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question 1 (30 points)

floozy corporation had the following selected account balances as of december 31, 2014.
accounts receivable $250,000
notes receivable 75,000
prepaid rent 168,000
supplies 60,000
inventory 420,000
equipment (historical cost) 640,000
accounts payable 176,000
salaries payable 15,000
accumulated depreciation 174,000
the following information was received from floozy corporation's accountant. adjusting entries have not yet beenmade.
a. it is estimated that $16,000 of accounts will not be collectible. a provision for uncollectibleaccounts has never been made by floozy corporation.
b. supplies remaining at the end of the year were $37,000.
c. equipment is depreciated over 20 years with a $60,000 salvage value.
d. accrued salaries at 12/31/14 were $37,500.
e. the note receivable was signed by the customer on november 1, 2014. it is a 6-month notewith an interest rate of 12%, with the principle and interest paid at maturity.
f. rent was paid on august 1, 2014, for 24 months and recorded in a prepaid rent account.
g. floozy corporation does not elect to use the fair value option for any of its financial assetsor liabilities. prepare the adjusting journal entries necessary for each item. do not provide any journal explanations. if no entry is necessary, write "no entry."
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question 2 (6 points)

frack department store sells gift certificates, redeemable for store merchandise, that expire one year after theirissuance. frack has the following information pertaining to its gift certificates sales and redemptions:
unredeemed at 12/31/14 $ 75,000
2015 sales 250,000
2015 redemptions of prior year sales 25,000
2015 redemptions of current year sales 175,000
frack records the gift certificates as income when. frack began business on 1/1/2014. prepare any required general journal adjusting entries (without explanation) for the years ending 12/31/14 and 12/31/15. if no entry is required then identify this fact in the journal.
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question 3 (4 points)

on january 1, 2014, flop co. purchased a patent for $714,000. the patent is being amortized over its remaining legallife of fifteen years expiring on december 31, 2028. during 2016, flop determined that the economic benefits of thepatent would not last longer than ten years from the date of acquisition. prepare any required general journal adjusting entries (without explanation) for the flop co. for the 2016. if no entry is required then identify this fact in the journal.
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question 4 (18 points)

floozy had the following selected account balances as of december 31, 2014.

accounts receivable $250,000
notes receivable 75,000
prepaid rent 168,000
supplies 60,000
inventory 420,000
equipment (historical cost) 640,000
accounts payable 176,000
salaries payable 15,000
accumulated depreciation 174,000
the following information was received from floozy's accountant. adjusting entries have not yet been made.
a. it is estimated that $16,000 of accounts will not be collectible. a provision for uncollectibleaccounts has never been made by floozy.
b. supplies remaining at the end of the year were $27,000.
c. equipment is depreciated over 20 years with a $60,000 salvage value.
d. accrued salaries at 12/31/14 were $27,500.
e. the note receivable was signed by the customer on november 1, 2014. it is a 6-month notewith an interest rate of 12%, with the principle and interest paid at maturity.
f. rent was paid on august 1, 2014, for 24 months and recorded in a prepaid rent account.
g. floozy does not elect to use the fair value option for any of its financial assets or liabilities.determine the adjustments necessary for december 31, and indicate the adjusted balances ofthe selected accounts at december 31, 2014.

calculate the values for the following items:

1 accounts receivable (net)
2 notes receivable
3 prepaid rent
4 supplies
5 inventory
6 equipment
7 accounts payable
8 salaries payable
9 accumulated depreciation



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question 5 (3 points)

in 2014, frick corp. sold a comic strip to frack, inc. and will receive royalties of 20% of future revenues associated withthe comic strip. at december 31, 2015, frack reported revenues of $375,000 from the comic strip. during 2016, frickreceived royalty payments of $200,000. frack reported revenues of $1,500,000 in 2016 from the comic strip. in its 2015income statement, what amount should frick report as royalty revenue?
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