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Submitted by SuperClass on Fri, 2016-01-08 23:58
due on Sat, 2016-01-09 12:56
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ASSIGNMENT 08 A03 Principles of Accounting II

ASSIGNMENT 08

A03 Principles of Accounting II

 

Part A (5 points each for a possible total of 15 points)

 

The following information is given for Tripp Company, which uses the indirect method.

 

Net income $20,000

Depreciation expense 3,000

Increase in accounts receivable 2,000

Payment of dividends 2,000

Proceeds from sale of equipment 6,000

Increase in accounts payable 4,000

Decrease in inventory 3,000

 

From the information provided, answer the following questions:

 

(1) The cash flow from operating activities is ________.

(2) The cash flow from investing activities is ________.

(3) The cash flow from financing activities is ________.

Part B (5 points each for a possible total of 25 points)

 

Selected data for Stick's Design are given as of December 31, Year 1 and Year 2 (rounded to the nearest hundredth).

 

Year 2 Year 1

Net Credit Sales $25,000 $30,000

Cost of Goods Sold 16,000 18,000

Net Income 2,000 2,800

Cash 5,000 900

Accounts Receivable 3,000 2,000

Inventory 2,000 3,600

Current Liabilities 6,000 5,000

 

Compute the following:

 

(1) Current ratio for Year 2.

(2) Acid-test ratio for Year 2.

(3) Accounts receivable turnover for Year 2.

(4) Average collection period for Year 2.

(5) Inventory turnover for Year 2.

Part C (30 points)

Prepare an income statement showing departmental contribution margin based on the following:

Dept. X Dept. Y Rent Expense

Space (square feet) 17,500 35,000

Net Sales $60,000 $40,000

Cost of Goods Sold 18,000 16,000

Rent Expense (allocated based on square feet) $2,700

Part D (5 points each for a possible total of 30 points)

From the following transactions, prepare the appropriate general journal entries for the month of April.

 

(1) Raw materials costing $60,000 were issued from the storeroom.

(2) Direct labor of $53,000 was charged to production.

(3) Indirect labor costs of $17,000 were incurred.

(4) Overhead was applied at the rate of 40% of direct labor dollars.

(5) Completed products costing $42,000 were transferred to finished goods.

(6) Products costing $32,000 were sold.

Answer
Submitted by SuperClass on Fri, 2016-01-08 23:58
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ASSIGNMENT 08 A03 Principles of Accounting II A+ Tutorial use as Guide

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PART x

xxxxxxxxxxxx
xxxxxxxx x xxxx A
SOLUTION - xxxx A
x Cash xxxx xxxx xxxxxxxxx xxxxxxxxxx
xxx xxxxxx$20,000
Add:xxxxxxxxxxxxxxxxxx
Add: xxxxxxxx in accounts payable $4,000
xxxx xxxxxxxx xx inventory $3,000
Less:Increase xx xxxxxxxx receivable xxxxxxx $8,000
Cash xxxx from xxxxxxxxx xxxxxxxxxx xxxxxxx
BCash xxxx xxxx Investing xxxxxxxxxx
xxxxxxxx from sale xx equipment $6,000
Cash xxxx from xxxxxxxxx Activities$6,000
C xxxx flow from xxxxxxxxx Activities
xxxxxxx of xxxxxxxxx xxxxxxx
xxxx flow from Financing Activitiesxxxxxxx

PART x

xxxxxxxxxxxxxxxxx
xxxxxxxx - xxxx x
xxxxxxxx - PART B
(1) xxxxxxx xxxxx for xxxx x1.67 x x
= xxxxxxx xxxxxx x Current xxxxxxxxxxx
= xxxxx x Accounts xxxxxxxxxx x xxxxxxxxxx x xxxxxxx xxxxxxxxxxx
x ($5000 + $3000 x xxxxxx / $6000
xxx Acid-test ratio xxx Year x xxxx: x
x xxxxx Assets / xxxxxxx Liabilities
x (Cash x Accounts receivable) / xxxxxxx Liabilities
= xxxxxx + xxxxxx / $6000
(3) xxxxxxxx xxxxxxxxxx turnover xxx xxxx xxx xxxxx
x Net xxxxxx sales x xxxxxxx xxxxxxxx receivable
x $25000 / [($3000 + xxxxxxxxx
xxxxxxxxxx collection xxxxxx xxx Year 2 xxdays
x xxx x xxxxxxxx receivable xxxxxxxx xxxxx
= xxx / xx
(5)Inventory xxxxxxxx for Year x5.71 times
x xxxx of goods xxxx / xxxxxxx xxxxxxxxx
= $16000 / [($2000 x $3600)/2]

PART x

xxxxx
QUESTION x PART C
SOLUTION x xxxx C
INCOME xxxxxxxxx
xxxxx X xxxxx Yxxxxx
Net Sales xxxxxxx $40,000 $100,000
Less: xxxx of xxxxx xxxx xxxxxxx xxxxxxx $34,000
xxxxxxxxxxxx

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