Accounting-AW-Q185

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 JournalPage 1
DateDescriptionPost.Ref.DebitCredit

 
1. An examination of insurance policies shows unexpired insurance of $2,640 at the end of the period.
 

General JournalPage 1
DateDescriptionPost.Ref.DebitCredit

 

How it Works

How It works ?

Step 1:- Click on Submit your Assignment here or shown in top menu of every page and fill the quotation form with all the details. In the comment section, please mention product code mentioned in end of every Q&A Page. You can also send us your details through our email id tutorspedia.expert@gmail.com with product code in the email body. Product code is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.

Step 2:- While filling submit your quotes form please fill all details like deadline date, expected budget, topic , your comments in addition to product code . The date is asked to provide deadline.

Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id tutorspedia.expert@gmail.com  must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.

Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.

Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.

Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.

Features

Features for Assignment Help

 Zero Plagiarism
We believe in providing no plagiarism work to the students. All are our works are unique and we provide Free Plagiarism report too on requests.
Relevancy
We believe in providing perfect, relevant and 100% accurate solutions to the student as per questions asked. All our experts are perfect in providing that so as to give unique experience to the students.
Three Stage Quality Check
We are the only service providers boasting of providing original, relevant and accurate solutions. Our three stage quality process help students to get perfect solutions.
100% Confidential
All our works are kept as confidential as we respect the integrity and privacy of our clients.

Related Services


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 JournalPage 1
DateDescriptionPost.Ref.DebitCredit

 
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 JournalPage 1
DateDescriptionPost.Ref.DebitCredit

 
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 AmountPercentage
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$9,600Land$78,000
Accounts Receivable1,200Notes Payable12,000
Buildings104,000Rent Expense7,200
Cash52,400Retained Earnings,December 31, 2012168,800
Sales Revenues38,000Salaries Expense16,800
Common Stock40,000Inventory800
Dividends6,000
Utilities Expense2,000

 
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 Statement20132012
   
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 income3,747(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 stock57,96856,800
Retained earnings (n) $ (f)
Total liabilities and stockholders’ equity$255,473 $ (g)

 

  1. 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.1Investors 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.
3Paid two years rent in advance, $14,400.
6Purchased dry cleaning equipment for $40,000. Paid $8,000 in cash, the remainder to be paid in two weeks.
9Hired a part-time worker, to be paid $300 per week, starting tomorrow.
17Paid the worker’s weekly wage.
17Recorded cash received for services performed during the week, $3,000.
20Paid for the remainder of the equipment purchased on April 6.
21Received $200 in advance of cleaning and boxing a wedding gown.
23Performed $500 of dry cleaning services for Asa’s Tuxedo Shop. It will remit payment in three days.
24Paid the weekly wages.
26Received payment from Asa’s Tuxedo Shop.
30Received a telephone bill for $100, which will be paid in two weeks.

 

 

General JournalPage 1
DateDescriptionPost.Ref.DebitCredit

 
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 JournalPage 1
DateDescriptionPost.Ref.DebitCredit

 
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$   400Dividends1,000
Accounts Receivable3,600Income Taxes Expense100
Accumulated Depreciation–Income Taxes Payable100
Office Equipment4,000Land1,500
Cash1,150Office Equipment10,000
Commissions Revenue7,500Salaries Expense2,300
Common Stock8,000Utilities Expense150
Depreciation Expense–
Office Equipment200

 
In the journal provided, prepare Millennium’s closing entries (omit explanations).
 

General JournalPage 1
DateDescriptionPost.Ref.DebitCredit

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 Expenses8,000
Net Sales50,000
Selling Expenses7,000
Income Taxes950
 
 

 

 
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
AssetsLiabilities
Current assets$ 4,000 Current liabilities$  4,000
Investments2,000 Long-term liabilities 6,000
Property, plant, and Total liabilities$10,000
equipment12,000
Intangible assets 2,000Stockholders’ Equity
   Common stock$  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

 
 

Product Code – Accounting-AW-Q185

Looking for Accounting-AW-Q185,please click here

Summary
User Rating
5 based on 1 votes