Accounting-AW-Q185 Online Services
Accounting Principles I
Professor King
1. (2) points: An examination of the Prepaid Insurance account shows a debit balance of $3,670 at the end of the accounting period before adjustment. Prepare journal entries to record the insurance expense for the period under each of the following independent assumptions:
1. An examination of insurance policies shows that insurance costing $1,200 has expired during the period.
General Journal | Page 1 | ||||||
Date | Description | Post.Ref. | Debit | Credit | |||
1. An examination of insurance policies shows unexpired insurance of $2,640 at the end of the period.
General Journal | Page 1 | ||||||
Date | Description | Post.Ref. | Debit | Credit | |||
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2. (2) points: Dukes Press pays wages of $12,000 every Friday for a five-day workweek. September 30, the last day of the fiscal year, falls on a Tuesday. In the journal provided, prepare the September 30 adjusting entry as well as the October 3 follow-up entry when the wages are paid. Omit explanations.
General Journal | Page 1 | ||||||
Date | Description | Post.Ref. | Debit | Credit | |||
3. (3) points: On December 12, Roger Kent, a painter, received $1,800 in advance for performing a service that would extend into the following calendar year. By December 31, he still had three-fourths of the service remaining to perform. In the journal provided, prepare the December 12 entry, the December 31 end-of-period adjustment, as well as the entry on January 29 when the job was completed. Omit explanations.
General Journal | Page 1 | ||||||
Date | Description | Post.Ref. | Debit | Credit | |||
4. (3) points: Using the income statement below, develop a common-size statement by filling in the blanks provided. Show your work. Round to one decimal place.
2013 | 2013 | |
Net sales | $400,000 | _________ |
Cost of goods sold | 232,000 | _________ |
Gross margin | $168,000 | _________ |
Operating expenses | 92,000 | _________ |
Income before income taxes | $ 76,000 | _________ |
Income taxes expense | 30,400 | _________ |
Net income | $ 45,600 | _________ |
5. (3) points: Prepare a horizontal analysis by computing the amounts and percentage changes for the following balance sheet items; place your answers in the blanks provided.
2013 | 2012 | Amount | Percentage | |
Assets | ||||
Current assets | $ 6,500 | $ 5,000 | ||
Property, plant, and equipment | 22,000 | 25,000 | ||
Total assets | $28,500 | $30,000 | ||
Liabilities and Stockholders’ Equity | ||||
Liabilities | $ 5,500 | $10,000 | ||
Stockholders’ equity | 23,000 | 20,000 | ||
Total liabilities and stockholders’ equity | $28,500 | $30,000 |
6. (8) points: Use the following accounts and information to prepare, in good form, an income statement, statement of retained earnings, and balance sheet for Jasper Enterprises for the year ended December 31, 2013. Please prepare in EXCEL or use the templates from the homework assignments.
Accounts Payable | $9,600 | Land | $78,000 | |
Accounts Receivable | 1,200 | Notes Payable | 12,000 | |
Buildings | 104,000 | Rent Expense | 7,200 | |
Cash | 52,400 | Retained Earnings,December 31, 2012 | 168,800 | |
Sales Revenues | 38,000 | Salaries Expense | 16,800 | |
Common Stock | 40,000 | Inventory | 800 | |
Dividends | 6,000 | |||
Utilities Expense | 2,000 |
7. (7) points: Selected amounts from the condensed financial statements of Timson Corporation for 2012 and 2013 are presented below with several amounts missing. The 2011 year-end balance of retained earnings is $82,883.
Income Statement | 2013 | 2012 |
Revenues | $490,304 | $ (a) |
Costs and expenses | (h) | (501,295) |
Income taxes | (853) | (3,603) |
Net income | $__ (i) | $ _ _(b) |
Statement of Retained Earnings | ||
Beginning-of-year balance | $ (j) | $ (c) |
Net income | 3,747 | (d) |
Dividends | (k) | (3,845) |
End-of-year balance | $ (l) | $_ _ (e) |
Balance Sheet | ||
Total assets | $ (m) | $246,481 |
Total liabilities | $110,192 | $102,239 |
Common stock | 57,968 | 56,800 |
Retained earnings | (n) | $ (f) |
Total liabilities and stockholders’ equity | $255,473 | $ (g) |
- Determine the missing amounts indicated by the letters. (Hint: You should not try to find them in alphabetical order.)
1.____________
2._____________
3._____________
4.____________
5._____________
6._____________
7._____________
8.___________
9.____________
10.___________
11._____________
12._____________
13.____________
nbsp;
8. (12) points: In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write “no entry.” Omit explanations.
Apr. | 1 | Investors opened a dry cleaning service, called Same Day Cleaners, by depositing $60,000 into a business bank account and receiving 60,000 shares of $1 par value stock in exchange. |
3 | Paid two years rent in advance, $14,400. | |
6 | Purchased dry cleaning equipment for $40,000. Paid $8,000 in cash, the remainder to be paid in two weeks. | |
9 | Hired a part-time worker, to be paid $300 per week, starting tomorrow. | |
17 | Paid the worker’s weekly wage. | |
17 | Recorded cash received for services performed during the week, $3,000. | |
20 | Paid for the remainder of the equipment purchased on April 6. | |
21 | Received $200 in advance of cleaning and boxing a wedding gown. | |
23 | Performed $500 of dry cleaning services for Asa’s Tuxedo Shop. It will remit payment in three days. | |
24 | Paid the weekly wages. | |
26 | Received payment from Asa’s Tuxedo Shop. | |
30 | Received a telephone bill for $100, which will be paid in two weeks. |
General Journal | Page 1 | ||||
Date | Description | Post.Ref. | Debit | Credit | |
9. (6) points: In the journal provided, prepare adjusting entries for the following items. Omit explanations.
1. Depreciation on machinery is $1,880 for the accounting period.
2. Interest incurred on a loan but not paid or recorded is $1,270.
3. Office supplies of $1,200 were on hand at the beginning of the period. Purchases of office supplies during the period totaled $400. At the end of the period, $280 in office supplies remained.
4. Commissions revenue amounting to $1,080 were earned but not recorded or collected by year end.
5. Prepaid Rent had a $16,000 normal balance prior to adjustment. By year end, 50 percent had expired.
6. Federal income taxes for the year are estimated to be $6,500.
General Journal | Page 1 | ||||||
Date | Description | Post.Ref. | Debit | Credit | |||
10. (4) points: Below are the adjusted accounts of Millennium Realtors, Inc., for the month ended May 31, 2013, listed in alphabetical order:
Accounts Payable | $ 400 | Dividends | 1,000 | ||
Accounts Receivable | 3,600 | Income Taxes Expense | 100 | ||
Accumulated Depreciation– | Income Taxes Payable | 100 | |||
Office Equipment | 4,000 | Land | 1,500 | ||
Cash | 1,150 | Office Equipment | 10,000 | ||
Commissions Revenue | 7,500 | Salaries Expense | 2,300 | ||
Common Stock | 8,000 | Utilities Expense | 150 | ||
Depreciation Expense– | |||||
Office Equipment | 200 |
In the journal provided, prepare Millennium’s closing entries (omit explanations).
General Journal | Page 1 | ||||||
Date | Description | Post.Ref. | Debit | Credit | |||
10. (5) points: Using the following data, prepare a multistep income statement for Morrison Company for the month ended February 28, 2013.
Cost of Goods Sold | $30,000 |
General and Administrative Expenses | 8,000 |
Net Sales | 50,000 |
Selling Expenses | 7,000 |
Income Taxes | 950 |
|
11. (10) points: From the simplified balance sheet and income statement of the business below, compute the following ratios. Assume that the June 30 amounts for total assets and stockholders’ equity also represent their average amounts for the period. Round percentages to the nearest whole percent.
1. Profit margin
2. Return on assets
3. Debt to equity
4. Return on equity
5. Asset turnover
Sci-Tech Enterprises, Inc. | |||||
Balance Sheet | |||||
June 30, 2013 | |||||
Assets | Liabilities | ||||
Current assets | $ 4,000 | Current liabilities | $ 4,000 | ||
Investments | 2,000 | Long-term liabilities | 6,000 | ||
Property, plant, and | Total liabilities | $10,000 | |||
equipment | 12,000 | ||||
Intangible assets | 2,000 | Stockholders’ Equity | |||
Common stock | $ 8,000 | ||||
Retained earnings | 2,000 | ||||
Total stockholders’ equity | $10,000 | ||||
Total assets | $20,000 | Total liabilities and stockholders’equity | $20,000 | ||
Sci-Tech Enterprises, Inc. | ||
Income Statement | ||
For the Year Ended June 30, 2013 | ||
Net sales | $24,000 | |
Cost of goods sold | 12,000 | |
Gross margin | $12,000 | |
Operating expenses | 8,000 | |
Income before income taxes | $ 4,000 | |
Income taxes | 1,600 | |
Net income | $ 2,400 | |
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