ACC 291T Apply Assignment Week 5 Connect Assignment (October, 2019) (with Excel File)

ACC 291T Apply Assignment Week 5 Connect Assignment (October, 2019) (with Excel File)

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Attachments: ACC 291T Week 5 Apply Connect Assignment (May 2019).xlsx [ Preview Here ]

This Tutorial contains excel file which can be used in case the value changes

 

 

1)         The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31,2019.All accounts have normal balances.

 

 

 

Cash    $27,945

Accounts Receivable    46,200

Note Receivable              8,000

Merchandise inventory             34,200

Prepaid Insurance           2,200

Supplies               1,260

Equipment         42,000

Accumulated depreciation,equipment              22,000

Note payable to bank,due 2020            20,000

Accounts payable           28,700

Interest payable                   200

Sales    522,500

Sales discounts                 1,700

Cost of goods sold      388,025

 

 

Accounts Receivable at December 31,2018, was $56,300.Merchandise at December 31,2018, was $57,100.Based on the account balances above,Calculate  the following:

 

a. The gross profit percentage.

b. Working capital.

c. The current ratio.

d. The inventory turnover.

e. The accounts receivable turnover. All sales wer on credit

 

 

2) Solomon Company reports the following in its most recent year of operations:

•           Sales ,$1,040,400(all on account)

•           Cost of Goods sold ,$601,400

•           Gross Profit,$439,000

•           Accounts receivable,beginning of year,$92,000

•           Accounts receivable,end of year,$112,000

•           Merchandaise inventory,beginning of year,$57,000

•           Merchandaise inventory,end of year.$67,000

 

Based on these balances,compute:

a.         The accounts receivable turnover.

b.         The inventory turnover.

 

 

 

3)  The worksheet of Bridget’s Office Supplies contains the following revenue, cost and expenses account. The merchandise inventory amounted to $59,675 on January 1, 2019 and $52,625 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses.

401      Sales    $248,200  Cr.

451      Sales Returns and Allowances                   4,340  Dr.

491      Miscellaneous Income            390 Cr.

501      Purchases           103,500 Dr.

502      Freight In               1,965  Dr.

503      Purchases Returns and Allowances           3,590  Cr.

504      Purchases Discounts          1,790  Cr.

611      Salaries Expense-Sales                 45,200  Dr.

614      Store Supply Expense        2,300  Dr.

617      Depreciation Expense-Store Equipment                1,500  Dr.

631      Rent Expense       13,400  Dr.

634      Utilities Expense                2,990  Cr.

637      Salaries Expense-Office               21,000  Cr.

640      Payroll Taxes Expense                   5,900  Dr.

643      Depreciation Expense-Office Equipment                 560  Dr.

646      Uncollectible Accounts Expense                  710  Dr.

691      Interest expense                    720  Dr.

 

Prepare a classified income statement for this firm for the year ended December 31,2019.

 

 

 

 

4) The Worksheet of Bridger’s Office Supplies contains the following revenue,cost and expense accounts.The merchandise inventory amounted to $58.175 on January 1,2019,and$51,125 on December 31,2019. The expense accounts numbered 611 through 617 represent selling expenses,and those numbered 631 through 646 represent general and administrative expenses.

401      Sales    $244,400    Cr.

451      Sales Returns and Allowances                    4,190    Dr.

491      Miscellaneous Income             240    Cr.

501      Purchases            102,000    Dr.

502      Freight In                 1,815   Dr.

503      Purchases Returns and Allowances             3,440   Cr.

504      Purchases Discounts            1,640   Cr.

611      Salaries Expenses-Sales                 43,700   Dr.

614      Store Supplies Expense                    2,150   Dr.

617      Depreciation Expense-Store Equipment                  1,350   Dr.

631      Rent,Expense         11,900   Dr.

634      Utilities Expense                  2,840   Dr.

637      Salaries Expense-Office                 19,500   Dr.

640      Payroll Taxes Expense                     4,400   Dr.

643      Depreciation Expense-Office Equipment                   410   Dr.

646      Uncollectible Accounts Expense                    560   Dr.

691      Interest Expense                     420   Dr.

 

The worksheet of Bridget’s Office Supplies contains the following owner’s equity accounts.

301 Bridget Swanson, Capital            $62,160 Cr.

302 Bridget Swanson, Drawing         41,000 Dr.

 

 

 

 

5)   The beginning capital balance shown on a statement of owner’s equity is $110,000.Net income for the period is $51,000. The owner withdrew $25,500 cash from the business and made no additional investments during the period. The owner’s capital balance at the end of the period is

 

 

 

o          186,500

o          $135,500

o          $110,000

o          $161,000

 

 

 

 

6)   A Company reported gross profit of $93,000, total operating expenses of $49,500 and interest income of $3,800. What is the income from operations?

 

 

 

o          $43,500

o          $35,900

o          $39,700

o          $47,300

 

 

 

 

 

7)    

2019

Dec.31     (Adjustment a)

                   Uncollectible Accounts Expense

                        Allowance for Doubtful Accounts

                           To record estimated loss from Uncollectible        accounts based on 0.5% of net credit sales,$728,000

  3,640.00       

 

  3,640.00

        31    (Adjustment b)

                        Supplies Expense

                               To record supplies used during the year 

  5,000.00       

 

  5,000.00

         31      (Adjustment c)

                           Insurance Expenses

                           Prepaid Insurance

                                  To record expired insurance on 1-year $5,760 policy purchased on oct.1       

  1,440.00       

 

  1,440.00

           31       (Adjustment d)

                              Depreciation. Exp- Store Equipment

                                 Accum. Depreciation-Store Equip.

                                       To record depreciation        

 14,600.00      

 

 14,600.00

            31         (Adjustment e)

                                Salaries Expense-office

                                Salaries payable

                                     To record accrued salaries for Dec. 29-31    

  3,100.00       

 

  3,100.00

           31          (Adjustment f)

                          Payroll Taxes Expense

                              Social Security Tax Payable

                               Medicare Tax Payable

                                       TO record accrued payroll taxes on accrued salaries: social security, 6.2% * 3,100  = $192.20; Medicare,  1.45% * 3,100 = $44.95

     237.15       

 

      192.20

        44.95

             31        (Adjustment g)

                                Interest Expense

                                   Interest Payable

                                     To record accrued interest on a 4-month,6% trade note payable dated Nov. 1: $23,000 * 2/12 = $230.00       

      230.00      

 

      230.00

                       

 

 

 

8)   The Adjusted Trial Balance section of the worksheet for Van Zant  Janitorial Supplies follows.The owner made no additional investments during the year.

 

 

 

Accounts         Debit   Credit

Cash    $ 19,600         

Accounts Receivable      60,000        

Allowance for Doubtful Accounts                 $      200

Merchandise Inventory             187,200        

Supplies                 7,240        

Prepaid Insurance             3,160        

Equipment           52,000        

Accumulated Depreciation – Equipment                      18,800

 

 

 

9) At the end of the year Stan Still Stationery Store had the following balances: Sales $690,000 ;Sales Dicounts $2,640 ; Sales Returns and Allownces $15,6000 ; Sales Salaries Expense $75,000. The Net Sales for the year are:

•           $596,760

•           $674,400

•           $671,760

•           $687,360

 

 

 

10)  The worksheet of Bridget’s Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,375 on January 1, 2019 and $51,325 on December 31, 2019. The expense accounts numbered 611 through 617 represents selling expenses, and those numbered 631 through 646 represent general and administrative expenses.

401      Sales   $ 244,800 Cr.

451      Sales Returns and Allowances                    4,210 Dr.

491      Miscellaneous income            260 Cr.

501      Purchases           102,200 Dr.

502      Freight In               1,835 Dr.

503      Purchases Returns and Allowances           3,460 Cr.

504      Purchases Discounts          1,660 Cr.

611      Salaries Expense-Slaes                 43,900 Dr.

614      Store Supplies Expense                  2,170 Dr.

617      Deprediction Expense- Store Equipment              1,370 Dr.

631      Rent Expense       12,100 Dr.

634      Utilities Expense                2,860 Dr.

637      Salaries Expense-Office               19,700 Dr.

640      Payroll Taxes Expense                   4,600 Dr.

643      Depreciation Expense- Office Equipment                430 Dr.

646      Uncollectible Accounts Expense                  580 Dr.

691      Interest Expense                   460 Dr.

 

 

The Worksheet of Bridget’s Office Supplies Contains the following owner’s equity accounts. No additional investments were made during the period.

 

301      Bridget Swanson, Capital       $ 62,630 Cr.

302      Bridget Swanson, Drawing       40,900 Dr.

 

 

 

 

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