ACC 291 Week 5 Connect Practice Connect Assignment (Score 100%)

ACC 291 Week 5 Connect Practice Connect Assignment (Score 100%)

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Attachments: ACC 291 Week 5 Connect Practice CA (Correct).xlsx [ Preview Here ]

Coffee Bean

Artisan wines

Good to Go Auto Products

Superior Hardware

Healthy Eating Foods Company

 

 

The data below concerns adjustments to be made at Coffee Bean Importers.

Adjustments

  1. On November 1, 2019, the firm signed a lease for a warehouse and paid rent of $21,000 in advance for a six-month period.
  2. On December 31, 2019, an inventory of supplies showed that items costing $1,940 were on hand. The balance of the Supplies account was $11,880.
  3. A depreciation schedule for the firm’s equipment shows that a total of $10,750 should be charged off as depreciation in 2019.
  4. On December 31, 2019, the firm owed salaries of $6,100 that will not be paid until January 2020.
  5. On December 31, 2019, the firm owed the employer’s social security (6.2 percent) and Medicare (1.45 percent) taxes on all accrued salaries.
  6. On October 1, 2019, the firm received a five-month, 8 percent note for $6,500 from a customer with an overdue balance.


Required:

  1. Record the adjusting entries in the general journal as of December 31, 2019.
  2. Record reversing entries in the general journal as of January 1, 2020.


Analyze:
After the adjusting entries have been posted, what is the balance of the Prepaid Rent account on January 1, 2020?

 

 

 

 

 

 

2

The Artisan Wines is a retail store selling vintage wines. On December 31, 2019, the firm’s general ledger contained the accounts and balances below. All account balances are normal.

 

Required:

  1. Prepare a classified income statement for the year ended December 31, 2019. The company does not classify its operating expenses as selling expenses and general and administrative expenses.
  2. Prepare a statement of owner’s equity for the year ended December 31, 2019. No additional investments were made during the year.
  3. Prepare a classified balance sheet as of December 31, 2019. 


Analyze:
What is the inventory turnover for Artisan Wines?

 

 

3

 

Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted trial balance data that follows is from the firm’s worksheet for the year ended December 31, 2019

 

Required:

  1. Prepare a classified income statement for the year ended December 31, 2019. The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses.
  2. Prepare a statement of owner’s equity for the year ended December 31, 2019. No additional investments were made during the period.
  3. Prepare a classified balance sheet as of December 31, 2019. The mortgage payable extends for more than one year.


Analyze:
What percentage of total operating expenses is attributable to warehouse expenses?

 

 

4

 

Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. On December 31, 2019, the firm’s general ledger contained the accounts and balances that follow.

 

Required:

  1. Record adjusting entries in the general journal as of December 31, 2019.
  2. Record closing entries in the general journal as of December 31, 2019.
  3. Record reversing entries in the general journal as of January 1, 2020.


Analyze:
Assuming that the firm did not record a reversing entry for salaries payable, what entry is required when salaries of $6,000 are paid on January 3?

 

 

5.

Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31, 2019.

Required:

  1. Prepare a classified income statement for the year ended December 31, 2019. The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses.
  2. Prepare a statement of owner’s equity for the year ended December 31, 2019. No additional investments were made during the period.
  3. Prepare a classified balance sheet as of December 31, 2019. The mortgage payable extends for more than a year.


Analyze:
What is the current ratio for this business?

 

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