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Submitted by ACETUTORS on Wed, 2017-01-11 17:54
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Financial accounting-Chapter 6,8,9,10,11,12

MGMT 202                                                                             Ch 6:  Exercises

 

Entity C uses the periodic inventory method and had the following inventory information available:

                                                                Units               Unit Cost           Total Cost

1/1         Beginning Inventory                    100                    $3                   $   300

1/20       Purchase                                     500                    $4                     2,000

7/25       Purchase                                     100                    $5                        500

10/20     Purchase                                     300                    $6                     1,800

                                                               1,000                                           $4,600

 

A physical count of inventory on December 31 revealed that there were 380 units on hand.

 

Instructions

Answer the following independent questions and show computations supporting your answers.

1.   Assume that the company uses the FIFO method. Compute the values of the ending inventory at December 31 and the cost of goods sold.

 

 

 

 

 

 

 

 

2.   Assume that the company uses the average cost method. Compute the value of the ending inventory on December 31.

 

 

 

 

 

 

3.  Assume that the company uses the LIFO method. Compute the value of the ending inventory on December 31 and the cost of goods sold.

.    



 

Item 2:

 

Entity D uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.

 

 

 

Market

 

Cost

Value

Cameras

 

 

    Minolta

$175

$168

    Canon

  148

  152

Light Meters

 

 

    Vivitar

  125

  119

    Kodak

  120

  135

 

What amount should be reported on Entity D's financial statements, assuming the lower-of-cost-or-market rule is applied item-by item?

 

 

 

 

Item 3:

Should the following items be included (I) or excluded (E) from Entity E's inventory at December 31?

 

_____ 1.  Goods held on consignment that belong to Charleston Co.

 

_____ 2.  Goods that were shipped F.O.B destination to a customer on December 30.  The goods arrived at the customer's location on January 2.

 

_____ 3.  Entity E  purchased goods from an out-of-state supplier on December 30.  The goods were shipped F.O.B. shipping point, but did not arrive at Entity E's warehouse until January 6.

 

_____ 4.  Office supplies were included in the merchandise inventory.

 

 

 

 _____ 5. Goods that were shipped F.O.B destination to Entity E on December 30.  The goods arrived the next day.

 

MGMT 202                                                                             Ch 8:  Exercises

 

Item 1:  Entity G uses the allowance method in accounting for uncollectible accounts.  Past experience indicates that 6% of accounts receivable will eventually be uncollectible.  Selected account balances at December 31, 2018, and December 31, 2019, appear below:

 

                                                                                 12/31/2018            12/31/2019

         Net Credit Sales                                              $400,000               $500,000

         Accounts Receivable                                          80,000                 100,000

         Allowance for Doubtful Accounts                         4,000                            ?

 

 

Instructions

Set up a T-account for Allowance for Doubtful Accounts beginning with the balance in ADA as of 12/31/2018 and then post the following transactions:  

Dr.___Allowance for Doubtful Accounts___Cr.

        

                                                                                               

 

 

 (a)  Prepare journal entries for the following events in 2019.

        Aug.    10        Determined that the account of Kurt West for $900 is uncollectible.

 

 

 

 

        Sept.   12        Determined that the account of Jill Lynch for $3,000 is uncollectible.

 

 

 

 

 

        Oct.    10        Received a check for $300 as payment on account from Kurt West, whose account had previously been written off as uncollectible.

 

 

 

 

(b)   Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2019.

 

 

 

 

(c)   Prepare a partial balance sheet for Accounts Receivable after the December 31, 2019 adjustment:

 

 

 

 

Item 2:

 

Prepare journal entries to record the following transactions entered into by Entity H:

 

  2019   

June    1     Received a $10,000, 6%, 1-year note from Dan Gore as full payment on his account.

 

 

 

 

 

 

 

 

Dec.  31     Accrued interest on Dan Gore's note.

 

 

 

 

 

 

 

 

  2020   

June    1     Dan Gore honored his promissory note by payment of the face amount plus interest.

 

 MGMT 202                                                                             Ch 9:  Exercises

 

Item 1:  Entity I purchased land adjacent to its plant to improve access for trucks making deliveries.  Expenditures incurred in purchasing the land were as follows:

Purchase price                                               $55,000

Broker’s fees                                                       6,000

Title search and other fees                                 5,000

Demolition of an old building on the property,   5,700

Grading                                                               1,200

Digging foundation for the road                          3,000

Laying and paving driveway                             25,000

Lighting                                                                7,500

Signs                                                                   1,500.

 

List the items and amounts that should be included in the Land account.

 

 

 

 

 

 

 

 

 

 

Item 2:  Equipment with a cost of $480,000 has an estimated salvage value of $30,000 and an estimated life of 4 years.  Compute the annual depreciation and then show what this asset looks like on the balance sheet at the end of the second year.

 

 

 

 

 

 

 

Item 3:  Equipment that cost $72,000 and on which $60,000 of accumulated depreciation has been recorded was disposed of for $18,000 cash.  Make the entry to record this transaction.  Hint:  Compute BV and then gain (loss).

 

 

 

 

 

 

 

Item 4:  Equipment costing $60,000 with a salvage value of $8,000 and an estimated life of 8 years has been depreciated using the straight-line method for 2 years.  Assuming a revised estimated total life of 5 years and no change in the salvage value, compute the revised annual depreciation expense and make the entry.

 

 MGMT 202                                                                             Ch 10:  Exercises

 

 

Part A:  Entity J issued $400,000, 10%, 10-year bonds on January 1, 2018, at 105. Interest is payable annually on December 31.  Entity J uses the straight-line method of amortization and has a calendar year end.

 

Instructions

Prepare all journal entries made in 2018 related to the bond issue and a partial balance sheet showing the bonds at December 31. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Part B:  On September 1, Entity K borrows $80,000 from New National Bank by signing a 6-month, 6%, interest-bearing note.

 

Instructions

Prepare the necessary entries below associated with the note payable on the books of Cooper Company.

(a)        Prepare the entry on September 1 when the note was issued.

(b)        Prepare any adjusting entries necessary on December 31 in order to prepare the financial statements.  Assume no other interest accrual entries have been made.

(c)        Prepare the entry to record payment of the note at maturity.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 MGMT 202                                                                             Ch 11:  Exercises

 

Item 1:  On January 1, 2017, Entity L had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:

Mar.      1      Issued 90,000 shares of common stock for $675,000

June     1      Declared a cash dividend of $2.00 per share to stockholders of record on June 15

June   30      Paid the $2.00 cash dividend

Dec.     1      Purchased 5,000 shares of common stock for the treasury for $18 per share

 

Instructions: Prepare journal entries to record the above transactions.

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 2:  The December 31, 2018 balance sheet of Entity M showed the following:

Treasury stock (30,000 shares)............................................................... $   630,000

Paid-in capital in excess of par value – common stock.......................... 27,000,000

8% preferred stock, $20 par value, cumulative,

      30,000 shares authorized; 15,000 shares issued............................... $   300,000

Common stock, $10 par value, 3,000,000 shares authorized;

      1,950,000 shares issued, ____? shares outstanding......................... 19,500,000

Paid-in capital in excess of par value – preferred stock.........................       60,000

Retained earnings       .............................................................................   7,650,000

 

Instructions: What is total stockholders’ equity?  Prepare the stockholders’ equity section of the balance sheet.

 

 

 

 

 

 

 

 

 

 

 

 

 MGMT 202                                                                             Ch. 12 Exercises

Item 1:  Classify each transaction as either an operating activity “OA”,  an investing activity “IA,” or a financing activity “FA,” or (d) a noncash investing and financing activity “NC.”

Selected transactions for the Entity N Company are listed below.

_____ 1.         Collected accounts receivable.

_____ 2.         Declared and paid dividends on common stock.

_____ 3.         Sold long-term investments for cash.

_____ 4.         Issued stock for equipment.

_____ 5.         Repaid five year note payable.

_____ 6.         Paid employee wages.

_____ 7.         Converted bonds payable to common stock.

_____ 8.         Acquired long-term investment with cash.

_____ 9.         Sold buildings and equipment for cash.

______10.     Sold merchandise to customers.

Item 2: 

Entity O reported net income of $225,000 for the current year. Depreciation recorded on buildings and equipment amounted to $75,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:                            End of Year               Beginning of Year

Cash                                                            $20,000                            $15,000

Accounts receivable                                   22,000                              32,000

Inventory                                                       72,000                              60,000

Accounts payable                                        12,000                              18,000

Taxes payable                                                5,000                                3,000

 

 

Instructions

Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method.

Answer
Submitted by ACETUTORS on Wed, 2017-01-11 17:57
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Financial accounting-Chapter 6,8,9,10,11,12

body preview (9 words)

Please find xxx answers xxxxxxxxxxxx an A xxxxx

file1.docx preview (341 words)

MGMT 202 Ch 6: xxxxxxxxx

Entity x xxxx xxx xxxxxxxx inventory xxxxxx and xxx the xxxxxxxxx inventory xxxxxxxxxxx xxxxxxxxxx

xxxxxxxxxxx xxxxxxxxxx Cost

xxxxxxxxxxxxx Inventory 100 $3 $ xxx

1/20 Purchase 500 $4 2,000

7/25 Purchase 100 $5 500

xxxxxxxxxxxxxxx 300 $6 1,800

1,000 $4,600

A xxxxxxxx count xx inventory xx xxxxxxxx xx revealed that xxxxx xxxx 380 units on xxxxx

xxxxxxxxxxxx

xxxxxx xxx xxxxxxxxx xxxxxxxxxxx questions and xxxx xxxxxxxxxxxx supporting your answers.

1. Assume that the company uses xxx FIFO method. Compute xxx values xx the ending inventory at xxxxxxxx 31 xxx the cost xx goods sold.

xxxxxxxxx

Value of ending inventory is calculated xxx

xxxxxxxxxxxxxx

xxxxxxxxx

xxxxxx

xxxx of goods sold

xxxxxxxx +(500*4)+(20*5)

xxxxxxxxxxxxx

=$2400

2. Assume xxxx the xxxxxxx uses xxx xxxxxxx xxxx method. Compute xxx value of the xxxxxx inventory xx December xxx

Solution:

xxxxxxx xxxx per xxxx x $4600/1000

xxxxx

xxxxx of xxxxxx xxxxxxxxx x 4.6*380

xxxxxx

xx xxxxxx xxxx the xxxxxxx xxxx xxx xxxx method. xxxxxxx the xxxxx of xxx xxxxxx xxxxxxxxx xx xxxxxxxx xx xxx xxx xxxx of goods sold.

xx

Solution:

xxxxx xx xxxxxx xxxxxxxxx = (100*3)+(280*4)

=300+1120

=$1420

Cost xx xxxxx xxxx = xxxxxxxxxxxxxxxxxxxxxxx

=880+500+1800

xxxxx

xxxx xx

xxxxxx x uses xxx lower-of-cost-or-market basis for xxx xxxxxxxxxx xxx xxxxxxxxx xxxx xxx xxxxxxxxx at December 31.

xxxxxxxx

xxxxxx

Cost

Value

xxxxxxx

Minolta

xxxx

$168

Canon

148

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file2.docx preview (231 words)

MGMT xxxxxxxxxxxxx xx xxxxxxxxx

xxxx xx Classify xxxx transaction xx either an xxxxxxxxx xxxxxxxx “OA”, xx investing xxxxxxxx “xxx” xx x xxxxxxxxx xxxxxxxx “xxx” or xxx a noncash investing xxx xxxxxxxxx xxxxxxxx “NC.”

Selected transactions for xxx Entity x Company xxx xxxxxx below.

xxxxxxxxxxxxxxxxxxxx accounts xxxxxxxxxxx

xxxxxxxxxxxxxxxxxxx and paid dividends xx common xxxxxx

__IA___ 3. Sold long-term investments for cash.

__NC___ 4. Issued stock for equipment.

xxxxxxxxxxxxxxxxx five xxxx note xxxxxxxx

__OA___ 6. Paid employee wages.

__NC___ 7. Converted bonds xxxxxxx to xxxxxx xxxxxx

xxxxxxxxxxxxxxxxxxx xxxxxxxxx investment with xxxxx

xxxxxxxxxxxxxxx buildings and xxxxxxxxx xxx cash.

xxxxxxxxxxxxxxxx xxxxxxxxxxx xx xxxxxxxxxx

xxxx xx

xxxxxx O reported xxx xxxxxx xx $225,000 xxx xxx xxxxxxx xxxxx Depreciation xxxxxxxx on buildings and equipment amounted xx $75,000 xxx the xxxxx Balances xx xxx xxxxxxx xxxxx xxx xxxxxxx xxxxxxxxx xxxxxxxx xx the beginning and xxx xx xxx year are as xxxxxxxxxxxxxx of xxxxxxxxxxxxxxx xx Year

Cash $20,000 $15,000

xxxxxxxx receivable 22,000 32,000

Inventory 72,000 60,000

Accounts payable 12,000 18,000

Taxes xxxxxxxxxxxxxxxxxxx

Instructions

Prepare the xxxx xxxxx xxxx xxx operating activities xxxxxxx xx xxx statement xx xxxx xxxxx xxxxx xxx indirect method.

xxxxxxxxx

xxxxxx O

xxxx xxxx xxxxxxxxx

xxx xxxxxx

$225,000

 

xxxxxxxxxxx items not xxxxxxxxx

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file3.docx preview (289 words)

xxxx 202 Ch 11: Exercises

Item xx xx xxxxxxx 1, xxxxx xxxxxx L xxx xxxxxx xxxxxx xx $1 par value xxxxxx xxxxx issued xxx xxxxxxxxxxxx xxxxxx xxx xxxxx xxx xxxxxxxxx xxxxxxxxxxxx occurred:

xxxxxxxxxxxxx 90,000 shares xx xxxxxx stock xxx $675,000

xxxxxxxxxxxxxxx a cash xxxxxxxx of xxxxx per share to xxxxxxxxxxxx xx xxxxxx on June 15

June 30 Paid xxx $2.00 cash xxxxxxxx

Dec. 1 Purchased 5,000 xxxxxx xx common stock xxx the treasury for $18 xxx xxxxx

Instructions: xxxxxxx journal entries to record the above transactions.

xxxxxxxxx

xxxxxxxxxxxxxxxxxxxxxxx

Date

xxxxxxx

Debit

xxxxxx

xxxxxx

Cash

675000

 

 

Common xxxxx

 

90000

 

Paid-in xxxxxxx xx xxxxxx xx par xxxxx

 

xxxxxx

 

 

 

 

xxxxxx

xxxxxxxx earnings

330000

 

 

Dividends payable

 

330000

 

 

 

 

Jun-30

xxxxxxxxx xxxxxxx

xxxxxx

 

 

Cash

 

xxxxxx

 

 

 

 

xxxxxx

xxxxxxxx stock

xxxxx

 

 

Cash

 

xxxxx

Item xx xxx December xxx xxxx xxxxxxx xxxxx xx xxxxxx M xxxxxx xxx xxxxxxxxxx

Treasury xxxxx xxxxxxx xxxxxxxxx xxxxxxx

Paid-in capital xx excess xx par xxxxx – xxxxxx xxxxxxxxxxxxxxxx

xx preferred xxxxxx $20 par value, xxxxxxxxxxx

xxxxxx shares authorized; 15,000 xxxxxx issued $ xxxxxxx

Common stock, $10 xxx value, 3,000,000 shares xxxxxxxxxxx

1,950,000 shares xxxxxxx xxxxx shares outstanding 19,500,000

xxxxxxx capital in excess of xxx xxxxx – xxxxxxxxx stock 60,000

Retained earnings 7,650,000

xxxxxxxxxxxxx xxxx is xxxxx xxxxxxxxxxxx’ xxxxxxx

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file4.docx preview (309 words)

MGMT xxxxxxxxxxxx 9: Exercises

Item 1: Entity x xxxxxxxxx land adjacent xx xxx xxxxx xx xxxxxxx access for trucks xxxxxx xxxxxxxxxxx xxxxxxxxxxxx incurred in purchasing xxx land were xx xxxxxxxx

xxxxxxxx xxxxxx xxxxxxxxxxx

xxxxxx’s xxxxx 6,000

Title search xxx xxxxx xxxxxxx 5,000

xxxxxxxxxx xx xx xxx building on xxx property, xxxxx

xxxxxxxxxxxx 1,200

xxxxxxx foundation xxx the xxxxx xxxxx

xxxxxx xxx xxxxxx xxxxxxxxxxx xxxxxx

Lighting xxxxx

xxxxxxxxxx 1,500.

List xxx xxxxx xxx amounts xxxx should be xxxxxxxx in the xxxx account.

xxxxxxxxx

Purchase price $55,000

xxxxxx’s xxxxx xxx 6000

Title search and xxxxx xxxxxxx 5000

xxxxxxxxxx xx an old building on xxx xxxxxxxxx xxxxx

Grading 1,200

xxxxx xxxx of land xxxxxx

xxxx xx Equipment xxxx x xxxx xx $480,000 xxx an estimated xxxxxxx value xx $30,000 xxx an estimated life xx x years. Compute the annual depreciation and xxxx xxxx xxxx xxxx asset looks xxxx on xxx balance xxxxx xx the end of the second year.

Solution:

It is xxxxxxx that the straight-line method xx xxxx

xxxxxx Depreciation x ($480,000-$30,000)/4

xxxxxxxxx

At xxx xxx xx xxxxxx year the relevant portion of xxx balance sheet xxxx appear xx follows:

xxxxxxxxx xxxxxxxx

xxxxx xxxxxxxxxxx depreciation $225,000

Net xxxxxxxxx

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file5.docx preview (240 words)

xxxx xxxxxxxxxxxx xxx xxxxxxxxx

xxxx xx Entity x xxxxxx $400,000, xxxx xxxxxxx bonds xx xxxxxxx xx 2018, at 105. Interest xx xxxxxxx xxxxxxxx on xxxxxxxx 31. Entity x xxxx the xxxxxxxxxxxxx xxxxxx of amortization xxx xxx x xxxxxxxx xxxx xxxx

xxxxxxxxxxxx

Prepare all journal entries made xx xxxx related to the bond xxxxx xxx a partial balance xxxxx showing xxx xxxxx xx xxxxxxxx xxx

Solution:

xxxxxxxxxxxxxxxxx

xxxx

Account

xxxxx

Credit

2018

 

 

 

xxxxxx

xxxx

4,20,000

 

 

xxxxx xxxxxxx

 

xxxxxxxx

 

xxxxxxx on bonds xxxxxxx

 

20,000

 

 

 

 

Dec-31

xxxxxxxx xxxxxxx

38,000

 

 

xxxxxxx xx xxxxx payable

xxxxx

 

 

Cash

 

40,000

It xxx xxxx xxxxxxx xxxx xxx interest xxx xxxx when xxxx

Balance xxxxxxxxxxxxxx

Long-term xxxxxxxxxxx

xxxxx xxxxxxx xxxxxxxx

xxxxxxxxxxx xx xxxxx xxxxxxx 18,000

$418,000

xxxx xx On xxxxxxxxx xx Entity K borrows xxxxxxx xxxx xxx National xxxx xx xxxxxxx x 6-month, 6%, xxxxxxxxxxxxxxxx xxxxx

xxxxxxxxxxxx

xxxxxxx xxx xxxxxxxxx entries below xxxxxxxxxx with the note xxxxxxx xx xxx xxxxx of Cooper xxxxxxxx

(a) Prepare xxx entry on September x xxxx the xxxx was issued.

(b) Prepare any adjusting entries xxxxxxxxx xx xxxxxxxx 31 in xxxxx xx prepare xxx financial xxxxxxxxxxx Assume xx xxxxx xxxxxxxx accrual entries have xxxx made.

xxxxxxxxxxx xxx entry to record xxxxxxx of xxx note at

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file6.docx preview (363 words)

xxxx 202 Ch 8: Exercises

Item 1: Entity G uses xxx allowance method in xxxxxxxxxx for xxxxxxxxxxxxx accounts. Past experience indicates xxxx 6% xx xxxxxxxx receivable will xxxxxxxxxx xx xxxxxxxxxxxxxx xxxxxxxx xxxxxxx balances xx December xxx 2018, and xxxxxxxx 31, xxxxx appear below:

xxxxxxxxxxxxxxxxxxxxxx

xxxx Credit Sales $400,000 $500,000

Accounts xxxxxxxxxxxxxxxxxxxxxxxxx

Allowance xxx xxxxxxxx xxxxxxxxxxxxxxxx

Instructions

xxx xx a xxxxxxxxx for xxxxxxxxx xxx Doubtful xxxxxxxx beginning xxxx xxx balance xx ADA xx of 12/31/2018 and xxxx post the xxxxxxxxx transactions:

xxxxxxx

Debit

Credit

Aug-10

xxx

xxxx xxxxxxx

4000

xxxxxx

xxxx

Oct-10

300

 

 

xxxxxx

5600

 

xxxxxxx xxxx

6000

 

x

xxxxxxxxxxx journal xxxxxxx xxx xxx following events xx xxxxx

xxxxxxxxxxxxxxxxxxx xxxx xxx account of xxxx xxxx xxx xxxx xx xxxxxxxxxxxxxx

xxxxxxxxx

xxxx

Account

Debit

Credit

xxxx

 

 

 

Aug-10

xxxxxxxxx xxx xxxxxxxx accounts

xxx

 

 

xxxxxxxx receivable-Kurt West

 

xxx

xxxxxxxxxxxxxxxxxxxx that xxx xxxxxxx of Jill Lynch for $3,000 is uncollectible.

xxxxxxxxxx

Date

Account

Debit

Credit

2019

 

 

 

xxxxxx

Allowance for xxxxxxxx xxxxxxxx

3000

 

 

xxxxxxxx receivable-Jill Lynch

 

3000

xxxxxxxxxxxxxxxxx x check xxx $300 xx xxxxxxx on xxxxxxx from Kurt xxxxx xxxxx account had previously xxxx xxxxxxx xxx as xxxxxxxxxxxxxx

xxxx

Date

xxxxxxx

xxxxx

Credit

2019

 

 

 

xxxxxx

Accounts xxxxxxxxxxxxxxx

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