Question: Complete a trend analysis from the following

> Draw a seesaw similar to the one shown in Figure 10.18 and show a sale of $1,000 that cost the store $450. Be sure to label all the accounts. Figure 10.18: $500 $300 Cost of Goods Sold Sale of TV Gross Profit $200

> From the following prepare a schedule of Accounts Payable for Ronson.com for May 31, 201X: Accounts Payable Subsidiary Ledger General Ledger Accounts Payable Dr. Cr. 12 118 Roy Co. Dr. Cr. 65 5/7 GJ1 5/31 GJ1 5/31 GJ1 Beland Co. Dr. Cr. 5/25 GJ1 12

> Match the following to the three business transactions (more than one number can be used). 1. Recorded to the accounts payable subsidiary ledger. 2. Recorded to the general journal. 3. Posted to the general ledger. a. Bought merchandise on account f

> Complete the following table: Account Category Temporary or Permanent Purchases Purchases Returns and Allowances Purchases Discount

> Capris Co. paid the cost of freight, $70. Journalize the transaction. Assume that Capris Co. is the buyer.

> Complete the following table: To the Seller To the Buyer Sales a. Sales returns and allowances b. Sales discount C. Credit memorandum d. Schedule of accounts receivable е. Accounts receivable subsidiary ledger f.

> Record the following transaction in the transaction analysis chart: Provided tutoring fees for $4,000, receiving $1,100 cash with the remainder to be paid next month. Accounts Rules of Affected Category Dr. and Cr. I Accounts

> Amy Company on January 1, 201X, had inventory costing $33,000 and during January had net purchases of $67,400. Over the years, Amy Company’s gross profit averaged 41% on sales. Given that the company has net sales of $110,000, calculate an estimated cost

> Hawk Company’s May 1 inventory had a cost of $58,900 and a retail value of $74,400. During May, net purchases cost $255,800 with a retail value of $405,400. Net sales at retail for Hawk Company during May were $228,600. Calculate the ending inventory at

> From the following, calculate total manufacturing costs: Direct labor ……………………………………………………………. $ 80,000 Raw materials inventory, May 31 …………………………………. 9,000 Raw materials purchases ………………………………………….. 72,000 Raw materials inventory, May 1 …………………………………..

> Ethan Munroe and Crista Cross form a partnership on March 1, 201X. Munroe contributes $42,000. Cross contributes $28,500 cash and land costing $18,300 with a current fair value of $33,000. A $29,000 note payable due to Cross is assumed by the new partner

> The ABC Company uses the perpetual inventory system with a subsidiary ledger for inventory. Enter the following information into the inventory balance for product U47. Be sure to keep the balance on hand up-to-date. 201X 5 Purchased on account 8 uni

> In general journal form, prepare journal entries to establish a petty cash fund on March 1 and replenish it on March 31. 201X March A $104 petty cash fund is established. At the end of the month, $21 cash plus the following paid vouchers exist: dona

> Indicate the normal balance and category of each of the following accounts: a. Salaries Payable b. Merchandise Inventory (beginning of period) c. Freight-In d. Payroll Tax Expense e. Purchases Returns and Allowances f. Sales Returns and Allowances g. FIC

> From the following, calculate total manufacturing costs: Direct labor …………………………………………………. $ 82,000 Raw materials inventory, May 31 …………………….. 9,600 Raw materials purchases ……………………………… 74,000 Raw materials inventory, May 1 ………………………. 9,000 Overhead ………

> From the following, calculate the net cash flows from operating activities (use the direct method): Sales ………………………………………………………………………. $9,100 Cost of Goods Sold ……………………………………………………. 3,600 Salaries Expense ………………………………………………………. 1,800 Insurance Expense

> From the following, calculate the net cash flows from operating activities (use the direct method): Sales ………………………………………………….………………………. $9,800 Cost of Goods Sold ……………………………..…………………………. 4,100 Salaries Expense …………………….………….…………………………. 1,000 Insurance

> From the following, prepare a schedule of accounts receivable for Lucky Co. for May 31, 201X. Accounts Receivable Subsidiary Ledger General Ledger Jarad Co. Accounts Receivable Dr. Cr. 147 12 Dr. Cr. 5/6 GJ1 104 5/31 GJ1 5/31 GJ1 Katz Co. Dr. Cr. 33

> Ernie Hanlon and Carol Barnes form a partnership on May 1, 201X. Hanlon contributes cash of $42,500. Barnes contributes $32,000 cash and land costing $18,600 with a current fair value of $30,000. A $32,500 note payable due to Barnes is assumed by the new

> The RJM Company uses the perpetual inventory system with a subsidiary ledger for inventory. Enter the following information in the inventory balance for product U47. Be sure to keep the balance on hand up-to-date. 201X 5 Purchased on account 13 unit

> In general journal form, prepare journal entries to establish a petty cash fund on March 1 and replenish it on March 31. 201X March 1 A $102 petty cash fund is established. At the end of the month, $22 cash plus the following paid vouchers exist: do

> Journalize the following transactions: a. Storeroom issued raw materials costing $7,000. b. Direct labor of $4,400 was charged to production. c. Supplies costing $2,900 were issued by the storeroom. d. Indirect labor cost of $6,000 was incurred. e. Rent

> From the following, calculate total manufacturing costs: Direct labor ………………………………………………………. $ 7,800 Raw materials inventory, June 30 ………………………… 5,200 Raw materials purchases …………………………………… 16,800 Raw materials inventory, June 1 ………………………….. 3,200 Overh

> Record the following transactions at (a) gross and (b) net: 201X Bought merchandise on account from Curik Co.; terms 3/10, n/30, $7,500. Voucher no. 32 was prepared. Sept. 3 18 Issued check no. 479 in payment of voucher no. 32.

> Complete the following using the retail inventory method. (Round cost ratio to the nearest whole percent.) Cost Retail Goods Available for Sale Beginning Inventory $56 $112 Net Purchases 33 71 Cost of Goods Available for Sale A B Cost Ratio Net Sale

> Journalize the following transaction in correct form: 201X Mar. 20 The business returned to the vendor a damaged inventory item that cost $360.

> Journalize the following transaction in correct form: 201X Mar. 15 A customer returned merchandise for a cash refund of $180. The item cost the seller $70.

> Journalize entries for the following situations (assume allowance method): Situation 1: Wrote off Janice Lake as a bad debt 2 years after the sale for $100. Situation 2: Reinstated Janice Lake, who sent in her past due amount.

> Complete the transactional analysis box for the following transaction: Issued credit memorandum to Pike.com for defective merchandise, $190.

> Indicate which of the following items apply to the following account titles. 1. An asset 2. A liability 3. An expense 4. Appears on the income statement 5. Appears on the balance sheet a. FICA OASDI Payable b. Office Salaries Expense c. Federal Inco

> Complete the following table: 4-Quarter Look-Back Depositor Period Tax Liability Payroll Paid Tax Paid by Monthly $28,000 November а. On Wednesday On Thursday On Friday On Saturday On Sunday On Monday Semiweekly $66,000 b. с. d. е. f. g.

> For each of the following transactions for Jackson Co. (the seller), journalize what the entry would be for the buyer (North Co.). Jackson Company uses the periodic method. a. Accounts Receivable, North Co. 7,800 Sales 7,800 Sold on account to North

> Journalize the following transaction in correct form: 201X Аpr. 1 Sold merchandise on account, $1,180. The merchandise cost $740.

> Indicate the normal balance and category of each of the following accounts: a. Unearned Revenue b. Merchandise Inventory (beginning of period) c. Freight-In d. Payroll Tax Expense e. Purchases Discount f. Sales Discount g. FICA—Social Security Payable h.

> If you earned $130,000 this year, you would pay more OASDI and Medicare than your partner who earned $75,000. Do you agree or disagree? Please provide calculations to support your answer.

> Please draw a diagram showing how the following items relate to each other: (a) weekly payroll, (b) payroll register, (c) individual employee earnings record, and (d) general journal entries for payroll.

> From the following trial balance (Figure 4.20) and adjustment data, complete a worksheet for J. Tutle as of March 31, 201X: Figure 4.20: a. Depreciation expense, store equipment, $1. b. Insurance expired, $1. c. Store supplies on hand, $7. d. Wages ow

> From the following adjustment data, calculate the adjustment amount and record appropriate debits or credits: a. Supplies purchased, $1,000. Supplies on hand, $50. b. Store equipment, $10,000. Accumulated depreciation, store equipment, before adjustment,

> Use transaction analysis charts to analyze the following adjustments: a. Depreciation on equipment, $700. b. Rent expired, $300.

> Match the following activities to the three business transactions (more than one number can be used). 1. Record to the accounts receivable subsidiary ledger. 2. Journalize the transaction. 3. Post to the general ledger. Sold merchandise on account

> On February 6, 201X, Morris Sanford made the journal entry in Figure 3.36 to record the purchase on account of office equipment priced at $1,000. This journal entry had not yet been posted when the error was discovered. Make the appropriate correction.

> From the following balances, calculate the cost of raw material used: Raw materials inventory, January 1 ………………………….. $ 64,000 Raw materials inventory, December 31 ………………………… 99,000 Purchase of raw materials ………………………………………… 880,000

> Classify each of the following as raw material, direct labor, or overhead: a. The flour in making muffins b. The utilities for a factory c. The wages of a baker d. A factory foreman’s salary

> Given the following, calculate net income: Dept. 1 Dept. 2 Net Sales $37,000 $47,000 Cost of Goods Sold 22,000 29,000 Operating Expenses $16,350 Income Tax Expense, 30% rate

> Complete the assignment of fire insurance expense to each department. Ice Indirect Basis of Candy Cream Pizza Expense Amount Assignment Sales Sales Sales Fire Insurance $90,000 26,900 а. 14,000 b. 7,900 с. 5,000 sq. ft. sq. ft. sq. ft. sq. ft.

> The cost of rent of $7,500 for Conlin Company is appropriated to each department based on its sales. Given the following, assign the cost of rent to each department: Jewelry Hardware Automotive Sales $26,000 $49,000 $22,000

> Record the following transaction in the transaction analysis chart: Sue Prazier bought a new piece of computer equipment for $22,000, paying $5,000 down and charging the rest.

> On November 15, 201X, Quartz Company prepared voucher no. 87 to record the purchase of equipment on account for $890. On November 18, Quartz Company decided to pay $890 in two equal installments. (Voucher nos. 88 and 89 were prepared.) Prepare the approp

> On November 10, 201X, a voucher for $1,050 for merchandise purchased on account from George Company was prepared by Miller Corporation. On November 14, Miller decided to return the merchandise due to poor workmanship. The price of the defective merchandi

> Given the following, calculate net sales: Gross Sales …………………………….……………………… $44 Sales Returns and Allowances……………………….……. 7 Sales Discounts ………………………………………….……... 5

> For each of the following transactions, identify the appropriate section of the statement of cash flows (OA, Operating; IA, Investing; FA, Financing; and NC, Noncash). Use the direct method. a. Receive payments on account from customers. b. Sale of

> Complete the following chart by placing an X in the appropriate column. Use the indirect method. Add to Cash Flow Subtract from Cash Flow from Operations from Operations Increase in Inventory Decrease in Accounts Payable

> From the following, prepare the long-term liabilities section of a balance sheet: a. Bond sinking fund b. Premium on 14% bonds c. Discount on 15% bonds d. 14% Bonds Payable e. 15% Bonds Payable $400,000 4,000 10,000 460,000 210,000

> Moniz Corporation and Hackley Corporation have both earned $190,000 before bond interest and taxes. The companies have the same number of outstanding shares but different capital structures. Calculate the earnings per share of common stock for these comp

> On July 31, 201X, Lucky Corporation had the following stockholders’ equity: Common Stock, $9 par value, authorized 93,000 shares, 63,000 shares issued and outstanding …………………………………………………………….…………….. $567,000 Retained Earnings ………………………………………………………………………

> Flintstone Corporation has 290,000 shares of common stock issued and outstanding. On June 9, 201X, the board of directors declared a $0.50 per share dividend, payable on July 16, 201X, to stockholders of record on June 29, 201X. Record the appropriate jo

> Duxbury Corporation in its first 3 years of operation paid out the following dividends: • Year 1: $0 • Year 2: $26,000 • Year 3: $90,000 Given that Duxbury has 2,900 shares of $101 par 8% cumulative, nonparticipating preferred stock and 15,400 shares of

> Given the following accounts, complete the table by inserting appropriate numbers next to the individual transactions to indicate which account is debited and which account is credited. 1. Cash 2. Accounts Receivable 3. Furniture 4. Accounts Payable 5.

> On July 10, 201X, Roberts Corporation issued 2,700 shares of common stock with a par value of $103 in exchange for equipment with a fair market value of $329,000. Journalize the appropriate entry.

> Savannah, Brooke, and Melody have capital balances before liquidation of $13,000, $21,000, and $28,000, respectively. Cash balance is $48,000, and the partners share losses and gains in a 3:2:1 ratio. All noncash assets with a book value of $14,000 are s

> Complete the following table for Sales, Sales Returns and Allowances, and Sales Discounts. Rules to Increase Temporary or Accounts Affected Category Account Permanent

> L. Wacker, V. Saenz, and E. Rothe are partners with capital balances of $88,000, $83,000, and $74,000, respectively. Rothe sells his interest in the company for $85,000 to P. Skou. Wacker and Saenz have consented to the new partner. Record the journal en

> Julie Eagan, Tami DaRocha, and Abby Elldrege are partners who share losses and gains in a ratio of 2:2:1. Their capital balances are $5,200, $7,200, and $3,800, respectively. The partners are anxious to have Tami retire and have paid her $12,600. Give th

> A. Lammers and B. Sanger have decided their partnership earnings will be shared as follows: (a) 9% interest allowance on capital balances at the beginning of the year, (b) remainder to be shared equally. Capital balances of Lammers and Sanger at the begi

> Carter Company bought a light general-purpose truck for $9,100 on January 5, 2006. Calculate the yearly depreciation using the MACRS method.

> On May 1, 2014, Apricot Company bought a patent at a cost of $5,100. It is estimated that the patent will give Apricot a competitive advantage for 5 years. Record in general journal form amortization for 2014 and 2015. (Assume December 31 is the end of t

> Quincy Company incurred the following expenditures to buy a new machine: • Invoice, $30,000 less 12% cash discount • Freight charges, $450. • Assembly charges, $1,900. • Special base to support machine, $506. • Machine dropped and repaired, $310. What is

> From the following facts, calculate the correct cost of inventory for Sue Company. • Cost of inventory on shelf, $4,500, which includes $280 of goods received on consignment. • Goods in transit en route to Sue Company shipped F.O.B. shipping point, $22

> The Peterson Company uses the periodic inventory system. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted-average methods. Peterson sells only one product, called SM57. Ending inventory is 61

> From the following, prepare a chart of accounts. Apple iPad …………………………….………………… Legal Fees Earned Salary Expense ………………….………………………… L. Jones, Capital Accounts Payable …………………………………………………………… Cash Accounts Receivable ………………………………… Advertising Expense Ren

> Jamie Smith negotiated a bank loan for $27,000 for 150 days at a bank rate of 16%. Assuming the interest is deducted in advance, prepare the entry for Jamie to record the bank loan.

> In December 200B, Glenda is trying to find out whether she is a monthly or semiweekly depositor for FICA (OASDI and Medicare) and federal income tax for 200C. Please advise based on the following taxes owed: 200A Quarter 3 $17,000 Quarter 4 12,000 2

> On May 15, 201X, Radford Co. gave Brown Co. a 180-day, $8,600, 8% note. On July 14, Brown Co. discounted the note at 10%. a. Journalize the entry for Brown to record the proceeds. b. Record the entry for Brown if Radford fails to pay at maturity.

> Calculate the interest for the following: a. $17,000 6% 2 years b. $26,000 12% 6 months $12,000 13% 110 days с.

> Assuming that in Exercise 13B-2 the balance sheet approach is used, prepare a journalized adjusting entry for Bad Debts Expense. Based on an aging of Accounts Receivable, an $8,600 balance in the Allowance account will be needed to cover bad debts. Exer

> Journalize the adjusting entry on December 31, 2015, for Bad Debts Expense, which is estimated to be 3% of net credit sales. The income statement approach is used. The following information is given: Accounts Receivable Sales (credit) Sales Returns

> Steve Wilson bought merchandise with a list price of $3,700. Steve was entitled to a 32% trade discount as well as a 5% cash discount. What was Steve’s actual cost of buying this merchandise after the cash discount?

> Record the following transaction in a transaction analysis chart for the buyer: Bought merchandise for $8,900 on account. Shipping terms were F.O.B. destination. The cost of shipping was $510. Assume the periodic inventory system.

> From Exercise 10B-3, prepare a schedule of accounts payable and verify that the total of the schedule equals the amount in the controlling account. Exercise 10B-3: Journalize, record, and post when appropriate the following transactions into the genera

> On December 10, 201X, Brown Co. issued debit memorandum no. 1 for $430 to Line Co. for merchandise returned from invoice no. 312. Your task is to journalize, record, and post this transaction as appropriate. Use the periodic inventory system.

> From Exercise 9B-2, journalize the receipt of a check from Ralph Co. for payment of invoice no. 1 on August 24. Exercise 9B-2: Journalize, record, and post when appropriate the following transactions in the general journal (all sales carry terms of 5/1

> Record the following transactions in the basic accounting equation. Treat each one separately. Assets ∙ Liabilities ∙ Owner’s Equity a. Mandy invests $114,000 in company. b. Bought equipment for cash, $1,600. c. Bought equipment on account, $1,150.

> In December 200B, Glenda tries to find out whether she is a monthly or semiweekly depositor for FICA (OASDI and Medicare) and federal income tax for 200C. Please advise based on the following taxes owed: 200A Quarter 3 $37,000 Quarter 4 12,000 200B

> From the general journal in Figure 9.16, record to the accounts receivable subsidiary ledger and post to the general ledger accounts as appropriate. Figure 9.16: General Journal Date Account Titles and Explanations PR Dr. Cr. 201X May 18 Accounts

> From the following data, estimate the annual premium for worker’s compensation insurance: Type of Work Estimated Payroll Rate per $100 Office $29,000 $0.23 Repairs 78,000 1.62

> At the end of the first quarter of 201X, you are asked to determine the FUTA tax liability for Gray Company. The FUTA tax rate is 0.6% on the first $7,000 each employee earns during the year (assuming 13 weeks for the first quarter and each employee ea

> Refer to Exercise 7B-3. If Q. Roberts earned $3,100 for the week instead of $290, what effect would this change have on the total payroll tax expense? Exercise 7B-3: From the following information, calculate the payroll tax expense for New Compan

> Refer to Exercise 7B-3 and assume that the state changed New’s SUTA tax rate to 3.8%. What effect would this change have on the total payroll tax expense? Exercise 7B-3: From the following information, calculate the payroll tax expense for

> From the following information, calculate the payroll tax expense for New Company for the payroll of April 9: The FICA tax rate for OASDI is 6.2% on the first $117,000 earned, and Medicare is 1.45% on all earnings. Federal unemployment tax is

> Compute the net pay for each employee using the federal income tax withholding table in Figure 7.2. Assume that FICA OASDI tax is 6.2% on a wage base limit of $117,000; Medicare is 1.45% on all earnings, the payroll is paid biweekly, and no state incom

> a. Calculate the total wages earned for each employee assuming an overtime rate of time and a half over 40 hours. b. Calculate the total biweekly earnings of these newly hired salaried employees. Monthly …………&hel

> If in Exercise 6B-2 cash on hand is $29, prepare the entry to replenish the petty cash on March 31. Exercise 6B-2: In general journal form, prepare journal entries to establish a petty cash fund on March 1 and replenish it on March 31. 201X March

> If in Exercise 6B-2 cash on hand is $17, prepare the entry to replenish the petty cash on March 31. Exercise 6B-2: In general journal form, prepare journal entries to establish a petty cash fund on March 1 and replenish it on March 31. 201X March

> Label the following look-back periods for 200C by months. A B D 200A 200B

> Complete the following table: Assets Liabilities + Owner's Equity $ 27,000 ? $ 20,000 а. + b. ? $ 12,000 $ 73,000 + $ 30,000 $ 5,000 ? с. + || || ||

> From the following trial balance (Figure 4.19) and adjustment data, complete a worksheet for J. Revere as of January 31, 201X: a. Depreciation expense, store equipment, $6. b. Insurance expired, $3. c. Store supplies on hand, $5. d. Wages owed, but not p

> From the following adjustment data, calculate the adjustment amount and record appropriate debits or credits: a. Supplies purchased, $800. Supplies on hand, $500. b. Store equipment, $14,000. Accumulated depreciation, store equipment, before adjustment,

> Use transaction analysis charts to analyze the following adjustments: a. Depreciation on equipment, $700. b. Rent expired, $400.

> From the following balances, calculate the cost of raw material used: Raw materials inventory, January 1 …………………………… $ 70,000 Raw materials inventory, December 31 ………………………… 91,000 Purchases of raw materials ………………………………………. 820,000

> Classify each of the following as raw material, direct labor, or overhead: a. The steel in making automobiles b. The rent for a factory c. The wages of a line employee d. A manufacturing foreman’s salary