Questions And Answers Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans WARREN ROOFING For the Month Ended March 31, 2017 XLS Trial Balance Account Titles Dr. 4,500 3.200 2,000 11,000 Cash 1,250 2,500 550 12,900 Accounts Payable Unearned Service Revenue Owner’s Capital Owner’s Drawings Service Revenue Salaries and Wages Expense 1,100 6,300 1,300 400 23.500 23.500 Find more at www.downloadslide.com leting the Accounting Cycle Other data: 1. A physical count reveals only $480 of roofing supplies on hand. 2. Depreciation for March is $250. 3. Unearned revenue amounted to $260 at March 31. 4. Accrued salaries are $700. Instructions (a) Enter the trial balance on a worksheet and complete the worksheet. (b) Prepare an income statement and owners equity statement for the month of March l balance 52.420 517,680 and a classified balance sheet at March 31·T. Warren made an additional investment in the business of $10,000 in March. (c) Journalize the adjusting entries from the adjustments columns of the worksheet. (d) Journalize the closing entries from the financial statement columns of the workshee 2.71K viewsDarshita asked July 7, 2017 0 Votes 1 Ans The following information applies to the questions cdlisplayed below.J Wamerwoods Company uses a perpetual inventory system. It entered into the following purchases and soles transactions for March. Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities Units Sold at Retail Units Acquired at Cost 100 units $50.00 per unit 400 units @$55.00 per unit 420 units $85.00 per unit 120 units $60.00 per unit 200 units @$62.00 per unit 160 units $95.00 per unit Totals 820 units 580 units 727 viewsDarshita asked July 7, 2017 0 Votes 1 Ans Adria Lopez, owner of Success Systems, decides to prepare a statement of cash flows for her business. (Although the serial problem allowed for various ownership changes in earlier chapters, we will prepare the statement of cash flows using the following financial data.) 745 viewsDarshita asked July 7, 2017 0 Votes 1 Ans The Sky Blue Corporation has the following adjusted trial balance at becember 31 Credit Debit S1,250 Accounts Receivable Prepaid Insurance Notes Recelvable (long-term) Equipment 2,500 3,200 13,000 s 3,000 Accounts Payable Salaries……. 747 viewsDarshita asked July 6, 2017 0 Votes 1 Ans On August 1, Joe Mora and Mary Howard decide to form a partnership. Of the following items shown below, Mora invested the assets and the partnership assumed the liabilities: Accounts receivable Land Building Accounts payable Note payable Fair Value $7,200 300,000 95,000 4,000 198,000 Howard invested $10,000 in cash and $45,000 in equipment. Required: Prepare two journal entries; one to record each partner’s investment in the partnership 951 viewsDarshita asked July 6, 2017 0 Votes 1 Ans The adjusted trial balance of Nicks Financial Planners appears below NICKS FINANCIAL PLANNERS Adjusted Trial Balance December 31, 2014 Debit Credit $15,400 2,200 1,800 15,500 Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earning:s Dividends Service Revenue Supplies Expense Depreciation Expense Rent Expense $4,000 3,000 5,000 15,000 7,400 3,500 9,500 1,100 2,500 1,900 $43,900 $43,900 Using the information from the adjusted trial balance, you are to prepare for the month ending December 31 1.03K viewsDarshita asked July 6, 2017 0 Votes 1 Ans Epley Corporation makes a product with the following standard costs: Direct materials. Direct labor. Variable overhead.. Standard Quantity or Hours 3.5 pounds 0.8 hours 0.8 hours Standard Price or Rate $3.00 per pound $19.00 per hour $8.00 per hour In July the company produced 3,300 units using 12,240 pounds of the direct material and 2,760 direct labor-hours. During the month, the company purchased 13,000 pounds of the direct material at a cost of $35,100. The actual direct labor cost was $51,612 and the actual variable overhead cost was $20,148. 1.48K viewsDarshita asked July 6, 2017 0 Votes 1 Ans The standard cost of Product B manufactured by Pharrell Company includes 3.2 units of direct materials at $6.6 per unit. During June, 27,000 units of direct materials are purchased at a cost of $6.45 per unit, and 27,000 units of direct materials are used to produce 8,300 units of Product B. 971 viewsDarshita asked July 6, 2017 0 Votes 1 Ans Shamrock Company has the following stockholders’ equity accounts at December 31, 2017 Common Stock ($100 par value, authorized 8,300 shares) $490,300 Retained Earnings 325 Chapter 303,000 ▼ (a) Prepare entries in journal form to record the following transactions, which took place during 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) rief Exercise 15 Problem 15-6 (Part Level Submission Exercise 15-15 Exercise 15-17 (1) 260 shares of outstanding stock were purchased at $98 per share. (These are to be accounted for using the cost method.) (2) A $21 per share cash dividend was declared (3) The dividend declared in (2) above was paid (4) The treasury shares purchased in (1) above were resold at $103 per share (5) 460 shares of outstanding stock were purchased at $105 per share (6) 380 of the shares purchased in (5) above were resold at $97 per share evel SubmisSIO Review Score Obiective No. Account Titles and Explanation Debit Credit 9:25 PM S/2017 Type here to search 1.29K viewsDarshita asked July 6, 2017 0 Votes 1 Ans Luther Company’s factory on January 1 A machine costing $216000 with a four-year life and an estimated $20,000 salvage value is installedhe factory manager estimates the machine will produce 490,000 units of product during its life. It actually produces the following units: 122,600 in 1st year, 124,300 in 2nd year, 120,600 in 3rd year, 132,500 in 4th year. The total number of units produced by the end of year 4 exceeds the original estimate this difference was not predicted. (The machine must not be depreciated below its estimated salvage value.) Required: Compute depreciation for each year (and total depreciation of all years combined) for the machine under each depreciation method 968 viewsDarshita asked July 6, 2017 0 Votes 1 Ans Which of the following assets do qualify for capitalization of interest costs incurred intended use during construction of the assets? 712 viewsAnonymous deleted answer July 5, 2017 0 Votes 1 Ans Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below: Total $1,090,000 April June May $350,000 $550,000 $190,000 Budgeted sales (all on account) From past experience, the company has learned that 25% of a month’s sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. 1.57K viewsDarshita asked July 5, 2017 0 Votes 1 Ans Assume that the City of Fort Smith maintains its books and records in a manner that facilitates the preparation of fund financial statements. For each of the following events indicate in which fund(s) of the city the event would be recorded and justify your fund selection. a. The city collected property taxes levied for the general operations of the city. b. The city collected property taxes levied to pay principal and interest on bonds issued several years in the past to construct a new fire station. c. The city collected property taxes levied on a specific area of the city for the purposes of providing more frequent snow removal than is enjoyed by the rest of the city. d. The city sold bonds to finance the construction of a new city hall. e. The city sold bonds to finance major renovations at the city-owned electric utility. f. The city purchased a street sweeping machine. 676 viewsDarshita asked July 5, 2017 0 Votes 1 Ans Perit Industries has $130,000 to invest. The company is trying to decide between two alternative uses of the funds. The alternatives are: Project A Project B Cost of equipment required $130,000 $0 Working capital investment required $0 $130,000 Annual cash inflows $22,000 $33,000 Salvage value of equipment in six years $8,300 $0 Life of the project 6 years 6 years The working capital needed for project B will be released at the end of six years for investment elsewhere. Perit Industries’ discount rate is 14%. Click here to view Exhibit 11B-1 and Exhibit 11B-2, to determine the appropriate discount factor(s) using tables. Required: a. Calculate net present value for each project. 1.21K viewsDarshita asked July 5, 2017 0 Votes 1 Ans Grandview Park was started on April 1 by R. S. Francis and associates. The following selected events and transactions occurred d Apr. 1 Stockholders invested $48,200 cash in the business in exchange for common stock. 4 Purchased land costing $29,900 for cash. 8 Incurred advertising expense of $1,880 on account. 11 Paid salaries to employees $1,960. 12 Hired park manager at a salary of $4,000 per month, effective May 1. 13 Paid $1,940 cash for a one-year insurance policy 17 Declared and paid a $1,690 cash dividend. 20 Received $4,900 in cash for admission fees. 1.97K viewsAnonymous deleted answer July 4, 2017 0 Votes 1 Ans Medlar Corp. maintains a Web-based general ledger. Overhead is applied on the basis of direct labor costs. Its bookkeeper accidentally deleted most of the entries that had been recorded for January. A printout of the general ledger (in T-account form) showed the following: image0024ea96c1c.gif image0034ea96c1c.gif image0044ea96c1c.gif A review of the prior year’s financial statements, the current year’s budget, and January’s source documents produced the following information: (1) Accounts Payable are used for raw material purchases only. 798 viewsAnonymous deleted answer July 4, 2017 0 Votes 1 Ans Centennial Tours is trying to decide which one of two tours it will introduce. The costs and revenues associated with each alternative are listed below Tour A Tour B Projected revenue Varlable costs Fixed costs $1500 0) ,0009,000 4,000 4,000 Profit 9,000$5,000 What are the incremental (differential) costs of Tour B? $4,000 O $7000 o $3,000 ONone of these. 1.05K viewsDarshita asked July 4, 2017 0 Votes 1 Ans . its most recent month of Unlts In beginning Invento 8,200 Units produced Unlts In Variable costs per unit Direct materials Direct labor Varlable manufactüring overhead Variable selling and administrative Fixed costs: $48 $10 overhead Flxed selling and administrative $90,200 What is the absofotion costing unit product cost for the month 1.02K viewsDarshita asked July 4, 2017 0 Votes 1 Ans Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below: Total $1,090,000 April June May $350,000 $550,000 $190,000 Budgeted sales (all on account) From past experience, the company has learned that 25% of a month’s sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. 1.14K viewsDarshita asked July 4, 2017 0 Votes 1 Ans The break-even point can be defined as O the point at which the total contribution margin equals the total fixed costs O the point at which sales equal variable costs O the level of operations at which the firm earns a proft O the level of operations that equals budgeted sales 974 viewsDarshita asked July 4, 2017 « Previous 1 2 … 32 33 34 35 36 … 128 129 Next »
