Question: Complete the following table by placing an

> Complete the following table: Assets Liabilities + Owner's Equity a. $30,000 ? $22,000 b. $7,000 + $98,000 C. $25,000 $11,000 +

> Based on the following accounts, calculate (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income. Accounts Payable …………………………………………………………. $ 5,600 Operating Expenses ……………………………………………………….... 1,800 Walker Co., Capital …………………………………

> Using the information from Problem 8B-3, please complete Form 940 for Turner’s Sporting Goods for the current year. Additional information needed to complete the form is as follows: Problem 8B-3: The following is the monthly payroll f

> John Andrews, the accountant for White Company, must complete Form 941 for the first quarter of the current year. John gathered the needed data as presented in Problem 8B-1. Suddenly called away to an urgent budget meeting, John requested that you assist

> The bookkeeper of Triad Co. gathered the following data from individual employee earnings records and daily time cards. Your task is to complete a payroll register on August 8. Assume the following: 1. FICA OASDI is 6.2% on $117,000; FICA Medicare is 1

> From the following information, please complete the chart for gross earnings for the week. (Assume an overtime rate of time and a half over 40 hours.) Employee Hourly Rate No. of Hours Worked Gross Earnings Jag Valleria $ 8 49 Lara Harrison 16 45 Na

> Use the following adjustment data on December 31 to complete a partial worksheet up to the adjusted trial balance (see Figure 4.25). Figure 4.25: a. Fitness supplies on hand, $600. b. Depreciation taken on fitness equipment, $900. JANA'S FITNESS C

> At the end of April, Red Fuman decided to open his own computer service. Analyze the following transactions he completed by recording their effects into the expanded accounting equation. a. Invested $10,000 in his computer service business. b. Bought ne

> Explain the four steps of the closing process given the following: May 31 ending balance, before closing Fees Earned ………………………………………….. $ 200 Rent Expense ………..………………………………….. 350 Advertising Expense …………………………………….. 60 T. Molanaro, Capital…………………………………

> Update the trial balance for Lajoie’s Landscaping Service (Figure 4.26) for January 31, 201X. Figure 4.26: Adjustment Data to Update the Trial Balance a. Rent expired, $300. b. Landscaping supplies on hand (remaining), $350. c. Depre

> Fabio Company uses a voucher system. Record the following transactions in the voucher register: 201X Purchased office equipment on account from Tiani Corporation, $1,200; voucher no. 300 was prepared. June 12 Established a petty cash fund of $140; v

> On July 13, 2014, Caldwell Company bought equipment for $5,280. Its estimated life is 4 years with a residual value of $336. Prepare depreciation schedules for 2014, 2015, and 2016 for (a) straight-line and (b) double declining-balance at twice the strai

> Ashley Company, using the periodic inventory system, began the year with 250 units of product B in inventory with a unit cost of $36. The following additional purchases of the product were made: (30 min) LO3 Check Figure: At the end of year, Ashley Com

> From the trial balance in Figure 11.16 and additional data, complete the worksheet for Jack’s Wholesale Clothing Company. Additional Data a./b. Ending merchandise inventory on December 31, $5,200. c. Supplies on hand, $450. d. Insuranc

> The owner of Cannon Company asked you to prepare a worksheet from the trial balance shown in Figure 11.15 and additional data. Additional Data a./b. Ending merchandise inventory on December 31, $1,835. c. Office supplies used up, $210. d. Rent expired,

> From the trial balance in Figure 11.14, complete a worksheet for Jabar’s Hardware. Assume the following: a./b. Ending inventory on December 31 is calculated at $270. c. Insurance expired, $180. d. Depreciation on store equipment, $90. e

> Mandy Anabelle decided to open Mandy’s Nail Spa. Mandy completed the following transactions: a. Invested $21,000 cash from her personal bank account into the business. b. Bought store equipment for cash, $3,500. c. Bought additional store equipment on a

> Using the information from Problem 8A-3, please complete Form 940 for Allen’s Sporting Goods for the current year. Additional information needed to complete the form is as follows: Problem 8A-3: The following is the monthly payroll fo

> John Andrews, the accountant for White Company, must complete Form 941 for the first quarter of the current year. John gathered the needed data as presented in Problem 8A-1. Suddenly called away to an urgent budget meeting, John requested that you assist

> From the following balance sheet (Figure 4.18, which was made from the worksheet and other financial statements), explain why the lettered numbers were not found on the worksheet. Hint: No debits or credits appear on the formal financial statements. Fig

> The bookkeeper of Triad Co. gathered the following data from individual employee earnings records and daily time cards. Your task is to complete a payroll register on October 13. Assume the following: 1. FICA OASDI is 6.2% on $117,000; FICA Medicare is

> April Company has five salaried employees. Your task is to use the following information to prepare a payroll register to calculate net pay for each employee: Assume the following: 1. FICA OASDI is 6.2% on $117,000; FICA Medicare is 1.45% on all earnin

> From the following information, please complete the chart for gross earnings for the week. (Assume an overtime rate of time and a half over 40 hours.) Employee Hourly Rate No. of Hours Worked Gross Earnings Jade Martina $ 9 50 Lauren McBride 15 39 N

> Use the following adjustment data on August 31 to complete a partial worksheet up to the adjusted trial balance (see Figure 4.21). Figure 4.21: a. Fitness supplies on hand, $3,900. b. Depreciation taken on fitness equipment, $800. JACK'S FITNESS C

> At the end of June, Rick Fontan decided to open his own computer service. Analyze the following transactions he completed by recording their effects in the expanded accounting equation. a. Invested $25,000 in his computer service. b. Bought new computer

> Update the trial balance for Lemmings’s Landscaping Service (Figure 4.22) for August 31, 201X. Figure 4.22: Adjustment Data to Update the Trial Balance a. Rent expired, $700. b. Landscaping supplies on hand (remaining), $325. c. Dep

> Fair Corporation uses a voucher system. Record the following transactions in the voucher register: 201X Purchased office equipment on account from Tam Corporation, $1,000; voucher no. 300 was prepared. June 8 12 Established a petty cash fund of $100

> On May 13, 2014, Cabe Company bought equipment for $5,520. Its estimated life is 4 years with a residual value of $144. Prepare depreciation schedules for 2014, 2015, and 2016 for (a) straight-line and (b) double declining-balance at twice the straight-l

> Abby Company, using the periodic inventory system, began the year with 260 units of product B in inventory with a unit cost of $37. The following additional purchases of the product were made: At end of year, Abby Company had 480 units of its product u

> From the trial balance in Figure 11.13 and additional data, complete the worksheet for Ron’s Wholesale Clothing Company. Additional Data a./b. Ending merchandise inventory on December 31, $5,100. c. Supplies on hand, $650. d. Insurance

> From the following adjusted trial balance titles of a worksheet, identify in which column each account will be listed on the last four columns of the worksheet: (ID) Income Statement Dr. Column (IC) Income Statement Cr. Column (BD) Balance Sheet Dr. Col

> The owner of Carol Company asked you to prepare a worksheet from the trial balance in Figure 11.12 and additional data. Additional Data a./b. Ending merchandise inventory on December 31, $1,825. c. Office supplies used up, $210. d. Rent expired, $205. e

> From the trial balance in Figure 11.11, complete a worksheet for Jim’s Hardware. Assume the following: a./b. Ending inventory on December 31 is calculated at $340. c. Insurance expired, $110. d. Depreciation on store equipment, $70. e.

> Based on the following accounts, calculate (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income. Accounts Payable ……………………………………………… $ 6,300 Operating Expenses ……………………………………………… 1,600 Market Co., Capital …………………………………………….. 19,70

> Morgan Amberson decided to open Morgan’s Nail Spa. Morgan completed the following transactions: a. Invested $16,000 cash from her personal bank account into the business. b. Bought store equipment for cash, $3,700. c. Bought additional store equipment o

> Smith Computer Center currently has a $13,095.00 balance in Accounts Receivable. Here is a current schedule of Accounts Receivable: Smith Computer Center Schedule of Accounts Receivable March 31, 201X Phil’s Photography ……………………………………………….. $ 4,095 Worl

> Go to the consolidated balance sheet in the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/investor-relations/annual-reports. What is the amount of retained earnings in 2013? What is the par value of the stock?

> Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs .com/investor-relations/annual-reports and, in note 3, find how much impairment has decreased from 2012 to 2013.

> Go to http://investor.kelloggs.com/investor-relations/annual-reports to access the Kellogg’s 2013 Annual Report and find the Consolidated Statement of Income. What was the Interest Expense in 2012 and 2013?

> Go to http://investor.kelloggs.com/investor-relations/annual-reports to access the Kellogg’s 2013 Annual Report and locate the consolidated statement of Income. How much has Selling and General Administrative Expense decreased from 2012 to 2013?

> Go to http://investor.kelloggs.com/investor-relations/annual-reports to access the Kellogg’s 2013 Annual Report, and locate the balance sheet. How much has merchandise inventory increased or decreased from 2012 to 2013?

> Before Adjustment Given: Accrued Salaries, $125. a. Complete a transaction analysis box for this adjustment. b. What will be the balance of these two accounts on the adjusted trial balance? Salaries Expense Salaries Payable 1,000

> Go to http://investor.kelloggs.com/investor-relations/annual-reports to access the Kellogg’s 2013 Annual Report. Look at Notes to Consolidated Financial Statements and use information from Note 17 page 68 to calculate how much Advertising Expense has inc

> Go to http://investor.kelloggs.com/investor-relations/annual-reports/ to access Kellogg’s 2013 Annual Report. Find the statement of earnings. Sales are the revenue for a merchandise company. How much did Kellogg’s sales increase or decrease from 2012 to

> Go to http://investor.kelloggs.com/investor-relations/annual-reports/ to access the Kellogg’s 2013 Annual Report and find the balance sheet of Kellogg’s. Did Kellogg’s Accounts Payable go up or down from 2012 to 2013? What does this change mean? Into wha

> Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs .com/investor-relations/annual-reports. What is the cost of finished goods inventory for 2013 as shown in note 17?

> Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/ investor-relations/annual-reports. Find the net sales figure for Latin America for 2013 in Project K in note 3.

> Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/ investor-relations/annual-reports. Calculate for Kellogg’s the current ratio for 2012 and 2013.

> Go to http://investor.kelloggs.com/investor-relations/annual-reports/ to access the Kellogg’s 2013 Annual Report. Find the balance sheet and calculate the following: How much did cash increase or decrease in 2013 from 2012?

> Complete the following table by placing an X in the correct column. Temporary Permanent Will Be Closed Ex. Accounts Receivable 1. Income Summary 2. Jan Ralls, Capital 3. Rent Expense 4. Jan Ralls, Withdrawals 5. Fees Earned 6. Accounts Payable 7. Ca

> Draw a diagram to show the flow of manufacturing costs.

> Before Adjustment Given: At year end, rent expired is $300. a. How much is the adjustment for Prepaid Rent? b. Complete a transaction analysis box for this adjustment. c. What will be the balance of Prepaid Rent on the adjusted trial balance? Prepa

> Explain how to calculate the total cost of goods manufactured.

> Using the Allowance for Doubtful Accounts method, what journal entries would be made to write off an account as well as later record the recovery of the accounts receivable?

> From the following, calculate the cost of raw materials used: Raw materials inventory, January 1 …………………………………… $ 6,700 Raw materials inventory, December 31 ……………………………….. 13,100 Purchases of raw materials ……………………………………………….. 86,000

> Classify each of the following as raw material, direct labor, or overhead: a. Finishing material for an automobile manufacturer b. Labor of a person who paints automobiles for an automobile manufacturer c. Depreciation expense of manufacturing assets d.

> Given the following, calculate net income: Dept. 1 Dept. 2 Net Sales $36,000 $43,000 Cost of Goods Sold 14,000 31,000 Operating Expenses $16,150 Income Tax Expense, 30% rate

> Calculate the assignment of fire insurance of $24,000 to each department based on square footage. Indirect Expense Basis of Assignment Bakery Grocery Fire Insurance 6,100 square feet total 1,900 square feet 4,200 square feet

> The cost of rent of $19,000 for Linville Co. is appropriated to each department based on its sales. Given the following, assign the cost of rent to each department: Rent Toys Sales Clothing Sales $19,000 $26,000 $52,000

> On April 5, Lein Co. prepared voucher no. 15 to record purchases of equipment on account for $1,900. On April 14, Lein Co. decided to pay the $1,900 in two equal installments (voucher nos. 18 and 19). Record the general journal entries.

> On April 15, Kratz Co. prepared a voucher for $800 for merchandise purchased on account from Plum Co. On April 19, Kratz Co. decided to return merchandise valued at $170 due to poor workmanship. Record the general journal entries.

> Record the following transactions into the general journal. The company uses a voucher system along with a petty cash fund. 201X Mar. 11 Voucher no. 18 was prepared to establish petty cash for $125. Voucher no. 42 was prepared to replenish the petty

> Before Adjustment Given: At year end, an inventory of Office Supplies showed $400. a. How much is the adjustment for Office Supplies? b. Complete a transaction analysis box for this adjustment. c. What will the balance of Office Supplies be on the adju

> From the following, foot and balance each account. Cash 110 M. Meade, Capital 311 9/5 4,000 800 7/25 9,000 6/9 9/9 10,000 5,000 9/3 3,000 9/7

> List the advantages of the corporate form of organization.

> Thad’s computer center’s business is picking up, so he has decided to expand his bookkeeping system to a general journal/ledger system. The balances from August have been forwarded to the ledger accounts. Assignment 1

> Who elects the board of directors?

> In stock subscriptions, why does one credit Common Stock Subscribed?

> What is the purpose of the account Organization Costs?

> Explain the account Paid-In Capital in Excess of Par Value as it relates to exchange of stock for noncash assets.

> What is meant by a “side transaction” when a new partner is admitted by an existing partner’s selling the new partner equity?

> The statement of partners’ capital is a required report. Agree or disagree? Defend your position.

> Give an example of a fractional ratio.

> Explain why salary and interest allowances are not expenses for a partnership.

> What is the function of the Purchases account?

> Mutual agency could create unlimited liability. Agree or disagree? Defend your position.

> Explain how a company could operate even when being dissolved.

> The Smith Computer Center created its chart of accounts as follows: You will use this chart of accounts to complete the Continuing Problem. The following problem continues from Chapter 1. Assignment 1. Set up T accounts in a ledger and post the ending

> What is the function of the articles of partnership?

> List five characteristics of a partnership.

> What are the four steps of the liquidation process?

> Why would a partner who is withdrawing take more or less than book equity?

> When a partner withdraws, why would a partnership revalue its assets?

> What is meant by a “bonus” when a partner is admitted?

> How is the equity of a partnership different from that of a sole proprietorship?

> What purpose could a typical invoice approval form serve?

> A loss on an exchange of plant assets occurs when the book value of the old machine is more than the trade-in allowance. True or false?

> When a plant asset is sold, a loss results if the cash received is greater than book value. Agree or disagree? Please explain.

> Which method of depreciation does not deduct residual value in its calculation?

> The following problem continues from one chapter to the next, carrying the balances of each month forward. Each chapter focuses on the learning experience of the chapter, adds information as the business grows, and shows how critical the knowledge of acc

> A betterment is a revenue expenditure. True or false? Please explain.

> What is the purpose of the Modified Accelerated Cost Recovery System?

> What are three methods of calculating depreciation? Briefly explain the key points of each.

> What is the difference between revenue and capital expenditures?

> What is the purpose of the Land Improvements account?

> List and describe three intangible assets.

> What is the relationship between a purchase requisition and a purchase order?

> What is the purpose of the Accumulated Depletion account?

> Explain how the income tax method differs from the Accounting Principles Board ruling with regard to the recording of exchanges of plant assets that result in a loss.

> What types of costs are considered “reasonable and necessary” when determining the cost of an asset?