The following events were completed by Dana’s Imports in September 2018:
| Sept. | 1 | Acquired $54,000 cash from the issue of common stock. |
| 1 | Purchased $35,000 of merchandise on account with terms 2/10, n/30. | |
| 5 | Paid $1,000 cash for freight to obtain merchandise purchased on September 1. | |
| 8 | Sold merchandise that cost $12,500 to customers for $18,000 on account, with terms 2/10, n/30. | |
| 8 | Returned $1,100 of defective merchandise from the September 1 purchase to the supplier. | |
| 10 | Paid cash for the balance due on the merchandise purchased on September 1. | |
| 20 | Received cash from customers of September 8 sale in settlement of the account balances, but not within the discount period. | |
| 30 | Paid $3,450 cash for selling expenses. |
Required
Record each event in a statements model like the following one. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. The first event is recorded as an example.
Prepare an income statement for the month ending September 30.
Prepare a statement of cash flows for the month ending September 30.
A.
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B.
Prepare an income statement for the month ending September 30.
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C.
Prepare a statement of cash flows for the month ending September 30. (Enter cash outflows as negative amounts.)
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In: Accounting
Q1
The following trial balance was extracted from the books of ABC Store on 31 December 20x5.
|
DR |
CR |
|
|
$ |
$ |
|
|
Sales |
223,940 |
|
|
Returns inwards |
1, 900 |
|
|
Returns outwards |
970 |
|
|
Discount allowed |
800 |
|
|
Discount received |
2,970 |
|
|
Purchases |
80,100 |
|
|
Stock |
56,000 |
|
|
Rent and rates |
60,500 |
|
|
Electricity |
5,800 |
|
|
Debtors |
45,700 |
|
|
Creditors |
29,750 |
|
|
Bank |
110,450 |
|
|
Motor vehicle at cost |
100,000 |
|
|
Accumulated depreciation for motor vehicle |
30,000 |
|
|
Provision for doubtful debts |
5,420 |
|
|
Other expenses |
7,500 |
|
|
Capital |
185,200 |
|
|
Drawings |
9,500 |
________ |
|
478,250 |
478,250 |
The following additional information is provided:
1. Rent of $5,000 is prepaid.
2. Electricity of $650 and other expenses of $780 are accrued.
3. The depreciation charge for motor vehicle for the year is $10,000.
4. The proprietor took $12,000 cash and $1,000 worth of goods for own use. No entry was made in the books in respect of this.
5. The closing stock is $12,000.
6. Bad debts of $9,550 are to be written off.
7. A provision for doubtful debts of 10% is to be made on the remaining debtors’ balance.
Required:
Prepare the income statement of ABC Store for the year to 31 December 20x5 and the balance sheetas at that date.In: Accounting
|
4/01/17 |
Alex contributed $10,000 cash; two computers with the fair value of $2,500 and an old truck fully paid with the fair value of $9,600 (remaining useful life of 4 years and SV of $2,000). |
|
4/01/17 |
The same day, he bought a lawnmower machine for $5,000 putting down, $2,000 cash and the rest on Accounts payable to be paid by May 31, 2017. |
|
4/01/17 |
Rented a small office building for operation and paid 3 months’ rent in advance for $4,500 (to be recorded as Prepaid rent) |
|
4/02/17 |
Contracted local advertising agency for a 3 months prepaid advertising plan of $1,200. |
|
4/02/17 |
Hired a receptionist/bookkeeper (Mary K) with a salary of $600 per two weeks, (30 hours of work each week) |
|
4/05/17 |
Alex has signed a 90 days note with the Local First VA bank for $10,000 and annual interest rate of %5. This loan requires Alex to submit the financial statements at the end of each month, starting April 30. |
|
4/05/17 |
Alex signed a contract with a large hotel to provide landscaping services for period of April-September and collected 6,000 in advance to be recorded evenly over the period. |
|
4/15/17 |
Recorded and paid salary to Mary K for two weeks. |
|
4/15/17 |
In response to first 2 residential calls for service, Alex completed the lawn services and customers were billed to pay by 4/25/17 for the amount of $120. |
|
4/25/17 |
Alex worked on 3 customers’ lawns, who paid the fee for the services in cash: $180.00 |
|
4/29/17 |
Recorded and paid salary to Mary K for another two weeks. |
|
4/30/17 |
Alex withdrew $1,000 for personal expenses. |
|
4/30/17 |
Mary K. recorded all necessary adjusting entries for the month end. |
|
4/30/17 |
Submitted a copy of the financial statements to the Bank in compliance with the Loan’s provisions. |
Utilizing the Working paper provided to you on the Moodle, complete the following tasks in class:
In: Accounting
|
Total Units for information given |
7000 |
|
Fixed Cost per Unit |
$200 |
|
Selling Price per Unit |
$325 |
|
Variable Costs per Unit |
$225 |
|
Target Operating Income |
$100,000 |
In: Accounting
Paymore Products places orders for goods equal to 75% of its sales forecast in the next quarter which has been provided in the below table.
| Quarter in Coming Year | Following Year | |||||
| First | Second | Third | Fourth | First Quarter | ||
| Sales forecast | $388 | $360 | $342 | $390 | $390 | |
Paymore’s labor and administrative expenses are $71 per quarter and interest on long-term debt is $46 per quarter. Paymore’s cash balance at the start of the first quarter is $40 and its minimum acceptable cash balance is $30. Assume that Paymore can borrow up to $342 from a line of credit at an interest rate of 2% per quarter. On average, one-third of sales are collected in the quarter that they are sold, and two-thirds are collected in the following quarter. Assume that sales in the last quarter of the previous year were $342. Also, one third of the orders are paid for in the current month and then two thirds of the next quarter's orders are paid in advance. Prepare a short-term financing plan using the above table. (Leave no cells blank. Enter '0' when necessary. Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers in millions of dollars rounded to 2 decimal places.)
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In: Accounting
|
On 1 December 2013, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts: |
| Cash | Share Capital |
| Accounts Receivable | Retained Earnings |
| Prepaid Rent | Dividends |
| Unexpired Insurance | Income Summary |
| Office Supplies | Rental Fees Earned |
| Rental Equipment | Salaries Expense |
| Accumulated Depreciation: Rental Equipment | Maintenance Expense |
| Notes Payable | Utilities Expense |
| Accounts Payable | Rent Expense |
| Interest Payable | Office Supplies Expense |
| Salaries Payable | Depreciation Expense |
| Dividends Payable | Interest Expense |
| Unearned Rental Fees | Income Taxes Expense |
| Income Taxes Payable |
|
The corporation performs adjusting entries monthly. Closing entries are performed annually on 31 December. During December, the corporation entered into the following transactions: |
| Dec. | 1 |
Issued to John and Patty Driver 30,000 new shares in exchange for a total of $300,000 cash. |
| Dec. | 1 |
Purchased for $220,800 all of the equipment formerly owned by Rent-It. Paid $139,000 cash and issued a one-year note payable for $81,800. The notes, plus all 12-months of accrued interest, are due 30 November 2013. |
| Dec. | 1 |
Paid $10,500 to Shapiro Realty as three months’ advance rent on the rental yard and office formerly occupied by Rent-It. |
| Dec. | 4 |
Purchased office supplies on account from Modern Office Co., $1,400. Payment due in 30 days. (These supplies are expected to last for several months; debit the Office Supplies asset account.) |
| Dec. | 8 |
Received $8,900 cash as advance payment on equipment rental from McNamer Construction Company. (Credit Unearned Rental Fees.) |
| Dec. | 12 | Paid salaries for the first two weeks in December, $5,000. |
| Dec. | 15 |
Excluding the McNamer advance, equipment rental fees earned during the first 15 days of December amounted to $18,000, of which $12,200 was received in cash. |
| Dec. | 17 |
Purchased on account from Earth Movers Limited, $600 in parts needed to repair a rental tractor. (Debit an expense account.) Payment is due in 10 days. |
| Dec. | 23 | Collected $2,600 of the accounts receivable recorded on15 December. |
| Dec. | 26 |
Rented a backhoe to Mission Landscaping at a price of $330 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhoe for about two or three weeks. |
| Dec. | 26 | Paid biweekly salaries, $5,000. |
| Dec. | 27 | Paid the account payable to Earth Movers Limited, $600. |
| Dec. | 28 | Declared a dividend of 10 cents per share, payable on 15 January 2014. |
| Dec. | 29 |
Susquehanna Equipment Rentals was named, along with Mission Landscaping and Collier Construction, as a co-defendant in a $26,000 lawsuit filed on behalf of Kevin Davenport. Mission Landscaping had left the rented backhoe in a fenced construction site owned by Collier Construction. After working hours on 26 December, Davenport had climbed the fence to play on parked construction equipment. While playing on the backhoe, he fell and broke his arm. The extent of the company’s legal and financial responsibility for this accident, if any, cannot be determined at this time. ( Note: This event does not require a journal entry at this time, but may require disclosure in notes accompanying the statements.) |
| Dec. | 29 |
Purchased a 12-month public-liability insurance policy for $8,400. This policy protects the company against liability for injuries and property damage caused by its equipment. However, the policy goes into effect on 1 January 2014, and affords no coverage for the injuries sustained by Kevin Davenport on 26 December. |
| Dec. | 31 |
Received a bill from Universal Utilities for the month of December, $690. Payment is due in 30 days. |
| Dec. | 31 |
Equipment rental fees earned during the second half of December amounted to $20,200, of which $16,300 was received in cash. |
| Data for Adjusting Entries |
| a. | The advance payment of rent on 1 December covered a period of three months. |
| b. | The annual interest rate on the note payable to Rent-It is 6 percent. |
| c. | The rental equipment is being depreciated by the straight-line method over a period of eight years. |
| d. | Office supplies on hand at 31 December are estimated at $670. |
| e. |
During December, the company earned $4,600 of the rental fees paid in advance by McNamer Construction Co.on 8 December. |
| f. |
As of 31 December, six days’ rent on the backhoe rented to Mission Landscaping on 26 December has been earned. |
| g. |
Salaries earned by employees since the last payroll date (26 December) amounted to $1,800 at month-end. |
| h. |
It is estimated that the company is subject to an income tax rate of 30 percent of profit before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payable in 2014. |
|
Prepare closing entries and post to ledger accounts. (Do not round intermediate calculations. Omit the "$" sign in your response.) |
| Date | General Journal | Debit | Credit |
| Dec. 31 | (Click to select)Rent expenseIncome summarySalaries expenseUtilities expenseRent fees earnedOffice supplies expenseMaintenance expenseAccounts payableDividendsIncome taxes expense | ||
| (Click to select)Utilities expenseAccounts payableDividendsRent fees earnedMaintenance expenseSalaries expenseOffice supplies expenseIncome taxes expenseRent expenseIncome summary | |||
| 31 | (Click to select)Depreciation expenseInterest expenseOffice supplies expenseRent expenseAccounts payableUtilities expenseMaintenance expenseIncome taxes expenseSalaries expenseIncome summary | ||
| (Click to select)Salaries expenseDepreciation expenseUtilities expenseIncome taxes expenseMaintenance expenseOffice supplies expenseRent expenseInterest expenseDividendsIncome summary | |||
| (Click to select)Salaries expenseOffice supplies expenseDepreciation expenseDividendsRent expenseIncome summaryMaintenance expenseIncome taxes expenseInterest expenseUtilities expense | |||
| (Click to select)Rent expenseUtilities expenseIncome taxes expenseDepreciation expenseSalaries expenseInterest expenseDividendsMaintenance expenseIncome summaryOffice supplies expense | |||
| (Click to select)Maintenance expenseDividendsSalaries expenseInterest expenseDepreciation expenseUtilities expenseIncome summaryOffice supplies expenseIncome taxes expenseRent expense | |||
| (Click to select)Rent expenseMaintenance expenseOffice supplies expenseInterest expenseSalaries expenseIncome summaryUtilities expenseDividendsDepreciation expenseIncome taxes expense | |||
| (Click to select)Income summaryMaintenance expenseInterest expenseIncome taxes expenseUtilities expenseSalaries expenseDepreciation expenseOffice supplies expenseRent expenseDividends | |||
| (Click to select)Utilities expenseDepreciation expenseOffice supplies expenseRent expenseInterest expenseDividendsMaintenance expenseIncome taxes expenseIncome summarySalaries expense | |||
| (Click to select)Income taxes expenseSalaries expenseDepreciation expenseInterest expenseDividendsOffice supplies expenseIncome summaryRent expenseUtilities expenseMaintenance expense | |||
| 31 | (Click to select)Salaries payableNotes payableDepreciation expenseRent expenseIncome summaryInterest expenseIncome taxes expenseRetained earningsAccounts receivableAccounts payable | ||
| (Click to select)Salaries payableRetained earningsInterest expenseRent expenseAccounts receivableIncome taxes expenseIncome summaryNotes payableDepreciation expenseAccounts payable | |||
| 31 | (Click to select)Interest expenseUtilities expenseMaintenance expenseDepreciation expenseRetained earningsSalaries expenseDividendsOffice supplies expenseRent expenseIncome taxes expense | ||
| (Click to select)Interest expenseRetained earningsSalaries expenseMaintenance expenseIncome taxes expenseDepreciation expenseUtilities expenseOffice supplies expenseDividendsRent expense | |||
In: Accounting
|
A small firm intends to increase the capacity of a bottleneck operation by adding a new machine. Two alternatives, A and B, have been identified, and the associated costs and revenues have been estimated. Annual fixed costs would be $36,000 for A and $31,000 for B; variable costs per unit would be $8 for A and $11 for B; and revenue per unit would be $16. |
| a. | Determine each alternative’s break-even point in units. (Round your answer to the nearest whole amount.) |
| QBEP,A | units |
| QBEP,B | units |
| b. | At what volume of output would the two alternatives yield the same profit? (Round your answer to the nearest whole amount.) |
| Profit | units |
| c. | If expected annual demand is 11,000 units, which alternative would yield the higher profit? |
| Higher profit | (Click to select)BA |
In: Accounting
A group of investors decides to invest $500,000 in the stocks of three companies.
The group plans to buy twice as many shares of company F as of company E. If the group’s goal is 14.52% growth per year. How many shares of each stock should the investors buy?
In: Accounting
Mermaid LTD's long term debt agreements make certain demands on the business. For example, Mermaid may not purchase treasury shares in excess of the balance of retained earnings. Also, long term debt may not exceed shareholder's equity, and the current ratio may not fall below 1.50. If Mermaid fails to meet any of these requirements, the Company's lenders have the Authority to take over management of the company.
Changes in consumer demand have made it hard for Mermaid LTD to attract customers. Current liabilities have mounted faster than current asset, causing the current ratio to decline to 1.47. Before releasing financial statements , Mermaid's management is scrambling to improve current ratio. The controller points out that the Company owns an investment that is currently classified as long term. The investment can be classified as either long-term or short - term, depending on management's intention. By deciding to convert the investment as short-term --- a current asset. On the controller's recommendation, Mermaid's Board of Directors votes to reclassify Long-term investments as short-term.
Required:
1. What is accounting issue in this case? What ethical decision needs to be made?
2. Who are the stakeholders?
3. Analyse the potential impact on the stakeholders from the following standpoints:
3.1 Economic
3.2 Legal
3.3 Ethical
4. Shortly after the financial statements are released, sales improve; so, too, does the current ratio. As a result, Mermaid's management decides not to sell the investments it had reclassified as short-term. Accordingly, the company reclassifies the investments as long-term. Has management acted unethically? Give reasons underlying your answer.
In: Accounting
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:
| Accounts | Debit | Credit | ||||
| Cash | $ | 22,900 | ||||
| Accounts Receivable | 39,000 | |||||
| Allowance for Uncollectible Accounts | $ | 4,100 | ||||
| Inventory | 35,000 | |||||
| Land | 69,100 | |||||
| Accounts Payable | 29,900 | |||||
| Notes Payable (12%, due in 3 years) | 35,000 | |||||
| Common Stock | 61,000 | |||||
| Retained Earnings | 36,000 | |||||
| Totals | $ | 166,000 | $ | 166,000 | ||
The $35,000 beginning balance of inventory consists of 350 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions:
| January | 3 | Purchase 1,400 units for $154,000 on account ($110 each). | ||
| January | 8 | Purchase 1,500 units for $172,500 on account ($115 each). | ||
| January | 12 | Purchase 1,600 units for $192,000 on account ($120 each). | ||
| January | 15 | Return 125 of the units purchased on January 12 because of defects. | ||
| January | 19 | Sell 4,600 units on account for $690,000. The cost of the units sold is determined using a FIFO perpetual inventory system. | ||
| January | 22 | Receive $665,000 from customers on accounts receivable. | ||
| January | 24 | Pay $495,000 to inventory suppliers on accounts payable. | ||
| January | 27 | Write off accounts receivable as uncollectible, $3,000. | ||
| January | 31 | Pay cash for salaries during January, $119,000. |
The following information is available on January 31, 2021.
I ONLY NEED HELP WITH A-D (all of the January 31st journal entries plus recording the closing entry for revenue and expenses.
In: Accounting
On January 1, 2017, McIlroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $372,000. Stinson's book value on that date consisted of common stock of $100,000 and retained earnings of $219,900. Also, the acquisition-date fair value of the 40 percent noncontrolling interest was $248,000. The subsidiary held patents (with a 10-year remaining life) that were undervalued within the company's accounting records by $79,300 and an unrecorded customer list (15-year remaining life) assessed at a $54,900 fair value. Any remaining excess acquisition-date fair value was assigned to goodwill. Since acquisition, McIlroy has applied the equity method to its Investment in Stinson account and no goodwill impairment has occurred. At year end, there are no intra-entity payables or receivables.
Intra-entity inventory sales between the two companies have been made as follows:
| Year | Cost to McIlroy | Transfer Price to Stinson |
Ending Balance (at transfer price) |
| 2017 | $127,800 | $159,750 | $53,250 |
| 2018 | 112,800 | 150,400 | 37,600 |
The individual financial statements for these two companies as of December 31, 2018, and the year then ended follow:
| McIlroy, Inc. | Stinson, Inc. | ||||||
| Sales | $ | (736,000 | ) | $ | (368,000 | ) | |
| Cost of goods sold | 483,700 | 224,800 | |||||
| Operating expenses | 198,540 | 76,600 | |||||
| Equity in earnings in Stinson | (34,256 | ) | 0 | ||||
| Net income | $ | (88,016 | ) | $ | (66,600 | ) | |
| Retained earnings, 1/1/18 | $ | (780,200 | ) | $ | (283,000 | ) | |
| Net income | (88,016 | ) | (66,600 | ) | |||
| Dividends declared | 48,300 | 19,000 | |||||
| Retained earnings, 12/31/18 | $ | (819,916 | ) | $ | (330,600 | ) | |
| Cash and receivables | $ | 279,400 | $ | 150,500 | |||
| Inventory | 262,400 | 131,200 | |||||
| Investment in Stinson | 415,112 | 0 | |||||
| Buildings (net) | 339,000 | 205,600 | |||||
| Equipment (net) | 242,000 | 89,400 | |||||
| Patents (net) | 0 | 24,000 | |||||
| Total assets | $ | 1,537,912 | $ | 600,700 | |||
| Liabilities | $ | (417,996 | ) | $ | (170,100 | ) | |
| Common stock | (300,000 | ) | (100,000 | ) | |||
| Retained earnings, 12/31/18 | (819,916 | ) | (330,600 | ) | |||
| Total liabilities and equities | $ | (1,537,912 | ) | $ | (600,700 | ) | |
Show how McIlroy determined the $415,112 Investment in Stinson account balance. Assume that McIlroy defers 100 percent of downstream intra-entity profits against its share of Stinson’s income.
Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31, 2018.
In: Accounting
Explain the leverage effect on the Capital market line (CML). Give your own numerical example and graph.
In: Accounting
Natick Industries leased high-tech instruments from Framingham
Leasing on January 1, 2018. Natick has the option to renew the
lease at the end of two years for an additional three years. Natick
is subject to a $45,000 penalty after two years if it fails to
renew the lease. Framingham Leasing purchased the equipment from
Waltham Machines at a cost of $321,800. (FV of $1, PV of $1, FVA of
$1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate
factor(s) from the tables provided.)
| Related Information: | |
| Lease term | 2 years (8 quarterly periods) |
| Lease renewal option for an additional | 3 years (12 quarterly periods) |
| Quarterly lease payments | $21,000 at Jan. 1, 2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. |
| Economic life of asset | 5 years |
| Interest rate charged by the lessor | 12% |
Required:
Prepare appropriate entries for Natick Industries from the
beginning of the lease through March 31, 2018. Appropriate
adjusting entries are made quarterly. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field. Round your answers to the
nearest whole dollar amount.)
In: Accounting
|
Kingsport Containers Company makes a single product that is subject to wide seasonal variations in demand. The company uses a job-order costing system and computes predetermined overhead rates on a quarterly basis using the number of units to be produced as the allocation base. Its estimated costs, by quarter, for the coming year are given below: |
| Quarter | ||||||||
| First | Second | Third | Fourth | |||||
| Direct materials | $ | 240,000 | $ | 120,000 | $ | 60,000 | $ | 180,000 |
| Direct labor | 120,000 | 60,000 | 30,000 | 90,000 | ||||
| Manufacturing overhead | 240,000 | 216,000 | 204,000 | ? | ||||
| Total manufacturing costs (a) | $ | 600,000 | $ | 396,000 | $ | 294,000 | $ | ? |
| Number of units to be produced (b) | 160,000 | 80,000 | 40,000 | 120,000 | ||||
| Estimated unit product cost (a ÷ b) | $ | 3.75 | $ | 4.95 | $ | 7.35 | $ | ? |
|
Management finds the variation in quarterly unit product costs to be confusing and difficult to work with. It has been suggested that the problem lies with manufacturing overhead because it is the largest element of total manufacturing cost. Accordingly, you have been asked to find a more appropriate way of assigning manufacturing overhead cost to units of product. |
| Required: | |
| 1-a. |
Using the high-low method, estimate the fixed manufacturing overhead cost per quarter and the variable manufacturing overhead cost per unit. (Round the "Variable manufacturing overhead per unit" to 2 decimal places.) |
| 1-b. |
Compute the total manufacturing cost and unit product cost for the fourth quarter. (Round the "Unit product cost" to 2 decimal places.) |
| 3. |
Estimate the total manufacturing overhead cost for the year and an annual predetermined overhead rate. (Round the "Predetermined overhead rate" to 2 decimal places.) |
In: Accounting
A new accountant at Shamrock, Inc. is trying to identify which
of the amounts shown below should be reported as the current asset
“Cash and cash equivalents” in the year-end balance sheet, as of
April 30, 2019.
| 1. | $60 of currency and coin in a locked box used for incidental cash transactions. | |
| 2. | A $10,600 U.S. Treasury bill, due May 31, 2019. | |
| 3. | $275 of April-dated checks that Shamrock has received from customers but not yet deposited. | |
| 4. | An $86 check received from a customer in payment of its April account, but postdated to May 1. | |
| 5. | $4,260 in the company’s checking account. | |
| 6. | $7,120 in its savings account. | |
| 7. | $60 of prepaid postage in its postage meter. | |
| 8. | A $30 IOU from the company receptionist. |
(a) What balance should Shamrock report as its
“Cash and cash equivalents” balance at April 30, 2019?
| Cash and cash equivalents balance at April 30, 2019 |
In: Accounting