Project #24617 - accouting

4. Suppose the following items were taken from a company's Dec 31, 2014 Balance 
Sheet. Prpepare the asset section of the classified Balance Sheet listing the current
assets in order of their liquidity.            
                   
  Inventory           $12,984  
                   
  Notes Receivable- due after Dec 31, 2015     7,473  
                   
  Notes Receivable due before Dec 31, 2015     469  
                   
  Accumulated Depreciation- buildings     27,365  
                   
  Patents           12,528  
                   
  Buildings           42,999  
                   
  Cash           5,917  
                   
  Accounts receivable         2,008  
                   
  Debt investments- short term       5,785

 

 

 

 

 

 

5. These financial statement items are from a company's year end July 31, 2014
financial statements. Prepare the following for the company:    
                 
  a) An income statement and a retained earnings statement for the year. 
    No stock was issued during the year.      
                 
  b) A classified Balance Sheet at July 31.      
                 
                 
  Salaries and wages payable       $2,080
  Salaries and wages expense       57,500
  Supplies Exp           15,600
  Equipment           18,500
  AP             4,100
  Service Revenue         66,100
  Rent Revenue         8,500
  Notes Payable (due in 2017)       1,800
  Common Stock         16,000
  Cash           29,200
  AR             9,780
  Accumulated depreciation-equipment     6,000
  Dividends           4,000
  Depreciation Exp         4,000
 

Retained Earnings (beginning of the year)

 

 

9. The following transactions  were recorded on the journal of NU Inc's books.       
    Showing the t-account work, use t-accounts to solve for the missing amounts.   
    No credit will be given if you do not use t-account presentation to solve the problems.  
                         
  1)   AP had a balance of $3,000 at the beginning of the month and $3,400 at the end of the month.
      During the month, purchases on account amounted to $6,100. Calculate the payments to suppliers
      during the month.                
                         
  2)   AR had a balance of $21,400 at the beginning of the month and $19,800 at the end of the month. 
      Cash collected from the customers totaled $76,000 during the month. Calculate credit sales during 
      the month, assuming that all sales were made on account.      
                         
  3)   The supplies account had a balance of $1,200 at the beginning of the month and $1,600 at the end
      of the month. The cost of the supplies purchased during the month was $3,900. Calculate the cost
      of the supplies used during the month.            
                         
  4)   Wages payable had a balance of $5,800 at the end of the month. During the month, $28,000 of 
      wages were paid to employees. Wages expense accrued during the month totaled $29,500. 
      Calculate Wages Payable at the beginning of the month.      
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
10. The following transaction occurred on the dates provided for a newly formed construction company.  
                         
  a)  Write the journal entries for each transactions.            
                         
  b)  Prepare a trial balance as of Oct 31, 2014.            
                         
  Transactions:                    
                         
October 1   Stockholders invest $25,000 in exchange for common stock .      
                         
  2   Hires a foreman at an annual salary of $63,000.        
                         
  3   Buys crane for $38,000 on account.            
                         
  6   Sells a building for $73,200 to be paid in six months.        
                         
  10   Receives cash of $1,400 as payment for a customer invoice for work performed earlier in the month.
                         
  15   Buys land for a building site.              
                         
  18   Buys paint, nails and screws for $750 on account from the local hardware stoe.  
                         
  22   Sells the old crane for $2,500.              
                         
  30   Pays the foreman $5,250  in salary for Oct.          
                         
  31   Pays the hardware store $600 on account.          
                         
    34,000

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