Question: From the information about Valdemar Corporation in

> From the partial worksheet in Figure 12.11, journalize the closing entries for December 31 for F. Henry Co. Figure 12.11: F. HENRY CO. WORKSHEET FOR YEAR ENDED DECEMBER 31, 201X Income Statement Balance Sheet Account Dr. Cr. Dr. Cr. 18900 449 00 56

> Give the category, the classification, and the report(s) on which each of the following appears (for example: Cash—asset, current asset, balance sheet): a. Salaries Payable b. Accounts Payable c. Mortgage Payable d. Unearned Legal Fees e. SIT Payable f.

> Distinguish among legal capital, par value, no-par value, and no-par value with a stated value.

> From the following accounts, prepare a cost of goods sold section in proper form: Merchandise Inventory, 12/31/1X, $9,000; Purchases Discount, $920; Merchandise Inventory, 12/01/1X, $4,000; Purchases, $62,000; Purchases Returns and Allowances, $970; Frei

> From the following, calculate (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income: Sales, $22,000; Sales Discount, $470; Sales Returns and Allowances, $240; Beginning Inventory, $640; Net Purchases, $13,500; Ending Inventory, $510

> Journalize the following transactions. Assume the perpetual inventory system. 201X Аpг. 5 Sold merchandise for $1,350 cash. The cost of the merchandise was $725. 16 Made refunds to cash customers for defective merchandise, $50. The cost of defective

> Journalize the following transactions. Assume the perpetual inventory system. 201X Dec. 4 Sold merchandise for $450 cash. The cost of merchandise was $350. 9 Purchased merchandise from Ree Co. on account, $3,300, F.0.B. shipping point (buyer pays fr

> Journalize the following transactions. Assume a perpetual inventory system. 201X Apr. 8 Purchased merchandise on account from Bachand Supplies, $19,000; terms 3/10, n/30. 15 Sold merchandise on account, $3,500; terms 3/10, n/30. The cost of merchand

> Journalize, record, and post when appropriate the following transactions into the general journal (p. 2) for Jacob’s Clothing. All purchases discounts are 7/10, n/30. Assume the periodic inventory system. If using working papers, be sur

> Journalize the following transactions. Assume a perpetual inventory system. 201X 8 Sold merchandise on account, $630, to Ring Co.; terms 3/10, n/30. Cost of merchandise was $390. Jul. 12 Purchased office equipment on account from MEC Co., $1,600. 13

> From the general journal in Figure 10.29, record to the accounts payable subsidiary ledger and post to general ledger accounts as appropriate. Figure 10.29: GENERAL JOURNAL Page 2 Date Account Titles and Description PR Dr. Cr. 201X Jun. Purchases

> From the following facts calculate what Mike Hall paid Lakeville Co. for the purchase of a dining room set. Sale terms are 5/10, n/30. a. Sales ticket price before tax, $11,000, dated April 5. b. Sales tax, 10%. c. Returned one defective chair for credi

> From the following transactions for Ava Co., journalize, record, post, and prepare a schedule of accounts receivable when appropriate. You will have to set up your own accounts receivable subsidiary ledger and partial general ledger as needed. All sales

> Avan Corporation just published its financial statements. The president of Avan told the accountants not to include in the annual report any information about a pending lawsuit. The president thought it would only worry the stockholders. Do you think the

> Journalize, record, and post when appropriate the following transactions in the general journal (all sales carry terms of 5/10, n/30): Use the following account numbers: Accounts Receivable, 112; Sales, 411; Sales Returns and Allowances, 412; Sales Dis

> Mocha Company has four employees, and each employee earned $50,000 for the calendar year. Using a blank Form 940, complete Part 2, lines 3–8, to answer the following questions: Total annual payroll for the year …………………………………………. ? Payments made in exces

> Using a blank form 941, complete Part 1, lines 1–6, using the following information: Total employees during the first quarter ……………………………………………………… 3 Total wages during the first quarter, none came from tips ……………. $26,050.66 Federal income tax withheld

> The total wage expense for Edgar Co. was $166,000. Of this total, $26,000 was above the OASDI wage base limit and not subject to this tax. All earnings are subject to Medicare tax, and $55,000 was above the federal and state unemployment wage base limits

> At the end of the day the clerk for Ken’s Variety Shop noticed an error in the amount of cash he should have. Total cash sales from the sales tape were $1,192, whereas the total cash in the register was $1,152. Ken keeps a $25 change fund in his shop. Pr

> From the following information, construct a bank reconciliation for Bang Co. as of February 28, 201X. Then prepare journal entries if needed. Checkbook balance $1,314 Outstanding checks $654 Bank statement balance 1,050 Bank service charge 65 NSF: T

> From the following accounts (not in order), prepare a post-closing trial balance for Wurley Co. on March 31, 201X. Note: These balances are before closing. Accounts Receivable $24,700 P. Wurley, Capital $25,320 Legal Supplies 10,400 P. Wurley, Withd

> From the following posted T accounts, reconstruct the closing journal entries for August 31, 201X. M. Fahy, Capital Withdrawals 100 7,000 (Aug. 1) Insurance Expense 275 Closing 275 375 Net Income M. Fahy, Withdrawals Wage Expense 100 Closing 100 400

> From the following T accounts, journalize the four closing entries on October 31, 201X. J. Kirsch, Capital Rent Expense 14,000 7,500 J. Kirsch, Withdrawals Wage Expense 5,000 8,100 Income Summary Insurance Expense 1,300 Fees Earned Depr. Expense, Of

> From the adjustments section of a worksheet (see Figure 5.21), prepare adjusting journal entries for the end of December. Figure 5.21: Adjust ments Dr. Cr. Prepaid Rent Office Supplies (A) 1 30000 (B) 45000 Accumulated Depreciation, Equipment (C) 3

> Jee Jones is in a partnership with Alvin Scott and Morry Flynn. Jee signed a long-term contract with a supplier without telling either partner. When Alvin heard about it, he hit the roof. He told Jee the partnership could not afford this contract and he

> From the completed worksheet in Exercise 4A-4, prepare Exercise 4A-4: From the following trial balance (Figure 4.19) and adjustment data, complete a worksheet for J. Revere as of January 31, 201X: Figure 4.19: a. an income statement for January. b.

> Complete the following table. Which Financial Account Category Normal Balance Statement(s) Found Accumulated Depreciation, Office Equipment Prepaid Rent Office Equipment Depreciation Expense, office Equipment B. Reel, Capital B. Reel, Withdrawals Wa

> You have been hired to correct the trial balance in Figure 3.32 that has been recorded improperly from the ledger to the trial balance. Figure 3.32: SALT LAKE CO. TRIAL BALANCE ОСТОВER 31, 201X Account Dr. Cr. Accounts Payable 390000 12 250 00 9500

> From the following transactions for Lucas Company for the month of May, (a) prepare journal entries (assume that it is page 1 of the journal), (b) post journal entries to the ledger (use a four-column account), and (c) prepare a trial balance. A partia

> Post the journal entries in Figure 3.31 to the ledger of Kramer Company. The partial ledger of Kramer Company is Cash, 111; Equipment, 121; Accounts Payable, 211; and A. Kramer, Capital, 311. Please use four column accounts in the posting process. Figur

> From the trial balance of Hugo’s Cleaners in Figure 2.5, prepare the following for July: • Income statement • Statement of owner’s equity • Balance sheet HUGO

> Complete the following table. For each account listed on the left, fill in what category it belongs to, whether increases and decreases in the account are marked on the debit or credit sides, and on which financial statement the account appears. A sample

> From the following account balances, prepare in proper form for November (a) an income statement, (b) a statement of owner’s equity, and (c) a balance sheet for Frederick Realty. Cash $4,800 S. Frederick, Withdrawals $ 120 Accounts

> Record the following transactions in the expanded accounting equation. Do not calculate a running balance. a. Black invested $60,000 in a computer company. b. Bought computer equipment on account, $7,000. c. Black paid personal telephone bill from comp

> From the following, prepare a balance sheet for Rideout Co. Cleaners at the end of November 201X: Cash, $71,000; Equipment, $12,000; Accounts Payable, $15,100; B. Rideout, Capital.

> Pete went to an auto dealer to buy a new Jeep. The salesperson told Pete that cars really appreciate in value. He cited antique cars as a perfect example. The dealer went on to tell Pete that buying a car represents some great tax savings. He told Pete t

> Record the following into the general journal of Remy’s Auto Shop. 201X May 1 Remy Tarsia invested $150,000 cash in the auto shop. 5 Paid $6,000 for auto equipment. 8 Bought auto equipment from Littleton Co. for $4,000 on account.

> Prepare journal entries for the following transactions that occurred during April: 201X April 1 Jamie Moore invested $110,000 cash and $12,000 of equipment into her new business. 3 Purchased building for $70,000 on account. 12 Purchased a truck from

> From the trial balance in Figure 25.20 and the provided year-end information, prepare a worksheet for Jenks Corporation (assume no adjustments). Figure 25.20: Year-End Figures Raw materials inventory ……â&#

> As the bookkeeper of Queen Manufacturing, you are to record the following transactions in the general journal for the month of November: a. Raw materials of $74,000 were issued from the storeroom. b. Charged $60,000 of direct labor to production. c. Supp

> An analysis of the accounts of Payson Manufacturing reveals the following data for the month ended April 30, 201X: Costs Incurred: Raw materials purchased, $120,000; direct labor, $133,000; manufacturing overhead, $49,700. These specific overheads incl

> Greer Company requested that you (1) assign indirect expenses to its jewelry and shoes departments as appropriate and (2) prepare an income statement for August 201X showing departmental contribution margins along with net income. Assume a 30% tax rate.

> From the following partial data, prepare an income statement showing departmental income before tax along with net income for Jay’s Corporation for the year ended December 31, 201X. Net Sales, TVs …â€&brv

> Given the following information about the clothing and hardware departments of Eustis Company, prepare a departmental expense allocation sheet showing expenses by department. Allocation Basis Rent and Insurance: …â€&brvb

> From the following data, prepare in proper form an income statement showing departmental gross profit (assume a 22% tax rate) for Speedy Stop for the year ended December 31, 201X. Cash ……………………………………………………………………………….. $10,000 Accounts Receivable …………………

> The Stevens Company uses a voucher system and records invoices at gross. Record the following transactions in the voucher register and/or check register as appropriate: 201X Aug. Voucher no. 450 was prepared for the purchase of $3,800 worth of merch

> Identify where each title is placed on the worksheet. a. Direct labor b. Ending finished goods inventory c. Beginning finished goods inventory d. Ending raw materials inventory

> Janus Corporation has been using a voucher system for several years and records invoices at gross. Prepare entries in the voucher register and check register for the following transactions: 201X Sept. Purchased merchandise inventory on account from

> Saffron Corporation uses a voucher system and records invoices at gross. Record the following transactions in the voucher register and/or check register as appropriate: 201X July Purchased merchandise on account for $1,600 from Dallas Company; terms

> From the income statement and balance sheet of Anderson Company (Figures 22.14 and 22.15), compute the following for 2016: (a) current ratio, (b) acid test ratio, (c) accounts receivable turnover, (d) average collection period, (e) inventory turnover, (f

> From the comparative income statement of Carney Company in Figure 22.13, do the following: Figure 22.13: a. Prepare a horizontal analysis with the amount of increase or decrease during 2016 along with the percent increase or decrease during 2015 (to t

> From the comparative balance sheet of Hesler Corporation in Figure 22.12, do the following: (a) Prepare a horizontal analysis of each item for the amount of increase or decrease as well as the percent increase or decrease (to the nearest tenth of a perce

> From the financial statements and additional information provided in Problem 21B-1 for Cygan Company, prepare a statement of cash flows using the direct method. Problem 21B-1: From the following income statement (Figure 21.14), balance sheet (Figure 21

> From the following income statement (Figure 21.14), balance sheet (Figure 21.15), and additional data for Cygan Company, prepare a statement of cash flows using the indirect method. Figure 21.14: Figure 21.15: Additional Data 1. All Plant and Equipme

> On April 1, 201X, Plimpton Corporation issued $210,000 of 10%, 5-year bonds for $227,126, yielding a market rate of 8%. Interest is paid on October 1 and April 1. Plimpton Corporation uses the interest method to amortize the premium. 1. Prepare an amort

> On January 1, 201X, Austin Corporation issued $300,900 of 11%, 10-year bonds for $252,958, yielding a market rate of 14%. Interest is paid on July 1 and December 31. Austin uses the interest method to amortize the discount. 1. Prepare an amortization sc

> Calculate the contribution margin for each department and income before taxes, based on the following: Dept. A 1,000 square feet Dept. B 2,200 square feet Net Sales $6,100 $11,000 Cost of Goods Sold 1,700 6,000 $ 950 (40% directly related to Dept. A

> On May 1, 201X, Lance Corporation issued $900,000 of 15%, 20-year bonds at 102. The interest is payable on November 1 and May 1. The premium is amortized by the straight-line method. Prepare an amortization schedule for the first three semiannual periods

> On January 1, 201X, Langston Corporation sold $450,000 of 9%, 10-year bonds at 97. Interest is to be paid on June 30 and December 31. The straightline method of amortizing the discount is used. Prepare (1) an amortization schedule for the first three sem

> The following is the stockholders’ equity of Pierotti Corporation on October 1, 201X: 1. Journalize the transactions in general journal form. 2. Prepare the stockholders’ equity section of the balance sheet using the

> At the beginning of January 201X, the stockholders’ equity of Plain View Corporation consisted of the following: 1. Record the transactions in general journal form. 2. Prepare the stockholders’ equity section at year

> Racette Corporation has 390,000 shares of $7 par-value common stock issued and outstanding. Record the following entries into the general journal for Racette: 201X July 2 Declared a cash dividend of $0.60 per share. Aug. 1 Paid the $0.60 cash divide

> The stockholders’ equity of Lock Company is as follows: Given a redemption value of $104 per share for the preferred stock, calculate the book value per share of preferred and common stock, assuming the following: a. No preferred divi

> From the following partial mixed list, select the appropriate titles and prepare a stockholders’ equity section using the source-of-capital approach as shown in the Blueprint example for Helium Corporation on July 31, 201X. Office Equipment ………………………………

> Kirk Corporation has 22,500 shares outstanding of $7 par value, 9% preferred stock, and 45,000 shares outstanding of $7 par-value common stock. In its first 5 years of operation, the company paid the following dividends: 2011, $0; 2012, $14,175; 2013, $4

> The following is the Paid-In Capital section of stockholders’ equity for the Kodokan Corporation on June 1, 201X: Paid-In Capital: Preferred Stock, $92 par, authorized 21,000 shares, 6,000 shares issued …â&#12

> The partnership of Josephson, Ramirez, and Smith is being liquidated. All gains and losses are shared in a 3:2:1 ratio. Before liquidation their balance sheet looks as follows: Journalize the entries needed in the liquidation process under the followin

> From the following, calculate departmental income before tax. Assume a tax rate of 35%. Dept. A Dept. B Net Sales $4,600 $6,300 Cost of Goods Sold 2,500 2,400 Delivery Expense 630 870 Advertising Expense 540 620 Depreciation Expense 330 380

> Jeremey, Matthew, and Grace are partners. On July 30, 201X, the balance sheet was as follows: The partners agree to share all losses and gains in a 2:2:1 ratio. Grace is withdrawing from the partnership. From the following independent situations, journ

> Bob North and Whitney Adam are partners with capital balances of $1,500 and $600, respectively. They share all profits and losses equally. From the following independent situations, journalize the admission of the new partner, Jack Wilcox: Situation 1: W

> a. The partnership of Sandy and Gary began with the partners investing $4,200 and $2,500, respectively. At the end of the first year, the partnership earned net income of $8,500. Under each of the following independent situations, calculate how much of t

> Journalize the following transactions for the Robe Company and show all calculations: 201X Sold a truck for $1,350 that cost $6,650 and had accumulated depreciation of $5,900. Jan. 1. Feb. 10 A machine costing $2,800 with accumulated depreciation of

> On January 1, 2014, a machine was installed at Garrity Factory at a cost of $58,000. Its estimated residual value at the end of its estimated life of 4 years is $16,000. The machine is expected to produce 168,000 units with the following production sched

> Record the following transactions (all paid in cash except on March 24) in the general journal of Green Company: 201X Feb. Purchased land for $94,000. The $94,000 included attorney's fees of $5,700. 18 Green Company decided to pave the parking lot f

> Over the past four years the gross profit rate for Otterson Company was 34%. Last week a fire destroyed all of Otterson’s inventory. Luckily, all the records for Otterson were in a fireproof safe and indicated the following facts: Inventory (January 1,

> Nash Company uses the retail method to estimate the cost of ending inventory for its monthly interim reports. From the following facts, estimate Nash’s ending inventory at cost for the end of January. (Round the cost ratio to the nearest tenth percent.)

> Ashley Company uses a perpetual inventory system. From the following information, prepare an inventory record form (a) assuming that the FIFO method is in use and (b) assuming that the LIFO method is in use. Assume on January 1, 201X, a beginning invento

> Sharon Electronics, an electronics supply company, uses the perpetual inventory system with a subsidiary inventory ledger to maintain control over an inventory of thousands of electronic parts. The quantities and costs for three of the parts in the inven

> From the data given calculate the following. (Round to the nearest hundredth or hundredth of a percent as needed.) a. Current ratio b. Acid test ratio c. Asset turnover ratio d. Gross profit rate Net Sales ……………………………………………….... $270,000 Current Assets

> Given the following, prepare the book value per share for preferred and common stock: • Preferred Stock $96,000; 1,400 shares issued. • Common Stock $172,000; 1,600 shares issued. • Retained Earnings, $9,800. • Preferred Dividends in Arrears, $5,400. • P

> The Auburn Company uses the perpetual inventory system. Record the transactions in a two-column journal. All credit sales are n/30. 201X Aprг. 5 Purchased merchandise on account totaling $2,200; terms n/30. 6 Sold merchandise on account to Tommy Dub

> Journalize the following transactions for Dixey Company: 201X 18 Received a $11,000, 85-day, 10% note from Frank Hall in payment of account past due. Apr. Wrote off the Joe Halmark account as uncollectible for $580. (Dixey uses the Allowance method

> Journalize the following transactions for Joliot Company: 201X June 18 Joliot Company discounted its own $40,000, 30-day note at Nixon Bank at 14%. July Paid the amount due on the note of June 18. (Be sure to record interest expense from Discount on

> On May 1, 201X, Bird Company received a $25,000, 65-day, 9% note from Robertson Company dated May 1. On June 20, 201X, Bird discounted the note at Acorn Bank at a discount rate of 10.50%. 1. Calculate the following: a. Maturity value of the note b. Numb

> Journalize the following entries for (1) the buyer and (2) the seller. Record all entries for the buyer first. Both companies use the periodic inventory method. 201X June 11 Lewis Company sold $9,500 of merchandise on account to Reed Company. July L

> Seay Company completed the following transactions: From these transactions as well as the following additional data, complete a–c: a. Journalize the transactions. The company uses the periodic method. b. Post to Allowance for Doubtf

> T. J. Radar Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2015, Accounts Receivable has a $118,000 balance. Journalize the following transactions for T. J. Radar: 2015 Wrote off S. Rosenberg's account

> Given the information presented in Figure 13.13, do the following: a. Prepare on December 31, 2015, the adjusting journal entry for Bad Debts Expense. Balances: Cash, $25,000; Accounts Receivable, $173,000; Allowance for Doubtful Accounts, $300; Merchand

> LaPaglia Co. has requested that you prepare journal entries from the following (this company uses the Allowance for Doubtful Accounts method based on the income statement approach): 2015 Dec. 31 Recorded Bad Debts Expense of $13,000. 2016 7 Wrote of

> Using the ledger balances and additional data given, do the following for Crew Lumber for the year ended December 31, 201X. 1. Prepare the worksheet. 2. Prepare the income statement, statement of owner’s equity, and balance sheet. 3. J

> Using the data from Concept Check 2 plus the additional information in Figure 21.11, compute net cash flows from operating activities using the direct method. Concept Check 2: From the following, calculate the net cash flow from operating activities us

> From the partial worksheet for Justin’s Supplies in Figure 12.18, do the following: 1. Complete the worksheet. 2. Prepare the income statement, statement of owner’s equity, and classified balance sheet. (Note: The amou

> Prepare a statement of owner’s equity and a classified balance sheet from the worksheet shown for Jager Company in Figure 12.17. (Note: Of the Mortgage Payable, $200 is due within 1 year.) Figure 12.17: JAGER COMPANY PARTIAL WORKS

> Prepare a formal income statement from the partial worksheet for Wright Co. in Figure 12.16. Figure 12.16: WRIGHT CO. PARTIAL WORKSHEET FOR YEAR ENDED DECEMBER 31, 201X Income Statement Account Titles Dr. Cr. Income Summary 41000 230 00 Sales 28500

> Jeanne’s Toy Shop completed the following merchandise transactions in the month of April: Jeanne’s Toy Shop accounts included the following: Cash 101; Accounts Receivable 112; Merchandise Inventory 120; Office Equipm

> Abby Ellen opened Abby’s Toy House. As her newly hired accountant, your tasks are to do the following: 1. Journalize the transactions for the month of March. Use the periodic method. 2. Record to subsidiary ledgers and post to the gener

> Wendy Johnson operates a wholesale computer center and has hired you as her bookkeeper to record the following transactions. She would like you to (1) journalize the following transactions, (2) record to the accounts payable subsidiary ledger and post to

> As the accountant of Trina’s Natural Food Store, (1) journalize the following transactions into the general journal (p. 2), (2) record and post as appropriate, and (3) prepare a schedule of accounts payable. If using working papers, be

> Rasheed Chase recently opened Rasheed’s Skate Shop. As the bookkeeper of the company, use the periodic method to journalize, record, and post when appropriate the following transactions (account numbers are Store Supplies 115; Store Equ

> Al Franklin opened Al’s Cosmetic Market on December 1. An 8% sales tax is calculated and added to all cosmetic sales. Al offers no sales discounts. The following transactions occurred in December: Required: 1. Journalize, record, and