Question: Feather Co. received a $2,700, 5%,

> Complete a trend analysis from the following data of Carter Corporation using 2015 as the base year. (Round to the nearest percent.) 2018 2017 2016 2015 Sales $1,010 $660 $560 $410 Gross Profit 380 290 380 180 Net Income 205 93 62 62

> Prepare a common-size income statement from the following (use net sales as 100%): Net Sales …………………………………………………. $800 Cost of Goods Sold ……………………………………… 200 Gross Profit from Sales ………………………………. 600 Operating Expenses ……………………………….…… 250 Net Income ………

> Complete a vertical analysis of the assets. (Round to the nearest tenth of a percent as needed.) а. Cash b. Accounts Receivable Merchandise Inventory d. Office Equipment Total Assets $ 700 775 C. 850 2,400 $4,725

> Calculate the amount of increase or decrease as well as the percentage of increase or decrease. (Round to the nearest tenth of a percent as needed.) 2016 2015 Amount % a. Accounts Receivable $770 $580 b. Accounts Payable 580 770

> Given the following, calculate net change in cash: Net cash flows from operating activities ……………………… $6,700 Net cash used by investing activities ………………………….. (2,100) Net cash provided by financing activities ……………………… 1,200

> From the following, calculate net cash flows from financing activities: Payments of dividends ……………………………... $ 14,000 Issuance of common stock ……………………………. 6,500 Issuance of long-term note ………………………….. 16,000

> The following accounts showed an increase or a decrease from the comparative balance sheet. Explain which account will be added to net income and which will be subtracted in calculating net cash flows for operating activities using the indirect method.

> From Concept Check 8, record the journal entry for the first semiannual interest payment on October 1. Concept Check 8: Facts: Bond issue: $95,000, 13%, 35-year bonds; selling price of bonds $191,805; market rate 6%. Use the interest method.

> From Concept Check 6, record a journal entry for the first semiannual interest payment on October 1. Concept Check 6: Facts: Bond issue: $150,000, 9%, 13-year bonds; selling price of bonds $129,569; market rate 11%. Use the interest method.

> On June 1, 201X, a telephone expense for $250 was debited to Repair Expense. On June 10, 201X, this error was found. Prepare the corrected journal entry. When would a correcting entry not be needed?

> From Concept Check 4, record the March 31 semiannual payment and amortization of Premium on Bonds Payable. Concept Check 4: Redo Concept Check 2 with the straight-line method, assuming that the bond sells for 104. Concept Check 2: On October 1, Morri

> Redo Concept Check 2 with the straight-line method, assuming that the bond sells for 104. Concept Check 2: On October 1, Morris Co. issued 15, $3,000, 7%, 10-year bonds at 95. Record the journal entry.

> From Concept Check 2, record the March 31 semiannual payment and amortization of the discount. Use the straight-line method. Concept Check 2: On October 1, Morris Co. issued 15, $3,000, 7%, 10-year bonds at 95. Record the journal entry.

> On October 1, Morris Co. issued 15, $3,000, 7%, 10-year bonds at 95. Record the journal entry.

> Journalize the following transactions: a. Set up a bond sinking fund with an initial deposit of $6,200. b. Earned $160 interest on sinking fund balance. c. Sinking fund of $23,000 was used to pay off bondholders in the amount of $23,000.

> Seven months after its closing, Woods Co. discovered that depreciation was understated by $19,000. Provide the journal entry to adjust the prior period error (ignore any tax effects).

> Journalize the following transactions: a. Janson Co. acquired 150 shares of its own $6 par-value common stock at $12 per share. b. Twenty-four of the treasury shares are reissued at $17 per share. c. Nineteen of the treasury shares are reissued at $5 pe

> On July 24, 201X, Flamingo Corporation declared a 2% stock dividend distributable August 18 to stockholders of record on August 8. Currently Flamingo has 6,400 shares of common stock issued and outstanding. The stock has a par value of $11. The current f

> On March 20, 201X, the board of directors of Marshall Corporation declared $5 cash dividend per share on the 14,000 shares issued and outstanding. The dividend will be paid on April 28, 201X, to stockholders of record on March 22, 201X. Record journal en

> From the following, calculate the dividends for common and preferred stock: • 13% fully participating preferred stock. • The board declared a $195,000 dividend. • Preferred stock 3,100 shares, $110 par value; common stock 9,300 shares, $80 par.

> The following trial balance (Figure 3.30) was prepared incorrectly. Figure 3.30: a. Rearrange the accounts in proper order. b. Calculate the total of the trial balance. (Small numbers are used intentionally so that you can do the calculations in your

> Prior to the current year, Joseph Co. owed $14,200 each year for 10 years to holders of cumulative preferred stock. This year Joseph’s pays out $175,000 in dividends to preferred and common. How much did each class of stock receive?

> Leaf Corporation has capital stock of $7,500. Its Retained Earnings account has a $14,900 balance. Cash has a balance of $9,200. What is the total of stockholders’ equity for Leaf Corporation?

> From the following, journalize the (a) sale of assets and (b) loss or gain from liquidation realization. Given: Cash …………………………………………….…………………….. $ 3,500 Other Assets …………………………..…………………………….. 18,000 Liabilities ……………………………..……………………………….. 4,200 Meade,

> From the following capital balances, calculate the profit and loss ratio for each account: Betty Blackstead, Capital …………………………….. $ 500 Artie Juniper, Capital …………………………………….. 700 Ted Plank, Capital ……………………………………….. 1,100

> On May 2, Artie Offerman sold his equity in the partnership to Brian Miller for $5,900. Artie’s capital account had a $4,100 balance. Record the journal entry.

> Using your answer from Concept Check 4, how much more income is to be distributed to the partners (assume each shares equally) after the salary and interest allowances? If net income was $16,700, how much would the partners share in the deficit? Concept

> If the partners in Concept Check 2 have the following agreement, please calculate the total salary and interest allowances: Concept Check 2: John Michael, Nicholas Paschalis, and Dina Marie invested $9,600, $10,500, and $8,700, respectively. At the end

> If the partners in Concept Check 2 share net income based on their beginning capital investments, what would be the journal entry at closing to allocate net income? Concept Check 2: John Michael, Nicholas Paschalis, and Dina Marie invested $9,600, $10,

> John Michael, Nicholas Paschalis, and Dina Marie invested $9,600, $10,500, and $8,700, respectively. At the end of the first year, the company’s net income was $72,000. Assuming no agreement was reached on how to share net income, prepare a journal entry

> Brian Sleeper and Ronald Hanlon enter into a partnership. On November 1, 201X, Brian invests $7,600 cash in the partnership. Ronald invests $4,400 cash and store equipment worth $5,900 with accumulated depreciation of $2,600. The equipment has a current

> Provide the explanation for each of the general journal entries in Figure 3.29. Figure 3.29: GENERAL JOURNAL Page 4 Date Account Titles and Descriptions PR Dr. Cr. 201X Nov. 10 Cash 3000000 Office Equipment |기00100 J. Walsh, Capital 301기이000 (A) 16

> Assume that in the scenario in Exercise 8 the trade-in value was $12,500. Exercise 8: Nicole Co. traded in an old machine costing $19,600 for a new machine for a cash price of $18,700 with a trade-in allowance of $6,000. Accumulated Depreciation on the

> Nicole Co. traded in an old machine costing $19,600 for a new machine for a cash price of $18,700 with a trade-in allowance of $6,000. Accumulated Depreciation on the old machine was $11,100. a. What is the book value of the old machine? What is the los

> Complete the following: a. Gain on Sale of Plant Assets b. Accumulated Depletion c. Loss on Disposal of Plant Assets Account Category Financial Statement Found on

> Identify each situation as a capital expenditure or revenue expenditure. a. New truck engine replaced b. New furnace filters c. Oil change on truck d. New addition on prep school Betterment/ Capital Expenditure Expenditure Addition Extraordinary Re

> If Kevin Sands depreciated his truck by the double declining-balance method, calculate the depreciation expense for year 1. Cost …………………………………$7,000 Residual value …………………$2,600 Service of useful life …………..5 years

> If Lee Sands depreciated his truck by the units-of-production method, calculate the first year’s depreciation based on the following: Cost……………………………………. $4,750 Residual value……………………. $1,900 Estimated mileage………………. 57,000 The truck was driven 7,500 m

> If a machine had a cost of $6,700 with an accumulated depreciation of $670, what would be its book value?

> John Ring depreciates his truck by the straight-line method. Calculate the yearly depreciation expense given the following: Cost………………………………………… $6,800 Residual value………………………… $2,300 Service of useful life…………………. 5 years

> If in Exercise 8 the income tax method was used, prepare the journal entry to record the exchange. Exercise 8: Nicole Co. traded in an old machine costing $19,600 for a new machine for a cash price of $18,700 with a trade-in allowance of $6,000. Accumu

> Calculate the total cost of the machine given the following: List price…………………………………… $3,000 Cash discount………………………………….. 5% Freight $................................................. 63 Assembly………………………………………. 200 Special foundation……………………………. 56

> Complete the following from the general journal of Munro Co. (see Figure 3.28): Figure 3.28: a. Year of journal entry b. Month of journal entry c. Day of journal entry d. Name(s) of accounts debited e. Name(s) of accounts credited f. Explanation o

> From the following information, calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted-average methods. The ending inventory reveals eight items unsold. Units Cost January 1 Beginning Inventory

> What four titles along with their classification are involved in the sale of goods in a perpetual system?

> If in Exercise 8 the discount needs to be adjusted at year-end by $54, what would be the journalized adjusting entry? Exercise 8: Talcum Co. discounts its own note at a bank. This $55,000 note results in the bank deducting $350 interest in advance. Dra

> Talcum Co. discounts its own note at a bank. This $55,000 note results in the bank deducting $350 interest in advance. Draw a transactional analysis box for this situation.

> If Rusty Co. defaults on the note from Exercise 5, what would be the journal entry for Feather Co., assuming a $6 protest fee? Exercise 5: Feather Co. received a $2,700, 5%, 30-day note from Rusty Co. dated September 6. On September 29, Feather discoun

> Journalize the discounted note for Feather Co. from Exercise 5. Exercise 5: Feather Co. received a $2,700, 5%, 30-day note from Rusty Co. dated September 6. On September 29, Feather discounted the note at Save Bank, which charged a discount rate of 7%.

> Donny Caste discounted a $10,000, 6%, 90-day note at Stone Bank. He recorded the following entry: How much interest did Donny Caste lose by discounting the note? Journal Entry Accounts PR Debit Credit Cash 10,101 Notes Receivable 10,000 Interest In

> Find the maturity value of the following: a. $8,800 6% 9 months b. $12,000 2% 75 days

> Find the maturity date of the following: a. 120-day note dated May 16. b. 90-day note dated November 9.

> From the following trial balance, identify which statement each title will appear on: • Income statement (IS) • Statement of owner’s equity (OE) • Balance sheet (BS) Bradford C

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

> Given the balance in the Allowance for Doubtful Accounts of $310 credit, prepare adjusting entries for Bad Debts based on the following assumptions: a. Bad debts to be 4% of net credit sales or $680. b. Based on aging of Accounts Receivable, bad debts s

> a. Complete the following transactional analysis chart when employing the direct write-off method: b. On which financial statement will each title be reported? Accounts Category Rules Bad Debt Expense Accounts Receivable

> a. On January 1, prepare a reversing entry. On January 8, journalize the entry to record the paying of Salaries Expense, $760. b. What will be the balance in Salaries Expense on January 8 (after posting)? December 31: Salaries Expense Salaries Payab

> Match the following categories to each account listed. 1. Current Asset 2. Plant and Equipment 3. Current Liabilities 4. Long-Term Liabilities a. Petty Cash b. Accounts Receivable c. Prepaid Rent d. FICA Payable e. Store Supplies f. Mortgage Payable

> From the following information, calculate: a. Gross profit b. Net income or net loss Purchases, $98; Gross Sales, $180; Sales Returns and Allowances, $17; Sales Discounts, $23; Operating Expenses, $46; Net Sales, $140; Freight- In, $8; Beginning Inventor

> Calculate Cost of Goods Sold: Freight-In $3 Ending Inventory $ 2 Beginning Inventory Net Purchases 65

> From the following, calculate net sales: Purchases $ 99 Sales Discount $15 Gross Sales 179 Operating Expenses 45 Sales Returns and Allowances 13

> Given a figure of beginning inventory of $390 and an $850 figure for ending inventory, place these numbers on the Income Summary line of this partial worksheet. Adjustments Adjusted Trial Balance Income Statement Dr. Cr. Dr. Čr. Dr. Cr. Income Summa

> Given beginning merchandise inventory of $2,100 and ending merchandise inventory of $50, what would be the adjusting entries?

> Rearrange the following titles in the order they would appear on a trial balance: B. O’Mally, Withdrawals ……………………………. Hair Salon Fees Earned Accounts Receivable ………………………..……………………. Selling Expense Cash …………………………………………………….….……….……. Salary Expense B.

> Match the following: 1. Located on the Income Statement debit column of the worksheet. 2. Located on the Income Statement credit column of the worksheet. 3. Located on the Balance Sheet debit column of the worksheet. 4. Located on the Balance Sheet credi

> a. Given the following, journalize the adjusting entry. By December 31, $200 of the unearned dog walking fees were earned. b. What is the category of unearned dog walking fees? Unearned Dog Walking Fees 225 Earned Dog Walking Fees 441 940 12/1/1X 4

> Given the following, journalize the adjusting entries for Merchandise Inventory. Note that ending inventory has a balance of $13,000. Merchandise Inventory 114 Income Summary 313 62,000

> Balder Co. paid $200 to Pedro Co. and received a $20 purchases discount. Journalize the entry.

> 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