2016 final solution
.pdf
keyboard_arrow_up
School
Seton Hall University *
*We aren’t endorsed by this school
Course
2103
Subject
Finance
Date
May 6, 2024
Type
Pages
19
Uploaded by BaronElementTurtle3 on coursehero.com
April 2016 Final Examination
INTRODUCTION TO FINANCIAL ACCOUNTING
April 29, 2016 2:00PM - 5:00PM
Day & Time of your class:
Student Name:
ID:
INSTRUCTIONS:
This is a CLOSED BOOK, CLOSED NOTES
examination.
SPACE IS PROVIDED
on the examination to answer the problems.
NON-PROGRAMMABLE CALCULATOR
permitted ONLY.
Translation dictionaries are allowed.
This examination consists of a total of 17 pages, including the cover page.
All questions are to be answered on this examination paper. Answer the
question in the space provided. Do not exceed the space allowed.
Show all your calculations and explain your reasoning, failure to do
so may lead to partial marks deducted
. All companies are expected to be
IFRS compliant unless stated otherwise and all amounts are material unless
otherwise noted in the question.
This examination is PRINTED ON BOTH SIDES of the paper.
This examination paper MUST BE RETURNED.
Marks
allocated
Your Grade
Problem 1
Statement of Cash Flows
24
Problem 2
FURNITURE-MART LIMITED
14
Problem 3
Liabilities
11
Problem 4
P.P.E.
7
Problem 5
Inventory
20
Problem 6
Accounts Receivable
8
Problem 7
Bank reconciliation
5
Problem 8
Equity
11
TOTAL
100
1
PROBLEM 1: Statement of Cash Flows 21 MARKS
Selected information from Juno Ltd.’s statement of financial position and
income statement is shown on the following page: JUNO LTD.
Statement of Financial Position (partial)
December 31, 2015
2015
2014
Current assets
Accounts receivable
$7,000
$12,000
Merchandise inventory
5,900
4,500
Prepaid expenses
3,000
2,500
Current liabilities
Accounts payable
3,750
2,500
Income tax payable
1,200
800
Accrued liabilities
2,500
1,500
Bank loan payable – current
portion
5,000
10,000
JUNO LTD.
Income Statement
Year Ended December 31, 2015
Net sales
$190,000
Cost of goods sold
114,000
Gross profit
76,000
Operating expenses
50,000
Profit from operations
26,000
Interest expense
1,200
Profit before income tax
24,800
Income tax expense
3,800
Profit
21,000
Additional information:
1.
The bank loan was issued to finance the purchase of equipment.
2.
Operating expenses included depreciation expense of $11,000 and a
loss of $5,000 on the disposal of equipment.
Instructions
Prepare the operating activities section of the statement of cash flows, using
the indirect method. 2
JUNO LTD.
Statement of Cash Flows (Partial)—Indirect Method
Year Ended December 31, 2015
Operating activities
Profit
..........................................................
……….. $21,000
Adjustments to reconcile profit to net
cash provided (used) by operating activities
Depreciation expense
.....................................................
$11,000 (3 mark)
Loss on disposal of equipment
.......................................
5,000 (3 mark)
Decrease in accounts receivable
...................................
5,000 (3 mark)
Increase in merchandise inventory
................................
(1,400) (3 mark)
Increase in prepaid expenses
........................................
(500) (3 mark)
Increase in accounts payable
.........................................
1,250 (3 mark)
Increase in income tax payable
......................................
400 (3 mark)
Increase in accrued liabilities
.........................................
1,000 (3 mark)
Net cash provided by operating activities
.........................................
$42,750
Note: The current portion of the bank loan payable was not included because this bank loan was issued for borrowing purposes rather than trade.
3
PROBLEM 2: FURNITURE-MART LIMITED 16 MARKS
FURNITURE-MART LIMITED
CONSOLIDATED BALANCE SHEETS
As at December 31 (in thousands)
2009
2008
Assets
Current
Cash and cash equivalents
$ 58,301
$ 39,483
Marketable securities
94,337
83,194
Restricted marketable securities
18,088
16,598
Accounts receivable
31,501
30,291
Income taxes recoverable
−
2,037
Inventory
83,957
92,904
Future tax assets
1,133
270
Total current assets
$ 287,317
$ 264,777
Prepaid expenses
1,560
1,490
Goodwill
11,282
11,282
Intangible assets, net
5,334
5,401
Other receivables
‐
419
Future tax assets
11,465
10,752
Property, plant and equipment, net
212,198
219,287
$ 529,156
$ 513,408
Liabilities and Shareholders' Equity
Current
Accounts payable and accrued liabilities
$ 83,880
$ 95,247
Income taxes payable
1,958
−
Customers' deposits
15,632
14,119
Dividends payable
4,938
4,952
4
Deferred warranty plan revenue
16,150
15,267
Total current liabilities
$ 122,558
$ 129,585
Deferred warranty plan revenue
22,248
21,712
Redeemable share liability
383
285
Future tax liabilities
8,829
8,468
Total liabilities
$ 154,018
$ 160,050
Shareholders' equity
Common shares
17,704
16,493
Retained earnings
357,576
338,960
Accumulated other comprehensive loss
(142)
(2,095)
Total shareholders' equity
$ 375,138
$ 353,358
$ 529,156
$ 513,408
5
FURNITURE-MART LIMITED
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
Years ended December 31 (in thousands except shares outstanding and earnings per share)
2009
2008
Sales
$ 703,180
$740,376
Cost of sales
419,819
440,360
Gross profit
$ 283,361
$300,016
Operating expenses (income)
Salaries and commissions
$ 103,977
$112,270
Advertising
34,732
33,752
Rent and property taxes
12,165
11,268
Depreciation
16,562
16,253
Employee profit
‐
sharing plan
4,177
4,321
Other operating expenses
42,359
46,447
Interest income, net
(3,165)
(4,836)
Other (gains) and losses
(9,980)
(13,595)
$ 200,827
$205,880
Income before income taxes
82,534
94,136
Provision for income taxes
25,670
30,746
Net income for the year
$ 56,864
$ 63,390
Retained earnings, beginning of year
338,960
307,068
Dividends declared
(33,951)
(26,873)
Excess of cost of share repurchase over carrying value of related shares
(4,297)
(4,625)
Retained earnings, end of year
$ 357,576
$338,960
Business description: Furniture-Mart Limited has been in the furniture
retail business for over 100 years. As of December 31, 2009, the Company
had 46 corporate and 32 franchise stores which, can be found in every
province across Canada. Main product lines sold at retail include
furniture, appliances and electronics. The Company’s business is seasonal
in nature. Retail sales are traditionally higher in the third and fourth
quarters.
6
(1). Assume that all sales were on account, determine the amount of cash that was collected from customers in fiscal 2009.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
1. Prepare the required Ledger Accounts as per the case given below.
Requirement: The students are required to post the journal entries to the general ledger accounts below
covering the period from March 1 to 31, 2021 these journal entries were taken from the accounting
books of AL Almas Shope owned and managed by Ms. Nabila.
• All Ledger accounts must be dosed.
The account total and balance are required to be determined after completing all postings for all
Ledger accounts
• The students must use the general ledgers accounts mentioned in this assessment paper and use
the correct template.
• You are not required to fill-up the reference columns in the general ledgers.
March. Particulars
Ref. Debit
Credit
Date
2021
1
Cash
200,000
Capital
200,000
To record owner's capital invested in Business
2
Furniture
7,000
Cash
7,000
To record purchase of Fumiture by cash from Danube Furniture
Land
15,000
Accounts Payable
15,000
To record purchase of Land on credit from Mr. Said
6.
Cash
2,000
Loans…
arrow_forward
Question 4.
This question can be copied directly into your Word document. Your typing will be minimal.
Part a. Complete the form below to age the accounts receivable. Provide the necessary end-of-year journal entry. You need to fill in the “Totals” row, the “Dollar amount” row, and prepare the journal entry.
Aging of accounts receivable (also called the balance sheet method)
Age
1-30 days
31-60 days
61-90 days
Over 90 days
Totals
Smith
60,000
Jones
20,000
10,000
White
10,000
Brown
40,000
Green
30,000
LeBlanc
50,000
Pelletier
10,000
Totals
230,000
Estimated uncollectible
1%
2%
10%
50%
Dollar amount
The Allowance for doubtful accounts currently has a credit balance of $800.
Journal entry to adjust for bad debts:
Dec. 31…
arrow_forward
Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College
Help I System Announcements
CALCULATOR
PRINTER VERSION
4 ВАСК
NEX
Exercise 9-04 a-f (Part Level Submission)
At the beginning of the current period, Cheyenne had balances in Accounts Receivable of $286,000 and in Allowance for Doubtful Accounts of $9,900 (credit). During the period,
had net credit sales of $890,000 and collections of $845,500. It wrote off as uncollectible accounts receivable of $6,000. However, a $4,000 account previously written off as
uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,800 at the end of the period. (Omit cost of goods sold entries.
(a - d)
(a) Prepare the entries to record sales and collections during the period.
(b) Prepare the entry to record the write-off of uncollectible accounts during the period.
(c) Prepare the entries to record the recovery of the uncollectible account during the…
arrow_forward
(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Andrews and Johnson, a lawfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $100,000■ Allowance for Uncollectible Accounts, $14,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $697,000, all on accountb. Collections on account, $714,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $11,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Andrews and Johnson will report accounts receivable on its balance sheet atDecember 31, 2018.
arrow_forward
View
History
Bookmarks
Window
Help
Fri Apr 9 6:16 PM
edugen.wileyplus.com
Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College
Help | System Announcements
CALCULATOR
PRINTER VERSION
BACK
NEXT
Exercise 7-04 a-d (Part Level Submission)
Crane Company has a balance in its Accounts Receivable control account of $11,300 on January 1, 2020. The subsidiary ledger contains three accounts: Bixler Company, balance $4,500; Cuddyer
Company, balance $2,100; and Freeze Company. During January, the following receivable-related transactions occurred.
Credit Sales
Collections
Returns
Bixler Company
$9,500
$7,700
$ 0
Cuddyer Company
7,300
2,600
3,300
Freeze Company
9,000
9,000
(a)
What is the January 1 balance in the Freeze Company subsidiary account?
Balance in the Freeze Company subsidiary account
$4
Click if you would like to Show Work for this question: Open Show Work
S
SAVE FOR LATER
Attempts: 0 of 4 used
(b)
The parts of this question must be completed…
arrow_forward
10:04
Assignment Details
ATG-110-20A01: Financial Accounting (Session II Summer 2021)
7474 unread replies.7575 replies.
Please read and respond to TIF 12-2 on page 623. Review
the rubric to ensure you receive full points for this
discussion.
Discussion Rubric- 25 points(1)_(3).docx
*After you have posted your answers, please reply to three
other students' posts. This discussion board was set up so
that you will not be able to see others replies until you post
your own.
Search entries or author Filter replies by unreadUnread
Collapse replies
TIF 12-2
Issuing Stock
1.
ETHICS Lou Hoskins and Shirley Crothers are
organizing Red Lodge Metals Unlimited Inc. to
undertake a high-risk gold mining venture in Canada.
Lou and Shirley tentatively plan to request
authorization for 400,000,000 shares of common
stock to be sold to the general public. Lou and Shirley
have decided to establish par of $0.03 per share in
order to appeal to a wide variety of potential
investors. Lou and Shirley believe…
arrow_forward
Classified Balance Sheet Exam InstructionsPrepare a classified balance sheet for Sandpiper Corporation as of December 31, 2020 using column 2 for detail and column 3 for nets, sub-totals, & totals on the 4-column accounting paper provided online.Use pencil only, place the units, tens, hundreds, thousands, etc. in the proper mini column, and leave the pennies blank. No commas are necessary when you use the accounting paper properly. Dollar signsare used at the top of the column and after a total line. Double underlining should only be used for totalassets and total liabilities and stockholders’ equity.Each section starts all the way to the far left of the description column with a header row, then theitems following with an indentation, and then a net or total row with an additional indentation. If thesection is a single item like retained earnings, no header or net total / rows are necessary. Skip a row between each section. Use column 1 as an overflow from the description column…
arrow_forward
Dashboard / My courses / FINA 415-1-20201 / General / FINAL EXAM- FINA 415- FALL 2020-21
Quiz nav
Question 18
Which of the deposits are used by business people in majority?
Answer saved
1
Marked out of 2
Select one:
10 11
Flag question
O a. None
O b. Recurring Deposits
20
19
O c. Savings Deposits
Finish atte
O d. Current Deposits
O e. Time Deposits
Clear my choice
Next page
Previous page
Unit 4 (3).pptx
Unit 3 (2).pptx
Unit 5 (1) (1).pptx
arrow_forward
cory
Bookmarks
Window
Help
Fri Apr 30 6:38 PM
edugen.wileyplus.com
Return to Blackboard
IS
Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College
Help | System Announcements
CALCULATOR
PRINTER VERSION
4 ВАСK
NEXT
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at
December 31.
Exercise 9-12 a-b (Part Level Submission)
Nov. 1
Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note.
Dec. 11
Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note.
16
Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable.
31
Accrued interest revenue on all notes receivable.
- (a)
Orinla Sunnly Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is enterec
Inrimal nlaces, e.g. 5,275. Record journal entries in the order…
arrow_forward
General Accounting I 2020-2021 Fall Term Final Exam (page 18 of 25)-Google Chrome
a.tr/mod/quiz/attempt.php?attempt=361811&cmid=180187&page=17
MSKÜ-LMS
1807 ŞB: 1 ÖRGÜN General Accounting I İktisadi ve Idari Bilimler Fakültesi İktisa
8
A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 247
Tanmadi
O a. $3.332
izerinden
tlenmiş
O b. $3,600
oruyu
etle
OC $3.528
O d. $3,400
Önceki sayfa
arrow_forward
1. Journal all transactions in Part One 2. Using the chart of accounts, open ledger accounts and post journals to the ledger account. 3. Prepare a trial balance 4. Prepare the following statements: 1. Income Statement 2. Retained Earnings Statements 3. Balance Sheet You need to use Microsoft Excel. Do not use Google Docs or Apple’s numbers. Place your submission in the appropriate journal labeled final project in the learning modules tab in Blackboard. The project is due in Module 15. Three points extra credit to final grade if submitted during Module 14. Part One A. The following transaction occurred for Scrooge Inc. for the month of December 31, 1820. B. Ebenezer Scrooge invested $50,000 cash along in the company in exchange for common stock. C. The company prepaid $500 for 12 month’s rent. D. The company purchased $100 in office supplies. Payment due withing 10 days E. Scrooge Inc. completed services for a client and immediately received $2,000. F. The company completed $1,500…
arrow_forward
okmarks
Window
Help
A v2.cengagenow.com
Tech.
B Learning Module 8 - ACCT1105: Financial Acc.
X CengageNOWw2 | Ontine teaching and learnin
Cengage Learning
еВook
Show Me How
Accounts Receivable Analysis
A company reports the following:
Sales
$1,460,000
Average accounts receivable (net)
100,000
Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar
and final answers to one decimal place. Assume a 365-day year.
a. Accounts receivable turnover
b. Number of days' sales in receivables
days
Previous
Next
Check My Work
Save and Exit
Submit Assignment for Grading
All work saved.
tv
16
MacBook Air
DII
DD
F9
80
F8
F7
F5
F6
F4
F3
*
&
2#
$
7
8
4
Y
[
E
T
J
K
....
arrow_forward
Requirement
No.
General
Journal
No.
Date
July 01
Date
June 30
General
Ledger
Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal
entries by account title. Click on any of the individual amounts to return to the underlying journal entry.
Cash
Debit
Common stock
Debit
Trial Balance
Credit
Credit
000
Schedule of
Receivables
General Ledger Account
Balance
27,000
Balance
1 of 1
Income
Statement
MacBook Air
F6
Merchandise Inventory
Debit
Impact on
Income
Next
F7
Credit
DII
FO
Balance
13,000
arrow_forward
Instructions
Chart of Accounts
Journal
Instructions
Prepare a journal entry on April 30 for fees earned on account, $12,980. Refer to the chart of accounts for the exact wording of the account
titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals
will automatically indent a credit entry when a credit amount is entered.
( Previous
Next
Check My Work
7:59
9/6/-
梦
80°F A
arrow_forward
FINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201/202)
Home
Read, Study & Practice
Assignment
Gradebook
ORION
Downloadable eTextbook
Assignment > Open Assignment
CALCULATOR
FULL SCREEN
PRINTER VERSION
(BACK
NEXT
Exercise 11-11 a-b (Part Level Submission)
Ramirez Company has the following data for the weekly payroll ending January 31.
Hours
Hourly
Rate
Federal Income
Health
Insurance
Employee
M
T.
F
Tax Withholding
L. Helton
8
8.
10
3
$12
$34
$10
R. Kenseth
8
8.
8
8
8
2
14
37
25
8 9
D. Tavaras
10
8.
15
58
25
Employees are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Company is subject to 5.4% state unemployment
taxes and 0.8% federal unemployment taxes on the first $7,000 of gross earnings.
v (a)
Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.)
RAMIREZ COMPANY
Payroll Register
For the Week Ending January 31
Earnings…
arrow_forward
The general ledger of Zips Storage at January 1, 2024, includes the following account balances:
Accounts
Cash
Accounts Receivable
Prepaid Insurance
Land
Accounts Payable!
Deferred Revenue
Common Stock
Retained Earnings
Totals
Debits
$25,500
16,300
13,800
157,000
$212,600
Credits
$7,600
6,700
Pay property taxes, $9,400.
Pay on accounts payable, $12,300.
152,000
46,300
$212,600
The following is a summary of the transactions for the year:
1. January 9
2. February 12
3. April 25
4. May 6
5. July 15
6. September 10
7. October 31
8. November 20
9. December 30
Provide storage services for cash, $143,100, and on account, $56,700.
Collect on accounts receivable, $52,400.
Receive cash in advance from customers, $13,800..
Purchase supplies on account, $11,000.
Pay salaries, $132,600.
Issue shares of common stock in exchange for $36,000 cash.
Pay $3,700 cash dividends to stockholders.
Insurance expired during the year is $7,900. Supplies remaining on hand at the end of the year equal $3,800.…
arrow_forward
Digital Learning
* CengageNOwv2 | Online teachir
* Cengage Learning
+
Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false
A eBook
Show Me How
Percent of Sales Method
At the end of the current year, Accounts Receivable has a balance of $555,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for
the year total $2,500,000. Bad debt expense is estimated at 1/4 of 1% of sales.
a. Determine the amount of the adjusting entry for uncollectible accounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
24
Allowance for Doubtful Accounts
Bad Debt Expense
%24
c. Determine the net realizable value of accounts receivable.
Feedback
Check My Work
a. Remember that since accounts receivable are created by credit sales, uncollectible accounts çan be estimated as a percent of credit sales. If the
portion of credit sales to sales id relatively constant, the…
arrow_forward
Posting
the following journal entries to the T- accounts and balance each of the
accounts. T- accounts are included in the in the Exam 1 format document.
Make sure you use proper alpha reference and balance technique.
GENERAL JOURNAL
Page
Date
Debit
Credit
Description
Post
ref
Cash
Common Stock
10,000
1.
10,000 2
Equipment
Accounts Payable
10,000
10,000/5
Accounts Receivable
Fees Earned
4,000
4.000 8
d.
5.000
10
Accounts Payable
Cash
10
11
12
5,000/11
12
13
2.500
Rent Lxpense
Cash
13
2,500/14
/ 15
14
15
arrow_forward
4.
5.
6.
What accounts are considered temporary accounts? Hint: Use the broad categories that we
have discussed since day one in class. Otherwise, give at least three examples of specific
accounts.
What financial statement does all the permanent accounts get listed on?
With the following accounts please tell me what the normal account balance would be. Keep in
mind of your hints that I have given you throughout the semester so far.
Account name
Cash
Dividends
Accounts Payable
Retained Earnings
Prepaid Insurance
Telephone expense
Commissions Earned
oft
Normal Balance
arrow_forward
be
Preview File Edit View
V
Go
mgt120h-a17.pdf
Page 3 of 10
DOLAY
Tools Window
Help
risinin
D
..
.. .. ... ...
O
V
C. For an amount that the company estimates it will not collect.
d. Several times during the accounting period.
ܐ. . .. . .
Search
(Cª
5. Under the allowance method for uncollectible accounts, Bad Debts Expense is recorded
a. When an individual account is written off.
b. When the loss amount is known.
Sat Apr 15 3:04 PM
6. A company sells an asset that originally cost $150,000 for $50,000 on December 31, 2016.
The accumulated depreciation account had a balance of $60.000 after the current year'e
Cost-Volume-Profit Analysis
The Effect Of Prepaid Taxes On Assets
Debenture Valuation
And Liabili...
90
77
arrow_forward
Instructions
Journal
A. Journalize these transactions in a two-column journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal
explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
CREDIT
LIABILITIES
DEBIT
2,800.00
11-2013 Octobe
Rent a/
2
625.00
Cash a/c
3-2013 Oct Advertising Expenses
Cash ale
2,800.00
ASSETS
EQUITY
arrow_forward
gage Learning
* CengageNOWv2 | Online teachin x
Cengage Learning
ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false
eBook
Show Me How
Estimating Allowance for Doubtful Accounts
Evers Industries has a past history of uncollectible accounts, as follows.
Age Class
Percent Uncollectible
Not past due
1 %
1-30 days past due
31-60 days past due
12
61-90 days past due
30
Over 90 days past due
75
Estimate the allowance for doubtful accounts, based on the aging of receivables information provided in the chart below.
Evers Industries
Estimate of Allowance for Doubtful Accounts
Not Past Days Past Days Past Days Past
Days Past
Due 1-30 Due 31-60 Due 61-90 Due Over 90
Balance
Due
Total receivables
1,124,500 607,400 233,000
121,600
96,500
66,000
1%
3%
12%
30%
75%
Percentage uncollectible
Allowance for doubtful accounts
Check My Work
All work saved.
Email Instructor
Save and Exit
Su
arrow_forward
Font
Paragraph
Styles
Editing
Dictate
Editor
Paste
Undo
Clipboard
Styles
Voice
Editor
a) Will credit cards help? The average undergraduate student leaves college with a diploma and
around $2750 in credit card debt (graduate students; $4800). Suppose you have a credit card with a
balance of $2750 and an interest rate of 19.8% APR. The minimum payment is $45.00. The amount
of interest due each month is figured as current balance
where r is the rate (decimal form) and n is
12. Fill in the table, making minimum payments.
Current
balance
Month
Interest
Payment
Amount applied to principal
1
$2750.00
$45.38
$45.00
-$0.38
$2750.38
$45.00
$45.00
4
$45.00
$45.00
$45.00
$45.00
8.
$45.00
9.
$45.00
10
$45.00
11
$45.00
12
$45.00
Page 4 of 6
1011 words
DFocus
80%
P Type here to search
立
arrow_forward
Safari
File
Edit
View
History
Bookmarks
Window
Help
- O -
A ezto.mheducation.com
umentative Essay: First Draft - Black.
E English essay - Google Docs
B Review Submission History: Argumentati..
M Ques
Chapter 6 i
Saved
1
Austin Clinic deposits all cash receipts on the day when they are received and it
makes all cash payments by check. At the close of business on June 30, 2011, its
Cash account shows an $15,671 debit balance. Austin Clinic's June 30 bank statement
shows $15,382 on deposit in the bank. Prepare a bank reconciliation for Austin Clinic
using the following information:. (Do not use a minus sign if your selection is to
"Deduct" an item. Omit the "$" sign in your response):
10
points
a. Outstanding checks as of June 30 total $2,700.
b. The June 30 bank statement included a $65 debit memorandum for bank services.
c. Check No. 919, listed with the canceled checks, was correctly drawn for $489 in
payment of a utility bill on June 15. Austin Clinic mistakenly recorded it with a…
arrow_forward
APRIL 15 LECTURE SEC 4.1-4.4 Trigonometry - Bb Coll
Return to Blackboard
IS Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College
Help | System Announcements
CALCULATOR
PRI
Exercise 8-07
Your answer is partially correct. Try again.
Lily Company established a petty cash fund on May 1, cashing a check for $115. The company reimbursed the fund on June 1 and July 1 with the following results.
June 1: Cash in fund $3.00. Receipts: delivery expense $28.15, postage expense $36.30, and miscellaneous expense $44.70.
July 1: Cash in fund $4.05. Receipts: delivery expense $23.90, entertainment expense $50.70, and miscellaneous expense $36.35.
On July 10, Lily increased the fund from $115 to $145.00.
Prepare journal entries for Lily Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do n
answers to 2 decimal places, e.g. 52.75. Record journal entries in the order presented in the…
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Related Questions
- 1. Prepare the required Ledger Accounts as per the case given below. Requirement: The students are required to post the journal entries to the general ledger accounts below covering the period from March 1 to 31, 2021 these journal entries were taken from the accounting books of AL Almas Shope owned and managed by Ms. Nabila. • All Ledger accounts must be dosed. The account total and balance are required to be determined after completing all postings for all Ledger accounts • The students must use the general ledgers accounts mentioned in this assessment paper and use the correct template. • You are not required to fill-up the reference columns in the general ledgers. March. Particulars Ref. Debit Credit Date 2021 1 Cash 200,000 Capital 200,000 To record owner's capital invested in Business 2 Furniture 7,000 Cash 7,000 To record purchase of Fumiture by cash from Danube Furniture Land 15,000 Accounts Payable 15,000 To record purchase of Land on credit from Mr. Said 6. Cash 2,000 Loans…arrow_forwardQuestion 4. This question can be copied directly into your Word document. Your typing will be minimal. Part a. Complete the form below to age the accounts receivable. Provide the necessary end-of-year journal entry. You need to fill in the “Totals” row, the “Dollar amount” row, and prepare the journal entry. Aging of accounts receivable (also called the balance sheet method) Age 1-30 days 31-60 days 61-90 days Over 90 days Totals Smith 60,000 Jones 20,000 10,000 White 10,000 Brown 40,000 Green 30,000 LeBlanc 50,000 Pelletier 10,000 Totals 230,000 Estimated uncollectible 1% 2% 10% 50% Dollar amount The Allowance for doubtful accounts currently has a credit balance of $800. Journal entry to adjust for bad debts: Dec. 31…arrow_forwardWeygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help I System Announcements CALCULATOR PRINTER VERSION 4 ВАСК NEX Exercise 9-04 a-f (Part Level Submission) At the beginning of the current period, Cheyenne had balances in Accounts Receivable of $286,000 and in Allowance for Doubtful Accounts of $9,900 (credit). During the period, had net credit sales of $890,000 and collections of $845,500. It wrote off as uncollectible accounts receivable of $6,000. However, a $4,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,800 at the end of the period. (Omit cost of goods sold entries. (a - d) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the…arrow_forward
- (Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Andrews and Johnson, a lawfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $100,000■ Allowance for Uncollectible Accounts, $14,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $697,000, all on accountb. Collections on account, $714,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $11,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Andrews and Johnson will report accounts receivable on its balance sheet atDecember 31, 2018.arrow_forwardView History Bookmarks Window Help Fri Apr 9 6:16 PM edugen.wileyplus.com Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 7-04 a-d (Part Level Submission) Crane Company has a balance in its Accounts Receivable control account of $11,300 on January 1, 2020. The subsidiary ledger contains three accounts: Bixler Company, balance $4,500; Cuddyer Company, balance $2,100; and Freeze Company. During January, the following receivable-related transactions occurred. Credit Sales Collections Returns Bixler Company $9,500 $7,700 $ 0 Cuddyer Company 7,300 2,600 3,300 Freeze Company 9,000 9,000 (a) What is the January 1 balance in the Freeze Company subsidiary account? Balance in the Freeze Company subsidiary account $4 Click if you would like to Show Work for this question: Open Show Work S SAVE FOR LATER Attempts: 0 of 4 used (b) The parts of this question must be completed…arrow_forward10:04 Assignment Details ATG-110-20A01: Financial Accounting (Session II Summer 2021) 7474 unread replies.7575 replies. Please read and respond to TIF 12-2 on page 623. Review the rubric to ensure you receive full points for this discussion. Discussion Rubric- 25 points(1)_(3).docx *After you have posted your answers, please reply to three other students' posts. This discussion board was set up so that you will not be able to see others replies until you post your own. Search entries or author Filter replies by unreadUnread Collapse replies TIF 12-2 Issuing Stock 1. ETHICS Lou Hoskins and Shirley Crothers are organizing Red Lodge Metals Unlimited Inc. to undertake a high-risk gold mining venture in Canada. Lou and Shirley tentatively plan to request authorization for 400,000,000 shares of common stock to be sold to the general public. Lou and Shirley have decided to establish par of $0.03 per share in order to appeal to a wide variety of potential investors. Lou and Shirley believe…arrow_forward
- Classified Balance Sheet Exam InstructionsPrepare a classified balance sheet for Sandpiper Corporation as of December 31, 2020 using column 2 for detail and column 3 for nets, sub-totals, & totals on the 4-column accounting paper provided online.Use pencil only, place the units, tens, hundreds, thousands, etc. in the proper mini column, and leave the pennies blank. No commas are necessary when you use the accounting paper properly. Dollar signsare used at the top of the column and after a total line. Double underlining should only be used for totalassets and total liabilities and stockholders’ equity.Each section starts all the way to the far left of the description column with a header row, then theitems following with an indentation, and then a net or total row with an additional indentation. If thesection is a single item like retained earnings, no header or net total / rows are necessary. Skip a row between each section. Use column 1 as an overflow from the description column…arrow_forwardDashboard / My courses / FINA 415-1-20201 / General / FINAL EXAM- FINA 415- FALL 2020-21 Quiz nav Question 18 Which of the deposits are used by business people in majority? Answer saved 1 Marked out of 2 Select one: 10 11 Flag question O a. None O b. Recurring Deposits 20 19 O c. Savings Deposits Finish atte O d. Current Deposits O e. Time Deposits Clear my choice Next page Previous page Unit 4 (3).pptx Unit 3 (2).pptx Unit 5 (1) (1).pptxarrow_forwardcory Bookmarks Window Help Fri Apr 30 6:38 PM edugen.wileyplus.com Return to Blackboard IS Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements CALCULATOR PRINTER VERSION 4 ВАСK NEXT Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Exercise 9-12 a-b (Part Level Submission) Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note. 16 Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. - (a) Orinla Sunnly Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is enterec Inrimal nlaces, e.g. 5,275. Record journal entries in the order…arrow_forward
- General Accounting I 2020-2021 Fall Term Final Exam (page 18 of 25)-Google Chrome a.tr/mod/quiz/attempt.php?attempt=361811&cmid=180187&page=17 MSKÜ-LMS 1807 ŞB: 1 ÖRGÜN General Accounting I İktisadi ve Idari Bilimler Fakültesi İktisa 8 A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 247 Tanmadi O a. $3.332 izerinden tlenmiş O b. $3,600 oruyu etle OC $3.528 O d. $3,400 Önceki sayfaarrow_forward1. Journal all transactions in Part One 2. Using the chart of accounts, open ledger accounts and post journals to the ledger account. 3. Prepare a trial balance 4. Prepare the following statements: 1. Income Statement 2. Retained Earnings Statements 3. Balance Sheet You need to use Microsoft Excel. Do not use Google Docs or Apple’s numbers. Place your submission in the appropriate journal labeled final project in the learning modules tab in Blackboard. The project is due in Module 15. Three points extra credit to final grade if submitted during Module 14. Part One A. The following transaction occurred for Scrooge Inc. for the month of December 31, 1820. B. Ebenezer Scrooge invested $50,000 cash along in the company in exchange for common stock. C. The company prepaid $500 for 12 month’s rent. D. The company purchased $100 in office supplies. Payment due withing 10 days E. Scrooge Inc. completed services for a client and immediately received $2,000. F. The company completed $1,500…arrow_forwardokmarks Window Help A v2.cengagenow.com Tech. B Learning Module 8 - ACCT1105: Financial Acc. X CengageNOWw2 | Ontine teaching and learnin Cengage Learning еВook Show Me How Accounts Receivable Analysis A company reports the following: Sales $1,460,000 Average accounts receivable (net) 100,000 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days Previous Next Check My Work Save and Exit Submit Assignment for Grading All work saved. tv 16 MacBook Air DII DD F9 80 F8 F7 F5 F6 F4 F3 * & 2# $ 7 8 4 Y [ E T J K ....arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:CengageFinancial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning