Homework Answers
Solution: $3920
Working:
|
01.01.18 |
31.12.18 |
Diff |
|
|
Inventory |
229,300 |
225,600 |
3,700 |
|
Accounts payable |
670,000 |
270,220 |
399,780 |
|
Cash paid to supplier |
400,000 |
|
Minus: Decrease in A/P |
-399,780 |
|
Add: Decrease in inventory |
3,700 |
|
COGS |
3920 |
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00 - the only source of account payable for Mike is purshate of inventory on credit...
Boone company reports the following: End of Year Beginning of year Inventory $25,000 $40,000 Account payable...
Boone company reports the following: End of Year Beginning of year Inventory $25,000 $40,000 Account payable 30,000 10,000 Account Receivable 15,000 8,000 If the cost goods sold for the year is $250,000, the amount of cash paid to suppliers is: a. $215,000 b. $255,000 c. $245,000 d. $285,000 e. $222,000
On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances:
On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: AccountsDebitCredit Cash$ 21,900 Accounts Receivable36,500 Inventory30,000 Land61,600 Allowance for Uncollectible Accounts$ 3,100 Accounts Payable32,400 Notes Payable (8%, due in 3 years)30,000 Common Stock56,000 Retained Earnings28,500 Totals$150,000 $150,000 The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2018, Big Blast Fireworks had the following inventory transactions: January 3Purchase 1,200 units for $126,000 on account ($105 each).January 8Purchase 1,300 units for $143,000 on account ($110...
Ace Bonding Company purchased merchandise inventory on account. The inventory costs $2,000 and is expected to...
Ace Bonding Company purchased merchandise inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. How should Ace record the purchase? Cost of 3,000 3,000 of Accounts payable QUESTION 8 pe Eve's Apples opened its business on January 1, 2018, and paid for two insurance policies effective that date. The liability policy was $36,000 for 18 months, and the crop damage polioy was $12,000 for a two-year 20187 term. What is the balance in Eve's prepaid...
On April 15, 2018, fire damaged the office and warehouse of Tamarisk Corporation. The only accounting...
On April 15, 2018, fire damaged the office and warehouse of
Tamarisk Corporation. The only accounting record saved was the
general ledger, from which the balance sheet data below was
prepared.
TAMARISK CORPORATION
MARCH 31, 2018
Cash
$19,230
Accounts receivable
42,450
Inventory, December 31, 2017
72,170
Land
35,190
Buildings
113,870
Accumulated depreciation
$40,663
Equipment
3,260
Accounts payable
24,316
Other accrued expenses
5,952
Common stock
104,900
Retained earnings
54,140
Sales revenue
135,040
Purchases
54,140
Miscellaneous expense
24,701
$365,011
$365,011
The following...
On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances:...
On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Inventory Land Allowance for Uncollectible Accounts Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 24,900 44,000 45,000 84,100 3,300 27,700 45,000 71,000 51,000 $198,000 $198,000 The $45,000 beginning balance of inventory consists of 450 units, each costing $100. During January 2018, Big Blast Fireworks had the following inventory transactions: January 3...
HOMEWORK #2 Due January 24, 5:00 pm 10 points Sparty Corporation has been operating for two...
HOMEWORK #2 Due January 24, 5:00 pm 10 points Sparty Corporation has been operating for two years. The December 31, 2018 account balances are: Accounts Payable Salaries Payable $190,000 Cash $250,000 Accounts Receivable 65,000 45,000 Notes Payable – long term Inventory 175,000 29,000 Contributed Capital Retained Earnings Short-term Investments 20,000 220,000 Equipment Land 180,000 210,000 124,000 During the year 2019, the company had the below activities. Note that none of these activities should impact the income statement, only the balance...
Post the entries to Work in Process Inventory, and prove the agreement of the control account...
Post the entries to Work in Process Inventory, and prove the
agreement of the control account with the job cost sheets.
Exercise 15-02 a-b (Video) (Part Level Submission) Bonita Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,890 and two jobs in process: Job No. 429 $2,540, and Job No. 430 $1,350. During May, a summary of source documents reveals the following. Materials Labor Time Job Number...
Un January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:...
Un January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 22,500 38,000 $ 3,700 33,000 66,100 30,900 33,000 59,000 33,000 $159,600 $159, 600 The $33,000 beginning balance of inventory consists of 330 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions:...
Account T-Account Record
Month 1:$2,000,000 sale of stock occurs with all cash received by the company.$3,000,000 bank loan received from the company’s bank at the end of the month – interest will start accruing next month (interest rate is 1% per month). Principal and interest cash payments will be made in a lump-sum payment at the end of the loan period.Factory is leased at the beginning of the month and prepaid for the entire year up-front at a cost of $720,000. The first month of lease expense is expensed to the...
Account Name Debit Credit Cash $35,000 Accounts Receivable 5,600 Food Inventory 21,000 62,500 Merchandise Inventory Prepaids...
Account Name Debit Credit Cash $35,000 Accounts Receivable 5,600 Food Inventory 21,000 62,500 Merchandise Inventory Prepaids 3,400 Computers 30,000 12.000 Accumulated Amortization - Computers Bakery Equipment 90,000 18,000 Accumulated Amortization - Bakery Equipment Furniture and Fixtures 150,000 15,000 Accumulated Amortization - Furniture and Fixtures Accounts Payable Accrued Liabilities Interest Payable Dividend Payable Long-term Loan 220,000 Common Shares Retained Earnings 50,000 22,000 468,500 Food Revenue Internet Revenue 127,000 Merchandise Revenue 103,000 Food Expense 2 40,000 Internet Expense 54,000 Electricity Expense 65,000...
Ace Bonding Company purchased merchandise inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. How should Ace record the purchase? Cost of 3,000 3,000 of Accounts payable QUESTION 8 pe Eve's Apples opened its business on January 1, 2018, and paid for two insurance policies effective that date. The liability policy was $36,000 for 18 months, and the crop damage polioy was $12,000 for a two-year 20187 term. What is the balance in Eve's prepaid...
On April 15, 2018, fire damaged the office and warehouse of
Tamarisk Corporation. The only accounting record saved was the
general ledger, from which the balance sheet data below was
prepared.
TAMARISK CORPORATION
MARCH 31, 2018
Cash
$19,230
Accounts receivable
42,450
Inventory, December 31, 2017
72,170
Land
35,190
Buildings
113,870
Accumulated depreciation
$40,663
Equipment
3,260
Accounts payable
24,316
Other accrued expenses
5,952
Common stock
104,900
Retained earnings
54,140
Sales revenue
135,040
Purchases
54,140
Miscellaneous expense
24,701
$365,011
$365,011
The following...
On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Inventory Land Allowance for Uncollectible Accounts Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 24,900 44,000 45,000 84,100 3,300 27,700 45,000 71,000 51,000 $198,000 $198,000 The $45,000 beginning balance of inventory consists of 450 units, each costing $100. During January 2018, Big Blast Fireworks had the following inventory transactions: January 3...
HOMEWORK #2 Due January 24, 5:00 pm 10 points Sparty Corporation has been operating for two years. The December 31, 2018 account balances are: Accounts Payable Salaries Payable $190,000 Cash $250,000 Accounts Receivable 65,000 45,000 Notes Payable – long term Inventory 175,000 29,000 Contributed Capital Retained Earnings Short-term Investments 20,000 220,000 Equipment Land 180,000 210,000 124,000 During the year 2019, the company had the below activities. Note that none of these activities should impact the income statement, only the balance...
Post the entries to Work in Process Inventory, and prove the
agreement of the control account with the job cost sheets.
Exercise 15-02 a-b (Video) (Part Level Submission) Bonita Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,890 and two jobs in process: Job No. 429 $2,540, and Job No. 430 $1,350. During May, a summary of source documents reveals the following. Materials Labor Time Job Number...
Un January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 22,500 38,000 $ 3,700 33,000 66,100 30,900 33,000 59,000 33,000 $159,600 $159, 600 The $33,000 beginning balance of inventory consists of 330 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions:...
Account Name Debit Credit Cash $35,000 Accounts Receivable 5,600 Food Inventory 21,000 62,500 Merchandise Inventory Prepaids 3,400 Computers 30,000 12.000 Accumulated Amortization - Computers Bakery Equipment 90,000 18,000 Accumulated Amortization - Bakery Equipment Furniture and Fixtures 150,000 15,000 Accumulated Amortization - Furniture and Fixtures Accounts Payable Accrued Liabilities Interest Payable Dividend Payable Long-term Loan 220,000 Common Shares Retained Earnings 50,000 22,000 468,500 Food Revenue Internet Revenue 127,000 Merchandise Revenue 103,000 Food Expense 2 40,000 Internet Expense 54,000 Electricity Expense 65,000...
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