acc problem
/in Uncategorized /by adminComprehensive Problem
More Co. is a merchandising business. The account balances for More Co. as of November 30, 2012 (unless otherwise indicated), are as follows:
110 Cash $ 13,920
112 Accounts Receivable 34,220
115 Merchandise Inventory 133,900
116 Prepaid Insurance 3,750
117 Store Supplies 2,550
123 Store Equipment 114,300
124 Accumulated Depreciation-Store Equipment 12,600
210 Accounts Payable 21,450
211 Salaries Payable 0
218 Interest Payable 0
220 Note Payable (Due 2017) 10,000
310 P. Williams, Capital (January 1, 2012) 103,280
311 P. Williams, Drawing 10,000
312 Income Summary 0
410 Sales 715,800
411 Sales Returns and Allowances 20,600
412 Sales Discounts 13,200
510 Cost of Merchandise Sold 360,500
520 Sales Salaries Expense 74,400
521 Advertising Expense 18,000
522 Depreciation Expense 0
523 Store Supplies Expense 0
529 Miscellaneous Selling Expense 2,800
530 Office Salaries Expense 40,500
531 Rent Expense 18,600
532 Insurance Expense 0
539 Miscellaneous Administrative Expense 1,650
550 Interest Expense 240
More Co. uses the perpetual inventory system and the last-in, first-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the Last-in, first-out costing method, please ignore this step in the process.
More Co. sells four types of television entertainment units.
The sales price of each are:
TV A: $3,500
TV B: $5,250
TV C: $6,125
PS D: $9,000
During December, the last month of the accounting year, the following transactions were completed:
Dec. 1. Issued check number 2632 for the December rent, $1,600.
3. Purchased four TV C units on account from Prince Co., terms 2/10, n/30, FOB shipping point, $14,800.
4. Issued check number 2633 to pay the transportation changes on purchase of December 3, $400. (NOTE: Do not include shipping and purchase discounts to the Inventory Control sheet for this project.)
6. Sold four TV A and 4 TV B on account to Albert Co., invoice 891, terms 2/10, n/30, FOB shipping point.
7. Received $7,500 cash from Marie Co. on account, no discount.
10. Sold two project systems for cash.
11. Purchased store supplies on account from Matt Co., terms 1/10, n/30,
$620.
13. Issued check number 2634 for merchandise purchased on December 3, less discount.
14. Issued credit memo for one TV A unit returned on sale of December 6.
15. Issued check number 2635 for advertising expense for last half of December, $1,500.
16. Received cash from sale of December 6, less return of December 14 and discount.
19. Issued check number 2636 for two TV C units, $7,600.
19. Issued check number 2637 for $6,100 to Joseph Co. on account.
20. Sold three TV C units on account to Cameron Co., invoice number
892, terms 1/10, n/30, FOB shipping point.
20. For the convenience of the customer, issued check number 2638 for shipping charges on sale of December 20, $600.
21. Received $11,750 cash from McKenzie Co. on account, no discount.
21. Purchased three projector systems on account from Elisha Co., terms 1/10, n/30, FOB destination, $15,600.
24. Issued a debit memo for return of $5,200 because of a damaged projection system purchased on December 21, receiving credit from the seller.
26. Issued check number 2639 for refund of cash on sales made for cash, $1,000. (Customer was going to return goods until partial refund was arranged.)
27. Issued check number 2640 for sales salaries of $1,750 and office
salaries of $950.
28. Purchased store equipment on account from Matt Co., terms 2/10, n/30, FOB
destination, $800.
29. Issued check number 2641 for store supplies, $550.
30. Sold four TV C units on account to Randall Co., invoice number 893,
terms 2/10, n/30, FOB shipping point.
30. Received cash from sale of December 20, less discount, plus transportation
paid on December 20.
30. Issued check number 2642 for purchase of December 21, less return
of December 24 and discount.
30. Issued a debit memo for $200 of the purchase returned from
December 28.
Instructions:
1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account (General Ledger). Write Balance in the item section, and place a check mark (√) in the Post Reference column.
2. Journalize the transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal as illustrated in chapter 7. Also post to the Accounts Receivable and Accounts Payable Subsidiary ledgers.
3. Total each column on the special journals and prove the journal.
4. Post the totals of the account columns and individually post the other columns as well as the general journal.
5. Prepare the Schedule of Accounts Receivable and the Schedule of Accounts Payable (their total amount must equal the amount in their controlling general ledger account).
6. Prepare the unadjusted trial balance on the worksheet.
7. Complete the worksheet for the year ended December 31, 2012, using the following adjustment data:
a. Merchandise inventory on December 31 $111,040
b. Insurance expired during the year 1,250
c. Store supplies on hand on December 31 975
d. Depreciation for the current year needs to be calculated. More Co. uses the
Straight-line method, the store equipment has a useful life of 10 years with no salvage value. (NOTE: the purchase and return will not be included as the dates of the transactions were after the 15th of the month).
e. Accrued salaries on December 31:
Sales salaries $350
Office salaries 180 530
f. The note payable terms are at 8%, payment is not being made until Jan. 3, 2013. Interest must be recognized for one month (round answer to the nearest dollar amount).
8. Prepare a multiple-step income statement, a statement of owner’s equity, and a
classified balance sheet in good form.
9. Journalize and post the adjusting entries.
10. Journalize and post the closing entries. Indicate closed accounts by inserting a line
in both balance columns opposite the closing entry.
11. Prepare a post-closing trial balance.
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History Post War study Guide – Terms / Definitions, etc – Need in approx 2-3 days MAX!!!
/in Uncategorized /by adminPsych summeries assignment
/in Uncategorized /by adminNeed this back in 24 hours. Sooner if possible!! Please read and summerize in one page each article. So will be a total of 3 pages for eah article summerized!!! Please format in correct APA citation!!! Please use correct APA citation using page numbers found in article (example..Bandura, 1988, p.56) and please only cite information found in each paper do dot go looking outside for information or citations!!!. This is a summery on the article only and what is written . Will be a total of 3 different summerizes so i should receive back 3 pages not including reference page which makes 4 pages. Thank you
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Search the Internet for acquisitions and equity investments made by Amazon.com during the last five (5) years. Review the 10-K…
/in Uncategorized /by adminSearch the Internet for acquisitions and equity investments made by Amazon.com during the last five (5) years. Review the 10-K of Amazon.com located at http://www.sec.gov/cgi-bin/browse-edgar?company=&match=&CIK=AMZN&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany.
Write a three to four (3-4) page paper in which you:
- Examine how at least three (3) growth strategy alternatives utilized by Amazon.com in the global and domestic retail markets influenced profitability, and indicate if the strategies were successful.
- Assess the financial value of the acquisitions and investments made by Amazon.com, and the influence of the acquisitions and investments on profitability during the accounting period.
- Analyze the effect of the equity investments and impairments resulting from the acquisitions and investments by Amazon.com on the financial statements, and indicate whether or not the strategy was a creatable one. Provide support for your rationale.
- Create an argument that growth in the European market can have a significant impact on current earnings and profit for Amazon.com. Provide support for your rationale.
- Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
- Analyze accounting situations to apply the proper accounting rules and make recommendations to ensure compliance with generally accepted accounting principles.
- Use technology and information resources to research issues in accounting.
- Write clearly and concisely about accounting using proper writing mechanics.
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Payroll 3
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Ken works at a dinner club. On FEb 7th his gross pay was $800 (3 days working 1 paid vacation day and 1 paid sick day). He also reported employuer tips of $900 for the previous month (applicable taxes to be deducted out of this pay). Ken belongs to the company’s 401K pland has 5% of his gross pay $800 deducted each week (salary reduction). The Dinner Club also provides matching contributions ($40) into the plan for Gorman.
$3–4A.
(a) $800 + $900 =
(b) $800 + $900 =
Audrey and Beth are partners in the Country Gift Shop, which employs the individuals listed below. Paychecks are distributed every Friday to all employees. Based on the info given compute the amounts listed below for a weekly payroll period.
3–6A.
|
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OASDI |
|
HI |
|
Zena Vertin, Office |
$ 535 per week |
|
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Nicole Norge, Sales |
2,980 per month |
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Bob Mert, Delivery |
485 per week |
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Audrey Martin, Partner |
950 per week* |
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Beth James, Partner |
950 per week* |
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Totals |
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Employer’s OASDI Tax
Employer’s HI Tax
*The $950 that each partner receives each week is considered a drawing or withdrawal, not a salary payment.
Ralph was paid salary of $64,600 during 2014 by Odesto Company. In addition, during the year Ralph started his own business as a public accountant and reported a net bsuiness income of $60,000 on his income tax returns for 2014. Compute the following:
3–8A.
(a) The amount of FICA taxes that was withheld from OASDI __
his earnings during 2014 by Odesto Company. HI ___
(b) Henwood’s self-employment taxes (will receive a credit on his
federal income tax return for these paid taxes) on the income
derived from the public accounting business for 2014.
[$XX,XXX taxable ($113,700 – $64,600) × 0.124] OASDI __ ($XX,XXX taxable × 0.029) HI ____
The monthly and hourly wage schedule for the employees of Quirk Inc. follows. No employees are due overtime pay. Compute the following for the last monthly pay of the year :
a) The total wages of each part time employee for December 2014;
b) The OASDI and HI taxable wages for each employee;
c) The FICA taxes withheld from each employee’s wages for December;
d) Totals of columns;
e) The employer’s FICA taxes for the month.
3–10A.
|
Total |
OASDI |
HI |
|
|
||
Full-Time Office: |
|
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|
|
||
Adaiar, Gene………………………………………………………………. |
$ 1,400.00 |
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|
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||
Crup, Jason……………………………………………………………….. |
1,300.00 |
|
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||
Essex, Joan……………………………………………………………….. |
1,975.00 |
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||
Garza, Irma………………………………………………………………… |
1,985.00 |
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Leason, Mel……………………………………………………………….. |
1,900.00 |
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Pruit, Marne……………………………………………………………….. |
7,000.00 |
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||
Rubble, Deanne………………………………………………………….. |
2,400.00 |
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|
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||
Simpson, Dick……………………………………………………………. |
3,985.00 |
|
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|
|
||
Truap, Ann…………………………………………………………………. |
5,000.00 |
|
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|
|
||
Wilson, Trudy……………………………………………………………… |
1,500.00 |
|
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||
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|
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Kyle, Judy………………………. |
170 |
$ 8.25 |
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Laird, Sharon…………………… |
170 |
8.35 |
|
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Maxwell, Sara…………………… |
140 |
10.10 |
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Nelson, Donna…………………. |
145 |
8.20 |
|
|
|
|
|
Scott, Kim………………………. |
162 |
9.65 |
|
|
|
|
|
Totals…………………….. |
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|
|
|
Employer’s FICA taxes OASDI HI
Volcan Co. is a monthly depositor whose tax liability for March 2014 is $2505. (Use the IRS 941 Form) attached.
|
|
3–16A.
1. Due Date to be filed:
2. (a) Penalty for failure to make timely deposit (17 days late):
$X,XXX × 10%…………………………………………………………………………
(b) Penalty for failure to fully pay tax: $X,XXX × 1/2%………………….
(c) Interest on taxes due and unpaid:……………………………………
(d) Total penalty imposed……………………………………………………………..
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B6022.22
/in Uncategorized /by adminAssignment 2: Time Value of Money
When the Genesis Energy and Sensible Essential teams held their weekly meeting, the time value of money and its applicability yielded an extremely stimulating discussion. However, most of the team members from Genesis Energy were very perplexed. Sensible Essentials decided the most expedient way to demonstrate how interest rates as well as time impact the value of money was to use examples. You have been asked to prepare a report analyzing your findings of the three example calculations listed below.
In this assignment, you will do the following:
- Calculate the future value of $100,000 ten years from now based on the following annual interest rates:
- 2%
- 5%
- 8%
- 10%
- Calculate the present value of a stream of cash flows based on a discount rate of 8%. Annual cash flow is as follows:
- Year 1 = $100,000
- Year 2 = $150,000
- Year 3 = $200,000
- Year 4 = $200,000
- Year 5 = $150,000
- Years 6-10 = $100,000
- Calculate the present value of the cash flow stream in problem 2 with the following interest rates:
- Year 1 = 8%
- Year 2 = 6%
- Year 3 = 10%
- Year 4 = 4%
- Year 5 = 6%
- Years 6-10 = 4
Perform your calculations in an Excel spreadsheet. Copy the calculations in a Word document. In addition, write a 2- to 3-page executive summary in Word format. Your summary should reflect a proper analysis of your findings, including a comparison and contrast of data. Apply APA standards to citation of sources. Use the following file naming convention: LastnameFirstInitial_M2_A2.doc.
By Wednesday, April 5, 2017, deliver your assignment to the M2: Assignment 2 Dropbox.
Assignment 2 Grading Criteria |
Maximum Points
|
Calculated the future value of $100,000 ten years from now based on an annual interest rate of a) 2%, b) 5%, c) 8%, and d) 10%. |
24
|
Calculated the present value of a stream of cash flows based on a discount rate of 8%. |
24
|
Calculated the present value of the cash flow stream in problem 2 with the interest rates listed in the directions. |
24
|
Summarized the findings of the analysis, including the comparison and contrast of data. |
8
|
Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling, grammar, and punctuation. |
20
|
Total: |
100
|
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Computer Discussion 3
/in Uncategorized /by admin“Relational Database Model” Please respond to the following:
- In the Week 1 discussion, you identified one (1) example of a business function or operation and the business rules associated with that business function / operation. You will build upon that discussion as you describe the main entities or objects of that business function / operation in question, as well as the manner in which they relate to one another.
- Describe the main entities or objects of the business function / operation. Specify the attribute that would be the primary key for each entity, and provide a rationale for why you selected such an attribute.
- Determine whether the relationships between each of the chosen entities are one-to-one, one-to-many, or many-to-many relationships. Justify your response.
- Explain the key manner in which the business function / operation and the business rules associated with that business function / operation support the relationships mentioned above. Also, explain the fundamental ways in which the relationships could change, based on the interpretation of the given business rules.
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You are required to write a brief report on the following: Discuss your perception of the personality of the President of…
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