Please assist me with this accounting assignment. I am struggling to begin and complete it

Intermediate Accounting II Name _____________________________ 1. St. Joe's Inc. reported a $15,000 net loss for 2008. Below are the increases and decreases in selected accounts for 2006: Accounts Receivable $10,000 increase Inventory 2,000 decrease Prepaid Expense 5,000 decrease Accounts Payable 3,000 increase Interest Payable 2,000 decrease Accumulated Depreciation 8,000 increase St. Joe's Inc. had no changes in its plant or equipment. Required: Prepare the operating activities section of the statement of cash flows for St. Joe's Inc. for 2008, using the indirect method. 2. Below is a list of cash inflows and outflows for Buckle Corporation: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. Cash from the issuance of debt ___________ Cash from interest ___________ Cash to lenders for interest ___________ Cash to purchase property ____________ Cash to repay debt ______________ Cash from the collection of loans __________ Cash from the issuance of debt __________ Cash to employees for wages _____________ Cash from the sale of marketable securities ___________ Cash to pay dividends ______________ Cash from sale of goods to customers _______________ Cash to others for expenses ________________ Cash to purchase investments _________________ Cash to government agencies for taxes _________________ Cash from sale of plant _________________ Required: I. Indicate where each of the cash flows above would appear on the statement of cash flows for Buckle Corporation. Select from: a. Cash inflows from operating activities b. Cash outflows from operating activities c. Cash inflows from investing activities d. Cash outflows from investing activities e. Cash inflows from financing activities f. Cash outflows from financing activities 3. PXE Company presented the following comparative balance sheets at December 31, 2005 and 2006, and the income statement for the year ended December 31, 2006: PXE Company Balance Sheets December 31, 2006 and 2005 December 31, 2006 Assets Cash Accounts receivable Inventory Prepaid rent Total current assets Land Equipment Accumulated depreciation Total assets Liabilities and stockholders' equity Accounts payable Salaries payable Interest payable Income tax payable Dividends payable Total current liabilities Long-term notes payable Common stock, $1 par Preferred stock, $4 par Additional paid-in capital Retained earnings Total liabilities and stockholders' equity December 31, 2005 $ 12,200 16,000 19,500 200 $ 47,900 58,000 65,000 (11,000) $159,900 $ 28,200 18,000 22,000 300 $ 68,500 30,000 60,000 (4,000) $154,500 $ 13,000 2,000 2,500 6,500 4,000 $ 28,000 10,000 30,000 24,000 45,000 22,900 $159,900 $ 25,000 2,500 4,000 3,000 0 $ 34,500 40,000 28,000 10,000 30,000 12,000 $154,500 PXE Company Income Statement For the Year Ended December 31, 2006 Sales Cost of goods sold Gross profit General and administrative expenses Salaries expense Rent expense Depreciation expense Total operating expenses Other revenue and expenses: Gain on sale of land Interest revenue Interest expense Income before income taxes Income tax expense Net income $ 400,000 (250,000) $ 150,000 $80,000 31,000 3,600 7,000 (121,600) $ 3,000 300 (2,800) $ $ 500 28,900 (8,000) 20,900 Additional information: a. The company declared dividends in the amount of $10,000 during the year. b. Additional land and equipment were purchased for cash. c. Land that had originally cost $9,000 was sold for $12,000 cash. d. All accounts payable are related to merchandise purchases. e. The company uses a perpetual LIFO inventory system and uses straight-line depreciation for all depreciable assets. Required: 1. Prepare the operating activities section of the statement of cash flows using the indirect method. 4. Howard Sports Inc. incurred the following transactions involving its common stock: January 1 April 1 June 1 October 31 Beginning balance Issued for cash Purchased as treasury stock Issued for cash 100,000 shares 6,000 shares 1,200 shares 9,000 shares Required: 1. Calculate the weighted-average number of common shares outstanding for Howard Sports Inc. 5. Ramon Inc. reported net income of $300,000 for the year ended December 31, 2006. Ramon Inc. had 50,000 shares of common stock outstanding throughout 2006. On January 1, 2006, Ramon Inc. issued 500, five-year, $1,000 face value bonds at par. The bonds pay 7 percent interest, and each bond can be converted into 30 shares of common stock. Assume Ramon Inc. has a 32 percent income tax rate. None of the bonds were converted in 2006. Required: 1. Compute the basic EPS and diluted EPS for Ramon Inc. for 2006. . . . 6. Salary expense on the books was $43000. Salary payable at the beginning of the year was $11000 and at the end of the year was $12500. How much cash was paid out for salaries? 7. Rent expense on the books was $15000. Prepaid rent at the beginning of the year was $3000 and at the end of the year was $1250. How much cash was paid out for rent? 8. Sales revenue on the books was $118000. Accounts receivable at the end of the year was $14000 and accounts receivable at the beginning of the year was $16000. How much cash was received for sales? 9. Sales revenue on the books was $175000. Unearned revenue at the end of the year was $12000 and unearned revenue at the beginning of the year was $4500. How much cash was received from revenue? 10 . Harp's Business Machines Inc. reported the following items from its comparative balance sheet for the calendar year 2008: Inventory Land Building Equipment Accumulated depreciation Notes payable Common stock 2008 $125,000 100,000 570,000 45,000 (105,000) 100,000 300,000 2007 $100,000 200,000 500,000 30,000 (50,000) 150,000 200,000 Additional information for 2008: 1. A piece of land was sold for $65,000, resulting in a $5,000 gain. 2. A smaller section of land was sold for $26,000, resulting in a $14,000 loss. 3. A building was started and completed costing $70,000. All costs were paid in cash. 4. Depreciation expense totaled $55,000 for the year. Required: Determine the cash flows from investing activities for Harp's Business Machines Inc. for 2008. 11 Checker's Games Co. reported the following items on its comparative balance sheet for 2008: Accounts payable Dividends payable Notes payable Common stock Additional paid-in capital Land Goodwill 2008 $200,000 10,000 280,000 315,000 120,000 175,000 45,000 2007 $175,000 0 240,000 290,000 100,000 150,000 75,000 Additional information for 2008: 1. A $70,000 note payable was issued for cash. 2. Interest expense totaled $15,000 for the year of which $13,500 was paid in cash. 3. Stock was issued for cash (the transaction involved common stock). 4. A note payable for $30,000 was repaid. 5. Dividends of $50,000 were declared of which $40,000 have been paid. Required: Prepare the financing section of the cash flow statement in good form for Checker's Games Co. 12. As of Jan 1, 2010 DEF Corp had 20000 common shares outstanding and 3000 convertible preferred shares of 4% par value $100 outstanding. Each share of preferred stock is convertible into .5 shares of common. During 2010 no new common shares were issued and no preferred stock was converted. The tax rate for DEF was 25%. Net income was $250,000. a) How much were basic earnings per share? b) How much were diluted earnings per share? 13. On January 1, 2006, ABC Company bought equipment for $12,000 with an estimated useful life of 5 years and no salvage value. ABC uses straight-line depreciation. On January 1, 2008, it was decided that the sum-of-the-years-digits was more appropriate. What journal entry do you make on January 1, 2008? 14. You failed to accrue wage expense of $1600 in 2011. In 2012 you debited wages expense and credited cash for $1600. Assume the books are closed for 2011, what is the correcting entry? 15. On July 1 2011 you bought an insurance policy for 4 years in advance for $2400, you debited prepaid insurance. You forgot to adjust as of December 31, 2011. What is the correcting entry as of 2012, assuming the books are closed for 2011? 16. Use the same information as #15 except on July 1, 2011 you debited insurance expense for $2400. What is the correcting entry in 2012 assuming the books in 2011 are closed? 17. On Oct 1, 2011 you received rent in advance of $12,000 for 3 years. You credited rent revenue. You forgot to make an adjusting entry on December 31, 2011. What is the correcting entry to be made in 2012assuming the books for 2011 are closed? 18. Assume the same information in #17 except you credited rent expense for $12000. What is the correcting entry in 2012 assuming the books in 2011 are closed? 19) The following information pertains to ABC Corp.'s outstanding stock for 2008: The net income was $250,000. Common stock, $1 par value Shares outstanding, 1/1/08 2-for-1 stock split, 4/1/08 Shares issued, 8/1/08 Preferred stock, $20 par value, 6% cumulative Shares outstanding, 1/1/08 10,000 10,000 5,000 4,000 How many shares should ABC Corp. use to calculate 2008 basic EPS? How much is basic earnings per share? 20. . XYZ Co had the following payroll transactions for the first pay period in 2012. Wages Federal income tax withheld $13000 880 Social security tax is 6.2% and medicare tax is 1.45%. State unemployment tax is 6.2%. Prepare the journal entry to record the wage expense. Prepare the journal entry to record the payroll tax expense. QUESTION 1 NET CASH FLOWS FROM OPERATING ACTIVITIES REPOETED NET LOSS ADD BACK NON CASH ITEMS Depreciation (15,000.00) 8,000.00 Cash inflows/ (outflows) from other operating activities. (Increase) in Trade receivables (10,000.00) Decrease in inventory 2,000.00 Decrease in prepaid expense 5,000.00 Increase in accounts Payable 3,000.00 Net cash outflows from operating activ (7,000.00) QUESTION 2 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. Cash from the issuance of debt ___e________ Cash from interest __e_________ Cash to lenders for interest __f_________ Cash to purchase property ___d_________ Cash to repay debt ____f_________ Cash from the collection of loans _c_________ Cash from the issuance of debt e__________ Cash to employees for wages __b__________ Cash from the sale of marketable securities __c_________ Cash to pay dividends ___f___________ Cash from sale of goods to customers __a_____________ Cash to others for expenses _b_______________ Cash to purchase investments __d_______________ Cash to government agencies for taxes ___b______________ Cash from sale of plant _c______________ QUESTION 3 REPORTED NET PROFIT 20,900.0 Add back non cash items Depreciation iInterest expense 7,000.0 2,800.0 Income tax expense 8,000.0 Cash Inflows/(Outflows) from operating activities Decrease in accounts receivable 2,000.0 Decrease in inventory 2,500.0 Decrease in prepaid rent 100.0 Decrease in account Payable (12,000.0) Decrease in salaries payable (500.0) Tax paid (4,500.0) Gain on sale of land (3,000.0) 23,300.0 QUESTION 4 WEIGHTED AVERAGE NUMBER OF COMMON SHARES NO. OF SH OUTSTANDIWEIGHTED AVERAGE 3 months to 1st april 100,000 2 months to 1 june 106,000 5months to 31 oct 104,800 2 months to 31 dec 113,800 TOTAL WEIGHTED AVERAGE 0.25 0.17 0.42 0.17 25,000 17,667 43,667 18,967 105,300 QUESTION 5 NET INCOME 300,000.0 OUTSTANDING SHARES 50,000.0 BONDS ISSUED 500,000.0 INTEREST RATE 0.07 TAX RATE 0.3 NET INTEREST INCOME 23,800.0 EPS =EARINGS AFTER TAX/TOTAL NUMBER OF SHARES EPS DILUTED EPS 6 DILUTED EPS=EARNINGS+NOTIONAL EXTRA EARNINGS/NUMBEROF SHARES +NOTIONAL NET INCOME 300,000.0 ADD INTEREST 23,800.0 ADJUSTED NET INCOM 323,800.0 ADJUSTED NET INCOM 323,800.0 ASSUME THE BONDS HAVE BEEN CONVERTED TO COMMON STOCK 1 BOND = 30 SHARES 15,000 TOTAL NUMBER OF SHAR 65,000.0 DILUTED EPS 5.0 QUESTION 6 BEGINNING BALANCE SALARY EXPENSE AT THE END SALARIES PAID 11,000 43,000 (12,500) 41,500 QUESTION 7 BALANCE B/F RENT EXPENSE AT THE END OF THE PR CASH PAID 3,000 15,000 (1,250) 16,750 QUESTION 8 OPENING DEBTORS SALES LESS CLOSING DEBTOR CASH RECEIVED QUESTION 9 REVENUE AT START OF 16,000 180,000 196,000 (14,000) 182,000 4,500 SALES 175,000 179,500 UNEARNED REVENUE AT YEAR END AMOUNT RECEIVED (12,000) 167,500 QUESTION 10 CASHFLOWS FROM INVESTING ACTIVITIES CASH INFLOWS/(OUTFLOWS) FROM INVESTING ACTIVITIES SALE OF LAND SALE OF SMALLER LAND CONSTRUCTION OF BUIL PURCHASE OF EQUIPMEN CASH INLFLOWS FROM IN 65,000 26,000 (70,000) (15,000) 6,000 QUESTION 11 CHECKERS GAMING CO CASH FLOW FROM FINANCING ACTIVITIES CASH INFLOW FROM FINANCING ACTIVITIES ISSUE OF NOTES PAYABLE 70,000 ISSUE OF COMMON STOCK 25,000 TOTALCASH INFLOWS FROM FINANCING AC 95,000 CASH (OUTFLOW) FROM FINANCING ACTIVITIES DIVIDENDS PAID (40,000) INTEREST PAID (13,500) PAYMENT OF NOTES PAYABLE (30,000) TOTAL CASH OUTFLOWS FROM FINANCING (83,500) NET CASH INFLOWS FROM FINANCING ACTI QUESTION 12 11,500 EPS=EARNINGS/COMMON SHARES NET INCOME 250,000 COMMON SHARES 20,000 EARNING EPS 238000 11.90 DILUTED EPS I PREFERENCE SHARE=0.5 SHARES (COMMON STOCK) 1500 (NOMBER OF COMMON SHARES CONVERTED) EARNINGS NEW NUMBER OF COMMON SHARE DEPS 250000 21500 11.627907 OF SHARES +NOTIONAL SHARES QUESTION 13 COST OF EQUIPM DEPRECIATION RA 12000 0.2 DEPREICATION 2006 2400 2007 2400 4800 CHANGE OF DEPRECIATION METHOD SUM OF 15 YEAR DEPRECIATION 2006 4000 2007 3200 7200 EXCESS DEPRECIATION 2400 DR CUMULATIVE EFFECT OF ACCOUNTING PRICIPLE CR ACCUMULATED DEPREICATION (WITH THE EXCESS DEPRECIATION OF 2400) QUESTION 14 CORRECTING ENTRY DR RETAINED EARNINGS CR WAGES PAYABLE. (WITH 1600) QUESTION 15 TOTAL INSURANCE BOUGHT INSURANCE PER MONTH EXPENSE FOR SIX MONTHS DR RETAINED EARNINGS CR PREPAID INSURANCE (WITH 300) QUESTION 16 DR PREPAIND INSURANCE CR RETAINED EARNINGS (WITH 2100) 2400 50 300 QUESTION 17 TOTAL AMOUNT NUMBER OF MONT RENT INCOME PER RENT FOR 3 MONT 12,000 36 333 1,000 DR REATAINED EARNINGS CR ADVANCE RENT (WITH 11000) QUESTION 18 DR CR RETAINED EARNINGS ADVANCE RENT (WITH 11000) QUESTION 19 NUMBER O WEIGHTEDWEIGHTE AVERAGE 1/1/2008 10,000 1 10,000 4/1/2008 10,000 0.75 7,500 8/1/2008 5,000 0.42 2,083 19,583 EPS=EARINGS-PREFERNCE SHARE DIVIDENDS/NO OF SHARES OUTSTA EARNINGS LESS PREFERNCE EPS QUESTION 20 GROSS WAGES WITHHELD TAXES 250,000 (4,800) 245,200 12.5208511 13000 880 13880 SOCIAL SECURITY 1721.12 MEDICARE 402.52 UNEMPLOYMENT 860.56 JOURNAL ENTRIES DR WAGES EXPENSE CR WAGES PAYABLE (WITH 13000) DR PAYROLL TAXES CR PAYROLL TAXES PAYABLE WITH 3864.2 NO OF SHARES OUTSTANDING