financial accounting exam 06158300

Topics: Generally Accepted Accounting Principles, Depreciation, Expense Pages: 10 (603 words) Published: February 12, 2015
1)
Liabilities
Stockholders' Equity
Assets

$23,500
$56,500
$80,000

2)
RE, Beg.
Sales
Expenses
Dividends
Net Loss

$65,000
$29,500
$33,000
$3,500
($3,500)

3)
Salaries Expense, Beg.
Increase
Decrease
Increase
Increase
Salaries Expense, Ending

$0
$450
$175
$600
$350
$1,225

4)
Purchases
Credit Cash
Debit Cash
Credit Accounts Payable

$375
$375
375
375

5)
Allied, Inc.
Insurance Policy

$3,600

Debit Insurance Expense
Credit Prepaid Insurance

1,800
1,800

6)
Supplies, Beginning
Supplies Purchased
Amount Paid
Supplies, End of the Year

$0
$200
$150
$40

Supplies, Ending

$160

Debit

7)
Invoice

$4,500

Credit Cash

$4,500

8)
Bond and Associates
Accumulated Depreciation
Accounts Payable
Accounts Receivable
Cash
Equipment
Land
Mortgage Payable
Prepaid Insurance
Supplies
Unearned Revenue
Wages Payable

$23,000
$8,500
$12,000
$3,500
$44,000
$21,000
$45,000
$7,500
$2,000
$6,000
$4,500

Current Liabilities

$19,000

9)
Olympic Enterprises
Date
June 1
June 4
June 7
June 11
June 14
Total

3%
0%

Quantity
Beginning Inventory
5
Purchase
10
Sale
12
Purchase
9
Sale
8
24

Average Unit Cost
Cost of Goods Sold

$55.50
$444

10)
Net Sales
Gross Profit
Ending Inventory
Beginning Inventory

$4,500
$3,200
$1,300
$1,800

Cost of Goods Sold

$1,300

11)
Goods available for sale
Beginning Inventory
Ending Inventory
Cost of Goods Sold

$40,000
$16,000
$20,000
$50,000

Inventory Turnover
12)
handling of incoming checks
oversight of the internal control systems

2.78

Control activities
Monitoring

13)
An Audit Opinion is an evaluation of the company's financial statements performed by an independent accountant or auditor.

14)
Credit Sales
Allowance for Doubtful Accounts
Estimated Uncollectibles

$235,000
$7,250
7%

Estimated Uncollectible Accounts

$16,450

15)
Bestway, Inc.
Credit Sales
Allowance for Doubtful Accounts
Estimated Uncollectibles

$142,000
$643
2%

Debit Bad Debt Expense
Credit Allowance for Uncollectible Accounts
16)
Cost
Residual Value
Useful Life

2,840
2,840

$50,000
$10,000
5

Credit

Debit

Supporting Calculations:
Year
1
2
3
4

17)
Cost of Truck
Accumulated Depreciation
Proceeds from Sale
Cash
Accumulated Depreciation- Truck
Truck
Gain on Disposal
18)
Bixby Machine
Mortgage Payable
Interest
Years
Semiannual Payments
Interest Expense
Mortgage Payable
Cash

Supporting Calculations:
Interest First Semiannual
Portion of Principale Repaid
Unpaid Principal
Second Seminannual Interest
Portion of Principal Repaid

Depreciable Amount
$50,000
$30,000
$18,000
$10,800

Rate
40%
40%
40%
40%

$56,000
$50,000
$8,500
8,500
50,000
56,000
2,500

$210,000
6%
30
$7,585
6,261
1,324
7,585

$6,300
$1,285
$208,715
$6,261
$1,324

19)
Bonds Payable
Cash Proceeds
Coupon Rate
Term
Interest Expense
Premium on Bonds Payable
Cash

$500,000
$530,000
8%
10
18,500
1,500

20,000

Supporting Calculations:
Premium on Bonds Payable
Semiannual Coupon
Number of Periods
Semiannual Amortization of Premium

$30,000
$20,000
20
$1,500

20)
Motor Works, Inc
Devidends Declared
Number of Preferred Shares
Par
Dividend
Number of Common Shares
Par

$20,000
5,000
$15
10%
10,000
$20

Preferred Stock Dividends
Common Shares Dividends

$7,500
$12,500

21)
Allied Industries, Inc
Common Shares Outstanding
Par
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