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14. New Era Cleaning Service, Inc. opened for business on July 1, 2010. During the month of July, the...
New Era Cleaning Service, Inc. opened for business on July 1, 2010. During the month of July, the following transactions occurred:
July 1: Issued $18,000 of common stock for $18,000 cash.
July 1: Purchased a truck for $11,000. Paid $4,000 in cash and borrowed the remainder (long term) from the bank.
July 3: Purchased cleaning supplies for $900 on account.
July 5: Paid $1,800 on a one-year insurance policy, effective July 1.
July 12: Billed customers $4,800 for cleaning services.
July 18: Paid $1,500 of the amount owed on the truck.
July 18: Paid $500 of the amount owed on cleaning services.
July 20: Paid $1,700 for employee salaries.
July 21: Collected $1,200 from customers billed on July 12.
July 25: Billed customers $1,900 for cleaning services.
July 31: Paid gas and oil for the month on the truck, $500.
July 31: Paid a $800 dividend.
Please complete the following tasks:
Post the July transactions to the general journal and the general ledger "T" accounts.
Attention Students:
There is an excel spreadsheet template attached to this unit's section that can be used for this assignment. Please feel free to copy the template and use it to fill-in your answers (the journal and general ledger entries).
This assignment is a continuing accounting case study that spans Unit 2, 3, and 4. Each subsequent unit's assignment is based on the results of the previous assignment. Although the templates provided have the tasks for all three units noted on them, please only perform the tasks assigned for the current unit.
Students please also take note that when you receive the answer sheets (next week) for these questions, a grading scale will be included. This will be in a yellow spreadsheet cells.
rom the results of last week's assignment,
Prepare an unadjusted trial balance;
Post the following adjustments:
(a) Earned but unbilled fees at July 31 were $1,400
(b) Depreciation for the month was $200
(c ) One-twelfth of the insurance expired
(d) An inventory count showed $300 of cleaning supplies remaining on July 31
(e) Accrued but unpaid employee salaries were $500
Prepare an adjusted trial balance.
15. Selected transactions for L. Takemoto, an interior decorating firm, in its first month of busines...
Selected transactions for L. Takemoto, an interior decorating firm, in its first month of business, are shown below: Journalize the transactions using journal page
Selected transactions for L. Takemoto, an interior decorating firm, in its first month of business, are shown below. | |
Jan. 2 | Invested $15,000 cash in the business in exchange for common stock. |
3 | Purchased used car for $8,200 cash for use in the business. |
9 | Purchased supplies on account for $500. |
11 | Billed customers $1,800 for services performed. |
Jan. 16 | Paid $200 cash for advertising. |
20 | Received $780 cash from customers billed on January 11. |
23 | Paid creditor $300 cash on balance owed. |
28 | Declared and paid a $500 cash dividend. |
E2-3 | General Journal | J1 | ||
Date | Account Titles | Ref. | Debit | Credit |
Jan. 2 | ||||
3 | ||||
9 | ||||
11 | ||||
16 | ||||
20 | ||||
23 | ||||
28 |
| |||
16. Brothers Mike and Tim Hargen began operations of their tool and die shop (H & H Tool, Inc.) o...
Brothers Mike and Tim Hargen began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2017, follows: Transactions during 2017 follow:
Borrowed $15,000 cash on a five-year, 8 percent note payable, dated March 1, 2017.
Purchased land for a future building site; paid cash, $13,000.
Earned $215,000 in revenues for 2017, including $52,000 on credit and the rest in cash.
Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2017.
Incurred $114,000 in Remaining Expenses for 2017, including $20,000 on credit and the rest paid in cash.
Collected accounts receivable, $34,000.
Purchased other assets, $15,000 cash.
Purchased supplies on account for future use, $27,000.
Paid accounts payable, $26,000.
Signed a three-year $33,000 service contract to start February 1, 2018.
Declared and paid cash dividends, $25,000.
1. Prepare journal entries for transactions (a) through (k). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
a.Record the borrowing of $15,000 cash on a five-year note payable dated March 1, 2017.
b.Record the purchase of land for future building site, paid cash, $13,000.
c.Record the entry for revenues for 2017, $215,000, including $52,000 on credit and the rest in cash.
d.Record the issuance of 4,000 additional shares for cash at $1 market value per share.
e.Record the remaining $114,000 of expenses for 2017, $20,000 on credit and the rest paid in cash.
f.Record the collection of accounts receivable, $34,000.
g.Record the purchase of other assets, $15,000 cash.
h.Record the purchase of supplies on account for future use, $27,000.
i.Record the payment of accounts payable, $26,000.
j.Record the entry for three-year $33,000 service contract signed to start February 1, 2018.
k.Record the declaration and payment of a cash dividends, $25,000.
December 31 The trial balance on January 2017 follows: Cas men depreciation on ent) other assets (not detailed to simplity) -term notes payable Common stock 8.000 shares $0.50 par value) revenue 5.000 109,000 3.000 4,000 80.000 17,00 109 000
17. Three identical units of merchandise were purchased during March, as shown: Steele Plate Units...
Three identical units of merchandise were purchased during March, as shown:
Steele Plate | Units | Cost | ||
Mar. 3 | Purchase | 1 | $830 | |
10 | Purchase | 1 | 840 | |
19 | Purchase | 1 | 880 | |
Total | 3 | $2,550 |
Assume that one unit is sold on March 23 for $1,125. Determine the gross profit for March and ending inventory on March 31 using (a) FIFO, (b) LIFO, and (c) average cost methods.
Gross Profit | Ending Inventory | |
a. First-in, first-out (FIFO) | $ | $ |
b. Last-in, first-out (LIFO) | $ | $ |
c. Average cost | $ | $ |
18. A Company sells two products, J and K. The sales mix is 4 units of J and 3 units of K. The...
A Company sells two products, J and K. The sales mix is 4 units of J and 3 units of K. The contribution margins per unit are $ 40 for J and $ 20 for K. Fixed costs are $ 6,16,000 per month. Compute the break-even point.
19. Bari Jay, a gown manufacturer, received an order for 600 prom dresses from China. Her cost is $35...
Bari Jay, a gown manufacturer, received an order for 600 prom dresses from China. Her cost is $35 a gown. If her markup based on selling price is 79%, what is the selling price of each gown?
20. Question 3 (1 point) A change in the amortization rate for an intangible asset should be accounted f
Question 3 (1 point) A change in the amortization rate for an intangible asset should be accounted for as a a) change in accounting principle. b) change in reporting entity. c) correction of an error. d) change in accounting estimate. Question 5 (1 point) A copyright is an example of a(n) a) customer-related intangible asset. b) marketing-related intangible asset. c) contract-based intangible asset. d) artistic-related intangible asset Question 6 (1 point) A patent is an example of a(n) a) technology-based intangible asset. b) marketing-related intangible asset. c) contract-based intangible asset d) artistic-related intangible asset
21. Write a memorandum explaining the sequence for preparing Financial statement information about four.
Write a memorandum explaining the sequence for preparing
Financial statement information about four different companies is as follows.
Instructions
(a) Determine the missing amounts.Â
(b) Prepare the owner’s equity statement for Yates Company.
(c) Write a memorandum explaining the sequence for preparing financial statements and the interrelationship of the owner’s equity statement to the income statement and balancesheet. Â
Write a memorandum explaining the sequence for preparing
Accounting Basics
22. What are the strengths and weaknesses of a batch process with sequential files?
1. What are the strengths and weaknesses of a batch process with sequential files?
2. What are the strengths and weaknesses of a batch system with direct access files?
3. What are the objectives of a fixed asset system?
4. How do fixed asset systems differ from purchases systems?
23. Today’s Electronics specializes in manufacturing modern electronic components.
Today’s Electronics specializes in manufacturing modern electronic components. It also builds the equipment that produces the components. Phyllis Weinberger, who is responsible for advising the president of Today’s Electronics on electronic manufacturing equipment, has developed the following table concerning a proposed facility:
Profit | |||
| STRONG MARKET | FAIR MARKET | POOR MARKET |
Large facility |
|
|
|
Medium-sized facility |
|
|
|
Small facility |
|
|
|
No facility |
|
|
|
(a) Develop an opportunity loss table.
(b) What is the minimax regret decision?
24. 20-Bank reconciliation. Benson Plastics Company deposits all receipts and makes all payments by c...
20-Bank reconciliation. Benson Plastics Company 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 Add: Deposits in transit Deduct: Outstanding checks $53,492 4,200 Balance per books $50.092 Month of April Results Balance April 30 April deposits April checks April note collected (not included in April deposits) April bank service charge April NSF check of a customer returned by the bank Per Bank $55,990 23,568 22,200 6,000 Per Books $54,710 27,778 20,160 1,800 (recorded by bank as a charge) Instructions (a) Calculate the amount of the April 30: 1. Deposits in transit 2. Outstanding checks (b) What is the April 30 adjusted cash balance? Show all work.
25. In early January 2015, NewTech purchases computer equipment for $168,000 to use in operating acti...
Show transcribed image text In early January 2015, NewTech purchases computer equipment for $168,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $32,000. Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation.
26. E-centives, Inc. Raising Capital in Switzerland
1. Refer to Exhibit 1-8, which lists factors relevant for choosing an overseas market for listing or raising capital. Which factors might have been relevant in E-centives’ decision to raise capital and list on the Swiss Exchange’s New Market?
2. Why do you believe E-centives chose not to raise public equity in the United States? What are the potential drawbacks related to E-centives’ decision not to raise capital in the U.S. public markets?
3. What are the advantages and disadvantages to E-centives of using U.S. GAAP?
4. Should the SWX Swiss Exchange require E-centives to prepare its financial statements using Swiss accounting standards?
5. Learn more about the New Market at the SWX Swiss Exchange’s Web site (http://www.swx.com). What are the listing requirements for the New Market? What are the financial reporting requirements? Does E-centives appear to fit the profile of the typical New Market company?
MINI CASE
On October 3, 2000, E-centives, incorporated in the United States, made an initial public offering on the Swiss Stock Exchange’s New Market. The company raised approximately US$40 million. E-centive’s offering circular stated that no offers or sales of the company’s common stock would be made in the United States, and that there would be no public market for the common stock in the United States after the offering. |
27. Michael McNamee is the proprietor of a property management? company, Apartment? Exchange, near...
Michael McNamee is the proprietor of a property management? company, Apartment? Exchange, near the campus of Penscola State College. The business has cash of?$8,000 and furniture that cost? $9,000 and has a market value of? $13,000. The business debts include accounts payable of? $6,000. Michael's personal home is valued at? $400,000, and his personal bank account has a balance of? $1,200. Identify the principle or assumption that best matches the? situation:
a. | ?Michael's personal assets are not recorded on the Apartment? Exchange's balance sheet. |
b. | The Apartment Exchange records furniture at its cost of? $9,000, not its market value of? $13,000. |
c. | The Apartment Exchange records its financial statements in U.S. dollars. |
d. | Michael expects the Apartment Exchange to remain in operations for the foreseeable future |
28. Anya and Nick Ramon, local golf stars, opened the Chip-Shot Driving Range on March 1, 2017, by in...
Anya and Nick Ramon, local golf stars, opened the Chip-Shot Driving Range on March 1, 2017, by investing $25,100 of their cash savings in the business. A caddy shack was constructed for cash at a cost of $8,200, and $820 was spent on golf balls and golf clubs. The Ramons leased five acres of land at a cost of $1,150 per month and paid the first month’s rent. During the first month, advertising costs totaled $700, of which $150 was unpaid at March 31, and $380 was paid to members of the high-school golf team for retrieving golf balls. All revenues from customers were deposited in the company’s bank account. On March 15, Anya and Nick withdrew a total of $800 in cash for personal living expenses. A $120 utility bill was received on March 31 but was not paid. On March 31, the balance in the company’s bank account was $18,000.
Anya and Nick thought they had a pretty good first month of operations. But, their estimates of profitability ranged from a loss of $6,100 to net income of $1,650.
Answer the following.
Prepare a balance sheet at March 31. (List Assets in order of liquidity.)
CHIP-SHOT DRIVING RANGE
Balance Sheet
March 31,2017
Assets
Cash | $18,000 |
? | ? |
? | ? |
Total Assets | $27020 |
Liabilities and Owner's Equity
liabilities | - |
accounts payable | $270 |
owner's equity | - |
ower's capital | 26750 |
total liabilties and owner's equity | $27020 |
Without preparing an income statement, determine the actual net income for March.
Net income:_____________?
What was the revenue recognized in March?
Revenues earned: _________?