Question: Indicate the normal balance and category of

> Nicole Co. traded in an old machine costing $19,600 for a new machine for a cash price of $18,700 with a trade-in allowance of $6,000. Accumulated Depreciation on the old machine was $11,100. a. What is the book value of the old machine? What is the los

> Complete the following: a. Gain on Sale of Plant Assets b. Accumulated Depletion c. Loss on Disposal of Plant Assets Account Category Financial Statement Found on

> Identify each situation as a capital expenditure or revenue expenditure. a. New truck engine replaced b. New furnace filters c. Oil change on truck d. New addition on prep school Betterment/ Capital Expenditure Expenditure Addition Extraordinary Re

> If Kevin Sands depreciated his truck by the double declining-balance method, calculate the depreciation expense for year 1. Cost …………………………………$7,000 Residual value …………………$2,600 Service of useful life …………..5 years

> If Lee Sands depreciated his truck by the units-of-production method, calculate the first year’s depreciation based on the following: Cost……………………………………. $4,750 Residual value……………………. $1,900 Estimated mileage………………. 57,000 The truck was driven 7,500 m

> If a machine had a cost of $6,700 with an accumulated depreciation of $670, what would be its book value?

> John Ring depreciates his truck by the straight-line method. Calculate the yearly depreciation expense given the following: Cost………………………………………… $6,800 Residual value………………………… $2,300 Service of useful life…………………. 5 years

> If in Exercise 8 the income tax method was used, prepare the journal entry to record the exchange. Exercise 8: Nicole Co. traded in an old machine costing $19,600 for a new machine for a cash price of $18,700 with a trade-in allowance of $6,000. Accumu

> Calculate the total cost of the machine given the following: List price…………………………………… $3,000 Cash discount………………………………….. 5% Freight $................................................. 63 Assembly………………………………………. 200 Special foundation……………………………. 56

> Complete the following from the general journal of Munro Co. (see Figure 3.28): Figure 3.28: a. Year of journal entry b. Month of journal entry c. Day of journal entry d. Name(s) of accounts debited e. Name(s) of accounts credited f. Explanation o

> From the following information, calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted-average methods. The ending inventory reveals eight items unsold. Units Cost January 1 Beginning Inventory

> What four titles along with their classification are involved in the sale of goods in a perpetual system?

> If in Exercise 8 the discount needs to be adjusted at year-end by $54, what would be the journalized adjusting entry? Exercise 8: Talcum Co. discounts its own note at a bank. This $55,000 note results in the bank deducting $350 interest in advance. Dra

> Talcum Co. discounts its own note at a bank. This $55,000 note results in the bank deducting $350 interest in advance. Draw a transactional analysis box for this situation.

> If Rusty Co. defaults on the note from Exercise 5, what would be the journal entry for Feather Co., assuming a $6 protest fee? Exercise 5: Feather Co. received a $2,700, 5%, 30-day note from Rusty Co. dated September 6. On September 29, Feather discoun

> Journalize the discounted note for Feather Co. from Exercise 5. Exercise 5: Feather Co. received a $2,700, 5%, 30-day note from Rusty Co. dated September 6. On September 29, Feather discounted the note at Save Bank, which charged a discount rate of 7%.

> Feather Co. received a $2,700, 5%, 30-day note from Rusty Co. dated September 6. On September 29, Feather discounted the note at Save Bank, which charged a discount rate of 7%. Calculate the following: a. Maturity value b. Discount period c. Bank discoun

> Donny Caste discounted a $10,000, 6%, 90-day note at Stone Bank. He recorded the following entry: How much interest did Donny Caste lose by discounting the note? Journal Entry Accounts PR Debit Credit Cash 10,101 Notes Receivable 10,000 Interest In

> Find the maturity value of the following: a. $8,800 6% 9 months b. $12,000 2% 75 days

> Find the maturity date of the following: a. 120-day note dated May 16. b. 90-day note dated November 9.

> From the following trial balance, identify which statement each title will appear on: • Income statement (IS) • Statement of owner’s equity (OE) • Balance sheet (BS) Bradford C

> Journalize entries for the following situations (assume direct write-off method). Situation 1: Wrote off Janice Lake as a bad debt 2 years after the sale of $100. Situation 2: Reinstated Janice Lake, who sent in her past due amount 2 years after it had b

> Given the balance in the Allowance for Doubtful Accounts of $310 credit, prepare adjusting entries for Bad Debts based on the following assumptions: a. Bad debts to be 4% of net credit sales or $680. b. Based on aging of Accounts Receivable, bad debts s

> a. Complete the following transactional analysis chart when employing the direct write-off method: b. On which financial statement will each title be reported? Accounts Category Rules Bad Debt Expense Accounts Receivable

> a. On January 1, prepare a reversing entry. On January 8, journalize the entry to record the paying of Salaries Expense, $760. b. What will be the balance in Salaries Expense on January 8 (after posting)? December 31: Salaries Expense Salaries Payab

> Match the following categories to each account listed. 1. Current Asset 2. Plant and Equipment 3. Current Liabilities 4. Long-Term Liabilities a. Petty Cash b. Accounts Receivable c. Prepaid Rent d. FICA Payable e. Store Supplies f. Mortgage Payable

> From the following information, calculate: a. Gross profit b. Net income or net loss Purchases, $98; Gross Sales, $180; Sales Returns and Allowances, $17; Sales Discounts, $23; Operating Expenses, $46; Net Sales, $140; Freight- In, $8; Beginning Inventor

> Calculate Cost of Goods Sold: Freight-In $3 Ending Inventory $ 2 Beginning Inventory Net Purchases 65

> From the following, calculate net sales: Purchases $ 99 Sales Discount $15 Gross Sales 179 Operating Expenses 45 Sales Returns and Allowances 13

> Given a figure of beginning inventory of $390 and an $850 figure for ending inventory, place these numbers on the Income Summary line of this partial worksheet. Adjustments Adjusted Trial Balance Income Statement Dr. Cr. Dr. Čr. Dr. Cr. Income Summa

> Given beginning merchandise inventory of $2,100 and ending merchandise inventory of $50, what would be the adjusting entries?

> Rearrange the following titles in the order they would appear on a trial balance: B. O’Mally, Withdrawals ……………………………. Hair Salon Fees Earned Accounts Receivable ………………………..……………………. Selling Expense Cash …………………………………………………….….……….……. Salary Expense B.

> Match the following: 1. Located on the Income Statement debit column of the worksheet. 2. Located on the Income Statement credit column of the worksheet. 3. Located on the Balance Sheet debit column of the worksheet. 4. Located on the Balance Sheet credi

> a. Given the following, journalize the adjusting entry. By December 31, $200 of the unearned dog walking fees were earned. b. What is the category of unearned dog walking fees? Unearned Dog Walking Fees 225 Earned Dog Walking Fees 441 940 12/1/1X 4

> Given the following, journalize the adjusting entries for Merchandise Inventory. Note that ending inventory has a balance of $13,000. Merchandise Inventory 114 Income Summary 313 62,000

> Balder Co. paid $200 to Pedro Co. and received a $20 purchases discount. Journalize the entry.

> Draw a seesaw similar to the one shown in Figure 10.18 and show a sale of $1,000 that cost the store $450. Be sure to label all the accounts. Figure 10.18: $500 $300 Cost of Goods Sold Sale of TV Gross Profit $200

> From the following prepare a schedule of Accounts Payable for Ronson.com for May 31, 201X: Accounts Payable Subsidiary Ledger General Ledger Accounts Payable Dr. Cr. 12 118 Roy Co. Dr. Cr. 65 5/7 GJ1 5/31 GJ1 5/31 GJ1 Beland Co. Dr. Cr. 5/25 GJ1 12

> Match the following to the three business transactions (more than one number can be used). 1. Recorded to the accounts payable subsidiary ledger. 2. Recorded to the general journal. 3. Posted to the general ledger. a. Bought merchandise on account f

> Complete the following table: Account Category Temporary or Permanent Purchases Purchases Returns and Allowances Purchases Discount

> Capris Co. paid the cost of freight, $70. Journalize the transaction. Assume that Capris Co. is the buyer.

> Complete the following table: To the Seller To the Buyer Sales a. Sales returns and allowances b. Sales discount C. Credit memorandum d. Schedule of accounts receivable е. Accounts receivable subsidiary ledger f.

> Record the following transaction in the transaction analysis chart: Provided tutoring fees for $4,000, receiving $1,100 cash with the remainder to be paid next month. Accounts Rules of Affected Category Dr. and Cr. I Accounts

> Amy Company on January 1, 201X, had inventory costing $33,000 and during January had net purchases of $67,400. Over the years, Amy Company’s gross profit averaged 41% on sales. Given that the company has net sales of $110,000, calculate an estimated cost

> Hawk Company’s May 1 inventory had a cost of $58,900 and a retail value of $74,400. During May, net purchases cost $255,800 with a retail value of $405,400. Net sales at retail for Hawk Company during May were $228,600. Calculate the ending inventory at

> From the following, calculate total manufacturing costs: Direct labor ……………………………………………………………. $ 80,000 Raw materials inventory, May 31 …………………………………. 9,000 Raw materials purchases ………………………………………….. 72,000 Raw materials inventory, May 1 …………………………………..

> Ethan Munroe and Crista Cross form a partnership on March 1, 201X. Munroe contributes $42,000. Cross contributes $28,500 cash and land costing $18,300 with a current fair value of $33,000. A $29,000 note payable due to Cross is assumed by the new partner

> The ABC Company uses the perpetual inventory system with a subsidiary ledger for inventory. Enter the following information into the inventory balance for product U47. Be sure to keep the balance on hand up-to-date. 201X 5 Purchased on account 8 uni

> In general journal form, prepare journal entries to establish a petty cash fund on March 1 and replenish it on March 31. 201X March A $104 petty cash fund is established. At the end of the month, $21 cash plus the following paid vouchers exist: dona

> From the following, calculate total manufacturing costs: Direct labor …………………………………………………. $ 82,000 Raw materials inventory, May 31 …………………….. 9,600 Raw materials purchases ……………………………… 74,000 Raw materials inventory, May 1 ………………………. 9,000 Overhead ………

> From the following, calculate the net cash flows from operating activities (use the direct method): Sales ………………………………………………………………………. $9,100 Cost of Goods Sold ……………………………………………………. 3,600 Salaries Expense ………………………………………………………. 1,800 Insurance Expense

> From the following, calculate the net cash flows from operating activities (use the direct method): Sales ………………………………………………….………………………. $9,800 Cost of Goods Sold ……………………………..…………………………. 4,100 Salaries Expense …………………….………….…………………………. 1,000 Insurance

> From the following, prepare a schedule of accounts receivable for Lucky Co. for May 31, 201X. Accounts Receivable Subsidiary Ledger General Ledger Jarad Co. Accounts Receivable Dr. Cr. 147 12 Dr. Cr. 5/6 GJ1 104 5/31 GJ1 5/31 GJ1 Katz Co. Dr. Cr. 33

> Ernie Hanlon and Carol Barnes form a partnership on May 1, 201X. Hanlon contributes cash of $42,500. Barnes contributes $32,000 cash and land costing $18,600 with a current fair value of $30,000. A $32,500 note payable due to Barnes is assumed by the new

> The RJM Company uses the perpetual inventory system with a subsidiary ledger for inventory. Enter the following information in the inventory balance for product U47. Be sure to keep the balance on hand up-to-date. 201X 5 Purchased on account 13 unit

> In general journal form, prepare journal entries to establish a petty cash fund on March 1 and replenish it on March 31. 201X March 1 A $102 petty cash fund is established. At the end of the month, $22 cash plus the following paid vouchers exist: do

> Journalize the following transactions: a. Storeroom issued raw materials costing $7,000. b. Direct labor of $4,400 was charged to production. c. Supplies costing $2,900 were issued by the storeroom. d. Indirect labor cost of $6,000 was incurred. e. Rent

> From the following, calculate total manufacturing costs: Direct labor ………………………………………………………. $ 7,800 Raw materials inventory, June 30 ………………………… 5,200 Raw materials purchases …………………………………… 16,800 Raw materials inventory, June 1 ………………………….. 3,200 Overh

> Record the following transactions at (a) gross and (b) net: 201X Bought merchandise on account from Curik Co.; terms 3/10, n/30, $7,500. Voucher no. 32 was prepared. Sept. 3 18 Issued check no. 479 in payment of voucher no. 32.

> Complete the following using the retail inventory method. (Round cost ratio to the nearest whole percent.) Cost Retail Goods Available for Sale Beginning Inventory $56 $112 Net Purchases 33 71 Cost of Goods Available for Sale A B Cost Ratio Net Sale

> Journalize the following transaction in correct form: 201X Mar. 20 The business returned to the vendor a damaged inventory item that cost $360.

> Journalize the following transaction in correct form: 201X Mar. 15 A customer returned merchandise for a cash refund of $180. The item cost the seller $70.

> Journalize entries for the following situations (assume allowance method): Situation 1: Wrote off Janice Lake as a bad debt 2 years after the sale for $100. Situation 2: Reinstated Janice Lake, who sent in her past due amount.

> Complete the transactional analysis box for the following transaction: Issued credit memorandum to Pike.com for defective merchandise, $190.

> Indicate which of the following items apply to the following account titles. 1. An asset 2. A liability 3. An expense 4. Appears on the income statement 5. Appears on the balance sheet a. FICA OASDI Payable b. Office Salaries Expense c. Federal Inco

> Complete the following table: 4-Quarter Look-Back Depositor Period Tax Liability Payroll Paid Tax Paid by Monthly $28,000 November а. On Wednesday On Thursday On Friday On Saturday On Sunday On Monday Semiweekly $66,000 b. с. d. е. f. g.

> For each of the following transactions for Jackson Co. (the seller), journalize what the entry would be for the buyer (North Co.). Jackson Company uses the periodic method. a. Accounts Receivable, North Co. 7,800 Sales 7,800 Sold on account to North

> Journalize the following transaction in correct form: 201X Аpr. 1 Sold merchandise on account, $1,180. The merchandise cost $740.

> Indicate the normal balance and category of each of the following accounts: a. Unearned Revenue b. Merchandise Inventory (beginning of period) c. Freight-In d. Payroll Tax Expense e. Purchases Discount f. Sales Discount g. FICA—Social Security Payable h.

> If you earned $130,000 this year, you would pay more OASDI and Medicare than your partner who earned $75,000. Do you agree or disagree? Please provide calculations to support your answer.

> Please draw a diagram showing how the following items relate to each other: (a) weekly payroll, (b) payroll register, (c) individual employee earnings record, and (d) general journal entries for payroll.

> From the following trial balance (Figure 4.20) and adjustment data, complete a worksheet for J. Tutle as of March 31, 201X: Figure 4.20: a. Depreciation expense, store equipment, $1. b. Insurance expired, $1. c. Store supplies on hand, $7. d. Wages ow

> From the following adjustment data, calculate the adjustment amount and record appropriate debits or credits: a. Supplies purchased, $1,000. Supplies on hand, $50. b. Store equipment, $10,000. Accumulated depreciation, store equipment, before adjustment,

> Use transaction analysis charts to analyze the following adjustments: a. Depreciation on equipment, $700. b. Rent expired, $300.

> Match the following activities to the three business transactions (more than one number can be used). 1. Record to the accounts receivable subsidiary ledger. 2. Journalize the transaction. 3. Post to the general ledger. Sold merchandise on account

> On February 6, 201X, Morris Sanford made the journal entry in Figure 3.36 to record the purchase on account of office equipment priced at $1,000. This journal entry had not yet been posted when the error was discovered. Make the appropriate correction.

> From the following balances, calculate the cost of raw material used: Raw materials inventory, January 1 ………………………….. $ 64,000 Raw materials inventory, December 31 ………………………… 99,000 Purchase of raw materials ………………………………………… 880,000

> Classify each of the following as raw material, direct labor, or overhead: a. The flour in making muffins b. The utilities for a factory c. The wages of a baker d. A factory foreman’s salary

> Given the following, calculate net income: Dept. 1 Dept. 2 Net Sales $37,000 $47,000 Cost of Goods Sold 22,000 29,000 Operating Expenses $16,350 Income Tax Expense, 30% rate

> Complete the assignment of fire insurance expense to each department. Ice Indirect Basis of Candy Cream Pizza Expense Amount Assignment Sales Sales Sales Fire Insurance $90,000 26,900 а. 14,000 b. 7,900 с. 5,000 sq. ft. sq. ft. sq. ft. sq. ft.

> The cost of rent of $7,500 for Conlin Company is appropriated to each department based on its sales. Given the following, assign the cost of rent to each department: Jewelry Hardware Automotive Sales $26,000 $49,000 $22,000

> Record the following transaction in the transaction analysis chart: Sue Prazier bought a new piece of computer equipment for $22,000, paying $5,000 down and charging the rest.

> On November 15, 201X, Quartz Company prepared voucher no. 87 to record the purchase of equipment on account for $890. On November 18, Quartz Company decided to pay $890 in two equal installments. (Voucher nos. 88 and 89 were prepared.) Prepare the approp

> On November 10, 201X, a voucher for $1,050 for merchandise purchased on account from George Company was prepared by Miller Corporation. On November 14, Miller decided to return the merchandise due to poor workmanship. The price of the defective merchandi

> Complete a trend analysis from the following data of Hall Corporation using 2015 as the base year. (Round to the nearest percent.) 2018 2017 2016 2015 Sales $580,000 $490,000 $400,000 $310,000 Gross Profit 172,000 140,250 112,500 124,200 Net Income

> Given the following, calculate net sales: Gross Sales …………………………….……………………… $44 Sales Returns and Allowances……………………….……. 7 Sales Discounts ………………………………………….……... 5

> For each of the following transactions, identify the appropriate section of the statement of cash flows (OA, Operating; IA, Investing; FA, Financing; and NC, Noncash). Use the direct method. a. Receive payments on account from customers. b. Sale of

> Complete the following chart by placing an X in the appropriate column. Use the indirect method. Add to Cash Flow Subtract from Cash Flow from Operations from Operations Increase in Inventory Decrease in Accounts Payable

> From the following, prepare the long-term liabilities section of a balance sheet: a. Bond sinking fund b. Premium on 14% bonds c. Discount on 15% bonds d. 14% Bonds Payable e. 15% Bonds Payable $400,000 4,000 10,000 460,000 210,000

> Moniz Corporation and Hackley Corporation have both earned $190,000 before bond interest and taxes. The companies have the same number of outstanding shares but different capital structures. Calculate the earnings per share of common stock for these comp

> On July 31, 201X, Lucky Corporation had the following stockholders’ equity: Common Stock, $9 par value, authorized 93,000 shares, 63,000 shares issued and outstanding …………………………………………………………….…………….. $567,000 Retained Earnings ………………………………………………………………………

> Flintstone Corporation has 290,000 shares of common stock issued and outstanding. On June 9, 201X, the board of directors declared a $0.50 per share dividend, payable on July 16, 201X, to stockholders of record on June 29, 201X. Record the appropriate jo

> Duxbury Corporation in its first 3 years of operation paid out the following dividends: • Year 1: $0 • Year 2: $26,000 • Year 3: $90,000 Given that Duxbury has 2,900 shares of $101 par 8% cumulative, nonparticipating preferred stock and 15,400 shares of

> Given the following accounts, complete the table by inserting appropriate numbers next to the individual transactions to indicate which account is debited and which account is credited. 1. Cash 2. Accounts Receivable 3. Furniture 4. Accounts Payable 5.

> On July 10, 201X, Roberts Corporation issued 2,700 shares of common stock with a par value of $103 in exchange for equipment with a fair market value of $329,000. Journalize the appropriate entry.

> Savannah, Brooke, and Melody have capital balances before liquidation of $13,000, $21,000, and $28,000, respectively. Cash balance is $48,000, and the partners share losses and gains in a 3:2:1 ratio. All noncash assets with a book value of $14,000 are s

> Complete the following table for Sales, Sales Returns and Allowances, and Sales Discounts. Rules to Increase Temporary or Accounts Affected Category Account Permanent

> L. Wacker, V. Saenz, and E. Rothe are partners with capital balances of $88,000, $83,000, and $74,000, respectively. Rothe sells his interest in the company for $85,000 to P. Skou. Wacker and Saenz have consented to the new partner. Record the journal en

> Julie Eagan, Tami DaRocha, and Abby Elldrege are partners who share losses and gains in a ratio of 2:2:1. Their capital balances are $5,200, $7,200, and $3,800, respectively. The partners are anxious to have Tami retire and have paid her $12,600. Give th

> A. Lammers and B. Sanger have decided their partnership earnings will be shared as follows: (a) 9% interest allowance on capital balances at the beginning of the year, (b) remainder to be shared equally. Capital balances of Lammers and Sanger at the begi