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Kwik Delivery Service reports the following costs and expenses in June 2016.

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Question 1

The following information is available for Mergenthaler Corporation for the year ended December 31, 2017:

Collection of principal on long-term loan to a supplier $16,000

Acquisition of equipment for cash 10,000

Proceeds from the sale of long-term investment at book value 22,000

Issuance of common stock for cash 20,000

Depreciation expense 25,000

Redemption of bonds payable at carrying (book) value 34,000

Payment of cash dividends 6,000

Net income 30,000

Purchase of land by issuing bonds payable 40,000

In addition, the following information is available from the comparative balance sheet for Mergenthaler at the end of 2017 and 2016:

2017 2016

Cash $148,000 $91,000

Accounts receivable (net) 25,000 15,000

Prepaid insurance 19,000 13,000

Total current assets $192,000 $119,000

Accounts payable $ 30,000 $19,000

Salaries and wages payable 6,000 7,000

Total current liabilities $ 36,000 $26,000

Instructions

Prepare Mergenthaler's statement of cash flows for the year ended December 31, 2017, using the indirect method.

Question 2

Here is financial information for Valdez Express Inc.

December 31, 2017 December 31, 2016

Current assets $114,000 $80,000

Plant assets (net) 414,000 360,000

Current liabilities 91,000 65,000

Long-term liabilities 134,500 90,000

Common stock, $1 par 149,500 115,000

Retained earnings 153,000 170,000

Instructions

Prepare a schedule showing a horizontal analysis for 2017 using 2016 as the base year.

Question 3

Kwik Delivery Service reports the following costs and expenses in June 2016.

Indirect materials $ 8,400 Driver's salaries $17,000

Depreciation on delivery Advertising 5,100

equipment 11,200 Delivery equipment

Dispatcher's salary 5,000 repairs 300

Property taxes on office Office supplies 650

building 870 Office utilities 2,490

CEO's salary 12,000 Repairs on office

Gas and oil for delivery trucks 3,200 equipment 180

Instructions

Determine the total amount of (a) delivery service (product) costs and (b) period costs.

Question 4

Erickson, Inc. makes student book bags that sell for $20 each. For the coming year, management expects fixed costs to be $225,000. Variable costs are $14 per unit.

Instructions

(a) Compute break-even sales in dollars using the mathematical equation.

(b) Compute break-even sales using the contribution margin ratio.

(d) Compute the sales required to earn net income of $150,000, using the mathematical equation.

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You have just been contracted as a budget consultant by LBJ Company, a distributor of bracelets to various

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You have just been contracted as a budget consultant by LBJ Company, a distributor of bracelets to various retail outlets across the country. The company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash.

You have decided to prepare a cash budget for the upcoming fourth quarter in order to show management the benefits that can be gained from proper cash planning. You have worked with accounting and other areas to gather the information assembled below.

The company sells many styles of bracelets, but all are sold for the same $10 price. Actual sales of bracelets for the last three months and budgeted sales for the next six months follow:

July (actual)20,000

August (actual)26,000

September (actual) 40,000

October (budget) 70,000

November (budget) 110,000

December (budget) 60,000

January (budget) 30,000

February (budget) 28,000

March (budget) 25,000

The concentration of sales in the fourth quarter is due to the Christmas holiday. Sufficient inventory should be on hand at ....................................... AND SO ON ....................................................

REQUIRED:

1. Prepare a cash budget for the three-month period ending December 31. Include the following detailed budgets:

a. A sales budget, by month and in total.

b. A schedule of expected cash collections from sales, by month and in total.

c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total.

d. A schedule of expected cash disbursements for merchandise purchases, by month and in total.

2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $50,000.

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Music-Is-Us, Inc., is a supplier of musical instruments for professional and amateur

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COMPREHENSIVE PROBLEM 2

Music-Is-Us, Inc.

Music-Is-Us, Inc., is a supplier of musical instruments for professional and amateur musicians. The company's accountants make adjusting entries monthly, and they make all closing entries annually. The company is growing rapidly and prides itself on having no long-term liabilities.

The company has provided the following trial balance dated December 31, 2015:

Other information pertaining to the company's trial balance is shown below:

The most recent bank statement reports a balance of $46,975. Included with the bank statement was a $2,500 check from Iggy Smarts, a professional musician, charged back to Music-Is-Us as NSF. The bank's monthly service charge was $25. Three checks written by Music-Is-Us to suppliers of merchandise inventory had not yet cleared the bank for payment as of the statement date. These checks included: no. 508, $5,500; no. 511, $7,500; and no. 521, $8,000. Deposits of $16,500 reached the bank too late for inclusion in the current bank statement. The company prepares a bank reconciliation at the end of each month.

All tabs completed till ratio cash conversion cycle in the provided template

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Given financial information, prepare Coopie Awards' master budget. Notice, you will prepare a different budget

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Accounting 141 Budgeting for a Manufacturer - coopie awards

Given financial information, prepare Coopie Awards' master budget. Notice, you will prepare a different budget on each tab of the spreadsheet. The last tab in the spreadsheet you will complete for the discussion forum.

Coopie Awards produces brass plaques. They operates in 3 regions of the country. The western region sales manager estimates sales of 20,000 plaques for the region. The central regional manager estimates sales of 10,000 plaques for the region and the eastern sales manager estimates slaes of 15,000 plaques for the region. Each plaque sells for $35.

Requirement: Prepare the sales budget for Coopie Awards

production budget

Direct materials budget

Direct labor cost budget

cost of goods sold budget

selling and admin expense budget

income statement

actual results

Coopie Awards sold 43,000 brass plaques for the current year with the following results. In the discussion forum comment on Coopie Awards results.

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Morgan Corporation opened the year 20X6, with the following trial balance information:

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Morgan Corporation opened the year 20X6, with the following trial balance information:

MORGAN CORPORATION Trial Balance January 1, 20X6 Debits Credits Cash $ 25,000 Accounts receivable 75,000 Land 150,000 Accounts payable $ 60,000 Loan payable 30,000 Capital stock 50,000 Retained earnings 110,000 Dividends Revenues Salaries expense Rent expense Supplies expense Interest expense $250,000 $250,000

January’s transactions are listed below

Jan. 2 Collected $10,000 on an open account receivable.

Jan. 3 Purchased additional tract of land for $20,000 cash.

Jan. 5 Provided services on account to a customer for $15,000.

Jan. 7 Borrowed $12,000 on a term loan payable.

Jan. 11 Paid salaries of $3,000.

Jan. 12 Provided services to customers for cash, $11,000.

Jan. 15 Purchased (and used) office supplies on account, $2,000.

Jan. 17 The company paid shareholders a $2,500 dividend.

Jan. 20 Paid rent of $1,700.

Jan. 23 Paid salaries of $4,000.

Jan. 24 Paid $16,000 on the open accounts payable.

Jan. 29 Collected $50,000 on accounts receivable.

Jan. 31 Repaid loans of $22,000.

Jan. 31 Paid interest on loans of $600.

(a) Create the general ledger accounts, and enter the initial balances at the start of the month of January. This requirement is already completed on the worksheets.

(b) Prepare journal entries for January’s transactions.

(d) Prepare a trial balance as of January 31.

(e) Prepare an income statement and statement of retained earnings for January, and a balance sheet as of the end of January.

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ACCT504 WEEK 3 Melvin plumbing case tutorial in excel

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ACCT504 WEEK 3 Elvin plumbing case

CASE STUDY - THE COMPLETE ACCOUNTING CYCLE

There are 10 sheets in the Workbook, including this one.

All of the information that you need for the project is located in this Workbook.

Requirement #1:

During its first month of operation, the Melvin Plumbing Corporation, which specializes in residential plumbing,

completed the following transactions.

July 1 Began business by making a deposit in a company bank account of $90,000, in exchange for 9,000 shares of $10 par value common stock.

July 3 Paid the current month's rent, $5,500.

July 5 Paid the premium on a 1-year insurance policy, $4,800

July 7 Purchased supplies on account from Little Company, $900.

July 10 Paid employee salaries, $3,300

(cont...)

Requirement #2:

Post the July journal entries to the following T-accounts and compute ending balances.

Cash (111) Revenue (411)

Requirement #3:

Prepare a trial balance for July in the space below.

Melvin Plumbing Corporation

Trial Balance

July 31

Requirement #4:

Prepare adjusting entries using the following information in the General Journal

below. Show your calculations!

a) One month's insurance has expired.

b) Supplies used during the period $375.

c) The estimated depreciation on equipment is $175.

Requirement #6:

Prepare an adjusted trial balance in the space below.

Melvin Plumbing Corporation

Adjusted Trial Balance

July 31

Requirement #7:

Prepare the financial statements for the Melvin Plumbing Corporation as of July 31 in the space below.

You will only be preparing the income statement, statement of retained earnings, and the balance sheet.

The statement of cash flows is a required financial statement, but is not required for this case study.

Requirement #10:

Prepare a post-closing trial balance as of July 31 in the space below.

Melvin Plumbing Corporation

Post-Closing Trial Balance

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Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2014.

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ACC 421 WEEK 2

Brief Exercise 4-2

Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2014. Expenses for 2014 were cost of goods sold $1,450,000; administrative expenses $212,000; selling expenses $280,000; and interest expense $45,000. Brisky’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2014. Prepare a single-step income statement for the year ended December 31, 2014. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Brief Exercise 4-4

Finley Corporation had income from continuing operations of $10,600,000 in 2014. During 2014, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division operated at a loss of $315,000 (net of tax) in 2014. Finley had 10,000,000 shares of common stock outstanding during 2014. Prepare a partial income statement for Finley beginning with income from continuing operations. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Brief Exercise 4-9

Portman Corporation has retained earnings of $675,000 at January 1, 2014. Net income during 2014 was $1,400,000, and cash dividends declared and paid during 2014 totaled $75,000. Prepare a retained earnings statement for the year ended December 31, 2014.(List items that increase retained earnings first.)

Brief Exercise 18-2

Adani Inc. sells goods to Geo Company for $11,000 on January 2, 2014, with payment due in 12 months. The fair value of the goods at the date of sale is $10,000.

Prepare the journal entry to record this transaction on January 2, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Brief Exercise 18-5

Jansen Corporation shipped $20,000 of merchandise on consignment to Gooch Company. Jansen paid freight costs of $2,000. Gooch Company paid $500 for local advertising, which is reimbursable from Jansen. By year-end, 60% of the merchandise had been sold for $21,500. Gooch notified Jansen, retained a 10% commission, and remitted the cash due to Jansen.

Prepare Jansen’s entry when the cash is received. (Round answers to 0 decimal places, e.g. 1,525. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Brief Exercise 18-6

Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines. Assume that Telephone Sellers sells $4,000 of prepaid cards in January 2014. It then pays TeleExpress based on usage, which turns out to be 50% in February, 30% in March, and 20% in April. The total payment by Telephone Sellers for TeleExpress lines over the 3 months is $3,000.

Indicate how much income Telephone Sellers should recognize in January, February, March, and April.

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ACC 201 Final Project Peyton Approved complete tutorial in excel workbook

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ACC 201 Final Project Peyton Approved Instructions

For this deliverable, you will complete the accounting cycle and prepare financial statements that will provide the result you need to assess the success of business operations.

Below you will find the data required to make entries in your accounting workbook. Remember that you are following the business transactions for a three-month period from the initial stage of analysis and recording, through the reporting process. These transactions will include:

· the initial setup of the business

· cash and credit sales

· making payments to vendors

· paying store employees

· managing debt

It will help you to print this document as you are making your entries in your workbook. Your textbook prepares you and can be used as a reference to assist you in completing this assignment. You should begin this project in Module Two.

There will be two checkpoints, along the way, at which time you will submit your progress in this workbook to your instructor for review and feedback toward correction and successful demonstration of this accounting cycle as a whole. Your first check point will cover steps 1 through 4 of this workbook. The first checkpoint is in Module 3.

The second checkpoint will have you submit your workbook completed through step 7 in Module 4. You will integrate the feedback, suggestions, and guidance your instructor provides on these steps in the cycle to ensure your success with completion of this cycle. The following steps are included:

Step 1:

Complete the following in the “July Journal Entries” tab in your workbook (be sure to look for the July Journal Entries tab at the bottom of the Peyton Approved Student Workbook).

The following events occur in July 2014:

July 1 – You take $15,000 from your personal savings account and buy common stock in Peyton

Approved.

July 1-Purchase $8500 in baking supplies from vendor, on account

July 3 – Your parents lend the company $10,000 cash, in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity.

July 7 – Pay $3000 toward lease agreement for bakery space. The agreement is for 1 year. The rent is $1,500 per month, last month’s rent was required at time of lease agreement. Lease period is effective July 1^st 2014 through June 30^th, 2015.

July 10 – Pay $375 to the county for a business license.

July 11 – Purchase a cash register for $250 (deemed to be not material enough to qualify as depreciable equipment—use misc. exp.).

July 13 – You have baking equipment, including an oven and mixer, which you have been using for your home-based business and will now start using in the bakery. You estimate that the equipment is currently worth $5,000, and you transfer the equipment into the business in exchange for additional common stock. The equipment has a 5-year useful life.

July 13 – Pay $200 for business cards/flyers/posters/ads to use for advertising.

July 14 – Pay $300 for miscellaneous (use misc. supplies).

July 15 – Hire part-time helper to be paid $12 per hour. Pay periods are the 1^st through the 15^th and 16^th through the end of the month with paydays being the 20^th for the first pay period and the 5^th of the following month for the second pay period. (No entry required on this date; for informational purposes only)

July 30- Received telephone bill for July in amount of $45. Payment is due on August 10^th

July 31 – Pay $1,200 for a 12-month insurance policy. Policy effective dates August 1, 2014 through July 31^st, 2015

July 31- Accrue wages earned for employee for period of 16^th through 31st of July

(Wage calculations table is provided for you, below)

Total July bakery sales were $15,000. $5000 of these sales on accounts receivable

Step 2:

Complete the following transactions in the August Journal Entries tab in your workbook

August 5-paid employee for period ending 7/31

August 8-Receive payments from customers towards accounts receivable in amount of $3200.

August 10 – paid July telephone bill

August 15- Purchase additional baking supplies in amount of $5000 from vendor, on account.

August 15 – Accrue wages earned for employee from period of 1^st through 15^th of August

(Wage calculations table provided below)

August 15-Pay rent on bakery space $1500

August 18-Receive payments from customers towards accounts receivable in amount of $1000

August 20- paid $8500 toward baking supplies vendor payable

August 20- pay employee for period ending 8/15

August 22- $300 in misc. supplies purchased

August 31- received telephone bill for August in amount of $45. Payment is due on September 10^th.

August 31- Accrue wages earned for employee for period of August 16^th through August 31^st

(Wage calculations table provided below)

August bakery sales total $20,000. $7,500 of this total on accounts receivable.

Step 3:

Many customers have been asking for more hypo-allergenic products, so in September you start carrying a line of hypo-allergenic shampoos on a trial basis. The following information relates to the purchase and sales of the shampoo:

You use the perpetual inventory method. You are uncertain as to which valuation method to use—FIFO, LIFO, or weighted average, so you calculate inventory using all three and then decide which one you would like to choose.

Please see the Inventory Valuation tab in your workbook, to review application of costs using the FIFO, LIFO, and average methods based on purchase and sales information. You will choose the method you feel most appropriate, and bring the journal entries from the inventory valuation page into your journal for the month of September, to ensure the impact of merchandising is reflected in your reporting.

Complete the following transactions in the September Journal Entries tab in your workbook.

September 1- paid dividends to self in amount of $3000

September 5-pay employee for period ending 8/31

September 7-Purchase merchandise for resale. See inventory valuation tab for details.

September 8- Receive payments from customers toward accounts receivable in amount of

$4000

September 10- pay August telephone bill

September 11-purchase baking supplies in amount of $ 7,000 from vendor on account.

September 13- Paid on supplies vendor account in amount of $5000

September 15- Accrue employee wages for period of September 1^st through September 15^th

September 15- Pay rent on bakery space $1500

September 15-Record merchandise sales transaction. See inventory valuation tab for details.

September 15-Record impact of sales transaction on COGS and the inventory asset.