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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

7. The abbreviated income statement of Fran and Robert for December 31, 19X8, appears below: Sales (net) Less Cost of Goods Sold Gross Profi Less: Expenses Net Income The profit and loss agreement
6. P&C Printing Company traded in its old press for a new one priced at $18,000, receiving a trade-in allowance of $1,500 and paying the balance in cash. The old press cost $12.500 and had
5. Inventory information for product 248 is given below: Jan Mar. 17 Purchase 12 units @ Apr. 29 Purchase 8 units Aug 19 Purchase 12 units Aug. 29 Purchase 5 units Sept. 18 Purchase Balance 15 units
4. Prepare a bank reconciliation statement based on the information below; (a) Bank balance, $3,400. (b) Checkbook balance, $3,120. (c) Outstanding checks, $1,140. (d) Deposits in transit, $1,800.
3. Record the following transactions in the books of Richard Johnson: (a) Sept. 5 (b) Dec. 4 (c) Dec. 31 Received an $8,000, 90-day, 12 percent note in settlement of the M. Ribble account and
2. The total payroll for the Madison Bridge Company for the week ending March 30 was $12,000. Deductions made: $2,800, federal income tax: $900, hospitalization; the balance was paid in cash. (a)
1. Journalize the following adjusting data as of December 31: (a) Merchandise inventory, January 1, $46,000. December 31, $48,000. (b) Office supplies physically counted on December 31 were $1.250.
10. Equipment purchased on July 1, 19X8, for $5,500 has an estimated scrap value of $1,000. The equipment will be depreciated the straight-line method for a period of 5 years. The company's fiscal
9. Saltman Company traded in an electric motor for a new one priced at $5.200, receiving a trade-in allowance of $600 and paying the balance in cash. For the old motor, the cost and accumulated
8. As of December 31, 19X8, accumulated depreciation of $10,000 has been recorded on equipment that had originally cost $15,000. What is the entry to record the disposal of the assets (a) if the
7. The Washington Company acquired an asset on January 1, 19X8, at a cost of $28,000, with an estimated useful life of 10 years and a salvage value of 500. Find the annual depreciation for the first
6. Based on the following information. (a) prepare a bank reconciliation and (b) journalize the adjusting entries. 1. Balance per bank statement. $2,121.21 2. Checkbook balance. $3,315.24 3. Deposit
5. Transactions for the Blaky Company for the month of January, pertaining to the establishment of a petty cash fund, were as follows: Jan. 1 Established an imprest petty cash fund for $75 31
4. Accounts Receivable 100.000 Allowance for Uncollectible Accounts 300 Sales 400.000 For the balances given above, what is the adjusting entry to record the provision for uncollectible accounts, if
3. A 60-day, 12 percent, $3,000 note received in settlement of an account, dated June 1, is discounted at 12 percent on July 1. What are the entries needed to record the information (a) on June 1?
2. Below is the payroll information for three of the employees of the Ernst Company.The company is located in a state that imposes an unemployment insurance tax of 2 percent on the first $7,000.
1. The total amount of earnings shown on the Jamison Company payroll on April 15 was $20,000, subject to FICA (7.65 percent). Total payroll deductions included: hospitalization, $1,000; and pension.
16.12. (a) A heavy truck bought in 1983 was purchased for $40,000. Determine the amount of the write-off each year for tax purposes. (b) A light truck was bought on June 25, 1985, for $12,000.
16.11. A light truck bought in 1994 for $20,000, with scrap value $5,000, is to be depreciated under the Modified Accelerated Cost Recovery System. What is the depreciation expense for each year?
16.10. Office furniture purchased for $10,000 has a scrap value of $2,000. Determine the depreciation expense for each year under ACRS. Year 1 2 3 4 5
16.9. An automobile bought in 1982 for $28,000 has a scrap value of $4,000 and an estimated life of 3 years. Determine depreciation expense for each of the 3 years under the Accelerated Cost Recovery
16.8. The transactions below were selected from the records of the Allie & Hallie Restaurant regarding the disposal of some of its fixed assets. Depreciation is considered to be recorded only to
16.7. The four transactions below were selected from the ledger of J. B. Adam regarding the disposal of some of his fixed assets. Depreciation is considered to be recorded only to the end of the
16.6. Equipment that was acquired at a cost of $5,000 has an accumulated depreciation of $3,800. It is traded in for similar equipment costing $8,400, and a trade-in allowance of $1,500 is received.
16.5. Based on the information above, assume that the trade-in allowance had been $100 instead of $600. What is the entry to record the acquisition of the new machine?
16.4. Renee-Chris Company traded in a cutting machine for a new one priced at $2,600, receiving a trade-in allowance of $600 and paying the balance in cash. The old machine cost $1,800 and had an
16.3. Based on Prob. 16.2, what entry would be recorded if the equipment were sold for $4,000?
16.2. For Prob. 16.1, what entry would be recorded if the equipment were sold for $6,000?
16.1. As of December 31, 19X8, accumulated depreciation of $9,000 has been recorded on equipment that originally cost $14,000. What is the entry to record the disposal of the asset if the equipment
15.13. Klein's Logging Company purchased a new truck for $80,000 on January 1, 19X8, and put it into use on January 3, 19X8. The estimated life is 5 years, with an estimated scrap value of $5,000.
15.12. A fixed asset costing $60,000, with an estimated salvage value of $5,000, has a life expectancy of 10 years. Compare the results of the various depreciation methods by filling in the tables
15.11. Based on the information from Prob. 15.9, what would the entry be if the sum-of-the-years- digits method was used?
15.10. Based on the information from Prob. 15.9, what would the entry be if the double-declining- balance method was used?
15.9. See Thru Glass Company purchased a new glass-cutting machine on May 13, 19X8, for $28,000 and put it into use on May 19, 19X8. The machine has an estimated scrap value of $4,000 and will be
15.8. A machine was purchased for $28,000 and had an estimated scrap value of $4,000 and an estimated life of 32,000 hours. What would the year-end entry be if the units-of-production method was
15.7. What amount will appear in the income statement for Depreciation Expense, Equipment (Prob. 15.6) (a) for the year 19X8? (b) For the year 19X9?
15.6. Equipment costing $9,600, with an estimated scrap value of $1,600, was bought on July 1, 19X8. The equipment is to be depreciated by the straight-line method for a period of 10 years. The
15.5. Based on Prob. 15.4, what amount will appear in the income statement for Depreciation Expense. Truck (a) for the year 19X8? (b) For the year 19X9?
15.4. A truck was purchased on January 1, 19X8, for $8,500, with an estimated scrap value of $500. It will be depreciated for 8 years using the straight-line method. Show how the Truck account and
15.3. Repeat Prob. 15.2, but using the double-declining-balance method.
15.2. For the asset of Prob. 15.1, compute the depreciation for the first 2 years by the sum-of-the- years'-digits method.
15.1. Hacol Company acquired an asset on January 1, 19X8, at a cost of $38,000, with an estimated useful life of 8 years and a salvage value of $2,000. What is the annual depreciation based on the
14.19. Listed below is the payroll information for four of the employees of the Barlow Company.The FICA tax rate is 7.65 percent. The state unemployment rate for this company for the present year is
14.18. Based on the information presented in the payroll register of Prob. 14.16, present the necessary payroll tax expense entry for the employer. Assume a state tax rate of 3.2 percent and a
14.17. Based on the information in Prob. 14.16, present the payroll entry needed.
14.16. Based on the information below, complete the March 28 payroll register for the J. Rakosi Medical Center. Gross Pay Earnings Name to Date Reg. Ot. Total Federal Withholding Other Deductions J.
14.15. Low Company has four employees. Their gross pay for the week ending September 5 was Frank, $385; Lyn, $428; Shawn. $454; and Amy, $406. Assuming a FICA rate of 7.65 percent, what is the FICA
14.14. ABC Company has three salespeople who are paid a flat salary of $300 per week, plus a 5 percent commission on their sales. Their sales for the week ending March 26 were Jack, $5,000; Pat,
14.13. Yellow Cab Company has 34 employees. For the week ending July 9, their total gross pay was $20,115, all subject to FICA tax, and $11,560 was subject to unemployment insurance tax.Assume a FICA
14.12. Bill King works for Jinx Corporation full-time and Luckey Corporation part-time. His gross pay to date at Jinx is $68,200, and his pay for the week ending November 30 is $500. His pay to date
14.11. Sooners Fruit Farm employs 20 full-time employees. For the week ending August 5, the gross pay was $14,774, and of that, $12,227 was subject to unemployment insurance tax. Present the journal
14.10. For the week ending July 3, Happy Pools' gross payroll was $37,640, of which $21.370 was subject to unemployment compensation insurance tax. Present the journal entries to record the
14.9. For the week ending June 30, the Benezran Company had a gross payroll of $12.000. The amount subject to unemployment compensation tax was $8,000. Present the journal entry to record the
14.8. Based on Prob. 14.7, present the employer's payroll tax entry, assuming a state unemployment tax rate of 3.4 percent and federal unemployment tax rate of 0.8 percent, and that of the total
14.7. The total payroll for the Berchid Realty Company for the week ending May 30 was $19,000, all subject to FICA tax: $3.800 was withheld for federal income tax and $1,500 deducted for pensions;
14.6. Based on the information in Prob. 14.5, what is the entry to record the employer's payroll tax if it is assumed that the state tax rate is 3.4 percent, the federal unemployment rate is 0.8
14.5. Judy Bagon worked 44 hours during the first week in February of the current year. Her pay rate is $5.50 per hour. Withheld from her wages were FICA (7.65 percent), federal income tax ($31.00).
14.4. Complete the table below based on the employer's payroll obligation. Assume a state rate of 3.4 percent and a federal rate of 0.8 percent. Amount Earned Employee (a) B. Orzech This Week Prior
14.3. Based on the Social Security rate of 6.2% (up to $68,400) and the Medicare rate of 1.45% (unlimited), how much will be withheld from the following employees: Employee (a) I. Blanton (b) P.
14.2. How many exemptions are permitted to be claimed on Form W-4 in the following cases: (a) Taxpayer (b) Taxpayer and (nonworking) spouse (c) Taxpayer and working spouse (d) Taxpayer, spouse, and
14.1. Below is a time card for Carol Popich. Complete the hours section of her time card and compute her gross pay. Allow 1 hour for lunch each day. Name Carol Popich Time Card Pay Rate/Hour $6.40
13.18. At the close of the day, the total cash sales as determined by the sales registers were $1,480. However, the total cash receipts were only $1,472. The error cannot be located at the present
13.17. If in Prob. 13.15 the cash on hand was only $2, record the January 31 reimbursement. What will happen to the Cash Short and Over account?
13.16. If in Prob. 13.15 the cash on hand was $9, record the January 31 reimbursement.
13.15. Transactions for the Eagan Company for the month of January, pertaining to the establishment of a petty cash fund. were as follows: Jan. Established an imprest petty cash fund of $50 31 Box
13.14. What adjusting entries are needed to record the above data?
13.13. Based on the following information, prepare a reconciliation of the Armando Company's bank account at December 31. 1. Balance per bank statement, December 31, $88,489.12. 2. Balance per books,
13.12. Prepare the adjusting entries needed for Prob. 13.11.
13.11. Correct the following incorrect bank reconciliation. Kaney Company Bank Reconciliation December 31, 19X8 Balance per depositor's books Add: Note collected by bank including interest Deposit in
13.10. Based on the following information, (a) prepare a bank reconciliation and (b) journalize the adjusting entries. 1. Bank balance per statement, $3,712.44. 2. Checkbook balance, $5,212.19. 3.
13.9. Based on the following information, (a) prepare a bank reconciliation and (b) journalize the adjusting entries. 1. Bank balance per statement, $7,349.46. 2. Cash account balance, $5,432.76. 3.
13.8. Prepare the adjusting entries needed for Prob. 13.7. Dr. Cr.
13.7. Using the following data, reconcile the bank account of the Kemper Motor Company. 1. Bank balance, $7,780 2. Depositor's balance, $6,500 3. Note collected by bank, $1,000, plus interest of $30;
13.6. Of the following transactions involving the bank reconciliation statement, which ones neces- sitate an adjusting entry on the depositor's books? Prepare the necessary entries. (a) Outstanding
13.5. For items 1 to 8 below, in order to produce equal adjusted balances for Blake Company, indicate whether they should be (a) Added to the bank statement balance (b) Deducted from the bank
13.4. (a) Assume that J. Lerner, banking at 1st City Bank, wishes a full endorsement for A. Levy. Prepare a full endorsement. (b) Prepare a blank endorsement. (c) Prepare a restrictive endorsement
13.3. Answer the following questions about the check shown below. (a) Who is the drawer? (b) Who is the drawee? (c) Who is the payee? Pay to the Order of. No. 136 December 25, 19.X8 of Jason Sloane
13.2. Name five types of cash disbursements.
13.1. Name five sources of cash receipts.
12.18. If, in Prob. 12.17, J. Philips later paid his account in full, what entries would be necessary?
12.17. Below are some accounts of the Jay Balding Company, as of January 19X8.Prepare the entries needed to record the following information: (a) Mar. 5 D. Grego account was determined to be
12.16. Using the aging schedule below, prepare the adjusting entry providing for the uncollectible accounts expense. Amount Age Estimated Percent Uncollectible $24.000 18,000 1-30 days 31-60 days 1%
12.15. Shown are balances for Caren Jill Associates.What is the adjusting entry needed to record the provision for uncollectible accounts if the uncollectible expense is estimated (a) as 1 percent of
12.14. Record the following transactions in the books of Carl Klein: (a) Sept. 5 (b) Dec. 4 (c) Dec. 31 Received an $8,000, 90-day, 6 percent note in settlement of the M. Ribble account and
12.13. If in Prob. 12.12 Happy Valley dishonored its obligation on July 30 and a $5 protest fee was imposed by the bank, what entry would be required to record this information?
12.12. Record the following transactions in the books of Mary Sudolle Company. (a) May 1 Received a $6,000, 90-day, 12 percent note in settlement of the Happy Valley (b) May 31 (c) July 30 account
12.11. What are the entries needed to record the information in Prob. 12.10 (a) on June 1? (b) on July 1? (b)
12.10. A 90-day, 12 percent, $4,000 note receivable in settlement of an account, dated June 1, is discounted at 12 percent on July 1. Compute the proceeds of the note.
12.9. From the following information, prepare the necessary journal entries. 1. On June 10, received a 30-day, 12 percent, $5,000 note dated June 9 from Price Rite in settlement of his account. 2.
12.8. Below is a list of notes payable from the books of March Company. Determine (a) the due date, (b) the interest, (c) the maturity value for each note (not a leap year). As you can see, a
12.7. On July 10, Jay Company issued a 60-day, 12.5 percent note for $6,000. Determine (a) the due date, (b) the interest, (c) the maturity value.
12.6. Determine the interest on the following notes: (a) $750 principal, 6 percent interest, 96 days; (b) $800 principal, 9 percent interest, 90 days. Use the 60-day, 6% method.
12.5. A note written on August 1 and due on November 15 was discounted on October 15. (a) For how many days was the note written? (b) For how many days did the bank charge in discounting the note?
12.4. Below is an example of a note receivable.(a) Who is the maker of the note? (b) Who is the payee of the note? (c) What is the maturity date of the note? (d) What is the maturity value of the
12.3. Assume in Prob. 12.1 that Mr. Hudson's note required the interest payment upon the maturity of the note. What entries are needed to (a) record the loan and (b) record the payment? (a) (b)
12.2. Based on the information in Prob. 12.1, what entry would be necessary if after 90 days, Hudson Corporation was unable to repay the loan and was granted another 90-day renewal?
12.1. The Hudson Corp. borrowed $5,000 for 90 days at 12 percent from the Sullivan National Bank. What entries are needed to (a) record the loan, and (b) record the payment? Assume that the interest
7. Based on the data below, determine the inventory cost at March 31 by the retail method. Inventory, March 1 Purchases in March (net) Sales for March Cost $39,700 Retail $63.000 24,000 31,600 56.000
6. Based on the above problem, determine the cost of goods sold under the first-in-first-out. last-in-first-out, and weighted average methods.
5. The beginning inventory and purchases of product X for the year are given below: 7 units @ $41 each Beginning inventory Purchase, March 10 8 units @ $43 each Purchase, July 22 5 units @ $45 each 5

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