Final Exam Review Problems
finance 代写 1.Consider the following INDEPENDENT situations for XYZ Company: a.The Allowance for Doubtful Accounts has a $1,200 credit balance prior to···
Chapter 8: Receivables, Bad Debt Expense, and Interest Revenue finance 代写
1.Consider the following INDEPENDENT situations for XYZ Company:
a.The Allowance for Doubtful Accounts has a $1,200 credit balance prior to adjustment. Net credit sales during the year are $830,000 and 4% are estimated to be uncollectible. Accounts Receivable has a balance of $110,000 at the end of the year.
b.The Allowance for Doubtful Accounts has a $16,300 credit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared at the end of the year, $20,000 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $958,000 at the end of the year.
Prepare the adjusting journal entry to record bad debt expense for each INDEPENDENT situation.
Calculate the net accounts receivable for each of the above situations. finance 代写
2.During 2019, Syran Company had credit sales totaling $192,000 and wrote off a $7,500 account receivable as uncollectible. On December 31, 2019, the company has a credit balance in Allowance for Doubtful Accounts of $3,300 before the adjusting entry for bad debt expense. Syran uses 2 ½% of credit sales to estimate its bad debt expense for the year.
a.What journal entry would be used to record the write-off of the $7,500 uncollectible account?
b.What is the adjusting entry to record bad debt expense at December 31, 2019?
c.Assuming that Syran has Accounts Receivable totaling $65,000 on December 31, 2019. What is Syran’s net accounts receivable at December 31, 2019 after theadjustment to record bad debt expense?
d.Assume that in January 2020, the customer who had the $7,500 receivable that Syran wrote off in 2019 paid Syran the entire amount. How would Syran record the receipt of the $7,500 in 2020?
3. A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following:Age of Accounts.
a.If the Allowance for Doubtful Accounts has a $4,100 credit balance. finance 代写
What is the journal entry to record the Bad Debt Expense for the year under the aging-of-receivables method?
b.What is net accounts receivable after the journal entry in part a has been made?
4.The Shady Bank lent Dorst Company $8,000 on December 1, 2019 for 6 months at an interest rate of 9%. Shady Bank has a year-end of December 31, 2019. Prepare the journal entries to record:
a.the issuance of the note on December 1, 2019
b.the accrued interest at December 31, 2019
c.the interest received on June 1, 2020
d.the principal received on June 1, 2020
Chapter 9 – Long Lived Assets and Intangible Assets finance 代写
5.Credit Company purchased a delivery van on January 1, 2019, for $58,000. The equipment was expected to remain in service 5 years and have a residual value of $6,000. For the five years of the van’s life, calculate the depreciation expense, accumulated depreciation. And the book value of the delivery van at the end of the year using the straight-line method.
6.A machine costing $40,000 was purchased on January 1, 2019. It has an estimated useful life of 5 years and a residual value of $5,000. Calculate the book value of the machine at the end of 2021 using straight-line depreciation.
7.Computer equipment was acquired on October 1, 2019, at a cost of $55,000. The computer equipment was estimated to have a salvage value of $6,000. And an estimated life of 5 years or 70,000 units of production. Determine the depreciation expense for 2019 using the straight-line method.Chapter 10 – Liabilities
8.Preston Company’s payroll records for the March 1 – 15 pay period show that employees earned wages of $80,000. The company withheld $13,600 for income taxes and $6,120 forFICA, and it paid the employees their net pay. Preston Company must pay $1,050 of unemployment taxes for this pay period as well.
a.Prepare the journal entry to record the payment of the employees’ earnings.
b.Prepare the journal entry to record the company’s payroll tax expense.
9.Top of the Stretch, Inc. sold merchandise for $25,000 cash plus 8% sales tax. finance 代写
How would Top of the Stretch record the sales revenue associated with this transaction?
10.On November 1, 2019 Holden Company borrows $60,000 from New National Bank by signing a 9-month, 8%, interest-bearing note. Prepare the necessary entries below associated with the note payable on the books of Holden Company.
a.Prepare the entry on November 1, 2019 when the note was issued.
b.Prepare any adjusting entries necessary on December 31, 2019. Assume no other interest accrual entries have been made.
c.Prepare the entry to record payment of the interest on the note on July 31, 2020.
d.Prepare the entry to record payment of the principle on July 31, 2020.
11.January 1, 2019, Matrix Corporation issued $800,000, 6%, 5-year bonds at 95. The bonds pay annual interest on December 31.
a.Prepare the journal entry to record the issuance of the bonds.
b.What is the carrying value of the bonds on January 1, 2019?12
12.On January 1, 2019 Milton Company issued $300,000 of 8%, 10-year bonds at 102. Interest is paid annually on December 31. And the straight-line method is used for amortization. Milton has a calendar year end.
a.Prepare the journal entry to record the issuance of the bonds.
b.What is the carrying value of the bonds on January 1, 2019?
13.Alfred Company issued $200,000, 20-year, 6% bonds at a discount. finance 代写
On December 31. 2019 the balance in the Discount on Bonds Payable account is $14,000. What is the bond’s carrying value on December 31, 2019?
14.On January 1, 2015, Loveland Corporation issued $400,000, 6%, 10-year bonds at a premium. On December 31, 2019 the balance in the Premium on Bonds Payable account is $18,000. What is the bond’s carrying value on December 31, 2019?
15.Several years ago, Norton Company issued $160,000 of bonds at face value. The company retires the bonds today at a price of 102. Prepare the journal entry to record the bond retirement.
16.Four years ago, Folton Inc. issued $200,000 of bonds at face value. The carrying The Folton retires the bonds at 98. Prepare the journal entry to record the bond retirement.
Chapter 11 – Stockholders’ Equity
17.Horton Corporation has 450,000 shares of $10 par value common stock issued at the beginning of the year. During the year Olsen had the following transactions:
Jan. 18 Issued 50,000 shares of common stock at $23 per share.
Aug. 20 Purchased 15,000 shares of Olsen Corporation’s common stock at $24 per share to be held in the treasury.
Dec. 3 Reissued 6,000 shares of treasury stock for $27 per share.
Dec. 23 Reissued 4,000 shares of treasury stock for $22 per share.
Prepare the journal entries to record the above stock transactions.18.
18.On January 1 Caldwell Corporation had 150,000 shares of $1 par value common stock issued. And 30,000 shares of treasury stock. During the year, the following transactions occurred:
June 1 Declared a cash dividend of $2.00 per share to stockholders of record on June 15
June 30 Paid the $2.00 cash dividend finance 代写
Prepare the necessary journal entries to record the transactions on June 1, June 15 and June 30.
19.During the year, Beard Corporation had the following transactions and events:
a.Completed a 2 for 1 stock split
b.Declared and distributed a small stock dividend when the stock’s market value was greater than its par value
c.Declared and distributed a large stock dividend when the stock’s market value was greater than its par value
d.Declared a cash dividend
e.Paid the cash dividend
Indicate the effect(s) of each of the foregoing items on the stockholders’ equity accounts. Present your answers in tabular form with the following columns. Use (I) for increase, (D) for decrease, and (NE) for no effect.
20.On January 1 Baker Corporation had 500,000 shares of $5 par value common stock outstanding. On July 15 the company declared a 15% stock dividend when the market value of the stock was $22 per share.
a.Record the journal entry to record the stock dividend.
b.Record the journal entry to record the stock dividend if it had instead been a 60% stock dividend.21.
21.Lamper Corporation’s December 31 balance sheet shows the following information:
What is Lamper’s total stockholders’ equity on December 31?
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