment Company. The lease requires 11 annual payments of $2,500 at the end of each year and provides the leaser (John) with an 8% return on its investment. You may use the following 8% interest factors.

9 Periods

10 Periods

11 Periods

Future Value of 1

1.99900

2.15892

2.33164

Present Value of 1

.50025

.46319

.42888

Future Value of

12.48756

14.48656

Ordinary Annuity of 1

Present Value of

6.24689

6.71008

7.13896

Ordinary Annuity of 1

Present Value of

6.74664

7.24689

7.71008

Annuity Due of 1


(a) Assuming the computer has an 11-year life and will have no salvage value at the expiration of the lease, what was the original cost of the copier to John?
(b) What amount would each payment be if the 11 annual payments are to be made at the beginning of each period?

Question 10.10. (TCO E) Jack Sawyer is presently leasing a copier from John Office Equipment Company. The lease requires 11 annual payments of $2,500 at the end of each year and provides the leaser (John) with an 8% return on its investment. You may use the following 8% interest factors.

9 Periods

10 Periods

11 Periods

Future Value of 1

1.99900

2.15892

2.33164

Present Value of 1

.50025

.46319

.42888

Future Value of

12.48756

14.48656

Ordinary Annuity of 1

Present Value of

6.24689

6.71008

7.13896

Ordinary Annuity of 1

Present Value of

6.74664

7.24689

7.71008

Annuity Due of 1


(a) Assuming the computer has an 11-year life and will have no salvage value at the expiration of the lease, what was the original cost of the copier to John?
(b) What amount would each payment be if the 11 annual payments are to be made at the beginning of each period? (Points : 25)


Question 11.11.

11. (TCO F) David deposits all receipts and makes all payments by check. The following information is available from the cash records.
MARCH 31
BANK RECONCILIATION

Balance per bank

$26,746

Add: Deposits in transit

2,100

Deduct: Outstanding checks

(3,800)

Balance per books

$25,046

Month of April Results

Per Bank

Per Book

Balance April 30

$27,995

$24,355

April deposits

8,864

14,889

April checks

12,200

16,080

April note collected

3,000

-0-

(not included in April deposits)

April bank service charge

35

-0-

April NSF check of a customer

900

-0-

returned by the bank

(recorded by bank as a charge)


Instructions
Calculate the amount of the April 30
(1) deposits in transit; and
(2) outstanding checks.
Show all your work for potential partial credit.

12. TCO G) Steve Company was formed on December 1, 2010. The following information is available from Steve's inventory record for Product X.

Units

Unit Cost

January 1, 2011 (beginning inventory)

1,500

$19.00

Purchases:

January 5, 2011

2,600

$20.00

January 25, 2011

2,400

$21.00

February 16, 2011

1,000

$22.00

March 15, 2011

2,300

$24.00



A physical inventory on March 31, 2011, shows 2,800 units on hand.
Instructions:
Prepare schedules to compute the ending inventory at March 31, 2011, under each of the following inventory methods.
(a) FIFO
(b) LIFO
(c) Weighted-average
Show supporting computations in good form.

12. (TCO H) On January 2, Year 1, Logan Co. purchased a manufacturing machine for $864,000. The machine has an 8?year estimated life and a $144,000 estimated salvage value. Logan expects to manufacture 1,800,000 units over the life of the machine. During Year 2, Logan manufactured 300,000 units.

Instructions:



1) Adjusting Entries: Unearned rent at 1/1/1X was $10,300 and at 12/31/1X was $10,000. The

 

records indicate cash receipts from rental sources during 201X amounted to $50,000, all of

 

which was credited to the Unearned Rent Account. You are to prepare the missing adjusting

 

entry. For each journal entry write Dr. for debit and Cr. for credit. 2) Adjusting Entries: Data relating to the balances of various accounts affected by adjusting or

 

closing entries appear below. (The entries which caused the changes in the balances are not

 

given.) You are asked to supply the missing journal entries which would logically account for

 

the changes in the account balances. Interest receivable at 1/1/1X was $5,000. During 201X

 

cash received from debtors for interest on outstanding notes receivable amounted to $8,000.

 

The 201X income statement showed interest revenue in the amount of $10,900. You are to

 

provide the missing adjusting entry that must have been made, assuming reversing entries

 

are not made. For each journal entry write Dr. for debit and Cr. for credit.

 

3) Adjusting Entries: Accumulated depreciation-equipment at 1/1/1X was $230,000. At

 

12/31/1X the balance of the account was $480,000. During 201X, one piece of equipment

 

was sold. The equipment had an original cost of $40,000 and was 3/4 depreciated when sold.

 

You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and

 

Cr. for credit

 

4) Adjusting Entries: Allowance for Doubtful accounts made on 1/1/1X was $40,000. The

 

balance in the allowance account on 12/31/1X after making the annual adjusting entry was

 

$50,000 and during 201X bad debts written off amounted to $30,000. You are to provide the

 

missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

 

5) Adjusting Entries: Prepaid rent at 1/1/1X was $50,000. During 201X rent payments of

 

$110,000 were made and charged to "rent expense." The 201X income statement shows as a

 

general expense the item "rent expense" in the amount of $140,000. You are to prepare the

 

missing adjusting entry that must have been made, assuming reversing entries are not made.

 

For each journal entry write Dr. for debit and Cr. for credit.

 

6) Adjusting Entries: Retained earnings at 1/1/1X were $100,000 and at 12/31/1X it was

 

$350,000. During 201X, cash dividends of $40,000 were paid and a stock dividend of $40,000

 

was issued. Both dividends were properly charged to retained earnings. You are to provide

 

the missing closing entry. For each journal entry write Dr. for debit and Cr. for credit

 

(TCO C) Presented below is information related to Square Company.

 

Retained earnings, December 31, 20X2 $2,750,000 Sales 2,000,000 Selling and administrative expenses 240,000 Hurricane loss (pre-tax) on plant (extraordinary item) 250,000 Cash dividends declared on common stock 33,600 Cost of goods sold 960,000 Gain resulting from computation error on depreciation charge in 20X1 2,000,000

 

(pre-tax) Other revenue 80,000 Other expenses 50,000 1)

 

Instructions: Prepare in good form a multiple-step income statement for the year 2011.

 

Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during

 

the year . 7) TCO D) The following balance sheet was prepared by the bookkeeper for Diamone Company

 

as of December 31, 201x Diamond Company.

 

Balance Sheet as of December 31, 201X is as follows . 8) Cash 9) $90,000 10) Accounts payable 11) $75,000 12) Accounts receivable

 

(net) 13) 42,200 14) Long-term

 

liabilities 15) 100,000 16) Inventories 17) 57,000 18) Stockholders'

 

equity 19) 218,500 20) Investments 21) 76,300 22) 23) 24) Equipment (net) 25) 96,000 26) 27) 28) Patents 29) 32,000 30) 31) 32) 33) $393,500 34) 35) $393,500 1)

 

The following additional information is provided:

 

(1) Cash includes the cash surrender value of a life insurance policy $5,000 and a bank overdraft of $4,000 has been deducted.

 

(2)The net accounts receivable balance includes: (a) accounts receivable debit balances $50,000;

 

(b) accounts receivable credit balances $0; and

 

(c) allowance for doubtful accounts $3,800. (3) Inventories do not include goods costing $3,000 shipped out on consignment. Receivables

 

of $3,000 were recorded on these goods.

 

(4) Investments include investments in common stock, trading $13,000, available-for-sale

 

$46,300, and franchises $17,000.

 

(5) Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is

 

held for sale. Accumulated depreciation on the other equipment is $40,000.

 

Instructions:

 

Prepare a balance sheet in good form (stockholders' equity details can be omitted).

 

Do not worry about balancing the statement but rather use your time to compute the

 

account balances properly for presentation purposes. 8) (TCO E) Jack Sawyer is presently leasing a copier from John Office Equipment Company. The

 

lease requires 11 annual payments of $2,500 at the end of each year and provides the leaser

 

(John) with an 8% return on its investment. You may use the following 8% interest factors.

 

9 Periods 10 Periods 11 Periods Future Value of 1 1.99900 2.15892 2.33164 Present Value of 1 .50025 .46319 .42888 12.48756 14.48656 6.24689 6.71008 7.13896 6.74664 7.24689 7.71008 Future Value of Ordinary Annuity of 1 Present Value of Ordinary Annuity of 1 Present Value of Annuity Due of 1 (a) Assuming the computer has an 11-year life and will have no salvage value at the expiration of

 

the lease, what was the original cost of the copier to John?

 

(b) What amount would each payment be if the 11 annual payments are to be made at the

 

beginning of each period? Question 10.10. (TCO E) Jack Sawyer is presently leasing a copier from John Office Equipment

 

Company. The lease requires 11 annual payments of $2,500 at the end of each year and provides

 

the leaser (John) with an 8% return on its investment. You may use the following 8% interest

 

factors.

 

9 Periods 10 Periods 11 Periods Future Value of 1 1.99900 2.15892 2.33164 Present Value of 1 .50025 .46319 .42888 12.48756 14.48656 6.24689 6.71008 7.13896 6.74664 7.24689 7.71008 Future Value of Ordinary Annuity of 1 Present Value of Ordinary Annuity of 1 Present Value of Annuity Due of 1 (a) Assuming the computer has an 11-year life and will have no salvage value at the expiration of

 

the lease, what was the original cost of the copier to John?

 

(b) What amount would each payment be if the 11 annual payments are to be made at the

 

beginning of each period? (Points : 25) Question 11.11. 11. (TCO F) David deposits all receipts and makes all payments by check. The following

 

information is available from the cash records.

 

MARCH 31

 

BANK RECONCILIATION Balance per bank $26,746 Add: Deposits in transit 2,100 Deduct: Outstanding checks (3,800) Balance per books $25,046 Month of April Results Per Bank Per Book Balance April 30 $27,995 $24,355 April deposits 8,864 14,889 April checks 12,200 16,080 April note collected 3,000 -0- (not included in April deposits) April bank service charge 35 -0- April NSF check of a customer 900 -0- returned by the bank (recorded by bank as a charge) Instructions

 

Calculate the amount of the April 30

 

(1) deposits in transit; and

 

(2) outstanding checks.

 

Show all your work for potential partial credit. 12. TCO G) Steve Company was formed on December 1, 2010. The following information is

 

available from Steve's inventory record for Product X. Units Unit Cost 1,500 $19.00 January 5, 2011 2,600 $20.00 January 25, 2011 2,400 $21.00 February 16, 2011 1,000 $22.00 March 15, 2011 2,300 $24.00 January 1, 2011 (beginning inventory) Purchases: A physical inventory on March 31, 2011, shows 2,800 units on hand.

 

Instructions:

 

Prepare schedules to compute the ending inventory at March 31, 2011, under each of the following

 

inventory methods.

 

(a) FIFO (b) LIFO

 

(c) Weighted-average

 

Show supporting computations in good form. 12. (TCO H) On January 2, Year 1, Logan Co. purchased a manufacturing machine for $864,000. The

 

machine has an 8year estimated life and a $144,000 estimated salvage value. Logan expects to

 

manufacture 1,800,000 units over the life of the machine. During Year 2, Logan manufactured

 

300,000 units.

 

Instructions:

 

Calculate the Year 2 depreciation expense using (1) straight line depreciation and (2) sum-of-theyears?-digits depreciation depreciation .

 


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